Brief: iStar Signs Definitive Agreement To Sell Net Lease Asset Portfolio For $3.07 Bln

Safehold

02/02/2022 14:24

Feb 2 (Reuters) - iStar Inc  STAR.N :
    * ISTAR SIGNS DEFINITIVE AGREEMENT TO SELL NET LEASE ASSET
PORTFOLIO FOR $3.07 BILLION
    * ISTAR INC - ESTIMATES TOTAL NET POSITIVE IMPACT OF
APPROXIMATELY
$525 MILLION TO NET INCOME AND COMMON EQUITY
    * ISTAR INC - ESTIMATES TOTAL NET POSITIVE IMPACT OF $250
MILLION
TO ADJUSTED COMMON EQUITY
    * ISTAR INC- EXPECTS TO RECORD APPROXIMATELY $40 MILLION OF
NET
EXPENSES IN Q4 OF 2021 ASSOCIATED WITH TRANSACTION
    * ISTAR INC - PORTFOLIO IS BEING ACQUIRED BY AN AFFILIATE OF
CARLYLE'S GLOBAL CREDIT PLATFORM
    * ISTAR INC- EXPECTS TO RECORD APPROXIMATELY $565 MILLION OF
NET
GAINS IN QUARTER IN WHICH TRANSACTION IS COMPLETED
    * ISTAR - AFTER REPAYMENT OF ALL ASSOCIATED MORTGAGE DEBT,
FULL
REPAYMENT OF TERM LOAN, CO ESTIMATES IT WILL RECEIVE NET CASH
PROCEEDS OF ABOUT $1.1 BILLION

Source text for Eikon:  ID:nPnc01KCCa 
Further company coverage:  STAR.N