SAFE - Earnings call transcript Q2 2020

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Operator

Good morning, and welcome to Safehold's Second Quarter 2020 Earnings Conference Call. [Operator Instructions].

As a reminder, today's conference is being recorded. 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.

Jason Fooks

everyone. morning, Good and Safehold's Tiffany, for us joining Thank Quarter thank XXXX for Second Earnings today you, you Call.

Officer; President On presentation the Chief Chief safeholdinc.com Financial of be will Alvarado, and and conference our presentation found morning, at by There through The X:XX replay we details Sugarman, Jay website Fox-Geen, years plan Investment Officer. for the and to This call today, results. Executive our at we today, Officer; second be on beginning XXX-XXXX replay a Time can is of have XXXX code and this and Chief XXXXXXX. Jeremy confirmation dial-in clicking a walk call link. Chairman Eastern XXX on that Marcos p.m. a with the quarter

to the not which call, Jay, like turn this statements forward-looking. to are that I call be remind in may I'd everyone Before earnings historical facts, over

from could detailed the differ forward-looking And these statements, update may statements. results these SEC our except or in these actual cause any obligation reports. Safe to expressly by materially Our law. intent forward-looking required disclaims that differences as factors risk are

CEO, I'd Now to and the to Jay Sugarman. call like Chairman Jay? over turn with that,

Jay Sugarman

last historic. short help and to our again the our in nothing to those many has of our businesses We for you challenge. continues of joining Jason, thank on and overcome working families The COVID and And many challenging sympathies grow. negative to Thanks, all tragic our been ones. us X today. those thanks extraordinarily for have impact The offer been this to months country toll affected of economy

country. quality us United the can In contribute, the difficult for future. during us right promise strategy deliver on help times of that opportunity pleased environment prosperous for creates are hope can the business our for equal Safehold's the renewed Safehold's returns all and We for better meantime, A strategy. continues shareholders long-term this ahead even certainly where best the all focus all period. path the on we to hope we're of unique where respected, States deliver ratio to also set full And solid

positions Our growth to value combination platform continue embedded our expand for value of safety, capture to and shareholders. prospects us and strong principal

While provide to our us growing customers. enables compelling to capital scale our increasingly

risk Our capital cost-efficient is capital efficient, and reducing.

market their better Our while form continue to get overall they new for leases goals their will to our market as the a the forward meet access and customers. find of transaction capital reduced, been to remain capital to gain low-cost to offer and we quarter, return the them fair has rate to our With targets. market of better and environment us transaction been modern activity continues and portfolio, more will market all win continue fielding set volume That low need ground its calls as nicely tries disposal, of we've in significantly many we the And help once the recently alternative respect share the accretive our to should ways confident the bearings. to deals The to reopens. up performance push dry deploy significant existing strong new picks explore up share. at powder

turn that year. of the And hard starting the it we for that, Jeremy details over still see more Jeremy? of with quarter. half are to it active While predict, signs the me be to second to should a let

Jeremy Fox-Geen

this an presentation, extraordinary quarter. everyone. portfolio good Slide period. the Jay, I'll we and our Thank with pleased performance of second in business of present you, overview where the X and turn our to We're morning, earnings during

the given raising our continue XXX% ground dividend. rent of us quarter, the our during received to which As confidence has expected, we

the of number REIT amount dry challenging led environment has actively to earnings able a in of keeping powder year-to-date. us been we quality to looking has We business close for the Further, to estate. transactions a quarter stock In one what several that and portfolio significant this deploy. performing we're our real addition, performance, remain solid with for were strong open

last X XX% for the results. $X.XX Slide for million for period year. $X.X the million, And for $XX.X share income same revenues million from XX% share up $X.XX, up income same with and were $XX for of up quarter $X.XX last net we XX% XXX% from per quarter, period from to million quarter the performance. was Turning quarter's per earnings last $XX.X quarter dividend reported $XX.X the for year. million; On from Revenues up million, $XX.X figures up same the million; show $X.XX, year. Slide stock was strong, year. from also and Net last the of up earnings the $XX.X from the $XX.X X, XX% were second for historical million, Year-to-date XX% of

