COVID-19 Statement

We wish to extend our heartfelt thoughts and sympathy to those who have experienced loss from the COVID-19 pandemic. Our immense gratitude goes out to the healthcare professionals, scientists, politicians, essential employees, and all others doing their part to mitigate the impact of a global crisis that affects all of us.

At iStar, we’ve taken actions to safeguard our employees and our business, closing our offices and implementing business continuity plans. We are highly focused on providing a supportive work environment as our employees adjust to a new temporary reality. We are encouraging our employees to observe social distancing protocols and are complying with enhanced sanitization measures and other required health and safety steps. Further, we are maintaining contact with our business relationships, including tenants, customers, vendors and others, to ensure our business continues to function as effectively as possible during this challenging period.

While the pandemic will undoubtedly continue to impact the economy, as well as our customers and the assets in our portfolio, we want to share five reminders about iStar’s business model that were highlighted in our first quarter earnings results:

  1. iStar’s largest asset is a majority ownership interest in Safehold (NYSE: SAFE). iStar is Safehold’s founder and manager.
    • Safehold owns a diversified portfolio of ground leases in major market locations. These ground leases represent senior positions in their respective capital structures.
    • Safehold’s combination of principal safety, growing earnings and sizable unrealized capital appreciation has enabled it to be one of the best performing REIT’s over the past 12 months.
    • iStar owns over 33 million shares of SAFE. The current market value of this position remains significantly above its cost basis.
  2. iStar has no corporate debt maturities until September 2022, and the weighted average debt maturity is approximately five years.
  3. iStar has no repurchase agreements and utilizes primarily unsecured debt to fund its business.
  4. iStar had over $4 billion of unencumbered assets at 3/31/2020.
  5. iStar’s strategy focuses on the long-term value of the business. Our experienced management team can be patient and act thoughtfully and deliberately to continue executing our business strategies.
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