Amended Statement of Beneficial Ownership (sc 13d/a)

Date : 11/22/2019 @ 9:19PM
Source : Edgar (US Regulatory)
Stock : Safehold Inc (SAFE)
Quote : 55.91  0.0 (0.00%) @ 12:25PM
Safehold share price Chart

Amended Statement of Beneficial Ownership (sc 13d/a)

 

 

UNITED STATES

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

Washington, D.C. 20549

 

 

 

 

 

SCHEDULE 13D

 

(Rule 13d-101)

 

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

 

(Amendment No. 17)*

 

Safehold Inc.

(Name of Issuer)

 

Common Stock, par value $0.01 per share

(Title of Class of Securities)

 

78645L 100

(CUSIP Number)

 

Marcos Alvarado

iStar Inc.

1114 Avenue of the Americas

New York, New York 10036

(212) 930-9400

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

 

November 22, 2019

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box o.

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 


 

CUSIP No. 78649D104  

 

 

1

Name of Reporting Person
iStar Inc.

 

 

2

Check the Appropriate Box if a Member of a Group

 

 

(a)

 o

 

 

(b)

 x

 

 

3

SEC Use Only

 

 

4

Source of Funds
WC

 

 

5

Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Item 2(d) or 2(e)     o

 

 

6

Citizenship or Place of Organization
Maryland

 

Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With

7

Sole Voting Power
31,166,602

 

8

Shared Voting Power
0

 

9

Sole Dispositive Power
31,166,602

 

10

Shared Dispositive Power
0

 

 

11

Aggregate Amount Beneficially Owned by Each Reporting Person
31,166,602

 

 

12

Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares    o

 

 

13

Percent of Class Represented by Amount in Row (11)
65.2%

 

 

14

Type of Reporting Person
CO

 

2


 

This Amendment No. 17 on Schedule 13D (the “Schedule 13D”) relating to shares of common stock, $0.01 par value per share (the “Shares”), of Safehold Inc., a Maryland corporation (the “Issuer”), is being filed by iStar Inc., a Maryland corporation (“iStar”), and supplements and amends the statement on Schedule 13D originally filed with the Commission on June 27, 2017 (as amended, the “Statement”).

 

Item 3.                                                         Source and Amount of Funds or Other Consideration.

 

The aggregate amount of funds used by iStar to acquire the Shares reported in Item 5(c) was $314,645,032. iStar used its working capital to make such purchases. In addition, iStar received 64,101 Shares as payment of third quarter 2019 management fees under its management agreement with the Issuer.

 

Item 4.                                                         Purpose of Transaction

 

iStar’s purchases of additional Shares, as reported in Item 5(c) of this Statement, were made in order to increase its equity interest in the Issuer and, in the case of Shares acquired directly from the Issuer, to provide equity capital to the Issuer for use in its business. See also Item 6.

 

Item 5.                                                         Interest in Securities of the Issuer.

 

(a)                                 As of November 22, 2019, iStar beneficially owns 31,166,602 Shares directly, or approximately 65.2% of the outstanding Shares. Annex A sets forth the number of Shares and the aggregate percentage of the outstanding Shares beneficially owned by each of iStar’s executive officers and directors.

 

(c)                                  Since filing Amendment No. 16 to the initial Statement, iStar acquired a total of 10,432,439 Shares (including 64,101 Shares received on October 31, 2019 as payment of quarterly management fees).

 

iStar acquired 544,809 Shares through open-market purchases conducted under a “written plan for trading securities” within the meaning of Rule 10b5-1 promulgated under the Securities and Exchange Act of 1934, as amended. Further details regarding these purchases are set forth below.

 

As discussed on Item 6, on August 12, 2019, iStar purchased 6,000,000 Shares pursuant to a private placement purchase agreement with the Issuer at a purchase price of $28.00 per share, equal to the public offering price per share in the concurrent public offering of the Shares. For more information, please see the Issuer’s Current Report on Form 8-K, filed with the Commission on August 12, 2019.

 

As discussed on Item 6, on November 22, 2019, iStar purchased 3,823,529 Shares pursuant to a private placement purchase agreement with the Issuer at a purchase price of $34.00 per share, equal to the public offering price per share in the concurrent public offering of the Shares. For more information, please see the Issuer’s Current Report on Form 8-K, filed with the Commission on November 22, 2019.

