Safehold
Owns land beneath commercial properties and collects long-term ground-lease cash flows.
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Profile
Owns land beneath commercial properties and leases it to building owners through long-term ground leases. Revenue comes mainly from sales-type and operating ground leases, with leasehold lending and management fees around a single reportable segment.
Owns the land underneath institutional commercial real estate and leases it back to the building owner or operator through long-term ground leases. The tenant generally handles property operating costs, development spending, taxes, insurance, and capital expenditures, while the company retains contractual rent rights and residual claims on the improvements.
Current operations sit in one reportable segment: acquiring, managing, and capitalizing Ground Leases. Revenue is shaped by sales-type ground leases, operating ground leases, leasehold loans, and management or other income, with exposure across multifamily, office, hotel, life science, and mixed-use properties in major U.S. metropolitan markets.
Execution depends on originating new ground leases, financing them efficiently, and managing collateral quality over long durations. Lease value is tied to tenant credit, property values, interest rates, inflation mechanics, and treatment of residual rights.
Company facts
Key statistics
Year to date +12.7% · Average volume (30d) 270.8K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| May 4, 2026 | RBC Capital | Downgrade | Outperform | Sector Perform | |
| May 1, 2026 | RBC Capital | Target | $16 | ||
| Jan 23, 2026 | Morgan Stanley | Downgrade | Equal Weight | Underweight | |
| Jan 22, 2026 | Morgan Stanley | Target | $14 | ||
| Oct 1, 2025 | Cantor Fitzgerald | Target | $17 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $0.42 | $0.42 | +0.9% | $110.8M | $114.6M | +3.5% | +2.15% |
| Apr 30, 2026Q1 FY26 | $0.43 | $0.40 | −7.0% | $96.5M | $110.9M | +14.9% | −7.24% |
| Feb 11, 2026Q4 FY25 | $0.42 | $0.42 | 0.0% | $95.0M | $97.9M | +3.0% | −1.40% |
| Nov 5, 2025Q3 FY25 | $0.40 | $0.41 | +2.5% | $95.5M | $96.2M | +0.7% | −10.71% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $97.7M | $93.8M | $96.2M | $97.9M | $104.7M | $114.6M | |
| Gross profit | $96.5M | $93.0M | $94.8M | $92.3M | $102.9M | $99.9M | |
| Operating income | $25.3M | $23.9M | $24.9M | $79.3M | $73.0M | $28.3M | |
| Net income | $29.4M | $27.9M | $29.3M | $27.9M | $28.9M | $30.2M | |
| Diluted EPS | $0.41 | $0.39 | $0.41 | $0.39 | $0.40 | $0.42 | |
| Gross margin | 98.8% | 99.1% | 98.5% | 94.3% | 98.2% | 87.2% | |
| Operating margin | 25.9% | 25.5% | 25.9% | 81.0% | 69.6% | 24.6% |
Fiscal years (4-quarter sums)FY21 $187.0M · FY22 $270.3M · FY23 $352.6M · FY24 $365.7M · FY25 $385.6M
Balance sheet, Jun 30, 2026Cash & short-term investments $15.9M · Total debt $4.65B · Total assets $7.52B · Shareholders' equity $2.44B
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.177 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.177 | |
| Dec 30, 2025 | Dec 30 | Jan 15 | $0.177 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.177 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.177 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.177 | |
| Dec 30, 2024 | Dec 30 | Jan 15 | $0.177 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.177 |
Ownership
Shares outstanding 71.61M · Float 54.81M · 76.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.94M | 13.88% | 13F | Aug 7, 2026 |
| MSD Capital L P | 5.78M | 8.08% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 5.10M | 7.12% | 13F | Aug 13, 2026 |
| T. Rowe Price Investment Management, Inc. | 4.68M | 6.53% | 13F | Aug 14, 2026 |
| State Street Corp | 2.60M | 3.63% | 13F | Aug 7, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Starwood Property Trust
Diversified CRE finance platform with debt and net-lease capital
- Blackstone Mortgage Trust
Senior CRE loan platform for institutional property sponsors
- KKR Real Estate Finance Trust
KKR-backed senior loan REIT focused on institutional CRE assets
- Ladder Capital
Commercial mortgage REIT with loans, CMBS, and net-leased properties
- Realty Income
Large net-lease REIT competing for long-duration real estate capital
- W. P. Carey
Net-lease sale-leaseback REIT for mission-critical properties
- Ares Commercial Real Estate
Ares-managed CRE loan REIT serving owners and operators
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Safehold | $15.37 | +0.03% | $1.10B | 9.5 | 9.3 | 2.7 | +22.1% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| Realty Income | $62.13 | +0.22% | $57.80B | 45.2 | 38.4 | 9.7 | +1.1% |
| W. P. Carey | $70.51 | 0.00% | $16.06B | 24.1 | 23.7 | 8.5 | +7.0% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| Median | 24.1 | 17.3 | 2.9 | +4.1% |