Spin-offs/iStar Inc. (now Safehold Inc.) → Star Holdings

Star HoldingsSTHO

Spin-off from iStar Inc. (now Safehold Inc.) (SAFE) · Mar 31, 2023 · Nasdaq

Announced

Aug 11, 2022

Form 10 filed

Feb 3, 2023

Record date

Mar 27, 2023

Distributed

Mar 31, 2023

Ratio

0.153 : 1

Debt loaded

$255M

Cash to parent

—

Latest filing

Mar 20, 2023

0.153 Star Holdings common shares for every share of iStar common stock

Documents

Form 10 Information statement Announcement 8-K Press release New company filings Parent filings

Both companies today

The new company

Star HoldingsSTHO

Market cap

$130M

Moat

None

Quality

Price

$9.93

Fair value

—

Price / FV

—

The parent

iStar Inc. (now Safehold Inc.)SAFE

Market cap

$1.08B

Moat

None

Quality

Price

$15.12

Fair value

—

Price / FV

—

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Star Holdings holds the legacy non-ground-lease assets of iStar — real estate finance, operating properties and land and development — with an aggregate carrying value of about $427 million at the end of 2022, to be managed and monetized as a stand-alone company.

Stated rationaleThe spin-off was a condition of iStar's merger with Safehold, which created a self-managed pure-play ground lease company; separating the legacy assets let the combined Safehold focus on ground leases.

The four questions

The four-question write-up for Star Holdings is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.