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MarketScreener Homepage  >  Equities  >  Nyse  >  Safehold Inc.    SAFE

SAFEHOLD INC.

(SAFE)
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Safehold : Corporate Presentation

11/19/2020 | 07:55am EST

INVESTOR PRESENTATION

November 2020

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", "expect", "plan", "will", "estimate", "project", "intend", "believe", and other similar expressions that do not relate to historical matters. These forward-looking statements reflect the Company's current views about future events, and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause Company's actual results to differ significantly from those expressed in any forward-looking statement. The Company does not guarantee that the transactions and events described will happen as described (or that they will happen at all).

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the effect of the COVID-19 pandemic on our business and growth prospects; market demand for ground lease capital; the Company's ability to source new ground lease investments; the availability of funds to complete new ground lease investments; risks that the rent adjustment clauses in the Company's leases will not adequately keep up with changes in market value and inflation; risks associated with certain tenant and industry concentrations in our portfolio; conflicts of interest and other risks associated with the Company's external management structure and its relationships with iStar and other significant investors; risks associated with using debt to fund the Company's business activities (including changes in interest rates and/or credit spreads, the ability to source financing at rates below the capitalization rates of our assets, and refinancing and interest rate risks); risks that tenant rights in certain of our ground leases will limit or eliminate the Owned Residual realizations from such properties; general risks affecting the real estate industry and local real estate markets (including, without limitation, the potential inability to enter into or renew ground leases at favorable rates, including with respect to contractual rate increases or participating rent); dependence on the creditworthiness of our tenants and their financial condition and operating performance; competition from other ground lease investors and risks associated with our failure to qualify for taxation as a REIT under the Internal Revenue Code of 1986, as amended. Please refer to the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and any subsequent reports filed with the Securities and Exchange Commission (SEC) for further discussion of these and other investment considerations. The Company expressly disclaims any responsibility to update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Important Note re COVID-19: Readers of this presentation are cautioned that, due to the uncertainty created by the COVID-19 pandemic, our results for the quarter may not be indicative of our results for the remainder of 2020. Similarly, our Ground Rent Coverage and UCA as of September 30, 2020 are likely to decline with respect to certain properties in future periods due to the continuing impact of the pandemic, and any such decline may be material. Readers are urged to read our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 when it is filed with the SEC for a more fulsome discussion of our quarterly results, including the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections included therein.

Note: Please refer to the Glossary at the end of this presentation for a list of defined terms and metrics.

Investor Relations Contact

Jason Fooks

212.930.9400

investors@safeholdinc.com

2

Executive Summary

Strong

Performance

Big Go-Forward

Opportunity

Significant Value

Potential

Strong Portfolio and Customer Growth Strong Revenue and EPS Growth

#1 Performing Publicly-Traded REIT since 12/31/18(1)

Leader in Developing New Capital Solution for $7 Trillion CRE Market Strong Pipeline Building Across Multiple Markets and Property Types Continuing Innovation with New Engines for Potential Growth

Accretive Returns on Assets

Accretive Capital Costs

Growing Unrealized Capital Appreciation

(1) Based on SAFE's total shareholder return of 264% from 12/31/18 to 11/13/20 vs. companies within the FTSE Nareit Composite Index (source: Factset).

3

Strong Portfolio Growth

Safehold Portfolio

A Better CRE

Customer Solution(2)

(Aggregate Gross Book Value)

$3.0b

Improved

Capital Efficiency

91%

CAGR

$1.5b

Improved

Cost Efficiency

$0.8b

$0.5b

$0.3b

Significant

Risk Reduction

IPO

Q3 '17

Q3 '18

Q3 '19

Q3 '20

(6/22/2017)

(Pro Forma)(1)

Note: Please refer to Appendix for Portfolio Reconciliation.

4

(1) Pro forma statistics include $79m of ground leases closed subsequent to the end of Q3 '20.

(2) Please refer to the "Better Capital Solution" slide found later in this presentation for additional details.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Safehold Inc. published this content on 19 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 12:54:08 UTC


© Publicnow 2020
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Sales 2020 156 M - -
Net income 2020 59,3 M - -
Net Debt 2020 1 546 M - -
P/E ratio 2020 65,1x
Yield 2020 0,84%
Capitalization 4 040 M 4 040 M -
EV / Sales 2020 35,9x
EV / Sales 2021 33,4x
Nbr of Employees -
Free-Float 32,7%
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Mean consensus BUY
Number of Analysts 7
Average target price 77,67 $
Last Close Price 76,10 $
Spread / Highest target 31,4%
Spread / Average Target 2,06%
Spread / Lowest Target -12,0%
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Managers and Directors
NameTitle
Jay Sugarman Chairman & Chief Executive Officer
Marcos Alvarado President & Chief Investment Officer
Jeremy Fox-Geen Chief Financial Officer
Robin G. Josephs Director
Jay Scott Nydick Independent Director
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