UPDATE: (Correct) Safety Income & Growth (SAFE) Reports Q2 AFFO of 17c

Safety Income & Growth (NYSE: SAFE) reported Q2 EPS of $0.09, does not compare to the analyst estimate of $0.16.

• Net income of $1.7 million or $0.09 per share
• Funds from Operations (FFO) of $4.0 million or $0.22 per share
• Adjusted Funds from Operations (AFFO) of $3.0 million or $0.17 per share
• Received $1.5 million termination fee after a third party exercised right of first offer to purchase a ground lease SAFE had under contract
• Closed four ground leases totaling $44 million
• Portfolio increased 7.5% during the quarter to $631 million
• Value Bank increased 6% during the quarter to $1.3B
• $141 million of deals in the investment pipeline under LOI

“We’re pleased to see this quarter’s new ground lease originations were sourced from both new customers, who are beginning to understand the revolutionary nature of our capital, and repeat customers who recognize the value creation that a SAFE Ground Lease™ provides,” said Jay Sugarman, Safety, Income and Growth’s Chairman and Chief Executive Officer.

For earnings history and earnings-related data on Safety Income & Growth (SAFE) click here.

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