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SAFE

Safehold Inc.

SAFE

Safehold Inc. • NYSE
$13.87 ▼ -1.21% (-0.17)
Market Cap $995.26 M
52w High $21.90
52w Low $12.76
Dividend Yield 0.71%
P/E 8.83
Volume 158.78K
Outstanding Shares 71.76M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $96.162M ▲ $69.886M ▲ $29.282M ▲ 30.451% ▲ $0.41 ▲ $84.243M ▲
Q2-2025 $93.842M ▼ $69.042M ▼ $27.947M ▼ 29.781% ▼ $0.39 ▼ $82.8M ▼
Q1-2025 $97.677M ▲ $71.218M ▲ $29.364M ▲ 30.062% ▲ $0.41 ▲ $83.493M ▲
Q4-2024 $91.872M ▲ $68.19M ▼ $26.039M ▲ 28.343% ▲ $0.36 ▲ $80.889M ▲
Q3-2024 $90.705M $73.784M $19.331M 21.312% $0.27 $73.635M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $21.259M ▲ $7.148B ▲ $4.727B ▲ $2.39B ▲
Q2-2025 $19.094M ▼ $7.063B ▲ $4.659B ▲ $2.373B ▲
Q1-2025 $23.19M ▲ $6.929B ▲ $4.548B ▲ $2.351B ▲
Q4-2024 $15.579M ▼ $6.899B ▲ $4.525B ▲ $2.344B ▲
Q3-2024 $23.358M $6.815B $4.497B $2.288B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.282M ▲ $-1.407M ▼ $-56.099M ▲ $55.828M ▼ $-1.678M ▲ $-1.407M ▼
Q2-2025 $27.969M ▼ $28.001M ▲ $-116.96M ▼ $85.913M ▲ $-3.046M ▼ $28.001M ▲
Q1-2025 $29.41M ▲ $8.901M ▲ $-7.001M ▲ $6.965M ▲ $8.865M ▲ $8.901M ▲
Q4-2024 $26.039M ▲ $7.898M ▼ $-21.473M ▲ $6.431M ▼ $-7.144M ▼ $7.898M ▼
Q3-2024 $19.953M $8.262M $-54.074M $48.052M $2.24M $8.262M

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last five years, showing that Safehold’s ground lease model is scaling. Profitability has generally been solid, with healthy underlying margins, but there have been bumps: one year of negative gross profit and a loss in the following year suggest valuation swings or one‑off items can meaningfully affect reported earnings. More recently, profits have recovered, with record revenue and a return to positive net income and earnings per share, though not yet back to the prior peak. Overall, the income statement points to a growing, profitable platform, but with some earnings volatility typical of real estate and structured finance businesses.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly, as Safehold has built a much larger portfolio of ground leases. Assets have grown quickly and are now sizable, funded mainly by higher debt alongside a gradual build in shareholder equity. This is a leveraged model, which is common for REITs but makes the company sensitive to interest rates and credit conditions. Equity has increased over time, which indicates value has been retained in the business despite a choppy year in the middle of the period. Cash balances are lean, so continued access to debt markets and other funding sources remains important to support growth and refinancing needs.

Cash Flow

Cash Flow Operating cash flow has been consistently positive, which supports the idea that the core leasing business generates reliable cash earnings. Free cash flow has been mildly positive in most recent years, after a period of heavy investment when the company spent aggressively to grow its ground lease portfolio. Capital spending has normalized from that earlier investment spike, suggesting a shift from a purely build‑out phase toward a more balanced model of growth plus cash generation. Still, this remains a capital‑intensive business, so future growth will likely continue to depend on access to external capital as well as internally generated cash.

Competitive Edge

Competitive Edge Safehold occupies a specialized niche as the leading provider of modern ground leases, with a strong first‑mover advantage. Its standardized, borrower‑friendly structures, national footprint across major metropolitan areas, and relationships with developers and lenders create a meaningful barrier to entry. The portfolio is diversified across property types and markets, which helps spread risk. According to the provided information, the company has also secured strong credit ratings and access to unsecured term loans, which strengthen its funding position. On the risk side, the model is concentrated in one specialized product, and its long‑dated cash flows remain exposed to broader commercial real estate cycles, property‑type stress (such as office), and interest‑rate trends.

Innovation and R&D

Innovation and R&D Innovation at Safehold is mainly financial and structural rather than technological. The company’s “modern ground lease” removes many legacy pain points: it is standardized, more transparent, avoids unpredictable rent resets, and is designed to be easier to finance with traditional lenders. This design has become its core product innovation and a key part of its moat. The firm is also adapting this model to affordable housing, positioning its capital as a flexible, lower‑cost gap filler in complex affordable housing capital stacks. A dedicated affordable housing team and a growing pipeline of deals, as described, suggest an active push into this socially important and under‑served segment. The main watch point is whether Safehold can continue to refine its structures as regulations, rates, and real estate dynamics evolve, so that its product remains the preferred solution for both developers and lenders.

Summary

Overall, Safehold looks like a scaled, specialized real estate platform built around a distinctive ground lease product. The financials show steady revenue growth and generally positive earnings, with a notable but temporary setback in the middle of the period and a clear recovery afterward. The balance sheet reflects a classic leveraged REIT model: a large and growing asset base funded with significant debt but backed by a rising equity cushion and, per the information provided, solid credit quality. Cash flows are positive from operations and have turned more consistently positive after an earlier phase of heavy investment. Competitively, Safehold benefits from being the recognized leader in modern ground leases, with deep relationships and a differentiated product that could be hard for new entrants to replicate at scale. Its expansion into affordable housing adds a potential long‑term growth driver and strengthens its strategic relevance. Key uncertainties revolve around the health of the broader commercial real estate market, the impact of interest rates on funding costs and asset values, and the company’s ability to maintain asset quality and originations while operating with meaningful leverage and very long‑dated obligations.

NEWS

November 25, 2025 · 4:05 PM UTC

Safehold Announces $400 Million Unsecured Term Loan

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November 24, 2025 · 5:39 PM UTC

Safehold Receives Credit Ratings Upgrade to A- from S&P Global Ratings

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November 7, 2025 · 7:34 AM UTC

Star Holdings Reports Third Quarter 2025 Results

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November 5, 2025 · 4:05 PM UTC

Safehold Reports Third Quarter 2025 Results

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November 4, 2025 · 4:05 PM UTC

Safehold Closes Six Ground Leases for Affordable Housing Developments in Los Angeles

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