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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to            
Commission File No. 1-15371
_______________________________________________________________________________
iStar Inc.
(Exact name of registrant as specified in its charter)
Maryland95-6881527
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
1114 Avenue of the Americas, 39th Floor  
New York,NY10036
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (212930-9400
_______________________________________________________________________________
Indicate by check mark whether the registrant: (i) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was required to file such reports); and (ii) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated 
Filer 
 
Non‑accelerated Filer 

 Smaller Reporting Company Emerging Growth Company 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes     No 



Table of Contents
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock,
$0.001 par value
 STAR New York Stock Exchange
8.00% Series D Cumulative Redeemable Preferred Stock,
$0.001 par value
STAR-PDNew York Stock Exchange
7.65% Series G Cumulative Redeemable Preferred Stock,
$0.001 par value
STAR-PGNew York Stock Exchange
7.50% Series I Cumulative Redeemable Preferred Stock,
$0.001 par value
STAR-PINew York Stock Exchange
As of November 2, 2020, there were 73,976,922 shares, $0.001 par value per share, of iStar Inc. common stock outstanding.


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TABLE OF CONTENTS
  Page



Table of Contents
PART I. CONSOLIDATED FINANCIAL INFORMATION
Item 1.    Financial Statements
iStar Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
(unaudited)
 As of
 September 30,
2020
December 31,
2019
ASSETS 
Real estate
Real estate, at cost$1,744,613 $1,761,079 
Less: accumulated depreciation(257,518)(233,860)
Real estate, net1,487,095 1,527,219 
Real estate available and held for sale5,519 8,650 
Total real estate1,492,614 1,535,869 
Net investment in leases ($11,113 of allowances as of September 30, 2020)
420,417 418,915 
Land and development, net488,916 580,545 
Loans receivable and other lending investments, net ($33,447 and $28,634 of allowances as of September 30, 2020 and December 31, 2019, respectively)
765,073 827,861 
Other investments1,123,093 907,875 
Cash and cash equivalents88,187 307,172 
Accrued interest and operating lease income receivable, net8,053 10,162 
Deferred operating lease income receivable, net55,625 54,222 
Deferred expenses and other assets, net446,145 442,488 
Total assets$4,888,123 $5,085,109 
LIABILITIES AND EQUITY  
Liabilities:  
Accounts payable, accrued expenses and other liabilities$444,956 $424,374 
Liabilities associated with properties held for sale105 57 
Loan participations payable, net41,931 35,638 
Debt obligations, net3,307,683 3,387,080 
Total liabilities3,794,675 3,847,149 
Commitments and contingencies (refer to Note 12)
Equity:  
iStar Inc. shareholders' equity:  
Preferred Stock Series D, G and I, liquidation preference $25.00 per share (refer to Note 14)
12 12 
Common Stock, $0.001 par value, 200,000 shares authorized, 74,433 and 77,810 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
74 78 
Additional paid-in capital3,247,453 3,284,877 
Accumulated deficit(2,289,668)(2,205,838)
Accumulated other comprehensive loss (refer to Note 14)(57,111)(38,707)
Total iStar Inc. shareholders' equity900,760 1,040,422 
Noncontrolling interests192,688 197,538 
Total equity1,093,448 1,237,960 
Total liabilities and equity$4,888,123 $5,085,109 
_______________________________________________________________________________
Note - Refer to Note 2 for details on the Company's consolidated variable interest entities ("VIEs").
The accompanying notes are an integral part of the consolidated financial statements.
1

