Safehold Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Safehold is not a turnaround case: its lease receivables were current as of 6/30/2026, the rating agencies see solid credit, and nothing comes due at the corporate level before 2029. Yellow because a material operating question is open: whether the model holds when the cash yield barely exceeds the cash interest rate, leverage is at the ceiling and the reversion clause is being tested in court with office tenants. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Safehold illustrates the sale-tag trap: on October 26, 2026, the stock cost about one third of its $34.33 book value. The SEC filings show why the discount has a reason — mostly non-cash earnings, a dividend above operating cash flow, debt at the company's own ceiling, lawsuits in the office book and 19 percent of the shares pledged by Star Holdings. Not investment advice.
Business model & growth
172 ground leases with $7.1 billion of gross book value and contractually rising rent (6/30/2026); revenue up from $187.0 million (2021) to $385.6 million (2025).
Earnings quality & dividend
In 2025, $131.8 million of non-cash revenue sat against $114.6 million of net income; dividends ($50.9 million) exceeded operating cash flow ($47.8 million).
Leverage & funding
Debt to equity of 2.01x against a self-imposed 2-to-1 ceiling (Q2 2026); interest at 54 percent of revenue (2025). On the plus side: A3/A-/A- ratings, no corporate-level maturities before 2029.
Office & tenant risk
No financing-lease receivable was past due as of 6/30/2026 and rent is covered 3.4 times on average; but office is 39 percent of the portfolio, with lawsuits over 135 West 50th Street and the Park hotels.
Ties to Star Holdings
Star Holdings owns about 19 percent of the shares, pledged for a $94.5 million margin loan (6/30/2026); Safehold is also its lender ($115.0 million) and manager.
Valuation
About one third of book value and a P/E around 7 (10/26/2026); the discount reflects non-cash earnings, the leverage ceiling and office risk.
Worth Noting
Why we looked: our in-house Reddit hype scanner picked up the ticker in late October 2026. Price references (closing prices, market data): $29.37 (3/31/2023, merger day), $16.18 (7/31/2026), $14.62 (9/9/2026), $10.66 (10/21/2026, lowest close since the merger), $11.15 (10/26/2026); documented in filings: $15.70 (6/30/2026, Star Holdings 10-Q), $14.56 (9/9/2026, Form 4).
Data as of: the latest periodic report is the 10-Q for 6/30/2026 (filed 7/31/2026); the 10-Q for 9/30/2026 had not been filed as of 10/27/2026. Figures for 2021 and 2022 are those of the old Safehold, the accounting acquirer in the 2023 merger.
Our own calculations: market value = 70,816,280 shares × $11.15; book value per share = $2,439.1m common equity ÷ 71.057m shares (6/30/2026); 2025 non-cash revenue = $101.5m non-cash interest income from sales-type leases + $30.3m deferred operating lease income; value of Star Holdings' shares at the 10/26/2026 price = about 13.5m shares × $11.15. Leverage of 2.01x, 3.8% cash yield and 3.9% cash interest rate per the earnings presentation (Exhibit 99.2 to the 8-K of 7/30/2026), on Safehold's own definitions.
Short interest and analyst ratings come from market data, not SEC filings. Not to be confused with: SAFE on the NYSE is Safehold Inc. (CIK 0001095651, formerly iStar) — not Safe Bulkers (SB) and not London-listed Safestore (SAFE).