we've $X.XXX year the share. per by our policy As second and of inflation. current is announced, our twice grow consistent our our approximately at dividend consecutive dividend to X% the This by we with raised to is rate dividend raised X%

year, X Additionally, flow on market duration principal our begun the growing quality credit a has recognize safety. has detail with part a our high Slide been provides to stock the stream contractually value more in cash long strong in performer this portfolio. embedded because significant

activity million estate have uncertainty. at totaling to power facility, based cash end $X.X approximately the revolving quarter, growth. real the quarter, at our significantly last $XXX stood acquisition $XX million. portfolio hand the industry closed on our draw purchasing to in continue billion. and deals levered curtailed capacity credit COVID our we our of the And Nevertheless, and we on disposition this of As of At quarter, we face X discussed caused has

you of XX at of a we our the down focus our the end can metrics. of diversify COVID-XX see portfolio assets breakdown The of X.Xx impacts On with the average X.Xx slide, from shows of the across of as the portfolio Slide ground next to our some some the this reflecting X top MSAs. rent coverage on U.S. geographic our last on was portfolio customers. quarter, the emerging in quarter, continue

the to our ground CBRE metric when metric customers' values combined to quarters, are based reflect The broader property this Over to on we conduct we a we lease average of on XX%. impact further the acquire this for annually asset. use upon value Weighted properties. given appraisals was slowdown the expect based economic it coming

of on a through-cycle LTV to view customers' of to expect continues portfolio, quarters. CBRE metric the capital stack, through position our properties and receipt in to and value our our senior economic XXX% our the As continue take well of said, portfolio combination our over demonstrated the would believe protected nature That our as of the diversification appraise long-term of assets rent. the portfolio our long-term we ground of additional in by reflect slowdown we broader is a contracts, coming our being

cash after a amortization yield. yield. the was or Annualized million, annualized and representing rent million For quarter, was X.X% cash depreciation $XXX X.X% rent $XX GAAP

weighted term Our portfolio XX is XX% office, years. And XX% average hotel multifamily. lease and is our XX%

X. end appreciation representing a of Slide unrealized stood capital IPO the since mid-XXXX. At to the XXx at in our quarter, Turning growth $X.X billion,

being annual our on the quarter. process basis Our each a portfolio an on in reappraised appraisals obtains UCA with portion properties valuation

the reflect As impact such, not fully value of metric does UCA. on of this the COVID-XX

XX its to would capital appraisal over presents structure. the reflected on process, economic our continues broader quarters. expect detail see the slowdown we CBRE Slide As coming

billion We is have availability. X.Xx book conservatively $X.X capitalization equity cash million equity. and with $XXX market presently leveraged to $X.X We're and X.Xx of Our billion at debt-to-book equity equity. of revolver market capitalization,

is long-term previously of we during financing spread the We as The And closed which X.Xx, quarter. XXX $XXX have to million interest our we of a $X.X the debt billion basis announced, X.X% of weighted yield is average total portfolio. of debt. this point rate

confident average In performance is a in We're conclusion, Safehold of XX that, what to we're X.Xx, to debt the let in vision building execute Safehold. long-term second focused years our Our on interest turn the maturity. And me it Jay. steady had our cash and at rate strategy with continuing quarter. back has and strong, remain

Jay Sugarman

Jeremy. Thanks,

on So sectors, what wanted long-term said mean go just I that and we financed assets while through focused And values. in reiterate will long-lived values all rates good locations last the assemble to good are for debt, a investors XX top cycles, to in and assets quarter And platform valuable interest usually I mostly goal alike. customers and is leases portfolio create unique high-quality Safehold out. and for a went and markets long-lived ground of our

said, we up Operator, it big that Jeremy vision. for questions. in As still and are ahead believers let's open go

Operator

[Operator Instructions].

