16 slides from Safehold Inc. New's earnings presentation, Jul 22, 2021
Slide 1: Safehold Q2 2021 Earnings Results
Safehold 2721 EARNIN 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: Q2 '21 Highlights
3 Q2 ‘21 Highlights Investment Activity $400m Debut Unsecured Bond Offering $1.0b Cash & Credit Facility Availability(2) $14.7m Net Income $0.28 EPS Earnings Results $222m New Ground Lease Investments(1) $374m UCA Growth Enhanced Capital Efficiency Note: Please see “Unrealized Capital Appreciation D
Slide 4: Earnings Results
4 Q2 ‘21 Q2 ‘20 Y/Y Growth Revenue $44.2m $37.4m +18% Net Income $14.7m $12.5m +18% EPS (Diluted) $0.28 $0.24 +13% Earnings Results
Slide 5: Investment Activity (Aggregate Gross Book Value)
5 Investment Activity (Aggregate Gross Book Value) New ground lease product to meet customer demand earlier in the life cycle of asset iStar originates newly created ground leases on pre- development projects while Safehold makes a commitment to purchase the ground leases contingent on the projects
Slide 6: Portfolio Expansion (Aggregate Gross Book Value)
6 $0.3b $0.5b $0.7b $1.1b $2.9b $3.6b IPO (6/22/2017) Q2 '17 Q2 '18 Q2 '19 Q2 '20 Q2 '21 Portfolio Expansion (Aggregate Gross Book Value) 11x Growth Since IPO(1) Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quarter. Refer to A
Slide 7: Portfolio Metrics
7 Portfolio Metrics (Current Portfolio Gross Book Value: $3,524m) 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: Geographic Breakdown
8 Geographic Breakdown (Current Portfolio Gross Book Value $3,524m) Detroit Milwaukee Central 3% Minneapolis Nashville West 22% Southwest 7% Southeast 10% Northeast 41% Mid-Atlantic 17% Washington, D.C. Philadelphia Atlanta Raleigh-Durham Orlando Tampa Miami Sarasota Austin Dallas San Antonio Los An
Slide 9: Capital Structure
9 Capital Structure (1) Excludes outstanding borrowings under the Company’s unsecured revolving credit facility. (2) Based on SAFE closing share price of $78.50 on June 30, 2021. Interest Rates and Spreads(1) Q2 '21 Portfolio Annualized Yield 5.4% Effective Interest Rate 3.7% Effective spread 163 bp
Slide 10: Unrealized Capital Appreciation
10 $6.0b $5.2b $2.2b $1.4b $0.9b $0.4b Q2 '21 Q2 '20 Q2 '19 Q2 '18 Q2 '17 IPO (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 info
Slide 11: Appendix
APPENDIX Safehold
Slide 12: Income Statements
12 Income Statements Appendix Note: Figures in thousands except for share amounts. For the three months ended June 30, For the six months ended June 30, 2021 2020 2021 2020 Revenues: Operating lease income $16,964 $17,113 $34,374 $37,893 Interest income from sales-type leases 27,126 19,831 53,100 38
Slide 13: Balance Sheets
13 Balance Sheets Appendix Note: Figures in thousands. June 30, 2021 December 31, 2020 Assets: Real estate: Real estate, at cost $752,420 $752,420 Less: accumulated depreciation (25,328) (22,314) Real estate, net $727,092 $730,106 Real estate-related intangibles assets, net 239,661 242,166 Total rea
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) 6/30/17 6/30/18 6/30/19 6/30/20 6/30/21 Net investment in Sales-Type Leases --- $160 $1,045 $1,432 Ground Lease receivables ---- $477 $680 Pro-rata interest in Gr
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