Safehold (SAFE) - 2023 Q3 - Earnings Call Presentation

15 A P P E N D I X Unrealized Capital Appreciation Details Refer to the Glossany in the Appendix (or a clefinition of Denedized Captal Appreciation ("UCA"), and "Combinet Propedy Value" ("CPV"). SAFE relies in part on OBRE: svalusi our portblio in calculating UCA S4FE may ultize management's essimate of CPV for ground lease investments recently acquired that O3RE has nd yet evaluated. For corstruction bild inclusive of the land. OPV is a hypothetical value of the as-improved subject property, based on an as ...