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iStar Inc. (STAR)

NYSE - NYSE Delayed price. Currency in USD
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25.42+0.41 (+1.64%)
At close: 4:00PM EDT
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  • N
    Nick
    Yahoo says that 22% of outstanding shares are short. Anyone have any insight as to why this might be? If you were to do some type of arbitrage, I would think that you would short SAFE and go long STAR.
  • J
    James
    Jay Sugarman owns 2.5m shares. His interest is aligned with shareholders. Would love insights on what the shorts know, but I feel a short squeeze coming as Safehold shares keep rising.
  • F
    FringDook
    I added some into this nice little pull back. iStar's monopoly in Asbury Park is going to net them a Pretty penny. Very valuable real estate IMO.
  • S
    Steven
    My takeaways from the call:
    1. $50M repurchase authorization of iStar
    2. Grand Vista has been sold (1 of 3 legacy assets at $97M). Slide 5 indicates $167M in sales proceeds (not sure if that is only from Grand Vista)
    3. We will get an update in Q4 on net lease asset disposal (which also coincides with the end of some of their JV’s in the net lease assets)
    4. When Matthew Howlett (B.Riley analysts) asked about monetization of ground leasing covering the debt, Jay said, “We're liquid. We're strong. I think you're going to see continued liquidity coming out of that legacy book. Any net lease transactions would only add to that liquidity. So we do think there will be opportunities to streamline not only the asset side of the balance sheet, but the liability side.... We're certainly looking forward to coming back in the fourth quarter and having a little more clarity. But this is the right moment for us to continue to push on some of these levers and the net lease lever is a big one.”
  • F
    FringDook
    how much will they fetch for their net lease assets... hmmm hmmmm hmm
  • F
    FringDook
    $SAFE conversation
    Hmmm I'd like for the price to drop a bit on $SAFE so I can snag up some shares cheapy.

    $STAR set to report next week
  • C
    Constantine
    Looks like iStar is looking to unload all Net Leased assets, liquidating these assets means paying off the debt.

    What remains is a holding company with shares of SAFE.
  • S
    Sherry
    Please tell me where I am wrong. STAR owns ~66% of SAFE = ~35.2MM shares. That is =~.48 shares of SAFE per share of STAR. With SAFE @ ~81 that is equal to ~$39 for each share of STAR. Of course STAR has debt but also has other assets which are being gradually liquidated and which will cover a good part of that debt. If you believe that the price of SAFE is right then STAR has to be significantly undervalued.
  • S
    Steven
    Looks like iStar is close to selling the lot in Asbury. "iStar Drops $100 Million Suit In New Settlement Agreement". Seems like Asbury is still hot "Asbury Ocean Club celebrates record year in 2020" with "seven contracts already out for 2021"
  • F
    FringDook
    good time to invest in iStar $STAR. Their investment and management holding in Safehold $SAFE is worth more than their current market cap. Also I am following their progress in Asbury Park, NJ. The Asbury Ocean Club is beautiful and well received. They are the master developer of the town and have already had multiple successful developments and more projects planned. Improving their balance sheet. Their P/E will even out soon.
  • F
    FringDook
    Upgraded to a buy at B. Riley $RILY financial. $STAR now has a price target of 35 pps
  • S
    Steven
    Updating slide 9 of the BoA conference iStar presented at, IStar has an adjusted asset value of $3.1B (assets- debt) based on the closing price of SAFE. That has iStar at $45/ share. Take iStar private!
  • F
    FringDook
    I believe Asbury Park is for sale. They're gonna ring the cash register BIGLY on that one. The town has come a country mile since $star bought out Asbury Partners in 2009. LONG $STAR
  • F
    FringDook
    $SAFE conversation
    $safe with the price target upgrade to 70. Great great performance in a difficult environment. If it helps building owners to reduce cost, why not sign up with a ground lease? This environment (COVID in cities) and the demographic shift resulting from COVID which is population leaving the cities, will bring more pressure onto building owners. Big tech in NYC has been buying up swaths of property in Manhattan, but many could benefit from a ground lease to free up capital. Next will look to $star earnings the week after next.
  • W
    Walter
    tar has close to 31.5 Mill. shares of of Safe. Safe is trading north of $52, a share. That is 1.6 Billion in Market value on the shares alone not considering the core business of I-Star.
    I-Star as of today has a market cap of $963.439 Mill. Where is the disconnect??
  • S
    Steven
    Jade Rahmani (KBW) asked, "I think in the quarter your disclosure indicates there was a $65 million investment in Safe and $7 million in iStar's share repurchases. Safe, I believe it's trading at somewhere around 3 times book value, while iStar is trading at -- according to your mark to market book value estimate something like 0.4 times. "

    Jay continued to dance his way around the question.
  • W
    William
    Ten years on and there is still $1.7 billion worth of assets not making any money, 35% of the portfolio. It's real estate, I thought for sure we would be seeing ample returns by now. No buyers, maybe JP Morgan can find some. No insider buying, no wonder why the stock languishes.
  • S
    Steven
    iStar owns 33.7 M shares of SAFE worth $2.4B (at $72/share).
    iStar has $2.4B in assets outside of SAFE yielding 8%.
    These two assets alone are $4.8B, with another $1B in other lines of business.
    iStar’s current valuation is $1.1B at $15/share.
    iStar’s book value of $4.8B is $64/share.
    Time to take iStar private.
  • C
    CC
    I’ve seen a lot of bull arguments, and I myself is long. However, I am interested in legit bear arguments, too, which I have seen none. I see big institutions owning over 109% float, due to short being 20% in the last short interest report. Does anyone like to pitch in bear arguments? 20% short is not a small portion. (These numbers alone should stir some discussions, I hope :-)
  • W
    Walter
    The imbalance is getting larger every day. Star owns 34M shares of Safe with a market value of around $2.4 M or around $32 a share.
    I wonder what management is doing to rectify this imbalance—Star management keeps buying Safe shares with no apparent benefit to Stars shareholders?
    This question was asked in an e-mail to Investor relation—no answer still waiting-- 4 weeks.
    Anybody has an idea what strategy management is pursuing?