iStar Reports First Quarter 2018 Results

NEW YORK, May 3, 2018 /PRNewswire/ -- iStar (NYSE: STAR) today reported results for the first quarter ended March 31, 2018.

Highlights for the quarter include:

• Net income of $26.8 million or $0.35 per share
• Adjusted income of $132.3 million or $1.61 per share
• $328 million in new loan and net lease originations
• $287 million in sales proceeds of legacy assets generating $70 million in profit
• Marcos Alvarado joined as new Chief Investment Officer
• Andrew Richardson joined as Interim Chief Financial Officer and President of the Land Portfolio
• Recognized a GAAP increase to equity of $76 million and adjusted income of $79 million from previously unrecognized gains as a result of new accounting standards

iStar published a presentation detailing these results and a reconciliation of its non-GAAP financial metrics, which can be found on its website, www.istar.com, in the "Investors" section.

The Company will host an earnings conference call reviewing this presentation beginning at 10:00 a.m. ET. This conference call will be broadcast live and can be accessed by all interested parties through iStar's website and by using the dial-in information listed below:

A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 12:00 p.m. ET on May 3, 2018 through 11:59 p.m. ET on May 17, 2018 by calling:

In addition, the Company will host its Annual Meeting of Shareholders at the Harvard Club of New York City on Wednesday, May 16, 2018 at 9:00 a.m. ET. The address is 35 West 44^th Street, New York, New York 10036. All shareholders are cordially invited to attend.

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iStar (NYSE: STAR) finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform. Building on over two decades of experience and more than $35 billion of transactions, iStar brings uncommon capabilities and new ways of thinking to commercial real estate and adapts its investment strategy to changing market conditions. The Company is structured as a real estate investment trust ("REIT"), with a diversified portfolio focused on larger assets located in major metropolitan markets. Additional information on iStar is available on its website at www.istar.com.

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SOURCE iStar