18 slides from Safehold Inc. New's earnings presentation, May 6, 2024
Slide 1: Q1'24 Earnings Results
Q1’24 Earnings Results
Slide 2: Q1'24 Summary
2 Safehold | The Ground Lease Company | May 2024 Q1’24 Summary Note: The information in this presentation is as of March 31, 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
3 Safehold | The Ground Lease Company | May 2024 Portfolio Growth 19x 21x Estimated UCA Growth since IPO Portfolio Growth since IPO8 16.3m SF 18.1k Units Multifamily Office Hotel Life Science Other 12.5m SF 3.8m SF 5.1k Keys 1.3m SF 0.7m SF Portfolio Total Square Feet: 34.6m9 Q1 Fundings $66m exis
Slide 4: Earnings Results
4 Safehold | The Ground Lease Company | May 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 no
Slide 5: Portfolio Yields
5 Safehold | The Ground Lease Company | May 2024 Assumed CPI / Growth Rate (Core Ground Lease Portfolio Gross Book Value: $6.4b on 92-Year W.A. Lease Term w/ Ext.)10 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 | May 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, 57
Slide 7: Capital Structure and Debt Overview
7 Safehold | The Ground Lease Company | May 2024 Pro-Rata Held by JVs $0.3b Unsecured Revolver $0.9b Unsecured Notes $1.8b Non-Recourse Secured $1.5b Capital Structure Debt Overview A3 (Stable Outlook) Moody’s a. Reflects availability under new revolving credit facility ($2.0b facility) closed post-
Slide 8: Appendix
8 Safehold | The Ground Lease Company | May 2024 Appendix
Slide 9: Income Statement
9 Safehold | The Ground Lease Company | May 2024 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. a. For the three months ended March 31, 2024, general and administrative expenses were partially offset by $5.5 million of management fees, which are included in “Other
Slide 10: Balance Sheet
10 Safehold | The Ground Lease Company | May 2024 Balance Sheet APPENDIX Note: Figures in thousands. As of March 31, 2024 As of December 31, 2023 Assets: Net investment in sales-type leases $3,341,658 $3,255,195 Ground Lease receivables, net 1,661,063 1,622,298 Real estate: Real estate, at cost 743,
Slide 11: Portfolio Reconciliation (Gross Book Value)
11 Safehold | The Ground Lease Company | May 2024 IPO (6/22/17) 3/31/20 3/31/21 3/31/22 3/31/23 3/31/24 Net investment in Sales-Type Leases - $1,029 $1,312 $2,740 $3,140 $3,342 Ground Lease receivables - 422 $661 $1,017 $1,431 $1,661 Pro-rata interest in Ground Leases held as equity method investmen
Slide 12: Earnings Reconciliation
12 Safehold | The Ground Lease Company | May 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 rela
Slide 13: Caret Timeline
13 Safehold | The Ground Lease Company | May 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. Bec
Slide 14: Caret Ownership
14 Safehold | The Ground Lease Company | May 2024 Caret Ownership Note: Ownership percentage is based on outstanding Caret units. Chart as of 4/30/24. SAFEHOLD (NYSE: SAFE) GL Units Rent Stream plus Original Cost Basis and certain other cash flows Employees 2018 Incentive Plan Caret Units Capital Ap
Slide 15: Unrealized Capital Appreciation Details
15 Safehold | The Ground Lease Company | May 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 valuatio
Slide 16: Glossary
16 Safehold | The Ground Lease Company | May 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 Valu
Slide 17: Endnotes
17 Safehold | The Ground Lease Company | May 2024 Endnotes APPENDIX (1) Existing GL commitments and non-binding LOIs assume 100% ownership. Our JV partner can purchase 45% of these commitments at their discretion. There can be no assurance that Safehold will close transactions under LOI. (2) CPV use
Slide 18: Forward-Looking Statements and Other Matters
18 Safehold | The Ground Lease Company | May 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 u