#Safehold Inc #NYSE SAFE #Ground Lease

Safehold Inc. Reports Strong Fiscal Year 2024 Results

Safehold Inc. (NYSE: SAFE) recently announced its financial outcomes for the fourth quarter and the complete fiscal year ending December 31, 2024. This release marks a significant moment for the company, showcasing its efforts in the ground lease sector and demonstrating solid growth metrics.

Financial Highlights

during the fourth quarter of 2024, Safehold achieved a revenue of $91.9 million, culminating in an impressive $365.7 million for the entire fiscal year. Moreover, the net income attributable to common shareholders in Q4 was reported at $26 million, contributing to a total of $105.8 million for the fiscal year. If we exclude the non-cash general provision for credit losses and adjustments to non-controlling interests, the net income figures improved further, reaching $112 million for FY'24.

The earnings per share (EPS) echoed the upward trend, standing at $0.36 for Q4 and an annual amount of $1.48. Excluding non-cash adjustments, the EPS for the year was about $1.57.

In light of these results, the company has also authorized a share repurchase program of $50 million, indicating a proactive strategy to manage its capital structure more effectively.

Strategic Developments

2024 was particularly fruitful for Safehold, with $225 million in new investments throughout the year. This included ten new ground leases amounting to $193 million and a leasehold loan of $32 million. As a result, Safehold’s total portfolio now stands at approximately $6.8 billion, showcasing its sustained growth trajectory in the ground lease sector.

In recognition of these achievements, the company recently received a credit rating upgrade to A- from Fitch Ratings, alongside an initial rating of BBB+ from S&P Global Ratings, bolstering its financial stability and credibility in the market.

To further enhance its capital market position, Safehold issued $700 million of long-term unsecured notes and successfully closed a $2.0 billion revolving credit facility, strengthening its liquidity.

Leadership Insights

Jay Sugarman, the Chairman and CEO of Safehold, noted, "This year has been a cornerstone for our foundational growth. We've seen an increase in earnings, enhanced our liquidity position, and received multiple favorable credit assessments, including our second 'A' rating. Our evolving vertical in affordable housing is proving valuable, and we are excited to employ our capital to further assist our clients and maximize shareholder value."

Upcoming Events

Safehold will be hosting an earnings conference call to discuss these results. The live broadcast is scheduled for February 6, 2025, at 9:00 AM ET. Interested parties can participate via the company’s website under the