Safehold (NYSE: SAFE) forms $348M Brookfield ground lease venture

Rhea-AI Filing Summary

Safehold Inc. has formed a joint venture with a Brookfield affiliate involving a portfolio of ground leases that generate current annualized cash ground rent of approximately $14 million. Brookfield will purchase a non-controlling 49% interest in the venture at a gross valuation of approximately $348 million.

Safehold will keep day-to-day control and management of the assets and expects to consolidate the venture in its financial statements. The company holds a series of call options beginning after year 7 to repurchase Brookfield’s interest and plans to use net proceeds for debt repayment and general corporate purposes.

Insights

Real estate and REIT analyst

Safehold monetizes ground leases via a Brookfield joint venture while retaining control.

Safehold is contributing a diversified U.S. ground lease portfolio generating current annualized cash ground rent of about $14 million into a joint venture with a Brookfield affiliate. Brookfield is buying a non-controlling 49% interest at a gross valuation of roughly $348 million.

Safehold will maintain day-to-day control over the assets and expects to consolidate the venture, indicating continued operational and accounting control. A series of call options starting after year 7 allows Safehold to repurchase Brookfield’s stake, preserving long-term strategic flexibility.

Net proceeds are earmarked for debt repayment and general corporate purposes, which can help strengthen the balance sheet or fund other initiatives. The actual impact depends on how effectively Safehold deploys these proceeds and how the ground rent stream and valuation evolve over time.

8-K Event Classification

Item 8.01 — Other Events

1 item

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Key Figures

Gross venture valuation: approximately $348 million Brookfield stake: 49% interest Annualized cash ground rent: approximately $14 million +1 more

4 metrics

Gross venture valuation approximately $348 million Brookfield’s 49% non-controlling interest valuation

Brookfield stake 49% interest Non-controlling ownership in the joint venture

Annualized cash ground rent approximately $14 million Current annualized cash ground rent from contributed assets

Call option start after year 7 Start of Safehold’s call options to repurchase Brookfield’s interest

Key Terms

joint venture, ground leases, non-controlling 49% interest, call options, +1 more

5 terms

joint venture financial

"Safehold Inc. announced yesterday that it has formed a joint venture"

A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.

ground leases financial

"a joint venture with a Brookfield affiliate on a portfolio of ground leases"

A ground lease is a long-term agreement where one party rents land from the owner and usually builds or operates structures on it while the landowner keeps ownership of the soil. For investors, ground leases matter because they separate ownership of land from the income-producing building: they can create steady rent payments and lower upfront cost for tenants, but also limit resale value, borrowing options, and long-term control of the property.

non-controlling 49% interest financial

"Brookfield will purchase a non-controlling 49% interest in the venture"

call options financial

"Safehold will retain a series of call options beginning after year 7"

A call option is a contract that gives its buyer the right, but not the obligation, to buy a specific number of shares at a predetermined price within a set time. Think of it like a refundable reservation to purchase a stock later at today’s agreed price: investors use calls to profit from expected price rises with smaller upfront cost than buying the stock outright, or to hedge and manage exposure, while the most they can lose is the amount paid for the contract.

consolidated financial

"The venture is expected to be consolidated on Safehold’s financial statements"

"Consolidated" describes the process of combining the financial information of a parent company and its subsidiaries into a single, unified report. This helps investors see the overall financial health of the entire group as if it were one entity, much like adding the earnings of several stores to understand the performance of a larger business. It provides a clear, comprehensive view of the organization’s total financial position.

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Understanding 8-K Material Events →

false 0001095651 0001095651 2026-06-12 2026-06-12 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 12, 2026

Safehold Inc.

(Exact name of registrant as specified in its charter)

Maryland		001-15371		95-6881527
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification Number)

1114 Avenue of the Americas,
39th Floor
New York, New York	10036
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 930-9400

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		SAFE		NYSE

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 8.01 Other Events

Safehold Inc. (the “Company” or “Safehold”), announced yesterday that it has formed a joint venture (the “venture”) with a Brookfield affiliate (“Brookfield”) on a portfolio of ground leases. The assets contributed by Safehold are diversified across the United States and generate current annualized cash ground rent of approximately $14 million. Brookfield will purchase a non-controlling 49% interest in the venture at a gross valuation of approximately $348 million. Safehold will retain a series of call options beginning after year 7 to repurchase Brookfield’s interest.

Under the terms of the agreement, Safehold will maintain day-to-day control and management of the assets. The venture is expected to be consolidated on Safehold’s financial statements. Safehold will use net proceeds for debt repayment and general corporate purposes. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

			Safehold Inc.
Date:	June 12, 2026	By:	/s/ BRETT ASNAS
			Brett Asnas Chief Financial Officer

FAQ

What joint venture did Safehold (SAFE) announce with Brookfield?

Safehold formed a joint venture with a Brookfield affiliate on a portfolio of ground leases. The contributed assets generate about $14 million in current annualized cash ground rent and will be controlled and managed day-to-day by Safehold, which expects to consolidate the venture.

How large is the Safehold (SAFE) ground lease venture with Brookfield?

The joint venture is valued at a gross valuation of approximately $348 million. A Brookfield affiliate will purchase a non-controlling 49% interest in this portfolio of U.S. ground leases, while Safehold retains operational control and expects to consolidate the venture in its financial statements.

What ownership stake will Brookfield hold in the Safehold (SAFE) venture?

A Brookfield affiliate will acquire a non-controlling 49% interest in the joint venture. Safehold will keep day-to-day control and management of the ground lease assets and expects to continue consolidating the joint venture on its financial statements despite Brookfield’s significant minority stake.

How much cash flow do the Safehold (SAFE) ground leases in the venture generate?

The ground leases contributed by Safehold to the joint venture currently generate approximately $14 million in annualized cash ground rent. This recurring rent stream underpins the valuation of the venture, in which Brookfield is acquiring a 49% non-controlling interest at a roughly $348 million valuation.

How will Safehold (SAFE) use the net proceeds from the Brookfield transaction?

Safehold plans to use net proceeds from Brookfield’s investment for debt repayment and general corporate purposes. This provides flexibility to reduce leverage and support broader corporate needs while the company continues managing and consolidating the underlying ground lease portfolio in the joint venture.

What call option rights does Safehold (SAFE) retain in the Brookfield venture?

Safehold retains a series of call options beginning after year 7 to repurchase Brookfield’s 49% interest in the joint venture. These options give Safehold the ability to regain full ownership of the ground lease portfolio at future dates, subject to the option terms.

Filing Exhibits & Attachments

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