Safehold (SAFE) Investor presentation summary

Executive summary

• Creator and market leader in modern ground leases, providing capital solutions for cost-efficient commercial real estate ownership.

• Q1'26 activity included closing 3 multifamily ground leases totaling ~$54 million and 14 ground leases under LOI for $255 million.

• Achieved A-/A3/A- ratings from S&P, Moody's, and Fitch, all with stable outlooks.

Portfolio and asset diversification

• $7.1 billion aggregate gross book value across 165 ground leases, diversified in top 30 U.S. MSAs.

• $4.9 billion in unencumbered assets, with multifamily, office, hotel, life science, and mixed-use properties.

• Rent coverage at 3.6x and ground lease-to-value (GLTV) at 47%.

• 108 unique sponsors and 60 unique leasehold lenders, including major institutions.

Capital structure and credit profile

• $5.0 billion total debt with 18-year weighted average maturity; 49% of permanent debt matures 2049 or later.

• 88% of permanent debt is fixed rate, locked in at a 4.3% effective interest rate.

• $1.1 billion liquidity and no significant maturities until 2029.

• Credit profile transformed with 73% unsecured debt and internalized management.