Safehold Inc

Good afternoon and welcome to Safehold's first quarter 2023 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 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 Pierce Hoffman, Senior Vice President of Capital Markets and Investor Relations. Please go ahead, sir.

Good afternoon, everyone. Thank you for joining us today for Safehold's earnings call. On the call today, we have Jay Sugarman, Chairman and Chief Executive Officer, Marcos Alvarado, President and Chief Investment Officer, and Brett Asness, Chief Financial Officer. This afternoon, we plan to walk through a presentation that details our first quarter 2023 results. Presentation can be found on our website at safeholdinc.com by clicking on the investors link. There will be a replay of this conference call beginning at 8 p.m. Eastern time today. The dial-in for the replay is 877-481-4010, confirmation code of 48222. 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, Pierce, and thanks to everyone joining us today. The first quarter for Safehold was mostly about getting our merger closed and setting the company up to continue building its leadership position in the modern groundless industry. Safehold continues to offer investors a unique way to participate in an asset class that has historically created significant wealth, and we can now do so with improved liquidity and an expanded shareholder base. While the merger was a positive development, the challenging market backdrop remained a drag on transaction activity in real estate as a whole, and consequently on transaction activity in the ground lease sector. On the other hand, with capital availability becoming more limited and debt maturity is a growing concern, many owners are beginning to appreciate the value of the very long-term, low-cost capital that a safehold ground lease provides. And we look forward to being a part of the solutions the real estate market needs now to help lower its risk profile and to create more resilient capital structures in the future. Our primary goal now must be to get the value of our ground lease portfolio and our go forward platform more widely understood. With three key areas of focus. One, our growth potential and the very large addressable market opportunity. Two, our long term low risk contractual cash flows with inflation kickers that generate superior returns to comparable long term low risk alternatives. And three, the sizable capital appreciation growing inside our portfolio. which we separate out and highlight through the sale of units and carrot. Adding in a strong balance sheet with attractive long-term debt, we believe the current price of our shares is well below the intrinsic value of our business, and we will work to make that readily apparent as the business begins to expand again and market stabilize. And with that background, let me turn it over to Marcos and Brett to recap the quarter. Marcos?