NEW YORK, Oct. 31, 2019 /PRNewswire/ -- iStar Inc. (NYSE:
STAR) today reported results for the third quarter ended
September 30, 2019.
Highlights include:
- Net income (loss) per diluted common share of ($0.12) and $4.26
for the three months and nine months ended September 30, 2019, respectively
- Adjusted income per diluted common share of $0.06 and $4.04 for
the three months and nine months ended September 30, 2019, respectively
- Market value of Safehold investment represents an unrealized
gain of over
$300 million
- Refinanced $675 million of senior
unsecured notes, lowering cost of debt and eliminating corporate
debt maturities for the next 2.5 years
"We are successfully executing the strategy laid out in the
beginning of the year by investing heavily into the ground lease
ecosystem while continuing to strengthen and simplify our balance
sheet." said Jay Sugarman, Chairman
and Chief Executive Officer. "These efforts have resulted in
significant earnings, both realized and unrealized, driving
substantial value to shareholders."
The Company published a presentation detailing its results and a
reconciliation of its non-GAAP financial metrics, which can be
found on its website, www.istar.com, 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:
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(800)
230-1092
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International:
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(612)
288-0340
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A replay of the call will be archived on the Company's website.
Alternatively, the replay can be accessed via dial-in from
12:00 p.m. ET on October 31, 2019 through 11:59 p.m. ET on November
14, 2019 by calling:
Replay:
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(800)
475-6701
|
|
|
International:
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(320)
365-3844
|
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Access
Code:
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472952
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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
$40 billion of transactions over the
past two decades. Additional information on iStar is available on
its website at www.istar.com.
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SOURCE iStar Inc.