NEW YORK, Aug. 2, 2018 /PRNewswire/ -- iStar (NYSE: STAR)
today reported results for the second quarter ended June 30, 2018.
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.
Highlights for the quarter include:
- Net income of $42.9 million or
$0.54 per diluted share
- Adjusted net income of $43.6
million or $0.55 per diluted
share
- Initiated quarterly dividend of $0.09 per share, or $0.36 per share on an annualized basis, with the
first payment on August 31 to
shareholders of record on August
15
- $269 million of originations from
core new loan and net lease businesses
- $190 million in proceeds from
legacy asset sales
- $146 million reduction (84%) of
non-performing loans
- Consolidated Net Lease Venture I and recognized a gain of
$68M, formed Net Lease Venture II
subsequent to the end of the quarter
- Upsized new term loan to $650M
from $377M and repriced coupon 25bps
lower
"With solid earnings, a strong balance sheet and substantial
liquidity, we are delighted to begin paying a regular quarterly
dividend to our shareholders," said Jay
Sugarman, iStar's Chairman and Chief Executive Officer.
The Company will host an earnings conference call reviewing this
presentation beginning at 5:00 p.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:
|
(800)
288-8960
|
International:
|
(612)
332-0342
|
A replay of the call will be archived on the Company's website.
Alternatively, the replay can be accessed via dial-in from
7:00 p.m. ET on August 2, 2018 through 11:59 p.m. ET on August
16, 2018 by calling:
Replay:
|
(800)
475-6701
|
International:
|
(320)
365-3844
|
Access
Code:
|
451422
|
iStar (NYSE: STAR) finances, invests in and develops real estate
and real estate related projects as part of its fully-integrated
investment platform. Building on over two decades of experience and
$40 billion of transactions, iStar
brings uncommon capabilities and new ways of thinking to commercial
real estate and adapts its investment strategy to changing market
conditions. The Company is structured as a real estate investment
trust ("REIT"), with a diversified portfolio focused on larger
assets located in major metropolitan markets. Additional
information on iStar is available on its website at
www.istar.com.
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SOURCE iStar