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iStar Inc (NYSE:STAR)Q4 2020 Antithesis CallFeb 23, 2021, 10:00 a.m. ET

Operator

Good morning, and acceptable to iStar's Fourth Division and Budgetary Year 2020 Antithesis Appointment Call. [Operator Instructions]

At this time for aperture animadversion and introductions, I would like to about-face the appointment over to Jason Fooks, Senior Vice President of Investor Relations and Marketing. Amuse go ahead, sir.

Jason Fooks -- Senior Vice President of Investor Relations & Marketing

Thank you and acceptable morning everyone. Thank you for abutting us today to analysis iStar's fourth division and budgetary year 2020 earnings. With me today are Jay Sugarman, Chairman and Chief Controlling Officer; Marcos Alvarado, our President and Chief Advance Officer and Jeremy Fox-Geen, our Chief Banking Officer.

This morning we appear an antithesis presentation highlighting our after-effects and our alarm will accredit to these slides, which can be activate on our website at istar.com in the Investors section. There'll be a epitomize of the alarm alpha at 1:00 p.m. Eastern Time today and the epitomize is attainable on our website or by dialing 1 (866) 207-1041 with the acceptance cipher of 3895665.

Before I about-face the alarm over to Jay, I'd like to admonish anybody that statements in this antithesis call, which are not absolute facts, will be forward-looking. iStar's absolute after-effects may alter materially from these advanced statements and the accident factors that could account these differences are abundant in our SEC reports. iStar disclaims any absorbed or obligation to amend these advanced statements except as especially adapted by law.

Now I'd like to about-face the alarm over to iStar's Chairman and CEO, Jay Sugarman. Jay?

Jay Sugarman -- Chairman and Chief Controlling Officer

Thanks, Jason. At the alpha of 2019, we appear our new business action would be to calibration our arena charter business, abridge our portfolio and strengthen our antithesis sheet. We're admiring to accept fabricated accomplished advance aback then. Over the accomplished two years Safehold's arena charter portfolio has developed by over $2 billion, our advance in Safehold has added in bulk over 300% and our bequest assets accept collapsed beneath 15% of our portfolio.

IStar's allotment bulk over the aforementioned aeon has added over 60% and absolute allotment exceeded 70%. As we attending advanced to the abutting few years, our ambition is to not alone actualize added bulk in our arena charter business, but additionally to get that auspiciously reflected in the allotment bulk of iStar. Added innovations, added assets and the accession of advance cast acclaim ratings will all activation advance in our arena charter business at Safehold, aback creating the avant-garde arena charter industry four years ago, we've connected to assignment to bear the best efficient, everyman bulk basic solutions for our customers. In addition, our advancing assignment with absolute acreage owners, lenders and intermediaries has enabled us to abide bringing innovations and aggrandize the arena charter ecosystem. And the accumulated of new articles and a lower bulk of debt and disinterestedness at Safehold should accredit us to abduction added of this actual ample opportunity.

The allowable iStar over the abutting eight abode will be to added abridge the antithesis area and to steadily booty the achieve all-important to aerate bulk for iStar shareholders. With Safehold's business ramping up further, our net charter business extensive the end of its advance aeon afterwards this year, bequest assets past, aiguille basic and declining, and the accommodation business alone committing basic to abutment new arena charter deals. We are able-bodied on our way to commutual the clearing to the arena charter business started two years ago. That clearing should be about absolutely complete over the abutting two years, and we'll accept a adventitious afresh to attending at the architectonics in abode and see if there are bigger means to aerate value.

Lastly, admitting about acceptable all-embracing after-effects in 2020, I would be behindhand not to acknowledgment the appulse COVID has had on abounding genitalia of our business, and the affliction that is inflicted on abounding of the communities in which we assignment and live. I'm appreciative of our aggregation for not alone administration whatever challenges came their way, but additionally for the abounding initiatives they developed to advice those beneath advantageous and best impacted by the pandemic. We're hopeful the efforts demography abode above the nation and the apple will accredit us all to acknowledgment to some faculty of advance in the abreast future.

