Safehold (NYSE:SAFE) Releases Quarterly Earnings Results

Safehold (NYSE:SAFE) announced its earnings results on Thursday. The company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.43 by ($0.03), FiscalAI reports. Safehold had a net margin of 28.58% and a return on equity of 4.80%. The business had revenue of $110.85 million for the quarter, compared to analysts’ expectations of $96.51 million.

Here are the key takeaways from Safehold’s conference call:

• Safehold ended Q1 with a total portfolio of $7.1 billion and estimated unrealized capital appreciation (UCA) of $9.5 billion (up >$200 million QoQ), and reported roughly $1.1 billion of available liquidity.
• Originations and pipeline remain active — Q1 closed four transactions totaling $68 million with underwriting metrics (GLTV ~40%, rent coverage 2.9x, economic yield 7.2%), and management has ~$255 million of non‑binding LOIs they expect to close over the next 1–2 quarters.
• Management is leaning into multifamily (now 104 multifamily ground leases) and is expanding affordable LIHTC activity beyond California with its first non‑California LIHTC closing in Austin, Texas.
• Management initiated a buyback program late in the quarter (repurchased about $3.4 million at an average price of $14.39), saying the stock is undervalued and buybacks can be pursued alongside continued originations without materially moving leverage.
• Near‑term legal and operational uncertainty — two Park Hotels converted from ground lease to fee simple (reducing Q1 net income by ~$3.5 million) with trial set for early next year, and the tenant at the Fiftieth Street asset has repeatedly failed to pay property taxes, which could force Safehold to exercise lease rights if not resolved.

Safehold Trading Down 7.1%

Shares of NYSE SAFE traded down $1.13 during trading hours on Friday, reaching $14.89. The stock had a trading volume of 604,584 shares, compared to its average volume of 362,756. The company has a current ratio of 34.97, a quick ratio of 34.97 and a debt-to-equity ratio of 1.88. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 9.31, a P/E/G ratio of 1.68 and a beta of 1.84. The business’s fifty day moving average price is $14.99 and its two-hundred day moving average price is $14.54. Safehold has a 52-week low of $12.76 and a 52-week high of $17.16.

Safehold Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were issued a $0.177 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $0.71 dividend on an annualized basis and a dividend yield of 4.8%. Safehold’s payout ratio is presently 43.75%.

Key Stories Impacting Safehold

Here are the key news stories impacting Safehold this week:

• Positive Sentiment: Revenue and portfolio growth beat estimates — Safehold reported $110.85M in Q1 revenue versus Wall Street’s ~$96.5M estimate, and management highlighted strong portfolio expansion that underpins future fee income. Safehold Reports First Quarter 2026 Results
• Positive Sentiment: LOI pipeline and balance-sheet metrics look constructive — management signaled a $255M letters-of-intent pipeline and said UCA rose to $9.5B, indicating a sizable originations backlog and asset base to monetize. Safehold signals $255M LOI pipeline as UCA rises to $9.5B and buybacks begin
• Positive Sentiment: Share repurchases initiated — the company announced buybacks, which can support the stock and indicate management’s confidence in intrinsic value. Safehold signals $255M LOI pipeline as UCA rises to $9.5B and buybacks begin
• Neutral Sentiment: Full earnings materials and call available — press release, slide deck and call transcript provide detail for investors to model cash flows and runway. Safehold Q1 slide deck / press materials
• Neutral Sentiment: Analyst-estimate context — while revenue beat, EPS missed the $0.43 consensus (reported $0.40); Street models and forward estimates (analysts expect ~1.73 EPS for the year) will drive revisions. Safehold (SAFE) Q1 Earnings: How Key Metrics Compare to Wall Street Estimates
• Negative Sentiment: EPS miss and legal items raised caution — the $0.40 EPS miss to consensus and references to legal matters on the earnings call appear to have weighed on sentiment, prompting intraday selling despite top-line strength. Safehold Inc (SAFE) Q1 2026 Earnings Call Highlights: Strong Portfolio Growth Amidst Legal …

Institutional Trading of Safehold

A number of large investors have recently modified their holdings of SAFE. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Safehold in the fourth quarter valued at approximately $31,000. Russell Investments Group Ltd. lifted its holdings in Safehold by 115.0% during the second quarter. Russell Investments Group Ltd. now owns 3,344 shares of the company’s stock worth $52,000 after buying an additional 1,789 shares during the period. Advisory Services Network LLC purchased a new stake in Safehold during the third quarter worth $57,000. Federation des caisses Desjardins du Quebec lifted its holdings in Safehold by 25.8% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 4,429 shares of the company’s stock worth $61,000 after buying an additional 908 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in Safehold by 98.1% during the second quarter. Tower Research Capital LLC TRC now owns 4,832 shares of the company’s stock worth $75,000 after buying an additional 2,393 shares during the period. Hedge funds and other institutional investors own 70.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on SAFE shares. Zacks Research lowered Safehold from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, March 25th. Royal Bank Of Canada lowered Safehold from a “market outperform” rating to a “sector perform” rating and set a $16.00 target price for the company. in a research report on Friday. Weiss Ratings restated a “hold (c-)” rating on shares of Safehold in a research report on Tuesday, April 21st. Mizuho boosted their target price on Safehold from $15.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, March 11th. Finally, Truist Financial boosted their target price on Safehold from $16.00 to $17.00 and gave the company a “hold” rating in a research report on Wednesday, February 18th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Safehold currently has an average rating of “Hold” and an average target price of $19.00.

About Safehold

Safehold Inc is a real estate investment trust that seeks to redefine land ownership for commercial property owners. The company acquires perpetual ground leases from landowners and structures long-term leaseback arrangements, enabling building owners to unlock the value of underlying land without relinquishing operational control of their properties. By separating land ownership from building ownership, Safehold offers an alternative to traditional mortgage financing and land sale–leaseback transactions.

Safehold’s portfolio spans multiple commercial real estate sectors, including office, multifamily, industrial and retail, with a focus on high-quality properties in major U.S.