Safehold (US:SAFE)2025-05-06 22:18Financial Performance - Revenues for Q1'25 reached $97.7 million, a 5% increase compared to $93.2 million in Q1'24 [11] - GAAP Net Income attributable to Safehold Inc common shareholders was $29.4 million in Q1'25, a 4% decrease from $30.7 million in Q1'24 [11] - Excluding non-recurring gains and losses, Net Income attributable to Safehold Inc common shareholders was $31.3 million in Q1'25, a 2% increase from $30.7 million in Q1'24 [11] - Earnings Per Share (EPS) on a GAAP basis decreased by 5% year-over-year, from $0.43 in Q1'24 to $0.41 in Q1'25, while EPS excluding non-recurring items increased by 1% from $0.43 to $0.44 [11] Portfolio and Investment Activity - The company's total portfolio aggregate GBV (Gross Book Value) is $6.8 billion, with an estimated Unrealized Capital Appreciation (UCA) of $8.9 billion [5] - The company has $1.3 billion available in cash and credit facility [5] - The company has $400 million remaining for a joint venture with a leading sovereign wealth fund ($220 million from SAFE, $180 million from the partner) [5] - The company's core ground lease portfolio has a gross book value of $6.8 billion with a weighted average lease term of 91 years [15] - The company's portfolio has grown significantly since its IPO, with a 20x increase in estimated UCA and a 20x increase in portfolio size [8] Portfolio Metrics and Diversification - The company's portfolio consists of 36.0 million square feet, including 17.7 million square feet in multifamily properties and 12.5 million square feet in office properties [9] - Multifamily assets account for 41% of the company's GBV, with an average rent coverage of 3.7x and a GLTV (Ground Lease to Value) of 38% [21] - Office assets account for 40% of the company's GBV, with an average rent coverage of 3.2x and a GLTV of 69% [21]