16 slides from Safehold Inc. New's earnings presentation, 2021
Slide 1: Q2 '21 Earnings Results
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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: Q2 '21 Highlights
Q2 ‘21 Highlights Earnings Investment Enhanced Results Activity Capital Efficiency $14.7m $222m $400m Net Income New Ground Lease Debut Unsecured Investments(1) Bond Offering $0.28 $374m $1.0b EPS UCA Growth Cash & Credit Facility Availability(2) Note: Please see “Unrealized Capital Appreciation Det
Slide 4: Earnings Results
Earnings Results Q2 ‘21 Q2 ‘20 Y/Y Growth Revenue $44.2m $37.4m +18% Net Income $14.7m $12.5m +18% EPS $0.28 $0.24 +13% (Diluted) 4
Slide 5: Investment Activity
Investment Activity (Aggregate Gross Book Value) $222m (1) Ground Lease Plus Q2 ’21 Investment Activity 4.9% w.a. Effective Yield New ground lease product to meet customer demand earlier in the life cycle of asset 39% w.a. GLTV (2) iStar originates newly created ground leases on pre- 3.5x w.a. Rent
Slide 6: Portfolio Expansion
Portfolio Expansion (Aggregate Gross Book Value) 11x $3.6b Growth Since IPO (1) $2.9b $1.1b $0.7b $0.5b $0.3b IPO Q2 '17 Q2 '18 Q2 '19 Q2 '20 Q2 '21 (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. Refer to Ap
Slide 7: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $3,524m) Yield Metrics (1) Property Type Office Annualized Annualized 54% Yield Cash Yield Multifamily 5.4% 3.4% Underlying 28% Property ($189m Annualized ($118m Annualized In-Place GAAP Rent, Net) In-Place Cash Rent) Hotel Other 17% 1% Credit M
Slide 8: Geographic Breakdown
Geographic Breakdown (Current Portfolio Gross Book Value $3,524m) Seattle Portland Northeast Minneapolis 41% West Milwaukee 22% New Haven San Francisco Central Detroit New York 3% Denver Philadelphia San Jose Salt Lake City Washington, D.C. Mid-Atlantic Los Angeles Nashville 17% San Diego Phoenix So
Slide 9: Capital Structure
Capital Structure Debt Overview Debt Offering Credit Ratings Non-Recourse Secured $1,498m Baa1 Total Unsecured Revolver Moody’s $400m (Stable Outlook) $35m $2.2b ($965m remaining capacity) Pro-Rata Held by JVs of 2.8% Senior Notes due 2031 Unsecured Notes $272m BBB+ $400m Fitch (Stable Outlook) 26 y
Slide 10: Unrealized Capital Appreciation
Unrealized Capital Appreciation +$374m 6 new properties added to UCA in Q2 ‘21 $6.0b 92% $5.2b CAGR $2.2b $1.4b $0.9b $0.4b IPO Q2 '17 Q2 '18 Q2 '19 Q2 '20 Q2 '21 (6/22/2017) Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quarte
Slide 11: Appendix
APPENDIX yo Safehold | |
Slide 12: Income Statements
Appendix Income Statements For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Revenues: Operating lease income $16,964 $17,113 $34,374 $37,893 Interest income from sales-type leases 27,126 19,831 53,100 38,732 Other income 123 409 246 893 Total revenues $44,213
Slide 13: Balance Sheets
Appendix Balance Sheets June 30, 2021 December 31, 2020 Assets: Real estate: Real estate, at cost $752,420 $752,420 Less: accumulated depreciation (25,328) (22,314) Real estate, net $727,092 $730,106 Real estate-related intangibles assets, net 239,661 242,166 Total real estate, net and real estate-r
Slide 14: Portfolio Reconciliation
Appendix Portfolio Reconciliation IPO (6/22/17) 6/30/17 6/30/18 6/30/19 6/30/20 6/30/21 Net investment in Sales-Type Leases - - - $160 $1,045 $1,432 Ground Lease receivables - - - - $477 $680 Pro-rata interest in Ground Leases held as equity method investments - - - - $343 $438 Real estate, net (Ope
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 appraisals of the CPV of our portfolio in calculating UCA
Slide 16: 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. Aggregate Gross Book Value Represents the Current Portfolio plus unfunded commitments. For unfunded commitment