NEW YORK, Jan. 15, 2020 /PRNewswire/ -- iStar Inc.
(NYSE: STAR) and Safehold Inc. (NYSE: SAFE) announced that they
have agreed to extend the terms of certain agreements between the
two companies. In particular: (i) the initial term of the parties'
management agreement has been extended from June 30, 2022 to June 30,
2023; (ii) a tail period has been added to iStar's
exclusivity obligations under the parties' exclusivity agreement if
iStar, as Safehold's manager, terminates the management agreement
without cause pursuant to the terms thereof; and (iii) the
expiration date of iStar's standstill obligations under the
parties' stockholder's agreement has been extended from
January 2, 2021 to June 30, 2022. The amendments were approved by
each company's independent directors.
"After an excellent year in which the combined efforts of
iStar and Safehold helped drive the growth of a newly reinvented,
modern ground lease business, I am pleased the relationship has
been extended," said Jay Sugarman,
Chairman and Chief Executive Officer of iStar and Safehold. "Since
the companies announced their expanded relationship in January of
2019, both SAFE and STAR shareholders have enjoyed returns well
above the market and the continued certainty and stability provided
by extending these arrangements should prove beneficial to both
companies."
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About iStar:
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.
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate
ownership by providing a new and better way for owners to unlock
the value of the land beneath their buildings. Through its modern
ground lease capital solution, Safehold helps owners of high
quality multifamily, office, industrial, hospitality and mixed-use
properties in major markets throughout the United States generate higher returns with
less risk. The Company, which is taxed as a real estate investment
trust (REIT) and is managed by its largest shareholder, iStar Inc.,
seeks to deliver safe, growing income and long-term capital
appreciation to its shareholders. Additional information on
Safehold is available on its website at www.safeholdinc.com.
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SOURCE iStar Inc.