NEW YORK--(BUSINESS WIRE)--
Safety, Income & Growth Inc. (NYSE: SAFE) today reported results for the
second quarter ended June 30, 2018. Highlights for the quarter include:
-
Net income of $1.7 million or $0.09 per share
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Funds from Operations (FFO) of $4.0 million or $0.22 per share
-
Adjusted Funds from Operations (AFFO) of $3.0 million or $0.17 per
share
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Received $1.5 million termination fee after a third party exercised
right of first offer to purchase a ground lease SAFE had under contract
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Closed four ground leases totaling $44 million
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Portfolio increased 7.5% during the quarter to $631 million
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Value Bank increased 6% during the quarter to $1.3B
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$141 million of deals in the investment pipeline under LOI
“We’re pleased to see this quarter’s new ground lease originations were
sourced from both new customers, who are beginning to understand the
revolutionary nature of our capital, and repeat customers who recognize
the value creation that a SAFE Ground Lease™ provides,” said Jay
Sugarman, Safety, Income and Growth’s Chairman and Chief Executive
Officer.
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: 9168977.
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:
9168977.
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.