- Earnings call transcript Q3 2022

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Operator

Good morning, and welcome to Safehold's Third Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded. At this time, for opening remarks and introductions, 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

Good morning, everyone, and thank you for joining us today for Safehold's earnings call.

we Alvarado, Sugarman, Officer; President Asnas, Financial today, Executive and and call Chief Marcos Officer; and Officer. the have Chairman Jay Chief Brett On Chief Investment details walk a to plan we quarter results. morning, presentation This that our third through on can safeholdinc.com and website presentation on The our Investors clicking the at found be link. by of Eastern turn XXX-XXX-XXXX, a dial-in for the which call replay be call may with will facts, Jay, to and confirmation this conference I'd be I earnings not beginning are remind statements replay Time is XXXXX today over to There everyone forward-looking. historical of call, at the in the code X:XX Before PM like the this that

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

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

Jay Sugarman

Thanks, joining Jason. us Thanks to today. everyone for

The was impacts opposite important on two third events marked Safehold. quarter with by

meantime, in impact a investors. and eventually are has equity price on for assets also a been our interest higher platform also our several an believe footprint certainly the profile. on of better expanding asset create the rates markets. a patient this Unfortunately, price stabilize, a third volatility, liability similar on work quarter strong less willing and lease and ground while Safehold for share to expanding painful. future of markets will our for period rate share the was the our and iStar cash while be contractual and billion to The spreads favorable. modern historic highlight of both will with $X was pricing discount are impact number projected rate debt declines rates fronts impact in impacted we flows and to be quite announcement volatile by agreement lease credit focused we from constraints to that period, Higher the markets In ground plus of with remain key business we Our the for on should and portfolio we through minds a addressed credit

to the it attention for We We've drawing and steps also are the many hedge. of now inflation capital need towards continue inflation pointing in a as our on debt, important of an market long-term updates continue the as benefits and act long-term our deck vision, our included to will a powerful embedded and long-term that catalyst portfolio kickers direction over assets the in right appreciation our taking of remains few we in below the small Caret success. to pleased contractual

Okay.

with Brett the to Let's Marcos. quarter turn Marcos? and

Marcos Alvarado

morning, Thank you, Jay, good and everyone.

X. Slide on begin Let's

Safehold. As a self-managed, This the the definitive to to a announced for agreement the only ground to in merger and and several quick transaction reached new create their goals public during achieve the recap largest we iStar company should quarter, markets. combine lease businesses pure-play Safehold

into will by more Safehold its structure. long-term be new better believe for phase of growth we cost place First, putting positioned next stable and efficient a

over existing we to architecture substantial. potential the as cost As more incur time, become externally SAFE new with savings managed the and opposed cost scales would these

will in this on heard governance and finally, broaden to investors new from impact agencies. the of largest should and access create the MSD about SAFE long-term, our access enhanced base we've the new greater SAFE should over strategic liquidity company. as We largest disruption rating which concerns the increase allow in new And acknowledge bringing capital along by a has addressing free At believe everyone's one us capital. in cost to significantly we become and merger the diversify equity both investors closing, of debt around markets many will the with While had an and MSD are transaction shareholder investor float, capital Notably, of have and the Caret. third-party to our our investor. excited we in

step proxy with subsequently the is next will approval go SEC, the Our which to through our file SEC process. statement

until While regarding yet to is limited say the we process, so certain filed. drafting merger presently well not specifics can and will are is of into we today be the it documentation what the completed we transaction proxy

to on quarter. Slide the we X, highlights provide Moving for

the which as value quarter, During land. this well quality of but third recently strong investment more the lease, gain in one of owning Brett delivered from sale ground demonstrates and we discuss depth, announced. driven this the we earnings activity power high as the sale by new will

As say envisions it's what often top today, our on someone the internally, of sits not but future. what land we always in rather

being for Caret. to excited a while about recycle the the data positive point able We from are simultaneously creating sale net proceeds accretively,

portfolio the investment grow UCA, and Slide period X. the our with to Additionally, on capital let that, activity to the discuss and continue me ended originations our quarter both With ample fund during sources we pipeline.

