NEW
YORK, Nov. 3, 2022 /PRNewswire/ --
iStar Inc. (NYSE: STAR) today reported results for the third
quarter ended September 30, 2022.
Highlights for the quarter include:
- Net income of $12.1 million or
$0.14 per diluted common share
- Adjusted earnings of $28.5
million or $0.33 per diluted
common share
- During the quarter, extinguished $155
million of debt including $93
million of convertible notes and $62
million of open market bond repurchases
- $105 million of proceeds from
legacy asset sales and loan repayments
- Safehold closed $284
million1 of new originations, bringing Safehold's
total aggregate portfolio to $6.1
billion and total UCA to approximately $10.5 billion
"iStar continues to focus on streamlining its balance sheet,
monetizing its legacy assets and expanding the ground lease
ecosystem," said Jay Sugarman,
Chairman and Chief Executive Officer. "Together with Safehold, we
look forward to unlocking the full value of the ground lease
platform we have built."
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:
|
877.545.0523
|
International:
|
973.528.0016
|
Access Code:
|
923085
|
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 November 3, 2022 through 12:00 a.m. ET on November
17, 2022 by calling:
Replay:
|
877.481.4010
|
International:
|
919.882.2331
|
Access Code:
|
46958
|
* * *
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.
1 Investments in Q3 '22 include $29m of new 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.