Loading…
Safehold Inc. is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, affordable housing, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Safehold Inc. was incorporated in 2016 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $386M | $335M | $114M | $48M | 4.8% | 5.4% | 8.2% |
| 2024 | $366M | $320M | $106M | $38M | 4.5% | 3.7% | -292.4% |
| 2023 | $353M | $140M | $-55M | $15M | -2.5% | 30.4% | -140.6% |
| 2022 | $270M | $286M | $135M | $65M | 6.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 270.31 | 352.58 | 365.68 | 385.55 |
| Cost Of Revenue | - | 3.11 | 4.65 | 4.22 | 4.76 |
| Gross Profit | - | 267.20 | 347.92 | 361.46 | 380.79 |
| Operating Expense | - | 48.23 | 78.08 | 74.35 | 69.45 |
| Operating Income | - | 218.98 | 269.84 | 287.11 | 311.34 |
| EBITDA | - | 285.57 | 140.41 | 320.36 | 335.10 |
| EBIT | - | 273.65 | 128.16 | 308.10 | 324.25 |
| Pretax Income | - | 144.68 | -52.85 | 110.06 | 117.56 |
| Tax Provision | - | 0 | 1.72 | 3.44 | 2.93 |
| Net Income | - | 135.42 | -54.97 | 105.76 | 114.47 |
| Net Income Common Stockholders | - | 135.42 | -54.97 | 105.76 | 114.47 |
| Total Expenses | - | 51.34 | 82.74 | 78.58 | 74.21 |
| Interest Expense | - | 128.97 | 181.01 | 198.04 | 206.69 |
| Selling General And Administration | - | 38.61 | 65.44 | 54.92 | 54.34 |
| Normalized EBITDA | - | 229.76 | 288.45 | 320.36 | 337.33 |
| Normalized Income | - | 79.61 | 61.98 | 105.76 | 116.64 |
| Market Cap | 1,148.49 | 1,148.49 | 1,148.49 | 1,148.49 | 1,148.49 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Safehold Inc.this co. | SAFE | $1.1B | 10.03↑ premium | 0.48 | 4.8% | 16.77 |
| Saul Centers, Inc. | BFS | $1.2B | 22.55 | 6.89 | 30.5% | 13.88 |
| Franklin BSP Realty Trust, Inc. | FBRT | $1.2B | 8.55 | 0.59 | 7.0% | 50.59 |
| Centerspace | CSR | $1.1B | 63.46 | 1.55 | 2.4% | 11.64 |
| Easterly Government Properties, Inc. | DEA | $1.1B | 83.84 |
| - |
| - |
| - |
| - |
| 0.82 |
| 1.0% |
| 13.54 |
| Chimera Investment Corporation | CIM | $1.1B | 7.88 | 0.44 | 9.0% | - |
| Adamas Trust, Inc. | ADAM | $1.1B | 4.83 | 0.81 | 16.8% | - |
| MFA Financial, Inc. | MFA | $1.0B | 7.82 | 0.57 | 9.7% | - |
| Piedmont Realty Trust, Inc. | PDM | $1.0B | - | 0.68 | -5.6% | 12.43 |
| Peer Median | - | 8.55 | 0.75 | 8.0% | 13.54 | |