During the the $XXX fund leases, we $XX balance unfunded expect six we leases, and totaling funded million $XXX quarter, Across third near-term. the the ground in to ground originated million. million six new

are coverage with during yield of markets. $XX targets These all our XX leases we The a XX% Xx. prior value commitments. metrics the multi-family the rent and we X% different these new is Additionally, yield inflation, average quarter, ground a higher The ground for of second in properties ground funded were investments spanning points the five quarter closed six a lease X% with of to a lease with X.X% also line the basis originated with weighted credit the assuming new which X.X%, generated deals assumption. approximately in with originations than associated million inflation associated

As last to pricing mid-to-high look more range rates inflation over the in the yield continue X% weeks, recent our is few rise effective before backs.

business. to continue our move, monitor we spreads that and credit our and shift and rates works for for pricing base As customers

ground to current will the belief levels lead at market our long-term that leases significant creation. value So creating

the that, the go quarter of it the at And assets, side $X.X seen since ending However, over as billion private capital multi-family on assets provides institutional quarters our slow billion, in growth to snapshot We can given quarter. milestone the the IPO. the markets The to me representing growth markets, the X hit portfolio sixth during Brett XXx coming be slide. turn financials. Brett? through in aggregate the right we the crossing reprice. this we with a with let $X the quality Slide in of originated another portfolio down volatility to originations our expect which period, threshold, our for in

Brett Asnas

was and Slide results. million, our per let million Marcos, Revenues on Continuing morning, quarter, you, $X.XX. me good everyone. third $XX.X was Thank share detail earnings net income were X, the and quarterly $XX.X for earnings

However, with gains transaction. be that the ground costs included third of it should and merger noted associated this also year related periods included the quarter leases, one-time both to

those the during for $X.XX prior million, Excluding the and sale more the XX% $XX.X an ground of last earnings have of the provides we net items, year Slide period XX% per income same year would earned share increase about third lease versus above the quarter detail X quarter. the in period. a $X.XX, been was

marketing $XX.X in offer sale. Board sold the purchased us MSA years As with represented we came offer mentioned, third this Washington Based evaluating After XX% our we to rather D.C. compelling the we and unsolicited Caret, quarter, price an at lease ground to million. million the on above buyer approximately this $XXX attractive lease we the that property the a a ground not for We XX% value previously a during two in agreed felt gain. the actively where ago. Directors, Safehold's ownership the with recognized of price we negotiated were

from transaction, inflation creating million more we portfolios under which will will cash for of scenarios. our net Additionally, value stakeholders. in be On this yield detailed several Slide proceeds Safehold $XXX our XX, reinvested

values we've stock flows those relative discussed, cash As and bonds, grade yield year-to-date price the the in generally high between is we correlation high to long-term our notes. and market what a see on previously our

the there contractual As our have in stock present higher, cash benchmark corresponding extension price. and our discount of flows value our decrease moved has by a in been rates

that some our XX% positive fixed, of this a thereby flow our between X.X%. X.X% protection inflation. of The annualized yield in, and built not cash cash an a and creating into correlation flows has inflation portfolio of take However, of and account cash current does yield generates portfolio form are not portfolio

However, these metrics presume of for the duration as environment X% our inflationary leases. ground

leases push for and the If you inflation down X.X%. next ground significant the investors and account is moves yield rent up and our drops This over calculation to portfolio our the essential of will portfolio long long-term our X.X%. an value will yield the XX increases it yield to If X.XX%, of yield years, back X.X% into our to portfolio X.X%, stock duration our if to will when compounded appropriately. is take price inflation inflation-based expectations to for X.X%, latest additional

Additional of coverage value portfolio a X.Xx. quarter, metrics value, the XX% seen average on and a lease the to portfolio Slide be book of portfolio third end our At of average XX. & weighted of can XX% asset portfolio Office, Life Mixed Use consists ground weighted rent has By XX% Office, Hotel, & leases, ground count, Other. Science, is of five Life the Science X% X% Other. By five comprised and XX Mixed Multifamily and XX XX Hotel, Use Multifamily, XX%

of Slide can the is see Our as we XX, expand geographic nationwide continue weighted XX average portfolio our On footprint. term the breakdown to years. lease you

