NEW YORK--(BUSINESS WIRE)--
Safety, Income & Growth Inc. (NYSE:SAFE) today reported results for the
third quarter ended September 30, 2018. Highlights for the quarter
include:
-
Net income of $2.0 million or $0.11 per share
-
Funds from Operations (FFO) of $4.3 million or $0.24 per share
-
Adjusted Funds from Operations (AFFO) of $1.2 million or $0.07 per
share
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New investments totaled $106 million
-
Aggregate portfolio increased 16% to $770 million
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Deals under LOI rose to $408 million
-
Value Bank increased 16% to $1.6 billion
“Our focus, now more than ever, is concentrated on building scale. We
increased investment volume, hired new talent to expand our offering
geographically, added a new bank to our revolving credit facility, while
enhancing our marketing efforts and organizational structure,” said Jay
Sugarman, Safety, Income and Growth’s Chairman and Chief Executive
Officer. “Our efforts have translated into increased transaction
activity and a clear path to reaching our $1 billion asset target and
tripling the size of the portfolio from our IPO in June 2017.”
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: 8496197.
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 (U.S. domestic) or (404) 537-3406 (international) using
the conference ID: 8496197.
Safety, Income & Growth Inc. (NYSE:SAFE) is the first publicly traded
company focused on ground leases. The Company seeks to provide real
estate owners with better, lower cost capital through its modern ground
lease structure, while delivering safe, growing income and long-term
capital appreciation to its shareholders. The Company targets major
markets throughout the United States, helping owners of high quality
multifamily, office, industrial, hospitality and mixed use properties
ranging from $25 million to $1 billion generate higher returns with less
risk. 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.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20181025005226/en/
Safety, Income & Growth Inc.
Jason Fooks, Vice President
of Investor Relations & Marketing
212.930.9400
investors@safetyincomegrowth.com
Source: Safety, Income & Growth Inc.