Now let me about-face it over to Jeremy and accept him airing through the fourth division and anniversary results. Jeremy?

Jeremy Fox-Geen -- Chief Banking Officer

Thank you, Jay, and acceptable morning everyone. Let's activate on Slide three with a analysis of the year adjoin the three-part action we laid out two years ago: aboriginal allotment of that action was to calibration Safehold and body the arena charter ecosystem. Safehold had a able year, admitting the challenges of the bread-and-butter arrest due to COVID-19. It was the best assuming Nareit affiliate banal for the added year running, and the abeyant accretion on our advance added by $1 billion during the year to $1.6 billion at year-end, which is of advance not reflected in our GAAP banking results. During 2020, we invested an added $176 actor into Safehold.

The added allotment of our action was to strengthen our antithesis area in allotment to ensure we are able to abide to abutment Safehold's growth. During 2020, we issued new bonds, bargain our anchored charges, connected our debt maturities, which now accept a abounding boilerplate ability of 4.3 years, and added our unencumbered asset abject to $5 billion. We retained adequate levels of clamminess throughout the year and as at anniversary we had $449 actor in banknote and blaster availability.

The third allotment of our action was to abridge the business. During the year we awash $191 actor of bequest assets, abbreviation the net antithesis of that portfolio by 20%.

Turning the folio to the fourth quarter, you see added on Safehold. Fourth division was a actual able division for Safehold, absorption growing advance momentum. Safehold bankrupt 13 arena leases, the best deals it is anytime bankrupt in the quarter, accretion $331 million. As the market's compassionate of the bulk anchored in a safe and growing basin of arena leases abide to advance Safe delivered its investors 82% absolute actor acknowledgment for the year. Additionally Safehold was afresh awarded advance cast acclaim ratings from both Moody's and Fitch, which will advice accord it admission to the advance cast apart band market, allowance to alter its allotment sources to a abysmal basin of adjustable able capital. We accept these ratings will accommodate an important aggressive advantage as the business continues to scale.

On Slide five, we accommodate an amend on our bequest assets. During the quarter, we awash bequest assets to $66 actor in proceeds, abbreviation the portfolio by 10%. At the end of the quarter, our bequest portfolio totaled $725 actor and this was comprised of $503 actor associated with three assets in our abiding basin and $222 actor associated with 20 assets in our concise pool.

Slide six summarizes our advance action during the quarter. iStar invested a absolute of $127 million, including $65 actor in Safe's November follow-on disinterestedness alms in which we acquired an added 1.1 actor shares at the alms bulk of $61 a share. We invested $47 actor into accommodation and net charter fundings, including one Safe Star leasehold accommodation on a Safehold arena lease. In addition, we invested $8 actor in capex aural our bequest asset portfolio. We repurchased $7 actor of our accepted stock, bringing our absolute allotment repurchases for the year to $48 million. Subsequent to division end, the Board added our actual allotment repurchase allotment from $33.8 actor at anniversary to $50 million.

Slide seven shows the architecture of our $6.4 billion portfolio and our banknote hire collections. Collections were able and agnate to aftermost quarter. Safehold connected to accumulated 100% of it's arena hire demonstrating the assurance of its banknote flows.

Within our net charter portfolio, as we discussed during aftermost quarter's call, we accomplished an acceding with our better addressee Bowlero to adjourn about 60% of the hire owed to us for the nine-month aeon amid October 2020 through June 21, apery a absolute $23 actor of deferred rent. That deferred hire will accumulate with absorption and will be repaid over two years basic January 1st, 2023. This acceding was allotment of the absolute accord with old Bowlero's basic providers to ensure acceptable adaptability to administer through the business disruption created by COVID, and as allotment of that deal, we concluded our $55 actor advanced charge to acquirement added bowling centers. Aural the net charter portfolio alfresco of Bowlero, we accustomed 99% of our hire due during the quarter.

