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Breaking Through The Modern Ground Lease Advantage
Letter To Shareholders

2021 was a good year for Safehold. We continued to rapidly expand our business by building on the core thesis behind our modern ground lease innovation — providing better capital for our customers, and generating better returns for our shareholders.

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2021 Highlights

2021 brought accelerated growth for Safehold, driven by repeat business,
new customer adoption, market expansion and continued product
innovation, resulting in strong financial performance.

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Our Portfolio

Safehold’s industry-leading portfolio has increased 14x since our
IPO in June 2017 to $4.8 billion.

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