Safehold (US:SAFE)2022-05-03 18:53Financial Performance - iStar reported net income allocable to common shareholders of $610.9 million in Q1 2022, compared to a loss of $0.4 million in Q1 2021[19] - Adjusted earnings allocable to common shareholders were $607.5 million in Q1 2022, compared to $22.7 million in Q1 2021[19] - The company completed the sale of net lease assets for a gross sales price of $3.07 billion, resulting in net cash proceeds of approximately $1.2 billion[12, 22] Safehold (SAFE) Investment - iStar's investment in Safehold had a market value of $1.725 billion as of April 29, 2022, based on 40.1 million shares at a price of $43.05 per share[24, 27, 80] - Safehold's new originations in Q1 2022 amounted to $677 million[15] - Safehold experienced an increase in Unlevered Contractual Ground Rent (UCA) of $1.3 billion[16] Balance Sheet and Capital Structure - iStar extinguished $1.2 billion in consolidated debt during the quarter[17] - Subsequent to the quarter's end, iStar completed a convertible note exchange, exchanging $194 million of convertible notes for 13.75 million newly issued shares and $14 million in cash[18] - The company's pro forma common equity per share, as adjusted, was $17.75[25, 29] Asset Allocation - Ground Lease Ecosystem (including SAFE) constitutes $1.822 billion of total assets (excluding cash)[25] - Non-core assets totaled $825 million[25]