Revenue growth has been uneven, with a 23.4% year-over-year gain in 2026Q3 contrasting with 4.4% to 4.8% growth in several 2025 quarters, while NOI margin moved from 99.1% in 2025Q2 down to 85.3% in 2026Q3, suggesting period-specific cost recognition rather than a structural shift.
Safehold Inc. (SAFE) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 435.94M | 385.55M | 365.69M | 352.58M | 270.31M | 187.01M | 158.73M | 93.4M | 49.72M | 679.2M | 21.74M | 18.57M | 462.03M | 390.79M | 400.47M | 88M | 542.64M | 959.52M | 287.38M | 827.48M | 562.78M | 488.47M | 466.31M | 407.27M | 341.57M | 315.2M | 300.88M | 173.6M | 83.4M | 1.9M | 200K |
| Revenue Growth % | 14.86% | 5.43% | 3.72% | 30.43% | 44.54% | 17.82% | 69.95% | 87.83% | -92.68% | 3023.77% | 17.12% | -95.98% | 18.23% | -2.42% | 355.08% | -83.78% | -43.45% | 233.89% | -65.27% | 47.04% | 15.21% | 4.75% | 14.5% | 19.23% | 8.37% | 4.76% | 73.32% | 108.15% | 4289.47% | 850% | 100% |
| Property Operating Expenses | 39.49M | 21.85M | 4.22M | 4.65M | 3.11M | 2.66M | 2.48M | 2.67M | 1.6M | 523.22M | 861K | 217K | 400.71M | 423.67M | 506.92M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 396.45M | 363.7M | 361.46M | 347.93M | 267.2M | 184.35M | 156.25M | 90.72M | 48.12M | 155.98M | 20.88M | 18.35M | 61.32M | -32.88M | -106.45M | 88M | 542.64M | 959.52M | 287.38M | 827.48M | 562.78M | 488.47M | 466.31M | 407.27M | 341.57M | 315.2M | 300.88M | 173.6M | 83.4M | 1.9M | 200K |
| NOI Margin % | 90.94% | 94.33% | 98.84% | 98.68% | 98.85% | 98.58% | 98.44% | 97.14% | 96.78% | 22.97% | 96.04% | 98.83% | 13.27% | -8.41% | -26.58% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Operating Expenses | 130.72M | 56.12M | 274.38M | 425M | 131.57M | 118.89M | 100.07M | 54.58M | 19.8M | 142.09M | 6.03M | 5.4M | 160.66M | 168.87M | 231.95M | 99.29M | 603K | -420.31M | -233.85M | -588.53M | -187.95M | -200.55M | -205.86M | -115.11M | -138.47M | -85.29M | -83.29M | -134.7M | -23.5M | 0 | -300K |
| G&A Expenses | 14.61M | 0 | 54.92M | 65.44M | 38.61M | 28.75M | 22.73M | 14.44M | 10.66M | 98.88M | 2.88M | 2.26M | 88.81M | 92.11M | 80.86M | 200.76M | 109.53M | 127.04M | 159.1M | 165.18M | 96.43M | 63.99M | 47.91M | 38.15M | 30.45M | 24.15M | 25.71M | 6.3M | 2.5M | 500K | 0 |
| EBITDA | 276.09M | 318.44M | 99.34M | -64.83M | 147.55M | 77.45M | 68.27M | 48.03M | 23.6M | 56.55M | 18.41M | 9.19M | 34.23M | -84.7M | -217.45M | 282.02M | 113.91M | -505.87M | 428.39M | 130.97M | 408.6M | 326.99M | 299.65M | 320.62M | 241.52M | 244.89M | 237.93M | 29.3M | 49.8M | 1.9M | -100K |
| EBITDA Margin % | 63.33% | 82.59% | 27.17% | -18.39% | 54.58% | 41.41% | 43.01% | 51.43% | 47.45% | 8.33% | 84.68% | 49.5% | 7.41% | -21.67% | -54.3% | 320.47% | 20.99% | -52.72% | 149.07% | 15.83% | 72.6% | 66.94% | 64.26% | 78.72% | 70.71% | 77.69% | 79.08% | 16.88% | 59.71% | 100% | -50% |
| Depreciation & Amortization | 6.85M | 10.86M | 12.26M | 12.24M | 11.92M | 11.99M | 12.08M | 11.89M | 11.66M | 49.93M | 3.56M | 3.47M | 73.57M | 71.27M | 69.35M | 63.93M | 63.24M | 97.87M | 97.37M | -107.99M | 33.78M | 39.08M | 39.21M | 28.46M | 38.42M | 14.98M | 20.34M | -9.6M | -10.1M | 0 | 0 |
