Safehold dips on $309 mln equity raise

Safehold

03/03/2022 13:26

** Safehold Inc  SAFE.N  shares down 3.3% at $60 premarket
after REIT raises equity
    ** Co prices 2 mln shares (up from 1.75 mln) in public
offering at $59, 4.9% discount to stock's last sale  urn:newsml:reuters.com:*:nPn48Mwbwa
    ** Co also sells 3.24 mln shares to iStar Inc  STAR.N  in
concurrent private placement
    ** iStar is top SAFE investor with ~65% stake, per Refinitiv
data
    ** SAFE has ~56.6 mln shares outstanding and ~19.5 mln
shares of free float - Refinitiv
    ** Co to use total net proceeds for additional investments
in ground leases, repay debt
    ** Shares down ~22% YTD and off about a third from early-Aug
2021 record highs
    ** Morgan Stanley, BofA, Goldman Sachs and J.P. Morgan acted
as jt bookrunners for offering, leading 11-firm underwriting
group

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))