Central in mid-Atlantic, Southwest, in We XX the the in have in the Northeast, region. XX Southeast, in XX the XX XX and ground West, the six in leases the

unsecured on Moving quarter, comprised the leases, on of our overview share $X.X of At of pro-rata our and debt, the we debt billion secured ground had notes on XX, provide $XXX of partnership. which own structure. in debt of of billion $X.X non-recourse billion we $X.X to of an capital approximately we Slide million end third

years. debt XX average maturity weighted is Our

at addition, million revolver. on hand, In million we quarter Combined our we cash $XXX $XXX had liquidity unsecured with drawn of on end. had

an since We non-revolver The update the last response XX XX, are debt annualized is portfolio's update A with the basis quarter, cost deal yet our a X.X%, value an grew are iStar, to rate the an Moody's upgrade levered UCI. basis said, outlook, annual during basis, to of value X.X% Including and upgraded point That interest on an estimated the debt during higher IPO credit compound X.X%, billion, point is franchise. worth an benefits combination continue XXXX. as appraisals, of CBRE's potential growth completed annualized of cash on total in yield XX% is for Slide our noting quarter, all transaction an each to X.Xx appreciation the we to our fully our estate a a annual to become interest to our $XXX rate for to book ground on do to which from values. not lease our of the basis backdrop quarter, and our Safehold $XX.X on basis in deliver real cash that above path being capital estimated the asset spread it commercial potential rates reflect the we equity booked the opening XXX million portfolio. increase the economic on on on On impacts from which to effective uncertain present X.X% our previous spread to for Notably, positive a equating sale unrealized estimated is rate.

turn on re-priced. see of markets the XX.X of square we in The values this could over X.X located hotels, commercial mixed of result, square feet feet square Office, property other of in million quarterly with of in Jay? our to Science, top balance fluctuations comprised institutional XX.X Jay. square feet land a throughout XXX,XXX million country, of sit Life XXX,XXX consist real estate back types. approximately let million Multifamily, estate feet me that, of commercial XX.X should and assets million And top feet feet of quality that square square use As of the real it

Jay Sugarman

Brett. Thanks,

operator. open go questions ahead and I think up it for we can

Operator

please ask at problem from Paolone is from question. no question JPMorgan. [Operator first your Instructions] Anthony, Anthony Your Okay, all. coming

Anthony Paolone

I how we of change next third expect much ahead my was rates talk is, reflected Thanks. we interest as in just where the the in the in guess you discount Or in to about quarters? quarter? Yes. go should first deal morning. those look couple of Good can question rates the volume and

Jay Sugarman

to talk want that? you do Marcos, about

Marcos Alvarado

I Yes. the fully the third slow volumes quarter think Hey, don't Anthony. reflect down.

that we'll is the reprice in the think our in anticipation quarters some I liquidity volumes as slower as and markets origination private comes have hopefully the coming back system.

volumes. hitting think don't QX see I in So these you'll or us QX

Anthony Paolone

just I'm the quarter. guess I sorry, maybe third wasn't on I'm the call Yes. on it, to cash think like X% – question. IRR X% deals in trying the yield, looks clear what the like I next some through some of in of couple What number bigger in couple was entered guessing rates months. maybe I'm into before in that that look of does the quarters? moves of the sort last activity the of about,

Marcos Alvarado

Yes.

I that Tony, sorry about the misunderstood So question.

I in probably to the but think said my in pricing I expect of kind range, volumes we do down. remarks as today, is mid-six slow

X.X So on probably IRR, call lower X.X going cash, but it volumes forward.

Anthony Paolone

is general do think trade, cost And thinking and about access costs but you that just you see given capacity financing if mean, have sheet kind of today where where your equity? Okay. how know to incremental where the on or instruments of we of are? other your side debt you're can I balance also bonds I don't and kind

Brett Asnas

Brett. our we Yes, rate. It's structure, now mean, it's plus billion cap $X have Tony. that. debt rate I cash take termed fixed out, Hey, look to happy existing we I'm that's XXX% – at X.X% when right Yes.

a it's certainly cost. So low

I us single seen what we've [IG is think or triple all REIT] credit do or more And standpoint, A you've our B structured cash lower. effective spreads issuances widen. seen costs unsecured an obviously some from keeping recently or more

of see to of to been tools as other I the been on out like. So what is on screen think inside able cost even we've price this you point the have markets show especially done we able do what that the what screen. debt we've But on than do year or wider is using that the liquidity private we'd

at let sure. of but sheet lots for exhibited work So at sides momentum the equilibrium, a we're credit we've here disposal have out story last our market and the we moment the itself now tools to we're couple of going over the finds within where as of here balance both our years

Anthony Paolone

Okay. Thank you.

