NYSE : SAFE
Safehold Inc. — Financial statements
Real Estate · REIT - Diversified · United States
Last price 11.4 USD (Nov 2, 2026, 11:42 AM EST) · Market cap 807.31M
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 69.95M | 72.07M | 71.06M | 71.29M | 66.82M | 67.67M |
| Other Revenue | 56.18M | 35.06M | 43.87M | 47.68M | 10.29M | 6.80M |
| Total Revenue | 436.41M | 404.44M | 388.66M | 361.62M | 279.37M | 193.29M |
| Property Expenses | 30.93M | 4.76M | 4.22M | 4.65M | 3.11M | 2.66M |
| Selling, General & Administrative | 56.90M | 54.34M | 54.92M | 68.57M | 38.61M | 28.75M |
| Depreciation & Amortization | 7.92M | 8.55M | 9.95M | 9.94M | 9.61M | 9.56M |
| Other Operating Expenses | 1.97M | 1.86M | 1.98M | 17.86M | 389.00K | 868.00K |
| Total Operating Expenses | 100.40M | 76.07M | 80.56M | 103.72M | 51.73M | 41.85M |
| Operating Income | 336.01M | 328.37M | 308.10M | 257.89M | 227.64M | 151.45M |
| Interest Expense | -213.70M | -206.69M | -198.04M | -165.82M | -128.97M | -79.71M |
| EBT Excluding Unusual Items | 122.32M | 121.69M | 110.06M | 92.07M | 98.67M | 71.74M |
| Merger & Restructuring Charges | -7.70M | |||||
| Impairment of Goodwill | -145.37M | |||||
| Gain (Loss) on Sale of Investments | 45.00K | -1.90M | ||||
| Gain (Loss) on Sale of Assets | 447.00K | 55.81M | 1.83M | |||
| Other Unusual Items | -2.22M | -2.22M | -2.10M | -216.00K | ||
| Pretax Income | 120.14M | 117.56M | 110.06M | -52.85M | 144.68M | 73.36M |
| Income Tax Expense | 3.27M | 2.93M | 3.44M | 1.72M | ||
| Earnings From Continuing Operations | 116.87M | 114.63M | 106.61M | -54.56M | 144.68M | 73.36M |
| Minority Interest in Earnings | -697.00K | -161.00K | -852.00K | -408.00K | -9.26M | -234.00K |
| Net Income | 116.17M | 114.47M | 105.76M | -54.97M | 135.42M | 73.12M |
| Net Income to Common | 116.17M | 114.47M | 105.76M | -54.97M | 135.42M | 73.12M |
| Basic Shares Outstanding | 71.69M | 71.69M | 71.37M | 66.69M | 62.39M | 55.25M |
| Diluted Shares Outstanding | 71.82M | 71.79M | 71.45M | 66.69M | 62.39M | 55.26M |
| EPS (Basic) | 1.62 | 1.60 | 1.48 | -0.82 | 2.17 | 1.32 |
| EPS (Diluted) | 1.61 | 1.59 | 1.48 | -0.82 | 2.17 | 1.32 |
| Dividend Per Share | 0.71 | 0.71 | 0.71 | 0.71 | 0.70 | 0.67 |
| Operating Margin | 77.00% | 81.19% | 79.27% | 71.32% | 81.48% | 78.35% |
| Profit Margin | 26.62% | 28.30% | 27.21% | -15.20% | 48.48% | 37.83% |
| EBITDA | 346.02M | 339.23M | 320.36M | 270.13M | 239.56M | 163.43M |
| EBITDA Margin | 79.29% | 83.88% | 82.43% | 74.70% | 85.75% | 84.55% |
| D&A For Ebitda | 10.00M | 10.86M | 12.26M | 12.24M | 11.92M | 11.99M |
| EBIT | 336.01M | 328.37M | 308.10M | 257.89M | 227.64M | 151.45M |
| EBIT Margin | 77.00% | 81.19% | 79.27% | 71.32% | 81.48% | 78.35% |
| Effective Tax Rate | 2.72% | 2.50% | 3.13% | |||
| Revenue as Reported | 419.53M | 385.55M | 365.69M | 352.58M | 270.31M | 187.01M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 713.23M | 715.29M | 724.90M | 738.88M | 732.91M | 740.06M |
| Cash & Equivalents | 15.92M | 21.70M | 8.35M | 18.76M | 20.07M | 29.62M |
| Accounts Receivable | 6.06B | 5.81B | 5.50B | 5.06B | 4.63B | 3.33B |
| Investment In Debt and Equity Securities | 11.20M | 21.32M | 45.44M | 34.86M | 29.35M | |
| Other Intangible Assets | 202.25M | 204.02M | 208.73M | 211.11M | 217.79M | 224.18M |
