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iStar Financial to Pay Out Remainder of 2008 Taxable Income as Fourth Quarter Dividend
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.
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