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Safehold Reports First Quarter 2025 Results

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Safehold Inc. (NYSE: SAFE) reported its Q1 2025 financial results, with revenue reaching $97.7 million. The company achieved net income attributable to common shareholders of $29.4 million, or $31.3 million excluding non-recurring losses. Earnings per share were $0.41, or $0.44 excluding non-recurring items. The company has a robust pipeline with non-binding Letters of Intent (LOIs) totaling ~$386 million, comprising 11 ground leases (~$273 million) and 4 leasehold loans (~$113 million). The quarter saw a non-recurring loss of $1.9 million related to a write-off of a preferred equity investment. Safehold, established in 2017, specializes in ground lease investments across various real estate sectors including multifamily, office, industrial, hospitality, student housing, life science, and mixed-use properties.
Safehold Inc. (NYSE: SAFE) ha comunicato i risultati finanziari del primo trimestre 2025, con ricavi pari a 97,7 milioni di dollari. L'azienda ha registrato un utile netto attribuibile agli azionisti comuni di 29,4 milioni di dollari, o 31,3 milioni di dollari escludendo perdite non ricorrenti. L'utile per azione è stato di 0,41 dollari, o 0,44 dollari escludendo voci non ricorrenti. La società dispone di un solido portafoglio di progetti con Lettere di Intenti non vincolanti (LOI) per un totale di circa 386 milioni di dollari, comprendenti 11 contratti di locazione del terreno (~273 milioni di dollari) e 4 prestiti su diritti di superficie (~113 milioni di dollari). Nel trimestre si è registrata una perdita non ricorrente di 1,9 milioni di dollari relativa alla svalutazione di un investimento in capitale preferenziale. Fondata nel 2017, Safehold è specializzata in investimenti in contratti di locazione del terreno in diversi settori immobiliari, tra cui multifamiliare, uffici, industriale, ospitalità, alloggi per studenti, scienze della vita e proprietà a uso misto.
Safehold Inc. (NYSE: SAFE) reportó sus resultados financieros del primer trimestre de 2025, con ingresos que alcanzaron los 97,7 millones de dólares. La compañía logró un ingreso neto atribuible a los accionistas comunes de 29,4 millones de dólares, o 31,3 millones de dólares excluyendo pérdidas no recurrentes. Las ganancias por acción fueron de 0,41 dólares, o 0,44 dólares excluyendo partidas no recurrentes. La empresa cuenta con una sólida cartera con Cartas de Intención (LOIs) no vinculantes que suman aproximadamente 386 millones de dólares, compuestas por 11 arrendamientos de terrenos (~273 millones de dólares) y 4 préstamos sobre arrendamientos (~113 millones de dólares). En el trimestre se registró una pérdida no recurrente de 1,9 millones de dólares relacionada con la cancelación de una inversión en capital preferente. Fundada en 2017, Safehold se especializa en inversiones en arrendamientos de terrenos en diversos sectores inmobiliarios, incluyendo multifamiliar, oficinas, industrial, hospitalidad, vivienda para estudiantes, ciencias de la vida y propiedades de uso mixto.
Safehold Inc. (NYSE: SAFE)는 2025년 1분기 재무 결과를 발표했으며, 매출은 9,770만 달러를 기록했습니다. 회사는 보통주 주주 귀속 순이익 2,940만 달러를 달성했으며, 비반복 손실을 제외하면 3,130만 달러였습니다. 주당순이익은 0.41달러였고, 비반복 항목을 제외하면 0.44달러였습니다. 회사는 약 3억 8,600만 달러 규모의 구속력 없는 의향서(LOI)를 보유하고 있으며, 여기에는 11건의 토지 임대 계약(약 2억 7,300만 달러)과 4건의 임대 대출(약 1억 1,300만 달러)이 포함됩니다. 이번 분기에는 우선주 투자 손상에 따른 190만 달러의 비반복 손실이 발생했습니다. 2017년에 설립된 Safehold는 다가구, 오피스, 산업, 환대, 학생 주택, 생명 과학, 복합 용도 부동산 등 다양한 부동산 부문에서 토지 임대 투자에 특화되어 있습니다.
Safehold Inc. (NYSE: SAFE) a publié ses résultats financiers du premier trimestre 2025, avec un chiffre d'affaires atteignant 97,7 millions de dollars. La société a réalisé un bénéfice net attribuable aux actionnaires ordinaires de 29,4 millions de dollars, ou 31,3 millions de dollars hors pertes non récurrentes. Le bénéfice par action s'est élevé à 0,41 dollar, ou 0,44 dollar hors éléments non récurrents. L'entreprise dispose d'un solide portefeuille avec des lettres d'intention (LOI) non contraignantes totalisant environ 386 millions de dollars, comprenant 11 baux fonciers (~273 millions de dollars) et 4 prêts sur baux (~113 millions de dollars). Le trimestre a enregistré une perte non récurrente de 1,9 million de dollars liée à une radiation d'un investissement en actions privilégiées. Fondée en 2017, Safehold est spécialisée dans les investissements en baux fonciers dans divers secteurs immobiliers, notamment multifamilial, bureaux, industriel, hôtellerie, logements étudiants, sciences de la vie et propriétés à usage mixte.
Safehold Inc. (NYSE: SAFE) meldete seine Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 97,7 Millionen US-Dollar. Das Unternehmen erzielte einen auf die Stammaktionäre entfallenden Nettogewinn von 29,4 Millionen US-Dollar bzw. 31,3 Millionen US-Dollar ohne einmalige Verluste. Das Ergebnis je Aktie betrug 0,41 US-Dollar bzw. 0,44 US-Dollar ohne nicht wiederkehrende Posten. Das Unternehmen verfügt über eine starke Pipeline mit unverbindlichen Absichtserklärungen (LOIs) im Gesamtwert von etwa 386 Millionen US-Dollar, darunter 11 Grundstückspachtverträge (~273 Millionen US-Dollar) und 4 Pachtkredite (~113 Millionen US-Dollar). Im Quartal wurde ein einmaliger Verlust von 1,9 Millionen US-Dollar im Zusammenhang mit der Abschreibung einer Vorzugsaktienbeteiligung verbucht. Safehold, gegründet im Jahr 2017, spezialisiert sich auf Investitionen in Grundstückspachtverträge in verschiedenen Immobiliensektoren wie Mehrfamilienhäuser, Büros, Industrie, Gastgewerbe, Studentenwohnheime, Biowissenschaften und gemischt genutzte Immobilien.
Positive
  • Strong pipeline with LOIs totaling ~$386 million in potential new investments
  • Net income of $29.4 million ($31.3 million excluding non-recurring items)
  • Healthy revenue of $97.7 million for Q1 2025
  • Diversified investment portfolio across multiple real estate sectors
Negative
  • No closed investments during Q1 2025
  • $1.9 million write-off loss from preferred equity investment in leasehold joint venture

