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Safehold Inc. (SAFE) Misses Q1 EPS by 1c

April 22, 2021 7:36 AM EDT

Safehold Inc. (NYSE: SAFE) reported Q1 EPS of $0.32, $0.01 worse than the analyst estimate of $0.33. Revenue for the quarter came in at $43.5 million versus the consensus estimate of $43.02 million.

Highlights from the first quarter earnings announcement include:

  • Revenue of $43.5 million
  • Net income of $16.9 million
  • Earnings per share of $0.32
  • $166 million of new ground lease investments with an effective yield of 5.3%(1)
  • $1.0 billion new recast unsecured revolving credit facility
  • $770 million of cash & credit facility availability

“Following our recent investment grade ratings from Moody’s and Fitch, Safehold recast a new $1.0 billion revolving credit facility, which will allow us to more efficiently deliver better ground lease capital to our customers,” said Jay Sugarman, Chairman and Chief Executive Officer. “With our ample liquidity and growing pipeline, we are excited to see the markets opening up as we continue to lead the expansion of the modern ground lease industry.”

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



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