Safehold announces offering of 6.5M shares of common stock

Safehold announced that it has commenced an underwritten public offering to sell 6.5M shares of its common stock. Concurrently with the completion of the public offering, Safehold is expected to sell, subject to customary closing conditions, to certain affiliates of MSD Partners, L.P. in a private placement a number of shares of common stock equal to approximately 8.5% of the total number of shares of common stock sold in the offering, subject to a cap of 639,656 shares of common stock due to current limitations under NYSE rules and regulations. The company intends to use the net proceeds from the public offering and concurrent private placement for general corporate purposes, which may include repaying or repurchasing indebtedness, making additional investments in ground leases, providing for working capital and funding obligations under existing ground lease commitments. BofA Securities, Goldman Sachs & Co., J.P. Morgan and Morgan Stanley will act as joint book-running managers for the public offering.