NEW YORK, April 30, 2020 /PRNewswire/ -- iStar Inc.
(NYSE: STAR) today reported results for the first quarter ended
March 31, 2020. The Company also
launched its new website at www.istar.com. Investors may access
iStar's 2019 annual report, 2020 proxy statement and inaugural ESG
report in the "Investors" section of the new site.
Highlights include:
- Unrealized gains on Safehold investment increased over
$500 million year-to-date
- Strong balance sheet with approximately $435 million of current cash and revolver
availability
- Continued monetization of legacy assets, resulting in an 8%
reduction in total legacy assets
- Expanded senior management team with addition of new CFO,
Jeremy Fox-Geen, and promotion of
Brett Asnas to EVP, Head of Capital Markets
- Net income (loss) of ($0.28) per
diluted common share
- Adjusted earnings of $0.14 per
diluted common share
"Despite the current market disruption, iStar continues to
execute its strategy - scaling the ground lease platform,
strengthening its balance sheet, and simplifying its business,"
said Jay Sugarman, Chairman and
Chief Executive Officer. "With ample cash availability and no
corporate debt maturities for 2.5 years, iStar is well positioned
to navigate these uncertain markets and remains focused on its
unique mission to reinvent the ground lease industry."
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:
|
877.226.8216
|
International:
|
409.207.6983
|
Access
Code:
|
2081032
|
A replay of the call will be archived on the Company's website.
Alternatively, the replay can be accessed via dial-in from
1:00 p.m. ET on April 30, 2020 through 11:59 p.m. ET on May 14,
2020 by calling:
Replay:
|
866.207.1041
|
International:
|
402.970.0847
|
Access
Code:
|
3183044
|
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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.