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Safehold Reports Q2 Revenue of $114.6M
Reports Q2 revenue $114.6M, consensus $113.59M. "Safehold delivered a strong second quarter, increasing origination volume, growing UCA and adding investment capacity through two bespoke capital raises," said CEO Jay Sugarman. "Our pipeline remains active and we are well-positioned to pursue opportunities that best serve our customers and shareholders."
Safehold Closes $45M Ground Lease for Affordable Housing Development in California
Safehold has closed on a $45M ground lease for the development of an Affordable Housing community in the Soquel area of Santa Cruz, California. Santa Cruz is a vibrant coastal community located along the Monterey Bay, with significant unmet demand for high quality Affordable Housing. The project will be developed by The Pacific Companies, a prolific development firm and repeat Safehold customer. The Low-Income Housing Tax Credit development will provide a total of 256 units upon delivery in 2028. Wells Fargo and Citi Community Capital provided both construction financing and tax credit equity, with Citi providing permanent financing for the project. The project represents Safehold's second recent Affordable Housing ground lease in the Santa Cruz area and is part of a broader effort to expand the firm's focus on the Affordable sector.
Safehold Forms Joint Venture with Brookfield, Valued at Approximately $348M
Safehold has formed a joint venture with a Brookfield affiliate on a portfolio of ground leases. The assets contributed by Safehold are diversified across the U.S. and generate current annualized cash ground rent of approximately $14M. Brookfield will purchase a non-controlling 49% interest in the venture at a gross valuation of approximately $348M. Safehold will retain a series of call options beginning after year 7 to repurchase Brookfield's interest. Under the terms of the agreement, Safehold will maintain day-to-day control and management of the assets. Brookfield's investment will be recognized as an equity non-controlling interest. Safehold will use net proceeds for debt repayment and general corporate purposes.
Safehold Q1 Revenue $110.9M Beats Consensus
Reports Q1 revenue $110.9M, consensus $98.81M. "Safehold delivered a solid quarter of investment activity and UCA growth, highlighted by our first LIHTC closing in Texas," said Jay Sugarman, Chairman and Chief Executive Officer. "We are encouraged by how the pipeline is developing and remain focused on serving our customers and creating value for our shareholders."
Safehold Reports Q4 Revenue of $97.9M, Exceeding Expectations
Reports Q4 revenue $97.9M, consensus $96.92M. "Safehold had a productive 2025 and is well positioned for 2026," said Jay Sugarman, CEO. "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."
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