Safehold Inc. New · NYSE:SAFE
Safehold Inc. New — Safehold — Q4 2019 Earnings Presentation
19 slides from Safehold Inc. New's earnings presentation, Feb 13, 2020
Slide 1: FY '19 & Q4 '19 Earnings Results
Slide 2: Forward-Looking Statements and Other Matters
Forward-Looking Statements and Other Matters This release 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”, “representative”,
Slide 3: Financial Results
Slide 4: FY '19 Highlights
FY ‘19 Highlights $1.8, Investment Activity 88% FY Y/Y Revenue Growth #1 Total Stock Return of Publicly-Traded REITs (1) Net income attributable to Safehold shareholders (2) Uses closing price of $51.26 as of February 11, 2020. Customer Momentum 187% Portfolio Growth Earnings Momentum 136% FY Y/Y Ne
Slide 5: Earnings Results
Earnings Results Revenue Net Income (Attributable to Safehold) $11.7m W.A. Shares 18.2m Earnings per Share $0.64
Slide 6: Q4 '19 Investment Activity
Q4 ‘19 Investment Activity $1.2b Total Q4 19 Investment Activity W.A. Rent W.A. GLTV Coverage!) WA. W.A. Underwritten Effective Yield Effective Yield!) (Excludes FMV Resets] 38% ed Property NOI ifit do recei isals and available market information, st -asing activity at comparable properties in the r
Slide 7: Rapid Portfolio Growth
Rapid Portfolio Growth (Aggregate Gross Book Value] $2,715m 8x Growth Since IPO $947m $531m Ey IPO (6/22/2017) Q4'17 Q4 18 Q4'19 Note: Refer to Appendix for Portfolio Reconciliation
Slide 8: Scaling the Business
Scaling the Business Gaining Traction w/ Large Institutions Further Expansion into Multifamily 685 Third Ave One Palm 4050 Lofts Rivington House NYC office Safehold™ Ground Lease with a global 1st Safehold™ Ground Lease 1st Safehold™ Ground Lease real estate fund in Sarasota in Tampa 1st NYC multifa
Slide 9: Strong Capital Structure
Strong Capital Structure 11 Includes $0.2b of debt, whi resents Safehold’s pro-rata share of debt associated with non-consolidated joint ventures (equity method invesim outstanding balance at Ds 1, 2019. (2) W.A, interest rate represents the weighted av The weighted average cash rate is based on the
Slide 10: Portfolio Statistics
Slide 11: Portfolio Breakdown
Portfolio Breakdown (Current Portfolio Gross Book Value: $2,634m) Office 65% New York Tampa Sarasota Fastest Growing New Market New Market Property Type we Market Expansion Expansion . otner Mri Geographic Breakdown me ae all | Salt Lake City 0.8% 7% J Raleigh-Durham hf "1
Slide 12: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $2,634m] [ Credit Metrics | W.A. Rent Coverage! Total Annualized Less: Annualized GAAP Rent Depreciation & ant finel. % rent} = Amortization! le $157.6m $11.0m Annualized Add: TTM Cash Cash Base Rent Percentage Rent $4.4m urrent tenant informati
Slide 13: Unrealized Capital Appreciation
Unrealized Capital Appreciation $4.8b 1 1 xX Unrealized Capital Appreciation (UCA) is UCA Growth calculated as today’s estimated Combined . Property Value (CPV) less the Aggregate Cost Since IPO Basis of SAFE's portfolio. CBRE conducts independent appraisals of the CPV of each property'"!, The Compa
Slide 14: Safehold
Safehold 14
Slide 15: Income Statements
In come Statements For the three months ended Dec 31, For the twelve months ended Dec 31, 2019 2018 2019 2018 Revenues: Operating lease income $17,227 $14,692 $72,071 $47,400 Interest income from sales-type leases 11,697 = 18,531 Other income 662 121 2,794 2,324 Total revenues $29,586 $14,813 $93,39
Slide 16: Balance Sheets
pena al ance Sheets December 31, 2019 December 31, 2018 Assets: Real estate: Real estate, at cost $687,902 $669,923 Less: accumulated depreciation (16,286) (10,257) Real estate, net $671,616 $659,666 Real estate-related intangibles, net 242,837 262,531 Total real estate, net and real estate-related
Slide 17: Portfolio Reconciliation
Portfolio Reconciliation 6/22/17 (PO) 12/31/17 __ 12/31/18 12/31/19 Net investment in Sales-Type Leases = = = $985 Ground Lease receivables, net - - - $397 Pro-rata interest in Sales-Type Leases held as equity method investments - - - $340 Real estate, net (Operating Leases) $265 $409 $660 $672 Add:
Slide 18: Appendix: Leverage
Appendix Leverage December 31, 2019 Book Debt $1,373 Book Equity $1,093 Leverage (Debt to Equity) 1.3x Combined Property Value (CPV) $7,538 Debt as a % of CPV 18.2% Target Leverage <2.0x Target Debt as a % of CPV <25% 18
Slide 19: Appendix: Glossary
Appendix Glossary Aggregate Cost Basis Aggregate Gross Book Value Annualized Cash Rent Cash Rent Cost Basis Combined Property Value (CPV) Current Portfolio Effective Yield Gross Book Value (6BV] Ground Lease-to-Value (6LTV] Interest Rate Leverage Owned Residual Portfolio Percentage Rent Property NOI