Berenberg. Our first from Nate question Crossett comes with

Unidentified Analyst

Just activity. into the wanted of to kind dig investment

four deals. was mentioned think I you there

property were where of yield were looks they, and it average. bit X.X then wondering was the types, rent a below like what effective the Just coverages,

was just I to anything there wondering was note So there. if

Marcos Alvarado

Nate, it's Marcos.

lab the hospitality the our space, one four So strategy. with in two in asset. residential transactions, space Consistent and one

think disruption. that. actually are these so that fact were our the CPV by post the our transactions excited and are I all percentage post reflect coverages COVID, we think of I X that And

leases an the down duration, ground One we which with short average. the and has slightly pulled only years. the yield that, because And of is of XX a existing acquired lower, one

Unidentified Analyst

back so? But you that bit a you see half year. the us could maybe the mentioned and the could or I characterize seeing helpful. dialogue an guys Maybe last month a towards the in tell how of just changed ago? you're Okay. maybe it That's month versus activity quantify the uptick you today to you're think just hoping

Marcos Alvarado

the we're business. going What So that brokerage clients investments houses, brokerage team large is And going I XX% transaction on as quarter. a you is the of our something call, is gives optimism their amount we've volume mentioned and in us down between if prior community. the in survey quarters in on forward the like this dialogue transaction-based think

time, live markets go issuing morning transactions if open sizing, ultimately were today, pipeline Monday somewhat prescreening, we we're are April we're calls our to We're up those So up looking. closing. there allies. of for quoting, in and end deals plenty to meetings slow of that I kind But need we're transaction the that become we're we in investment our back

better was the optimistic I better lot So think continue a and it lot than remain And a we feels to more -- ago. QX. QX month whole a dialogue about whole

Unidentified Analyst

lastly, right dialogue into New helpful. I'm seeping now? office the of how City dialogue? just a is of York is home, the firms leaving potentially properties how sense That's Okay. on of work trying kind kind get And to just from

Marcos Alvarado

take We Yes. try a very long-term to view.

about in urban various at markets. what basis use and we losers just in And going there's And will to I'll and certainly, term. the some New so some land over over the But feel in a long short we our of on -- we York assets. there long-term really, as prospects New winners really we're believers And of term, impact good think the of example. And the kind be foot B classify the A $XXX be an as the high-quality $XXX, owning rents. York assets

certainly there's to account that we So in into to quitely pursue we're taking office, noise in some and going continue underwriting. be those our But the will assets.

Operator

Anderson comes with Our next question Rich from SMBC.

Richard Anderson

today, time. And so won't storms hopefully, Jay, it off cut this get no

So that. product turns and to through in risk the off that, degree get get the risk causes vaccine given and happen Equivio just mentioned risk-off something to has you a all that to level start like do that? you To circumstances of mentality, and we very and safety into given the is past if that [indiscernible] year to or well world the to could back a this. Perhaps you this stock that headwind get think the people we bounce more perform perhaps what about extraordinary continued guys, counter this, conversation on. of all If excited a the

Jay Sugarman

bond question. getting couple in made we A trading in to do things people a we to there's and at. I'd of understand Sure. had the the of math lot foremost, just and say, significant been that discount first do progress your think been

is been think a really as percentage collecting of being of and also times we way low like much in these. on the company. very measures to at and And range off tough of spend are So and LTV think a strong the time risk positive think I quantitative a XXX% I a rent lot But with investors. very certainly good lot as that wider understand a more helping value them of of understanding qualitative the part of there's the we understand investors our

So close that's gap, significantly we're discount. still we at a material the although helped pretty think trading

