Safehold prices upsized 2M stock offering and concurrent private placement

• Safehold (NYSE:SAFE) is down 3.17% after hours after the firm has priced an underwritten public offering of 2M shares of its common stock at a public offering price of $59.00/share for total gross proceeds of $118.0M.
• The offering was upsized from the previously announced 1.75M shares of common stock.
• Underwriters' over-allotment is an additional 300K shares of its common stock.
• Offering is expected to close on March 7, 2022.
• Concurrently with the completion of the public offering, the Company will sell to iStar (NYSE:STAR) in a private placement 3.24M shares of common stock at the public offering price for total gross proceeds of ~$191.2M.
• The amount to be purchased by iStar represents ~61.83% of the total number of shares to be issued in the public offering and concurrent iStar private placement.
• In total, the Company will sell a combined 5.24M shares, raising total gross proceeds of ~$309.2M in the public offering and concurrent iStar private placement.
• Net proceeds from the public offering and concurrent private placement will be used to make additional investments in ground leases, to repay outstanding borrowings under the Company's revolving credit facility and for general corporate purposes.