Operator

Thank you very much.

ask Anderson from Rich, coming from Your is next SMBC. question. question Rich please your

Richard Anderson

Sorry about morning, that. Good everyone.

in for be the if event? First, this is potentially, of asset I the gain but people. going perhaps that ignorant a on a might the these, Caret, value of think the Caret why it the The entity portion leasehold minds a of transaction famous the Caret, on question, is and I'm sale that land would land, involving land the and be top Caret the an of monitors in a

Jay Sugarman

Hey, Rich. It’s Jay.

Marcos Alvarado

Go ahead, Jay.

Jay Sugarman

the underlying meant to Yes. the capture appreciation bond the economics flows. it. take of is capital above I'll Caret cash

reflect contractual do inflation components; two really we So one think is the flows, the embedded cash protected. values different

other in appreciation premium. be The the up, is case In building ways. a pay we're to capital this was can which realized a number significant willing of somebody

we And so two monetized that assets there of inside Safehold. think are be can

the best appreciation. are not on is sort key capture bond much think This bond, of value, – each couple very One does an is completely be a It people it to really just this embedded very highlight I one-off. often, happen of undervaluing And think don't right was clear shares them going capital now, the flows. a is is. way we pricing, I unusual looks something to lot our a it what contractual that's appreciation but things. one is are capital the the like of but shows cash the component. to

way. So we a larger you separate second highlight trying components. the helped fundamentally component two And it to in think that capture know, as we're

this separate one, And we're portfolio. capital kind highlighted possibilities so be the in the appreciation of will highlighting and and as capital investments appreciation bonds really

Richard Anderson

is land, – is top you off have is but $XX.X value, an Maybe at not but is that's that's clear I abundantly mean, don't the the correct, that's to also where listening Okay. offline, assets billion to Caret I I maybe this call. the just but that if Caret event event. then only the not it the know take Obviously people answer the guess a appreciates, land

Jay Sugarman

look, about just Caret, begun think. Well, we've talking I Okay.

And so again, it's capital appreciation.

make to these in that you'll are coming as going clear see out. documents possible We as that

think I be will So really, of rules the the clear. road

large value see I the to be Dell I filings, in and some what how other Caret, if and think think opportunity. was exists But this we we unusual how you in Safehold. our very in an embedded investors comes monetize clear think see this of it'll

Richard Anderson

take and around what was you the a going to of plan why be what purchaser, itself, Okay. it's willing is know do pretty have small such there the put of And in on deal don't expect, on it's for a transaction what's that macro thing going this a I you, when sort the one-offish would the announced then the on reverse environment. cap investor any return low inquiry was mean, for in a them? light actual idea game you rate I event is but relative to even they

Jay Sugarman

Look, to find land try we valuable. we say really always that Yes. is

virtue by what's around of that's Sometimes it.

virtue piece it we in to of We of can land dynamics different those. value land, Sometimes where lot different of was think people. capture of when a it's of This city. there's certainly is value a by compelling one ways. different has Strategic lots a our surrounding

this not somebody So who third-party investor, long-term is random a had vision. just this was

Richard Anderson

$XX? On Fair Safe wondering the for Caret they market? footnote me. modifications. potential what those enough. MSD, Last getting question adjusted being still that are to XX, of case and light the of subject Thanks. is in at says, in there's Or modifications that stock I'm might Slide a be,

Jay Sugarman

where this a in ton step than of going I think way. we're in capture people something how and works it so unique We around a the in and another the we're think staple forward giving answer work how going we we the those to them think once it's on they asset. you'll a the certainly next vision I questions proposed no how this, and clarity Again, been we're a With step [vet] it that point to we modifications with get make believe and people of third-party But it's for are we asset, can that, changes. There's a lot Yes. think, clarifications to The a view Caret Dell more have did and have valuable this lot really had. of more you investor valuable proxy more shareholder. that towards a all think captured a and how are for really clarity is. see value value clear a others this

