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iStar Inc. (STAR)

NYSE - Nasdaq Real Time Price. Currency in USD
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25.21-0.05 (-0.20%)
At close: 04:00PM EST
25.21 0.00 (0.00%)
After hours: 04:01PM EST
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  • S
    Steven
    Curious to hear about net lease asset disposal. I know some of their joint ventures on the net lease side was set to expire at the end of the year (today). I normally would think this is a material event, but the last few liquidity events where they sold the legacy assets, we only heard about it during the quarterly report. If we get any 8k filing, I would be surprised. If that happens, I'll buy some short term options as lotto tickets for the SAFE reverse merger with iStar as they are getting all material events into the public.
  • F
    Frank F. C.
    What happened today? Why sudden drop?
  • S
    Steven
    A lot of PT raises. Raymond James to 33, KBW to 29, Berenberg to 41
  • Y
    Yahoo Finance Insights
    STAR is up 4.95% to 27.33
  • F
    FringDook
    beautiful chart
  • F
    FringDook
    that dip was gobbled on high volume. hold yer shares we're just beginning.
  • Y
    Yahoo Finance Insights
    STAR is down 4.98% to 22.91
  • S
    Sherry
    Please tell me where I am wrong. STAR owns ~66% of SAFE = ~35.2MM shares. That is =~.48 shares of SAFE per share of STAR. With SAFE @ ~81 that is equal to ~$39 for each share of STAR. Of course STAR has debt but also has other assets which are being gradually liquidated and which will cover a good part of that debt. If you believe that the price of SAFE is right then STAR has to be significantly undervalued.
  • F
    FringDook
    how much will they fetch for their net lease assets... hmmm hmmmm hmm
  • S
    Steven
    My takeaways from the call:
    1. $50M repurchase authorization of iStar
    2. Grand Vista has been sold (1 of 3 legacy assets at $97M). Slide 5 indicates $167M in sales proceeds (not sure if that is only from Grand Vista)
    3. We will get an update in Q4 on net lease asset disposal (which also coincides with the end of some of their JV’s in the net lease assets)
    4. When Matthew Howlett (B.Riley analysts) asked about monetization of ground leasing covering the debt, Jay said, “We're liquid. We're strong. I think you're going to see continued liquidity coming out of that legacy book. Any net lease transactions would only add to that liquidity. So we do think there will be opportunities to streamline not only the asset side of the balance sheet, but the liability side.... We're certainly looking forward to coming back in the fourth quarter and having a little more clarity. But this is the right moment for us to continue to push on some of these levers and the net lease lever is a big one.”
  • F
    FringDook
    $SAFE conversation
    Hmmm I'd like for the price to drop a bit on $SAFE so I can snag up some shares cheapy.

    $STAR set to report next week
  • C
    Constantine
    Looks like iStar is looking to unload all Net Leased assets, liquidating these assets means paying off the debt.

    What remains is a holding company with shares of SAFE.
  • S
    Steven
    Looks like iStar is close to selling the lot in Asbury. "iStar Drops $100 Million Suit In New Settlement Agreement". Seems like Asbury is still hot "Asbury Ocean Club celebrates record year in 2020" with "seven contracts already out for 2021"
  • Y
    Yahoo Finance Insights
    STAR reached a 52 Week high at 27.16
  • N
    Nick
    Yahoo says that 22% of outstanding shares are short. Anyone have any insight as to why this might be? If you were to do some type of arbitrage, I would think that you would short SAFE and go long STAR.
    Bullish
  • F
    FringDook
    good time to invest in iStar $STAR. Their investment and management holding in Safehold $SAFE is worth more than their current market cap. Also I am following their progress in Asbury Park, NJ. The Asbury Ocean Club is beautiful and well received. They are the master developer of the town and have already had multiple successful developments and more projects planned. Improving their balance sheet. Their P/E will even out soon.
    Bullish
  • S
    Steven
    Updating slide 9 of the BoA conference iStar presented at, IStar has an adjusted asset value of $3.1B (assets- debt) based on the closing price of SAFE. That has iStar at $45/ share. Take iStar private!
  • e
    e
    Down about 20% since last earnings and no news I can find. Any thoughts?
  • F
    FringDook
    Upgraded to a buy at B. Riley $RILY financial. $STAR now has a price target of 35 pps
  • F
    FringDook
    I believe Asbury Park is for sale. They're gonna ring the cash register BIGLY on that one. The town has come a country mile since $star bought out Asbury Partners in 2009. LONG $STAR
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