Press Release
Safehold Reports First Quarter 2023 Results
NEW YORK, April 26, 2023
Safehold Inc. (NYSE: SAFE) reported results for the first quarter 2023.1
SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the “Investors” section.
Highlights from the earnings announcement include:
| ¾ | Q1‘23 revenue was $78.3 million |
| ¾ | Q1‘23 net income attributable to common shareholders was $4.7 million, or $26.3 million excluding merger and Caret related costs2 |
| ¾ | Q1‘23 earnings per share was $0.07, or $0.41 excluding merger and Caret related costs2 |
| ¾ | Closed merger with iStar, internalizing Safehold’s management structure and adding MSD Partners as major shareholder and Caret investor |
1 On March 31, 2023, Safehold Inc. (“Old SAFE”) merged with and into iStar Inc. (“iStar”), at which time Old SAFE ceased to exist, and iStar continued as the surviving corporation and changed its name to “Safehold Inc.” For accounting purposes, the merger is treated as a “reverse acquisition” in which iStar is considered the legal acquirer and Old SAFE is considered the accounting acquirer. As a result, the historical financial statements of Old SAFE became the historical financial statements of post-merger Safehold Inc.
2 Merger and Caret related costs were $21.6m or $0.34 per share in Q1’23 including $9.4m or $0.15 per share expenses and reserves related to legal, tax, accounting, and advisors, $6.9m or $0.11 per share transfer tax and $5.3m or $0.08 per share G&A primarily related to the termination of pre-existing iStar incentive plans and other miscellaneous items.
