Safehold Inc.
- Open
- 15.06
- Day high
- 15.28
- Day low
- 15.06
- Prev close
- 15.14
- Volume
- 41K
- Mkt cap
- $1.1B
- P/E (TTM)
- 9.4
- EPS (TTM)
- $1.62
- P/B
- 0.4
- P/S
- 2.6
- Yield
- 4.63%
- Per share
- $0.71
Safehold Inc. (SAFE) is a Real Estate company listed on NYSE. The stock is down 5% over the past year. Drillr has 1 published research article covering SAFE.
Safehold Inc. (SAFE) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SAFE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $0.42 | $0.42 | +0.9% | $115M | +3.5% |
| Apr 30, 2026 | $0.43 | $0.40 | -7.0% | $111M | +14.9% |
| Feb 11, 2026 | $0.42 | $0.42 | +0.0% | $98M | +1.0% |
| Nov 5, 2025 | $0.40 | $0.41 | +2.5% | $96M | +0.7% |
| Feb 5, 2025 | $0.36 | $0.36 | +0.0% | $92M | -0.6% |
| Oct 31, 2023 | $0.37 | $0.33 | -10.8% | $86M | -0.3% |
| Aug 1, 2023 | $0.35 | $0.35 | +0.0% | $86M | +3.6% |
| Feb 21, 2023 | $-0.38 | $-5.75 | -1413.2% | $30M | -31.7% |
| Nov 3, 2022 | $0.38 | $2.06 | +442.1% | $48M | +16.5% |
| Aug 4, 2022 | $-0.25 | $-2.63 | -952.0% | $48M | +18.1% |
| May 3, 2022 | $43.44 | $48.69 | +12.1% | $32M | -26.1% |
| Feb 24, 2022 | $-2.63 | $5.44 | +306.8% | $52M | -48.9% |
SAFE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 17, 2026 | JOSEPHS ROBINdirector | Grant | 335 | — |
| Jul 17, 2026 | RIDINGS BARRY Wdirector | Grant | 30 | — |
| Jun 1, 2026 | Uhlick Christopher Michaelofficer: Chief Accounting Officer | Grant | 4,500 | — |
| May 15, 2026 | JOSEPHS ROBINdirector | Grant | 8,778 | — |
| May 15, 2026 | SELIG STEFAN Mdirector | Grant | 13,655 | — |
| May 15, 2026 | RIDINGS BARRY Wdirector | Grant | 8,778 | — |
| May 15, 2026 | NYDICK JAY Sdirector | Grant | 8,778 | — |
| Apr 17, 2026 | RIDINGS BARRY Wdirector | Grant | 33 | — |
| Apr 17, 2026 | JOSEPHS ROBINdirector | Grant | 359 | — |
| Apr 2, 2026 | SUGARMAN JAYdirector, officer: CHAIRMAN AND CEO | Tax | 23,662 | — |
| Apr 2, 2026 | Asnas Brettofficer: CHIEF FINANCIAL OFFICER | Tax | 8,118 | — |
| Jan 20, 2026 | JOSEPHS ROBINdirector | Grant | 362 | — |
| Jan 20, 2026 | RIDINGS BARRY Wdirector | Grant | 33 | — |
| Dec 3, 2025 | Trachtenberg Michael Laneofficer: President | Grant | 93,076 | — |
| Oct 17, 2025 | RIDINGS BARRY Wdirector | Grant | 32 | — |
Source: SAFE SEC Form 4 filings, latest Jul 17, 2026. For informational purposes only — not investment advice.
See the full SAFE insider & 13F page →Safehold Inc. company profile
Overview
Safehold Inc. (NYSE:SAFE) is a specialized real estate investment trust (REIT) founded in 1989 that revolutionized commercial real estate financing through its modern ground lease capital solution. The company was originally part of iStar Inc. before being spun off as an independent entity, and later completed a merger with iStar in 2023 to internalize its management structure. Safehold focuses on providing ground lease financing to owners of high-quality commercial properties across major U.S. markets, creating a unique investment vehicle that generates predictable income streams while building substantial unrealized capital appreciation.
Business
Safehold operates in the commercial real estate financing sector, specifically focusing on ground lease investments. A ground lease is a long-term lease agreement where a property owner (the ground lessee) leases the land beneath their building from Safehold (the ground lessor) for an extended period, typically 30-99 years. This arrangement allows property owners to unlock the value of their land while retaining ownership of the building above. The company's core business involves acquiring the land beneath existing high-quality commercial properties and entering into ground lease agreements with the building owners. These ground leases provide Safehold with predictable, inflation-protected rental income that typically escalates over time. The company focuses on institutional-quality properties in the top 30 U.S. markets across multiple property types. Safehold's portfolio composition includes approximately 58% multifamily properties (residential apartment buildings), with the remainder consisting of office buildings, hotels, industrial properties, life science facilities, and mixed-use developments. The company has been strategically shifting toward multifamily properties, particularly affordable housing, as this sector has shown more resilience and growth potential. The total portfolio value exceeds $6.8 billion across 147 assets, with significant unrealized capital appreciation estimated at approximately $9 billion. Additionally, Safehold operates Caret, a technology platform designed to make ground lease investments more accessible to a broader range of investors, though this represents a smaller portion of the overall business.
