18 slides from Safehold Inc. New's earnings presentation, May 6, 2025
Slide 1: Q1'25 Earnings Results
Q1°25 Earnings Results Safehold
Slide 2: Q1'25 Summary
2 Safehold | The Ground Lease Company | May 2025 Q1’25 Summary Note: The information in this presentation is as of March 31, 2025, 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 Since IPO
3 Safehold | The Ground Lease Company | May 2025 IPO (6/22/2017) Q1'21 Q1'25 Portfolio Growth 20x 20x Estimated UCA Growth since IPO Portfolio Growth since IPO5 17.7m SF 20.1k 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: 36
Slide 4: Earnings Results
4 Safehold | The Ground Lease Company | May 2025 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 non-recurring gains and losses for
Slide 5: Portfolio Yields
5 Safehold | The Ground Lease Company | May 2025 Assumed CPI / Growth Rate (Core Ground Lease Portfolio Gross Book Value: $6.8b on 91-Year W.A. Lease Term w/ Ext.)8 Portfolio Yields Note: Refer to Appendix for Glossary and Endnotes. Represents Core Ground Lease Portfolio. 3.7% Annualized Cash Yield
Slide 6: Portfolio Diversification
6 Safehold | The Ground Lease Company | May 2025 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 (21%)a – 10 Assets (3.0x, 67
Slide 7: Capital Structure
7 Safehold | The Ground Lease Company | May 2025 Capital Structure Debt Overview a. $100m of total $250m notional unwound on 4/9/25 for ~$13m cash gain. $150m notional remains in-place at mark-to-market gain of ~$17m. b. Includes JV debt and excludes outstanding borrowings under the Company’s unsecu
Slide 8: Appendix
8 Safehold | The Ground Lease Company | May 2025 Appendix
Slide 9: Income Statement
9 Safehold | The Ground Lease Company | May 2025 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. a. For the three months ended March 31, 2025 and March 31, 2024, general and administrative expenses were partially offset by $3.6m and $5.5m of management fees, respec
Slide 10: Balance Sheet
10 Safehold | The Ground Lease Company | May 2025 Balance Sheet APPENDIX Note: Figures in thousands. As of March 31, 2025 As of December 31, 2024 Assets: Net investment in sales-type leases $3,471,953 $3,454,953 Ground Lease receivables, net 1,854,395 1,833,398 Real estate: Real estate, at cost 740,
Slide 11: Portfolio Reconciliation (Gross Book Value)
11 Safehold | The Ground Lease Company | May 2025 IPO (6/22/17) 3/31/21 3/31/22 3/31/23 3/31/24 3/31/25 Net investment in Sales-Type Leases - $1,312 $2,740 $3,140 $3,342 $3,472 Ground Lease receivables - 661 $1,017 $1,431 $1,661 $1,854 Pro-rata interest in Ground Leases held as equity method investm
Slide 12: Earnings Reconciliation
12 Safehold | The Ground Lease Company | May 2025 Earnings Reconciliation APPENDIX Note: Figures in millions except for per share amounts. Net income attributable to Safehold Inc. common shareholders excluding non-recurring gains and losses and EPS excluding non-recurring gains and losses are non-GA
Slide 13: Caret Timeline
13 Safehold | The Ground Lease Company | May 2025 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 2025 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 Origi
Slide 15: Unrealized Capital Appreciation Details
15 Safehold | The Ground Lease Company | May 2025 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 2025 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 2025 Endnotes APPENDIX (1) Includes non-binding LOIs for investments that closed subsequent to quarter end. There were no closed investments in the first quarter. Non-binding LOIs assume 100% ownership. Final ownership percentage may be less than 100%. Th
Slide 18: Forward-Looking Statements and Other Matters
18 Safehold | The Ground Lease Company | May 2025 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