Safehold Reports First Quarter 2025 Results
Rhea-AI Summary
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
News Market Reaction – SAFE
On the day this news was published, SAFE gained 3.97%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
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 $31.3 million - Q1'25 earnings per share was
$0.41 $0.44 - Non-binding LOI's1 totaling
~ , including 11 ground leases for$386 million ~ and 4 leasehold loans for$273 million ~ $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
Earnings Reconciliation (all figures in thousands except per share figures) | |||
Net income attributable to Safehold Inc. common shareholders | |||
Add: Non-recurring (gains) / losses1 | 1,945 | ||
Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses | |||
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) | |||
1 | Non-recurring losses were |
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
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SOURCE Safehold
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