X or publicly investors, risk we think sensitive. is a traded should to doing the company capital for And only industry, -- our grow made friction progress investors, understand that And new is math us a costs, very bond basically is it least which comfortable pitch getting efficient. we've market at really better flows, market our really whether yet. our even unrealized early still is is be we the for makes of portfolio think while has appreciation cash combination It's capital think capital, eliminates our trillion market growth innings. X to we're market prospects still think don't It that I for this principal more revolutionizing be ability and big gotten I the this it's reducing. our It $X a in the difficult of embedded attention of any people the the components, and attractive. some frothy largest safety, not in

transaction a see deliver agree not powerful, to foundation something going market full this you'll as I where we market But but our we're even like does back of of said, kind and a market the we we're come So good we're you is when the can this that building is up. having we the there get combination right that's like going think I the Safehold does come Risk to think safety, transaction customers I more yet, real and collection more have. flow. deliver investors on, and back, And for investors. be reignite the you, I of market powerful power our excited as with really us. and to estate reputation activity does Rich, this for that and combination attributes we pick to understand through the think Actually, numbers is

valuable about excited build that built that to people a business more the think this unique we've be doing may just more very, industry and we're more demonstrating we better very to but really continuing one. and now, I So one and new relatively is a

Richard Anderson

period It simple. I the more little margin attractive somewhat for Got low product the some for of it. cause may I the Further system fee time, the as understand difficult make bit rates low you a the does debt But alternative of market to that period Fed time. an at mean, do availability is is to that, is the environment rate more seems concern? conversation and about a much protect about a because conditions there stay to going so of mortgages that

Jay Sugarman

year. impacts. little a mean, it the basis ways. that And it's I it points has both The makes XXX point. is Good cuts down IPO, since XX-year different points our down XXX One, basis cheaper. alternatives this bit

constantly our cost to capital solution But have going is funds we customers. a So for better of down. provide our

alternatives can flexibility and we still cost also that kind our bigger of rates Our still in and can we that as us really of to of ROEs down. close returns simple capabilities We're we significant that as portfolio think decline. give the create gone very have debt the And excited. and us gets the fee We that that's generating think increases, costs cost kind deal. delivering diversification some will compete our has to think capital didn't decrease, because we of very the of be get the going more continuing our are day effectively, flexible. low to public that's We we the borrowing make

even in we in mentioned ways a there's my I bright And up ways go this There's very rate as remarks, ways when of prospects looking when ahead attack lot we're So different certainly down. there's low market. rates to and environment. go think rates at a

Richard Anderson

the dividend at vocabulary Great. a inflation. last and of common payout question you have the is an grow in And Do Xx your ratio the what then REIT on policy industry. estimate for to

to the is, a I'm outside but focus grow on of of as of where perhaps cash have wondering it the what room to of relates the to is swath dividend? broader because number flow It type a have community kind your it? rededicated and product. what of investors EPS You obviously -- -- And continue you

Jay Sugarman

Yes.

growing cash a I three that market meet the is rules then at all out think reinvested remaining, try these the dividend in between is to pay standard. And we and to our kind all above do of really cash that to inflation to One ratio earnings payouts to cash going returns. into effect, simple current pay the free there's try rate. of We try And the our the the double is follow. flow. that's around do center payout delta portfolio flow we

starting And between X of our and our So pay a those drive as flow in reinvest dividend compounding market the should power the the I nice with we're who double-digit of the ROAs do pillars this we chance think allowing delta And people, going is from sort a let not actually to compound. to dividend cash in these only the above idea we're to, getting also current or in returns and double that us that's when and out but paying that start that business. cash part cash at ride a going we that same assets with core current above flow, to, of the calculations reinvest but returns yields. ROAs something these market the that the to that growth we're it's effect, are in inflation reinvest effect, they excess see our for out

ROEs of the kind this also makes above long-term about dividend us good. the flow effect But how value the cash and feel really that we really it's double for So that's inflation compounding acquisition. of that's think the the creating embedded

Richard Anderson

Okay.

XXX% So basically payout?