 

On October 31, 2019, iStar acquired 64,101 Shares in payment of the quarterly management fee due for the third quarter 2019 pursuant to the Management Agreement between the Issuer and SFTY Manager LLC, a wholly-owned subsidiary of iStar.

 

Trade Date

 

No. of Shares

 

Price per Share ($)

 

Cost ($)

 

July 29, 2019

 

5,000

 

33.807

 

169,120.00

 

July 30, 2019

 

5,000

 

33.254

 

166,356.00

 

July 31, 2019

 

5,000

 

33.191

 

166,040.00

 

August 1, 2019

 

5,000

 

33.428

 

167,229.50

 

August 2, 2019

 

4,730

 

33.254

 

158,494.74

 

August 14, 2019

 

7,500

 

28.529

 

214,101.00

 

August 15, 2019

 

7,500

 

28.178

 

211,467.00

 

August 15, 2019

 

25,000

 

28.624

 

716,027.50

 

August 16, 2019

 

7,500

 

28.963

 

217,350.75

 

 

3


 

August 19, 2019

 

7,500

 

29.065

 

218,117.25

 

August 20, 2019

 

7,500

 

29.080

 

218,227.50

 

August 21, 2019

 

7,500

 

28.877

 

216,705.75

 

August 22, 2019

 

7,500

 

28.835

 

216,393.00

 

August 23, 2019

 

7,500

 

28.378

 

212,967.75

 

August 26, 2019

 

12,000

 

28.587

 

343,258.80

 

August 26, 2019

 

7,500

 

28.568

 

214,389.00

 

August 27, 2019

 

7,500

 

28.892

 

216,824.25

 

August 28, 2019

 

7,500

 

29.090

 

218,306.25

 

August 29, 2019

 

7,500

 

28.999

 

217,622.25

 

August 30, 2019

 

7,500

 

28.929

 

217,100.25

 

September 03, 2019

 

7,500

 

29.164

 

218,864.25

 

September 04, 2019

 

7,500

 

28.955

 

217,296.75

 

September 05, 2019

 

7,500

 

28.786

 

216,026.25

 

September 06, 2019

 

7,500

 

28.023

 

210,303.00

 

September 09, 2019

 

7,500

 

27.090

 

203,303.25

 

September 10, 2019

 

7,500

 

27.362

 

205,345.50

 

September 11, 2019

 

7,365

 

28.175

 

207,634.08

 

September 11, 2019

 

27,580

 

28.435

 

784,722.71

 

September 12, 2019

 

7,500

 

29.027

 

217,830.00

 

September 12, 2019

 

30,004

 

29.175

 

875,891.77

 

September 13, 2019

 

7,500

 

30.350

 

227,741.25

 

September 16, 2019

 

7,500

 

30.282

 

227,247.00

 

September 17, 2019

 

15,000

 

29.905

 

448,833.00

 

September 17, 2019

 

7,500

 

29.831

 

223,863.00

 

September 18, 2019

 

7,302

 

29.966

 

218,940.98

 

September 18, 2019

 

7,909

 

29.988

 

237,311.13

 

September 19, 2019

 

6,808

 

29.911

 

203,750.50

 

September 19, 2019

 

13,800

 

29.885

 

412,660.02

 

September 20, 2019

 

7,500

 

29.652

 

222,521.25

 

September 23, 2019

 

7,500

 

29.980

 

224,982.00

 

September 24, 2019

 

7,500

 

29.974

 

224,939.25

 

September 25, 2019

 

7,500

 

29.913

 

224,479.50

 

September 26, 2019

 

7,500

 

29.921

 

224,541.75

 

September 27, 2019

 

7,500

 

29.984

 

225,244.50

 

September 30, 2019

 

7,500

 

30.346

 

227,728.50

 

October 01, 2019

 

7,500

 

31.112

 

233,548.50

 

October 02, 2019

 

7,500

 

31.668

 

237,789.75

 

October 03, 2019

 

7,500

 

30.043

 

247,952.25

 

