iStar Financial (STAR) Misses Q3 EPS by 13c

iStar Financial (NYSE: STAR) reported Q3 EPS of $0.06, $0.13 worse than the analyst estimate of $0.19.

Highlights include:

• Net income (loss) per diluted common share of ($0.12) and $4.26 for the three months and nine months ended September 30, 2019, respectively
• Adjusted income per diluted common share of $0.06 and $4.04 for the three months and nine months ended September 30, 2019, respectively
• Market value of Safehold investment represents an unrealized gain of over $300 million
• Refinanced $675 million of senior unsecured notes, lowering cost of debt and eliminating corporate debt maturities for the next 2.5 years

"We are successfully executing the strategy laid out in the beginning of the year by investing heavily into the ground lease ecosystem while continuing to strengthen and simplify our balance sheet." said Jay Sugarman, Chairman and Chief Executive Officer. "These efforts have resulted in significant earnings, both realized and unrealized, driving substantial value to shareholders."

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

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