Safehold Inc. (SAFE) Reports In-Line Q3 EPS

Safehold Inc. (NYSE: SAFE) reported Q3 EPS of $0.28, in-line with the analyst estimate of $0.28. Revenue for the quarter came in at $38 million versus the consensus estimate of $38.43 million.

Highlights from the third quarter earnings announcement include:

• Revenue of $38.0 million, a 70% increase year-over-year
• Net income of $14.2 million, a 159% increase year-over-year
• Earnings per share of $0.28, an 84% increase year-over-year
• 100% ground rent received
• $105 million of new investments, including $71 million closed subsequent to the end of the quarter
• Over $200 million of signed LOIs
• Subsequent to the end of the quarter, added new bank relationship to revolving credit facility and upsized by $32.5 million

“Amid the ongoing disruption caused by the pandemic, Safehold is beginning to witness a recovery in commercial real estate transaction activity,” said Jay Sugarman, Chairman and Chief Executive Officer. “With a significant war chest ready to be deployed, we are excited to see a growing near-term pipeline as Safehold continues to expand and deliver modern ground lease capital to customers in high-quality markets across the U.S.”

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

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