Safehold Inc. (NYSE: SAFE) today closed on the previously announced merger of iStar Inc. and Safehold Inc. The merger represents the culmination of the companies’ multi-year strategy to grow the innovative ground lease ecosystem. Following the closing, the combined company will operate under the name Safehold Inc. and its common stock will trade under the ticker “SAFE” on the New York Stock Exchange.
“This transformative transaction marks a significant milestone for Safehold and iStar stakeholders,” said Jay Sugarman, Chairman and Chief Executive Officer.
“As our business enters this next phase, we are excited to deliver even more benefits to our customers and investors as the leader of the modern ground lease industry,” said Marcos Alvarado, President and Chief Investment Officer.
On March 31, 2023, prior to the closing of the merger, iStar completed the separation of its legacy assets and certain other assets through the distribution of all of the common shares of Star Holdings (NASDAQ: STHO) to holders of record of iStar common stock as of the close of business on March 27, 2023 in a spin-off transaction. iStar distributed 0.153 common shares of Star Holdings for each share of iStar common stock.
For more information regarding the merger, please refer to the definitive Joint Proxy Statement/Prospectus, dated January 30, 2023, as filed with the Securities and Exchange Commission (“SEC”). For more information about the spin-off, please see Star Holdings’ Information Statement, dated March 22, 2023, as filed with the SEC.
About Safehold:
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. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), 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.
