UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  February 16, 2016

 


 

iStar Inc.

(Exact name of registrant as specified in its charter)

 

Maryland

 

1-15371

 

95-6881527

(State or other jurisdiction of
incorporation)

 

(Commission File
Number)

 

(IRS Employer
Identification Number)

 

1114 Avenue of the Americas, 39th Floor
New York, New York

 

10036

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code:  (212) 930-9400

 

N/A

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 



 

Item 2.02 — Results of Operations and Financial Condition.

 

iStar Inc. issued a press release announcing preliminary financial results for the fourth quarter and year ended December 31, 2015.

 

The information in this Current Report is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section.  The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, unless it is specifically incorporated by reference therein.

 

Item 7.01 — Regulation FD Disclosure.

 

See “Item 2.02 — Results of Operations and Financial Condition” above.

 

Item 9.01 — Exhibits

 

99.1        Press Release dated February 16, 2016

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

iSTAR INC.

 

 

 

 

 

 

Date:

February 17, 2016

By:

/s/ David DiStaso

 

David DiStaso

 

Chief Financial Officer

 

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Exhibit 99.1

 

 

 

Press Release

iStar Announces Preliminary Fourth Quarter and Fiscal Year 2015 Results

 

·                        Fourth quarter 2015 adjusted income expected to be $0.32 - $0.36 per diluted common share.

 

·                        Board of Directors approves new $50 million stock repurchase program.

 

NEW YORK, February 16, 2016

 

iStar (NYSE: STAR) today reported preliminary results for the fourth quarter and fiscal year ended December 31, 2015.

 

The Company expects to report adjusted income per diluted common share of $0.32 - $0.36 for the fourth quarter and $0.79 - $0.83 for the fiscal year. The Company expects to report net income (loss) per diluted common share of $0.07 - $0.11 for the fourth quarter and $(0.64) - $(0.60) for the fiscal year.

 

Additionally, the Board of Directors has approved a new $50 million stock repurchase program. The Company has used all of the availability under its previous $50 million stock repurchase program which was authorized by the Board on December 21, 2015.

 

The Company currently has approximately $660 million of unrestricted cash on hand.

 

The Company plans to release its full financial results for the fourth quarter and fiscal year 2015 on Thursday, February 25, 2016, prior to the opening of the market, and will host an earnings conference call reviewing those results and its operations beginning at 10:00 a.m. ET the same day. This conference call will be broadcast live over the internet and can be accessed by all interested parties through iStar’s website, www.istar.com, in the “Investors” section. To listen to the live call, please go to the website at least 15 minutes prior to the start of the call to register and download

 

1114 Avenue of the Americas

New York, NY 10036

T 212.930.9400

investors@istar.com

 



 

any necessary audio software. For those who are not able to listen to the live broadcast, a replay will be available shortly after the call on the website.

 

Ÿ              Ÿ              Ÿ

 

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 $35 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.

 

Company Contacts:

David M. DiStaso, Chief Financial Officer

Jason Fooks, Vice President of Investor Relations & Marketing

 

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