Safehold Inc. New · NYSE:SAFE
Safehold Inc. New — Safehold — Q4 2020 Earnings Presentation
16 slides from Safehold Inc. New's earnings presentation, Feb 11, 2021
Slide 1: Q4 '20 & FY '20 Earnings Results
Q4 ’20 & FY ’20 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: Q4 '20 & FY '20 Highlights
3 $1.3B Closed and Signed PSAs in Q3’19 Q4 ‘20 & FY ‘20 Highlights 3 % FY Y/Y EPS Growth #1 Best Performing Nareit Stock 100% Ground Rent Received Increasing Scale and Strength $331m New Investment Activity $3.2b Ground Lease Portfolio 13 Record # of Ground Leases Closed $700m Purchasing Power(1) Ba
Slide 4: Earnings Results
4 Q4 ‘20 Q4 ‘19 Y/Y Growth Revenue $39.9m $29.6m +35% Net Income (Gross of NCI) $15.3m $11.2m +37% EPS (Diluted) $0.29 $0.25 +15% Earnings Results FY ‘20 FY ’19 Y/Y Growth $155.4m $93.4m +66% $59.5m $33.7m +76% $1.17 $0.89 +31% Quarterly Results FY Results
Slide 5: Portfolio Expansion (Aggregate Gross Book Value)
5 $0.3b $0.5b $0.9b $2.7b $3.2b IPO (6/22/2017) Q4 '17 Q4 '18 Q4 '19 Q4 '20 Portfolio Expansion (Aggregate Gross Book Value) Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quarter. Refer to Appendix for Portfolio Reconciliation
Slide 6: Geographic Breakdown
6 Geographic Breakdown (Current Portfolio Gross Book Value: $3,201m) 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 Ang
Slide 7: Portfolio Metrics
7 Portfolio Metrics (Current Portfolio Gross Book Value: $3,201m) 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 8: Strong Stock Performance
8 Strong Stock Performance $20.00 $28.00 $34.00 $46.88 $61.00 $80.87 IPO (6/22/17) FO (8/7/19) FO (11/19/19) FO (3/18/20) FO (11/10/20) Current (2/10/21) 47% Share Price CAGR #1 Best Performing Nareit Stock in 2020 82% Total Shareholder Return in 2020 $121m Equity Raised in Q4 ’20 at $61 per share D
Slide 9: Investment Grade Credit Ratings
9 “The ratings reflect SAFE’s focus on the relatively low-risk ground lease asset class, which is characterized by growing, long-dated revenue streams and significant overcollateralization, strong asset quality performance, consistent profitability, a scalable business model, low leverage, long- dur
Slide 10: Capital Structure
10 Capital Structure (1) Market cap calculated as of 2/10/21 with a share price of $80.87. (2) Includes $0.2b of debt, which represents Safehold’s pro-rata share of debt associated with non-consolidated joint ventures (equity method investments). Excludes the revolving credit facility, which had a $
Slide 11: Unrealized Capital Appreciation
11 $5.5b $4.8b $1.8b $1.1b $0.4b Q4 '20Q4 '19Q4 '18Q4 '17IPO (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. (1) Refer to the Glossary in the Appendix for a definition of Owned Residual Portfolio and Unrealiz
Slide 12: Appendix
12 APPENDIX
Slide 13: Income Statements
13 Income Statements Appendix Note: Figures in thousands except for share amounts. For the three months ended Dec 31, For the twelve months ended Dec 31, 2020 2019 2020 2019 Revenues: Operating lease income $17,252 $17,227 $72,340 $72,071 Interest income from sales-type leases 22,529 11,697 81,844 1
Slide 14: Balance Sheets
14 Balance Sheets Appendix Note: Figures in thousands. December 31, 2020 December 31, 2019 Assets: Real estate: Real estate, at cost $752,420 $687,902 Less: accumulated depreciation (22,314) (16,286) Real estate, net $730,106 $671,616 Real estate-related intangibles assets, net 242,166 242,837 Total
Slide 15: Portfolio Reconciliation
15 Portfolio Reconciliation Appendix Note: $ in millions. Figures in the reconciliation table may not foot due to rounding. IPO (6/22/17) 12/31/17 12/31/18 12/31/19 12/31/20 Net investment in Sales-Type Leases - - - $985 $1,306 Ground Lease receivables, net - - - $397 $577 Pro-rata interest in Sales
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