Safehold Inc. New · NYSE:SAFE
Safehold Inc. New — Safehold — Investor Presentation (July 2026)
40 slides from Safehold Inc. New's investor presentation, July 2026
Slide 1: Investor Presentation
Investor Presentation July 2026
Slide 2: Table of Contents
Table of Contents 01 Company Overview 02 Additional Information Executive Summary 4 Ground Lease 101 17 Company Value Components 5 Customers 24 Investment Criteria and Market Opportunity 6 Portfolio 30 Portfolio Overview 7 Corporate 32 Liability Risk Comparison 8 Glossary 38 Capital Structure 9 Endn
Slide 3: Company Overview
01 Company Overview Safehold | The Ground Lease Company | July 2026 3
Slide 4: Executive Summary
Executive Summary Safehold (NYSE: SAFE) is the creator and market leader of the modern ground lease industry. We provide a capital solution that seeks to make commercial real estate ownership more cost efficient Target Attractive Risk Adjusted Returns for Investors Bond Component: High-grade, predic
Slide 5: Company Value Components
Company Value Components Safehold’s ground lease portfolio has two primary value components: 1. Bond Component 2. Capital Appreciation (Caret) Compounding, call protected cash flow Ownership interests in future capital streams with strong credit attributes appreciation above cost basis + Secured by
Slide 6: Investment Criteria and Market Opportunity
Investment Criteria and Market Opportunity ~90% of Safehold’s business is creating ground leases to support commercial property acquisitions, recapitalizations or development. The remaining ~10% is acquiring existing ground leases3 Target Investment Criteria Market Opportunity Top 30 MSAs with attra
Slide 7: Portfolio Overview
Portfolio Overview 172 $7.3b $9.8b ~39m Assets AGBV Estimated UCA Square Feet (Ground Leases) 7 (Embedded current valueof future ownershipinterestsabove (Safehold is the contractualfuture ownerof) ground leaseinvestment basis,not shown on Safehold’sfinancials) Growing Investment Base ($b) Diversifie
Slide 8: Liability Risk Comparison
Liability Risk Comparison Safehold and its creditors sit at a significantly lower attachment point in a property’s capital structure than typical Lessors and Mortgage & Equity REITs, benefiting from higher levels of subordinate capital Highest-to-lowest creditor look-through LTV Mortgage Equity Illu
Slide 9: Capital Structure
Capital Structure $5.0b 18 Years 3.9% / 4.4% 2.0x $1.4b Total Debt13 W.A. Maturity13 14 Cash Interest Rate / Corporate Liquiditya Debt Effective Interest Rate13 14 Leverage13 A3 (Stable) Debt Maturity Schedule15 Revolving Credit Non-recourse Secured Debt Unsecured Notes / Term Loan A- (Stable) A- (S
Slide 10: Bond Component: Contractual Cash Flows
Bond Component: Contractual Cash Flows Safehold shareholders benefit from decades of compounding and contractual growth. Periodic CPI lookbacks further increase returns and mitigate inflationary pressures2 16 In-Place Portfolio ($m)a $174 $99 $42 $11 $1,275 $0 $903 $406 $611 $252 Today In 20 Years…
Slide 11: Bond Component: In-Place Liability Value
Bond Component: In-Place Liability Value Safehold shareholders benefit from a long-term and bespoke debt profile locked-in during a lower rate environment. We believe these liabilities have significant mark-to-market value in today’s rate environment $4.4b 18 years 3.9% 4.4% Permanent Debt13 14 W.A.
Slide 12: Caret Introduction
Caret Introduction Ground leases typically own the right to all land + improvements at lease expiration at no additional cost Caret is a subsidiary designed to help recognize the value of that capital appreciation above Safehold’s investment basis. The Company has sold minority interests in Caret to
Slide 13: Caret Evolution
Caret Evolution Caret is designed to capture long-term value creation without the need to issue additional Caret units, with two sources of growth: Internal Growth – Existing assets typically increase in value over long periods of time External Growth – New ownership interests are added as Safehold’
Slide 14: Value of Existing Portfolio
Value of Existing Portfolio Bond Component Discount Rate 7.0% 5.9%* 4.0% Contractual cashflows, typically includes 2.0% annual 1. Economic NPV $8 $28 $96 escalators, compounding and locked-in for 99 years 2. Inflation Capture (2.23% CPI2) $2 $4 $9 Inflation capture above 2.0% CPI (typically up to 3.
