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Subsequent Events
12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events

Note 14—Subsequent Events

Subsequent to December 31, 2021, the Operating Partnership signed a definitive master note purchase agreement providing for a private placement of $475 million aggregate principal amount of its 3.980% senior notes due February 15, 2052 (the “3.980% Notes”). The Operating Partnership can elect to draw on these funds on up to two occasions through April 18, 2022 subject to customary conditions to closing. The 3.980% Notes will be fully and unconditionally guaranteed by the Company.

Subsequent to December 31, 2021, the Company sold 108,571 Caret Units and received a binding commitment for the purchase of 28,571 Caret Units for $24.0 million to third-party investors. As part of the sale, the Company is obligated to seek to provide a public market listing for the Caret Units, or securities into which they may be exchanged, within two years. If the Company is unable to provide public market liquidity within two years at a value in excess of the new investor’s basis, the investors have the right to cause the Company to redeem their Caret Units at their original purchase price.

Subsequent to December 31,2021, certain subsidiaries of, and entities managed by, iStar entered into a definitive purchase and sale agreement to sell a portfolio of net lease properties owned and managed by such subsidiaries and entities to a third party for an aggregate gross purchase price of approximately $3.07 billion, subject to final purchase price adjustments. As part of the transaction, the buyer intends to sell three of the properties to the Company for $122.0 million and enter into three Ground Leases with the Company. Closing of the transaction is subject to customary closing conditions. The Company expects the transaction to close in the first of quarter 2022; however, there can be no assurance that the transaction will occur in the expected timeframe or at all.