October 04, 2019

 

7,500

 

33.580

 

251,981.25

 

October 07, 2019

 

7,500

 

34.320

 

257,532.00

 

October 08, 2019

 

7,500

 

34.432

 

258,374.25

 

October 09, 2019

 

7,361

 

34.211

 

251,955.25

 

October 10, 2019

 

7,500

 

34.711

 

260,465.25

 

October 11, 2019

 

7,500

 

34.555

 

259,296.75

 

October 14, 2019

 

7,098

 

34.291

 

243,524.58

 

October 15, 2019

 

7,500

 

34.431

 

258,360.00

 

October 16, 2019

 

7,500

 

34.128

 

256,089.75

 

October 17, 2019

 

7,500

 

34.187

 

256,536.75

 

October 18, 2019

 

7,500

 

34.020

 

255,282.00

 

October 21, 2019

 

7,400

 

34.278

 

253,783.00

 

October 22, 2019

 

7,500

 

34.315

 

257,496.75

 

October 23, 2019

 

7,500

 

34.053

 

255,529.50

 

October 24, 2019

 

7,500

 

34.030

 

255,390.75

 

October 25, 2019

 

7,500

 

33.420

 

250,784.25

 

October 28, 2019

 

452

 

34.773

 

15,273.40

 

 

4


 

Item 6.                                                         Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

 

On August 12, 2019, iStar entered into a private placement purchase agreement with the Issuer, pursuant to which iStar purchased from the Issuer 6,000,000 Shares at a purchase price of $28.00 per share, for a total purchase price of $168,000,000.  On November 22, 2019, iStar entered into a private placement purchase agreement with the Issuer, pursuant to which iStar purchased from the Issuer 3,823,529 Shares at a purchase price of $34.00 per share, for a total purchase price of $129,999,986.

 

All Shares are be subject to the voting power limitations contained in the Stockholder’s Agreement, dated as of January 2, 2019, between the Issuer and iStar, as reported in Amendment No. 13 to the Initial Statement, which limits iStar’s voting power in the Issuer to 41.9%.

 

5


 

Annex A

 

INFORMATION REGARDING THE DIRECTORS AND
EXECUTIVE OFFICERS OF iSTAR, INC.

 

I.                                        Set forth below is the name and present principal occupation or employment of each director and executive officer of iStar.  Unless otherwise indicated, all persons identified below are United States citizens.  Directors of iStar are identified by an asterisk.

 

Name

 

Principal Occupation/Employment

 

 

 

*Jay Sugarman

 

Chairman and Chief Executive Officer of iStar Inc.

*Clifford de Souza

 

Private investor

*Robin Josephs

 

Private investor

*Barry Ridings

 

Senior advisor, Lazard Freres & Co.

*Richard Lieb

 

Senior advisor, Greenhill & Co., LLC

Marcos Alvarado

 

President and Chief Investment Officer

 

II.                                   Set forth below are the number of Shares, and the percentage of the outstanding Shares, beneficially owned by each of the directors and executive officers of iStar Inc.  Directors of iStar are identified by an asterisk.

 

Name

 

No. of Shares

 

% of Outstanding Shares

 

 

 

 

 

*Jay Sugarman

 

104,782

+

**

*Clifford de Souza

 

2,500

 

**

*Robin Josephs

 

41,250

*

**

*Barry Ridings

 

2,500

 

**

*Richard Lieb

 

0

 

**

Marcos Alvarado

 

25,891

 

**

 


+ This consists of 31,764 Shares owned by Mr. Sugarman and 73,018 Shares owned by trusts.

* This consists of 6,250 Shares owned by Ms. Josephs, 25,000 owned by her family trust, and 10,000 restricted stock units granted to her on May 8, 2019, representing the right to receive 10,000 Shares when the units settle on July 1, 2022. These restricted stock units are fully vested as of the grant date.

** Under 0.1%.

 

6


 

SIGNATURE

 

After reasonable inquiry and to the best of his or her knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Dated: November 22, 2019

 

 

iSTAR INC.

 

 

 

/s/ Marcos Alvarado

 

Marcos Alvarado

 

President and Chief Investment Officer

 

7


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