Slide 15: Conclusion
Conclusion 01 Ground Leases Are A Compelling Asset Class ~$4 Trillion Estimated 5-year Large addressable market with proven product; fits a variety of capital events U.S. CRE transaction activitya at a commercial property (buy/sell, recapitalization, development) Historically inaccessible asset clas
Slide 16: Additional Information
02 Additional Information Safehold | The Ground Lease Company | July 2026 16
Slide 17: What is a Ground Lease
Ground Lease 101 What is a Ground Lease A Ground Lease (“GL”) represents ownership of the land underlying a commercial real estate property. The land is leased on a long-term basis by the landlord (Safehold) to a tenant that operates the property Ground Lessee / Leaseholder (Safehold’s Tenant) Build
Slide 18: Typical Safehold Ground Lease Terms
Ground Lease 101 Typical Safehold Ground Lease Terms Lease Term 99 Years Contractual Escalators Annual fixed bumps (~2.0%) with periodic CPI-based lookbacks (~3.0 - 3.5%) Property Expenses No landlord (Safehold) obligations Capital Expenditures No landlord (Safehold) obligations Tenant Repair Tenant
Slide 19: The Modern Ground Lease
Ground Lease 101 The Modern Ground Lease Safehold’s form structure standardizes how ground leases should function in the capital markets by removing value destroying features found in archaic ground leases and creating a bond-like instrument with growing, predictable cash flows which benefits all pa
Slide 20: Illustrative Principal and Income Safety
Ground Lease 101 Illustrative Principal and Income Safety Principal Safety Income Safety Risk Illustrative Asset Illustrative Safehold Backed Security Structure Equity Equity Leasehold Value $60m $167k monthly N/R (65-70% LTV) ground rent is B (60-65% LTV) BB (55-60% LTV) Leasehold 1/360th Mortgage
Slide 21: Annual Escalators and CPI Lookback Mechanics
Ground Lease 101 Annual Escalators and CPI Lookback Mechanics CPI Lookbacks2 provide meaningful inflation capture that is better than comparable risk, long-term fixed- rate bonds we benchmark against, and continue periodically throughout the life of a lease. Safehold’s standard form ground lease con
Slide 22: Portfolio Economics
Ground Lease 101 Portfolio Economics Safehold’s portfolio consists primarily of assets on our form lease structure (99-year term, 2.0% annual escalators, CPI lookbacks up to ~3.25%), whereby an IRR is used to calculate GAAP returns which are equivalent to economic returns ~14% of portfolio are acqui
Slide 23: Illustrative Growth – Contractual Cash Flow and Inflation Capture
Ground Lease 101 Illustrative Growth – Contractual Cash Flow and Inflation Capture2 Minimum contractual ground lease cash flows target ~100+ bps of spread vs. similar long-term, high grade fixed income securities. In addition, CPI lookbacks2 in our portfolio are designed to provide meaningful inflat
Slide 24: A Better Capital Solution
Customers A Better Capital Solution Making ground leases modern, efficient, and value-enhancing for building owners Improved Capital Efficiency Improved Cost Efficiency Significant Risk Reduction $60m Transfer Tax $100m $75m Mortgage Recording Tax Near-term maturity risk Title Insurance Broker Fees
Slide 25: Efficient Capital Creates Better Returns for New Transactions
Customers Efficient Capital Creates Better Returns for New Transactions $100m $100m $25m Equity Illustrative Example: $21m Equity $10m Pref. Equity / Mezz. Debta Safehold’s Modern Ground Lease creates value and liquidity for customers $39m Leasehold Loanc $65m Loanb $40m Ground Leased $100m Fee Simp
Slide 26: Multi-Channel Origination & Sourcing Strategy
Customers Multi-Channel Origination & Sourcing Strategy Origination Mechanics Primary Competition ~90% Create a ground lease to support property Fee simple financing of Activity acquisitions, recapitalizations or development ~10% of Activity Acquire existing ground leases Life Insurance, Pension, HN
Slide 27: SAFE Ground Leases Help Affordable Housing Developments Move Forward
