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Safehold (SAFE)
NYSE:SAFE
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.45Last Year’s EPS
0.44Same Quarter Last Year
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple positive developments—credit rating upgrades to single-A, improved liquidity ($1.2B), a $400M unsecured term loan that reduced near-term refinancing risk, steady portfolio growth (portfolio $7.1B, UCA $9.3B, 21x growth since IPO), and YoY EPS improvement (Q4 ex-items +15%, FY ex-items +5%). Management also laid out strategic initiatives (affordable housing expansion, one-stop capital solutions, buybacks) and highlighted attractive economic yield upside (5.9% economic yield, 7.3% after Carat uplift). Key challenges included an unrecognized Carat valuation that requires market conditions to monetize, concentration of originations in California, ongoing Park Hotels litigation (court date 2027, ~$7M cost), a decline in management fee revenue, and contingent buyback execution tied to leverage and market timing. Overall, the positive operational and capital-markets progress and multiple credit and liquidity wins outweigh the outstanding uncertainties and contingent costs.Company Guidance
Transaction Activity and Funding
Q4 2025: closed 10 transactions (nine ground leases, one leasehold loan) for aggregate commitments of $167,000,000; Q4 fundings totaled $60,000,000 (including $44,000,000 new ground lease fundings at 7.3% economic yield). Fiscal 2025: closed 17 ground leases ($277,000,000) and 4 leasehold loans ($152,000,000) for total commitments of $429,000,000; full-year fundings $252,000,000.
Portfolio Scale and Growth
Total portfolio gross book value $7,100,000,000 and estimated UCA $9,300,000,000 (UCA increased roughly $200,000,000 QoQ). Ground lease portfolio: 164 assets (including 101 multifamily). Since IPO, portfolio has grown ~21x by book value and estimated unrealized capital appreciation.
Credit Ratings and Capital Markets
Received S&P upgrade to A- (stable), resulting in single-A ratings from all three major agencies. Closed $400,000,000 unsecured term loan (refinanced 2027 maturity), improving liquidity and lowering cost of capital; year-end liquidity approximately $1,200,000,000.
Earnings and EPS Growth
Q4 GAAP revenue $97.9M, net income $27.9M, GAAP EPS $0.39; excluding a nonrecurring $2.2M loss, Q4 EPS was $0.42, up 15% YoY. Fiscal 2025 GAAP revenue $385.6M, net income $114.5M, GAAP EPS $1.59; excluding nonrecurring items FY EPS $1.65, up 5% YoY.
Portfolio Yields and Economic Yield Upside
Portfolio cash yield 3.8% (GAAP), annualized yield 5.4% (includes noncash adjustments). Economic (IRR-based) yield 5.9%; using 2.25% long-term breakeven inflation, economic yield adjusts to 6.1%; layering estimated unrealized capital appreciation via Carat (84% ownership assumption) increases implied yield to 7.3%.
Credit Metrics and Hedging
Portfolio GLTV 52% (flat QoQ) and rent coverage 3.4x (unchanged QoQ). Total debt ~$4.9B with weighted average debt maturity ~18 years and no significant maturities until 2029. Leverage ~2.0x total debt-to-equity. Effective interest rate on permanent debt 4.3% (cash interest 3.9%). Active hedging includes $500M SOFR swap locked at 3% through April 2028 and $250M Treasury locks with a current gain of ~$30M.
Affordable Housing Penetration and Geographic Expansion
Q4 originations included eight affordable housing ground leases in Southern California; management highlighted expansion of the affordable housing platform into new states and sponsors with several LOIs in other states expected to translate to closings in coming quarters.
One-Stop Capital Product Demand
Provided combined ground lease + leasehold loan solution (example: Cambridge, MA transaction) that the company believes is competitively priced as a blended offering and will be deployed selectively; leasehold loans typically ~3-year term (SOFR + spread).
SAFE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
SAFE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 11, 2026 | $15.05 | $14.84 | -1.40% |
Nov 05, 2025 | $14.20 | $12.67 | -10.72% |
Aug 05, 2025 | $13.91 | $13.73 | -1.26% |
May 06, 2025 | $14.81 | $15.40 | +3.98% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Safehold (SAFE) report earnings?
Safehold (SAFE) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Safehold (SAFE) earnings time?
Safehold (SAFE) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is SAFE EPS forecast?
SAFE EPS forecast for the fiscal quarter 2026 (Q1) is 0.45.