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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) has promoted Theresa Ulyatt to Chief People Officer as part of its commitment to enhance talent management and employee engagement. Ulyatt, who joined the company in 2018, will oversee all human resources functions and continue fostering a winning corporate culture. President Marcos Alvarado emphasized the importance of Ulyatt's leadership in nurturing employee success, while Ulyatt expressed her dedication to developing top talent. iStar focuses on revolutionizing the ground lease sector and has completed over $40 billion in transactions in the past two decades.
iStar Inc. (NYSE: STAR) has promoted Brett Asnas to Chief Financial Officer for both iStar and Safehold (NYSE: SAFE). Asnas, with over 12 years at iStar, previously served as Executive Vice President and Head of Capital Markets. His extensive background includes oversight of corporate finance, strategy, and capital markets activities. iStar aims to revolutionize the ground lease sector, leveraging modern leasing and financing practices. With over $40 billion in transactions over two decades, the company focuses on creating value for real estate owners.
iStar Inc. (NYSE: STAR) has signed a definitive agreement to sell a portfolio of net lease assets for $3.07 billion. This portfolio includes 18.3 million square feet of office, entertainment, and industrial properties. The buyer is an affiliate of Carlyle's Global Credit platform, with the deal expected to close in Q1 2022.
The sale will yield a net positive impact of approximately $525 million to net income and $1.1 billion in cash proceeds after debt repayment. The company anticipates recording $40 million in expenses and $565 million in gains in the respective quarters.
iStar (NYSE: STAR) has announced the tax treatment for its 2021 dividends, detailing distributions for both common and preferred stock. Shareholders of iStar's common stock received $0.485 per share over four distributions in 2021, while preferred stockholders received $2.00 annually, paid in quarterly installments. Dividend payments are set for March 15, June 15, September 15, and December 15, 2021. The tax characterization identifies ordinary income, return of capital, and capital gains for various payments, providing shareholders with essential tax information.
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.
iStar Inc. (NYSE: STAR) announced the declaration of its quarterly dividends for the fourth quarter of 2021. The dividends are scheduled for payment on December 15, 2021, to stockholders on record as of December 1, 2021. Common Stock dividends stand at $0.125 per share, while the preferred stock dividends include $0.50 for Series D and $0.478125 for Series G, each with a liquidation preference of $25.00. This reflects iStar's ongoing commitment to returning value to its shareholders.
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.
iStar (NYSE: STAR) announced that it has secured necessary consents for amendments to the indentures of its 4.75% Senior Notes due 2024, 4.25% Senior Notes due 2025, and 5.50% Senior Notes due 2026. This follows a Consent Solicitation initiated on October 21, 2021, aimed at aligning the indentures with the anticipated sale of the Company’s net lease assets. Supplemental indentures have been executed, and consent fees are expected to be paid by November 1, 2021. iStar focuses on modern ground leases and is a major shareholder of Safehold (NYSE: SAFE).
Curator Hotel & Resort Collection has announced the addition of four new independent hotels, marking its debut in popular travel destinations in New Jersey and Arizona. The new properties include The Asbury Hotel, Asbury Ocean Club Hotel, Pelican Grand Beach Resort, and The Wilde Resort and Spa. Founded in November 2020, Curator aims to enhance the operational performance of member hotels while preserving their uniqueness. This expansion strengthens Curator's position in the hospitality industry and offers guests more diverse lodging options.
iStar Inc. (NYSE: STAR) will release its third-quarter 2021 financial results on November 2, 2021, before the market opens. An earnings conference call will follow at 10:00 a.m. ET, accessible via the company's website. iStar focuses on modernizing ground leases in the $7 trillion commercial real estate market and is the primary shareholder of Safehold Inc. (NYSE: SAFE). With over $40 billion in transactions executed in the past two decades, iStar continues to expand its national investment platform and drive innovation in real estate.
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