16 slides from Safehold Inc. New's earnings presentation, 2021
Slide 1: Q3 '21 Earnings Results
Q3 ’21 EARNINGS RESULTS
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: Q3 '21 Highlights
Q3 ‘21 Highlights Strong Increased Capital Earnings Investments for Growth 36% $321m $242m Quarterly Y/Y New Ground Lease Capital Raised from EPS Growth Investments(1) Equity Offering 24% $624m $879m Quarterly Y/Y UCA Growth(2) Cash & Credit Facility Revenue Growth Availability(3) Note: Please see “
Slide 4: Earnings Results
Earnings Results Quarterly YTD Results Results Y/Y Y/Y Q3 ‘21 Q3 ‘20 Growth YTD ‘21 YTD ‘20 Growth Revenue $47.3m $38.0m +24% $135.0m $115.5m +17% Net Income $20.2m $14.2m +43% $51.8m $44.0m +18% EPS $0.38 $0.28 +36% $0.97 $0.88 +11% 4
Slide 5: Investment Activity
Investment Activity Quarterly Activity Origination Metrics Portfolio Growth $4.0b 4.9% w.a. Underwritten 12x $321m Effective Yield (2) Growth (4) Since IPO (1) 4.8% w.a. Effective Yield Originations $2.9b 41% w.a. GLTV (3) $300m Funded $21m Unfunded 3.2x w.a. Rent Coverage (3) 6 ground lease transac
Slide 6: Equity Offering
Equity Offering $76.00 37% Share Price CAGR $61.00 $242m $46.88 Equity raised in Q3 ’21 $34.00 at $76 per share $28.00 $20.00 IPO FO FO FO FO FO (6/22/17) (8/7/19) (11/19/19) (3/18/20) (11/10/20) (9/22/21) Dates of Equity Offerings 6
Slide 7: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $3,879m) Yield Metrics (1) Property Type Office Annualized Annualized 53% Yield Cash Yield Multifamily 5.2% 3.4% Underlying 31% Property ($204m Annualized ($127m Annualized In-Place Net Rent) In-Place Cash Rent) Other Hotel 1% 15% Credit Metrics
Slide 8: Geographic Breakdown
Geographic Breakdown (Current Portfolio Gross Book Value $3,879m) Seattle Portland Northeast Minneapolis 39% West Milwaukee 26% New Haven San Francisco Central Detroit New York 2% Denver Philadelphia San Jose Salt Lake City Washington, D.C. Mid-Atlantic Los Angeles Nashville 15% San Diego Phoenix So
Slide 9: Capital Structure
Capital Structure Debt Overview Equity Offering Credit Ratings Non-Recourse Baa1 Secured $1,498m Unsecured Revolver Moody’s Total $242m (Stable Outlook) $165m $2.3b ($835m remaining capacity) Pro-Rata Held by JVs Equity raised at $76 per share $272m BBB+ Unsecured Notes Fitch $400m (Stable Outlook)
Slide 10: Unrealized Capital Appreciation
Unrealized Capital Appreciation +$624m $6.7b (1) 7 new properties added to UCA in Q3 ’21 89% $5.1b CAGR $2.8b $1.6b $0.4b IPO Q3 '18 Q3 '19 Q3 '20 Q3 '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
Slide 11: Appendix
APPENDIX yo Safehold | |
Slide 12: Income Statements
Appendix Income Statements For the three months ended Sept 30, For the nine months ended Sept 30, 2021 2020 2021 2020 Revenues: Operating lease income $16,992 $17,195 $51,367 $55,088 Interest income from sales-type leases 30,145 20,583 83,244 59,315 Other income 144 222 390 1,115 Total revenues $47,
Slide 13: Balance Sheets
Appendix Balance Sheets September 30, 2021 December 31, 2020 Assets: Real estate: Real estate, at cost $740,971 $752,420 Less: accumulated depreciation (26,835) (22,314) Real estate, net $714,136 $730,106 Real estate-related intangibles assets, net 222,606 242,166 Total real estate, net and real est
Slide 14: Portfolio Reconciliation
Appendix Portfolio Reconciliation IPO (6/22/17) 9/30/18 9/30/19 9/30/20 9/30/21 Net investment in Sales-Type Leases - - $465 $1,089 $1,802 Ground Lease receivables - - $73 $480 $691 Pro-rata interest in Ground Leases held as equity method investments - - - $344 $439 Real estate, net (Operating Lease
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. Aggregate Gross Book Value Represents the Current Portfolio plus unfunded commitments. For unfunded commitment