NEW YORK, Nov. 1, 2018 /PRNewswire/ -- iStar (NYSE:
STAR) today reported results for the third quarter ended
September 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 (loss) of ($19.0)
million or ($0.28) per diluted
share for the third quarter and $50.7
million or $0.69 per diluted
share year-to-date
- Adjusted net income of $3.7
million or $0.05 per diluted
share for the third quarter and $179.7
million or $2.23 per diluted
share year-to-date
- $530 million of proceeds and
$95 million of gains year-to-date
from legacy asset sales
- $1.1 billion of available cash
and revolver capacity to take advantage of potential market
disruptions
- Strengthening balance sheet, lowering cost of capital and
extending debt maturity profile
"In an uncertain market, iStar remains poised to capitalize on
market dislocations, continues to reposition legacy assets for
sale, and finds new, proprietary opportunities to partner with SAFE
and grow its ground lease expertise," said Jay
Sugarman, iStar's Chairman and Chief Executive Officer.
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:
|
(800)
830-1074
|
International:
|
(612)
234-9960
|
A replay of the call will be archived on the Company's website.
Alternatively, the replay can be accessed via dial-in from
12:00 p.m. ET on November 1, 2018 through 11:59 p.m. ET on November
15, 2018 by calling:
Replay:
|
(800)
475-6701
|
International:
|
(320)
365-3844
|
Access
Code:
|
455269
|
* * *
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