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iStar Financial CEO Adopts New Rule 10b5-1 Stock Trading Plan
NEW YORK, Aug 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- iStar Financial Inc. (NYSE: SFI), the leading publicly traded finance company focused on the commercial real estate industry, today announced that Jay Sugarman, chairman and chief executive officer, has adopted a new stock trading plan to sell a portion of his company stock over time as part of a strategy for asset diversification and liquidity.
The trading plan was adopted in accordance with guidelines specified by the Securities and Exchange Commission's Rule 10b5-1 under the Securities Exchange Act of 1934. Rule 10b5-1 allows corporate officers and directors to adopt written, pre-arranged stock trading plans when they do not have material, non- public information. Using these plans, insiders can gradually diversify their investment portfolios, can spread stock trades out over an extended period of time to reduce any market impact and can avoid concerns about whether they had material, non-public information when they sold their stock.
Under this plan, Mr. Sugarman may sell up to 480,000 shares, subject to the satisfaction of minimum price conditions and other contingencies. Sales under the plan may commence in September 2005 and will end in July 2007. The plan contemplates sales of up to 12,000 shares during each of the first six calendar months of the plan, and up to 24,000 shares during each of the remaining calendar months of the plan. Any shares not sold during a particular month will be added to the number of shares available for sale in subsequent months. The 480,000 shares available for sale under the plan represent approximately 13.4% of the total number of shares held by Mr. Sugarman, including shares subject to currently exercisable stock options. If Mr. Sugarman completes all the planned sales of shares under his Rule 10b5-1 Plan, he would beneficially own approximately 3.1 million shares of iStar Financial's outstanding stock including exercisable stock options.
In accordance with Mr. Sugarman's trading plan, the sales will occur from time to time, and will be under the direction of Mr. Sugarman's broker. The transactions under his plan will commence no earlier than September 12, 2005 and will be disclosed publicly through Form 144 and Form 4 filings with the Securities and Exchange Commission. The Form 4 filings will also be posted on the Investor Relations section of the Company's website at http://www.istarfinancial.com.
iStar Financial is the leading publicly traded finance company focused on the commercial real estate industry. The Company provides custom-tailored financing to high-end private and corporate owners of real estate nationwide, including senior and junior mortgage debt, senior and mezzanine corporate capital, and corporate net lease financing. The Company, which is taxed as a real estate investment trust, seeks to deliver a strong dividend and superior risk-adjusted returns on equity to shareholders by providing the highest quality financing solutions to its customers. Additional information on iStar Financial is available on the Company's website at http://www.istarfinancial.com.
SOURCE iStar Financial Inc.
Catherine D. Rice, Chief Financial Officer; or Andrew C. Richardson, Executive Vice President -- Capital Markets; or Andrew G. Backman, Vice President -- Investor Relations, all of iStar Financial, +1-212-930-9400
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