iStar, which finances, invests in and develops real estate and real estate related projects as part of its fully-integrated investment platform, made a $250m equity investment in Safety, Income & Growth, the first publicly traded company that focuses on acquiring, owning, managing and capitalizing ground leases. iStar's investment is structured as a purchase of 12.5m limited partnership units in SAFE's operating partnership at a price of $20.00 per unit. The limited partnership units are economically equivalent to one share of SAFE's common stock. The limited partnership units may be exchanged for shares of common stock subject to stockholder approval, which SAFE intends to seek at an upcoming meeting. After giving effect to the issuance of the new partnership units, iStar's total investment in SAFE will be approximately $400m or 65% of SAFE's total equity.