Safehold Inc. SAFE
We are a publicly-traded company that operates our business through one reportable segment by acquiring, managing and capitalizing ground leases. We believe that our business has characteristics comparable to a high-grade, fixed income investment business, but with certain unique advantages. Relative to alternative fixed income investments generally, our ground leases typically benefit from built-in growth derived from contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both), and the opportunity to realize value from residual rights to take ownership of the buildings and other improvements on our land at no additional cost to us. Our CPI lookbacks are generally capped between 3.0% - 3.5% and generally start between years 11 and 21 of the lease term. In the event cumulative inflation growth for the lookback period exceeds the cap, these rent adjustments may not keep up fully with changes in inflation. We believe that these features offer us the opportunity to realize superior risk-adjusted total returns when compared to certain alternative highly-rated investments.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $385.6M | $365.7M | $352.6M | $270.3M | $187.0M | $324.1M | $273.7M | $798.1M | $679.2M | $455.2M |
| Cost of revenue | $4.8M | $4.2M | $4.7M | $3.1M | $2.7M | — | — | — | — | — |
| Gross profit | $380.8M | $361.5M | $347.9M | $267.2M | $184.4M | — | — | — | — | — |
| SG&A | $54.3M | $54.9M | $68.6M | $38.6M | $28.8M | $100.9M | $98.6M | $92.1M | $98.9M | $84.0M |
| Total operating expenses | $284.7M | $278.6M | $430.1M | $190.5M | $121.6M | $474.1M | $455.5M | $994.1M | $718.6M | $564.5M |
| Operating income | $100.9M | $87.1M | -$77.1M | $135.6M | $65.5M | — | — | — | — | — |
| Interest expense | — | — | $181.0M | $129.0M | $79.7M | $126.8M | $141.7M | $183.8M | $194.7M | $221.4M |
| Pre-tax income | $117.6M | $110.1M | -$52.8M | $144.7M | $73.4M | -$116.2M | -$155.2M | -$17.5M | $50.9M | $71.7M |
| Income tax | $2.9M | $3.4M | $1.7M | $567.0K | $118.0K | $89.0K | $369.0K | $815.0K | $948.0K | $10.2M |
| Net income | $114.5M | $105.8M | -$55.0M | $135.4M | $73.1M | -$42.4M | $324.0M | -$32.3M | $175.7M | $95.3M |
| EPS, basic | 1.60 | 1.48 | -0.82 | 2.17 | 1.32 | -0.87 | 4.51 | -0.95 | 1.56 | 0.60 |
| EPS, diluted | 1.59 | 1.48 | -0.82 | 2.17 | 1.32 | -0.87 | 4.51 | -0.95 | 1.56 | 0.60 |
| Shares, diluted (wtd. avg.) | $71.8M | $71.5M | $66.7M | $62.4M | $55.3M | $75.7M | $64.7M | $68.0M | $71.0M | $73.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $21.7M | $8.3M | $18.8M | $48.4M | $38.5M | $96.5M | $352.2M | $974.5M | $677.7M | $328.7M |
| Property, plant and equipment | $461.0K | $647.0K | $979.0K | — | — | — | — | — | — | — |
| Other intangibles | $204.0M | $208.7M | $211.1M | $217.8M | $1.2M | $2.5M | $175.0M | $156.3M | $27.1M | $30.7M |
| Total assets | $7.25B | $6.90B | $6.55B | $5.85B | $4.84B | $4.86B | $5.09B | $5.01B | $4.73B | $4.83B |
| Long-term debt | $4.59B | $4.32B | $4.05B | $3.52B | $2.57B | $2.57B | $3.39B | $3.61B | $3.48B | $3.39B |
| Total liabilities | $4.81B | $4.53B | $4.25B | $3.69B | $3.78B | $3.80B | $3.85B | $3.95B | $3.82B | $3.76B |
| Retained earnings | $165.7M | $102.5M | $47.6M | $151.2M | -$2.23B | -$2.32B | -$2.21B | -$2.47B | -$2.47B | -$2.58B |
| Total equity | $2.41B | $2.34B | $2.28B | $2.15B | $1.69B | $1.38B | $1.24B | $1.06B | $914.2M | $1.06B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $47.8M | $37.9M | $15.4M | $64.9M | $26.9M | $21.9M | -$45.6M | -$24.1M | $101.5M | $29.5M |
| Depreciation and amortisation | — | — | — | $5.5M | $59.3M | $58.1M | $58.3M | $58.7M | $49.9M | $54.3M |
| Stock-based compensation | $12.5M | $13.8M | $23.2M | $1.5M | $1.8M | $39.4M | $30.4M | $17.6M | $18.8M | $10.9M |
| Capital expenditure | — | — | — | — | — | — | — | $60.5M | $37.1M | $69.8M |
| Investing cash flow | -$237.2M | -$212.4M | -$576.6M | -$1.15B | -$1.29B | $31.2M | -$398.1M | $778.9M | $263.1M | $465.0M |
| Financing cash flow | $203.0M | $144.9M | $559.5M | $1.09B | $1.20B | -$255.0M | -$178.6M | -$457.9M | -$41.5M | -$877.7M |
| Dividends paid | $50.9M | $50.6M | $46.0M | $42.2M | $35.9M | $32.7M | $25.1M | $12.2M | $0 | $0 |
| Buybacks | — | — | — | — | $122.6M | $54.6M | $68.3M | $8.3M | $45.9M | $99.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001095651-26-000010.
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