iStar Reports Third Quarter 2021 Results
iStar Inc. (NYSE: STAR) reported its third-quarter 2021 results, achieving a net income of $121.9 million, or $1.51 per diluted share. Adjusted earnings reached $141.3 million, equating to $1.76 per diluted share. The company reported $125 million in gains, including $49 million from legacy asset sales and $60 million related to Safehold's equity offering. Additionally, iStar repurchased 2.4 million shares for $60 million and invested $53 million in Safehold. CEO Jay Sugarman highlighted progress in portfolio simplification and emphasized the company's growth focus.
- Net income increased to $121.9 million, or $1.51 per diluted share.
- Adjusted earnings were $141.3 million, or $1.76 per diluted share.
- $125 million in gains reported, including $49 million from legacy asset sales.
- $60 million gain from reduced percentage ownership in Safehold after its equity offering.
- Repurchased 2.4 million shares for $60 million, enhancing shareholder value.
- Invested $53 million in Safehold to support its growth.
- None.
NEW YORK, Nov. 2, 2021 /PRNewswire/ -- iStar Inc. (NYSE: STAR) today reported results for the third quarter ended September 30, 2021.
Highlights for the quarter include:
- Net income of
$121.9 million or$1.51 per diluted common share - Adjusted earnings of
$141.3 million or$1.76 per diluted common share $125 million of gains during the quarter, comprised of:$49 million of gains from$246 million of legacy asset sales$60 million gain related to the reduced percentage ownership in Safehold following its equity offering$16 million of other gains$60 million of STAR stock repurchases, totaling 2.4 million shares$53 million of additional investment in SAFE
"iStar made significant progress in the third quarter, simplifying our portfolio and continuing to help scale Safehold and our ground lease-adjacent businesses," said Jay Sugarman, Chairman and Chief Executive Officer. "We were pleased to see the positive impact on our earnings and share price during the quarter, and remain focused on highlighting the value in our portfolio going forward."
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: | 844.291.5490 |
International: | 409.207.6993 |
Access Code: | 9561135 |
A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:30 p.m. ET on November 2, 2021 through 12:00 a.m. ET on November 16, 2021 by calling:
Replay: | 866.207.1041 |
International: | 402.970.0847 |
Access Code: | 1463546 |
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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 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
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SOURCE iStar Inc.
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