18 slides from Safehold Inc. New's earnings presentation, Aug 5, 2025
Slide 1: Q2'25 Earnings Results
Q2’25 Earnings Results
Slide 2: Q2'25 Summary
Q2’25 Summary Investment Activity Q2’25 Originations (4 Ground Leases, 3 Leasehold Loans) Ground Lease Value1 $123m Leasehold Loan Value2 $97m Markets 4 (1 New) Sponsors 4 (All New) GLTV3a 33% Rent Coverage4a 3.2x Economic Yielda 7.2% Portfolio Metrics5 Capital Sources $6.9b / $9.1b 52% / 3.5x $1.2b
Slide 3: Portfolio Growth
Portfolio Growth Aggregate GBV (Ground Leases) Q2’25 Originations Estimated Unrealized Capital Appreciation $123m Four new ground leases for $123m1 $9.1b New Ground Lease o $61m funded, $62m unfunded Originations 21x Estimated UCA Growth since IPO $97m 20x Portfolio Growth $6.0b Three new leaseh
Slide 4: Earnings Results
Earnings Results • Q2 GAAP Net Income and EPS decreased Y/Y primarily due to $1.7m higher non-cash general provision for credit losses o Q2’25: $2.4m non-cash general provision for credit losses (includes $1.3m related to new leasehold loan originations, of which $1.0m is related to unfunded loan co
Slide 5: Portfolio Yields
Portfolio Yields (Core Ground Lease Portfolio Gross Book Value: $6.8b on 91-Year W.A. Lease Term w/ Ext.)10 GAAP Earnings Forward Yield-to-Maturity 3.7% + Non-Cash Rent & 5.4% + Variable rent 5.8% + Upside when 6.0% + Caret valuation 7.5% Adj. pickup12 inflation >2% Annualized Annualized Economic In
Slide 6: Portfolio Diversification
Portfolio Diversification Safehold primarily invests in the top 30 MSAs across the U.S., which we believe are positioned for long-term sustainable growth $6.8b Core Ground Lease Portfolio Top 10 Markets (% of GBV, Count, Rent Coverage4, GLTV3) (91-year w.a. extended lease term) 1. Manhattan (21%)a –
Slide 7: Capital Structure
Capital Structure Debt Overview Outstanding Hedges Unsecured Notes $2.2b SOFR Swap (Revolver) Treasury Locks (Long-Term Debt)a Non-Recourse Secured Notional: $500m Notional: $250m $1.5b Term: 5-years (ends April 2028) Rate: ~4.0% 30-year treasury Total Rate: ~3.0% SOFR Gain Position: ~$31m in-the-mo
Slide 8: Appendix
Appendix 8 Safehold | The Ground Lease Company | August 2025
Slide 9: Income Statement
APPENDIX Income Statement For the three months ended June 30, For the six months ended June 30, 2025 2024 2025 2024 Revenues: Interest income from sales-type leases $70,642 $65,235 $140,306 $128,453 Operating lease income 16,706 16,691 38,088 37,694 Interest income 2,712 2,357 5,045 4,714 Other inco
Slide 10: Balance Sheet
APPENDIX Balance Sheet As of June 30, 2025 As of December 31, 2024 Assets: Net investment in sales-type leases $3,511,257 $3,454,953 Ground Lease receivables, net 1,903,883 1,833,398 Real estate: Real estate, at cost 740,971 740,971 Less: accumulated depreciation (49,373) (46,428) Real estate, net 6
Slide 11: Portfolio Reconciliation
APPENDIX Portfolio Reconciliation IPO (6/22/17) 6/30/21 6/30/22 6/30/23 6/30/24 6/30/25 Net investment in Sales-Type Leases - $1,432 $2,912 $3,168 $3,380 $3,511 Ground Lease receivables - 680 $1,236 $1,485 $1,747 $1,904 Pro-rata interest in Ground Leases held as - 438 $443 $472 $452 $458 equity meth
Slide 12: Earnings Reconciliation
APPENDIX Earnings Reconciliation For the three months ended For the six months ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) attributable to Safehold Inc. common shareholders $27,947 $29,665 $57,311 $60,393 a Add: Non-recurring (gains) / losses - - 1,945 - Net income excluding non-re
Slide 13: Caret Timeline
APPENDIX Caret Timeline 2H’18: Feb’22: Nov’22: Formed a subsidiary called “Caret” designed to help recognize the value Outside investors participate in Series 3 participants from Series A round of the capital appreciation above Cost A roundb committed to Series B round under Basis. Employee performa
Slide 14: Caret Ownership
APPENDIX Caret Ownership In April 2024, the Series A Round was redeemed. It was settled with funds that were previously held in a restricted account; thus no impact to liquidity or revolver borrowings. SAFEHOLD (NYSE: SAFE) 100% ~84% GL Units Caret Units Rent Stream plus Original Cost Capital Apprec
Slide 15: 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 valuations of the CPV of our portfolio in calculating UCA
Slide 16: Glossary
APPENDIX Glossary 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 Value Represents the Gross Book Value plus unfunded co
Slide 17: Endnotes
APPENDIX Endnotes (1) Includes Safehold’s $62m forward commitments for the Ground Leases new originations that have not yet been funded (such funding commitments are subject to certain conditions). There can be no assurance Safehold will fully fund these transactions. (2) Includes Safehold’s $54m fo
Slide 18: 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