Safehold Inc. (SAFE) 10-Year Financial Performance & Capital Metrics

SAFE • • REIT / Real Estate

Real EstateDiversified REITsSpecialized Property REITsGround Lease & Model Home REITs

AboutSafehold 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. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders.Show more

Revenue $366M +3.7%
FFO $118M +376.2%
FFO/Share 1.65 +357.8%
FFO Payout 42.86% +139.8%
FFO per Share 1.65 +357.8%
NOI Margin 98.84% +0.2%
FFO Margin 32.27% +366.3%
ROE 4.53% +283.8%
ROA 1.57% +277.4%
Debt/Assets 61.28% +1.1%
Net Debt/EBITDA 42.48
Book Value/Share 33.23 -3.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 30.7%
✓Sustainable FFO payout ratio of 42.9%
✓High NOI margin of 98.8%
✓Healthy dividend yield of 4.7%
✓Trading at only 0.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.31%

5Y31.39%

3Y25.05%

TTM0.72%

Profit (Net Income) CAGR

10Y61.56%

5Y30.74%

3Y13.09%

TTM-6.84%

EPS CAGR

10Y-

5Y-42.37%

3Y3.89%

TTM-7.65%

ROCE

10Y Avg2.15%

5Y Avg1.28%

3Y Avg0.9%

Latest1.32%

Peer Comparison

Ground Lease & Model Home REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SAFESafehold Inc.	1.08B	15.06	10.18	3.72%	29.67%	4.65%	3.5%	1.78
SQFTPresidio Property Trust, Inc.	4.5M	3.13	-1.39	7.31%	-38.69%	-23.11%		2.92

