17 slides from Safehold Inc. New's earnings presentation, Feb 12, 2024
Slide 1: Q4'23 & FY'23 Earnings Results
Q4’23 & FY’23 Earnings Results
Slide 2: Forward-Looking Statements and Other Matters
2 Safehold | The Ground Lease Company | February 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
Slide 3: FY'23 Highlights
3 Safehold | The Ground Lease Company | February 2024 FY’23 Highlights Note: Refer to Appendix for Unrealized Capital Appreciation Details, Portfolio Reconciliation and Glossary for more details. (1) In conjunction with the merger, MSD committed to buy 5.4m shares of Safehold common stock from iStar
Slide 4: Portfolio Growth
4 Safehold | The Ground Lease Company | February 2024 $0.3b $2.7b $4.8b $6.4b $0.4b $4.8b $8.1b $9.8b IPO (6/22/2017) Q4'19 Q4'21 Q4'23 Aggregate GBV (Ground Leases) Estimated Unrealized Capital Appreciation Portfolio Growth1 Note: Please see the “Important Note re COVID-19” in the front of this pre
Slide 5: Earnings Results
5 Safehold | The Ground Lease Company | February 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 a
Slide 6: Portfolio Yields
6 Safehold | The Ground Lease Company | February 2024 (Core Ground Lease Portfolio Gross Book Value: $6.3b on 92-Year W.A. Lease Term w/ Ext.)1 Portfolio Yields 3.5% Annualized Cash Yield 5.2% Annualized Yield Note: Refer to the Glossary in the Appendix for yield calculations and additional details.
Slide 7: Portfolio Diversification
7 Safehold | The Ground Lease Company | February 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 Coverage2, GLTV3) 1. Manhattan (23%)1 – 10 Assets (3.0
Slide 8: Capital Structure and Debt Overview
8 Safehold | The Ground Lease Company | February 2024 Pro-Rata Held by JVs Unsecured Revolver $0.3b $1.1b Unsecured Notes $1.5b Non-Recourse Secured $1.5b Capital Structure Debt Overview Ratings & Metrics A3 (Stable Outlook) Moody’s (1) Includes $11m of gains from terminated hedges which will be app
Slide 9: Appendix
9 Safehold | The Ground Lease Company | February 2024 Appendix
Slide 10: Income Statement
10 Safehold | The Ground Lease Company | February 2024 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. 2023 2022 2023 2022 Revenues: Interest income from sales-type leases $61,153 $56,244 $235,503 $202,258 Operating lease income 16,921 16,892 71,287 66,817 Interest
Slide 11: Balance Sheet
11 Safehold | The Ground Lease Company | February 2024 Balance Sheet APPENDIX Note: Figures in thousands. As of December 31, 2023 As of December 31, 2022 Assets: Net investment in sales-type leases $3,255,195 $3,106,599 Ground Lease receivables, net 1,622,298 1,374,716 Real estate: Real estate, at c
Slide 12: Portfolio Reconciliation
12 Safehold | The Ground Lease Company | February 2024 IPO (6/22/17) 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 Net investment in Sales-Type Leases - $985 $1,306 $2,413 $3,107 $3,255 Ground Lease receivables - 397 $577 $796 $1,375 $1,622 Pro-rata interest in Ground Leases held as equity method inv
Slide 13: Earnings Reconciliation
13 Safehold | The Ground Lease Company | February 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 and non-recurring gains and EPS excluding merger & Caret
Slide 14: Caret Timeline
14 Safehold | The Ground Lease Company | February 2024 Caret Timeline APPENDIX (1) Management was granted up to 15% of the then-authorized Caret units under this plan. (2) Reached 100 transaction milestone in Q4’21, enhancing diversification. (3) We are obligated to seek to provide a public market l
Slide 15: Caret Ownership
15 Safehold | The Ground Lease Company | February 2024 Caret Ownership Note: Ownership percentage is based on outstanding Caret units. (1) Including commitment to purchase 28,571 units SAFEHOLD (NYSE: SAFE) GL Units Rent Stream plus Original Cost Basis and certain other cash flows Employees 2018 Inc
Slide 16: Unrealized Capital Appreciation Details
16 Safehold | The Ground Lease Company | February 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 val
Slide 17: Glossary
17 Safehold | The Ground Lease Company | February 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