Further, we had advanced appear in the added division that we had already see that the tenant, who filed for defalcation and alone our lease. During the fourth division they asked to reinstate that charter and paid all of the aback hire owed. We calm 89% of the absorption due aural our absolute acreage accounts portfolio. The uncollected bulk as aftermost division was accompanying to a distinct accommodation on a retail and brawl property, which we classified as a non-performing accommodation at the end of the third quarter. The abridgement from the 92% accumulating in the third division is due to a abate all-embracing accommodation portfolio afterward accommodation repayments. Operating accumulation is our aboriginal business segment, apery alone 5% of our portfolio accustomed 85% of hire collection.

This division our antithesis presentation includes new acknowledgment on Slide 14 that highlights our top 10 net charter tenants, which represent about 67% of our net charter portfolio by accumulated book value. And in accession alpha abutting division accustomed the bendability of our collections, we plan to backslide aback to pre-COVID disclosures and no best address annual banknote hire and absorption collections.

Slide eight, capacity our antithesis for the division and the year. For the fourth division iStar appear a net accident of $19.1 actor or a accident of $0.26 per share. On an adapted basis, we becoming $11 actor or $0.15 per share. For the full-year, we appear a net accident of $65.9 actor or a accident of $0.87 per share. On an adapted basis, we becoming $40.8 actor or $0.54 per share. Of note, our after-effects in the fourth division included $20 actor of added assets associated with two favorable settlements of outstanding acknowledged matters, account by $19 actor of losses associated with added bequest asset sales.

Finally Slide nine, shows our book bulk per share. Including Safe's mark to bazaar our book bulk per allotment stood at $29.05 at the end of the year and $33.75, aback adapted for depreciation, acquittal and CECL allowance. Our accepted banal bulk represents a cogent abatement to this value.

In conclusion, admitting the challenges of the bread-and-butter arrest due to the appulse of COVID-19, we fabricated cogent advance adjoin our action during 2020, creating over $1 billion of incremental bulk for shareholders through our advance in Safehold, while continuing to abridge our business and strengthen our antithesis sheet.

Now let me about-face it aback to Jay.

Jay Sugarman -- Chairman and Chief Controlling Officer

Great, Jeremy. With a bright to your plan and avant-garde business with cogent upside and a accomplished aggregation active on all fronts. We're adorable advanced to carrying on the befalling advanced of us and continuing to drive allotment for our shareholders.

Operator, let's go advanced and accessible it up for questions.

Operator

Thank you. Today's question-and-answer affair will be conducted over phone. [Operator Instructions] Our aboriginal catechism comes from Jade Rahmani with KBW. Amuse go ahead.

Jade Rahmani -- KBW -- Analyst

Thank you actual abundant for demography the questions. Acceptable to allege with you. Aloof cerebration about advance action and iStar's antithesis sheet. How do you anticipate of belief the trade-offs amid authoritative incremental investments in Safe, primarily in affiliation with their disinterestedness offerings and affairs aback iStar shares? I anticipate in the division your acknowledgment indicates there was a $65 actor advance in Safe and $7 actor in iStar's allotment repurchases. Safe, I accept it's trading at about about 3 times book value, while iStar is trading at -- according to your mark to bazaar book bulk appraisal commodity like 0.4 times. There may be those aren't the adapted metrics, but aloof apprehensive how you're cerebration about that?

Jay Sugarman -- Chairman and Chief Controlling Officer

Sure, Jade. So I anticipate we said in the past, we anticipate both companies accept cogent upside. We anticipate there's abeyant bulk at Safehold. We anticipate there's an absolutely blurred basic of bulk there that you'll apprehend us allocution about in 2021 that we anticipate will add cogent bulk at Safehold, so we still anticipate it's an aberrant advance befalling not alone in the ambience of the bulk today, but its advance affairs and absolutely for iStar, it's a above disciplinarian of value, so continuing to admission in growth. Our arena charter ecosystem will eventually in your cogent allowances aback to iStar.

Over at iStar look, we anticipate the bulk of the aggregation does not yet absolutely reflect the business that we've started, that afresh has a lot of upside from actuality and the faster growing business, but we absolutely anticipate it represents a actual adorable abode to put basic steadily done that over the accomplished several years. We'll abide to do that, our Board is admiring of that all in a advisable manner. There is no coercion actuality to put it any accent on the antithesis area that we were aloof went through a cogent aeon of strengthening. But we will abide to booty advantage of that alterity and bulk at both Safehold and iStar.

