NEW YORK, July 8, 2024 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on ground leases to facilitate the ground-up development of four affordable housing communities in Northern California. The low-income tax credit developments total 781 units across four locations: three in San Jose and one in Concord, California. The projects will be built by The Pacific Companies, a prolific and highly experienced developer of affordable housing through ...

NEW YORK, June 21, 2024 /PRNewswire/ -- Safehold Inc. (the "Company" or "Safehold") (NYSE: SAFE) today announced that its operating company, Safehold GL Holdings LLC (the "operating company"), has established an unsecured commercial paper note program in the United States. Under the terms of the program, the operating company may issue from time to time unsecured commercial paper notes up to a maximum aggregate amount outstanding at any one time of $750 million. The notes will be sold under customary terms ...

NEW YORK, June 14, 2024 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) announced today that the Company's Board of Directors has declared common stock dividends of $0.177 per share for the second quarter of 2024. The dividend represents an annualized rate of $0.708 per share and is payable on July 15, 2024 to holders of record on June 28, 2024. About Safehold: Company Contact: Pearse Hoffmann Senior Vice President Capital Markets & Investor Relations T 212.930.9400 E [email protected] Safehold Inc. (NYSE: SAFE) ...

NEW YORK, June 6, 2024 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease to facilitate the ground-up development of The Orion, a 166-unit senior affordable community in Orange, California. The project will be developed by USA Properties Fund, an experienced developer of multifamily projects throughout California. The OrionThe Orion "We are very excited to establish a relationship with the USAP team, and look forward to a succ ...

HACKENSACK, N.J., May 28, 2024 (GLOBE NEWSWIRE) -- Paperclip, Inc. (OTCMKTS:PCPJ) announced today its sponsorship of the Gartner Security & Risk Management Summit in National Harbor, Maryland June 3-5. The annual show brings together a world-class community of digital workplace leaders, architects, and IT executives. Paperclip, an innovative content management and data security company, will showcase its breakthrough SAFE® searchable encryption solution at the annual show alongside other leading security ve ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | --- | --- | --- | | C ...

Financial Data and Key Metrics Changes - The first quarter revenue was $93.2 million, net income was $30.7 million, and earnings per share was $0.43, with a significant increase in GAAP earnings year-over-year primarily due to $21.6 million of merger and Caret related costs that occurred in Q1 2023 [68][69] - The company ended the quarter with $1.1 billion of liquidity, which is the most buying power Safehold has had since inception, with no debt maturities until 2027 [64][84] - The effective interest rate on permanent debt is 4.0%, and the portfolio's cash interest rate on permanent debt is 3.6% [84] Business Line Data and Key Metrics Changes - The ground lease portfolio consists of 137 assets and has grown 19 times since IPO, with the estimated unrealized capital appreciation sitting above ground leases having grown 21 times [66] - Same-store percentage rent was up approximately $850,000 versus last year, or a 23% increase, primarily due to strong performance at Park Hotels assets [70] - The economic yield of the portfolio is expected to be 5.7%, which aligns with conservative underwriting of investments [72][81] Market Data and Key Metrics Changes - The company has seen customer engagement steadily pick up, leading to eight LOIs signed for potential commitments of approximately $145 million, all in the multi-family sector [62] - The total portfolio was valued at $6.5 billion, with an estimated UCA of $9.1 billion, GLTV at 47%, and rent coverage at 3.6 times [64][83] - Office GLTVs increased modestly during the quarter, with approximately 80% of office assets reappraised over the last two quarters [82] Company Strategy and Development Direction - The company aims to scale its operations to achieve $1 billion plus in annual originations, with a focus on multifamily assets, which now represent 55% of all ground leases by count [67][39] - The company is strategically positioned with ample liquidity and hedges that are in the money, looking to capitalize on attractive risk-return opportunities as the market stabilizes [96][97] - The focus remains on reducing G&A costs, with a target of a 10% reduction for 2024, having already achieved a $40 million annualized G&A figure [10][79] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in closing the majority of the eight LOIs in the second quarter, citing positive momentum in the market despite current volatility [131] - The company believes the market is reaching a point where the next move will be down in rates, although the timing remains uncertain [116] - Management highlighted that the current economic yields are attractive, and they are prepared to wait out higher rates to take advantage of future opportunities [97][100] Other Important Information - The company has entered into a new $2 billion unsecured revolving credit facility, enhancing financial flexibility and providing an immediate $150 million of incremental credit capacity [59][60] - The redemption of the first round of Caret investors was executed to simplify the structure and focus on long-term family office type investors for future rounds [77][110] Q&A Session Summary Question: What are the current expectations for the next 90 days based on conversations? - Management indicated that the pipeline is primarily focused on multi-family assets and confirmed that the joint venture will be part of funding the deal flow [87][89] Question: Can you elaborate on G&A expectations for the rest of the year? - Management confirmed that net G&A for the first quarter was approximately $10 million, with expectations for a decline in management fees and a steady decrease in G&A over the year [90][92] Question: What factors are driving confidence in closing the LOIs? - Management expressed confidence based on the progress of the deals and the positive momentum observed in recent weeks, although they noted that no guarantees can be made until the deals are closed [114][131] Question: How does the redemption of Caret impact future efforts? - Management clarified that the redemption was primarily driven by liquidity needs from the investors, and it does not significantly impact future efforts around Caret [121][125] Question: How quickly can the pipeline build if rates decrease? - Management indicated that if rates were to drop to around 4.25%, they expect a quicker ramp-up in deal flow, but the exact timing remains uncertain [128][131]

Debt Overview Capital Structure Outstanding Hedges | --- | --- | --- | --- | --- | --- | |-----------------------------------|----------------------------------------|--------------------|----------------------------------------------------------------------------------|---------------------------------|----------------------------------------------------------------------------------------------------| | | | | | | | | Unsecured | | Non-Recourse | SOFR Swap (Revolver) | | Treasury Locks (Long-Term Debt) | | ...

afehold Debt & Hedging Investment Activity1 ~$145m across 8 non-binding LOls $2.0b Revolver $300m Notes Issued 10-year unsecured notes New 5-year unsecured revolving credit facilityª 5 All 6 (6.10% coupon, 5.32% yield to maturity net of (replaced existing aggregate Sponsors Multifamily Markets $21m realized hedge gains) $1.85b facilities) Outstanding Hedges ~35% ~3.0x ~7.5% $500m SOFR Swap through April 2028 at ~3.0% SOFR Rent Economic GLTV2 (-$3m per quarter pickup at current SOFR rate) Coverage3 Yield4 $3 ...

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", "representative", "expect", "plan", "will", "estimate", "project", "intend", "believe", and other similar expressions that do not relate to historical matters, and include estimates of UCA and Illustrative Caret Adjusted Yield. These forward-looking statements reflect th ...