NEW YORK, Feb. 25, 2019 /PRNewswire/ -- iStar (NYSE: STAR)
today reported results for the fourth quarter and fiscal year ended
December 31, 2018.
The Company reported a fourth quarter net loss of ($115.5) million, or ($1.70) per share and adjusted income of
$42.6 million, or $0.53 per share. In fiscal year 2018, the Company
reported a net loss of ($64.8)
million, or ($0.95) per share
and adjusted income of $222.3 million
or $2.76 per share.
"We've begun the process of implementing a new go-forward
corporate strategy to combine iStar's strength in finance and net
lease with Safehold's growing success at reinventing ground leases
to create a unique opportunity for iStar to invest capital at
attractive returns," said Jay
Sugarman, Chairman and Chief Executive Officer. "In
addition, we have decided to limit future investment in
a significant number of legacy assets and have taken
impairments on certain of these assets in the fourth quarter
to reflect this change in strategy."
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.
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)
230-1059
|
|
|
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 February 25, 2019 through 11:59 p.m. ET on March 11,
2019 by calling:
Replay:
|
(800)
475-6701
|
|
|
International:
|
(320)
365-3844
|
|
|
Access
Code:
|
463702
|
* * *
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.
View original
content:http://www.prnewswire.com/news-releases/istar-reports-fourth-quarter-and-fiscal-year-2018-results-300800754.html
SOURCE iStar