iStar announces terms of special dividend

iStar (STAR) announced the specific terms for its special dividend. The company will pay a one-time non-cash dividend of 6.64 million shares of Safehold (SAFE), which equates to 0.07655 shares of SAFE for each share of iStar common stock outstanding. No fractional shares of SAFE common stock will be issued in connection with the special dividend, and instead company stockholders will receive cash in lieu of any fractional shares. The dividend will be paid on a pro rata basis on December 7 to shareholders of record as of the close of business on December 1.