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Safehold (SAFE)
NYSE:SAFE
Earnings Data
Report Date
Apr 23, 2025TBA Not Confirmed
Period Ending
2025 (Q1)Consensus EPS Forecast
0.42Last Year’s EPS
0.43Same Quarter Last Year
Moderate Buy
Based on 9 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Feb 05, 2025
|% Change Since: -8.05%
|Next Earnings Date:Apr 23, 2025
Earnings Call Sentiment|Neutral
The earnings call reflects a company navigating challenging interest rate volatility while achieving significant liquidity improvements and credit rating upgrades. The focus on multifamily market expansion and a strategic share buyback plan are positive, though the impact on originations and GAAP earnings from interest rate volatility is a concern.Company Guidance
During Safehold's fourth quarter and fiscal year 2024 earnings call, CEO Jay Sugarman highlighted two key initiatives for 2025 aimed at counteracting the impact of higher interest rates and demonstrating value within the portfolio. The first initiative focuses on the affordable multifamily market, where Safehold plans to double last year's affordable volume and expand to at least two new states, leveraging the market's stable cash flows, high occupancy rates, and societal benefits. The second initiative involves a $50 million share buyback program, subject to market conditions, with the goal of being leverage neutral. CFO Brett Asnas reported a strong 2024 performance in the debt capital markets, including a new $2 billion revolver and $700 million in unsecured notes, alongside a $6.8 billion total portfolio and $9.1 billion in unrealized capital appreciation. Net income for the fourth quarter was $26.0 million with earnings per share at $0.36, while the full year saw a GAAP revenue of $365.7 million and net income of $105.8 million.Strong Liquidity and Debt Management
Safehold increased corporate liquidity through closing a new five-year $2 billion revolver and two ten-year unsecured notes offerings totaling $700 million. Bond spreads tightened by 62.5 basis points, and a commercial paper program has saved approximately 60 basis points versus the revolver.
Multifamily Market Expansion
Safehold plans to double the affordable multifamily volume and expand into at least two new states in 2025, leveraging high occupancy rates and stable cash flows in the sector.
Credit Rating Improvements
Received a triple B plus rating with a positive outlook from S&P and an upgrade from Fitch to A minus, aligning with Moody's A3 rating.
Share Buyback Program
Board approved a $50 million share buyback authorization, which will be leverage neutral and funded through portfolio capital recycling.
Portfolio Growth and Stability
The total portfolio stands at $6.8 billion with an estimated UCA of $9.1 billion. The rent coverage is 3.5 times, and liquidity is approximately $1.3 billion.
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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
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SAFE Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Feb 05, 2025 | $16.39 | $17.68 | +7.87% |
| Oct 28, 2024 | $23.07 | $22.05 | -4.42% |
| Jul 29, 2024 | $22.05 | $22.57 | +2.36% |
| May 06, 2024 | $18.42 | $19.11 | +3.75% |
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.
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FAQ
When does Safehold (SAFE) report earnings?
Safehold (SAFE) is schdueled to report earning on Apr 23, 2025, TBA Not Confirmed.
What is Safehold (SAFE) earnings time?
Safehold (SAFE) earnings time is at Apr 23, 2025, TBA Not 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 2025 (Q1) is 0.42.
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