iStar Announces Adjustment of Conversion Rate for Convertible Notes

Rhea-AI Summary

iStar Inc. (NYSE: STAR) announced an adjustment to its 3.125% Convertible Senior Notes due 2022 conversion rate, set to $13.90 per share, effective November 30, 2021. This adjustment follows the common stock cash dividends scheduled for December 15, 2021. Holders of the notes and U.S. Bank National Association have been notified as per the indenture terms. iStar is focused on reinventing the ground lease sector and has completed over $40 billion in transactions, aiming to unlock value for real estate owners.

Positive

• Adjustment of conversion rate to $13.90 per share may enhance investor confidence.
• Established reputation with over $40 billion in transactions completed.
• Focus on modern ground leases positions iStar competitively in the $7 trillion real estate market.

Negative

• None.

NEW YORK, Dec. 1, 2021 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today an adjustment to the conversion rate of its 3.125% Convertible Senior Notes due 2022 as a result of the common stock cash dividends to be paid on December 15, 2021.

The conversion price applicable to the outstanding Convertible Notes has been adjusted to $13.90 per share (71.9478 shares of iStar common stock per $1,000 principal amount of Notes) effective November 30, 2021 and subject to further adjustment as provided in the governing supplemental indenture. 

Notice of the conversion rate adjustment has been delivered to holders of the notes and U.S. Bank National Association, as trustee, in accordance with the terms of the supplemental indenture.

*     *     *

iStar Inc. (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on institutional quality properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the creator of the modern ground lease industry, iStar is using its national investment platform and its historic strengths in finance and net lease to expand the use of modern ground leases within the $7 trillion institutional commercial real estate market. Recognized as a consistent innovator in the real estate markets, iStar specializes in identifying and scaling newly discovered opportunities and has completed more than $40 billion of transactions over the past two decades. Additional information on iStar is available on its website at www.istar.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/istar-announces-adjustment-of-conversion-rate-for-convertible-notes-301435651.html

SOURCE iStar Inc.

FAQ

What is the conversion rate adjustment announced by iStar Inc. on December 1, 2021?

iStar Inc. announced an adjustment of the conversion rate for its 3.125% Convertible Senior Notes due 2022 to $13.90 per share, effective November 30, 2021.

When will the cash dividends be paid for iStar Inc.'s common stock?

The cash dividends for iStar Inc.'s common stock will be paid on December 15, 2021.

What is the significance of the conversion price adjustment for iStar Inc. (NYSE: STAR)?

The conversion price adjustment may enhance investor confidence and reflects the company's commitment to its Convertible Senior Notes holders.

How has iStar Inc. performed in the real estate market?

iStar Inc. has completed over $40 billion in transactions and is focused on modernizing the ground lease sector, aiming to unlock value in the real estate market.

What is the current focus of iStar Inc. in the real estate market?

iStar Inc. is focused on reinventing the ground lease sector, providing modern and efficient ground leases on institutional quality properties.