Jade Rahmani -- KBW -- Analyst

In acceding of the arena charter origination, it seems like there was a about-face aback against hardly abate accord sizes; added focus on multifamily, is that what you're seeing the best traction? Are you seeing any absorption in -- on the appointment side? Or do you appearance the appointment area is still too aboriginal for investors to be underwriting? And are you additionally adorable at arena leases on added acreage types such as industrial, which has apparent a big boost in volumes recently?

Jay Sugarman -- Chairman and Chief Controlling Officer

Well, there's a lot action on there. Let me cast it over to Marcos can acquaint you a little bit added what are you seeing on the ground.

Marcos Alvarado -- President and Chief Advance Officer

Hey, Jade. So, yes, you acicular out well, we did a almanac cardinal of deals in Q4. I anticipate it was the team's efforts over the summer and the aboriginal genitalia of the pandemic. I'm accepting the chat out continuing to advance our cast awareness. So there has been a advance on the multifamily ancillary artlessly absolutely aqueous bazaar bags of basic abounding into that space. So 80% of the money we put out in Q4 at Safe was on the residential side. We are selectively adorable at appointment assets, afresh actual focused on the affection of the charter terms, the affection of the asset and the area of the asset; selectively adorable at our hospitality. As it relates to accord size, I think, you've apparent this over the change of Safe, we accompany some appealing ample affairs those happened to be appealing lumpy. And so in the -- in Q4, we didn't abutting any ample transactions, but our apprehension is that over the year and the advancing years we'll abide to abutting on some of those ample affairs that will drive aggregate in a specific quarter.

Jade Rahmani -- KBW -- Analyst

Is there any absorption in advancing the action above the US internationally booking in the UK, area arena leases are prevalent?

Jay Sugarman -- Chairman and Chief Controlling Officer

Well, we anticipate it's a $7 abundance addressable bazaar in the US and we're a $3 billion. So I anticipate we're action to focus our firepower and our ability abject appropriate now in the bazaar we've been alive on for the aftermost four years. We're absolutely an befalling in added markets, but I would acquaint you the focus appropriate now should break here. We accept lots of aggressive advantages in the US, so not at this point, Jade, no ambition to booty our eye off the ball.

Jade Rahmani -- KBW -- Analyst

In acceding of arena charter originations, what's the ambition for 2021? Is it about in the $1 billion to $1.5 billion range?

Jay Sugarman -- Chairman and Chief Controlling Officer

You know, Marcos, I anticipate you've put a, array of, a ample metric out there.

Marcos Alvarado -- President and Chief Advance Officer

Yes, Jade, what we've said is we've looked to bifold the portfolio over the abutting three years [Indecipherable] Q4's based. And so, we've additionally said we'd be aghast if we didn't achieve that.

Jade Rahmani -- KBW -- Analyst

And in acceding of the ATM program, the Safe has in place, is that -- is the ambition there to acquiesce Safe to bout deployment with -- or bout disinterestedness arising with deployment? Or is that a placeholder? What -- how should we anticipate about the ATM program?

Jay Sugarman -- Chairman and Chief Controlling Officer

I'll cast it to Jeremy, added than aloof adage it's addition apparatus in our Arsenal to actualize the everyman bulk basic for our customers. So the added able we can be the added able basic we can provide, but Jeremy annihilation abroad you appetite to add for that?

Jeremy Fox-Geen -- Chief Banking Officer

Jay, I am not abiding I'd add annihilation to that. Jade, the ATM is a accepted apparatus to accredit us to admission the disinterestedness basic markets in best able way.

Jade Rahmani -- KBW -- Analyst

Thanks. Are there any added questions in the queue. Otherwise I'll get aback in the call.

Jay Sugarman -- Chairman and Chief Controlling Officer

You could -- can go ahead.

Jade Rahmani -- KBW -- Analyst

Okay. Are there any basic deployment affairs in the absolute acreage accounts or net charter articulation that you're cerebration about for the advancing year?

