iStar Reports Fourth Quarter and Fiscal Year 2022 Results

Rhea-AI Summary

iStar Inc. (NYSE: STAR) reported its fourth quarter and fiscal year 2022 results on February 21, 2023. The company recorded a net loss of ($86.7) million for Q4 '22, equating to ($1.00) per diluted share, while FY '22 net income reached $397.8 million or $4.92 per diluted share. Adjusted losses in Q4 '22 were ($79.9) million (($0.92) per share) with FY '22 adjusted earnings at $522.0 million or $6.25 per share. The company generated $150 million through asset sales in Q4 '22 and paid a special dividend of $192 million. They concluded 26 ground leases in 2022 totaling $1.4 billion, increasing their portfolio to 131 leases worth $6.2 billion.

Positive

• Achieved net income of $397.8 million for FY '22.
• Generated $150 million from asset sales and loan repayments in Q4 '22.
• Paid a $192 million special dividend in the form of Safehold shares.
• Closed 26 ground leases totaling $1.4 billion in 2022, expanding portfolio to 131 leases.

Negative

• Reported a net loss of ($86.7) million in Q4 '22.
• Adjusted losses of ($79.9) million in Q4 '22.

NEW YORK, Feb. 21, 2023 /PRNewswire/ -- iStar Inc. (NYSE: STAR) today reported results for the fourth quarter and fiscal year ended December 31, 2022.

Highlights from the earnings announcement include:

• Net income (loss) of ($86.7) million or ($1.00) per diluted common share in Q4 '22, and $397.8 million or $4.92 per diluted common share for FY '22
• Adjusted earnings (losses) of ($79.9) million or ($0.92) per diluted common share in Q4 '22, and $522.0 million or $6.25 per diluted common share for FY '22
• $150 million of proceeds from asset sales and loan repayments in Q4 '22 and post quarter-end¹
• $192 million special dividend paid in the form of 6.6 million Safehold shares
• Safehold closed 26 ground leases totaling $1.4 billion² in 2022, bringing its total portfolio to 131 ground leases with an aggregate gross book value of $6.2 billion and estimated Unrealized Capital Appreciation of $10.5 billion

"iStar ended the year in a strong position, making significant progress in monetizing legacy assets," said Jay Sugarman, Chairman and Chief Executive Officer. "Together with Safehold, we look forward to continuing to build the modern ground lease business and generating value for shareholders." 

The Company published a presentation detailing its results and a reconciliation of non-GAAP financial metrics, which can be found on its website, in the "Investors" section.

The Company will host an earnings conference call reviewing this presentation beginning at 10:00 a.m. ET. This conference call will be broadcast live and can be accessed by all interested parties through iStar's website and by using the dial-in information listed below:

Dial-In:	877.545.0320
International:	973.528.0002
Access Code:	420354

A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:00 p.m. ET on February 21, 2023 through 12:00 a.m. ET on March 7, 2023 by calling:

Replay:	877.481.4010
International:	919.882.2331
Access Code:	47582

*        *        *

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.

Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@istar.com 

¹ $129 million in Q4 '22 and $21 million post quarter end.
² Investments in 2022 include $257m of forward commitments that have not yet been funded. Such funding commitments are subject to certain conditions. There can be no assurance that Safehold will complete these transactions.

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SOURCE iStar Inc.

FAQ

What were iStar's Q4 2022 results?

iStar reported a net loss of ($86.7) million in Q4 '22, while adjusted losses were ($79.9) million.

What is iStar's net income for fiscal year 2022?

iStar reported a net income of $397.8 million or $4.92 per diluted share for FY '22.

How much did iStar generate from asset sales in Q4 2022?

The company generated $150 million from asset sales and loan repayments in Q4 '22.

What special dividend did iStar pay in 2022?

iStar paid a special dividend of $192 million in the form of 6.6 million Safehold shares.

How many ground leases did iStar close in 2022?

iStar closed 26 ground leases in 2022 totaling $1.4 billion, increasing its total portfolio to 131 leases.