| D&A / Revenue % | 1.57% | 2.82% | 3.35% | 3.47% | 4.41% | 6.41% | 7.61% | 12.73% | 23.45% | 7.35% | 16.35% | 18.7% | 15.92% | 18.24% | 17.32% | 72.64% | 11.65% | 10.2% | 33.88% | -13.05% | 6% | 8% | 8.41% | 6.99% | 11.25% | 4.75% | 6.76% | -5.53% | -12.11% | 0% | 0% |
| Operating Income | 265.73M | 307.58M | 87.08M | -77.08M | 135.63M | 65.46M | 56.18M | 36.14M | 11.94M | 6.62M | 14.86M | 5.72M | -39.34M | -155.97M | -286.8M | 218.09M | 50.66M | -603.74M | 331.02M | 238.96M | 374.83M | 287.91M | 260.45M | 292.16M | 203.1M | 229.91M | 217.59M | 38.9M | 59.9M | 1.9M | -100K |
| Operating Margin % | 60.95% | 79.78% | 23.81% | -21.86% | 50.17% | 35% | 35.4% | 38.7% | 24% | 0.97% | 68.33% | 30.79% | -8.52% | -39.91% | -71.62% | 247.83% | 9.34% | -62.92% | 115.19% | 28.88% | 66.6% | 58.94% | 55.85% | 71.74% | 59.46% | 72.94% | 72.32% | 22.41% | 71.82% | 100% | -50% |
| Interest Expense | 4M | 206.69M | 198.04M | 181.01M | 128.97M | 79.71M | 64.35M | 29.87M | 15.39M | 194.69M | 8.24M | 7.23M | 224.48M | 266.23M | 355.1M | 344.79M | 315.99M | 481.12M | 660.28M | 627.72M | 429.81M | 313.05M | 231.03M | 195M | 185.38M | 170.12M | 173.89M | 91.2M | 44.7M | 0 | 300K |
| Interest Coverage | - | 1.57x | 1.56x | 0.71x | 2.12x | 1.92x | 1.92x | 2.13x | 1.78x | 0.04x | 1.80x | 1.79x | 0.03x | -0.80x | -1.00x | -0.68x | -1.10x | -2.40x | -0.95x | 0.52x | 1.79x | 2.02x | 1.37x | 1.50x | 1.10x | 1.35x | 1.25x | 0.43x | 1.34x | - | -0.33x |
| Non-Operating Income | -70.67M | -16.66M | -221.02M | -205.24M | -138.02M | -87.6M | -67.66M | -27.45M | -15.39M | -10.3M | 0 | -7.23M | -47.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -393.08M | -343.33M | -56.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 123.44M | 117.56M | 110.06M | -52.85M | 144.68M | 73.36M | 59.49M | 33.73M | 11.94M | 50.9M | 6.62M | 5.72M | -85.86M | -221.43M | -304.25M | -58.67M | -207.53M | -770.6M | -300.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K |
| Pretax Margin % | 28.31% | 30.49% | 30.1% | -14.99% | 53.52% | 39.23% | 37.48% | 36.11% | 24% | 7.49% | 30.42% | 30.79% | -18.58% | -56.66% | -75.97% | -66.67% | -38.24% | -80.31% | -104.49% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -200% |
| Income Tax | 4.54M | 2.93M | 3.44M | 1.72M | 0 | 0 | 0 | 0 | 0 | -948K | 0 | 0 | 3.91M | -659K | 8.45M | -4.72M | -287.21M | 1.83M | -103.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 200K |
| Effective Tax Rate % | 3.67% | 2.49% | 3.13% | -3.25% | 0% | 0% | 0% | 0% | 0% | -1.86% | 0% | 0% | -4.56% | 0.3% | -2.78% | 8.04% | 138.4% | -0.24% | 34.46% | - | - | - | - | - | - | - | - | - | - | - | -50% |
| Net Income | 115.7M | 114.47M | 105.76M | -54.97M | 135.42M | 73.12M | 59.29M | 27.69M | 11.74M | 175.68M | 6.62M | 5.35M | 873K | -111.95M | -239.93M | -22.06M | 79.68M | -768.78M | -196.79M | 238.96M | 374.83M | 287.91M | 260.45M | 292.16M | 203.1M | 229.91M | 217.59M | 38.9M | 59.9M | 0 | -600K |
| Net Margin % | 26.54% | 29.69% | 28.92% | -15.59% | 50.1% | 39.1% | 37.36% | 29.65% | 23.61% | 25.87% | 30.42% | 28.81% | 0.19% | -28.65% | -59.91% | -25.07% | 14.68% | -80.12% | -68.48% | 28.88% | 66.6% | 58.94% | 55.85% | 71.74% | 59.46% | 72.94% | 72.32% | 22.41% | 71.82% | 0% | -300% |