Richard Anderson

$XX? MSD the on stock still And getting SAFE at are question, they

Brett Asnas

merger Yes. Nothing is it relates is of changed. the any Apologies, nothing as Jay, changed documents. to

Richard Anderson

much, Okay. Wonderful. guys. Thanks very

Operator

you. Thank

live. question next your James. from Your line is Stephen, of is Laws Raymond coming Stephen

Stephen Laws

on a on bit, to little Hi, sales. wanted Jay, thanks. touched you this morning. but Good follow-up the

think I time, or we seasoning do As sales recycling medium-term you portfolio elsewhere Does over about think on and basis? we'll cost that see these should we type depend it capital how harvesting gains? How mean, of more about a versus think on many annually? annual

Jay Sugarman

do Yes, Stephen. so, business we opportunities we'll consider those. certainly we recycle capital is not of presented but way, is accretive highly Hi, a just this our clear. to think plans, and be part with When are to

you something the and know, think we market understood just As beginning ground customers. by to that's are leases be

not we're planning But the circumstances, of not portfolio core it's turn about thoughtful never part business So business fairly plan. our and that turn of unique caution part of really set to was plan. around was everybody, this the we're capital. I a so

Stephen Laws

QX, talk all there is about look can you a how on like – that capital, To office of investments updated five in you viewing considered things? and other at those stress would ways the five on it on those Is makes some was there previously for that attractive Great. reward how scenarios maybe for different different types topics? to core pricing push I types. across look and or the But QX ground more maybe liquidity property collateral, risk think multifamily, portfolio that, haven't leases you're thoughts people they some that seeing volumes,

Jay Sugarman

like sounds question Marcos, good for that you. a

Marcos Alvarado

originated So going naturally, still you is where we is on space. but in multifamily kind of see asset in of market, in the and there lending sort can liquidity the QX. the through classes QX There in that

new able we're customers capture and the so in our customers And share space. with to existing multi some

of a what there. little there's As at other space. assets and go in not the start of amount I repricing better asset beginning would And bit the classes, assets. of kind I'm of this, call some of haven't the fair clarity of There's a repriced to liquidity just you saying multifamily the the you're to that sort

But selectively at in we've are So looked together. transactions that assets fill those haven't ultimately, office the some at come basis. right

to see coming the think the So you'll space push I multi us quarters. in in continuing

Stephen Laws

Great. Thanks Marcos.

Operator

Thank you.

question. next Your question Allaway Green of Street. Spenser Spenser, coming from your is please ask

Spenser Allaway

you. Thank

back portfolio to investment today you how going are $X.X cited of in your transaction by Just the slowdown target confident end the guys in XXXX? you market, of billion achieving the the

Jay Sugarman

way I certainly be Yes. markets think should we're Look, heroes sense our here. prove at of to they most customers lot difficult have a one of considered. think this and we're think thoughtful our to seen. of help this that period moment we better long-term locked trying the moment is I in have to to why is We the think This a fundamentally going makes lot otherwise we're it We might alternatives patient land. a where another their some going where customers a it's of to move capital here. for be we've than in don't through

be depends, to I I'd what customers. of of demand. A also quite to appropriately think But have thoughtful tell you of it here I we have we're and our think these we're we the going volatile, meet to I and markets think thoughtful and gone that line volatile don't tell equity. we're priced can sight had little we to extremely going But number. There's being before. you is capital, don't we've think patient think certainly don't as Spenser, from going with debt So our we our cost bit patient be access, on

Spenser Allaway

makes sense. That Okay.

recent again, I'm as aggressive not bit be until mean, So might attractive quarters. understanding too, they've kind as a it correctly become spreads of perhaps seems I more considerably you quite in if though little considering narrowed

Jay Sugarman

Yes.

how a our slowdown they match don't we be lot where as entire well. structure where likely to is We’ve have said, some both like in we're this to but is the trying transacting. that of Can As I at is sides price equation are Brett here, transact? process. still markets think some innovative short-term Obviously transition environment. we talked to the customers to has factor rate share to overall Marcos we're asset a structure. our deals, that's our our about early That's liability really process. a done structure look

