Safehold Inc. (SAFE) quarterly income statement — complete revenue, gross profit & net income history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Revenue | 104.75M | 97.87M | 96.16M | 93.84M | 97.68M | 91.87M | 90.7M | 89.89M | 93.21M | 103.03M | 85.56M | 85.66M | 78.33M | 73.37M | 71.7M | 64.88M | 60.36M | 52.01M | 47.28M | 44.21M |
| Revenue Growth % | 7.24% | 6.53% | 6.02% | 4.39% | 4.79% | -10.83% | 6.01% | 4.94% | 19% | 40.42% | 19.34% | 32.02% | 29.76% | 41.06% | 51.64% | 46.75% | 38.74% | 30.33% | 24.42% | 18.37% |
| Property Operating Expenses | 1.85M | 5.54M | 1.4M | 881K | 1.16M | 1.06M | 1.05M | 1.04M | 1.08M | 1.43M | 1M | 1.01M | 1.21M | 838K | 866K | 699K | 707K | 625K | 719K | 722K |
| Net Operating Income (NOI) | 102.9M | 92.33M | 94.77M | 92.96M | 96.52M | 90.81M | 89.66M | 88.85M | 92.13M | 101.59M | 84.56M | 84.65M | 77.12M | 72.53M | 70.83M | 64.19M | 59.66M | 51.39M | 46.56M | 43.49M |
| NOI Margin % | 98.24% | 94.33% | 98.55% | 99.06% | 98.81% | 98.85% | 98.85% | 98.84% | 98.84% | 98.61% | 98.83% | 98.82% | 98.46% | 98.86% | 98.79% | 98.92% | 98.83% | 98.8% | 98.48% | 98.37% |
| Operating Expenses | 29.94M | 13.03M | 69.89M | 69.04M | 71.22M | 68.19M | 73.78M | 64.86M | 67.55M | 66.71M | 214.8M | 68.82M | 74.67M | 53.14M | -2.32M | 43.73M | 37.02M | 32.34M | 30.33M | 29.64M |
| G&A Expenses | 0 | 0 | 13.07M | 12.95M | 14.13M | 13.9M | 13.12M | 12.28M | 15.63M | 16.73M | 17.86M | 18.92M | 11.94M | 6.29M | 6.43M | 7.33M | 6.07M | 5.49M | 4.78M | 6.2M |
| EBITDA | 74.8M | 81.41M | 27.09M | 26.62M | 28.07M | 25.69M | 18.93M | 27.06M | 27.65M | 37.95M | -127.15M | 18.93M | 5.43M | 22.37M | 76.13M | 23.44M | 25.61M | 22.02M | 19.23M | 16.86M |
| EBITDA Margin % | 71.41% | 83.18% | 28.17% | 28.37% | 28.74% | 27.96% | 20.88% | 30.11% | 29.67% | 36.84% | -148.6% | 22.1% | 6.93% | 30.48% | 106.19% | 36.13% | 42.43% | 42.34% | 40.67% | 38.13% |
| Depreciation & Amortization | 1.85M | 2.11M | 2.21M | 2.7M | 2.77M | 3.06M | 3.06M | 3.07M | 3.06M | 3.07M | 3.1M | 3.1M | 2.97M | 2.97M | 2.98M | 2.98M | 2.98M | 2.98M | 3M | 3.01M |
| D&A / Revenue % | 1.76% | 2.16% | 2.3% | 2.88% | 2.84% | 3.34% | 3.37% | 3.41% | 3.29% | 2.98% | 3.62% | 3.62% | 3.8% | 4.05% | 4.16% | 4.59% | 4.94% | 5.72% | 6.34% | 6.8% |
| Operating Income | 72.96M | 79.3M | 24.88M | 23.92M | 25.3M | 22.63M | 15.87M | 24M | 24.59M | 34.88M | -130.24M | 15.83M | 2.45M | 19.39M | 73.15M | 20.46M | 22.63M | 19.05M | 16.23M | 13.85M |
| Operating Margin % | 69.65% | 81.02% | 25.87% | 25.49% | 25.9% | 24.63% | 17.5% | 26.69% | 26.38% | 33.86% | -152.22% | 18.48% | 3.13% | 26.43% | 102.02% | 31.53% | 37.49% | 36.62% | 34.33% | 31.33% |
| Interest Expense | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Interest Coverage | 1.56x | 1.55x | 1.56x | 1.56x | 1.60x | 1.55x | 1.41x | 1.62x | 1.65x | 1.90x | -1.64x | 1.49x | 1.12x | 1.57x | 3.13x | 1.75x | 1.98x | 1.95x | 1.97x | 1.77x |
| Non-Operating Income | -9.86M | -2.11M | -57.15M | -56.18M | -55.42M | -55.2M | -54.7M | -55.58M | -55.54M | -55.24M | -54M | -52.86M | -43.13M | -40.2M | -37.71M | -32.52M | -27.6M | -24.71M | -25.01M | -20.09M |
