Safety, Income and Growth Plans $206 Million IPO for June 22nd (SFTY)
Safety, Income and Growth (SFTY) is planning to raise $206 million in an IPO on Thursday, June 22nd, IPO Scoop reports. The company plans to issue 10,300,000 shares at a price of $19.00-$21.00 per share.
In the last year, Safety, Income and Growth generated $22.4 million in revenue and $7.5 million in net income. Safety, Income and Growth has a market-cap of $363.8 million.
BofA Merrill Lync, J.P. Morgan, Barclays, Citigroup and Raymond James served as the underwriters for the IPO and Mizuho Securities was co-manager.
Safety, Income and Growth provided the following description of their company for its IPO: ” We believe that we are the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground net leases, or GNLs. GNLs generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon. GNLs 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 CPI-based, or both) and sometimes include percentage rent participations. “.
Safety, Income and Growth was founded in 2016 and has 0 employees. The company is located at 1114 Avenue of the Americas, New York, NY 10036, US and can be reached via phone at (212) 930-9400 or on the web at http://www.sftyinc.com.
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