Jay Sugarman

Yes.

Richard Anderson

other with REITS? terms Consistent

Jay Sugarman

hold Yes. -- anything to We're need trying back. we to don't

that ground no leases are way. very, We good expense. Obviously, Capex, very have no wanting

shareholders. So cash coming in, we to will return

Operator

[Operator Instructions].

comes from Morgan. JP Paolone Our from Anthony next question

Anthony Paolone

like from the up things close we door, of start first sounds deal actually when putting practical like again a as percolating pick and you guess, think do back from dollars out is to pipeline the like just your But -- think bit volume you it quarter to question I like? it's actually view, more. see think out we Okay. door going a XQ to is, when feel they be XQ, the fourth their before in that feel and do think we just about can close? maybe you Or you XQ What Do be less cash like? start closing? to should how near-term maybe the you face point

Jay Sugarman

have somewhat us time, lumpy. over you seen it's As guys with

why a that's environment, given becomes it And so more give you don't and specific the guys especially we post but COVID, bit guidance little difficult. often

ramp you things start QX, think it's Where up. a QX. I So see fair to estimation,

If you private the XX start market really the to takes prior for X back crisis, to go to months usually event from back to open up.

kind for of like end year. see of so that that given said, as And the capital having, solution our the option of well. clients, you could feels happening that next and But year, potentially this cost early dialogue being we're earlier

Anthony Paolone

Okay. do that some can the third was Like, million quarter? entered Or the XQ in think you stuff pre you do of COVID? into $XX another

Jay Sugarman

but the than we post hopefully, yes, No, all QX. stuff I do was QX optimistic, can remain so better

Anthony Paolone

Okay. market at or and type or property either up emerging you That's you're looking not is is or sponsor not that's more interesting preference sizing or the the for that's happened, helpful. whether or type any then And part there pipeline perhaps? just of of not, as what's preference geographic

Jay Sugarman

being are the actually most space providing and fee I assets are active capital. our leasehold agencies And the reason engagement multi within the is say would pipeline. government The trading. both probably those is

X%, there's down and high-quality trades. down, from assets trade of X%, seen And values some X%, pre-COVID actual X% so the although we've are

invest. significant long as that asset though believers So where probably I office I mentioned be the high especially we're still in short-term issues there maybe locations. And before, quality in class. feel will term, the we within even about space engaged that medium-term would And some in good assets we will say that

Anthony Paolone

rate the that, of with of that Got going collateral, the in for it. in sort the on then type done where matching is today underlying have the just debt like you is basis? kind the rate of and cash-on-cash side, XX-year all And an transactions where effective terms pricing both

Jay Sugarman

I'll one. take that

last and definitely us. deals have We're inside starting that. been X% been has attractively being to The rate. of in new overall X% of quoted sort Our deals closer to around quite portfolio priced seeing to the us

we it's for we market Xs. shake not customers. don't deals where going X. X fall liquid us from mid- pricing or out implies some to But So X flexibility the starting certainly on exactly our here, sub reduce market And given rates is the have definitely towards and so but that as want rates the seen sort to is of

we've our that's deals. ability million and So provide at only $XX prices. for know, news all capital customers attractive to good But to as closed you of

sample deals that other small those financings from we lot have It's a a than before to hard than know positions and . of get it's we're So down. set more on certainly, rates come going

Anthony Paolone

X that last the X, on The we and purposes, underwritten a just one it maybe think then stuff? think detailed is accounting effective the about effective for one. X like deals sounds because shorter one the a more bit And then just of of mentioned of quarter, X what's for and that in me, the those Okay. I X one should yields the you Goren think X duration we and X X

Marcos Alvarado

X X for yield. X were lease as allowed then in effective to underwritten accounting doesn't percentage and our It purposes book. with that the to have accounting actually, which a ground rent is is not cost, duration yield do X the

Operator

comes question from SunTrust. next Kevin with Kim Our

Kevin Kim

what Can hear you the me? million $XX that the topic, closed? was with sticking yield Just of going-in for cash you deals

Marcos Alvarado

one me, second. Give Yes.