Revenue model
Safehold generates revenue primarily through ground lease rental income from its portfolio of commercial real estate ground leases. The company receives monthly or quarterly rent payments from property owners who lease the land beneath their buildings. These ground leases typically include built-in rent escalations tied to inflation or fixed percentage increases, providing predictable cash flow growth over time. The company's customers are commercial real estate owners and developers who need capital to unlock the value of their land or finance new developments. These include multifamily property owners, office building owners, hotel operators, and industrial property developers. Safehold typically provides ground lease financing at economic yields ranging from 6.5% to 7.5%, depending on market conditions and property quality. Several factors influence Safehold's profitability margins. Interest rate environments significantly impact both origination opportunities and financing costs, as higher rates can reduce real estate transaction activity while increasing Safehold's borrowing costs. Real estate market fundamentals in major metropolitan areas affect property values and rental coverage ratios. Inflation generally benefits the company since most ground leases include inflation escalations, providing natural hedging. Competition from traditional lenders and alternative financing sources can pressure yields, while credit quality of lessees affects the risk profile and required returns. The company's ability to access capital markets efficiently also impacts growth potential, as ground lease origination requires substantial upfront capital deployment. Safehold also generates smaller revenue streams from its leasehold loan investments and its Caret technology platform, though these represent minor portions of total revenue compared to the core ground lease business.
Competitive moat
Safehold's competitive moat is moderately strong but specialized, built primarily around its first-mover advantage and expertise in modern ground lease structuring. The company has established itself as the leading provider of institutional-quality ground leases in the U.S. market, creating significant barriers for new entrants who would need to develop similar expertise, relationships, and capital resources. The company's moat stems from several factors: specialized knowledge and relationships in structuring complex ground lease transactions that traditional lenders often avoid due to their complexity and long-term nature; established relationships with major commercial real estate owners and developers across key markets; access to low-cost capital through its REIT structure and investment-grade credit ratings (A3/A-/BBB+); and scale advantages in underwriting and managing a diversified portfolio of ground leases. However, the moat faces several potential challenges. Traditional lenders and alternative capital sources could expand into ground lease financing as the market matures and becomes more standardized. Interest rate volatility can significantly impact the attractiveness of ground leases relative to other financing options. Real estate market cycles can reduce origination opportunities and affect the credit quality of existing lessees. Additionally, the company's heavy concentration in major metropolitan markets creates exposure to local economic downturns. The competitive landscape remains relatively favorable due to the specialized nature of ground lease transactions and the long-term capital commitment required, but Safehold's moat is not insurmountable and depends heavily on maintaining its execution capabilities and market leadership position.
Risks & safety
Safehold demonstrates a moderate margin of safety with solid financial fundamentals but elevated leverage typical of REITs. • Liquidity and Cash Position: Limited cash reserves of $17.3 million but substantial liquidity of $1.3 billion through credit facilities and commercial paper programs • Debt Structure: Total debt of $4.7 billion with 1.8x debt-to-equity ratio, weighted average debt maturity of 19 years, and investment-grade credit ratings from all three major agencies • Solvency Risk: Low near-term solvency risk due to long-term debt structure and predictable cash flows, though high leverage creates sensitivity to interest rate changes • Valuation Metrics: Trading at 0.57x book value and 11.4x P/E ratio, suggesting potential undervaluation relative to private market values • Coverage Ratios: Strong rent coverage of 3.5x and ground lease-to-value ratio of 52%, indicating conservative lending practices • Other Considerations: Substantial unrealized capital appreciation of $9 billion not reflected in book value, providing potential downside protection, though this value is illiquid and market-dependent
Recent development
Over the past few years, Safehold has undergone significant strategic transformation and operational changes. The company completed a merger with iStar Inc. in 2023, internalizing its management structure and reducing long-term costs while gaining enhanced access to capital markets. This merger also increased the company's free float and diversified its shareholder base. The company has strategically pivoted toward multifamily ground leases, increasing exposure from 8% at IPO to 58% currently, with particular emphasis on affordable housing developments. This shift reflects management's view that multifamily properties offer more stable cash flows and better growth prospects compared to office and other commercial property types. Safehold has significantly enhanced its capital structure by establishing a $2 billion unsecured revolving credit facility, launching a $750 million commercial paper program, and achieving investment-grade credit ratings from all three major rating agencies. The company has also implemented sophisticated hedging strategies to manage interest rate risk. Technology and platform development has been another focus area, with continued investment in the Caret platform to make ground lease investments more accessible to institutional investors. The company has raised capital for Caret through multiple investment rounds, reaching a $2 billion enterprise valuation. Recent initiatives include a $50 million share buyback program authorized in 2024, reflecting management's confidence in the company's undervaluation, and aggressive cost reduction efforts that have lowered annual G&A expenses. The company is also exploring capital recycling strategies through potential asset sales or joint ventures to optimize capital deployment and close the valuation gap with private markets.
SAFE company profile · for informational purposes only — not investment advice.
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