NEW
YORK, March 30, 2023 /PRNewswire/ -- iStar Inc.
(NYSE:STAR) announced today the final consolidation ratio that will
be used in the reverse split of iStar common stock that will occur
immediately prior to the effective time of the merger of iStar and
Safehold ("Safe"). In the reverse stock split, each share of
iStar common stock outstanding will be consolidated into 0.160
shares of iStar common stock (the "Star share consolidation
ratio"). Immediately thereafter, Safe will merge with and
into iStar, with iStar as the surviving corporation and operating
under the name Safehold Inc. ("New Safehold"), and each outstanding
share of Safe common stock will be converted into one share of
common stock of New Safehold. The consolidated shares of
iStar common stock will remain outstanding as common stock of New
Safehold.
iStar stockholders will receive cash in lieu of any fractional
shares resulting from the reverse stock
split.
Forward-Looking Statements:
Statements in this press release which are not historical fact
may be deemed forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although iStar believes the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, the Company can give no assurance that
its expectations will be attained. The Company undertakes no
obligation to update or publicly revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
This press release should be read in conjunction with our
consolidated financial statements and related notes in our Annual
Report on Form 10-K ("Form 10-K") for the year ended December 31, 2022. In assessing all
forward-looking statements herein, readers are urged to read
carefully the Risk Factors sections and other cautionary statements
in our Form 10-K and the definitive joint proxy statement /
prospectus dated January 30, 2023
that we filed with respect to the previously announced merger with
Safehold and related transactions and any updates thereto made in
our subsequent fillings with the SEC.
* *
*
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
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SOURCE iStar Inc.