| Loans Receivable Current | 177.54M | 158.64M | 112.36M | 112.11M | ||
| Restricted Cash | 10.18M | 9.03M | 8.77M | 27.98M | 28.32M | 8.90M |
| Other Current Assets | 2.03M | 7.28M | 11.80M | 4.33M | 2.08M | |
| Deferred Long-Term Tax Assets | 3.27M | 3.52M | 5.22M | 7.62M | ||
| Deferred Long-Term Charges | 9.51M | 11.96M | 16.90M | 4.13M | 4.91M | 8.33M |
| Other Long-Term Assets | 315.25M | 293.06M | 262.31M | 323.53M | 183.05M | 176.27M |
| Total Assets | 7.52B | 7.25B | 6.90B | 6.55B | 5.85B | 4.52B |
| Current Portion of Leases | 379.00K | 668.00K | ||||
| Long-Term Debt | 4.55B | 4.49B | 4.22B | 3.95B | 3.52B | 2.70B |
| Long-Term Leases | 5.16M | 4.95M | 10.37M | 15.75M | 5.47M | 5.61M |
| Accounts Payable | 22.56M | 19.50M | 17.11M | 17.63M | 14.54M | 13.10M |
| Accrued Expenses | 130.27M | 122.74M | 104.20M | 88.09M | 66.18M | 37.30M |
| Other Current Liabilities | 13.22M | 13.56M | 13.31M | 13.05M | 14.17M | 11.59M |
| Other Long-Term Liabilities | 61.67M | 62.09M | 62.92M | 63.76M | 64.59M | 65.43M |
| Total Liabilities | 4.89B | 4.81B | 4.53B | 4.25B | 3.69B | 2.83B |
| Common Stock | 711.00K | 717.00K | 714.00K | 711.00K | 624.00K | 566.00K |
| Additional Paid-In Capital | 2.19B | 2.20B | 2.19B | 2.18B | 1.99B | 1.66B |
| Retained Earnings | 199.29M | 165.74M | 102.47M | 47.58M | 151.23M | 59.37M |
| Comprehensive Income & Other | 51.98M | 42.59M | 48.99M | -1.34M | 3.28M | -40.98M |
| Total Common Equity | 2.44B | 2.41B | 2.34B | 2.23B | 2.14B | 1.68B |
| Minority Interest | 193.90M | 31.57M | 30.01M | 64.42M | 23.07M | 2.92M |
| Shareholders' Equity | 2.63B | 2.44B | 2.37B | 2.30B | 2.16B | 1.69B |
| Total Liabilities & Equity | 7.52B | 7.25B | 6.90B | 6.55B | 5.85B | 4.52B |
| Total Debt | 4.66B | 4.59B | 4.33B | 4.07B | 3.53B | 2.70B |
| Net Cash (Debt) | -4.64B | -4.57B | -4.32B | -4.05B | -3.51B | -2.67B |
| Net Cash Per Share | -64.66 | -63.66 | -60.45 | -60.75 | -56.20 | -48.38 |
| Filing Date Shares Outstanding | 70.82M | 71.76M | 71.45M | 71.08M | 62.40M | 56.63M |
| Total Common Shares Outstanding | 71.06M | 71.76M | 71.44M | 71.08M | 62.40M | 56.62M |
| Book Value Per Share | 34.33 | 33.56 | 32.81 | 31.39 | 34.32 | 29.71 |
| Tangible Book Value | 2.24B | 2.20B | 2.14B | 2.02B | 1.92B | 1.46B |
| Tangible Book Value Per Share | 31.48 | 30.72 | 29.89 | 28.42 | 30.83 | 25.75 |
| Land | 547.74M | 547.74M | 547.74M | 551.11M | 547.74M | 547.74M |
| Buildings | 196.08M | 193.23M | 193.23M | 193.23M | 193.23M | 193.23M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 116.17M | 114.47M | 105.76M | -54.97M | 135.42M | 73.12M |
| Depreciation & Amortization | 10.00M | 10.86M | 12.26M | 12.24M | 11.92M | 11.99M |
| Gain (Loss) on Sale of Assets | -447.00K | -55.81M | -1.83M | |||
| Gain (Loss) on Sale of Investments | 1.95M | |||||
| Asset Writedown | 145.37M | |||||
| Stock-Based Compensation | 13.15M | 12.55M | 13.76M | 23.23M | 1.55M | 1.75M |
| Income (Loss) on Equity Investments | -11.14M | -11.46M | -10.11M | -16.23M | -7.01M | -4.31M |
| Change in Accounts Payable | 3.94M | 8.06M | 8.07M | -5.97M | 20.07M | -11.31M |
| Change in Other Net Operating Assets | -4.56M | 2.40M | 5.26M | 13.08M | 11.04M | -286.00K |
| Other Operating Activities | -93.30M | -97.56M | -106.64M | -103.62M | -52.33M | -42.21M |
