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SAFESafehold Inc.
$16.04$1.1B
Overview & Verdict
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SAFE logoSafehold Inc.(SAFE)Earnings, Financials & Key Ratios

SAFE•NYSE•REIT / Real Estate
$16.04
10.1× P/E·Price updated Jul 7, 2026
SectorReal EstateIndustryDiversified REITsSub-IndustryNet Lease and Ground Lease REITs
AboutSafehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders.Show more
  • Revenue$386M+5.4%
  • FFO$123M+4.2%
  • FFO/Share1.71+3.7%
  • FFO Payout41.4%-3.4%
  • FFO per Share1.71+3.7%
  • NOI Margin94.33%-4.6%
  • FFO Margin31.91%-1.1%
  • ROE4.76%+5.0%
  • ROA1.62%+2.9%

SAFE Price & Volume

Safehold Inc. (SAFE) stock price & volume — 10-year historical chart

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Robust Ground Lease Margins Face Leverage Constraints

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Mixed
Profitability:Strong
Financial:Strained
Cash Flow:Mixed
Primary Risk:Interest rate sensitivity

Key Thesis Takeaways

  • Safehold maintains a unique competitive advantage through its triple-net ground lease model, which consistently delivers NOI margins near 98.2% as of 2026Q1.
  • However, the company's reliance on external capital to fund its $7.4 billion asset base, combined with significant FFO volatility that saw earnings per share drop from $0.62 in 2023Q4 to $0.43 in 2026Q1, creates substantial earnings visibility risks.
  • Investors should monitor the company's ability to manage its 1.87 debt-to-equity ratio while navigating a high interest rate environment that continues to pressure net income.

Verdict Logic

while the company maintains a robust 98.2% NOI margin, the current 1.87 debt-to-equity ratio and the volatility in FFO per share suggest that the risks associated with capital market dependency currently offset the potential value of the long-term ground lease portfolio.

SAFE Growth Metrics

Safehold Inc. (SAFE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years35.44%
5 Years19.42%
3 Years12.57%
TTM6.07%

Profit CAGR

10 Years35.84%
5 Years14.06%
3 Years-5.45%
TTM9.16%

EPS CAGR

10 Years18.55%
5 Years6.33%
3 Years-9.85%
TTM8.9%

Return on Capital

10 Years2.57%
5 Years1.77%
3 Years1.49%
Last Year4.43%

SAFE Recent Earnings

Safehold Inc. (SAFE) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 5/12 qtrs (42%)●Beat Revenue 8/12 qtrs (67%)
Q2 2026Latest
Apr 30, 2026
Metric
Actual
Est
EPS
$0.40-7.0%
$0.43
Rev
$111M+13.8%
$97M
Q1 2026
Feb 11, 2026
Metric
Actual
Est
EPS
$0.42+0.0%
$0.42
Rev
$98M+3.0%
$95M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.41+2.5%
$0.40
Rev
$96M+0.7%
$96M
Q3 2025
Aug 5, 2025
Metric
Actual
Est
EPS
$0.39+0.0%
$0.39
Rev
$94M-1.2%
$95M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$0.40vs $0.43-7.0%
$111Mvs $97M+13.8%
Q1 2026Feb 11, 2026
$0.42vs $0.42+0.0%
$98Mvs $95M+3.0%
Q4 2025Nov 5, 2025
$0.41vs $0.40+2.5%
$96Mvs $96M+0.7%
Q3 2025Aug 5, 2025
$0.39vs $0.39+0.0%
$94Mvs $95M-1.2%
Based on last 12 quarters of dataView full earnings history →

Latest SAFE News

Recent stock market news and headlines for Safehold Inc. (SAFE)

PRNewsWire·Jun 25, 2026
Safehold Closes Second Affordable Housing Ground Lease in Texas

NEW YORK, June 25, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a ground lease for the development of an Affordable Housing community in Austin, Texas. The Low-Income Housing Tax Credit (LIHTC) development will provide 336 total units upon delivery in 2028.

