NEW YORK, Nov. 22, 2019 /PRNewswire/ -- iStar Inc.
(NYSE: STAR) announced today that it has called for redemption all
of the issued and outstanding 4.5% Series J Cumulative Redeemable
Preferred Stock (the "Series J Shares"). The Series J Shares will
be redeemed on December 23, 2019 (the
"Redemption Date") at a price of $50.00 per share, plus accrued and unpaid
dividends up to, and including, the Redemption Date (the
"Redemption Price").
From and after the Redemption Date, dividends on the Series J
Shares will cease to accrue and the only remaining right of the
holders of the Series J Shares will be to receive payment of the
Redemption Price.
The Series J Shares are convertible into shares of common stock
of the company. The current conversion rate is 4.1250 shares of
common stock per Series J Share. As of the close of business on
November 22, 2019, there were 4.0
million shares of Series J Shares outstanding.
Holders of the Series J who wish to request to have their shares
redeemed must surrender the shares to the redemption agent to
collect the Redemption Price. The Company has designated
Computershare Trust, N.A. to act as the redemption agent.
Computershare also acts as the conversion agent for holders who
wish to convert their Series J Shares. Questions regarding
redemption and conversion of the Series J Shares may be directed to
Computershare at the following address: Computershare, Mandatory
Corporate Actions, 150 Royall St., Canton, MA 02021 (Overnight Mail) or
Computershare, Mandatory Corporate Actions, 462 South Fourth
Street, Suite 1600 Louisville, KY
40202 (Mail).
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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.