2024-01-23 10:56:26 ET
Summary
- Safehold's business model generates a very steady cash flow.
- But the valuation is very sensitive to interest rates, despite virtually all debt fixed-rate.
- I share my outlook for the REIT.
Dear readers,
Safehold Inc. ( SAFE ) is a ground lease REIT which operates a unique business model of acquiring land and leasing it to (mostly) investment grade tenants for a very long period, usually 99 years. This brings a number of advantages and disadvantages and, in effect, makes the valuation very sensitive to interest rate fluctuations....
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For further details see:
Safehold: All Eyes On Yields