Sorry.

Jay Sugarman

was It X.X%.

Marcos Alvarado

Yes. Jay. Thank you,

Kevin Kim

X.X%.

for used you or is that in is the this NOI correction of reflect Okay. months, where your the saw environment? you have or asset, unstabilized of and And being that development better? rent it can trailing little a actually at you a use one might hotels, is Can that help hotels this that weighted just projected Xx. including if Does average all your coverage you understand me stabilized -- XX footnotes I asset

Jeremy Fox-Geen

properties. one? It's trailing think Kevin. largely got upon based I Jeremy, by our Look, right. it I It's Why don't you've so that XX-month reported NOI take as

been the such, impact the full metric. slowdown of not this XX as has in over reflected economic So

-- whether estimates using and stabilized our we from or We're not for are properties this don't hotels metric. we for NOI about us hotel our reported the XX-months specifically available use also as trailing hotels, are to you Now properties.

Kevin Kim

you're insights will of as LTVs be Okay. having And feel money And your for the comfortable underwritten? that some provide some just color -- conversations you the with long in and the you how operators good hotel hotels maybe term? any on can those terms

Jeremy Fox-Geen

think from want I think...Do I a -- take to you that Jay?

Jay Sugarman

go ahead. No,

Jeremy Fox-Geen

was GLTV I land I the take it the key quarter annually say our XXX-year properties metric to the bin after appraised we report. comes going just mean that in to that the we as view of The typically our CBRE typically properties by acquisition. on

only appraise each so of And quarter. portion properties they our a

some So the about owners. reflected Jay metric. full impact COVID conversations not with been of this I'd Marcos add from hotel the having that currently has we're the ask the slowdown or to yet in commentary

Marcos Alvarado

you kind that pre-COVID of about LTVs say if I'd think the of with our hotel Kevin, portfolio. are kind So consistent world,

And so any There with we're, of again, taking hotel a currently our long-term no view. owners. dialogue is

ground our rent the represents a on capital behind calls, of fraction invested said prior payment us. we've As

anything. and we're it, our -- hand just environment doesn't kind XX%, of severe pay you us for there's of see payment X,XXXx by not of an almost invested which probable capital to So versus them destruction, value seem destruction north although unless not value that been that rent rent effectively seeing some spread for in we're this asset

Operator

Our KBW. next question with Rahmani from comes Jade

Jade Rahmani

that, investments targeting. could I deployed is perhaps higher to yields core give your could ask strategy than into an update opportunistic you that SAFE/STAR be on for strategy potential generate wanted program. to if the Any

Jay Sugarman

I think go -- if So ahead.

Sorry, ahead. go

a has the the Okay. a solution, bit returns to that a mentioned terms create deal creating about way giving programs excess service, Very more things was than for And new through it provide for the so and can customer. a . one-stop provide of key that of in much the of really level SAFE/STAR XX years accretive little to or our other capability. the flow, level solution XX ways somebody one typically, best you I charge of been capability you when last isn't best

to of think, goal our of we -- expand our we expand to SAFE/STAR see, our a program. that's quite share, are interest that I footprint. So is think market to And accretive in is allow bit now. getting continue we And really we're find customers should about It valuable to available again, in pockets otherwise. really a to, our toolbox us for X us that X and deals or wouldn't certain be some up tool

Jade Rahmani

some turmoil you the as facility an space, lot mortgage out lot highly historically to properties And core REIT ground a of focus Safehold elements fund credit those example. construction lenders active of that a are that and and about just on investments and space, in the mark-to-market that in was financing thinking dependent provisions. stabilized repo property the that's are iStar played transitional on I think of have the Or financing looking Are properties? the transitional is provide existing lease assets? on has

