iStar Financial (STAR) Tops Q1 EPS by 2c

iStar Financial (NYSE: STAR) reported Q1 EPS of $0.14, $0.02 better than the analyst estimate of $0.12.

Highlights include:

• Unrealized gains on Safehold investment increased over $500 million year-to-date
• Strong balance sheet with approximately $435 million of current cash and revolver availability
• Continued monetization of legacy assets, resulting in an 8% reduction in total legacy assets
• Expanded senior management team with addition of new CFO, Jeremy Fox-Geen, and promotion of Brett Asnas to EVP, Head of Capital Markets
• Net income (loss) of ($0.28) per diluted common share
• Adjusted earnings of $0.14 per diluted common share

"Despite the current market disruption, iStar continues to execute its strategy - scaling the ground lease platform, strengthening its balance sheet, and simplifying its business," said Jay Sugarman, Chairman and Chief Executive Officer. "With ample cash availability and no corporate debt maturities for 2.5 years, iStar is well positioned to navigate these uncertain markets and remains focused on its unique mission to reinvent the ground lease industry."

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

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