18 slides from Safehold Inc. New's earnings presentation, Oct 28, 2024
Slide 1: Q3'24 Earnings Results
Q3'24 Earnings Results Safehold
Slide 2: Q3'24 Summary
2 Safehold | The Ground Lease Company | October 2024 Q3’24 Summary Note: The information in this presentation is as of September 30, 2024, unless otherwise stated. Refer to Appendix for Unrealized Capital Appreciation Details, Portfolio Reconciliation, Glossary and Endnotes at the end of this presen
Slide 3: Portfolio Growth and Q3 Fundings & Originations
3 Safehold | The Ground Lease Company | October 2024 $122m Fundings IPO (6/22/2017) Q3'20 Q3'22 Q3'24 $0.3b $2.9b $6.1b $6.7b $0.4b $5.1b $10.5b $9.1b IPO (6/22/2017) Q3'20 Q3'22 Q3'24 Aggregate GBV (Ground Leases) Estimated Unrealized Capital Appreciation Portfolio Growth 20x 21x Estimated UCA Grow
Slide 4: Earnings Results
4 Safehold | The Ground Lease Company | October 2024 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 merger & Caret related costs an
Slide 5: Portfolio Yields
5 Safehold | The Ground Lease Company | October 2024 Assumed CPI / Growth Rate (Core Ground Lease Portfolio Gross Book Value: $6.6b on 92-Year W.A. Lease Term w/ Ext.)11 Portfolio Yields Note: Refer to Appendix for Glossary and Endnotes. Represents Core Ground Lease Portfolio. 3.7% Annualized Cash Y
Slide 6: Portfolio Diversification
6 Safehold | The Ground Lease Company | October 2024 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 Coverage4, GLTV3) 1. Manhattan (22%)a – 10 Assets (3.0x
Slide 7: Capital Structure and Debt Overview
7 Safehold | The Ground Lease Company | October 2024 Pro-Rata Held by JVs $0.3b Unsecured Revolver $1.06b Unsecured Notes $1.8b Non-Recourse Secured $1.5b Capital Structure Debt Overview a. Includes JV debt and excludes outstanding borrowings under the Company’s unsecured revolving credit facility.
Slide 8: Appendix
8 Safehold | The Ground Lease Company | October 2024 Appendix
Slide 9: Income Statement
9 Safehold | The Ground Lease Company | October 2024 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. a. For the three and nine months ended September 30, 2024, general and administrative expenses were partially offset by $3.7m and $13.6m of management fees, respect
Slide 10: Balance Sheet
10 Safehold | The Ground Lease Company | October 2024 Balance Sheet APPENDIX Note: Figures in thousands. As of September 30, 2024 As of December 31, 2023 Assets: Net investment in sales-type leases $3,440,042 $3,255,195 Ground Lease receivables, net 1,779,147 1,622,298 Real estate: Real estate, at c
Slide 11: Portfolio Reconciliation (Gross Book Value)
11 Safehold | The Ground Lease Company | October 2024 IPO (6/22/17) 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24 Net investment in Sales-Type Leases - $1,089 $1,802 $3,066 $3,183 $3,440 Ground Lease receivables - 480 $691 $1,327 $1,564 $1,779 Pro-rata interest in Ground Leases held as equity method inves
Slide 12: Earnings Reconciliation
12 Safehold | The Ground Lease Company | October 2024 Earnings Reconciliation APPENDIX Note: Figures in millions except for per share amounts. Net income attributable to Safehold Inc. common shareholders excluding merger & Caret related costs, non-recurring gains and general provision for credit los
Slide 13: Caret Timeline
13 Safehold | The Ground Lease Company | October 2024 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.
Slide 14: Caret Ownership
14 Safehold | The Ground Lease Company | October 2024 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 O
Slide 15: Unrealized Capital Appreciation Details
15 Safehold | The Ground Lease Company | October 2024 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 valu
Slide 16: Glossary
16 Safehold | The Ground Lease Company | October 2024 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
Slide 17: Endnotes
17 Safehold | The Ground Lease Company | October 2024 Endnotes APPENDIX (1) Presentation assumes 100% ownership of closed deals. Our JV partner participated in 1 deal at closing this quarter and purchased 45% of the commitment. $72m total commitments includes $19m of forward commitments that have no
Slide 18: Forward-Looking Statements and Other Matters
18 Safehold | The Ground Lease Company | October 2024 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 t