Safety, Income And Growth Announces Pricing Of Its Initial Public Offering

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NEW YORK–(BUSINESS WIRE)– Safety, Income and Growth, Inc. (NYSE:SAFE) today announced the pricing of its initial public offering of 10,250,000 shares of its common stock at $20.00 per share. iStar Inc. will also purchase 2,250,000 shares of SAFE’s common stock in a concurrent private placement at $20.00 per share. Shares of SAFE’s common stock are expected to begin trading on the New York Stock Exchange on June 22, 2017 under the symbol “SAFE,” and the public offering and concurrent private placement are expected to close on June 27, 2017, subject to customary closing conditions. SAFE has granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of its common stock at the initial public offering price less the underwriting discount.

SAFE will receive total net proceeds of $246 million from the $250 million public offering and concurrent private placement. SAFE intends to use approximately $142 million of the net proceeds to acquire two ground net lease assets that are under contract to purchase and the balance of $104 million for general business purposes, including future acquisitions and originations of ground net lease assets.

The public offering is being made through an underwriting group led by BofA Merrill Lynch, J.P. Morgan and Barclays, who are acting as lead book-runners for the public offering. Citigroup and Raymond James are acting as joint book-running managers. Mizuho Securities is acting as a co-manager.

A registration statement on Form S-11, including a prospectus, relating to the common stock being sold in the public offering has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy such securities, nor shall there by any sale of such securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The public offering of common stock may be made only by means of a prospectus. Copies of the prospectus may be obtained by contacting:

(i)BofA Merrill Lynch, NC1004-03-43, 200 North College Street, 3rd Floor, Charlotte NC 28255-0001, Attention: Prospectus Department, or by emailing
(ii)J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attention: Prospectus Department, or by calling (866) 803-9204
(iii)Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by emailing Barclays, or by calling (888) 603-5847

SAFE is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground net leases. SAFE is managed by SFTY Manager LLC, a subsidiary of iStar Inc. (NYSE:STAR), SAFE’s largest shareholder.                     


Safety, Income and Growth, Inc.
Jason Fooks, Vice President of Investor Relations & Marketing

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