18 slides from Safehold Inc. New's earnings presentation, August 2022
Slide 1: Q2 '22 Earnings Results
Q2 ‘22 EARNINGS RESULTS
Slide 2: Forward-Looking Statements and Other Matters
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 use of words such as “illustrative”, “representativ
Slide 3: Safehold / iStar Transaction
Safehold / iStar Transaction On August 3, 2022, iStar filed an amendment to its Form 13D and noted that a special committee of the Board of Directors of iStar and a special committee of the Board of Directors of Safehold are in advanced discussions with respect to a potential strategic corporate tra
Slide 4: Q2 '22 Highlights
Q2 ‘22 Highlights Strong Robust Capital Earnings Investments for Growth 32% $381m $150m Quarterly Y/Y New Ground Lease 30-Year Stairstep EPS Growth Investments(1) Unsecured Debt Raised 47% $543m $930m Quarterly Y/Y Net UCA Growth Cash & Credit Facility Revenue Growth Availability(2) Note: Please see
Slide 5: Investment Activity
Investment Activity Quarterly Activity Origination Metrics 7 ground lease transactions $381m (1) 5 property types (office, life science, multifamily, hotel and mixed use) Originations $338m Funded $43m Unfunded 4 markets 5 new clients (2) 5.7% w.a. Inflation Adjusted Yield $375m • 5.5% with 0% infla
Slide 6: Portfolio Growth
Portfolio Growth Q2’22 Investments 17x $5.9b Growth (1) Since IPO $3.6b $2.9b $1.1b $0.7b $0.3b IPO Q2 '18 Q2 '19 Q2 '20 Q2 '21 Q2 '22 (6/22/2017) Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quarter. Pictures of properties th
Slide 7: Geographic Breakdown
Geographic Breakdown (Current Portfolio Gross Book Value $5,542m) Seattle Northeast Portland 40% Minneapolis West Milwaukee Boston Sacramento 25% Detroit New York San Francisco Central Chicago Denver Philadelphia Salt Lake City 3% Baltimore San Jose Washington, D.C. Mid-Atlantic Los Angeles Nashvill
Slide 8: Earnings Results
Earnings Results Quarterly Year-To-Date Results Results Y/Y Y/Y Q2 ‘22 Q2 ‘21 Growth YTD ‘22 YTD ‘21 Growth Revenue $64.9m $44.2m +47% $125.2m $87.7m +43% Net Income Attributable to Safehold Inc. $22.7m $14.7m +54% $47.6m $31.6m +50% common shareholders Earnings Per Share $0.37 $0.28 +32% $0.79 $0.5
Slide 9: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $5,542m) Property Type Lease Term >60 yrs Office Multifamily 94% 46% 33% Lease Term Underlying Remaining Property w/ Ext. (W.A. 92 Years) <20 yrs 4% 20-60 yrs Hotel 2% Mixed Use & Other 13% Life Science 3% 5% Credit Metrics (1) W.A. Rent Coverag
Slide 10: Inflation Captured Cash Flows
Inflation Captured Cash Flows (Current Portfolio Gross Book Value: $5,542m) CPI Lookbacks continue periodically through the life of the lease, which can provide meaningful inflation capture that is significantly better than the long-term fixed-rate bonds we benchmark against.(1) In-Place with 0% Inf
Slide 11: Capital Structure
Capital Structure Debt Overview Capital Updates Credit Ratings Non-Recourse Secured $1,498m $150m Baa1 Closed and funded 5.15% Moody’s unsecured notes (Stable Outlook) Total with stairstep coupon; accrued principal $3.6b Pro-Rata Held by JVs due 2052 Unsecured Notes $1,375m $272m Years 1-10 Cash Rat
Slide 12: Estimated Unrealized Capital Appreciation
Estimated Unrealized Capital Appreciation (1) $9.9b Total Square Feet: 32.3m 86% +$543m CAGR in Q2 ’22 Office Multifamily Since IPO 13.1m 14.0m Sq. Ft. Sq. Ft. $6.0b (15.2k Units) $5.2b Mixed Use Hotel Life Science & Other $2.2b 3.8m 0.7m 0.7m Sq. Ft. Sq. Ft. Sq. Ft. $1.4b (5.1k Keys) $0.4b IPO Q2 '
Slide 13: Appendix
APPENDIX Safehold
Slide 14: Income Statements
Appendix Income Statements For the three months ended June 30, For the six months ended June 30, 2022 2021 2022 2021 Revenues: Interest income from sales-type leases $48,247 $27,126 $91,278 $53,100 Operating lease income 16,452 16,964 33,418 34,374 Other income 185 123 551 246 Total revenues $64,884
Slide 15: Balance Sheets
Appendix Balance Sheets June 30, 2022 December 31, 2021 Assets: Net investment in sales-type leases $2,911,681 $2,412,716 Ground Lease receivables 1,235,744 796,252 Real estate: Real estate, at cost 740,971 740,971 Less: accumulated depreciation (31,357) (28,343) Real estate, net 709,614 712,628 Rea
Slide 16: Portfolio Reconciliation
Appendix Portfolio Reconciliation IPO (6/22/17) 6/30/18 6/30/19 6/30/20 6/30/21 6/30/22 Net investment in Sales-Type Leases - - $160 $1,045 $1,432 $2,912 Ground Lease receivables - - - $477 $680 $1,236 Pro-rata interest in Ground Leases held as equity method investments - - - $343 $438 $443 Real est
Slide 17: Unrealized Capital Appreciation Details
Appendix Unrealized Capital Appreciation Details 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 appraisals of the CPV of our portfolio in calculating UCA
Slide 18: Glossary
Appendix Glossary Aggregate Cost Basis Represents Cost Basis plus unfunded commitments. For unfunded commitments, it represents the aggregate future amount to be paid under the commitments. Represents the Current Portfolio plus unfunded commitments. For unfunded commitments, it represents the aggreg