NEW
YORK, March 20, 2023 /PRNewswire/
-- Safehold Inc. (NYSE: SAFE) announced today that the
Company's Board of Directors has declared common stock dividends of
$0.177 per share for the first
quarter of 2023. The dividend represents an annualized rate of
$0.708 per share and is payable on or
after March 30, 2023 to holders of
record of Safe common stock on March 30,
2023.
The dividend is being paid in anticipation of the pending merger
of the Company with and into iStar Inc. ("STAR"), with STAR as the
surviving corporation and operating under the name Safehold Inc.
("New Safehold"). The payment by the Company of the dividend will
replace the regular quarterly dividend of the Company, and neither
the Company nor New Safehold will pay an additional quarterly
dividend for the first quarter of 2023. The closing of the merger
is expected to occur on or around March 31,
2023, subject to the satisfaction of certain closing
conditions set forth in the merger agreement, dated as of
August 10, 2022, by and between the
Company and STAR. There can be no assurance that the merger will be
completed when expected or at all.
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) 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
www.safeholdinc.com.
Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@safeholdinc.com
Forward-Looking Statements
Statements in this press release which are not historical fact
may be deemed forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although SAFE believes the
expectations reflected in any forward-looking statements are based
on reasonable assumptions, it can give no assurance that its
expectations will be attained. SAFE undertakes no obligation to
update or publicly revise any forward-looking statement, whether as
a result of new information, future events or otherwise.
This press release should be read in conjunction with our
consolidated financial statements and related notes in our Annual
Report on Form 10-K, as amended by Form 10K/A ("Form 10-K"), for
the year ended December 31, 2022. In
assessing all forward-looking statements herein, readers are urged
to read carefully the Risk Factors sections and other cautionary
statements in our Form 10-K and the definitive joint proxy
statement / prospectus dated January 30,
2023 that iStar Inc. ("STAR") and SAFE filed with respect to
the previously announced merger and related transactions.
Factors that could cause actual results to differ materially
from SAFE's expectations include (1) the war in Ukraine and escalating geopolitical tensions
as a result of Russia's invasion
of Ukraine; (2) the ability to
consummate the previously announced merger, spin-off and related
transactions on the expected terms and within the anticipated time
periods, or at all, which is dependent on the parties' ability to
satisfy certain closing conditions, including completion of the
spin-off, sales of assets and other factors; (3) any delay or
inability of merged company ("New Safehold") and/or the entity
being spun off ("SpinCo") to realize the expected benefits of the
transactions; (4) changes in tax laws, regulations, rates, policies
or interpretations; (5) the value of New Safehold shares to be
issued in the transaction; (6) the value of SpinCo's shares and
liquidity in SpinCo's shares; (7) the risk of unexpected
significant transaction costs and/or unknown liabilities; (8)
potential litigation relating to the proposed transactions; (9) the
impact of actions taken by significant stockholders; (10) the
potential disruption to STAR's or SAFE's respective businesses of
diverted management attention, and the unanticipated loss of key
members of senior management or other employees, in each case as a
result of the announced transactions; (11) general economic and
business conditions that could affect New Safehold and SpinCo
following the transactions; (12) general economic conditions and
conditions in the commercial real estate and credit markets
including, without limitation, the impact of inflation on rising
interest rates; (13) the effect of the COVID-19 pandemic on SAFE's
business and growth prospects; (14) SAFE's ability to grow its
ground lease business; (15) SAFE's ability to generate liquidity
and to repay indebtedness as it comes due; (16) the market demand
for legacy assets STAR seeks to sell and the pricing and timing of
such sales; (17) SAFE's ability to make new investments; (18)
SAFE's ability to maintain compliance with its debt covenants; (19)
SAFE's ability to generate income from its portfolio and other
risks detailed in "Risk Factors" in our Form 10-K, the definitive
joint proxy statement / prospectus dated January 30, 2023, and any updates thereto made in
our subsequent fillings with the SEC.
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SOURCE Safehold
