NEW YORK, Jan. 15, 2020/PRNewswire/ -- iStar Inc. (NYSE: STAR) and Safehold Inc. (NYSE: SAFE) announced that they have agreed to extend the terms of certain agreements between the two companies. In particular: (i) the initial term of the parties' management agreement has been extended from June 30, 2022 to June 30, 2023; (ii) a tail period has been added to iStar's exclusivity obligations under the parties' exclusivity agreement if iStar, as Safehold's manager, terminates the management agreement without cause pursuant to the terms thereof; and (iii) the expiration date of iStar's standstill obligations under the parties' stockholder's agreement has been extended from January 2, 2021 to June 30, 2022. The amendments were approved by each company's independent directors.
"After an excellent year in which the combined efforts of iStar and Safehold helped drive the growth of a newly reinvented, modern ground lease business, I am pleased the relationship has been extended," said Jay Sugarman, Chairman and Chief Executive Officer of iStar and Safehold. "Since the companies announced their expanded relationship in January of 2019, both SAFE and STAR shareholders have enjoyed returns well above the market and the continued certainty and stability provided by extending these arrangements should prove beneficial to both companies."
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iStar Inc. (NYSE: STAR) is focused on reinventing the ground lease sector, unlocking value for real estate owners throughout the country by providing modern, more efficient ground leases on all types of properties. As the founder, investment manager and largest shareholder of Safehold Inc. (NYSE: SAFE), the first publicly traded company to focus on modern ground leases, iStar is helping create a logical new approach to the way real estate is owned, and continues to use its historic strengths in finance and net lease to expand this unique platform. Recognized as a consistent innovator in the real estate markets, iStar specializes in identifying and scaling newly discovered opportunities and has completed more than $40 billion of transactions over the past two decades. Additional information on iStar is available on its website at www.istar.com.
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.
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SOURCE iStar Inc.
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