| Net Income Growth % | 2.72% | 8.23% | 292.39% | -140.59% | 85.2% | 23.32% | 114.11% | 135.89% | -93.32% | 2555.81% | 23.67% | 512.71% | 100.78% | 53.34% | -987.43% | -127.69% | 110.36% | -290.66% | -182.35% | -36.25% | 30.19% | 10.55% | -10.85% | 43.85% | -11.66% | 5.66% | 459.35% | -35.06% | - | 100% | -500% |
| Funds From Operations (FFO) | 93.74M | 125.33M | 118.02M | -42.73M | 147.34M | 85.11M | 71.38M | 39.58M | 23.4M | 225.62M | 10.17M | 8.82M | 74.44M | -40.69M | -170.58M | 41.86M | 142.93M | -670.91M | -99.42M | 130.97M | 408.6M | 326.99M | 299.65M | 320.62M | 241.52M | 244.89M | 237.93M | 29.3M | 49.8M | 0 | -600K |
| FFO Margin % | 21.5% | 32.51% | 32.27% | -12.12% | 54.51% | 45.51% | 44.97% | 42.38% | 47.06% | 33.22% | 46.78% | 47.51% | 16.11% | -10.41% | -42.59% | 47.57% | 26.34% | -69.92% | -34.6% | 15.83% | 72.6% | 66.94% | 64.26% | 78.72% | 70.71% | 77.69% | 79.08% | 16.88% | 59.71% | 0% | -300% |
| FFO Growth % | 6.5% | 6.19% | 376.19% | -129% | 73.12% | 19.24% | 80.33% | 69.15% | -89.63% | 2118.23% | 15.3% | -88.15% | 282.98% | 76.15% | -507.46% | -70.71% | 121.3% | -574.8% | -175.91% | -67.95% | 24.96% | 9.12% | -6.54% | 32.75% | -1.37% | 2.93% | 712.04% | -41.16% | - | - | - |
| FFO per Share | 1.32 | 1.75 | 1.65 | -0.64 | 2.34 | 1.52 | 1.37 | 3.07 | 1.28 | 19.85 | 0.56 | 0.48 | 5.47 | -2.99 | -12.73 | 2.95 | 9.58 | -41.90 | -4.74 | 6.41 | 21.97 | 17.97 | 16.65 | 19.25 | 16.29 | 17.37 | 17.28 | 3.03 | 7.00 | 0.00 | -5.89 |
| FFO Payout Ratio % | 27.08% | 40.63% | 42.86% | -107.74% | 28.63% | 42.24% | 78.68% | 41.99% | 46.7% | 1.26% | 504.57% | 581.79% | 68.94% | -120.49% | -24.81% | 101.09% | 29.61% | -6.31% | -319.6% | 357.18% | 98.65% | 114.17% | 117.69% | 95.64% | 110.99% | 122.96% | 100.44% | 377.47% | 77.51% | - | 0% |
| EPS (Diluted) | 1.63 | 1.59 | 1.48 | -0.82 | 2.17 | 1.32 | 1.17 | 23.29 | 0.64 | 9.75 | 0.36 | 0.29 | -3.56 | -8.23 | -17.91 | -1.55 | 2.44 | -48.01 | -9.38 | 9.44 | 17.44 | 13.19 | 11.44 | 15.19 | 12.06 | 13.69 | 13.13 | 1.56 | 8.41 | 2.23 | -5.89 |
| EPS Growth % | 3.18% | 7.43% | 280.49% | -137.79% | 64.39% | 12.82% | -94.98% | 3539.06% | -93.44% | 2608.33% | 24.14% | 108.15% | 56.74% | 54.05% | -1055.48% | -163.52% | 105.08% | -411.83% | -199.36% | -45.87% | 32.22% | 15.3% | -24.69% | 25.95% | -11.91% | 4.26% | 741.67% | -81.45% | 277.13% | 137.86% | -501.02% |
| EPS (Basic) | - | 1.60 | 1.48 | -0.82 | 2.17 | 1.32 | 1.17 | 28.17 | 0.64 | 9.75 | 0.36 | 0.29 | -3.56 | -8.23 | -17.91 | -1.55 | 2.44 | -48.01 | -9.38 | 9.50 | 17.63 | 13.31 | 11.69 | 15.75 | 12.38 | 14.00 | 13.19 | 1.56 | 8.66 | 2.23 | -5.89 |
| Diluted Shares Outstanding | 70.98M | 71.79M | 71.45M | 66.69M | 62.91M | 56.15M | 51.97M | 12.91M | 18.22M | 11.36M | 18.19M | 18.19M | 13.6M | 13.6M | 13.4M | 14.19M | 14.92M | 16.01M | 20.98M | 20.45M | 18.6M | 18.19M | 17.99M | 16.66M | 14.82M | 14.1M | 13.77M | 9.66M | 7.12M | 301.44K | 101.92K |
Quick answers to the most common questions about buying SAFE stock.