| Operating Cash Flow | 36.95M | 47.81M | 37.85M | 15.39M | 64.85M | 26.92M |
| Acquisition of Real Estate Assets | -13.08M | |||||
| Sale of Real Estate Assets | 3.70M | 4.11M | 5.76M | 1.63M | ||
| Net Sale / Acq. of Real Estate Assets | 3.70M | 4.11M | 5.76M | -11.45M | ||
| Cash Acquisition | -85.47M | |||||
| Investment in Marketable & Equity Securities | -19.62M | -19.35M | 42.38M | -52.48M | -7.00K | -39.45M |
| Other Investing Activities | 3.31M | 6.88M | 43.77M | -169.00K | -3.07M | -556.00K |
| Investing Cash Flow | -321.81M | -237.18M | -212.37M | -576.57M | -1.15B | -1.29B |
| Long-Term Debt Issued | 2.01B | 2.27B | 577.00M | 1.83B | 1.85B | |
| Long-Term Debt Repaid | -1.75B | -2.01B | -150.00M | -1.00B | -830.00M | |
| Net Debt Issued (Repaid) | 202.05M | 259.05M | 263.58M | 427.00M | 825.00M | 1.02B |
| Issuance of Common Stock | 151.94M | 309.16M | 243.34M | |||
| Repurchase of Common Stock | -19.52M | -3.98M | -5.10M | -970.00K | ||
| Common Dividends Paid | -51.17M | -50.92M | -50.59M | -46.04M | -42.19M | -35.95M |
| Other Financing Activities | 156.67M | -1.17M | -63.00M | 26.63M | -28.00K | -22.71M |
| Net Cash Flow | 3.17M | 13.62M | -29.62M | -1.65M | 9.87M | -57.95M |
| Levered Free Cash Flow | -317.18M | -230.24M | -307.46M | -429.68M | -1.22B | -1.24B |
| Unlevered Free Cash Flow | -183.61M | -101.06M | -183.69M | -326.04M | -1.14B | -1.19B |
| Cash Interest Paid | 173.75M | 173.75M | 162.38M | 151.26M | 93.85M | 59.03M |
| Change in Working Capital | -622.00K | 10.46M | 13.33M | 7.11M | 31.12M | -11.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 817.93M | 982.34M | 1.32B | 1.66B | 1.78B | 4.52B |
| Enterprise Value | 5.46B | 5.52B | 5.64B | 5.66B | 5.24B | 6.51B |
| Last Close Price | 11.55 | 13.17 | 16.98 | 20.78 | 24.62 | 67.28 |
| PE Ratio | 7.17 | 8.58 | 12.48 | 13.14 | 61.76 | |
| PS Ratio | 1.87 | 2.43 | 3.40 | 4.60 | 6.37 | 23.36 |
| PB Ratio | 0.34 | 0.40 | 0.56 | 0.72 | 0.82 | 2.68 |
| P/OCF Ratio | 22.14 | 20.55 | 34.87 | 108.05 | 27.44 | 167.79 |
| EV/Sales Ratio | 12.51 | 13.65 | 14.52 | 15.65 | 18.76 | 33.67 |
| EV/EBITDA Ratio | 15.78 | 16.28 | 17.61 | 20.95 | 21.88 | 39.83 |
| EV/EBIT Ratio | 16.25 | 16.82 | 18.31 | 21.95 | 23.02 | 42.98 |
| Debt / Equity Ratio | 1.77 | 1.88 | 1.82 | 1.77 | 1.63 | 1.60 |
| Debt / EBITDA Ratio | 13.47 | 13.54 | 13.51 | 15.07 | 14.72 | 16.54 |
| Net Debt / Equity Ratio | 1.76 | 1.87 | 1.82 | 1.76 | 1.62 | 1.59 |
| Net Debt / EBITDA Ratio | 13.42 | 13.47 | 13.48 | 15.00 | 14.64 | 16.36 |
| Asset Turnover | 0.06 | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 |
| Quick Ratio | 36.52 | 37.26 | 40.91 | 42.74 | 49.01 | 54.14 |
| Current Ratio | 37.65 | 38.35 | 41.87 | 44.02 | 49.35 | 54.32 |
| Return on Equity (ROE) | 4.64% | 4.76% | 4.57% | -2.45% | 7.52% | 4.78% |
| Return on Assets (ROA) | 2.88% | 2.90% | 2.86% | 2.60% | 2.74% | 2.45% |
| Return on Invested Capital (ROIC) | 4.52% | 4.66% | 4.57% | 4.28% | 4.52% | 4.04% |
| Earnings Yield | 13.94% | 11.65% | 8.01% | -3.31% | 7.61% | 1.62% |
| Dividend Yield | 6.13% | 5.17% | 3.83% | 3.03% | 2.46% | 0.84% |
| Payout Ratio | 43.98% | 44.49% | 47.83% | 31.15% | 49.16% | |
| Buyback Yield / Dilution | -0.25% | -0.47% | -7.14% | -6.88% | -12.90% | -9.01% |
| Total Shareholder Return | 5.88% | 4.70% | -3.31% | -3.86% | -10.45% | -8.16% |