Safehold Inc. New · NYSE:SAFE
Safehold Inc. New — Safehold — Q4 2024 and FY2024 Earnings Presentation
18 slides from Safehold Inc. New's earnings presentation, Feb 5, 2025
Slide 1: Q4’24 & FY’24 Earnings Results
Q4’24 & FY’24 Earnings Results
Slide 2: FY’24 Summary
2 Safehold | The Ground Lease Company | February 2025 FY’24 Summary Note: The information in this presentation is as of December 31, 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 FY’24 Fundings & Originations
3 Safehold | The Ground Lease Company | February 2025 $0.3b $0.9b $4.8b $6.8b $0.4b $1.8b $8.1b $9.1b IPO (6/22/2017) Q4'18 Q4'21 Q4'24 Aggregate GBV (Ground Leases) Estimated Unrealized Capital Appreciation $319m Fundings Portfolio Growth 20x 21x Estimated UCA Growth since IPO Portfolio Growth sinc
Slide 4: Earnings Results
4 Safehold | The Ground Lease Company | February 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 merger & Caret related costs a
Slide 5: Portfolio Yields
5 Safehold | The Ground Lease Company | February 2025 Assumed CPI / Growth Rate (Core Ground Lease Portfolio Gross Book Value: $6.7b on 92-Year W.A. Lease Term w/ Ext.)12 Portfolio Yields Note: Refer to Appendix for Glossary and Endnotes. Represents Core Ground Lease Portfolio. 3.7% Annualized Cash
Slide 6: Portfolio Diversification
6 Safehold | The Ground Lease Company | February 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 Coverage4, GLTV3) 1. Manhattan (22%)a – 10 Assets (3.0
Slide 7: Capital Structure and Debt Overview
7 Safehold | The Ground Lease Company | February 2025 Pro-Rata Held by JVs $0.3b Unsecured Revolver $689m Unsecured Notes $2.2b 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 | February 2025 Appendix
Slide 9: Income Statement
9 Safehold | The Ground Lease Company | February 2025 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. a. For the three months and the year ended December 31, 2024, general and administrative expenses were partially offset by $3.2m and $16.8m of management fees, res
Slide 10: Balance Sheet
10 Safehold | The Ground Lease Company | February 2025 Balance Sheet APPENDIX Note: Figures in thousands. As of December 31, 2024 As of December 31, 2023 Assets: Net investment in sales-type leases $3,454,953 $3,255,195 Ground Lease receivables, net 1,833,398 1,622,298 Real estate: Real estate, at c
Slide 11: Portfolio Reconciliation (Gross Book Value)
11 Safehold | The Ground Lease Company | February 2025 IPO (6/22/17) 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 Net investment in Sales-Type Leases - $1,306 $2,413 $3,107 $3,255 $3,455 Ground Lease receivables - 577 $796 $1,375 $1,622 $1,833 Pro-rata interest in Ground Leases held as equity method
Slide 12: Earnings Reconciliation
12 Safehold | The Ground Lease Company | February 2025 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 lo
Slide 13: Caret Timeline
13 Safehold | The Ground Lease Company | February 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
Slide 14: Caret Ownership
14 Safehold | The Ground Lease Company | February 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
Slide 15: Unrealized Capital Appreciation Details
15 Safehold | The Ground Lease Company | February 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 val
Slide 16: Glossary
16 Safehold | The Ground Lease Company | February 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
Slide 17: Endnotes
17 Safehold | The Ground Lease Company | February 2025 Endnotes APPENDIX (1) $193m ground lease investment includes $45m of forward commitments that have not yet been funded as of 12/31/24. There can be no assurance that Safehold will fully fund these transactions. (2) $32 million leasehold loan was
Slide 18: Forward-Looking Statements and Other Matters
18 Safehold | The Ground Lease Company | February 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