Safehold (NYSE:SAFE) Releases Quarterly Earnings Results, Hits Estimates

Safehold (NYSE:SAFE) released its earnings results on Thursday. The company reported $0.42 EPS for the quarter, meeting the consensus estimate of $0.42, FiscalAI reports. The firm had revenue of $114.65 million for the quarter, compared to analysts’ expectations of $110.78 million. Safehold had a net margin of 27.70% and a return on equity of 4.85%.

Here are the key takeaways from Safehold’s conference call:

• Investment activity accelerated: Safehold originated seven multifamily ground leases totaling $150 million, its strongest quarter since 2022, primarily in affordable housing across California and Texas.
• The company completed a $348 million Brookfield joint venture and issued $225 million of 30-year unsecured notes, helping de-lever the balance sheet, extend maturities, and increase investment capacity while retaining an option to repurchase Brookfield’s interest.
• Estimated unrealized capital appreciation rose to $9.8 billion, up $260 million quarter over quarter and nearly $1 billion since valuations bottomed in the first quarter of 2025; liquidity stood at approximately $1.4 billion.
• Management expects to continue converting its active pipeline over the next several quarters, though elevated and volatile interest rates can delay transactions because sponsors must coordinate Safehold’s capital with debt and other equity sources.
• Multifamily now represents roughly 65% of the portfolio by asset count and 61% by estimated unrealized appreciation, with management planning to keep emphasizing the sector while remaining open to other property types; office opportunities face a particularly high bar.

Safehold Stock Up 2.2%

Safehold stock traded up $0.34 during mid-day trading on Friday, reaching $16.18. The company’s stock had a trading volume of 403,267 shares, compared to its average volume of 266,449. Safehold has a 12 month low of $12.76 and a 12 month high of $17.45. The company has a debt-to-equity ratio of 1.91, a quick ratio of 35.59 and a current ratio of 35.58. The business’s 50 day simple moving average is $15.87 and its 200 day simple moving average is $15.24. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 9.99, a price-to-earnings-growth ratio of 2.02 and a beta of 1.77.

Safehold Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $0.177 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $0.71 annualized dividend and a yield of 4.4%. Safehold’s payout ratio is presently 44.65%.

Analyst Upgrades and Downgrades

SAFE has been the topic of a number of research analyst reports. Wall Street Zen raised Safehold from a “sell” rating to a “hold” rating in a report on Saturday, July 4th. Royal Bank Of Canada lowered shares of Safehold from a “market outperform” rating to a “sector perform” rating and cut their price objective for the company from $18.00 to $16.00 in a research report on Friday, May 1st. Zacks Research upgraded shares of Safehold from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 21st. The Goldman Sachs Group reduced their price objective on Safehold from $27.00 to $23.00 and set a “buy” rating for the company in a research report on Friday, May 15th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Safehold in a report on Friday, July 17th. Three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Safehold presently has an average rating of “Hold” and a consensus price target of $18.71.

Institutional Investors Weigh In On Safehold

Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank boosted its position in Safehold by 2.2% during the fourth quarter. Swiss National Bank now owns 92,014 shares of the company’s stock valued at $1,260,000 after acquiring an additional 2,000 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Safehold by 31.9% in the fourth quarter. Wells Fargo & Company MN now owns 84,683 shares of the company’s stock valued at $1,159,000 after purchasing an additional 20,478 shares in the last quarter. Jump Financial LLC bought a new position in shares of Safehold during the second quarter valued at about $1,037,000. Man Group plc bought a new stake in shares of Safehold during the 4th quarter worth $1,008,000. Finally, Amundi grew its holdings in Safehold by 2.6% during the first quarter. Amundi now owns 50,855 shares of the company’s stock valued at $906,000 after purchasing an additional 1,306 shares during the period. Institutional investors and hedge funds own 70.38% of the company’s stock.

About Safehold

Safehold Inc is a real estate investment trust that seeks to redefine land ownership for commercial property owners. The company acquires perpetual ground leases from landowners and structures long-term leaseback arrangements, enabling building owners to unlock the value of underlying land without relinquishing operational control of their properties. By separating land ownership from building ownership, Safehold offers an alternative to traditional mortgage financing and land sale–leaseback transactions.

Safehold’s portfolio spans multiple commercial real estate sectors, including office, multifamily, industrial and retail, with a focus on high-quality properties in major U.S.