Customers SAFE Ground Leases Help Affordable Housing Developments Move Forward Key Issue: significant undersupply of housing in the U.S. with widening income gaps, rising construction costs, zoning / land use restrictions and limited pools of government resources Safehold Solution: low cost, high ef
Slide 28: Growing Customer Adoption
Customers Growing Customer Adoption Diversifying Customer Base21 High Customer “Stickiness” & Improving Efficiency 4% 5% 9% Other Public REIT 38% 69% Of customers have closed Of existing customers have looked at or 11% Global Fund Manager multiple deals with Safehold are currently reviewing another
Slide 29: Institutional Sponsors and Lenders
Customers Institutional Sponsors and Lenders Safehold’s 172 ground leases include 109 unique sponsors and 60 unique leasehold lenders Sponsors include financial sponsors, owner/operators, public companies, sovereign wealth funds, and other institutions. Lenders include agencies, banks, insurance, CM
Slide 30: Portfolio Diversification
Portfolio Portfolio Diversification Safehold primarily invests in the top 30 MSAs across the U.S., which we believe are positioned for long-term sustainable growth $7.1b Core Ground Lease Portfolio Top 10 Markets (% of GBV, Count, Rent Coverage9, GLTV8) (92-year w.a. extended lease term) 1. Manhatta
Slide 31: Office Highlights
Portfolio Office Highlights 36 Ground Leases $2.8b GBV $1.8b Est. UCA 3.0x Rent Coverage9 Estimated 1• Manhattan (5 GLs, 2.5x Rent Coverage): Located in proximity to transit within attractive Manhattan SAFE Basis Subordinate Capital24 submarkets (Grand Central, FiDi, Rockefeller Center, etc.) 1 $1.1
Slide 32: Organization Structure
Corporate Organization Structure Safehold benefits from its full-service platform (70 employees) and leadership team with decades of experience in all key functions Jay Sugarman 29 Chairman & CEO Michael Trachtenberg 1 President Brett Asnas Steve Wylder Elisha Blechner Yosefa Lunzer EVP, Head of Gen
Slide 33: Income Statement
Income Statement For the three months ended June 30, For the six months ended June 30, 2026 2025 2026 2025 Revenues: Interest income from sales-type leases $76,902 $70,642 $151,936 $140,306 Operating lease income 15,806 16,706 35,962 38,088 Hotel revenues 15,937 - 25,801 - Interest income 3,291 2,71
Slide 34: Balance Sheet
Balance Sheet As of June 30, 2026 As of December 31, 2025 Assets: Net investment in sales-type leases $3,674,566 $3,563,675 Ground Lease receivables, net 2,130,999 2,003,931 Real estate: Real estate, at cost 743,822 740,971 Less: accumulated depreciation (55,321) (52,222) Real estate, net 688,501 68
Slide 35: Portfolio Reconciliation
Portfolio Reconciliation IPO (6/22/17) 6/30/22 6/30/23 6/30/24 6/30/25 6/30/26 Net investment in Sales-Type Leases - $2,912 $3,168 $3,380 $3,511 $3,675 Ground Lease receivables - $1,236 $1,485 $1,747 $1,904 $2,131 Pro-rata interest in Ground Leases held as - $443 $472 $452 $458 $462 equity method in
Slide 36: Earnings Reconciliation
Earnings Reconciliation For the three months ended For the six months ended June 30, June 30, 2026 2025 2026 2025 Net income (loss) attributable to Safehold Inc. common shareholders $30,155 $27,947 $59,016 $57,311 a Add: Non-recurring (gains) / losses - - - 1,945 Net income excluding non-recurring (
Slide 37: Unrealized Capital Appreciation Details
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 valuations of the CPV of our portfolio in calculating UCA. SAFE ma
Slide 38: Glossary
Glossary Aggregate Cost Basis Represents Cost Basis plus unfunded commitments of the Core Ground Lease Portfolio. For unfunded commitments, it represents the aggregate future amount to be paid under the commitments. Aggregate Gross Book Value Represents the Gross Book Value plus unfunded commitments
Slide 39: Endnotes
Endnotes (1) Green Street Advisors Commercial Property Monthly July 2026. (2) Inflation Adjusted Yield / Inflation Capture / CPI Adjustments: Safehold originated ground leases typically include a periodic rent increase based on prior years cumulative CPI growth with the initial lookback year general
Slide 40: 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