NEW YORK, Oct. 1 /PRNewswire-FirstCall/ -- iStar Financial Inc.
(NYSE: SFI), a leading publicly traded finance company focused on the
commercial real estate industry, announced today that its Board of Directors
has determined that the Company will pay the remainder of its 2008 taxable
income as a fourth quarter dividend.
The Company stated that as a real estate investment trust (REIT), it is
required to pay out 90% of its annual taxable income to common shareholders.
The Company has historically paid out 100% of its annual taxable income and
intends to do so for the year ending December 31, 2008. For the first two
quarters of 2008, the Company paid dividends of $1.74 per common share. For
the fourth quarter ending December 31, 2008, the Board expects to declare a
dividend in an amount equal to the balance of 100% of the Company's annual
taxable income. The Company will not pay a cash dividend on its common shares
for the third quarter.
The Board's decision reflects the continued difficult economic environment
affecting the financial sector, as well as the difficulty of accurately
estimating annual taxable income before year end. The Board expects to
continue to declare dividends for all five series of its Preferred Stock for
the next quarter.
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iStar Financial Inc. is a leading publicly traded finance company focused
on the commercial real estate industry. The Company primarily provides
custom-tailored investment capital to high-end private and corporate owners of
real estate, including senior and mezzanine real estate debt, senior and
mezzanine corporate capital, as well as corporate net lease financing and
equity. The Company, which is taxed as a real estate investment trust
("REIT"), seeks to deliver strong dividends and superior risk-adjusted returns
on equity to shareholders by providing innovative and value added financing
solutions to its customers. Additional information on iStar Financial is
available on the Company's website at www.istarfinancial.com.
SOURCE iStar Financial Inc.