NEW YORK, Nov. 30, 2018 /PRNewswire/ -- iStar Inc. (NYSE: STAR) announced today an adjustment to the conversion rates of its 3.125% Convertible Senior Notes due 2022 and its 4.50% Series J Cumulative Convertible Perpetual Preferred Stock as a result of the common stock cash dividend paid on August 31, 2018 and the common stock cash dividend with an ex-dividend date of November 14, 2018 to be paid on November 30, 2018.
3.125% Convertible Senior Notes Due 2022
The conversion rate applicable to the outstanding 3.125% Convertible Senior Notes Due 2022 has been adjusted to $15.27 (65.4675 shares of iStar common stock per $1,000 principal amount of Notes) from $15.54 (64.3563 shares of iStar common stock per $1,000 principal amount of Notes) effective November 14, 2018 and subject to further adjustment as provided in the governing supplemental indenture.
Notice of the conversion rate adjustment has been delivered to holders of the notes and U.S. Bank National Association, as trustee, in accordance with the terms of the supplemental indenture.
4.50% Series J Cumulative Convertible Perpetual Preferred Stock
The conversion rate applicable to the outstanding 4.50% Series J Cumulative Convertible Perpetual Preferred Stock has been adjusted to $12.57 per share of iStar Inc.'s common stock from $12.79 per share of iStar Inc.'s common stock effective November 14, 2018 and subject to further adjustment as provided in the articles supplementary setting forth the terms of the Series J Preferred Stock.
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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 $40 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 Inc.
Jason Fooks, Vice President of Investor Relations & Marketing