| Pretax Income | 29.58M | 28.91M | 29.53M | 28.83M | 30.29M | 27.48M | 20.61M | 30.46M | 31.5M | 42.59M | -122.79M | 22.64M | 4.72M | 21.68M | 75.39M | 22.71M | 24.91M | 21.31M | 20.31M | 14.78M |
| Pretax Margin % | 28.24% | 29.53% | 30.71% | 30.72% | 31.01% | 29.91% | 22.73% | 33.89% | 33.79% | 41.34% | -143.51% | 26.43% | 6.02% | 29.54% | 105.15% | 35% | 41.26% | 40.97% | 42.95% | 33.43% |
| Income Tax | 685K | 973K | 215K | 862K | 883K | 1.4M | 660K | 910K | 471K | 1.14M | 55K | 525K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 2.32% | 3.37% | 0.73% | 2.99% | 2.91% | 5.11% | 3.2% | 2.99% | 1.5% | 2.67% | -0.04% | 2.32% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 28.86M | 27.88M | 29.28M | 27.95M | 29.36M | 26.04M | 19.33M | 29.66M | 30.73M | 41.18M | -122.97M | 22.13M | 4.68M | 21.8M | 66.08M | 22.68M | 24.87M | 21.28M | 20.2M | 14.73M |
| Net Margin % | 27.55% | 28.48% | 30.45% | 29.78% | 30.06% | 28.34% | 21.31% | 33% | 32.97% | 39.97% | -143.72% | 25.83% | 5.98% | 29.71% | 92.16% | 34.95% | 41.21% | 40.91% | 42.73% | 33.32% |
| Net Income Growth % | -1.71% | 7.05% | 51.48% | -5.79% | -4.44% | -36.77% | 115.72% | 34.05% | 556.3% | 88.96% | -286.1% | -2.42% | -81.18% | 2.42% | 227.05% | 53.94% | 47.11% | 39.35% | 42.65% | 17.72% |
| Funds From Operations (FFO) | 30.71M | 29.99M | 31.5M | 30.65M | 32.14M | 29.1M | 22.39M | 32.73M | 33.79M | 44.25M | -119.87M | 25.23M | 7.66M | 24.77M | 69.06M | 25.66M | 27.85M | 24.26M | 23.2M | 17.74M |
| FFO Margin % | 29.32% | 30.64% | 32.75% | 32.66% | 32.9% | 31.68% | 24.69% | 36.41% | 36.25% | 42.95% | -140.1% | 29.46% | 9.77% | 33.76% | 96.32% | 39.55% | 46.14% | 46.63% | 49.07% | 40.12% |
| FFO Growth % | -4.45% | 3.03% | 40.65% | -6.36% | -4.89% | -34.23% | 118.68% | 29.72% | 341.38% | 78.66% | -273.58% | -1.66% | -72.51% | 2.11% | 197.66% | 44.65% | 39.87% | 32.66% | 34.91% | 14.22% |
| FFO per Share | 0.43 | 0.42 | 0.44 | 0.43 | 0.45 | 0.41 | 0.31 | 0.46 | 0.47 | 0.62 | -1.76 | 0.39 | 0.12 | 0.39 | 1.11 | 0.41 | 0.48 | 0.45 | 0.43 | 0.33 |
| FFO Payout Ratio % | 41.33% | 42.33% | 40.3% | 42.04% | 39.36% | 43.44% | 56.44% | 38.91% | 37.2% | 28.43% | -9.44% | 0% | 289.24% | 44.43% | 15.9% | 41.03% | 34.73% | 59.81% | 39.07% | 84.35% |
| EPS (Diluted) | 0.40 | 0.39 | 0.41 | 0.39 | 0.41 | 0.36 | 0.27 | 0.42 | 0.43 | 0.58 | -1.81 | 0.35 | -0.11 | -1.89 | 0.29 | -2.62 | -0.03 | -0.02 | 0.38 | 0.28 |
| EPS Growth % | -2.44% | 8.33% | 51.85% | -7.14% | -4.65% | -37.93% | 114.92% | 20% | 490.91% | 130.69% | -724.14% | 113.36% | -238.46% | -8900% | -23.68% | -1035.71% | -110.16% | -107.24% | 35.71% | 16.67% |
| EPS (Basic) | 0.40 | 0.39 | 0.41 | 0.39 | 0.41 | 0.36 | 0.27 | 0.42 | 0.43 | 0.58 | -1.81 | 0.35 | -0.11 | -1.89 | 0.29 | -2.62 | -0.03 | -0.02 | 0.38 | 0.28 |
| Diluted Shares Outstanding | 71.97M | 71.87M | 71.84M | 71.8M | 71.64M | 71.45M | 71.54M | 71.46M | 71.24M | 71.11M | 67.98M | 63.94M | 63.67M | 62.91M | 62.15M | 62.01M | 58.12M | 54.18M | 53.51M | 53.32M |