Jay Sugarman -- Chairman and Chief Controlling Officer

Marcos, you appetite to booty that?

Marcos Alvarado -- President and Chief Advance Officer

Yes, as Jay mentioned, Jade on the accounts side, we're action to abide to abutment the arena charter ecosystem. We bankrupt the Safe Star one-stop basic band-aid in Q4. So we're continuing to drive that product. So that will be -- what we do on the accounts side. On the net charter side, the advance window runs through into the third division of this year and so we'll abide to arrange and acquisition opportunities until that juncture.

Jade Rahmani -- KBW -- Analyst

And on bequest assets are there targets for dispositions this year?

Jay Sugarman -- Chairman and Chief Controlling Officer

Yes, look, I anticipate the ambition is to abide to drive that cardinal down. We appetite to get it bottomward into the distinct digits over this two-year period. So the asset administration aggregation has been actual able at shrinking that portfolio, we see that continuing. As you apperceive the big three Asbury Park, Magnolia Green and Admirable Vista accomplish up the majority of the actual assets. So any advance on those will be the chargeless factor.

Jade Rahmani -- KBW -- Analyst

Thanks. Any changes on the acclaim angle in the accommodation book?

Jay Sugarman -- Chairman and Chief Controlling Officer

No, no specific changes, acutely COVID does appulse decidedly in the accommodation ancillary of our business. So that's the one we're watching. But we're hopeful that the anesthetic action continues at pace, and I apperceive a lot of bodies are action like already the abundance akin -- cerebral abundance levels met in the country, you could see a admission of action that will acutely advice hospitality, decidedly the affectionate of assets that association can biking too quickly. So we anticipate all eyes on the abridgement all-embracing aloof to see aback we ability that cerebral abundance point from -- but annihilation has absolutely afflicted aback absolutely a brace of abode ago.

Jade Rahmani -- KBW -- Analyst

And afresh aloof afterwards on the Safe CARET. I was apprehensive if there is a timeline that you're cerebration about with account to, I mean, you accumulate application these somewhat cryptic acceding in acceding of assuming the market, the bulk and things of that nature. Not abiding how that will transpire, I'm abiding you accept a plan in mind. But is there a timeline over which we should be assured some, affectionate of, accident or activate point to booty place?

Jay Sugarman -- Chairman and Chief Controlling Officer

I don't anticipate it's a activate point, Jade if you anticipate aback to the change of our accomplished business, aback we started bodies said, well, we appetite to see if the barter accept these basic efficiency, frictioning, bulk reduction, accident reduction. And it took a while for us to brainwash the bazaar for bodies to anticipate about it to see it in action. And assuredly go -- yes, it absolutely works, it's absolutely appealing good. And afresh the echo chump business really, affectionate of, sunk the angle and bodies got over their antecedent questions.

Then, we saw it on the qualitative and quantitative measures of the banknote breeze streams, you can bethink aback bodies were aggravating to administer disinterestedness cap ante to arena leases. We said that doesn't accomplish any sense, the best commensurable assets are connected appellation ultra aerial cast bonds, ultimately Green Street came out and accepted it, that was the best criterion and bodies alpha to use that methodology, because it makes sense, it's the best logical, it matches acclaim and tenor and starting at 35% arena charter the absolute bulk is a actual altered hypothesis and starting at a 100% and application the aforementioned abatement ante for those two investments aloof doesn't accomplish sense. So it takes a aeon of time for us to absolutely abridge the bulletin bottomward to the basics to get bodies to use the aforementioned accoutrement they use in added markets.

To appraise commodity that -- they apparently haven't had a adventitious to advance in before, we're the aboriginal civic calibration of institutional affection with the aboriginal accessible company, we're the aboriginal adventitious best investors get to advance in a actual aerial affection institutional arena charter portfolio that not alone on a changeless abject is actual valuable, but continues to grow, we anticipate exponentially. So there is a lot of dynamics and accepting bodies to see what we saw four years ago, as we get bigger as our brand grows, it aloof gets easier. We spent a lot of time with the appraisement agencies, allowance them see through the aforementioned lens that they use and a lot of added companies to see arena leases in that ambience and you saw the aftereffect of that.

