Safehold Inc

Good morning and welcome to Safehold's third 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 morning, 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 Asmus, Chief Financial Officer. This morning, we plan to walk through a presentation that details our third quarter 2023 results. The 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 2 p.m. Eastern time today. The dial-in for the replay is 877-481-4010 with a confirmation code of 49301. 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. Stateful 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 thank you, everyone, for joining us today. There's no way around it. This has been a very difficult part of the interest rate cycle for us. By some measures, this has been the worst market for fixed-income investments on record, and long-dated cash flows are obviously some of the most impacted when rates rise. But cycles end, and we believe we have been through 90-95% rate moves in this cycle. Higher rates also mean our in-place long-dated liabilities are more valuable, and our embedded inflation kickers should be more valuable as well. And carrot remains in our minds a unique asset for Safehold shareholders that is deeply undervalued. So we continue to position Safehold to be a winner when the cycle finally ends, and to continue to look for ways to expand the modern grand lease ecosystem. to find new ways to make real estate capital structures more efficient, more resilient, and more like other parts of the modern capital markets. With that, let's have Marcus and Brett take you through the quarter.