Safehold Reports Fourth Quarter and Fiscal Year 2025 Results
MWN-AI** Summary
Safehold Inc. (NYSE: SAFE) announced its fourth-quarter and full-year results for 2025, showcasing solid financial performance and strategic growth initiatives. In Q4, the company recorded revenues of $97.9 million, contributing to a total fiscal year revenue of $385.6 million. The net income attributable to common shareholders was reported at $27.9 million for the quarter and $114.5 million for the year. Excluding non-recurring losses, these figures rise to $30.1 million and $118.6 million, respectively. Earnings per share (EPS) stood at $0.39 for Q4 and $1.59 for FY 2025, with adjusted figures of $0.42 and $1.65.
One significant highlight was the estimated unrealized capital appreciation increasing to $9.3 billion. During 2025, Safehold facilitated $429 million in new originations, which included 17 new ground leases totaling $277 million and four leasehold loans worth $152 million, bringing its total ground lease portfolio to $7.1 billion.
In terms of credit standing, Safehold received an upgrade to an A- rating with a stable outlook from S&P, joining Moody's and Fitch in assigning a favorable credit rating. The company successfully closed a $400 million unsecured term loan while simultaneously repaying $227 million in maturing secured debt.
CEO Jay Sugarman highlighted the company's productive year, noting improved customer engagement and momentum in the affordable housing sector. With the recent addition of Michael Trachtenberg as President, Safehold is poised to leverage its strengthened leadership to create additional value for shareholders in 2026.
Safehold will discuss the results further in an earnings conference call scheduled for February 12, 2026, accessible via their website.
MWN-AI** Analysis
Safehold Inc. (NYSE: SAFE) has demonstrated solid performance in its Fourth Quarter and Fiscal Year 2025 results, highlighted by significant revenue growth and a strong investment portfolio. With Q4 revenue reaching $97.9 million and FY 2025 revenue totaling $385.6 million, the company showcases resilience post-pandemic, particularly in the competitive real estate market.
One of the most notable aspects of Safehold's performance is the increase in net income. In Q4, net income attributable to common shareholders was $27.9 million, or $0.39 per share, and FY 2025 net income totaled $114.5 million, equating to $1.59 per share. Excluding non-recurring losses, these figures improve further, indicating strong operational efficiency.
The company's estimated unrealized capital appreciation rose to $9.3 billion, a strong indicator of growth potential. Furthermore, the successful closure of a $400 million unsecured term loan and a credit ratings upgrade from S&P to A- reflects improving financial health, which should lower the cost of capital going forward.
Safehold's aggressive investment strategy, particularly the $429 million in new originations, including 17 new ground leases worth $277 million, positions the company for continued growth. Their focus on the affordable housing sector also caters to an increasing demand, suggesting a strategic alignment with market needs.
Given these results, investors should consider Safehold a robust option in the real estate investment trust (REIT) sector. The company's focus on land beneath valuable properties offers a unique investment proposition. However, prospective investors should also monitor external economic factors and the performance of the real estate market. In conclusion, Safehold appears well-positioned for continued success, but investors should remain vigilant for market fluctuations that could impact results.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
PR Newswire
NEW YORK, Feb. 11, 2026 /PRNewswire/ -- Safehold Inc. (NYSE: SAFE) reported results for the fourth quarter and fiscal year ended December 31, 2025.
SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the "Investors" section.
Highlights from the earnings announcement include:
- Q4'25 revenue was $97.9 million, and FY'25 was $385.6 million
- Q4'25 net income attributable to common shareholders was $27.9 million, or $30.1 million excluding non-recurring losses, and FY'25 net income attributable to common shareholders was $114.5 million, or $118.6 million excluding non-recurring losses1
- Q4'25 earnings per share was $0.39, or $0.42 excluding non-recurring losses, and FY'25 earnings per share was $1.59, or $1.65 excluding non-recurring losses1
- Estimated Unrealized Capital Appreciation increased to $9.3 billion
- 2025 Highlights Include:
- Investments: $429 million2,3 of new originations in 2025, including 17 new ground leases for $277 million2 and four leasehold loans for $152 million3, bringing total aggregate ground lease portfolio to $7.1 billion
- Credit: Received credit ratings upgrade to A- with stable outlook from S&P Ratings. Safehold now rated A- / A3 / A- by S&P, Moody's and Fitch, respectively, all with stable outlook
- Capital: Closed $400 million 5-year unsecured term loan and repaid $227 million secured debt maturing 2027
"Safehold had a productive 2025 and is well positioned for 2026," said Jay Sugarman, Chairman and Chief Executive Officer. "Customer dialogue and closings have been active, our affordable housing business has good momentum, and our cost of capital has significantly improved following a third credit ratings upgrade to A-. With the addition of Michael Trachtenberg as President strengthening our leadership team, we look forward to putting our capital to work to serve our customers and create value for our shareholders."
