Safehold Inc (NYSE:SAFE) Q1 2020 Earnings Conference Call - Final Transcript

Apr 23, 2020 • 10:00 am ET

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Safehold Inc (NYSE:SAFE) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning, and welcome to Safehold's First Quarter 2020 Earnings Conference Call.

[Operator Instructions]

At this time, for opening remarks and introduction, I would like to turn the conference over to Jason Fooks, Senior Vice President of Investor Relations and Marketing. Please go ahead, sir.

Executive
Jason Fooks

Thank you, Tiffany. Good morning, everyone, and thank you for joining us today for Safehold's earnings call.

While we are all social distancing and working remotely, we sincerely hope you and your families are well during these challenging times, and we look forward to better days soon. On the call today, we have Jay Sugarman, Chairman and Chief Executive Officer, Marcos Alvarado, President and Chief Investment Officer, and Jeremy Fox-Geen, our Chief Financial Officer.

This morning, we plan to walk through a presentation that details our first-quarter 2020 results. The presentation can be found on our website at safeholdinc.com and by clicking on the Investors link. There'll be a replay of this conference call beginning at 1:00 PM Eastern Time today.

The dial-in for the replay is 866-207-1041, with the confirmation code of 7359470. Alternatively, the replay can also be found on our website. You'll also be able to see on our site our recently published 2019 annual report, our 2020 proxy statement and our inaugural ESG report. Before I turn the call over to Jay, I'd like to remind everyone that statements in this earnings call, which are not historical facts may be forward-looking.

Our actual results may differ materially from these forward-looking statements and the risk factors that could cause these differences are detailed in our SEC reports. Safehold disclaims any intent or obligation to update these forward-looking statements, except as expressly required by law. Now with that, I'd like to turn the call over to Chairman and CEO Jay Sugarman. Jay?

Executive
Jay Sugarman

Thanks, Jason. I'll just start by expressing our sympathies to those who have experienced loss from COVID-19 and our gratitude to those on the front lines of this fight. Everyone who's working to mitigate the impact of this global crisis has our thanks and our support. Like most of you, we entered this year confident in our strategy and excited to continue building upon our successes in 2019.

Our pipeline looks to be growing nicely and our teams are engaged with customers across the country. Even as the impact of the virus began to be clear, we worked to be in a position to close deals if our customers wanted to close them and raised additional capital during the quarter to ensure our ability to be there when our customers needed us. However, by the end of the quarter, it was clear, most transactions were being halted or postponed until things become more settled. We closed a handful of small multifamily and office deals that were near the finish line when things started to unfold, but larger ground lease deals that were well along were put on hold by building owners and acquirers.

We continue to be engaged in conversations with customers