Safehold Inc

Good morning and welcome to I-STAR's third quarter 2021 earnings conference call. If you need assistance during today's call, please press star zero. If you'd 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. Thank you for joining us today to review I-Star's third quarter 2021 earnings. With me today are Jay Sugarman, Chairman and Chief Executive Officer, and Marcos Alvarado, our President and Chief Investment Officer. This morning, we published an earnings presentation highlighting our results, and our call will refer to these slides, which can be found on our website at istar.com in the Investors section. There'll be a replay of the call beginning at 2.30 p.m. Eastern time today. The replay is accessible on our website or by dialing 1-866-207-1041 with a confirmation code of 1463546. 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 will be forward-looking. ISTAR's 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. ISTAR disclaims any intent or obligation to update these forward-looking statements, except as expressly required by law. Now, I'd like to turn the call over to I-STAR's Chairman and CEO, Jay Sugarman.

Jay? Thanks, Jason. I appreciate everyone joining us today. I-STAR's third quarter was highlighted by strong success in monetizing legacy assets and continued progress in scaling Safehold. Earnings benefited from both of these strategic initiatives, with EPS for the quarter topping $1.50 a share and adjusted EPS over $1.75. On the legacy asset side, our asset management team has been working hard to simplify our portfolio, and those efforts paid off nicely last quarter, bringing in almost $250 million of proceeds and generating almost $50 million of gains in the process. Legacy assets now make up well less than 10 percent of the overall portfolio and are rapidly moving into the rearview mirror. Turning to Safehold, our investment team continues to drive new business in the ground lease sector. delivering over 320 million of new ground leases into Safehold's portfolio during the quarter and exploring further ways to help expand the customer base. We continue to believe the ground lease ecosystem represents a rich area of opportunity going forward. We also continue to make progress on our net lease exploration process and have been positioning ourselves to be able to execute efficiently as we evaluate various alternatives. As we are mid-process, we can't provide any details just yet, but look forward to updating you on the process in the future. And with that, let's have Marcos take you through the details. Marcos?