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When did iStar Financial go public?
Our Company was originally founded in 1993 as part of the “Starwood” private investment funds to provide creative structured financing to sophisticated owners of commercial real estate nationwide. In March of 1998, we went public by merging our private structured finance business into a pre-existing public company (as opposed to via an initial public offering). Our common stock is now traded on the NYSE under the ticker symbol “SFI.”
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Why does iStar Financial report Adjusted Earnings per share?
Adjusted Earnings per share reflects GAAP net income before depreciation and amortization, as well as before other non-recurring, non-cash items such as gains on sales of credit tenant lease assets and early extinguishment of debt charges (typically prepayment penalties incurred when we repay debt prior to its maturity). We believe Adjusted Earnings represents a better measure of the Company's "cash earnings" than GAAP net income, especially because of the significant non-cash depreciation expenses generated by our credit tenant lease assets.
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How has iStar protected its balance sheet against rising interest rates?
iStar Financial’s balance sheet is match funded to minimize interest rate risk. The Company’s current policy is to manage its net exposure to interest rate fluctuations so that a 100 basis point change in short-term rates impacts Adjusted Earnings per share by no more than 2.5%.
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What is iStar’s dividend policy?
We seek to maintain an attractive, growing dividend which is conservatively covered by our free cash flow. SFI’s policy is to evaluate our dividend for a potential increase during the first quarter of each year.
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Why does my 1099 statement indicate that I received five dividend payments in a given year?
In some years, we can allocate a portion of our fourth quarter dividend to your taxable income for the following year. This allows you to defer your taxes for one year on that portion of the dividend carried forward to the following year. Typically, our fourth quarter dividends are paid during January of that following year.
For instance, in 1999, most of our fourth quarter dividend payment was treated as taxable income in the year it was declared (1999); however, $0.1027 per share of this dividend was treated as taxable income in the year it was paid (2000). As a result, investors who held shares for all of the Year 2000 received 1099 statements showing five dividend payments: the “carry over” from the fourth quarter of 1999, as well as our four regular quarterly dividend payments for 2000.
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Where can I find information on the tax allocation for iStar Financial dividends?
For tax filing purposes, the Company typically issues a press release at the end of January of each year, which outlines the proper tax allocation for dividends. A copy of the press release can be found on our Web site.
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What is the ex-dividend date and how is it determined?
The ex-dividend date is the date upon which the stock begins trading without rights to the next dividend payment. Typically, the ex-dividend date is two business days before the record date, unless the intervening business day is one on which the NYSE is closed. The record date is announced in our dividend press releases. For more information, please call iStar Financial’s Investor Relations department at 212-930-9400.
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How do I check the status of my 1099 statement?
Call our transfer agent, Computershare, at 800-756-8200 and have your tax identification number ready.
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What do I do if my dividend check is missing?
Contact our transfer agent, Computershare at 800-756-8200 or contact iStar Financial's Investor Relations department at 212-930-9400.
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How will I know if my preferred stock will be redeemed?
The terms of our Series B, C and D preferred shares, require us to give at least 30 days' advance written notice of redemption. The Series B, C and D preferred shares could not be redeemed prior to June 15, 2001, August 15, 2001 and October 8, 2002, respectively.
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Is there a direct stock purchase plan?
Yes. You may purchase shares directly through our transfer agent, Equiserve, by calling 800-317-4445 (for existing shareholders) and 800-602-5287 (for new investors).
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Do we have a DRIP (Dividend Reinvestment Program) and DSPP (Direct Stock Purchase Plan)?
Yes, we have both a DRIP and DSPP administered by our transfer agent, Computershare. You may contact iStar Financial Investor Relations at 212-930-9400 for an application, or Computershare at 800-317-4445.
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