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	18.57M	21.74M	679.2M	49.72M	93.4M	158.73M	187.01M	270.31M	352.58M	365.69M
Revenue Growth %	-0.96%	0.17%	30.24%	-0.93%	0.88%	0.7%	0.18%	0.45%	0.3%	0.04%
Property Operating Expenses	217K	861K	523.22M	1.6M	2.67M	2.48M	2.66M	3.11M	4.65M	4.22M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	5.4M	6.03M	142.09M	19.8M	54.58M	100.07M	118.89M	131.57M	425M	274.38M
G&A Expenses	2.26M	2.88M	98.88M	10.66M	14.44M	22.73M	28.75M	38.61M	65.44M	54.92M
EBITDA+	9.19M	343.44M	498.19M	675.22M	48.03M	68.27M	77.45M	147.55M	-64.83M	99.34M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	3.47M	328.58M	491.57M	663.28M	11.89M	12.08M	11.99M	11.92M	12.24M	12.26M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	5.72M	14.86M	6.62M	11.94M	36.14M	56.18M	65.46M	135.63M	-77.08M	87.08M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	7.23M	8.24M	194.69M	15.39M	29.87M	64.35M	79.71M	128.97M	181.01M	198.04M
Interest Coverage	0.79x	1.80x	0.03x	0.78x	1.21x	0.87x	0.82x	1.05x	-0.43x	0.44x
Non-Operating Income	-7.23M	0	-10.3M	-15.39M	-27.45M	-67.66M	-87.6M	-138.02M	-205.24M	-221.02M
Pretax Income+	5.72M	6.62M	50.9M	11.94M	33.73M	59.49M	73.36M	144.68M	-52.85M	110.06M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	-948K	0	0	0	0	0	1.72M	3.44M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	5.35M	6.62M	175.68M	11.74M	27.69M	59.29M	73.12M	135.42M	-54.97M	105.76M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	5.13%	0.24%	25.56%	-0.93%	1.36%	1.14%	0.23%	0.85%	-1.41%	2.92%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.88%	37%	0.99%	0.01%	-0.94%	0.8%	0.19%	0.73%	-1.29%	3.76%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.29	0.36	9.75	0.64	23.29	1.17	1.32	2.17	-0.82	1.48
EPS Growth %	1.08%	0.24%	26.08%	-0.93%	35.39%	-0.95%	0.13%	0.64%	-1.38%	2.8%
EPS (Basic)	0.29	0.36	9.75	0.64	28.17	1.17	1.32	2.17	-0.82	1.48
Diluted Shares Outstanding	18.19M	18.19M	11.36M	18.22M	12.91M	51.97M	56.15M	62.91M	66.69M	71.45M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	144.26M	155.67M	728.51M	979.74M	2.57B	3.21B	4.52B	5.85B	6.55B	6.9B
Asset Growth %	-0.97%	0.08%	3.68%	0.34%	1.62%	0.25%	0.41%	0.3%	0.12%	0.05%
Real Estate & Other Assets+	54.86M	5.84M	450K	2.42M	678.2M	1.97M	723.86M	743.52M	756.14M	769.16M
PP&E (Net)	1.01B	945.57M	860.31M	602.07M	29.66M	28.55M	27.43M	26.31M	34.94M	30.35M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	6.7M	11.9M	176.82M	49.36M	503.75M	2.07B	954.16M	1.58B	1.97B	2.18B
Cash & Equivalents	22K	328.74M	168.21M	16.42M	22.7M	56.95M	29.62M	20.07M	18.76M	8.35M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	4.51M	9.81M	24.08M	34.31M	8.9M	28.32M	30.07M	8.77M
Intangible Assets	150K	135K	138.72M	262.53M	242.84M	242.17M	224.18M	217.79M	211.11M	208.73M
Total Liabilities	227K	1.58M	372.58M	622.38M	1.47B	1.83B	2.83B	3.69B	4.25B	4.53B
Total Debt+	4.3B	3.55B	307.07M	543.97M	1.38B	1.69B	2.7B	3.53B	3.97B	4.23B
Net Debt	4.3B	3.22B	138.86M	527.55M	1.36B	1.63B	2.67B	3.51B	3.95B	4.22B
Long-Term Debt	0	3.55B	307.98M	543.97M	1.37B	1.68B	2.7B	3.52B	3.95B	4.22B
Short-Term Borrowings	0	1000K	0	0	0	0	0	0	0	0
Capital Lease Obligations	10.48M	8.85M	8.02M	35.11M	5.85M	5.73M	5.61M	5.47M	15.75M	10.37M
Total Current Liabilities+	227K	1.58M	6.02M	8.92M	19.11M	31.49M	48.89M	80.35M	101.14M	117.51M
Accounts Payable	227K	779K	1.35M	23.14M	0	0	0	0	0	0
Deferred Revenue	0	-3.55B	-3.58B	-376.82M	0	0	0	0	0	0
Other Liabilities	-10.48M	-3.56B	58.58M	67.71M	75.38M	105.72M	78.53M	79.13M	181.38M	180.03M
Total Equity+	186.25M	197.21M	390.48M	357.36M	1.09B	1.38B	1.69B	2.16B	2.3B	2.37B
Equity Growth %	-0.85%	0.06%	0.98%	-0.08%	2.06%	0.26%	0.22%	0.28%	0.06%	0.03%
Shareholders Equity	144.03M	154.09M	355.94M	355.35M	1.09B	1.38B	1.68B	2.14B	2.23B	2.34B
Minority Interest	42.22M	43.12M	34.55M	2.01M	1.49M	2.18M	2.92M	23.07M	64.42M	30.01M
Common Stock	81K	72K	182K	183K	478K	532K	566K	624K	711K	714K
Additional Paid-in Capital	0	0	364.92M	370.53M	1.13B	1.41B	1.66B	1.99B	2.18B	2.19B
Retained Earnings	-2.63B	-2.58B	-9.25M	-8.49M	-2.15M	23.95M	59.37M	151.23M	47.58M	102.47M
Preferred Stock	26K	26K	16K	16K	0	0	0	0	0	0
Return on Assets (ROA)	0%	0.04%	0.4%	0.01%	0.02%	0.02%	0.02%	0.03%	-0.01%	0.02%
Return on Equity (ROE)	0.01%	0.03%	0.6%	0.03%	0.04%	0.05%	0.05%	0.07%	-0.02%	0.05%
Debt / Assets	29.78%	22.8%	0.42%	0.56%	0.54%	0.53%	0.6%	0.6%	0.61%	0.61%
Debt / Equity	23.07x	18.00x	0.79x	1.52x	1.26x	1.22x	1.60x	1.63x	1.73x	1.78x
Net Debt / EBITDA	467.51x	9.38x	0.28x	0.78x	28.23x	23.93x	34.52x	23.77x	-	42.48x
Book Value per Share	10.24	10.84	34.36	19.62	84.71	26.58	30.01	34.41	34.42	33.23

