Safehold Inc

Good morning and welcome to Safehold's fourth quarter and fiscal year 2020 earnings conference call. If you need assistance during today's call, please press star zero. If you would like to ask a question, please press one zero. That's one zero to ask a question. As a reminder, today's conference is being recorded. At this time for opening remarks and introductions, I would like to turn the conference over to Jason Fuchs, Senior Vice President of Investor Relations and Marketing. Please go ahead, sir.

Good morning, everyone, and thank you for joining us today for Safe Holds Earnings Call. On the call today, we have Jay Sugarman, Chairman and Chief Executive Officer, Marcos Alvarado, President and Chief Investment Officer, and Jeremy Fox-Gein, Chief Financial Officer. This morning, we plan to walk through a presentation that details our fourth quarter and fiscal year 2020 results. That presentation can be found on our website at safeholdinc.com and by clicking on the investor's link. There will be a replay of this conference call beginning at 1 p.m. Eastern time today, and the dial-in for that replay is 866-207-1041 with a confirmation code of 1216793. Now, 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? Thanks, Jason, and thanks to all of you for joining us today. Safehold's fourth quarter was a busy one. and set us up very nicely for 2021. With 13 separate ground lease transactions closing, we were able to provide a growing pool of customers access to our value-enhancing modern ground lease and further extend the ground lease ecosystem we've been building over the past four years. Our push into the multifamily space continued to bear fruit as well, increasing multifamily as a percentage of our portfolio and enabling us to break into several new top markets, deals in Denver, Dallas, and Atlanta, complemented the multifamily transactions in Seattle, Philadelphia, and San Jose that we previewed in our third quarter call. With the market's growing appreciation for the benefits of a modern ground lease, we continue to look for ways to provide our customers with the most efficient capital possible. And we're very pleased to recently receive BAA1 and BBB Plus corporate credit ratings for Moody's and Fitch, respectively. Investment grade ratings enable us to be more efficient and more nimble and bring down our cost of capital. We continue to target a spread to our cost of funds in the 100 to 125 basis point range and should be able to access more of the market with the increased efficiency investment grade ratings create. In addition, with our portfolio now surpassing $3 billion and the embedded capital appreciation we call UCA exceeding $5 billion, we've now reached the scale and diversity where we can talk not only about the value of the long-term rental streams of our portfolio, but also the value building in the portfolio's long-term real estate ownership interests. During 2021, we hope to demonstrate our commitment to meeting our customer needs in new and innovative ways, as well as demonstrating to investors the long-term growth opportunity ahead of us and its value to our enterprise. We're excited to have established Modern Ground Leases as an important tool for real estate owners around the country and excited to make available to public shareholders this unique and uniquely attractive asset class. With that, let's have Jeremy take you through the quarter and year-end numbers. Jeremy?