Safehold Inc. (SAFE) Misses Q2 EPS by 5c

Safehold Inc. (NYSE: SAFE) reported Q2 EPS of $0.24, $0.05 worse than the analyst estimate of $0.29. Revenue for the quarter came in at $37.4 million versus the consensus estimate of $37.73 million.

Highlights from the second quarter earnings announcement include:

• Revenue of $37.4 million, a 90% increase year-over-year
• Net income of $12.6 million, a 111% increase year-over-year
• Earnings per share of $0.24, a 39% increase year-over-year
• 100% ground rent received
• $61 million of new investments with ~$900m of remaining purchasing power
• Dividend increased 4%, consistent with the current policy to grow the dividend at twice the rate of inflation
• #1 total shareholder returns across all REITs year-to-date

“Safehold’s solid and consistent results during these difficult times highlights the value of our ground lease strategy for investors,” said Jay Sugarman, Chairman and Chief Executive Officer. “With significant dry powder, we are also actively working to provide our customers with long-term, cost-efficient capital tailored to meet their needs in today’s market.”

For earnings history and earnings-related data on Safehold Inc. (SAFE) click here.

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