The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Thursday, February 12, 2026. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website in the "Investors" section, and by using the dial-in information listed below:
Dial-In: | 877.545.0523 |
International: | 973.528.0016 |
Access Code: | 239703 |
A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:00 p.m. ET on February 12, 2026 through 12:00 a.m. ET on February 26, 2026 by calling:
Replay: | 877.481.4010 |
International: | 919.882.2331 |
Access Code: | 53587 |
Non-GAAP Financial Measures:
Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses, and EPS excluding non-recurring (gains) / losses, are non-GAAP measures used as supplemental performance measures to give management and investors a view of net income and EPS more directly derived from operating activities in the period in which they occur. Net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses is calculated as net income (loss) attributable to common shareholders, prior to the effect of non-recurring gains and losses, as adjusted to exclude corresponding amounts allocable to noncontrolling interests. It should be examined in conjunction with net income attributable to common shareholders as shown in our consolidated statements of operations. EPS excluding non-recurring (gains) / losses is calculated as net income attributable to Safehold Inc. common shareholders excluding non-recurring (gains) / losses, divided by the weighted average number of diluted common shares. These metrics should not be considered as alternatives to net income attributable to common shareholders or EPS, respectively (in each case determined in accordance with generally accepted accounting principles in the United States of America ("GAAP")). These measures may differ from similarly-titled measures used by other companies. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are presented below.
Earnings Reconciliation (all figures in thousands except per share figures)1 | Q4'25 FY'25 | |
Net income attributable to Safehold Inc. common shareholders | $27,876 | $114,469 |
Add: Non-recurring (gains) / losses2 | 2,224 | 4,170 |
Net income attributable to Safehold Inc. shareholders excluding non-recurring (gains) / losses | $30,100 | $118,639 |
Weighted average number of common shares – basic | 71,756 | 71,694 |
Weighted average number of common shares – diluted | 71,866 | 71,786 |
EPS excluding non-recurring (gains) / losses (basic & diluted) | $0.42 | $1.65 |
1 All numbers net of impact attributable to noncontrolling interests.
2 Non-recurring losses were $2.2m and $4.2m in Q4'25 and FY'25, respectively, for the $1.9m write-off of a preferred equity position in a leasehold joint venture in Q1'25 and the $2.2m loss on early extinguishment of debt in Q4'25. There were no non-recurring gains during these periods.
About Safehold:
Safehold 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. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.
Company Contact:
Pearse Hoffmann
Senior Vice President
Head of Corporate Finance
T 212.930.9400
E investors@safeholdinc.com
1Non-recurring losses were $2.2m and $4.2m in Q4'25 and FY'25, respectively, for the $1.9m write-off of a preferred equity position in a leasehold joint venture in Q1'25 and the $2.2m loss on early extinguishment of debt in Q4'25. There were no non-recurring gains during these periods.
2Includes Safehold's $136 million forward commitments for the Ground Leases new originations in FY'25 that have not yet been funded as of 12/31/25 (such funding commitments are subject to certain conditions). There can be no assurance Safehold will fully fund these transactions.
3Includes Safehold's $107m forward commitments for the Leasehold Loans new originations in FY'25 that have not yet been funded as of 12/31/25 (such funding commitments are subject to certain conditions). Excludes $30m commitment regarding contingent-based loan allocation which is fully unfunded as of 12/31/25. There can be no assurance Safehold will fully fund these transactions.
SOURCE Safehold
FAQ**
How did Safety Income & Growth Inc. SAFE's revenue growth in Q4'25 compare to previous quarters, and what factors contributed to achieving $97.9 million in this quarter?
What strategic initiatives does Safety Income & Growth Inc. SAFE have planned for fiscal year 20to capitalize on the estimated unrealized capital appreciation of $9.3 billion?
Can you elaborate on the impact of the recent credit ratings upgrade to A- on Safety Income & Growth Inc. SAFE's capital structure and future borrowing capabilities?
What insights can Safety Income & Growth Inc. SAFE share regarding the performance and momentum of its affordable housing business in 2025 and its outlook for 2026?
**MWN-AI FAQ is based on asking OpenAI questions about Safety Income & Growth Inc. (NYSE: SAFE).
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