iStar Announces Details for Its Special Dividend

NEW YORK, Nov. 29, 2022 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today the specific terms for its previously announced special dividend. The company will pay a one-time non-cash dividend of 6.64 million shares of Safehold (NYSE: SAFE), which equates to 0.07655 shares of SAFE for each share of iStar common stock outstanding.

No fractional shares of SAFE common stock will be issued in connection with the special dividend, and instead Company stockholders will receive cash in lieu of any fractional shares. 

The dividend will be paid on a pro rata basis on December 7, 2022 to shareholders of record as of the close of business on December 1, 2022.

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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.

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SOURCE iStar Inc.