Safehold Inc. New · NYSE:SAFE
Safehold Inc. New — Safehold — Q1 2021 Earnings Presentation
16 slides from Safehold Inc. New's earnings presentation, Apr 22, 2021
Slide 1: Q1 '21 Earnings Results
Q1 ’21 EARNINGS RESULTS
Slide 2: Forward-Looking Statements and Other Matters
2 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”, “representat
Slide 3: Q1 '21 Highlights
3 Q1 ‘21 Highlights Investment Activity $1.0b New Unsecured Credit Facility $770m Cash & Credit Facility Availability(1) $16.9m Net Income $0.32 EPS Earnings Results $166m New Ground Lease Investments 5.3% New Investment Effective Yield Accessing Unsecured Markets (1) Based on cash & cash equivalent
Slide 4: Earnings Results
4 Earnings Results During the first quarter of each year, the Company recognizes the annual percentage rent associated with its Park Hotels portfolio for performance in the prior year. Based on the impact of COVID on the performance of these hotels in 2020, the percentage rent owed under these lease
Slide 5: Portfolio Expansion and Q1 '21 Investment Activity
5 $0.3b $0.6b $1.1b $2.8b $3.4b IPO (6/22/2017) Q1 '18 Q1 '19 Q1 '20 Q1 '21 Portfolio Expansion (Aggregate Gross Book Value) 10x Growth Since IPO(1) 5.3% w.a. Effective Yield 36% w.a. GLTV(2) 3.7x w.a. Rent Coverage(2) 3 ground lease transactions 3 markets 1 new client $166m Q1 ’21 Investment Activi
Slide 6: Portfolio Metrics
6 Portfolio Metrics (Current Portfolio Gross Book Value: $3,292m) Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quarter. (1) Refer to the Glossary in the Appendix for yield calculations and additional details. (2) The Company u
Slide 7: Geographic Breakdown
7 Geographic Breakdown (Current Portfolio Gross Book Value $3,292m) Detroit Milwaukee Central 3% Minneapolis Nashville West 22% Southwest 8% Southeast 9% Northeast 40% Mid-Atlantic 18% Washington, D.C. Philadelphia Atlanta Raleigh-Durham Orlando Tampa MiamiSarasota Austin Dallas San Antonio Los Ange
Slide 8: Capital Structure, Debt and Liquidity Metrics
8 Unsecured Revolver $255m Pro-Rata Held by JVs $221m Non-Recourse Secured $1,498m Total $2.0b Capital Structure (1) Based on long-term debt, which excludes outstanding borrowings under the Company’s unsecured revolving credit facility. (2) Based on SAFE closing share price of $70.10 on March 31, 20
Slide 9: Unrealized Capital Appreciation
9 $5.6b $5.0b $2.1b $1.3b $0.4b Q1 '21Q1 '20Q1 '19Q1 '18IPO (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. Please see “Unrealized Capital Appreciation Details” in the Appendix for more information. Unrealize
Slide 10: Appendix
10 APPENDIX
Slide 11: New Revolving Credit Facility
11 New Revolving Credit Facility Prior Change New Facility Type Secured Increased operational efficiencies Unsecured Facility Size $600m +400m $1.0b Interest Rate L + 130 -30 bps L + 100(1) Ongoing Facility Fees 15 - 25 bps (Unused Fee) Reduced rate 12.5 bps (Facility Fee) Maturity Date (with Ext.)
Slide 12: Income Statements
12 Income Statements Appendix Note: Figures in thousands except for share amounts. For the three months ended Mar 31, 2021 2020 Revenues: Operating lease income $17,410 $20,780 Interest income from sales-type leases 25,974 18,901 Other income 123 484 Total revenues $43,507 $40,165 Costs and expenses
Slide 13: Balance Sheets
13 Balance Sheets Appendix Note: Figures in thousands. March 31, 2021 December 31, 2020 Assets: Real estate: Real estate, at cost $752,420 $752,420 Less: accumulated depreciation (23,821) (22,314) Real estate, net $728,599 $730,106 Real estate-related intangibles assets, net 240,642 242,166 Total re
Slide 14: Portfolio Reconciliation
14 Portfolio Reconciliation Appendix Note: $ in millions. Figures in the reconciliation table may not foot due to rounding. IPO (6/22/17) 3/31/18 3/31/19 3/31/20 3/31/21 Net investment in Sales-Type Leases - - $129 $1,029 $1,312 Ground Lease receivables - - - $422 $661 Pro-rata interest in Sales-Typ
Slide 15: Unrealized Capital Appreciation Details
15 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 appraisals of the CPV of our portfolio in calculating
Slide 16: Glossary
16 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 commitments, it