99.99% of the Series J Shares Were Converted into Common Stock
NEW YORK, Dec. 23, 2019 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today that it has completed its previously announced redemption of all of the issued and outstanding shares of its 4.5% Series J Cumulative Redeemable Preferred Stock (the "Series J Shares") that did not convert into iStar common stock prior to the December 23, 2019 redemption date.
Prior to the redemption date, holders of 99.99% Series J Shares elected to convert their Series J Shares into an aggregate of 16,498,956 shares of iStar common stock at the conversion price of 4.1250 shares of common stock per Series J Share.
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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 Inc.