Press Release
Safehold Reports Second Quarter 2024 Results
NEW YORK, July 29, 2024
Safehold Inc. (NYSE: SAFE) reported results for the second quarter 2024.
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:
| ¾ | Q2‘24 revenue was $89.9 million, up 5% year-over-year |
| ¾ | Q2‘24 net income attributable to common shareholders was $29.7 million, up 34% year-over-year |
| ¾ | Q2‘24 earnings per share was $0.42, up 20% year-over-year |
| ¾ | Closed six new ground leases for $98 million1 during the quarter, bringing the total aggregate portfolio to 143 ground leases and $6.5 billion |
| ¾ | Closed new $2.0 billion unsecured revolving credit facility, replacing previous $1.85 billion aggregate facilities and lowering facility cost |
| ¾ | Established $750 million unsecured commercial paper note program |
“We are pleased to see transaction activity picking up and the successful conversion of LOIs to closings,” said Jay Sugarman, Chairman and Chief Executive Officer. “Safehold is well positioned to continue pursuing opportunities and delivering value to our customers.”
The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Tuesday, July 30, 2024. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website and by using the dial-in information listed below:
1 Gross of joint venture partner’s commitment of $39 million with respect to five of the new ground leases. Investments in Q2’24 include $40m of new forward commitments that have not yet been funded. Such funding commitments are subject to certain conditions. There can be no assurance that Safehold will complete these transactions.