Stock Watch
This analysis is as of October 27, 2026. Stock Watch will tell you what's changed at SAFE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 10.70 $ to 17.20 $ · Last price: 11.60 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: REIT - Diversified
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Safehold Inc SAFE | 0.8 | – | 15.5 | 92.9 | – | 5.4 | -15.7 |
| VICI Properties Inc VICI | 26.9 | 8.9 | 12.0 | 99.3 | 107.5 | 4.1 | -11.3 |
| W P Carey Inc WPC | 14.4 | 29.1 | 15.0 | 94.4 | 54.8 | 8.9 | 3.8 |
| Broadstone Net Lease Inc BNL | 3.5 | 28.8 | 14.0 | 94.9 | 52.2 | 4.6 | 4.5 |
| American Assets Trust Inc AAT | 1.7 | – | 12.5 | 61.8 | – | -4.7 | 22.2 |
| Empire State Realty Trust Inc ESRT | 1.5 | 24.3 | 9.5 | 52.3 | – | 0.7 | -30.7 |
| Global Net Lease, Inc. GNL | 1.5 | – | 11.3 | 85.7 | 31.3 | -38.2 | -0.4 |
| JBG SMITH Properties JBGS | 0.7 | – | 24.0 | 48.9 | – | -8.9 | -35.1 |
| CTO Realty Growth Inc CTO | 0.7 | 103.4 | 9.3 | 74.6 | – | 20.1 | 30.1 |
| Median of companies shown | 1.5 | 28.8 | 12.5 | 85.7 | 53.5 | 4.1 | -0.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 22 | 15 | 7 | 0.36 | 5 | 154 | 156 |
| 2017 | 679 | 7 | 176 | 15.46 | 80 | 356 | 729 |
| 2018 | 50 | 12 | 12 | 0.64 | -24 | 357 | 980 |
| 2019 | 93 | 36 | 28 | 2.15 | -2 | 1,093 | 2,567 |
| 2020 | 159 | 56 | 59 | 4.90 | 36 | 1,381 | 3,209 |
| 2021 | 187 | 65 | 73 | 6.36 | 27 | 1,685 | 4,516 |
| 2022 | 270 | 136 | 135 | 10.49 | 48 | 1,427 | 3,253 |
| 2023 | 353 | -77 | -55 | -0.82 | 15 | 2,231 | 6,548 |
| 2024 | 366 | 87 | 106 | 1.48 | 38 | 2,344 | 6,899 |
| 2025 | 386 | 308 | 114 | 1.59 | 48 | 2,408 | 7,249 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.36 | -37.10 | 92 | -10.80 | 28.30 | 8 | 8 |
| 2025: Q1 | 0.41 | -5.00 | 98 | 4.80 | 30.10 | 9 | 9 |
| 2025: Q2 | 0.39 | -6.20 | 94 | 4.40 | 29.80 | 28 | 28 |
| 2025: Q3 | 0.41 | 50.80 | 96 | 6.00 | 30.50 | -1 | -1 |
| 2025: Q4 | 0.39 | 6.40 | 98 | 6.50 | 28.50 | 12 | 12 |
| 2026: Q1 | 0.40 | -2.20 | 111 | 13.50 | 26.00 | -9 | -9 |
| 2026: Q2 | 0.42 | 7.70 | 115 | 22.20 | 26.40 | 35 | 35 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 9 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 1.62 | 1.58 – 1.69 | 453 | -1.8% | 7 |
| 12/31/2027 | 1.67 | 1.58 – 1.78 | 475 | 3.1% | 7 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 9.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $36.9M |
|---|---|
| Market cap | $846.0M |
| Free cash flow in year ten | $92.0M |
| Terminal value as a share of market value | 57.3% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Safehold ist ein Immobilienfonds in Aktienform (REIT), der Grundstücke unter fremden Gebäuden besitzt und für meist 99 Jahre verpachtet; das Unternehmen verkauft keine KI. Laut Geschäftsbericht (10-K) für 2025 setzt Safehold KI, maschinelles Lernen und automatisierte Entscheidungswerkzeuge aber im ganzen Unternehmen ein, unter anderem, um wichtige Angaben aus Finanzberichten und Verträgen herauszulesen. Die Risikofaktoren beschreiben KI als Risiko des eigenen Einsatzes, nicht als Bedrohung des Geschäftsmodells.
View the full file — quotes, sources, reviewed filings
„We use artificial intelligence (“AI”), machine learning, and automated decision-making technologies, including proprietary AI and machine learning algorithms and models, (collectively, “AI Technologies”) throughout our business."