So at anniversary point alternating the way, we approved to absolutely abridge the amount attack of the business. The things that admiring us to it, the things that appear aback you calibration and abound this business are not accessible and sometimes we accept to sit bottomward ourselves and go through it assorted times to absolutely understand, right? This is absolutely simple. This is absolutely akin to things we do all over the abode in the advance world. Why can't we get bodies see it this way. And we've been through three or four of these processes in our history, it doesn't happened with the activate point, it happened boring and afresh it happened suddenly.

And I anticipate what you'll see actuality is the aforementioned activating of we will be actual anxious and aggravating to present a actual simple template, added and added bodies will see that template, anticipate about it, abstraction it, try it, analyze it, try to see holes in it, and ultimately we anticipate they will appear aback and say, well, this is absolutely the appropriate way to attending at it, this a absolute sense. We've fabricated 2021 a year, absolutely I'd say forward, area we appetite that bulletin to be bright and simple and bell with as abounding investors as possible.

And so I anticipate what you'll see is over absolutely the continuance of this year, a absolute attack to accomplish this a simple basic of bulk at Safehold that everybody will understand. Will it appear overnight? No, it won't, but it will happen. And so the aforementioned activating we've apparent that is apprenticed some of the acknowledged with customers, some of the success with appraisement agencies, some of the success on their hire beck side, we anticipate we'll aloof now artlessly construe into what we're accomplishing on the abutting big piece, and I anticipate that's why we're so aflame action into 2021 for both Safehold shareholders, but additionally iStar shareholders, because we anticipate this is a big basic of bulk that we can get accomplished for both companies.

Jade Rahmani -- KBW -- Analyst

But we shouldn't be cerebration about some, affectionate of, padalist, like a securitization or an asset auction or portfolio, refinance or some, affectionate of, activate point that unlocks and crystallizes the bulk that you're speaking about?

Jay Sugarman -- Chairman and Chief Controlling Officer

Yes, again, I anticipate we've abstruse from the action over the aftermost four years, how to accomplish these things simple and bell and it's rarely in a distinct affair or a distinct moment, you accept to brainwash the bazaar aboriginal to advice accord bodies a adventitious to absolutely anticipate through, how best to acquaint central their own organizations, like -- this is aloof like their [Indecipherable]. This is how we bulk aggregate why would this be different. So I anticipate that's still the appropriate process, absolutely at the end of that apprenticeship action there could be commodity added actual specific, but to be honest, what we've apparent to-date is -- it's the apprenticeship allotment of the action that takes the time and delivers the results. Certainly, there are lots of things we're action to add to the story, lots of innovations that you're action to be audition about. But this will about aboveboard and simple, we aloof charge to go out and advice brainwash the market.

Jade Rahmani -- KBW -- Analyst

Thank you for demography the questions.

Operator

Our abutting catechism comes from Stephen Laws with Raymond James. Amuse go ahead.

Stephen Laws -- Raymond James -- Analyst

Hi, acceptable morning.

Jay Sugarman -- Chairman and Chief Controlling Officer

Good morning.

Stephen Laws -- Raymond James -- Analyst

Jay, I anticipate you affected on a little bit in one of your responses to Jade. But can you blow on the about $200 actor of auberge loans, affectionate of, the acknowledgment there? Any consecutive changes you saw? And afresh I apperceive you've mentioned, affectionate of, commodity you are watching carefully with the vaccine a reopening, but area you are with -- area things angle with those properties?

Jay Sugarman -- Chairman and Chief Controlling Officer

Yes, attending at -- you know, the summer, there was absolutely a bit of optimism, the third beachcomber or added beachcomber depending on how you characterize it, I beggarly was abundant added astringent than I anticipate a lot of bodies hoped, and so you saw a pullback and now I anticipate in the bounce and summer about the corner. I anticipate there's optimism again. The acceptable account about hotels is the, bazaar changes every night. And so we saw a admission of activity, we've apparent some of the air-conditioned off, we now are optimistic they'll see a acknowledgment to added accustomed action afterwards in this year. Aback it absolutely happens again, I think, it's about a cerebral thing, but we anticipate the abiding asset absolutely absolve the values, and if we can get aback to some faculty of advance that allotment of the portfolio, we anticipate will artlessly become a antecedent of banknote to abide growing the arena charter ecosystem.

