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Safehold (SAFE) investor relations material

Safehold Investor Presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Investor Presentation summary7 Aug, 2025

Business model and market opportunity

  • Operates as a market leader in modern ground leases, providing capital solutions to make commercial real estate ownership more cost efficient, targeting attractive risk-adjusted returns with inflation protection and capital appreciation potential.

  • Focuses on bifurcating land from buildings to create efficiencies, offering low-cost, non-maturing capital to property owners and access to a historically inaccessible asset class.

  • Targets top 30 U.S. MSAs, with 90% of activity in creating new ground leases for acquisitions, recapitalizations, or development, and 10% in acquiring existing ground leases.

  • Addresses a ~$7 trillion U.S. institutional CRE market, with $4 trillion in 5-year CRE activity and $10 billion in Safehold-related transactions.

  • Platform is the only nationally scaled, publicly traded ground lease provider, with a dedicated originations team and investment grade capital advantages.

Portfolio and financial performance

  • Portfolio includes 151 assets across 41 markets and 6 property types, totaling $6.9 billion in aggregate gross book value and $9.1 billion in estimated unrealized capital appreciation (UCA).

  • Diversified customer base with 102 unique sponsors and 58 unique leasehold lenders; portfolio covers ~37 million square feet.

  • Disciplined underwriting with 52% ground lease-to-value (GLTV) and 3.5x rent coverage; annualized cash yield of 5.4% and inflation-adjusted yield of 6.0%.

  • Office segment highlights 36 ground leases, $2.7 billion GBV, and $1.8 billion estimated UCA, with strong rent coverage and long-term, assumable, non-recourse debt.

  • Since IPO in 2017, portfolio has grown from $0.3 billion to $6.9 billion, with national scale and brand equity.

Value components and capital structure

  • Value derived from two components: bond-like compounding cash flows (with CPI lookbacks) and capital appreciation (Caret), which provides future ownership rights in the underlying real estate.

  • Caret is a subsidiary tracking capital appreciation, with 84% ownership retained and a $2.0 billion valuation from a 2023 investment round.

  • Permanent debt totals $4.8 billion with a 19-year weighted average maturity, 3.8% cash interest rate, and investment grade ratings from Moody's, Fitch, and S&P.

  • 52% of permanent debt matures in 2049 or later, with 98% fixed rate; $1.2 billion in corporate liquidity and 2.0x leverage.

  • In-place liabilities have significant mark-to-market value due to being locked in at below-market rates.

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Frequently asked questions

Safehold Inc. is a real estate investment company specializing in the acquisition, development and management of multifamily apartment buildings. The Safehold solution transforms the way owners unlock land value, whilst simultaneously strengthening and adding predictability to building use. Once a property has been placed in Safehold's care, it is redirected towards a new focus of aspiration, risk reduction and growth. It is an automated process that unlocks value and delivers stronger returns to owners through reduced cost of ownership, pollution prevention, improved efficiency and higher occupier demand.

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