- Declares special common stock dividend payable in shares of
Safehold common stock - Declares regular quarterly cash dividends on preferred stock
- Suspends regularly quarterly common stock dividends pending completion of the merger with
Safehold Inc.
On
Based on the value of SAFE common stock as of
The aggregate value of the special dividend is intended to approximate the Company's estimate of its undistributed REIT taxable income for 2022, which is primarily attributable to the gain from the sale of Company's net lease portfolio in the first quarter of the year, offset by certain net operating loss carry forwards. As a real estate investment trust, the Company is subject to excise tax on any undistributed net capital gains.
No fractional shares of SAFE common stock will be issued in connection with the special dividend, and instead Company stockholders will receive cash in lieu of any fractional shares. The dividend is expected to be treated primarily as a capital gain distribution and the Company will provide a more detailed declaration of its dividend treatment in
Additionally on
Series of Stock |
Liquidation Preference |
Dividend |
8.00% Series D Preferred Stock |
|
|
7.65% Series G Preferred Stock |
|
|
7.50% Series I Preferred Stock |
|
|
The Company announced that the Board has suspended the payment of regular quarterly cash dividends on the Company's common stock through the closing of the Company's pending merger with Safehold. As previously announced, the merger agreement requires the Company to repay its senior unsecured notes in connection with the merger, and the suspension of the quarterly cash dividend is intended to expedite the Company's satisfaction of this obligation.
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