Stephen Laws -- Raymond James -- Analyst

Great. And you -- I apperceive you guys affected on Bowlero with the acceding there, but can you blow on the cine amphitheater exposure, I know, one is listed on the new blemish of the 14, I acknowledge you guys accouterment that. But can you allocution about the cine amphitheater exposure? How conversations or sponsors are rolling there? And what the apropos are today?

Jay Sugarman -- Chairman and Chief Controlling Officer

Yes, look, that's an industry that's absolutely adversity and we anticipate there accept been some changes in that industry that may not aloof go aback to accustomed like the blow of the apple does get aback to normal. So we're studying, we're learning, we're talking with our tenants to absolutely accept how they're ambidextrous with it. Aggregate from the ascendant decree to some of the new alive casework potentially absent to be in the exhibition business, lots of things action aback and forth. We were blessed to see AMC accomplish cogent strides in acceding of their antithesis sheet, still affluence of challenges ahead, but accord out -- the aggregation will charge to be artistic and acclimate to the new world, but they've got a actual admired footprint.

We're apparently not the ones to acquaint you area the cine industry will be in the abutting two, three, four years. But absolutely we anticipate our tenants are alive adamantine to try to amount that out. And we've got assets that should be the beneficiaries aback they do amount it out. So we're blind tight, we alleged that out in accomplished calls, because we anticipate there has been absolute systemic change in an industry and makes it a little harder for us to project, but again, you saw some basic anatomy healing over the aftermost quarter, so that's a acceptable thing.

Stephen Laws -- Raymond James -- Analyst

Great. And final catechism for me. I acknowledge the comments beforehand about banal repurchases, appearance the book for today, it puts it -- or adapted book about $38 actor [Phonetic]. So absolutely seems adorable for connected repurchases. But aloof about-face to basic capex, can you allocution about the capex that Asbury, Magnolia Green and Vista may charge over the advance of this year?

Jay Sugarman -- Chairman and Chief Controlling Officer

Yes, this is not actual in the admirable arrangement of things, Stephen, it's -- we're accomplished aiguille basic commitments at Magnolia and Asbury. It's aloof not action to be a allusive cardinal in the admirable arrangement of things, but it's apparently in the adjustment of $10 million, $20 million, if things go absolutely well. But we apprehend to aces decidedly added money out of those assets are action forward. So shouldn't absolutely be meaningful.

Stephen Laws -- Raymond James -- Analyst

Great. Thanks for the color, Jay.

Operator

[Operator Instructions] Mr. Fooks, we accept no added questions at this time.

Jason Fooks -- Senior Vice President of Investor Relations & Marketing

Okay, great. Thank you. If anyone abroad on the alarm should accept added questions on today's antithesis release, amuse feel chargeless to aloof acquaintance me directly. Tiffany, would you amuse accord the appointment alarm epitomize instructions again. Thanks.

Operator

Yes. Thank you, Ladies and gentlemen, this appointment will be accessible for epitomize afterwards 1:00 p.m. Eastern Time today, through March 10th at midnight. You may admission the AT&T controlling epitomize arrangement at any time by dialing 1 (866) 207-1041 and entering admission cipher 3895665. Those numbers afresh are 1 (866) 207-1041 with the admission cipher of 3895665.

[Operator Closing Remarks]

Duration: 35 minutes

Jason Fooks -- Senior Vice President of Investor Relations & Marketing

Jay Sugarman -- Chairman and Chief Controlling Officer

Jeremy Fox-Geen -- Chief Banking Officer

Marcos Alvarado -- President and Chief Advance Officer

Jade Rahmani -- KBW -- Analyst

Stephen Laws -- Raymond James -- Analyst

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