For fiscal year 2025, Safehold Inc. (SAFE) reported total revenue of $385.6M. This represents a 192676.0% increase compared to $0.2M in 1996.
Safehold Inc. (SAFE) is profitable, generating $114.5M in net income for the fiscal year ending 2025 with a net profit margin of 29.7%.
Safehold Inc. (SAFE) reported an operating income of $307.6M, resulting in an operating profit margin of 79.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Safehold Inc. (SAFE) generated $363.7M in gross profit for the year, representing a gross profit margin of 94.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Leverage and rate sensitivity
Metrics are mathematically derived from official filings.
Revenue Growth Decelerating From Peak Rates
Based on reported quarterly figures, SAFE's revenue rose 23.4% year over year in 2026Q3 to $118.7M, though growth has been uneven across the ten-quarter window and appears tied to the timing of ground lease originations rather than a steady organic run rate.
The sharp 2026Q3 acceleration versus single-digit growth in 2025 suggests a cluster of new ground lease deals closed in the most recent period, which may not be repeatable at the same pace. Investors should monitor whether origination volume can sustain double-digit top-line growth once the current rate environment compresses new-deal spreads. The FFO trajectory, which moved from $29.1M in 2024Q4 to $32.5M in 2026Q2 before dipping in 2026Q1, does not yet confirm that revenue acceleration is translating into per-share earnings growth.
NOI Margin Volatility Masks Stable Core
As reported in the quarterly income data, SAFE's NOI margin ranged from 85.3% in 2026Q3 to 99.1% in 2025Q2, a spread that appears driven more by period-specific cost recognition than by any structural change in the ground lease economics.
The compression to 85.3% in the latest quarter, after margins near 98-99% through 2025, suggests either higher property-level or reimbursement-related costs or timing differences in expense recognition. Because ground leases shift most operating burden to building owners, a sustained margin drop would warrant investigation rather than dismissal. Net margin of roughly 29.7% sits well below operating margin, indicating that financing costs remain the dominant drag on bottom-line profitability.
FFO Per Share Flat Despite Revenue Growth
Based on SAFE's reported FFO per share, the figure held in a tight $0.41 to $0.46 band across the period, implying that top-line expansion has not yet produced meaningful per-share earnings accretion for shareholders.
Flat FFO per share alongside rising revenue suggests that share issuance or incremental interest cost is absorbing the economic benefit of new ground leases. The quarterly FFO swings, including the 118.7% spike in 2024Q3 followed by a sharp reversal, appear to reflect one-time or timing items rather than a durable trend. Dividend yield moving between roughly 0.7% and 1.5% over the period warrants monitoring for whether distributable cash keeps pace with the current payout expectations.
Earnings Quality Questions Under Standard Accounting
Under standard REIT accounting, SAFE's reported revenue may include non-cash straight-line rent recognition, which could overstate near-term cash generation relative to the headline figures shown in the income data.
Straight-lining spreads contractual rent evenly over long terms, so reported revenue during early lease years can exceed cash received, a dynamic that is especially pronounced in 99-year structures. The reported debt-to-equity figure of 1.84 and thin ROE of 4.8% appear to conflict with the company's known leverage profile, suggesting the balance sheet data may warrant further verification before drawing firm capital structure conclusions. Investors should treat unrealized reversionary value as an economic consideration that does not appear in GAAP earnings.