Revenue growth has stabilized at 7.2% in 2026Q1, supported by structural NOI margins that have remained consistently above 94% throughout the recent fiscal periods.
| 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 | 392.62M | 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 % | 6.07% | 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 | 9.67M | 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) | 382.95M | 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 % | 97.54% | 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 | 181.9M | 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 | 26.02M | 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 | 209.93M | 316.13M | 99.34M | -64.83M | 147.55M | 77.45M | 68.27M | 48.03M | 675.22M | 498.19M | 343.44M | 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 % | 53.47% | 81.99% | 27.17% | -18.39% | 54.58% | 41.41% | 43.01% | 51.43% | 1357.93% | 73.35% | 1579.55% | 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 | 8.88M | 8.55M | 12.26M | 12.24M | 11.92M | 11.99M | 12.08M | 11.89M | 663.28M | 491.57M | 328.58M | 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 % | 2.26% | 2.22% | 3.35% | 3.47% | 4.41% | 6.41% | 7.61% | 12.73% | 1333.93% | 72.38% | 1511.22% | 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 | 201.05M | 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 % | 51.21% | 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 | -125.3M | -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 | 116.85M | 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 % | 29.76% | 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 | 2.73M | 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 % | 2.34% | 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 | 113.97M | 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 % | 29.03% | 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 % | 9.16% | 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) | 122.84M | 123.02M | 118.02M | -42.73M | 147.34M | 85.11M | 71.38M | 39.58M | 675.02M | 667.26M | 335.2M | 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 % | 31.29% | 31.91% | 32.27% | -12.12% | 54.51% | 45.51% | 44.97% | 42.38% | 1357.54% | 98.24% | 1541.65% | 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 % | 32.88% | 4.23% | 376.19% | -129% | 73.12% | 19.24% | 80.33% | -94.14% | 1.16% | 99.06% | 3700.02% | -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 | 1.71 | 1.71 | 1.65 | -0.64 | 2.34 | 1.52 | 1.37 | 3.07 | 37.05 | 58.72 | 18.43 | 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 % | 41.49% | 41.4% | 42.86% | -107.74% | 28.63% | 42.24% | 78.68% | 41.99% | 1.62% | 0.43% | 15.31% | 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) | 1.58 | 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 % | 8.9% | 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 | 71.97M | 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 |
Interest rate sensitivity
According to the latest financial disclosures, Safehold's revenue growth has stabilized at 7.2% in 2026Q1, reflecting a shift from the rapid expansion seen in previous periods as the company navigates a higher interest rate environment that complicates the origination of new ground lease assets.
The deceleration in revenue growth compared to the 40.4% spike observed in 2023Q4 suggests that the company is transitioning toward a more mature, steady-state growth profile. Investors should monitor whether the current pace of origination can sustain long-term compounding given the increased cost of capital required to fund these long-duration assets.
As reported in recent quarterly filings, Safehold maintains exceptional property-level profitability with NOI margins consistently hovering near 98%, underscoring the efficiency of the triple-net ground lease structure which effectively offloads all operational and maintenance burdens to the underlying building owners.
These high margins appear to be a structural feature of the business model rather than an operational achievement, insulating the company from inflationary pressures on property taxes and insurance. However, the stability of these margins does not necessarily translate to bottom-line growth if interest expenses continue to consume a significant portion of the generated cash flow.
Based on the provided income statement data, FFO per share has exhibited significant volatility, dropping from $0.62 in 2023Q4 to $0.43 in 2026Q1, which suggests that the company's earnings quality may be sensitive to financing costs and the timing of capital market activities.
The inconsistency in FFO growth warrants further investigation into the impact of the iStar merger and the subsequent debt refinancing cycles. The decline in per-share metrics may indicate that the company is struggling to maintain accretive growth in an environment where the spread between lease yields and borrowing costs has narrowed.
Financial statements indicate that while property-level NOI remains robust, the significant gap between NOI and Net Income suggests that interest expense remains a primary drag on profitability, potentially masking the underlying economic value of the reversionary rights inherent in the ground lease portfolio.
The reliance on debt to fund long-term assets creates a structural mismatch that may be under-appreciated by investors focusing solely on headline FFO. If the cost of debt continues to rise, the company may face persistent pressure on its net margins, regardless of the contractual rent escalators embedded in its leases.
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.