iStar Reports Third Quarter 2020 Results
iStar Inc. (NYSE: STAR) reported its Q3 2020 results on November 3, highlighting an unrealized gain of $1.2 billion from its Safehold investment and a commitment to lower-risk asset recycling. The company posted a net loss of ($0.03) per diluted share but reported adjusted earnings of $0.29 per share. iStar emphasizes its strong balance sheet with a debt maturity profile of approximately 4.5 years and aims to leverage its position as the largest shareholder of Safehold (NYSE: SAFE) to enhance intrinsic value in the market.
- Unrealized gain on Safehold investment increased to $1.2 billion.
- Strong balance sheet with a weighted average debt maturity profile of approximately 4.5 years.
- Adjusted earnings of $0.29 per diluted common share.
- Net income loss of ($0.03) per diluted common share.
NEW YORK, Nov. 3, 2020 /PRNewswire/ -- iStar Inc. (NYSE: STAR) today reported results for the third quarter ended September 30, 2020.
Highlights include:
- Unrealized gain on Safehold investment increased to
$1.2 billion - Continued recycling of legacy assets into lower risk investments
- Strong balance sheet with weighted average debt maturity profile of approximately 4.5 years
- Net income (loss) of (
$0.03) per diluted common share - Adjusted earnings of
$0.29 per diluted common share
"As transaction activity in the real estate markets begins to increase, iStar is well positioned to continue delivering modern ground lease capital to customers across the country," said Jay Sugarman, Chairman and Chief Executive Officer. "With the unrealized gain on our investment in Safehold now well over
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: | 844.291.5494 |
International: | 409.207.6995 |
Access Code: | 8381806 |
A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 1:00 p.m. ET on November 3, 2020 through 12:00 a.m. ET on November 17, 2020 by calling:
Replay: | 866.207.1041 |
International: | 402.970.0847 |
Access Code: | 7947936 |
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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 all types of properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the first publicly traded company to focus on modern ground leases, iStar is helping create a logical new approach to the way real estate is owned, and continues to use its historic strengths in finance and net lease to expand this unique platform. Recognized as a consistent innovator in the real estate markets, iStar specializes in identifying and scaling newly discovered opportunities and has completed more than
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SOURCE iStar Inc.
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