15 slides from Safehold Inc. New's earnings presentation, Jul 23, 2020
Slide 1: Q2 '20 Earnings Results
Q2 ’20 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: Q2 '20 Highlights
Q2 ‘20 Highlights Strong Safety During Well Positioned Results Turbulent Times for Growth 39% EPS Growth 100% $61m Ground Rent Received New Investments (Year-over-Year) #1 4% ~$900m Returns Across Dividend Increase Purchasing Power(2) All REITs YTD(1) (1) Based on SAFE’s year-to-date total sharehold
Slide 4: Earnings Results
Earnings Results Quarterly YTD Results Results Y/Y Y/Y Q2 ‘20 Q2 ’19 Growth YTD ‘20 YTD ’19 Growth Revenue $37.4m $19.7m +90% $77.5m $41.5m +87% Net Income $12.6m $5.9m +111% $30.0m $17.1m +75% (Gross of NCI) EPS $0.24 $0.18 +39% $0.60 $0.51 +19% (Diluted) 4
Slide 5: Dividend & Stock Performance
Dividend & Stock Performance Annualized Dividend(1) Stock Performance(2) $0.649 $53.78 $46.88 $0.624 $0.600 $34.00 $28.00 $20.00 June 2018 June 2019 June 2020 IPO FO FO FO Current (6/22/17) (8/7/19) (11/19/19) (3/18/20) (7/22/20) (1) All dividends are subject to declaration by the Board of Directors
Slide 6: Portfolio Growth
Portfolio Growth (Aggregate Gross Book Value) $2.9b $61m Q2 ’20 Investment Activity ~$900m Purchasing Power 5.2% w.a. Underwritten Effective Yield(1) 4.8% w.a. Effective Yield $1.1b 33% w.a. GLTV $0.7b $0.5b $0.3b IPO (6/22/2017) Q2 '17 Q2 '18 Q2 '19 Q2 '20 Note: Please see the “Important Note re CO
Slide 7: Geographic Breakdown
Geographic Breakdown (Current Portfolio Gross Book Value: $2,798m) Seattle 3.3% 0.1 % Portland Minneapolis 0.1% Milwaukee New Haven 0.4% 0.3 % New York San Francisco Salt Lake City 2.6% 45.1% 1.5% Detroit 2.0% 1.3% Colorado Philadelphia 12.0% Los Angeles 0.7% Nashville Washington, D.C. 5.9% 0.9% 0.7
Slide 8: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $2,798m) Credit Metrics(1) Property Type Lease Term >60 yrs Office 89% W.A. Rent W.A. GLTV 62% Coverage(2) Lease Term Hotel Property Type Remaining 4.0x 37% 19% w/ Ext. <20 yrs (W.A. 89 Years) 8% 20-60 yrs 3% Multifamily Other 18% 1% Total Annua
Slide 9: Unrealized Capital Appreciation
Unrealized Capital Appreciation $5.2b 12x UCA Growth Since IPO(1) $2.2b $1.4b $0.8b $0.4b IPO (6/22/2017) Q2 '17 Q2 '18 Q2 '19 Q2 '20 Note: Please see the “Important Note re COVID-19” in the front of this presentation for a statement about metrics this quarter. Refer to the Glossary in the Appendix
Slide 10: Capital Structure
Capital Structure $2.7b $1.2b $1.7b Equity Book Equity Total Debt(2) Market Cap $296m cash and revolver availability ~150 bps accretive spread (as of July 22, 2020) – 5.5% w.a. yield of portfolio – 4.0% w.a. Effective Interest Rate ~$900m purchasing power (assuming 2x leverage) 3.1% w.a. Cash Intere
Slide 11: Appendix
APPENDIX yo Safehold | |
Slide 12: Income Statements
Appendix Income Statements For the three months ended June 30, For the six months ended June 30, 2020 2019 2020 2019 Revenues: Operating lease income $17,113 $17,196 $37,893 $37,712 Interest income from sales-type leases 19,831 1,880 38,732 2,802 Other income 409 604 893 986 Total revenues $37,353 $
Slide 13: Balance Sheets
Appendix Balance Sheets June 30, 2020 December 31, 2019 Assets: Real estate: Real estate, at cost $707,381 $687,902 Less: accumulated depreciation (19,300) (16,286) Real estate, net $688,081 $671,616 Real estate-related intangibles assets, net 240,845 242,837 Total real estate, net and real estate-r
Slide 14: Portfolio Reconciliation
Appendix Portfolio Reconciliation IPO (6/22/17) 6/30/17 6/30/18 6/30/19 6/30/20 Net investment in Sales-Type Leases - - - $160 $1,045 Ground Lease receivables, net - - - - $477 Pro-rata interest in Sales-Type Leases held as equity method investments - - - - $343 Real estate, net (Operating Leases) $
Slide 15: Glossary
Appendix Glossary Represents Cost Basis plus forward commitments. For forward commitments, it represents the aggregate contractual purchase price to be paid under the Aggregate Cost Basis commitments. Represents the Current Portfolio plus forward commitments. For forward commitments, it represents t