17 slides from Safehold Inc. New's earnings presentation, Apr 23, 2020
Slide 1: Q1 '20 Earnings Results
Q1 ’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: Financial Results
FINANCIAL RESULTS 3
Slide 4: Q1 '20 Highlights
Q1 ‘20 Highlights Solid Strengthening the Market Growth Balance Sheet Outperformance $150m 84% +31% Equity Raised 23% to $948M Q1 ’20 Y/Y YTD Revenue Growth $259m Total Shareholder Long-Term Return (as of April 22, 2020) Debt Raised(1) (1) Includes $106m of debt raised subsequent to the end of the f
Slide 5: Earnings Results
Earnings Results TTM TTM Q1 ‘20 Q1 ‘19 (Q1 ’20) (Q1 ’19) Revenue $40.2m $21.8m $111.7m $59.9m Net Income $17.4m $11.1m $40.0m $19.3m (Gross of NCI) W.A. Shares 48.2m 30.7m 39.7m 21.3m (Diluted) Earnings per Share $0.36 $0.36 $1.01 $0.91 (Diluted) 5
Slide 6: Strengthening the Balance Sheet
Strengthening the Balance Sheet $150m $259m New Equity Raised Long-Term Debt Raised(1) 3.2m shares issued at $46.88 ~190 bps accretive spread – 5.6% w.a. effective yield of collateral Bolstered liquidity and ability to invest – 3.7% w.a. effective interest rate(2) opportunistically 2.8% w.a. cash in
Slide 7: Capital Structure
Capital Structure $1.2b $1.7b Total Equity Total Debt(2) $338m cash and revolver availability ~150 bps accretive spread (as of April 22, 2020) – 5.5% w.a. yield of portfolio – 4.0% w.a. effective interest rate(3) ~$1.0b purchasing power (assuming 2x leverage) 3.1% w.a. cash interest rate(3) 1.4x deb
Slide 8: Portfolio Update
PORTFOLIO UPDATE 8
Slide 9: Portfolio Growth
Portfolio Growth (Aggregate Gross Book Value) $2.8b $77m 8x Q1 ’20 Investment Activity Growth Since 5.8% w.a. effective yield IPO 3.7x w.a. rent coverage(1) $1.1b 36% w.a. GLTV $0.6b $0.3b IPO (6/22/2017) Q1 '18 Q1 '19 Q1' 20 Note: Please see the “Important Note re COVID-19” in the front of this pre
Slide 10: Portfolio Breakdown
Portfolio Breakdown (Current Portfolio Gross Book Value: $2,705m) Property Office Hotel Multifamily Other Type 63% 19% 17% 1% Geographic Breakdown Seattle 3.4% Minneapolis New Haven Portland 0.1% 0.1% 0.1% Milwaukee 46.3% New York San Francisco 0.3% 2.7% Salt Lake City 0.8% 1.4% Philadelphia Detroit
Slide 11: Portfolio Metrics
Portfolio Metrics (Current Portfolio Gross Book Value: $2,705m) Credit Metrics(1) Lease Term W.A. Rent W.A. GLTV >60 yrs 90% Coverage(2) Lease Term Remaining 4.1x 37% w/ Ext. <20 yrs (W.A. 89 Years) 8% 20-60 yrs 2% Total Annualized Less: Annualized - = $149.6m Net Yield GAAP Rent Depreciation & Amou
Slide 12: Unrealized Capital Appreciation
Unrealized Capital Appreciation $5.0b 11x Unrealized Capital Appreciation (UCA) is calculated as today’s estimated Combined Property Value (CPV) less the Aggregate Cost Basis of SAFE’s portfolio. CBRE UCA Growth conducts independent appraisals of the CPV Since IPO of each property(1). The Company fo
Slide 13: Appendix
APPENDIX [od Safehold
Slide 14: Income Statements
Appendix Income Statements For the three months ended Mar 31, 2020 2019 Revenues: Operating lease income $20,780 $20,516 Interest income from sales-type leases 18,901 922 Other income 484 382 Total revenues $40,165 $21,820 Costs and expenses: Interest expense $15,148 $4,521 Real estate expense 798 8
Slide 15: Balance Sheets
Appendix Balance Sheets March 31, 2020 December 31, 2019 Assets: Real estate: Real estate, at cost $687,902 $687,902 Less: accumulated depreciation (17,793) (16,286) Real estate, net $670,109 $671,616 Real estate-related intangibles, net 241,171 242,837 Total real estate, net and real estate-related
Slide 16: Portfolio Reconciliation
Appendix Portfolio Reconciliation IPO (6/22/17) 3/31/18 3/31/19 3/31/20 Net investment in Sales-Type Leases - - $129 $1,029 Ground Lease receivables, net - - - $422 Pro-rata interest in Sales-Type Leases held as equity method investments - - - $342 Real estate, net (Operating Leases) $265 $451 $661
Slide 17: Glossary
Appendix Glossary Represents Cost Basis plus forward commitments. For forward commitments, it represents the aggregate contractual purchase price to be paid Aggregate Cost Basis under the commitments. Represents the Current Portfolio plus forward commitments. For forward commitments, it represents t