Safehold Reports Fourth Quarter and Fiscal Year 2021 Results

Rhea-AI Summary

Safehold Inc. (NYSE: SAFE) announced strong financial results for Q4 and the full fiscal year 2021. Revenue reached $52.0 million, a 30% year-over-year increase, while net income was $21.3 million, representing a 39% rise. Earnings per share also grew to $0.38, up 29%. The company successfully closed 17 ground leases worth $777 million, increasing its total portfolio to 106 leases valued at $4.8 billion. Safehold has raised its target portfolio guidance to $7.5 billion by December 2023, an increase from the previous $6.4 billion.

Positive

• Q4 '21 revenue increased 30% year-over-year to $52.0 million.
• Net income for Q4 '21 rose 39% year-over-year to $21.3 million.
• Earnings per share improved by 29% to $0.38 in Q4 '21.
• Closed 17 ground leases totaling $777 million in Q4 '21.
• Total UCA grew by $1.4 billion in Q4 '21, reaching an estimated $8.1 billion.
• Upsized target portfolio guidance to $7.5 billion by December 31, 2023.

Negative

• None.

NEW YORK, Feb. 15, 2022 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) reported results for the fourth quarter and fiscal year ended December 31, 2021.

SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the "Investor Relations" section.

Highlights from the earnings announcement include:

• Q4 '21 revenue was $52.0 million, a 30% increase year-over-year
• Q4 '21 net income was $21.3 million, a 39% increase year-over-year
• Q4 '21 earnings per share were $0.38, a 29% increase year-over-year
• Closed a record 17 ground leases totaling $777 million¹ in Q4 '21, bringing the total portfolio to 106 ground leases with an aggregate gross book value of $4.8 billion
• UCA grew by an estimated $1.4 billion in Q4 '21, bringing total UCA to an estimated $8.1 billion
• Upsized target portfolio guidance to $7.5 billion by December 31, 2023, up from previous target of $6.4 billion
• Subsequent to the end of the quarter, a subsidiary of SAFE sold and received commitments to purchase 1.37% of the total authorized Caret Units at a valuation of $1.75 billion²

"With strong earnings, increased investment guidance and the initial sale of Caret Units, Safehold is poised to begin the next phase in its development of the modern ground lease industry. We expect to deliver even more benefits to customers and investors as our business grows and expands," said Jay Sugarman, Chairman and Chief Executive Officer.

The Company will host an earnings conference call reviewing this presentation beginning at 10:00 a.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:	877.336.4440
International:	409.207.6984
Access Code:	1917847

A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:30 p.m. ET on February 15, 2022 through 12:00 a.m. ET on March 1, 2022 by calling:

Replay:	866.207.1041
International:	402.970.0847
Access Code:	1185612

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 and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., 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:
Jason Fooks
Senior Vice President
Investor Relations & Marketing
T 212.930.9400
E investors@safeholdinc.com 

¹ Investments in Q4 '21 include $91m of new forward commitments that have not yet been funded. Such funding commitments are subject to certain conditions. There can be no assurance that Safehold will complete these transactions.
² Additional information regarding the transaction may be found in Safehold's Q4 '21 Earnings Presentation published on its website and furnished on Form 8-K filed with the Securities and Exchange Commission. 

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SOURCE Safehold

FAQ

What were Safehold's revenues for Q4 2021?

Safehold reported revenues of $52.0 million for Q4 2021, a 30% increase year-over-year.

What was Safehold's net income for the full fiscal year 2021?

Safehold's net income for the full fiscal year 2021 was $21.3 million, reflecting a 39% increase compared to the previous year.

What are the earnings per share for Safehold in Q4 2021?

The earnings per share for Safehold in Q4 2021 were $0.38, a 29% increase year-over-year.

How many ground leases did Safehold close in Q4 2021?

In Q4 2021, Safehold closed a record 17 ground leases totaling $777 million.

What is the new target portfolio guidance for Safehold?

Safehold has raised its target portfolio guidance to $7.5 billion by December 31, 2023, up from the previous target of $6.4 billion.