Safehold (US:SAFE)2025-11-05 22:00Q3'25 Earnings Results - Revenues reached $96.2 million, a 6% increase year-over-year, and $287.7 million year-to-date, a 5% increase[10] - GAAP Net Income was $29.3 million, a 51% increase year-over-year, and $86.6 million year-to-date, a 9% increase[10] - Earnings Per Share (EPS) was $0.41, a 52% increase year-over-year, and $1.21 year-to-date, an 8% increase[10] - Excluding non-recurring gains and losses, EPS increased by $0.04 year-over-year due to asset funding and origination[11] Portfolio Activity - Q3'25 originations included four new ground leases valued at $42 million with a 34% GLTV and a 7.3% economic yield[4,8] - Total portfolio aggregate GBV reached $7.0 billion, with an estimated unrealized capital appreciation (UCA) of $9.1 billion[5] - The company has $1.1 billion available in cash and credit facility[5] - The company has $400 million remaining capital for JV with Leading Sovereign Wealth Fund[5] Portfolio Composition - The core ground lease portfolio has a gross book value of $6.9 billion with a 91-year weighted average extended lease term[12,16] - Multifamily assets constitute 41% of the portfolio by GBV, with a rent coverage of 3.6x and a GLTV of 39%[18] - Office assets constitute 40% of the portfolio by GBV, with a rent coverage of 3.1x and a GLTV of 70%[18]