Safehold Inc.

Safehold Inc. operates as a publicly-traded company focused on acquiring, managing, and capitalizing ground leases. The company functions through a single reportable segment. Its business model involves owning land underlying commercial real estate projects, which is then net leased on a long-term basis to the owners and operators of the buildings on that land. These leases, referred to as Safehold™, typically have base terms ranging from 30 to 99 years, often with tenant renewal options. Under these triple net leases, the tenant is generally responsible for taxes, maintenance, insurance, operating costs, and capital expenditures. Safehold's ground leases typically include contractual base rent increases, either at a specified percentage or based on the consumer price index (CPI), or both. CPI lookbacks are generally capped between 3.0% - 3.5% and typically begin between years 11 and 21 of the lease term. A key feature of these leases is the residual right to take ownership of the buildings and other improvements on the land at no additional cost at the end of the lease term or upon tenant default. The company has established itself as an industry leader in ground leases, expanding their use across major metropolitan areas. Safehold maintains a portfolio of properties diversified by property type and region.