September Special Situations (Members Only, Limited Space) (Ended)
Topic: iStar (STAR)
Special situations are corporate actions which could reveal an undervalued security and hence an investment opportunity. Some examples of Special Situations are spinoffs, liquidations, tender offers, restructurings, bankruptcy exits etc. In the Special Situations Research Forum we will discuss an investment situation decided 3 weeks in advance. Every participant in the Forum is expected to research the topic before attending the meeting.
iStar (STAR) is an internally managed REIT that primarily made loans to commercial real estate projects prior to the financial crisis, during and after the downturn, iStar ended up foreclosing on a variety of land, development projects and operating assets (office, retail, hotel, condo projects). As a result, iStar cancelled their dividend and have since been investing their cash flow into their development portfolio in order to reposition each asset for an eventual sale. By piecing out their traditional REIT assets from their land and development assets, the market is attributing little value to the land and development segment. Meanwhile the company has retired a significant amount of debt and repurchased 19% of their shares in the last twelve months.
This meeting is a collaborative effort so please be sure to research the topic before the meeting and be prepared to contribute to the discussion.
Attendance will be limited to 15 members - first-come, first-served.
Vishal Mishra; Mishra Capital Partners LLC
Nick Redmond; Oculus Asset Management
Members - Free
Attire: Business Casual
Registration: Limited to 15 members
A dial-in option will be available. Phone number and passcode will be distributed the day prior to discussion.
5:30pm - 7:00pm - Discussion
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