Table of Contents
iStar Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Revenues: 
Operating lease income$46,370 $44,110 $140,529 $158,210 
Interest income14,270 19,701 46,925 60,417 
Interest income from sales-type leases8,360 8,339 25,010 12,157 
Other income25,552 18,270 56,212 43,133 
Land development revenue20,502 54,918 116,254 76,691 
Total revenues115,054 145,338 384,930 350,608 
Costs and expenses: 
Interest expense42,407 46,522 127,748 136,851 
Real estate expense16,935 23,187 53,708 71,165 
Land development cost of sales21,358 48,101 114,704 71,785 
Depreciation and amortization14,621 14,199 43,407 43,586 
General and administrative19,868 24,110 73,138 72,512 
(Recovery of) provision for loan losses(1,976)(3,805)4,093 (3,792)
Provision for losses on net investment in leases175  2,001  
Impairment of assets  6,491 4,953 
Other expense73 407 351 12,798 
Total costs and expenses113,461 152,721 425,641 409,858 
Income from sales of real estate6,055 3,476 6,118 233,406 
Income (loss) from operations before earnings from equity method investments and other items7,648 (3,907)(34,593)174,156 
Loss on early extinguishment of debt, net(7,924) (12,038)(468)
Earnings from equity method investments6,805 7,617 26,003 16,566 
Selling profit from sales-type leases   180,416 
Net income (loss) before income taxes6,529 3,710 (20,628)370,670 
Income tax expense(78)(84)(165)(323)
Net income (loss)6,451 3,626 (20,793)370,347 
Net (income) attributable to noncontrolling interests(2,646)(2,845)(8,435)(8,168)
Net income (loss) attributable to iStar Inc. 3,805 781 (29,228)362,179 
Preferred dividends(5,874)(8,124)(17,622)(24,372)
Net income (loss) allocable to common shareholders$(2,069)$(7,343)$(46,850)$337,807 
Per common share data: 
Net income (loss) allocable to common shareholders: 
Basic$(0.03)$(0.12)$(0.61)$5.23 
Diluted$(0.03)$(0.12)$(0.61)$4.26 
Weighted average number of common shares:
Basic75,033 62,168 76,232 64,624 
Diluted75,033 62,168 76,232 80,876 


The accompanying notes are an integral part of the consolidated financial statements.
2

Table of Contents
iStar Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(unaudited)
 For the Three Months Ended September 30,For the Nine Months Ended September 30,
 2020201920202019
Net income (loss)$6,451 $3,626 $(20,793)$370,347 
Other comprehensive income (loss): 
Reclassification of losses on cash flow hedges into earnings upon realization(1)
2,371 665 5,792 13,408 
Unrealized gains on available-for-sale securities19 777 1,195 2,486 
Unrealized gains (losses) on cash flow hedges197 (9,091)(30,930)(45,090)
Other comprehensive income (loss)2,587 (7,649)(23,943)(29,196)
Comprehensive income (loss)9,038 (4,023)(44,736)341,151 
Comprehensive (income) attributable to noncontrolling interests(3,299)(1,581)(2,894)(2,224)
Comprehensive income (loss) attributable to iStar Inc. $5,739 $(5,604)$(47,630)$338,927 
_______________________________________________________________________________
(1)Amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the three months ended September 30, 2020 and 2019 are $2,038 and $539, respectively, and amounts reclassified to "Interest expense" in the Company's consolidated statements of operations for the nine months ended September 30, 2020 and 2019 are $4,926 and $957, respectively. Amount reclassified to "Income from sales of real estate" in the Company's consolidated statements of operations is $806 for the nine months ended September 30, 2019. Amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the three months ended September 30, 2020 and 2019 are $333 and $126, respectively, and amounts reclassified to "Earnings (losses) from equity method investments" in the Company's consolidated statements of operations for the nine months ended September 30, 2020 and 2019 are $866 and $(28), respectively. Amount reclassified to "Other expense" in the Company's consolidated statements of operations is $11,673 for the nine months ended September 30, 2019 resulting from hedged forecasted transactions becoming not probable to occur.