Wir setzen künstliche Intelligenz („KI“), maschinelles Lernen und Technologien für automatisierte Entscheidungen, einschließlich eigener KI- und Machine-Learning-Algorithmen und -Modelle (zusammen „KI-Technologien“), in unserem gesamten Geschäft ein.
10-K · 2026-02-12 · View SEC filing
„For example, we use AI Technologies to extract key details from financial statements and legal agreements."
Zum Beispiel nutzen wir KI-Technologien, um wichtige Angaben aus Finanzberichten und rechtlichen Vereinbarungen herauszulesen.
10-K · 2026-02-12 · View SEC filing
Filings Reviewed: 10-Q 2026-07-31 · 10-Q 2026-05-01 · 10-Q 2025-11-06 · 10-Q 2025-08-06 · 10-K 2026-02-12 · 10-K 2025-02-06
Rated on October 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 12.6%
- More than 10% revenue growth is expected for the coming year 5.2%
- Share count grows by less than 3% a year 77.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 17.8%
- Gross margin at 40% or higher and without meaningful erosion 94.3%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 13.3 x EBITDA
- Operating cash flow covers the profits of the last three years -64 m
- Return on capital at 15% or higher, or up versus two years ago 4.3%
- Insiders hold at least 10% or are net buyers 22.7%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
3/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 37.6%
- Exp. sales growth 3Y > 5% 11.0%
- EBIT growth 10Y > 5% 40.0%
- Exp. EBIT growth 3Y > 5% 2.3%
- Net debt < 4x EBIT 14.5x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 5.2%
- ROCE > 15% 4.3%
- Expected return > 10% 8.1%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Josephs Robin | Director | Other | 487 | 0.00 | – |
| Oct 15, 2026 | Ridings Barry W | Director | Other | 44 | 0.00 | – |
| Sep 9, 2026 | Josephs Robin | Director | Sell | 9,500 | 14.56 | 138,348 |
| Jul 15, 2026 | Josephs Robin | Director | Other | 335 | 0.00 | – |
| Jul 15, 2026 | Ridings Barry W | Director | Other | 30 | 0.00 | – |
The company
About the Company
Safehold Inc. revolutioniert das Immobilieneigentum, indem es Eigentümern eine neue und bessere Möglichkeit bietet, den Wert des Grundstücks unter ihren Gebäuden zu erschließen.
- Employees
- 72
- Headquarters
- New York, NY
- Address
- One Penn Plaza, 10119 New York, United States
- Phone
- 212 930 9400
- Website
- safeholdinc.com
- IPO Date
- 06/22/2017
- ISIN
- US78646V1070
- Stock Split
- 4:25 on 03/31/2023
- Stock Split
- 3798:3727 on 11/08/1999
- Stock Split
- 1:6 on 06/19/1998
Management
| Name | Title | Birth Year |
|---|---|---|
| Jay S. Sugarman | CEO & Chairman | 1963 |
| Michael Trachtenberg | President | 1983 |
| Brett Asnas | Chief Financial Officer | 1985 |
| Steve Wylder | Executive VP & Head of Investments | – |
| Christopher Uhlick | Chief Accounting Officer | 1988 |
| Pearse Hoffmann | Senior Vice President of Capital Markets & Investor Relations | – |
| Austin L. Lee J.D. | General Counsel, Corporate & Secretary | – |
| Elisha J. Blechner | Executive VP & Head of Portfolio Management | – |
| Adam M. Cohen | Senior Vice President of Tax | – |
| Ash Jogi | Senior VP & Head of Business Solutions | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/02/2026 Safehold Inc. (SAFE): Other Events; Financial Statements and Exhibits SEC ↗
- 08/03/2026 Safehold Inc. (SAFE): Other Events SEC ↗
- 07/30/2026 Safehold Inc. (SAFE): Other Events; Financial Statements and Exhibits SEC ↗
- 07/30/2026 Safehold Inc. (SAFE): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.