Core Insights - Safehold Inc. has successfully closed a ground lease to recapitalize a 336-unit multifamily property in Florida's Space Coast, marking its 18th deal in Florida and its first with JT Capital [1][2] - The company aims to leverage its modern ground lease structure to provide lower-cost, long-term capital to property owners [2] - Safehold also provided a leasehold loan alongside the long-term ground lease to facilitate the transaction [3] Company Overview - Safehold Inc. is a leader in the modern ground lease industry, having established this sector in 2017, and focuses on unlocking land value for various property types including multifamily, office, and mixed-use [4] - The company operates as a real estate investment trust (REIT) and aims to deliver safe, growing income and long-term capital appreciation to its shareholders [4]

Conservative Income Portfolio targets the best value stocks with the highest margins of safety. The volatility of these investments is further lowered using the best priced options. Our Enhanced Equity Income Solutions Portfolio is designed to reduce volatility while generating 7-9% yields.In our previous coverage of Safehold Inc. (NYSE: SAFE ) and Star Holdings ( STHO ), we opined that while some REITs were looking good, these two were still not on our buy list.Trapping Value provides Covered Calls, and Pr ...

Analysis Shows 23% Reduction in Morphine Use with Favorable Safety Profile in Patients 60 Years of Age and OlderNASHVILLE, Tenn., May 27, 2025 /PRNewswire/ -- Cumberland Pharmaceuticals Inc. (Nasdaq: CPIX), a specialty pharmaceutical company, today announced the publication of its study investigating Caldolor® (intravenous ibuprofen) in older patients. The analysis evaluated the safety and efficacy of Caldolor for the management of pain and fever in patients 60 years of age and older. It marks an important ...

NEW YORK, May 27, 2025 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease to facilitate the development of The Benjamin, a ground-up, 364-unit multifamily development in the Boston MSA. The deal is Safehold's first with The Michaels Organization, a large-scale national multifamily investor, developer and operator. "We're pleased to see the growing adoption of our ground lease solution for multifamily projects in top MSAs," sa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-15371 Safehold Inc. (Exact name of registrant as specified in its charter) | Maryland | 95-6881527 | | --- | --- ...

Safehold (SAFE) Q1 2025 Earnings Call May 07, 2025 09:00 AM ET Company Participants Pearse Hoffmann - Senior Vice President of Capital Markets & Investor RelationsJay Sugarman - CEO & ChairmanBrett Asnas - CFORonald Kamdem - Managing Director & Head of US REITs and CRE ResearchTim Doherty - Chief Investment OfficerCaitlin Burrows - Vice PresidentMitch Germain - MD - Real Estate ResearchRichard Anderson - Managing Director - Equity Research Conference Call Participants Haendel Emmanuel St. Juste - Managing D ...

Safehold (SAFE) Q1 2025 Earnings Call May 07, 2025 09:00 AM ET Company Participants Pearse Hoffmann - Senior Vice President of Capital Markets & Investor RelationsJay Sugarman - CEO & ChairmanBrett Asnas - CFORonald Kamdem - Managing Director & Head of US REITs and CRE ResearchTim Doherty - Chief Investment OfficerCaitlin Burrows - Vice PresidentMitch Germain - MD - Real Estate ResearchRichard Anderson - Managing Director - Equity Research Conference Call Participants Haendel Emmanuel St. Juste - Managing D ...