Insights

Safehold maintained stable operations in Q1 with no closed investments but reports a promising $386 million pipeline of non-binding LOIs.

Safehold's Q1 2025 results reveal a steady operational performance with $97.7 million in revenue and $29.4 million in net income attributable to common shareholders ($31.3 million excluding non-recurring losses). This translated to earnings per share of $0.41 ($0.44 when excluding one-time items).

The most notable aspect of this report is the complete absence of closed investments during Q1. Instead, the company has accumulated non-binding Letters of Intent totaling approximately $386 million, comprised of 11 potential ground leases ($273 million) and 4 leasehold loans ($113 million). This pipeline, while promising, consists of non-binding agreements with uncertain conversion timing.

The company recorded a $1.9 million non-recurring loss from writing off a preferred equity investment in a leasehold joint venture, indicating at least one investment underperformed expectations.

CEO Jay Sugarman's statement highlighting "increasing customer engagement and a growing pipeline" suggests confidence in future transaction activity despite the Q1 slowdown in closings. For a ground lease REIT whose growth depends on expanding its portfolio, this pipeline represents significant potential relative to their quarterly revenue.

The current quarter appears to be one of preparation rather than execution. Without year-over-year comparisons in the release, it's difficult to assess whether this represents a temporary pause or part of a longer trend in their investment activity. The company's core business model continues generating stable revenue, but near-term growth hinges entirely on successfully converting their pipeline into closed transactions in coming quarters.

NEW YORK, May 6, 2025 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) reported results for the first quarter 2025.

SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the "Investors" section.

Highlights from the earnings announcement include:

  • Q1'25 revenue was $97.7 million
  • Q1'25 net income attributable to common shareholders was $29.4 million, or $31.3 million excluding non-recurring gains/losses
  • Q1'25 earnings per share was $0.41, or $0.44 excluding non-recurring gains/losses
  • Non-binding LOI's1 totaling ~$386 million, including 11 ground leases for ~$273 million and 4 leasehold loans for ~$113 million

"We are pleased to see increasing customer engagement and a growing pipeline, and we will look to take advantage of near-term capital deployment opportunities that serve our customers and create value for shareholders," said Jay Sugarman, Chairman and Chief Executive Officer.

The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Wednesday, May 7, 2025. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website and by using the dial in information listed below:

Dial-In:

888.506.0062

International:

973.528.0011

Access Code:

101208

A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:00 p.m. ET on May 7, 2025 through 12:00 a.m. ET on May 21, 2025 by calling:

Replay:

877.481.4010

International:

919.882.2331

Access Code:

52368

Non-GAAP Financial Measures:

Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses, and EPS excluding non-recurring (gains) / losses, are non-GAAP measures used as supplemental performance measures to give management and investors a view of net income and EPS more directly derived from operating activities in the period in which they occur. Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses is calculated as net income (loss) attributable to common shareholders, prior to the effect of non-recurring gains and losses, as adjusted to exclude corresponding amounts allocable to noncontrolling interests. It should be examined in conjunction with net income attributable to common shareholders as shown in our consolidated statements of operations. EPS excluding non-recurring (gains) / losses is calculated as net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses, divided by the weighted average number of diluted common shares. There were no merger or Caret related costs or general provision for credit losses on prior period balances, which were excluded from corresponding metrics in prior periods, in Q1'25. These metrics should not be considered as alternatives to net income attributable to common shareholders or EPS, respectively (in each case determined in accordance with generally accepted accounting principles in the United States of America ("GAAP")). These measures may differ from similarly-titled measures used by other companies. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented below.

Earnings Reconciliation (all figures in thousands except per share figures)


Net income attributable to Safehold Inc. common shareholders

$29,364

Add: Non-recurring (gains) / losses1

1,945

Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses

$31,309

Weighted average number of common shares – basic

71,521

Weighted average number of common shares – diluted

71,635

EPS excluding non-recurring (gains)/losses (basic & diluted)

$0.44

 

1

Non-recurring losses were $1.9m in Q1'25 for the write-off of a preferred equity investment in a leasehold joint venture.

About Safehold:

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.

Company Contact: 

Pearse Hoffmann
Senior Vice President
Head of Corporate Finance 
T 212.930.9400
E investors@safeholdinc.com

1 Includes non-binding LOIs for investments that closed subsequent to quarter end. There were no closed investments in the first quarter. Non-binding LOIs assume 100% ownership. Final ownership percentage may be less than 100%. There can be no assurance that Safehold will close transactions under LOI.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/safehold-reports-first-quarter-2025-results-302447659.html

SOURCE Safehold

FAQ

What was Safehold's (SAFE) revenue in Q1 2025?

Safehold reported revenue of $97.7 million in Q1 2025.

What is Safehold's (SAFE) earnings per share for Q1 2025?

Safehold's EPS was $0.41, or $0.44 excluding non-recurring gains/losses.

How many ground leases does Safehold (SAFE) have in its pipeline for 2025?

Safehold has non-binding LOIs for 11 ground leases worth approximately $273 million and 4 leasehold loans worth about $113 million.

What types of properties does Safehold (SAFE) invest in?

Safehold invests in ground leases for multifamily, office, industrial, hospitality, student housing, life science, and mixed-use properties.

What was the non-recurring loss for Safehold (SAFE) in Q1 2025?

Safehold reported a non-recurring loss of $1.9 million from writing off a preferred equity investment in a leasehold joint venture.
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Safehold Inc

NYSE:SAFE

SAFE Rankings

#1595 Ranked by Market Cap
#741 Ranked by Dividends

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SAFE Stock Data

1.11B
55.57M
22.3%
77.4%
5.03%
REIT - Diversified
Real Estate Investment Trusts
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United States
NEW YORK