{"id":2405,"date":"2017-06-21T09:56:09","date_gmt":"2017-06-21T13:56:09","guid":{"rendered":"http:\/\/www.ipoboutique.com\/blog\/?p=2405"},"modified":"2017-06-21T09:58:01","modified_gmt":"2017-06-21T13:58:01","slug":"safety-income-and-growth-inc-nyse-sfty-ipo-preview","status":"publish","type":"post","link":"https:\/\/www.ipoboutique.com\/blog\/safety-income-and-growth-inc-nyse-sfty-ipo-preview\/","title":{"rendered":"Safety, Income and Growth, Inc. (NYSE: SFTY) IPO Preview"},"content":{"rendered":"

Company: Safety, Income and Growth, Inc.<\/strong>
\nSymbol: SFTY
\nDescription: They believe that they are the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground net leases, or GNLs.
\nShares: 10.25 million
\nPrice Range: $19.00-$21.00
\nTrade Date: 6\/22
\nUnderwriter(s): BofA Merrill Lynch, J.P. Morgan, Barclays
\nCo-Manager: Citigroup, Raymond James, Mizuho Securities<\/p>\n

\"g977973\"<\/a><\/p>\n

Link to S-1\/A Prospectus<\/a><\/strong><\/h2>\n

Investor Access:<\/b> This deal can be accessed via the three\u00a0main underwriters and the three co-managers\u00a0on this deal.<\/span><\/p>\n

Distributions:\u00a0<\/strong>They intend to pay a pro rata initial distribution with respect to the period commencing on the completion of this offering and ending on June 30, 2017, based on a distribution of $0.15 per share for a full quarter. On an annualized basis, this would be $0.60 per share, or an annual distribution rate of approximately 3.0%, based on an assumed initial public offering price of $20.00 per share.<\/p>\n

Business:\u00a0<\/b>GNLs, or ground net leases, are typically “triple net” leases, meaning that the tenant is responsible for development costs, capital expenditures and all property operating expenses, such as maintenance, real estate taxes and insurance. GNLs are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index (CPI) based, or both) and sometimes include percentage rent participations.They believe that a GNL represents a safe position in a property’s capital structure. This safety is derived from the typical structure of a GNL, which they believe creates a low likelihood of a tenant default and a low likelihood of a loss by the GNL owner in the event of a tenant default.<\/p>\n

Financials:<\/strong> Their historical combined total revenue was $18.6 million and $21.7 million, and their net income was $5.7 million and $6.6 million in 2015 and 2016, respectively. The historical combined total revenue for the first quarter of 2017 increased 16.1% to $5.3 million and their net income increased 96.1% to $1.8 million, compared to the same period in 2016.<\/span><\/p>\n

Comp \/ Sector Performance: <\/b>\u00a0Below is a graphic of REIT IPO performance in 2017.<\/span><\/p>\n

\"REITsin2017YTD\"<\/a><\/p>\n

Book-Building Status:<\/b> The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.<\/span><\/p>\n

IPO Boutique subscription clients receive daily updates on this critical information. <\/span><\/a><\/p>\n

Conclusion:<\/b> IPO Boutique provides ratings, daily commentary and a forecast for how this IPO will open vs. its offering price. We have kept a<\/span> track record <\/span><\/a>with our performance for last 12 years at our website. Additionally, we have our latest performance results with commentary from the month of May by <\/span>clicking here<\/span><\/a>. <\/span><\/p>\n

Indicate with confidence, <\/b>SUBSCRIBE<\/b><\/a> today.<\/b><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Company: Safety, Income and Growth, Inc. Symbol: SFTY Description: They believe that they are the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground net leases, or GNLs. Shares: 10.25 million Price Range: $19.00-$21.00 Trade Date: 6\/22 Underwriter(s): BofA Merrill Lynch, J.P. Morgan, Barclays Co-Manager: Citigroup, Raymond James, Mizuho Securities Link[…]<\/p>\n","protected":false},"author":2,"featured_media":2408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"zakra_general_container_width":0,"zakra_general_content_width":0,"zakra_general_sidebar_width":0,"zakra_sticky_header":"customizer","zakra_header_main_area":true,"zakra_site_logo_width":0,"zakra_header_top_enabled":"customizer","zakra_header_top_style":"customizer","zakra_primary_menu_item_style":"customizer","zakra_page_header_text_color":"","zakra_page_header_layout":"customizer","zakra_page_title_bg":"","zakra_footer_widgets_bg_image":0,"zakra_page_title_bg_repeat":"customizer","zakra_page_title_bg_position":"customizer","zakra_page_title_bg_size":"customizer","zakra_page_title_bg_attachment":"customizer","zakra_breadcrumbs_enabled":"customizer","zakra_breadcrumbs_text_color":"","zakra_breadcrumbs_separator_color":"","zakra_breadcrumbs_link_color":"","zakra_breadcrumbs_link_hover_color":"","zakra_page_title_bg_image":0,"zakra_footer_widgets_enabled":"customizer","zakra_footer_column_layout_1_style":"customizer","zakra_footer_widgets_bg":"","zakra_footer_widgets_bg_repeat":"customizer","zakra_footer_widgets_bg_position":"customizer","zakra_footer_widgets_bg_size":"customizer","zakra_footer_widgets_bg_attachment":"customizer","zakra_footer_bar_enabled":"customizer","zakra_footer_bar_style":"customizer","footnotes":""},"categories":[24],"tags":[],"class_list":["post-2405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo"],"_links":{"self":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/2405","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/comments?post=2405"}],"version-history":[{"count":3,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/2405\/revisions"}],"predecessor-version":[{"id":2409,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/posts\/2405\/revisions\/2409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media\/2408"}],"wp:attachment":[{"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/media?parent=2405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/categories?post=2405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ipoboutique.com\/blog\/wp-json\/wp\/v2\/tags?post=2405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}