Financial Data and Key Metrics Changes - For Q1 2025, GAAP revenue was $97.7 million, net income was $29.4 million, and earnings per share (EPS) was $0.41, reflecting a decline in GAAP earnings year over year primarily due to a nonrecurring $1.9 million loss on a preferred equity investment [11][12] - Excluding the one-time loss, Q1 EPS increased slightly year over year, driven by higher net earnings on investment fundings and percentage rent [12] - The portfolio currently earns a 3.7% cash yield and a 5.4% annualized yield, with an economic yield of 5.8% [12][13] Business Line Data and Key Metrics Changes - The total portfolio at quarter end was $6.8 billion, with an estimated GLTV of 52% and rent coverage of 3.5 times [9][15] - The company funded a total of $20 million in Q1, consisting of $16 million in ground lease fundings and $4 million related to leasehold loans [10] - The ground lease portfolio has grown 20 times by both book value and estimated unrealized capital appreciation since the IPO, with 85 multifamily ground leases now comprising 58% of the portfolio [10] Market Data and Key Metrics Changes - The company has nonbinding LOIs totaling approximately $386 million for potential commitments across 11 ground leases and four loans, with six of the ground leases focused on affordable housing [7][9] - The portfolio GLTV increased from 49% to 52% quarter over quarter, reflecting the largest office revaluation quarter [14][15] Company Strategy and Development Direction - The company aims to reach a scale that unlocks the full value of the business for shareholders while expanding the customer base that can benefit from long-term lower-cost capital [4][5] - The management is focused on capital recycling and evaluating opportunities to address the public versus private valuation disconnect [35][21] Management's Comments on Operating Environment and Future Outlook - The management noted that while the market remains volatile, there are signs of stabilization, and they are optimistic about the pipeline of deals [6][19] - The management expressed confidence in the ability to close the majority of the deals in the pipeline within the year, despite the challenges posed by market conditions [31][61] Other Important Information - The company ended the quarter with approximately $1.3 billion of liquidity, supported by potential available capacity in joint ventures [9][17] - The company has a weighted average debt maturity of approximately 19 years and no corporate maturities due until 2027 [17] Q&A Session Summary Question: Can you provide more details on the sponsors and markets related to the nonbinding LOIs? - The pipeline includes a robust mix of multifamily deals, with diverse locations across the West Coast, Southeast, Northeast, and Midwest [25][26] Question: What are the benefits of ground leases versus leasehold loans? - Leasehold loans provide more certainty in volatile markets and can help kickstart transactions that are stalled [27] Question: Can you quantify the closed deals from the LOIs? - The majority of the deals in the pipeline are expected to close this year, with timing varying based on construction versus recap deals [31] Question: What is the company's strategy regarding joint ventures? - The company is exploring opportunities for joint ventures to unlock value from the existing portfolio while focusing on larger scale deals with current partners [65][66] Question: How does the company view the current market volatility? - The management acknowledged ongoing volatility but noted that it has tightened, allowing sponsors to make clearer long-term capital decisions [44][61] Question: What is the outlook for S&P ratings? - The company is in dialogue with S&P and aims to achieve a third single A rating through prudent capital management and continued deal origination [82]

Core Insights - Safehold (SAFE) reported revenue of $97.68 million for Q1 2025, marking a year-over-year increase of 4.8% and exceeding the Zacks Consensus Estimate by 1.94% [1] - The company's EPS for the same quarter was $0.44, slightly up from $0.43 a year ago, with an EPS surprise of 2.33% over the consensus estimate [1] Financial Performance Metrics - Operating lease income was reported at $21.38 million, surpassing the average estimate of $20.68 million, reflecting a year-over-year increase of 1.8% [4] - Other income decreased to $4.30 million, below the average estimate of $4.93 million, representing a significant year-over-year decline of 35.2% [4] - Interest income from sales-type leases was $69.66 million, slightly above the average estimate of $69.35 million, with a year-over-year increase of 10.2% [4] - Interest income from related parties was reported at $2.33 million, slightly below the average estimate of $2.40 million, showing a year-over-year decrease of 1% [4] - The diluted net income per share was $0.41, compared to the estimated $0.43, indicating a shortfall against analyst expectations [4] Stock Performance - Over the past month, Safehold's shares have returned -6%, contrasting with the Zacks S&P 500 composite's increase of 11.5% [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3]

Q1'25 Earnings Results Q1'25 Summary Investment Activity1 | | Non-Binding LOIs | | --- | --- | | | (11 Ground Leases, 4 Leasehold Loans) | | Ground Lease Value | ~$273m | | Leasehold Loan Value | ~$113m | | Markets | 8 | | Sponsors | 11 | | GLTV2a | ~34% | | Rent Coverage3a | ~2.6x | | Economic Yielda | ~7.3% | $6.8b / $8.9b Total Portfolio Aggregate GBV5 / Total Portfolio Estimated UCA Portfolio Metrics4 Capital Sources $1.3bb Cash & Credit Facility Availability 52% / 3.5x GLTV2 / Rent Coverage3 Remaining ...