NEW YORK, Sept. 21, 2015 /PRNewswire/ -- iStar (NYSE: STAR) announced today that its Board of Directors approved an increase in the Company's stock repurchase program to $50.0 million. The Company's stock repurchase program had remaining availability of $28.5 million at June 30, 2015. In recent weeks, the Company repurchased $18.5 million of common stock, leaving approximately $10.0 million of remaining availability prior to today's Board action.
The Company may repurchase its common stock from time to time in the open market, through privately negotiated transactions and through one or more trading plans.
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iStar (NYSE: STAR) finances, invests in and develops properties as an adaptive investment company. 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. Structured as a real estate investment trust ("REIT"), its portfolio is diversified by asset type, property type, geography and obligor, with a focus on larger assets located in major metropolitan markets. Additional information on iStar is available on the Company's website at www.istar.com.
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Company Contacts: David M. DiStaso, Chief Financial Officer, Jason Fooks, VP of Investor Relations & Marketing, 212.930.9400, firstname.lastname@example.org