Safehold Inc. (SAFE)

In the past six months, Safehold's stock has trended up by 13.93%. Key events include the Q4 2025 earnings report with revenue of $97.9 million and full-year revenue of $385.6 million, and EPS of $0.39 for Q4 and $1.59 for the full year. S&P Global Ratings raised its issuer credit and issue ratings on Safehold Inc. and Safehold GL Holdings LLC to 'A-' from 'BBB+'. The Q1 2026 earnings report showed revenue of $110.9 million, exceeding estimates, but EPS of $0.40 missed estimates due to Safehold taking over two hotel assets. Safehold declared a first-quarter 2026 common stock dividend of $0.177 per share. Safehold closed its 20th affordable housing ground lease, marking its first entry into Texas for this sector, and expanded its Boston footprint with a new multifamily project.

Demand seasonality is not explicitly detailed as a direct factor for Safehold's ground leases, which are characterized by stable and growing revenue streams due to their long-term nature and contractual annual payment increases. While ground lease originations can be influenced by the overall level of commercial real estate transactions, the underlying ground lease payments themselves are designed for predictability. Seasonality relates to the hotel assets Safehold took over, with management noting that hotel performance has seasonality, with the second and third quarters historically being more profitable than the first and fourth quarters.

Safehold, Inc. is a real estate investment trust (REIT) specializing in modern ground leases, separating land ownership from building ownership. It acquires, manages, and capitalizes ground leases, offering long-term contracts where Safehold leases land to building owners. This model allows property owners to unlock land value, reduce equity requirements, and lower capital costs, while providing Safehold with stable, predictable income. Safehold's portfolio includes ground leases on various high-quality properties.

Safehold's geographic footprint is concentrated in major metropolitan areas across the United States, particularly in markets with strong fundamentals and growth potential, including Manhattan, Washington, D.C., Boston, Los Angeles, San Francisco, Denver, Honolulu, Nashville, Miami, and Atlanta. The company has recently expanded its presence, including its first affordable housing ground lease in Texas (Austin) and an expansion into the Boston metropolitan area with a multifamily project in Somerville, MA. As of September 30, 2025, approximately 39% of Safehold's ground leases by gross book value were in Manhattan, Washington, D.C., and Boston.

Safehold aims to revolutionize real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings, emphasizing efficient capital, expertise, superior customer experience, and integrity. The company has integrated ESG principles into its operations, including participation in affordable housing developments and producing annual sustainability reports. One event that could potentially affect its reputation in the past year is the termination of the master lease on five Park Hotels in October 2025 and a lawsuit against the tenant for not upholding maintenance and operating standards, leading to Safehold taking over two hotel assets.

Safehold Inc. has 212 institutional owners and shareholders holding a total of 45,101,118 shares, with approximately 70.38% of the stock owned by institutional investors and hedge funds. Major institutional shareholders include BlackRock, Inc., Vanguard Group Inc, MSD Capital L.P., State Street Corp, T. Rowe Price Investment Management, Inc., Geode Capital Management, Llc, NewEdge Wealth, LLC, Long Pond Capital, LP, Morgan Stanley, and Algert Global Llc. Denali Advisors LLC acquired a new stake in Safehold during the fourth quarter, purchasing 91,900 shares. Safehold is managed by its largest shareholder, iStar Inc.