16 slides from Safehold Inc. New's earnings presentation, 2021
Slide 1: Q1 '21 Earnings Results
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Slide 2: Forward-Looking Statements and Other Matters
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”, “representativ
Slide 3: Q1 '21 Highlights
Q1 ‘21 Highlights Earnings Investment Accessing Results Activity Unsecured Markets $16.9m $166m $1.0b Net Income New Ground Lease New Unsecured Investments Credit Facility $0.32 5.3% $770m EPS New Investment Cash & Credit Facility Effective Yield Availability(1) (1) Based on cash & cash equivalents
Slide 4: Earnings Results
Earnings Results Revenue Net Income EPS $0.36 $43.5m $17.3m $16.9m $40.2m $0.32 Park % Park % Park % $0.07 $3.6m Rent Rent $3.6m Rent $43.5m $16.9m $0.32 $36.6m $0.28 $13.7m Q1 '20 Q1 '21 Q1 '20 Q1 '21 Q1 '20 Q1 '21 During the first quarter of each year, the Company recognizes the annual percentage
Slide 5: Portfolio Expansion
Portfolio Expansion (Aggregate Gross Book Value) 10x $3.4b $166m Growth (1) Since IPO (1) Q1 ’21 Investment Activity $2.8b 5.3% w.a. Effective Yield 36% w.a. GLTV (2) 3.7x w.a. Rent Coverage (2) $1.1b 3 ground lease transactions 3 markets $0.6b $0.3b 1 new client IPO Q1 '18 Q1 '19 Q1 '20 Q1 '21 (6/2
Slide 6: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $3,292m) Yield Metrics (1) Property Type Office Annualized Annualized 55% Yield Cash Yield Multifamily 5.3% Underlying 3.4% 26% Property ($175m Annualized ($112m Annualized In-Place GAAP Rent, Net) In-Place Cash Rent) Hotel Other 18% 1% Credit M
Slide 7: Geographic Breakdown
Geographic Breakdown (Current Portfolio Gross Book Value $3,292m) Seattle Portland Northeast Minneapolis 40% West Milwaukee 22% New Haven San Francisco Central Detroit New York 3% Denver Philadelphia San Jose Salt Lake City Washington, D.C. Mid-Atlantic Los Angeles Nashville 18% San Diego Phoenix So
Slide 8: Capital Structure
Capital Structure Debt Overview Credit Ratings Non-Recourse Secured $1,498m Total Unsecured Revolver Moody’s Fitch $2.0b Baa1 BBB+ $255m ($745m remaining capacity) (Stable) (Stable) Long-Term $1.7b Pro-Rata Held by JVs $221m (w.a. maturity 30 yrs) Debt and Liquidity Metrics Q1 '21 Interest Rates and
Slide 9: Unrealized Capital Appreciation
Unrealized Capital Appreciation $5.6b 97% $5.0b CAGR $2.1b $1.3b $0.4b IPO Q1 '18 Q1 '19 Q1 '20 Q1 '21 (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 t
Slide 10: Appendix
APPENDIX yo Safehold | |
Slide 11: New Revolving Credit Facility
Appendix New Revolving Credit Facility Prior Change New Increased operational Facility Type Secured efficiencies Unsecured Facility Size $600m +400m $1.0b Interest Rate L + 130 -30 bps L + 100 (1) 15 - 25 bps 12.5 bps Ongoing Facility Fees (Unused Fee) Reduced rate (Facility Fee) Maturity Date (with
Slide 12: Income Statements
Appendix Income Statements For the three months ended Mar 31, 2021 2020 Revenues: Operating lease income $17,410 $20,780 Interest income from sales-type leases 25,974 18,901 Other income 123 484 Total revenues $43,507 $40,165 Costs and expenses: Interest expense $17,167 $15,148 Real estate expense 5
Slide 13: Balance Sheets
Appendix Balance Sheets March 31, 2021 December 31, 2020 Assets: Real estate: Real estate, at cost $752,420 $752,420 Less: accumulated depreciation (23,821) (22,314) Real estate, net $728,599 $730,106 Real estate-related intangibles assets, net 240,642 242,166 Total real estate, net and real estate-
Slide 14: Portfolio Reconciliation
Appendix Portfolio Reconciliation IPO (6/22/17) 3/31/18 3/31/19 3/31/20 3/31/21 Net investment in Sales-Type Leases - - $129 $1,029 $1,312 Ground Lease receivables - - - $422 $661 Pro-rata interest in Sales-Type Leases held as equity method investments - - - $342 $346 Real estate, net (Operating Lea
Slide 15: Unrealized Capital Appreciation Details
Appendix Unrealized Capital Appreciation Details 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 UCA
Slide 16: Glossary
Appendix 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. Represents the Current Portfolio plus unfunded commitments. For unfunded commitments, it represents the aggreg