Safe earnings on the net


Prepared Remarks: Operator Good morning, and welcome to Safehold's first-quarter earnings conference call.

SAFE earnings call for the period ending March 31, 2020.

At this time, for opening remarks and introduction, I would like to turn the conference over to Jason Fooks, senior vice president of investor relations and marketing.

Please go ahead, sir. Good morning, everyone, and thank you for joining us today for Safehold's earnings call. While we are all social distancing and working remotely, we sincerely hope you and your families are well during these challenging times, and we look forward to better days soon.

safe earnings on the net

On the call today, we have Jay Sugarman, chairman and chief executive officer; Marcos Alvarado, president and chief investment officer; and Jeremy Fox-Geen, our chief financial officer. This morning, we plan to walk through a presentation that details our first-quarter results. The presentation can be found on our website at safeholdinc.

There'll be a replay of this conference call beginning at p. Eastern Time today. The dial-in for the replay iswith the confirmation code of Alternatively, the replay can also be found on our website. You'll also be able to see on our site our recently published annual report, our proxy statement and our inaugural ESG report.

Before I turn the call over to Jay, I'd like to remind everyone that statements in this earnings call, which are not historical facts may be forward-looking. Our actual results may differ materially from these forward-looking statements and the risk factors that could cause these differences are detailed in our SEC reports.

Safehold disclaims any intent or obligation to update these forward-looking statements, except as expressly required by law. I'll just start by expressing our sympathies to those who have experienced loss from COVID and our gratitude to those on the front lines of this fight.

Everyone who's working to mitigate the impact of this global crisis has our thanks and our support.

Safety, Income and Growth (SAFE) Earnings Expected to Grow: Should You Buy?

Like most of you, we entered this year confident in our strategy and excited to continue building upon our successes in Our pipeline looks to be growing nicely and our teams are engaged with customers across the country. Even as the impact of the virus began to be clear, trading binary options 60 seconds strategy worked to be in a position to close deals if our customers wanted to close them and raised additional capital during the quarter to ensure our ability to be there when our customers needed us.

However, by the end of the quarter, it was clear, most transactions were being halted or postponed until things become more settled. We closed a handful of small multifamily and office deals that were near the finish line when things started safe earnings on the net unfold, but larger ground lease deals that were well along were put on hold by building owners and acquirers.

We continue to be engaged in conversations with customers on a number of fronts and would expect our better price, more efficient capital to be in demand once there's more clarity about the future. We expect deals put on hold may very well come back, and that existing customers will find the opportunities to deploy capital and seek our help in capitalizing those opportunities.

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As a result, we expect to be able to give a better sense of what new transaction volume might look like for the rest of the year by next quarter. As for the existing portfolio, all of our ground leases paid in April is expected. While we give these requests due consideration, we also try to share with customers that one of the reasons we can provide long-term, low-cost capital for them is the steady performance of our ground lease portfolio in circumstances like these.

Turning to safe earnings on the net value of our existing portfolio, we are witnessing historic low yields in bonds of similar quality and maturity.

This is one reason we believe the value of our portfolio and our share price increased further during the quarter.

Two other positives for the quarter I want to mention. Jeremy comes to us from McKinsey North America and is already proven a valuable member of our senior management team.

safe earnings on the net

Second, Brett Asnas was promoted to EVP, head of capital markets, where he continues to drive access to innovative capital to grow the business. Both moves mean we are well-positioned to pursue future growth once the virus impact abates and transaction activity returns.

And with that, let me turn it over to Jeremy. It's good to be here under the circumstances, and I'm excited to join safe earnings on the net a game-changing company at this important time in its development. I'll turn to Slide 4 in our earnings deck, which summarizes the highlights for the first quarter. We saw meaningful revenue growth over the past year as we've continued to scale our business.

SAFE earnings call for the period ending December 31, 2019.

We strengthened our balance sheet by raising million of equity capital and million of long-term debt. And our stock performed well as we continued to execute our strategy and reinforce with our shareholders the value of a scaled and diversified portfolio of ground leases.

safe earnings on the net

Turning to our earnings on Slide 5, revenues for the first quarter grew to Revenues this period included the 3. Net income for the quarter was Slide 6 provides an overview of recent capital markets activity.

safe earnings on the net

We continue to enhance our liquidity profile.