NEW YORK--(BUSINESS WIRE)--
Safety, Income & Growth Inc. (NYSE:SAFE) today reported results for the
first quarter ended March 31, 2018. Highlights for the quarter include:
-
Net income of $3.7 million or $0.20 per share
-
Funds from Operations (FFO) of $6.0 million or $0.33 per share
-
Adjusted Funds from Operations (AFFO) of $5.5 million or $0.30 per
share
-
Received $3.3 million of Park Hotels percentage rent, an increase of
11% over the prior-year period
-
Closed 3 ground lease deals totaling $91 million
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Portfolio increased 18% during the quarter to $588 million
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Value Bank increased 21% during the quarter to $1.2B
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$81 million of additional deals under LOI
SAFE published a presentation detailing these results and a
reconciliation of its non-GAAP financial metrics, which can be found on
its website, www.safetyincomegrowth.com,
in the “Investor Relations” section.
The Company will host an earnings conference call reviewing this
presentation beginning at 10:00 a.m. ET today. This conference call can
be accessed by all interested parties on the website (listen only) or by
dialing toll-free (866) 393-4306 (U.S. domestic) or (734) 385-2616
(international) using conference ID: 5688969.
For those who are not able to listen to the live broadcast, a replay
will be available shortly after the call on the website or by dialing
(855) 859-2056 (international toll free) using the conference ID:
5688969.
The Company will host its Annual Meeting of Shareholders at the Harvard
Club of New York City on the 2nd Floor in the Gordon Reading Room on
Wednesday, May 9, 2018 at 9:00 a.m. ET. The address is 35 West 44th
Street, New York, New York 10036. All shareholders are cordially invited
to attend.
Safety, Income & Growth Inc. (NYSE: SAFE) is the first publicly traded
company that focuses on acquiring, owning, managing and capitalizing
ground leases. The Company seeks to provide safe, growing income and
capital appreciation to shareholders by building a diversified portfolio
of high quality ground leases. The Company, which is taxed as a real
estate investment trust (REIT), is managed by its largest shareholder,
iStar Inc. Additional information on SAFE is available on its website at www.safetyincomegrowth.com.
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Safety, Income & Growth Inc.
Jason Fooks, 212-930-9400
Vice
President of Investor Relations & Marketing
investors@safetyincomegrowth.com
Source: Safety, Income & Growth Inc.