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IStar, Safehold extend agreements

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IStar, Safehold extend agreements

Ground-lease real estate investment trusts iStar Inc. and Safehold Inc. agreed to extend the initial term of their management contract to June 30, 2023, from June 30, 2022.

The parties also extended the expiration date of iStar's standstill obligations under their shareholder agreement to June 30, 2022, from Jan. 2, 2021; and added a tail period to iStar's exclusivity obligations under their exclusivity agreement if iStar, as Safehold's manager, terminates the management agreement without cause.