Safehold Inc. (NYSE: SAFE), the leader of the modern ground lease industry, announced that it has entered into an agreement to sell a ground lease in an East Coast market for $136 million. The transaction is expected to generate a net book gain for Safehold of approximately $46 million. After paying closing costs, establishing reserves and returning the original $77 million cost basis to Safehold, the remaining proceeds will be distributed approximately 83% to Safehold and approximately 17% to the minority Caret unitholders, comprised of management as well as private institutional and family office investors.
The sale is scheduled to close in the fourth quarter, subject to customary closing conditions.
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.