So just I we're at as here. market merger. we we're looking into year, We this it's of the need the the think last that this months and – thinking certainly a two patient We're of end, go to in wise work get middle to through. be

to is We we're a So we providing business customers lots the of want. solution going it whenever be that be. here want to know

to to we So provider will continue modern be ground when line they just we side. And our the this lease on need to up capital. things do, best get of

Spenser Allaway

seen that Okay. new cutoff portfolio. rent in your And lowest which Xx, remind coverage, and the we've just I just where of kind maybe you XQ us was on then terms so about terms believe thinking you're how of of coverage is, in Can acquisitions, was on originations? the in of rent around it

Marcos Alvarado

are take Hey, lower assets closer overall have as kind high low sort potentially on everything averages. wider, We basis. and three you push that. range been probably Historically, the we'll that quote go. to is always of threshold as with assets up of which multi other blended the office three and a level Spenser, I'll volatility, Generally, hospitality, more twos that

when our the we underwritten also, – site coverages, that ripping are it's time. they're through And or the market So our do either inflation should of better as with over consistent I that still some numbers coverage increase know, you the rental benchmarks than I TTM coverages. think

Spenser Allaway

you, Thank Great. guys.

Operator

Thank you much. very

from question Rahmani of is question. please next Jade coming Jade, your KBW. ask Your

Jade Rahmani

wondering how much. what will was in that Caret and the decline very your there commercial are you real Thank prices implications for as could estate much of value I give to if scenario? you view

Jay Sugarman

probably Yes. Look, Marcos ground the you on give viewpoint. can

rates values. periods over in interest correlated is the at possibly much with is have again, going long out short-term XX%, so rates assets various think, we as impact an Jade and rates, are rates the long-term on and coming We've And out class of wealth. meaningful very inflation impact rates. cap look, going replacement cost you always generally the of I which the time between predictor to in we to That declines. over we to long-term of compounder tend inflation depending asset of long of is moving with correlation I on caution that time. In come we growth the Caret an people and hard be to have what disrupted revenues, look inflation interest is the see have XX%, short-term, take seen, are some would have financing said, the meant on. seen that's long-term a is clearly cost, higher periods people urban that impact in good a on just infill And of XX%, on locations core focus value these by

think us but the tell you've Caret’s in will can't be there time I during seen I moments you growth as years, couple that a in any So quite period meaningful be to bit first over internal Caret’s external there of give one. blips, the won't be time very it, a growth and positive of that of trajectory confidence from both continue the the will

Marcos Alvarado

I'll to that's of across on every that the beginning Yes. but going of not the I'm obviously This a feels BOVs transactions. single points say kind direct we've down new some is like rough Jade, a closed the just were at space to some originations, the to multi data add XX% give from space, year. that, roughly but on you multi because the the in asset, where good estimate, benchmark.

liquidity you as this. of fair alluded office trades of assets that at buyer, class an on in so appraise and to our an We sort haven't basis. amount seen a of know there's Brett impasse. somewhat much sellers annual the We asset

especially decreases, office in some year progresses. the expect do portfolio the we as So

Jade Rahmani

very much. you Thank

liabilities Regarding the merger that with on was very capital the today, conceived. structure Do you me seems merger, more market shape It borrowing Thank the change the when than iStar’s the that is there could and you value have comment of contemplated construct what have potentially could any of anything was merger? to much. in pricing dynamics costs that?

Jay Sugarman

That's a good Jade. thought

proposed sure committees there's this no I'm the have report. markets and special changes time. nothing this at at point We watching are to the both

Jade Rahmani

you. Thank

Operator

Fooks, very questions. further appear you to there Mr. be no Thank much.

Jason Fooks

Sounds good.

you any once contact on additional to Thanks. replay call me question earnings would the again. you release, If give directly. free instructions conference today's feel please have Jenny, please

Operator

confirmation The problem Absolutely. to replay, gentlemen, code call. XXX-XXX-XXXX, you In confirmation with need Ladies PM conclude very does this all. Thank access you much. replay to today. XXXXX. at X:XX conference XXX-XXX-XXXX will code at order and be available No call of the time the I repeat Eastern XXXXX.

You day. your Thank and lines phone have wonderful participation. at you may time for your this disconnect a

Safehold (SAFE) 1 Nov 222022 Q3 Earnings call transcript