iStar Financial (STAR) Misses Q1 EPS by 24c; Announces New Strategic Plan, CFO Andrew Richardson to Step Down

iStar Financial (NYSE: STAR) reported Q1 EPS of $0.00, $0.24 worse than the analyst estimate of $0.24.

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.

For earnings history and earnings-related data on iStar Financial (STAR) click here.

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