Safety, Income & Growth Originates $50 Million Of New Ground Leases

3 min read

NEW YORK–(BUSINESS WIRE)– Safety, Income & Growth Inc. (NYSE:SAFE), the leading company focused on ground leases, announced it has originated two new ground leases totaling $50 million with The Dilweg Companies.

This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20180305005074/en/

Dilweg utilized a SAFE Ground Leaseā„¢ to successfully recapitalize Regency Lakeview, a two-building office campus comprising 376k square feet on 27 acres in Cary, NC. The property is in the center of the vibrant ā€œResearch Triangleā€ between Raleigh, Durham, and Chapel Hill. Regency Lakeview has convenient access to US-64 offering a short drive to Raleigh-Durham International Airport and downtown Raleigh. The campus is currently undergoing a nearly $6 million renovation to further enhance the space.

In addition, SAFEā€™s custom-tailored ground lease facilitated Dilwegā€™s acquisition of Pershing Point, a 7-story, 410k square foot office building on Peachtree Street in Midtown Atlanta. The property is well-located in a top 10 MSA and has excellent access to I-75, I-85, and GA-400 via the Peachtree Street Connector. Dilweg plans to invest approximately $19 million in capital and tenant improvements to reposition the asset as creative office space.

The SAFE Ground Leaseā„¢ provided low-cost, long-duration solutions that enabled Dilweg to unlock value and achieve better returns at both properties.

ā€œThese transactions show how a well-structured, modern SAFE Ground Leaseā„¢ can be employed to create value for customers at acquisition and recapitalization. The low-cost, flexible structure is immediately accretive, particularly when compared to alternative financing options,ā€ said Tim Doherty, Head of Ground Lease Investments. ā€œWe are building momentum as the marketplace is realizing how our brand of ground leases offers an innovative way for our clients to maximize their returns.ā€

Safety, Income & Growth Inc. (NYSE: SAFE) is the first publicly traded company that focuses on acquiring, owning, managing and capitalizing ground leases. The Company seeks to provide safe, growing income and capital appreciation to shareholders by building a diversified portfolio of high quality ground leases. The Company, which is taxed as a real estate investment trust (REIT), is managed by its largest shareholder, iStar Inc.Additional information on SAFE is available on its website at www.safetyincomegrowth.com.

Source: Safety, Income & Growth Inc.

Safety, Income & Growth

Jason Fooks, 212-930-9400
Vice President of Investor Relations & Marketing
investors@safetyincomegrowth.com

Connect with Safehold

East Coast

Tim Doherty

Chief Investment Officer

West Coast

Steve Wylder

Southeast

Ryan Howard

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