iStar Inc. (NYSE:STAR) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 10:00 am ET
excluding one pre-existing legacy non-performing loan. The uncollected balance relates to a senior loan on a retail and entertainment property. Finally, for our operating properties, which represent only 5% of our portfolio, we collected 80% of rent owed during the quarter. We reached agreement with many of the tenants who were not able to pay to provide relief in the form of short-term deferrals to be paid back over the course of the next 12 to 24 months.
Finally, on slide 10, we show our book value per share, which illustrates both the value created through Safehold and iStar's current trading discount to that value. Including SAFE's market to market our book value per share stands at $19.55 and at $23.84 when adjusted for depreciation, amortization, and seasonal allowance. Our current stock price represents a meaningful discount for this value.
In conclusion, it was a relatively muted quarter for transaction activity due to the economic impact of COVID-19. However, we remain committed to our strategy of scaling Safehold, strengthening our balance sheet, so that we can support that growth at iStar, and simplifying our business, recycling capital from our legacy assets into the ground lease ecosystem.
With that let me turn it back to you, Jay.
Thanks, Jeremy. And as those numbers show we believe iStar is trading well below adjusted book. But that's based on SAFE's trading price. And for those interested, we're happy to walk through the reasons we believe SAFE's existing portfolio is significantly undervalued in the market, and why future growth and capital appreciation create even more upside. Our top priorities now are to execute on SAFE's growth potential and demonstrate its powerful upside for STAR's shareholders. We are confident in our ability to do both.
Operator, let's go ahead and open it up for questions.