NEW
YORK, Feb. 21, 2023 /PRNewswire/ -- iStar Inc.
(NYSE: STAR) today reported results for the fourth quarter and
fiscal year ended December 31,
2022.
Highlights from the earnings announcement include:
- Net income (loss) of ($86.7)
million or ($1.00) per diluted
common share in Q4 '22, and $397.8
million or $4.92 per diluted
common share for FY '22
- Adjusted earnings (losses) of ($79.9)
million or ($0.92) per diluted
common share in Q4 '22, and $522.0
million or $6.25 per diluted
common share for FY '22
- $150 million of proceeds from
asset sales and loan repayments in Q4 '22 and post
quarter-end1
- $192 million special dividend
paid in the form of 6.6 million Safehold shares
- Safehold closed 26 ground leases totaling $1.4 billion2 in 2022, bringing
its total portfolio to 131 ground leases with an aggregate gross
book value of $6.2 billion and
estimated Unrealized Capital Appreciation of $10.5 billion
"iStar ended the year in a strong position, making significant
progress in monetizing legacy assets," said Jay Sugarman, Chairman and Chief Executive
Officer. "Together with Safehold, we look forward to continuing to
build the modern ground lease business and generating value for
shareholders."
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:
|
877.545.0320
|
International:
|
973.528.0002
|
Access Code:
|
420354
|
A replay of the call will be archived on the Company's website.
Alternatively, the replay can be accessed via dial-in from
2:00 p.m. ET on February 21, 2023 through 12:00 a.m. ET on March 7,
2023 by calling:
Replay:
|
877.481.4010
|
International:
|
919.882.2331
|
Access Code:
|
47582
|
* * *
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
institutional quality properties. As the founder, investment
manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the
creator of the modern ground lease industry, iStar is using its
national investment platform and its historic strengths in finance
and net lease to expand the use of modern ground leases within the
$7 trillion institutional commercial
real estate market. 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.
Company Contact:
Pearse Hoffmann
Senior
Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@istar.com
1 $129 million in Q4 '22 and $21 million post quarter end.
2 Investments in 2022 include $257m of forward commitments that have not yet
been funded. Such funding commitments are subject to certain
conditions. There can be no assurance that Safehold will complete
these transactions.
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SOURCE iStar Inc.