NEW
YORK, April 26, 2023 /PRNewswire/ -- Safehold
Inc. (NYSE: SAFE) reported results for the first quarter
2023.1
SAFE published a presentation detailing these results which can
be found on its website, www.safeholdinc.com in the
"Investors" section.
Highlights from the earnings announcement include:
— Q1'23 revenue was $78.3 million
— Q1'23 net income attributable to common shareholders
was $4.7 million, or $26.3 million excluding merger and Caret related
costs2
— Q1'23 earnings per share
was $0.07, or $0.41 excluding merger and Caret related
costs2
—
Closed merger with iStar, internalizing
Safehold's management structure and adding MSD
Partners as major shareholder and Caret
investor
— Closed $24.5 million third party investment in Caret at
$2.0 billion
valuation
— Closed an additional $500 million unsecured revolving credit facility,
increasing total unsecured credit lines to $1.85 billion
"We are pleased to have closed our merger transaction at the end
of the quarter and enhanced Safehold's leadership position in the
ground lease industry," said Jay
Sugarman, Chairman and Chief Executive Officer. "While
transaction activity has been limited amid a volatile macro
backdrop, we look forward to continuing our long-term growth trends
once commercial activity resumes."
The Company will host an earnings conference call reviewing this
presentation beginning at 5:00 p.m.
ET. This conference call will be broadcast live and can be
accessed by all interested parties through Safehold's website and
by using the dial-in information listed below:
|
Dial-In:
|
888.506.0062
|
|
International:
|
973.528.0011
|
|
Access Code:
|
330810
|
A replay of the call will be archived on the Company's website.
Alternatively, the replay can be accessed via dial-in from
8:00 p.m. ET on April 26, 2023 through 12:00 a.m. ET on May 10,
2023 by calling:
|
Replay:
|
877.481.4010
|
|
International:
|
919.882.2331
|
|
Access Code:
|
48222
|
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate
ownership by providing a new and better way for owners to unlock
the value of the land beneath their buildings. Having created the
modern ground lease industry in 2017, Safehold continues to help
owners of high quality multifamily, office, industrial,
hospitality, student housing, life science and mixed-use properties
generate higher returns with less risk. The Company, which is taxed
as a real estate investment trust (REIT), seeks to deliver safe,
growing income and long-term capital appreciation to its
shareholders. Additional information on Safehold is available on
its website at www.safeholdinc.com.
Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@safeholdinc.com
|
1 On March
31, 2023, Safehold Inc. ("Old SAFE") merged with and into iStar
Inc. ("iStar"), at which time Old SAFE ceased to exist, and iStar
continued as the surviving corporation and changed its name to
"Safehold Inc." For accounting purposes, the merger is treated as a
"reverse acquisition" in which iStar is considered the legal
acquirer and Old SAFE is considered the accounting acquirer. As a
result, the historical financial statements of Old SAFE became the
historical financial statements of post-merger Safehold
Inc.
|
|
2 Merger and
Caret related costs were $21.6m or $0.34 per share in Q1'23
including $9.4m or $0.15 per share expenses and reserves related to
legal, tax, accounting, and advisors, $6.9m or $0.11 per share
transfer tax and $5.3m or $0.08 per share G&A primarily related
to the termination of pre-existing iStar incentive plans and other
miscellaneous items.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/safehold-reports-first-quarter-2023-results-301808706.html
SOURCE Safehold