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.03M	5.48M	80.21M	-24.13M	-1.96M	61.76M	26.92M	64.85M	15.39M	37.85M
Operating CF Growth %	1.49%	0.09%	13.64%	-1.3%	0.92%	32.46%	-0.56%	1.41%	-0.76%	1.46%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	5.72M	6.62M	56.79M	-18.33M	33.73M	-116.64M	73.36M	144.68M	-54.56M	105.76M
Depreciation & Amortization	3.47M	3.14M	49.93M	58.7M	11.89M	7.33M	11.99M	11.92M	12.24M	10.45M
Stock-Based Compensation	12.01M	10.89M	18.81M	873K	1.58M	0	1.75M	1.55M	23.23M	13.76M
Other Non-Cash Items	-2.9M	-3.96M	-14.48M	-52.75M	-25.13M	180.6M	-42.66M	-124.41M	27.37M	-105.44M
Working Capital Changes	-1.26M	-317K	-7.08M	-29.31M	-24.03M	-9.53M	-11.6M	31.12M	7.11M	13.33M
Cash from Investing+	184.03M	-7.97M	269.49M	778.86M	-1.52B	-8.2M	-1.29B	-1.15B	-576.57M	-212.37M
Acquisitions (Net)	-11.53M	43.94M	-224.22M	13.61M	-127.97M	496K	-39.45M	-7K	-149.94M	-10.05M
Purchase of Investments	-11.53M	-58.2M	-224.22M	-94.58M	-1.36B	-260.12M	-2.08M	-1.28B	-316.75M	-304.28M
Sale of Investments	1000K	1000K	1000K	1000K	250K	1000K	1000K	0	1000K	1000K
Other Investing	207.09M	135.97M	-11.27M	859.83M	1.34B	-120.54M	-109.9M	134.71M	-119.07M	56.79M
Cash from Financing+	-5M	2.47M	-20.73M	-457.94M	1.55B	-255.47M	1.2B	1.09B	559.53M	144.89M
Dividends Paid	-51.32M	-51.32M	-48.44M	-10.93M	-16.62M	-56.16M	-35.95M	-42.19M	-46.04M	-50.59M
Common Dividends	-51.32M	-51.32M	-2.85M	-10.93M	-16.62M	0	-35.95M	-42.19M	-46.04M	-50.59M
Debt Issuance (Net)	0	0	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	-79.32M	-99.33M	-285.93M	-8.3M	0	-54.56M	0	0	0	-5.1M
Other Financing	-5M	2.47M	5.65M	-1.39M	217.58M	-26.45M	-22.71M	-998K	26.63M	-63M
Net Change in Cash+	-472.04M	328.72M	328.94M	296.81M	22.36M	-208.54M	-57.95M	9.87M	-1.65M	-29.62M
Exchange Rate Effect	478K	7K	-28K	19K	0	-1000K	-124K	0	0	0
Cash at Beginning	472.06M	22K	328.74M	677.73M	24.43M	307.17M	96.47M	38.52M	48.39M	46.74M
Cash at End	22K	328.74M	657.69M	974.54M	46.78M	98.63M	38.52M	48.39M	46.74M	17.12M
Free Cash Flow+	-164.72M	-168.14M	-78.25M	-213.17M	-1.37B	5M	-1.22B	64.85M	15.39M	37.85M
FCF Growth %	-0.08%	-0.02%	0.53%	-1.72%	-5.41%	1%	-244.97%	1.05%	-0.76%	1.46%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.48	18.43	58.72	37.05	3.07	1.37	1.52	2.34	-0.64	1.65
FFO Payout Ratio	581.79%	15.31%	0.43%	1.62%	41.99%	78.68%	42.24%	28.63%	-107.74%	42.86%
NOI Margin	98.83%	96.04%	22.97%	96.78%	97.14%	98.44%	98.58%	98.85%	98.68%	98.84%
Net Debt / EBITDA	467.51x	9.38x	0.28x	0.78x	28.23x	23.93x	34.52x	23.77x	-	42.48x
Debt / Assets	2978.05%	2280.01%	42.15%	55.52%	53.72%	52.68%	59.86%	60.28%	60.63%	61.28%
Interest Coverage	0.79x	1.80x	0.03x	0.78x	1.21x	0.87x	0.82x	1.05x	-0.43x	0.44x
Book Value / Share	10.24	10.84	34.36	19.62	84.71	26.58	30.01	34.41	34.42	33.23
Revenue Growth	-95.98%	17.12%	3023.77%	-92.68%	87.83%	69.95%	17.82%	44.54%	30.43%	3.72%

Frequently Asked Questions

Valuation & Price

Safehold Inc. (SAFE) has a price-to-earnings (P/E) ratio of 10.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Safehold Inc. (SAFE) reported $379.6M in revenue for fiscal year 2024. This represents a 331% increase from $88.0M in 2011.

Safehold Inc. (SAFE) grew revenue by 3.7% over the past year. Growth has been modest.

Yes, Safehold Inc. (SAFE) is profitable, generating $112.6M in net income for fiscal year 2024 (28.9% net margin).

Dividend & Returns

Yes, Safehold Inc. (SAFE) pays a dividend with a yield of 4.70%. This makes it attractive for income-focused investors.

Safehold Inc. (SAFE) has a return on equity (ROE) of 4.5%. This is below average, suggesting room for improvement.

Industry Metrics

Safehold Inc. (SAFE) generated Funds From Operations (FFO) of $123.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Safehold Inc. (SAFE) offers a 4.70% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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