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iStar Inc., traded under the symbol STAR, has established itself as a pioneer in the real estate market by focusing on modern ground leases. This approach unlocks value for property owners across the United States. As the founder, investment manager, and largest shareholder of Safehold Inc. (NYSE: SAFE), iStar has created the first publicly traded company dedicated to modern ground leases, revolutionizing the way real estate is owned.
iStar specializes in identifying and scaling innovative opportunities within the real estate sector. Over the past two decades, the company has completed transactions exceeding $40 billion, showcasing its strength in finance and net leasing. iStar's expertise has allowed it to help property owners of various types, including multifamily, office, industrial, hospitality, student housing, life science, and mixed-use properties, to increase their returns while minimizing risks.
In a significant development, on March 31, 2023, iStar completed a merger with Safehold Inc., with iStar being the survivor for tax purposes. Following the merger, iStar was renamed Safehold Inc. This merger underscores the company's commitment to expanding its innovative platform and delivering long-term capital appreciation and secure, growing income for its shareholders.
Safehold Inc., now operating under the NYSE ticker SAFE, continues its mission to provide property owners with modern, efficient ground leases, helping them unlock the value of the land beneath their buildings. The Company is structured as a real estate investment trust (REIT), further enhancing its financial stability and growth potential. This strategic approach allows Safehold to offer secure investment opportunities and consistent returns to its stakeholders.
- Modern ground leases.
- Over $40 billion in transactions.
- Merger with Safehold Inc.
- Real Estate Investment Trust (REIT).
With its innovative and consistent approach, iStar, now Safehold Inc., remains a significant player in the real estate market, continually transforming how property ownership and ground leases are managed and optimized.
iStar Inc. (NYSE: STAR) will release its financial results for Q1 2022 on May 3, 2022, before market opening. A live earnings conference call will follow at 10:00 a.m. ET, accessible via the company's website. iStar focuses on transforming the ground lease sector and has executed over $40 billion in transactions in the last two decades. The company is recognized for its innovative approach in the $7 trillion institutional commercial real estate market, benefiting real estate owners through modern, efficient ground leases.
iStar Inc. (NYSE: STAR) has announced privately negotiated exchange agreements to convert $194 million of its 3.125% Convertible Senior Notes due 2022 into 13.75 million shares of common stock and $14 million in cash. Following this exchange, $93 million of notes will remain, convertible at $13.83 per share. The CEO stated these moves will strengthen the balance sheet, reduce debt, and save on interest expenses as maturity approaches on September 15, 2022.
iStar Inc. (NYSE: STAR) has completed the sale of a portfolio of net lease assets to Carlyle's Global Credit platform for $3.07 billion. This sale, encompassing 18.3 million square feet of properties, aims to simplify iStar's operations and enhance its financial position. The transaction is anticipated to yield a significant positive impact, including $570 million to net income and $1.2 billion in net cash proceeds after costs. Additionally, iStar sold other net lease assets for $108 million, further contributing to its financial growth.
Safehold (NYSE: SAFE) announced an upsized public offering of 2,000,000 shares at $59.00 per share, totaling $118.0 million in gross proceeds, set to close on March 7, 2022. The offering includes a 30-day option for underwriters to purchase an additional 300,000 shares. Concurrently, the company will privately place 3,240,000 shares with iStar (NYSE: STAR), raising approximately $191.2 million. The total proceeds from both offerings will be around $309.2 million, which will be used to invest in ground leases, repay credit facility borrowings, and for general corporate purposes.
Safehold Inc. (NYSE: SAFE) announced a public offering of 1,750,000 shares of common stock, with an option for underwriters to purchase an additional 262,500 shares. Concurrently, Safehold will sell shares equivalent to 64.93% of the total offering to iStar Inc. (NYSE: STAR) for $185 million. The proceeds will be used for investments in ground leases, repaying credit facility borrowings, and general corporate purposes. This offering is part of an effective shelf registration filed with the SEC.
iStar Inc. (NYSE: STAR) reported Q4 2021 net income of $7.1 million ($0.11/share) and FY 2021 net income of $109.0 million ($1.51/share). Adjusted earnings for Q4 were $68.9 million ($0.87/share) and for FY $244.9 million ($3.12/share). The company achieved $140 million in asset sales, with $34 million in gains in Q4. In addition, iStar repurchased $31 million worth of shares. A definitive agreement to sell net lease assets for $3.07 billion was also signed recently.
iStar Inc. (NYSE: STAR) announced a quarterly dividend of $0.125 per share on its Common Stock and $0.50 on the 8.00% Series D Preferred Stock, $0.478125 on the 7.65% Series G Preferred Stock, and $0.46875 on the 7.50% Series I Preferred Stock. All dividends are payable on March 15, 2022, to shareholders of record by March 1, 2022. iStar is a leader in the ground lease sector, capitalizing on a $7 trillion market, having completed over $40 billion in transactions. This reinforces the company's commitment to shareholder returns while expanding its market footprint.
iStar Inc. (NYSE: STAR) will release its fourth quarter and fiscal year 2021 financial results on February 24, 2022, before market opening. An earnings conference call will be held at 10:00 a.m. ET, accessible via iStar's website. The call will provide insights into the company's operations and financial performance. iStar focuses on modernizing the ground lease sector to unlock value in $7 trillion of institutional commercial real estate, with over $40 billion in transactions completed over two decades. More details can be found on their website.
On February 7, 2022, Safehold Inc. (NYSE: SAFE) announced the promotion of Brett Asnas to Chief Financial Officer for both Safehold and its largest shareholder, iStar Inc. (NYSE: STAR). With over 12 years at iStar, Asnas brings expertise in corporate finance, strategy, and capital markets. CEO Jay Sugarman praised Asnas' leadership in achieving key financial goals, highlighting the importance of his role during this pivotal time for the company. Safehold aims to innovate in the ground lease industry while delivering income and capital appreciation to shareholders.
Safehold Inc. (NYSE: SAFE) announced the promotion of Theresa Ulyatt to Chief People Officer at iStar Inc. (NYSE: STAR), its founder and largest shareholder. Ulyatt, who has been with iStar since 2018, will spearhead talent acquisition, management, and employee engagement. President and Chief Investment Officer Marcos Alvarado emphasized her role in fostering a winning culture, highlighting the company's commitment to employee development. The company aims to provide safe, growing income and long-term capital appreciation to its shareholders.
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