10-K · February 12, 2026
Safehold positions itself as the industry leader in ground leases, highlighting built‑in rent escalators and a sizable unrealized capital appreciation (UCA) in its owned residual portfolio of $9,272 million as of…
Earnings analysis · 10-Q
SAFE earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Safehold reported a strong revenue growth in Q1 2026, with total revenue of $110.9 million, exceeding estimates and showing a $13.2 million increase over the previous year. However, EPS of $0.40 fell short of the…
Read full summary
Safehold reported a strong revenue growth in Q1 2026, with total revenue of $110.9 million, exceeding estimates and showing a $13.2 million increase over the previous year. However, EPS of $0.40 fell short of the anticipated $0.43, reflecting a slight decline from the same period last year. The company noted strong origination activity but faces challenges from rising interest rates affecting tenant financing and valuations in the office sector.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.4
What stood out
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Strong Q1 Revenue Growth
Total revenue for Q1 2026 was $110.9 million, up from $97.7 million in Q1 2025.
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EPS Misses Estimates
Diluted EPS came in at $0.40, missing the estimate of $0.43.
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New Hotel Operations
Hotel revenues of $9.9 million generated from two hotels acquired for operation.
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Interest Income Growth
Interest income from sales-type leases rose to $75.0 million from $69.7 million year-over-year.
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Strong Financial Position
$19.3 million of unrestricted cash available as of March 31, 2026.
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Successful New Originations
Closed $68 million in new originations during the quarter.
What to watch
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Interest Rate Impact on Tenants
Rising interest rates may increase tenant financing costs, affecting lease value.
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Tenant Defaults on Office Leases
Notable tenant defaults could lead to losses as indicated by an $8.3 million protective tax advance.
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Bravery on Vacancies
High office vacancies could adversely affect Ground Rent Coverages and tenant payments.
Management's outlook
Management signals ongoing challenges in the office sector due to high interest rates, but continues to pursue opportunities in the Ground Lease market.
Earlier filings 4
10-Q · August 6, 2025
Safehold reported Q2 2025 revenue of $93.842M and diluted EPS of $0.39, roughly in line with consensus. Operating income before other items was $23.919M (operating margin ~25.5%), while net income attributable to common…
10-Q · May 7, 2025
Safehold reported Q1 2025 revenue of $97.677M, up $4.464M (4.8%) vs Q1 2024, while diluted EPS declined to $0.41 from $0.43. Operating income was $25.301M (operating margin ~25.9%), modestly below last year’s margin.…
10-Q · May 7, 2024
Safehold reported Q1 revenues of $93,213 (in thousands) vs $78,329 in Q1 2023 (+$14,884; +19.0%) and delivered net income attributable to common shareholders of $30,728 (in thousands) or $0.43 diluted vs $4,682 (in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.