Safehold Inc. formed a joint venture with a Brookfield affiliate involving a portfolio of United States ground leases generating approximately $14 million in annualized cash ground rent. Brookfield will acquire a 49% non-controlling interest at a gross valuation of roughly $348 million. Safehold will retain day-to-day management and holds call options to repurchase the interest starting after year seven. The venture is expected to be consolidated on Safehold's financial statements, with net proceeds allocated toward debt repayment and general corporate purposes. Safehold Inc. is a real estate investment company focused on ground lease assets.
