Safehold Inc

Good morning and welcome to Safehold's third quarter 2022 earnings conference call. If you need any assistance during today's call, please press star zero. If you would like to ask a question, please press star one. That's star one 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 Foote. Senior Vice President of Investor Relations and Marketing. Please go ahead, sir.

Good morning, everyone, and thank you for joining us today for Safehold's earnings call. On the call today, we have Jay Sugarman, Chairman and Chief Executive Officer, Marcus Alvarado, President and Chief Investment Officer, and Brett Asness, Chief Financial Officer. This morning, we plan to walk through a presentation that details our third quarter results. The presentation can be found on our website at safeholdinc.com and by clicking on the investors link. There will be a replay of this conference call beginning today at 2 p.m. Eastern Time, and the dial-in for the replay is 877-481-4010 with the confirmation code of 46957. 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 it over to Chairman and CEO Jay Sugarman. Jay?

Thanks, Jason. Thanks to everyone for joining us today. The third quarter was marked by two important events with opposite impacts on Safehold. Our announcement of an agreement with I-Star to create a better platform for expanding our modern groundless business was a strong plus on a number of fronts and addressed several key constraints in the minds of equity and debt investors. Unfortunately, the third quarter was also a period of historic volatility in the interest rate and credit markets. The impact on Safehold's share price has been painful. Higher rates and spreads will impact both asset and liability pricing, And while we remain focused on expanding our footprint through this period, we are also willing to be patient for markets to eventually stabilize. And we believe the impact on our share price for future projected rate declines and less volatile markets should be quite favorable. In the meantime, we'll work to highlight that while the contractual cash flows from our $6 billion ground-lease portfolio are certainly impacted by higher discount rates for assets with a similar credit profile, We also need to continue drawing attention to the benefits of our now below-market long-term debt, the contractual inflation kickers in many of our assets, and our portfolio of embedded capital appreciation that over the long term will act as a powerful inflation hedge. We've included a few updates on Carrot in the Deck as it remains an important catalyst for our long-term vision, and we're pleased to continue taking small steps in the right direction and pointing towards success. Okay, let's turn to the quarter with Brett and Marcus. Marcus?