18 slides from Safehold Inc. New's earnings presentation, Jul 29, 2024
Slide 1: Q2'24 Earnings Results
Q2’24 Earnings Results
Slide 2: Q2'24 Summary
2 Safehold | The Ground Lease Company | July 2024 Q2’24 Summary Note: The information in this presentation is as of June 30, 2024, unless otherwise stated. Refer to Appendix for Unrealized Capital Appreciation Details, Portfolio Reconciliation, Glossary and Endnotes at the end of this presentation.
Slide 3: Portfolio Growth and New Originations
3 Safehold | The Ground Lease Company | July 2024 $0.3b $2.9b $5.9b $6.5b $0.4b $5.2b $9.9b $9.1b IPO (6/22/2017) Q2'20 Q2'22 Q2'24 Aggregate GBV (Ground Leases) Estimated Unrealized Capital Appreciation $98m New Originations Six new originations for $98m1 (five with JV Partner) o Safehold $59m ($
Slide 4: Earnings Results
4 Safehold | The Ground Lease Company | July 2024 Earnings Results Note: Please refer the “Earnings Reconciliation” section of the Appendix for more information with regard to the calculation of net income attributable to Safehold Inc. common shareholders excluding merger & Caret related costs and n
Slide 5: Portfolio Yields
5 Safehold | The Ground Lease Company | July 2024 Assumed CPI / Growth Rate (Core Ground Lease Portfolio Gross Book Value: $6.5b on 92-Year W.A. Lease Term w/ Ext.)9 Portfolio Yields Note: Refer to Appendix for Glossary and Endnotes. Represents Core Ground Lease Portfolio. 3.6% Annualized Cash Yield
Slide 6: Portfolio Diversification
6 Safehold | The Ground Lease Company | July 2024 Portfolio Diversification Safehold primarily invests in the top 30 MSAs across the U.S., which we believe are positioned for long-term sustainable growth Top 10 Markets (% of GBV, Count, Rent Coverage3, GLTV2) 1. Manhattan (22%)a – 10 Assets (3.1x, 5
Slide 7: Capital Structure, Debt Overview and Hedges
7 Safehold | The Ground Lease Company | July 2024 Pro-Rata Held by JVs $0.3b Unsecured Revolver $956m Unsecured Notes $1.8b Non-Recourse Secured $1.5b Capital Structure Debt Overview A3 (Stable Outlook) Moody’s a. Includes JV debt and excludes outstanding borrowings under the Company’s unsecured rev
Slide 8: Appendix
8 Safehold | The Ground Lease Company | July 2024 Appendix
Slide 9: Income Statement
9 Safehold | The Ground Lease Company | July 2024 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. a. For the three and six months ended June 30, 2024, general and administrative expenses were partially offset by $4.4 million and $9.9 million of management fees, res
Slide 10: Balance Sheet
10 Safehold | The Ground Lease Company | July 2024 Balance Sheet APPENDIX Note: Figures in thousands. As of June 30, 2024 As of December 31, 2023 Assets: Net investment in sales-type leases $3,380,007 $3,255,195 Ground Lease receivables, net 1,746,567 1,622,298 Real estate: Real estate, at cost 740,
Slide 11: Portfolio Reconciliation
11 Safehold | The Ground Lease Company | July 2024 Portfolio Reconciliation APPENDIX Note: Figures in thousands. Represents Core Ground Lease Portfolio. IPO (6/22/17) 6/30/20 6/30/21 6/30/22 6/30/23 6/30/24 Net investment in Sales-Type Leases - $1,045 $1,432 $2,912 $3,168 $3,380 Ground Lease receiva
Slide 12: Earnings Reconciliation
12 Safehold | The Ground Lease Company | July 2024 Earnings Reconciliation APPENDIX Note: Figures in millions except for per share amounts. Net income attributable to Safehold Inc. common shareholders excluding merger & Caret related costs and non-recurring gains and EPS excluding merger & Caret rel
Slide 13: Caret Timeline
13 Safehold | The Ground Lease Company | July 2024 Caret Timeline APPENDIX a. Management was granted up to 15% of the then-authorized Caret units under this plan. b. In connection with Feb'22 sale, we were obligated to seek to provide a public market listing for the Series A Caret Units by Q1'24. Be
Slide 14: Caret Ownership
14 Safehold | The Ground Lease Company | July 2024 Caret Ownership Note: Ownership percentage is based on outstanding Caret units SAFEHOLD (NYSE: SAFE) GL Units Rent Stream plus Original Cost Basis and certain other cash flows Employees 2018 Incentive Plan Caret Units Capital Appreciation above Orig
Slide 15: Unrealized Capital Appreciation Details
15 Safehold | The Ground Lease Company | July 2024 Unrealized Capital Appreciation Details APPENDIX Refer to the Glossary in the Appendix for a definition of Owned Residual Portfolio, Unrealized Capital Appreciation (“UCA”), and“Combined Property Value” (“CPV”). SAFE relies in part on CBRE’s valuati
Slide 16: Glossary
16 Safehold | The Ground Lease Company | July 2024 Glossary APPENDIX Aggregate Cost Basis Represents Cost Basis plus unfunded commitments of the Core Ground Lease Portfolio. For unfunded commitments, it represents the aggregate future amount to be paid under the commitments. Aggregate Gross Book Val
Slide 17: Endnotes
17 Safehold | The Ground Lease Company | July 2024 Endnotes APPENDIX (1) Presentation assumes 100% ownership of closed deals. Our JV partner participated in 5 deals and purchased 45% of these commitments. $98m total commitments (Safehold $59m and partner $39m) includes $40m of forward commitments (S
Slide 18: Forward-Looking Statements and Other Matters
18 Safehold | The Ground Lease Company | July 2024 Forward-Looking Statements and Other Matters This presentation may contain forward-looking statements. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements can be identified by the