SAFE
Safehold Inc.13.62
-0.19-1.38%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Details buybacks, Carats monetization paths
Q&A sketched concrete paths for 2026 priorities, emphasizing Carats monetization via sales or liquidity events to spotlight its 'trust fund' value sooner than 100 years. Management plans leverage-neutral buybacks using capital recycling, with runway at 2x debt amid accretive 7%+ yields on $265M unfunded commitments. They're picky on office—strengthening in NY but not bottomed—while expanding affordable housing beyond California via new-state LOIs. Park Hotels litigation hits 2027 court date at $7M cost. Buybacks loom large. Tone stayed constructive on pipeline growth; investors will eye Carats unlocks and originations.
Key Stats
Market Cap
977.32MP/E (TTM)
8.68Basic EPS (TTM)
1.57Dividend Yield
0.05%Recent Filings
8-K
10-K
FY2025 results
Safehold's FY2025 delivered $385.6M revenues, up 5.4% y/y, driven by $286.1M interest income from sales-type leases (+8.3% y/y) amid Ground Lease originations, while operating lease income edged up to $72.1M on steady percentage rents. Net income climbed to $114.6M from $106.6M, with Q4 momentum evident in portfolio growth to $15.9B combined property value (gross book value 52% of value) and UCA edging to $9.3B, though office exposures pressured rent coverages. Debt stood at $4.6B year-end with $1.2B revolver capacity after $400M term loan close; no buybacks executed under $50M authorization. No 2026 guidance disclosed. Park Hotels litigation risks Q4 reversion momentum.
8-K
Q4 revenue up 7%
Safehold reported Q4 revenue of $97.9M (up 7% YoY) and FY $385.6M (up 5%), with net income hitting $27.9M ($0.39/share) in Q4 and $114.5M ($1.59/share) for FY, excluding $2.2M debt extinguishment loss. Portfolio swelled to $7.1B GBV via $429M originations; S&P upgraded to A- amid $400M term loan close. Strong positioning ahead.
8-K
UCA hits $9.3B
Safehold disclosed $9,272 million in estimated unrealized capital appreciation across its owned residual ground lease portfolio as of December 31, 2025, derived from CBRE's independent valuations of $15,947 million combined property value minus $6,675 million ground lease cost. This metric underscores lease safety and long-term reversion potential, yet realization hinges on distant expirations amid tenant buyout rights and market shifts. Valuations roll annually.
8-K
RCF covenants aligned
Safehold amended its revolving credit facility on December 5, 2025, aligning covenants with its recent term loan. Key metrics now require Consolidated EBITDA to annualized fixed charges ≥1.15:1.00, unencumbered assets to unsecured debt ≥1.25:1.00, and secured debt to total asset value ≤50%. Lenders reaffirmed obligations. Covenant sync streamlines compliance.
IPO
Website
Employees
Sector
Industry
ARI
Apollo Commercial Real Estate F
9.92-0.27
BNL
Broadstone Net Lease, Inc.
17.57-0.27
GNL
Global Net Lease, Inc.
8.45+0.05
GOOD
Gladstone Commercial Corporatio
10.91+0.01
IIPR
Innovative Industrial Propertie
58.14+1.61
PLYM
Plymouth Industrial REIT, Inc.
21.85-0.01
SITC
SITE Centers Corp.
6.31-0.06
SLG
SL Green Realty Corp
45.75+0.16
SQFT
Presidio Property Trust, Inc.
3.21-0.80
VRE
Veris Residential, Inc.
14.61-0.22