iStar Financial (STAR) Tops Q1 EPS by 19c

iStar Financial (NYSE: STAR) reported Q1 EPS of $0.30, $0.19 better than the analyst estimate of $0.11.

Highlights for the quarter include:

• Net income (loss) of ($0.4) million or ($0.01) per diluted common share
• Adjusted earnings of $22.7 million or $0.30 per diluted common share
• $56 million of legacy asset sales proceeds
• 6% net reduction of legacy asset portfolio
• Safehold position totals 34.8 million shares, representing $2.4 billion in market value at quarter end

"In the first quarter we continued to scale the ground lease ecosystem, reduce our legacy asset portfolio, and maintain a strong balance sheet," said Jay Sugarman, Chairman and Chief Executive Officer. "We are pleased to see our progress begin to be reflected in the stock price and remain focused on executing our three-part strategy throughout the rest of the year."

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

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