GlobeNewsWire·Jun 24, 2026
AMASS Brands Group Enters SAFE Investment in Afterdream, a Fast-Growing Hemp-Derived THC Beverage Brand

SAFE Investment Establishes Rights to at least a 15.67% Ownership Interest in Afterdream on a Fully Diluted Basis Positions AMASS Within a Category Generating Over $1.1 Billion in Annual U.S. Sales 1 SANTA MARIA, Calif., June 24, 2026 (GLOBE NEWSWIRE) -- AMASS Brands Group (NASDAQ: AMSS) (“AMASS” or “the Company”), a premium, multi-category beverage platform spanning non-alcohol, functional, and alcohol 2.0 products, today announced that it has entered into a Simple Agreement for Future Equity (SAFE) in Afterdream, representing the right to receive at least a 15.67% ownership interest in Afterdream on a fully diluted basis upon a future qualifying financing or liquidity event.

PRNewsWire·Jun 23, 2026
Safehold Closes $45 Million Affordable Housing Ground Lease in Santa Cruz, California

NEW YORK, June 23, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE), the creator and leader of the modern ground lease industry, has closed on a $45 million ground lease for the development of an Affordable Housing community in the Soquel area of Santa Cruz, California. Santa Cruz is a vibrant coastal community located along the Monterey Bay, with significant unmet demand for high quality Affordable Housing.

PRNewsWire·Jun 15, 2026
Safehold Closes $225 Million Private Placement of Structured Senior Unsecured Notes Due 2056

NEW YORK, June 15, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) today announced that its operating company, Safehold GL Holdings LLC ("Safehold" or the "operating company"), has signed a definitive note purchase agreement providing for a private placement of $225 million aggregate principal amount of senior unsecured notes due August 1, 2056 (the "Notes"). Pricing on May 28, 2026 was based on the 30-year Treasury rate of 4.99% plus a spread of 162.5 basis points for an all-in coupon of 6.615%.

Peers Comparison

Key metrics vs top competitors for Safehold Inc. (SAFE)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
SAFE logoSAFESafehold Inc.Current
$16.04$1.15B10.095.43%29.69%4.76%4.42%
LAND logoLANDGladstone Land Corporation
$8.56$369.25M-29.523.66%-6.68%-0.87%—
PINE logoPINEAlpine Income Property Trust, Inc.
$20.04$287.12M-91.0915.9%-0.64%-0.14%—
NTST logoNTSTNETSTREIT Corp.
$21.96$2.18B267.8020.91%5.66%0.78%—
GTY logoGTYGetty Realty Corp.
$34.59$2.09B25.629.02%40.06%8.76%—
FCPT logoFCPTFour Corners Property Trust, Inc.
$25.28$2.77B23.199.72%38.74%7.38%—

Compare SAFE vs Peers

Safehold Inc. (SAFE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs LAND

Most directly comparable listed peer for SAFE.

Scale Benchmark

vs O

Larger-name benchmark to compare SAFE against a more recognizable public peer.

Peer Set

Compare Top 5

vs LAND, PINE, NTST, GTY

SAFE SEC Filings & Documents

Safehold Inc. (SAFE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Mar 31, 2023·SEC

Material company update

Mar 9, 2023·SEC

Material company update

Mar 2, 2023·SEC

10-K Annual Reports

2
FY 2023

Feb 15, 2023·SEC

FY 2022

Feb 15, 2022·SEC

10-Q Quarterly Reports

5
FY 2022

Nov 2, 2022·SEC

FY 2022

Aug 3, 2022·SEC

FY 2022

Apr 21, 2022·SEC

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SAFE Frequently Asked Questions

Safehold Inc. (SAFE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Safehold Inc.'s revenue?

Safehold Inc. (SAFE) reported $392.6M in revenue for fiscal year 2025. This represents a 196212% increase from $0.2M in 1996.

How fast is Safehold Inc. growing?

Safehold Inc. (SAFE) grew revenue by 5.4% over the past year. This is steady growth.

Is SAFE profitable?

Yes, Safehold Inc. (SAFE) is profitable, generating $114.0M in net income for fiscal year 2025 (29.7% net margin).

Dividend & Returns
Does SAFE pay dividends?

Yes, Safehold Inc. (SAFE) pays a dividend with a yield of 4.42%. This makes it attractive for income-focused investors.

What is SAFE's return on equity?

Safehold Inc. (SAFE) has a return on equity (ROE) of 4.8%. This is below average, suggesting room for improvement.

Industry Metrics
What is Safehold Inc.'s FFO?

Safehold Inc. (SAFE) generated Funds From Operations (FFO) of $122.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is SAFE a good dividend stock?

Safehold Inc. (SAFE) offers a 4.42% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in SAFE back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →