{"id":688097,"date":"2022-09-22T09:11:47","date_gmt":"2022-09-22T13:11:47","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/"},"modified":"2022-09-22T09:11:47","modified_gmt":"2022-09-22T13:11:47","slug":"safehold-to-sell-ground-lease-for-136-million","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/","title":{"rendered":"Safehold to Sell Ground Lease for $136 Million"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>Company to Record a Net Gain of Approximately <span class=\"xn-money\">$46 Million<\/span> in the Fourth Quarter<\/p>\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, <span class=\"xn-chron\">Sept. 22, 2022<\/span> \/PRNewswire\/ &#8212; Safehold Inc. (NYSE: SAFE), the leader of the modern ground lease industry, announced that it has entered into an agreement to sell a ground lease in an East Coast market for <span class=\"xn-money\">$136 million<\/span>. The transaction is expected to generate a net book gain for Safehold of approximately <span class=\"xn-money\">$46 million<\/span>. After paying closing costs, establishing reserves and returning the original <span class=\"xn-money\">$77 million<\/span> cost basis to Safehold, the remaining proceeds will be distributed approximately 83% to Safehold and approximately 17% to the minority Caret unitholders, comprised of management as well as private institutional and family office investors.\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1744458\/safehold_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1744458\/safehold_Logo.jpg\" title=\"(PRNewsfoto\/Safehold)\" alt=\"(PRNewsfoto\/Safehold)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>The sale is scheduled to close in the fourth quarter, subject to customary closing conditions.<\/p>\n<p>\n        <i>About Safehold:<\/i>\n      <\/p>\n<p>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, life science and mixed-use properties 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 <a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3655739-1&amp;h=2803380503&amp;u=http%3A%2F%2Fwww.safeholdinc.com%2F&amp;a=www.safeholdinc.com\" target=\"_blank\" rel=\"nofollow noopener\">www.safeholdinc.com<\/a>.\u00a0<\/p>\n<p>\n        <b>Additional Information and Where You Can Find It<\/b>\n      <\/p>\n<p>In connection with the announced proposed transactions between Safehold Inc. (&#8220;SAFE&#8221;) and iStar Inc. (&#8220;STAR&#8221;), STAR will file with the\u00a0SEC\u00a0a registration statement on Form S-4 that will include a joint proxy statement of STAR and SAFE and that also will constitute a prospectus for the shares of STAR Common Stock being issued to SAFE&#8217;s stockholders in the proposed Merger.\u00a0 In addition,\u00a0SpinCo\u00a0will file with the\u00a0SEC\u00a0a Form 10 registration statement that will register its common shares.\u00a0 STAR, SAFE and\u00a0SpinCo\u00a0also may file other documents with the\u00a0SEC\u00a0regarding the proposed transactions. This document is not a substitute for the joint proxy statement\/prospectus or Form 10 registration statement or any other document which STAR, SAFE and\u00a0SpinCo\u00a0may file with the\u00a0SEC. INVESTORS AND SECURITY HOLDERS OF STAR AND SAFE, AS APPLICABLE, ARE URGED TO READ THE JOINT PROXY STATEMENT\/PROSPECTUS, THE FORM 10 REGISTRATION STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE\u00a0SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTIONS AND RELATED MATTERS. Investors and security holders may obtain free copies of the joint proxy statement\/prospectus and the Form 10 registration statement (when available) and other documents filed with the\u00a0SEC\u00a0by STAR, SAFE and\u00a0SpinCo\u00a0through the web site maintained by the\u00a0SEC\u00a0at\u00a0<a href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3655739-1&amp;h=2009845642&amp;u=http%3A%2F%2Fwww.sec.gov%2F&amp;a=www.sec.gov\" target=\"_blank\" rel=\"nofollow noopener\">www.sec.gov<\/a>\u00a0or by contacting the investor relations departments of STAR or SAFE at the following:<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">iStar Inc.<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">1114 Avenue of the Americas<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">39th Floor<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">New York, NY\u00a010036<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Attention: Investor Relations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Safehold Inc.<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">1114 Avenue of the Americas<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">39th Floor<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">New York, NY\u00a010036<\/span>\n              <\/p>\n<p class=\"prnml6\">\n                <span class=\"prnews_span\">Attention: Investor Relations<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <br \/>This document is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. This document is not a substitute for the prospectus or any other document that STAR, SAFE or\u00a0SpinCo\u00a0may file with the\u00a0SEC\u00a0in connection with the proposed transactions. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.<\/p>\n<p>\n        <b>Participants in the Solicitation<\/b>\n      <\/p>\n<p>STAR, SAFE and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transactions. Information regarding STAR&#8217;s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in STAR&#8217;s definitive proxy statement for its 2022 annual meeting, which is on file with the\u00a0SEC. Information regarding SAFE&#8217;s directors and executive officers, including a description of their direct interests, by security holdings or otherwise, is contained in SAFE&#8217;s definitive proxy statement for its 2022 annual meeting, which is filed with the\u00a0SEC. A more complete description will be included in the registration statement on Form S-4, the joint proxy statement\/prospectus and the Form 10 registration statement.