16 slides from Safehold Inc. New's earnings presentation, Oct 21, 2021
Slide 1: Q3 '21 Earnings Results
Q3 ’21 EARNINGS 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: Q3 '21 Highlights
3 Q3 ‘21 Highlights Increased Investments $242m Capital Raised from Equity Offering $879m Cash & Credit Facility Availability(3) 36% Quarterly Y/Y EPS Growth 24% Quarterly Y/Y Revenue Growth Strong Earnings $321m New Ground Lease Investments(1) $624m UCA Growth(2) Capital for Growth Note: Please see
Slide 4: Earnings Results
4 Earnings Results Q3 ‘21 Q3 ‘20 Y/Y Growth Revenue $47.3m $38.0m +24% Net Income $20.2m $14.2m +43% EPS $0.38 $0.28 +36% YTD ‘21 YTD ‘20 Y/Y Growth $135.0m $115.5m +17% $51.8m $44.0m +18% $0.97 $0.88 +11% Quarterly Results YTD Results
Slide 5: Investment Activity
5 Investment Activity $321m Originations(1) 4.9% w.a. Underwritten Effective Yield(2) 4.8% w.a. Effective Yield 41% w.a. GLTV(3) 3.2x w.a. Rent Coverage(3) 6 ground lease transactions 5 markets (1 new market) 4 new clients Note: Please see the “Important Note re COVID-19” in the front of this presen
Slide 6: Equity Offerings
6 $20.00 $28.00 $34.00 $46.88 $61.00 $76.00 IPO (6/22/17) FO (8/7/19) FO (11/19/19) FO (3/18/20) FO (11/10/20) FO (9/22/21) Equity Offering 37% Share Price CAGR $242m Equity raised in Q3 ’21 at $76 per share Dates of Equity Offerings
Slide 7: Portfolio Metrics
7 Portfolio Metrics (Current Portfolio Gross Book Value: $3,879m) 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 $3,879m) Detroit Milwaukee Central 2% Minneapolis Nashville West 26% Southwest 7% Southeast 11% Northeast 39% Mid-Atlantic 15% Washington, D.C. Philadelphia Atlanta Raleigh-Durham Orlando Tampa Miami Sarasota Austin Dallas San Antonio Los An
Slide 9: Capital Structure, Debt and Liquidity Metrics
9 Unsecured Revolver $165m Pro-Rata Held by JVs $272m Unsecured Notes $400m Non-Recourse Secured $1,498m Total $2.3b Capital Structure (1) Excludes outstanding borrowings under the Company’s unsecured revolving credit facility. (2) Based on SAFE closing share price of $71.89 on September 30, 2021. I
Slide 10: Unrealized Capital Appreciation
10 $6.7b $5.1b $2.8b $1.6b $0.4b Q3 '21 Q3 '20 Q3 '19 Q3 '18 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 information. Pict
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 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 5
Slide 13: Balance Sheets
13 Balance Sheets Appendix Note: Figures in thousands. 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 Tota
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) 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
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