NEW YORK, May 2, 2019 /PRNewswire/ -- iStar (NYSE:
STAR) today reported results for the first quarter ended
March 31, 2019.
Highlights for the quarter include:
- Net income (loss) of ($17.6)
million or ($0.26) per diluted
share
- Adjusted income of ($0.1) million
or ($0.00) per diluted share
- Deployed $876 million of
capital
- Sold $100 million of legacy
assets; net gain of $5 million
associated with legacy assets
- Repurchased 2.3 million shares of STAR for $19.2 million
- Board of Directors approved 11% increase in common dividend to
$0.40 per share on an annual
basis
- Signed definitive agreement to sell Preferred Freezer for an
expected ~$215 million gain
"iStar had an active first quarter and productive start to 2019,
deploying $874 million of capital, as
we begin to execute on the new strategy laid out on our previous
earnings call," said Jay Sugarman,
Chairman and Chief Executive Officer.
In addition, the Company announced that in light of its
strategic shift to focus on the opportunity in ground leases and to
de-emphasize development, Andrew C.
Richardson, President of Land & Development and Chief
Financial Officer, has decided to step down to pursue other
opportunities. The Company has initiated a process to find a new
CFO and Richardson has agreed to stay on for a period to help with
the search and to transition responsibilities to other members of
the senior management team, who will fulfill his duties on an
interim basis until a new CFO is named.
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)
230-1096
|
International:
|
(612)
332-0228
|
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 May 2, 2019 through 11:59
p.m. ET on May 16, 2019 by
calling:
Replay:
|
(800)
475-6701
|
International:
|
(320)
365-3844
|
Access
Code:
|
466493
|
* * *
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