<\/p>\n<p>\n        <b>Company Contacts:<\/b>\u00a0<\/p>\n<div>\n<table border=\"0\" cellspacing=\"0\" cellpadding=\"0\" class=\"prnbcc\">\n<tr>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Tim Doherty<br \/>Executive Vice President<br \/><\/span><br \/>\n                <span class=\"prnews_span\">Investments<\/span><br \/>\n                <span class=\"prnews_span\"><br \/>\n                  <br \/>T 212.930.9433<br \/><\/span><br \/>\n                <span class=\"prnews_span\">E<\/span><br \/>\n                <span class=\"prnews_span\">\u00a0<\/span><br \/>\n                <span class=\"prnews_span\"><br \/>\n                  <a href=\"mailto:tdoherty@safeholdinc.com\" target=\"_blank\" class=\"prnews_a\" rel=\"nofollow noopener\">tdoherty@safeholdinc.com<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen2\" colspan=\"1\" rowspan=\"1\">\n<p class=\"prnml4\">\n                <span class=\"prnews_span\">Jason Fooks <br \/>Senior Vice President<br \/><\/span><br \/>\n                <span class=\"prnews_span\">Investor<\/span><br \/>\n                <span class=\"prnews_span\">\u00a0Relations &amp; Marketing<br \/>T 212.930.9400<br \/><\/span><br \/>\n                <span class=\"prnews_span\">E <\/span><br \/>\n                <span class=\"prnews_span\"><br \/>\n                  <a href=\"mailto:investors@safeholdinc.com\" target=\"_blank\" class=\"prnews_a\" rel=\"nofollow noopener\">investors@safeholdinc.com<\/a><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY80636&amp;sd=2022-09-22\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/safehold-to-sell-ground-lease-for-136-million-301631104.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/safehold-to-sell-ground-lease-for-136-million-301631104.html<\/a><\/p>\n<p>SOURCE  Safehold<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY80636&amp;Transmission_Id=202209220908PR_NEWS_USPR_____NY80636&amp;DateId=20220922\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Company to Record a Net Gain of Approximately $46 Million in the Fourth Quarter NEW YORK, Sept. 22, 2022 \/PRNewswire\/ &#8212; Safehold Inc. (NYSE: SAFE), the leader of the modern ground lease industry, announced that it has entered into an agreement to sell a ground lease in an East Coast market for $136 million. The transaction is expected to generate a net book gain for Safehold of approximately $46 million. After paying closing costs, establishing reserves and returning the original $77 million cost basis to Safehold, the remaining proceeds will be distributed approximately 83% to Safehold and approximately 17% to the minority Caret unitholders, comprised of management as well as private institutional and family office investors.\u00a0 The sale &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Safehold to Sell Ground Lease for $136 Million&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-688097","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Safehold to Sell Ground Lease for $136 Million - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Safehold to Sell Ground Lease for $136 Million - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Company to Record a Net Gain of Approximately $46 Million in the Fourth Quarter NEW YORK, Sept. 22, 2022 \/PRNewswire\/ &#8212; Safehold Inc. (NYSE: SAFE), the leader of the modern ground lease industry, announced that it has entered into an agreement to sell a ground lease in an East Coast market for $136 million. The transaction is expected to generate a net book gain for Safehold of approximately $46 million. After paying closing costs, establishing reserves and returning the original $77 million cost basis to Safehold, the remaining proceeds will be distributed approximately 83% to Safehold and approximately 17% to the minority Caret unitholders, comprised of management as well as private institutional and family office investors.\u00a0 The sale &hellip; Continue reading &quot;Safehold to Sell Ground Lease for $136 Million&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2022-09-22T13:11:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1744458\/safehold_Logo.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/safehold-to-sell-ground-lease-for-136-million\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/safehold-to-sell-ground-lease-for-136-million\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Safehold to Sell Ground Lease for $136 Million\",\"datePublished\":\"2022-09-22T13:11:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/safehold-to-sell-ground-lease-for-136-million\\\/\"},\"wordCount\":810,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/safehold-to-sell-ground-lease-for-136-million\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1744458\\\/safehold_Logo.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/safehold-to-sell-ground-lease-for-136-million\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/safehold-to-sell-ground-lease-for-136-million\\\/\",\"name\":\"Safehold to Sell Ground Lease for $136 Million - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/","og_locale":"en_US","og_type":"article","og_title":"Safehold to Sell Ground Lease for $136 Million - Market Newsdesk","og_description":"PR Newswire Company to Record a Net Gain of Approximately $46 Million in the Fourth Quarter NEW YORK, Sept. 22, 2022 \/PRNewswire\/ &#8212; Safehold Inc. (NYSE: SAFE), the leader of the modern ground lease industry, announced that it has entered into an agreement to sell a ground lease in an East Coast market for $136 million. The transaction is expected to generate a net book gain for Safehold of approximately $46 million. After paying closing costs, establishing reserves and returning the original $77 million cost basis to Safehold, the remaining proceeds will be distributed approximately 83% to Safehold and approximately 17% to the minority Caret unitholders, comprised of management as well as private institutional and family office investors.\u00a0 The sale &hellip; Continue reading \"Safehold to Sell Ground Lease for $136 Million\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/","og_site_name":"Market Newsdesk","article_published_time":"2022-09-22T13:11:47+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1744458\/safehold_Logo.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Safehold to Sell Ground Lease for $136 Million","datePublished":"2022-09-22T13:11:47+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/"},"wordCount":810,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1744458\/safehold_Logo.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/safehold-to-sell-ground-lease-for-136-million\/","name":"Safehold to Sell Ground Lease for $136 Million - 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