Safehold Inc Stock Price, News & Analysis

Safehold Inc. (NYSE: SAFE) announced its Q1 2023 financial results, reporting revenue of $78.3 million and net income of $4.7 million. Adjusted for merger and related costs, net income was $26.3 million, and earnings per share were $0.07, or $0.41 when excluding these costs. The company successfully closed its merger with iStar, internalizing its management structure, and welcomed MSD Partners as a major investor. Additionally, Safehold secured a $24.5 million third-party investment in Caret at a $2.0 billion valuation and expanded its unsecured revolving credit facility to a total of $1.85 billion. Despite a challenging market environment, CEO Jay Sugarman remains optimistic about future growth opportunities.

Safehold Inc. (NYSE: SAFE) has announced that it will release its financial results for the first quarter of 2023 after the market closes on April 26, 2023. The company will also host a conference call to discuss these results at 5:00 p.m. ET, accessible via its website. Safehold, a REIT, aims to enhance real estate ownership by innovating ground lease opportunities, helping property owners optimize returns with reduced risk. The company focuses on various property types, including multifamily, office, and hospitality, to deliver stable income and long-term growth to shareholders.

Safehold Inc. (NYSE: SAFE) announced on April 5, 2023, a joint venture with a sovereign wealth fund to expand its ground lease investments. Safehold is investing approximately $275 million for a 55% stake, while the sovereign wealth fund will contribute about $225 million for a 45% stake. This partnership is aimed at navigating the current volatile market environment and providing accretive capital for customer service. Safehold, a REIT, focuses on unlocking land value for property owners and aims to deliver safe income and capital appreciation to its shareholders.

Safehold Inc. (NYSE: SAFE) has successfully merged with iStar Inc., finalizing a multi-year strategy aimed at enhancing the ground lease market. Following this merger, the combined entity will continue to operate under the Safehold name and ticker symbol 'SAFE'. Additionally, prior to the merger's completion, iStar executed a spin-off, distributing 0.153 shares of Star Holdings (NASDAQ: STHO) for every iStar share held by stockholders. This merger is anticipated to yield significant benefits for stakeholders, positioning Safehold as a leader in the ground lease sector.

iStar Inc. (NYSE: STAR) announced the final consolidation ratio for its upcoming reverse stock split, set to occur before its merger with Safehold (NYSE: SAFE). Each share of iStar will consolidate into 0.160 shares, followed by the merger where Safe will merge into iStar, resulting in iStar operating as New Safehold. Post-merger, existing Safe shares will convert to New Safehold shares. iStar shareholders will receive cash for any fractional shares resulting from this process. This strategic move aims to streamline operations and unlock value in the ground lease sector.

Safehold Inc. (NYSE: SAFE) has declared a common stock dividend of $0.177 per share for Q1 2023, equating to an annualized rate of $0.708. This dividend will be payable on or after March 30, 2023 to stockholders on record as of the same date. The announcement coincides with the anticipated merger with iStar Inc. (STAR), where STAR will emerge as the surviving corporation. The merger is expected to close around March 31, 2023, pending certain conditions, and will replace the regular quarterly dividend, meaning no additional dividends for Q1 2023 from either company.

On March 17, 2023, iStar Inc. (NYSE: STAR) announced a conditional pro rata distribution of 0.153 common shares of Star Holdings to iStar shareholders as part of its spin-off of legacy assets. This distribution is set for March 31, 2023, for shareholders on record as of March 27, 2023, and is necessary for iStar's merger with Safehold Inc. (NYSE: SAFE). Star Holdings shares will trade on Nasdaq under the symbol 'STHO' following the spin-off. The merger with Safehold will occur immediately after the spinoff, subject to closing conditions. Shareholders will receive cash for fractional shares, and further details are available in the filed information statement.

iStar Inc. (NYSE: STAR) and Safehold Inc. (NYSE: SAFE) have received stockholder approval for their proposed merger, confirmed during special meetings held on March 9, 2023. At these meetings, STAR stockholders authorized the merger and the issuance of STAR common stock, while SAFE stockholders approved the merger alongside amendments to SAFE's Caret program. The merger's expected closing date is targeted for March 31, 2023, pending the fulfillment of various conditions. However, the timeline remains uncertain. The press release emphasizes the potential benefits and risks involved in the merger, as well as the future growth prospects for the combined entity.

iStar Inc. (NYSE: STAR) reported its fourth quarter and fiscal year 2022 results on February 21, 2023. The company recorded a net loss of ($86.7) million for Q4 '22, equating to ($1.00) per diluted share, while FY '22 net income reached $397.8 million or $4.92 per diluted share. Adjusted losses in Q4 '22 were ($79.9) million (($0.92) per share) with FY '22 adjusted earnings at $522.0 million or $6.25 per share. The company generated $150 million through asset sales in Q4 '22 and paid a special dividend of $192 million. They concluded 26 ground leases in 2022 totaling $1.4 billion, increasing their portfolio to 131 leases worth $6.2 billion.