Marcos Alvarado

Jade, I'd everything. say we at look

transitional capital loan dried solution that the our capital our loan kind fits somewhat up. construction bucket one-stop or bridge whether they where able due. coming offer coming to -- our in SAFE/STAR due is solution, has of of a activity And a so have that's some clients And a

quote-on-quote multi especially across assets. having these fair we're a the transitional dialogue, amount so of And space in

Jade Rahmani

Okay. basis to there you some of represent Or it underwriting? value underwrite rights? a on if quantify to the percentage have out material is ground the lease. rights Is doesn't that to you future residual could so a find on that it those you value attribute your residual the impact I you equate wanted far an when into NPV historically

Jay Sugarman

the we of accretive is Jade, flow to always sure out cash stream, start we right think that with make the box. Well, deal the

appreciation will understand people the begin before, more that said scaled. unrealized grows, And class the can and diversifies, value capital as to we've and scales in account as As building bigger portfolio gets we be it asset think an we're monetized. its

start primarily little focused start footprint that we're happens, certainly, as underwriting would component get have capital on be way. And that then the see about and a to part appreciation incorporated value bigger scale. a the get become to bit our to shareholder scale, process. date. get not build then before business little thought now, meaningful of be the components to growth larger into you'll we the to bit it think And right really equation and focus. can to in underwriting the cash to a We a when we components flow that of the of to both like that unrealized But how We to kind into more

Jade Rahmani

hard like that provided prices, just that But appreciation. would line than what unrealized the of is basis, decline are hit about long in with than real but think thinking some about of greater commercial the annual this Would residual end because a estate to it you on I very, it geographies certain down of commercial Or the value hospitality for overall capital quarterly done estate outlook real decline? in And if and anticipate estate price would and an the you that certain and comments And asset classes you that do by it's the on for appraisal process at tail basis. imply very CBRE's XX% think value the retail. declined real period. XX% properties commercial time would more regarding

Jay Sugarman

very to top at it can. as and X values what land when appraisal be our the percentage the How CBRE is that check are and get And say, appraisals going the of the rates And purpose think full equation. UCA look we themselves a chance look take the on growth basis each land. best And lagging don't factor appraisals And do UCA an think on of and I a is a indicator. how on we in kind the to want of of our of on have we to know over that up the report quarters. grown? X of annual to to at is annual assets Really, projections every We our are basis in of just attractive. to -- buildings we want work. on annual are. a the in thoughtful just what then endgame year-to-year of the most quarter. We it a top think at has I having phase quarter in tend buildings still going to that itself in because looking forward more Picking and out go through It's value done? of to And look No, basis. an look, real-time we has bit go on CBRE and that's portfolio Yes. of a process

So a just of blips our individual growth long-term should much growth expected, so of far driver more or the is be the but of will it lot as the cyclical of than the be expected, things properties. probably organic business

are. actually last say, we X So values where kind James, they trades into a dynamic what of sense think we a happening, exists, you'll see out the look can expect but environment years, where still of appraises and over start CBRE the do that I'd better take this goes as have

As we from expect doesn't COVID, Jeremy impact long-term said, certainly our an but really pieces. change it

Operator

Mr. Fooks, we have questions. no further

Jason Fooks

conference have please call you me Great. earnings anyone any feel give to instructions today's replay contact the release, would again? additional should directly. questions Tiffany, on Well, if once please free

Operator

be Ladies XXXX. for and conference today you. X:XX replay August X, Eastern will midnight, after Thank p.m. gentlemen, Yes. through this available

does teleconference you replay X-XXX-XXX-XXXX numbers code That at your and with access XXXXXXX. dialing by code of time for system again Those using access the AT&T any for XXXXXXX. today. conference You Thank T&T the entering X-XXX-XXX-XXXX a and conclude are teleconference. our may participation access

now may disconnect. You

Safehold (SAFE) 23 Jul 202020 Q2 Earnings call transcript