iStar Announces Adjustment of Conversion Rate for Convertible Securities

NEW YORK, May 31, 2019 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today an adjustment to the conversion rates of its 3.125% Convertible Senior Notes due 2022 and its 4.50% Series J Cumulative Convertible Perpetual Preferred Stock as a result of the common stock cash dividends paid on March 15, 2019 and May 31, 2019.

3.125% Convertible Senior Notes Due 2022

The conversion price applicable to the outstanding 3.125% Convertible Senior Notes due 2022 has been adjusted to $14.95 per share (66.8675 shares of iStar common stock per $1,000 principal amount of Notes) from $15.27 per share (65.4675 shares of iStar common stock per $1,000 principal amount of Notes) effective May 14, 2019 and subject to further adjustment as provided in the governing supplemental indenture. 

Notice of the conversion rate adjustment has been delivered to holders of the notes and U.S. Bank National Association, as trustee, in accordance with the terms of the supplemental indenture.

4.50% Series J Cumulative Convertible Perpetual Preferred Stock

The conversion price applicable to the outstanding 4.50% Series J Cumulative Convertible Perpetual Preferred Stock has been adjusted to $12.31 per share (4.0612 shares of iStar common stock per share of Series J Preferred Stock) from $12.57 per share (3.9762 shares of iStar common stock per share of Series J Preferred Stock) effective May 14, 2019 and subject to further adjustment as provided in the articles supplementary setting forth the terms of the Series J Preferred Stock.

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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 all types of properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the first publicly traded company to focus on modern ground leases, iStar is helping create a logical new approach to the way real estate is owned, and continues to use its historic strengths in finance and net lease to expand this unique platform. 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