The accompanying notes are an integral part of the consolidated financial statements.
3


iStar Inc.
Consolidated Statements of Changes in Equity
(In thousands)
(unaudited)

 iStar Inc. Shareholders' Equity  
Preferred
Stock(1)
Preferred Stock Series J(1)
Common
Stock at
Par
Additional
Paid-In
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Equity
Balance as of June 30, 2020$12 $ $76 $3,260,173 $(2,279,284)$(59,045)$191,853 $1,113,785 
Dividends declared—preferred— — — (5,874)— — (5,874)
Dividends declared—common ($0.11 per share)
— — — — (8,315)— — (8,315)
Issuance of stock/restricted stock unit amortization, net— —  903 — — 894 1,797 
Net income — — — — 3,805 — 2,646 6,451 
Change in accumulated other comprehensive income (loss)— — — — — 1,934 653 2,587 
Repurchase of stock— — (2)(13,623)— — — (13,625)
Contributions from noncontrolling interests— — — — — — 444 444 
Distributions to noncontrolling interests— — — — — — (3,802)(3,802)
Balance as of September 30, 2020$12 $ $74 $3,247,453 $(2,289,668)$(57,111)$192,688 $1,093,448 
Balance as of June 30, 2019$12 $4 $62 $3,297,303 $(2,139,611)$(34,137)$197,564 $1,321,197 
Dividends declared—preferred— — — — (8,124)— — (8,124)
Dividends declared—common ($0.10 per share)
— — — — (6,291)— — (6,291)
Issuance of stock/restricted stock unit amortization, net— — 944 — — 677 1,621 
Net income — — — — 781 — 2,845 3,626 
Change in accumulated other comprehensive income (loss)— — — — — (6,385)(1,264)(7,649)
Repurchase of stock— —  (442)— — — (442)
Distributions to noncontrolling interests— — — — — — (3,315)(3,315)
Balance as of September 30, 2019$12 $4 $62 $3,297,805 $(2,153,245)$(40,522)$196,507 $1,300,623 
_______________________________________________________________________________
(1)Refer to Note 14 for details on the Company's Preferred Stock.

The accompanying notes are an integral part of the consolidated financial statements.
4


iStar Inc.
Consolidated Statements of Changes in Equity
(In thousands)
(unaudited)

 iStar Inc. Shareholders' Equity  
Preferred
Stock(1)
Preferred Stock Series J(1)
Common
Stock at
Par
Additional
Paid-In
Capital
Retained
Earnings
(Deficit)
Accumulated
Other
Comprehensive
Income (Loss)
Noncontrolling
Interests
Total
Equity
Balance as of December 31, 2019$12 $ $78 $3,284,877 $(2,205,838)$(38,707)$197,538 $1,237,960 
Impact from adoption of new accounting standards (refer to Note 3)— — — — (12,382)— — (12,382)
Dividends declared—preferred— — — — (17,622)— — (17,622)
Dividends declared—common ($0.32 per share)
— — — — (24,598)— — (24,598)
Issuance of stock/restricted stock unit amortization, net— — 1 3,985 — — 2,469 6,455 
Net income (loss)— — — — (29,228)— 8,435 (20,793)
Change in accumulated other comprehensive income (loss)— — — — — (18,404)(5,539)(23,943)
Repurchase of stock— — (5)(41,409)— — — (41,414)
Contributions from noncontrolling interests— — — — — — 760 760 
Distributions to noncontrolling interests— — — — — — (10,975)(10,975)
Balance as of September 30, 2020$12 $ $74 $3,247,453 $(2,289,668)$(57,111)$192,688 $1,093,448 
Balance as of December 31, 2018$12 $4 $68 $3,352,225 $(2,472,061)$(17,270)$201,137 $1,064,115 
Dividends declared—preferred— — — — (24,372)— — (24,372)
Dividends declared—common ($0.29 per share)
— — — — (18,991)— — (18,991)
Issuance of stock/restricted stock unit amortization, net— — — 4,361 — — 2,032 6,393 
Net income — — — — 362,179 — 8,168 370,347 
Change in accumulated other comprehensive income (loss)— — — — — (23,252)(5,944)(29,196)
Repurchase of stock— — (6)(58,781)— — — (58,787)
Contributions from noncontrolling interests— — — — — — 2,039 2,039 
Distributions to noncontrolling interests— —