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NYSE · REAL ESTATE INVESTMENT TRUSTS · LARGE CAP

Safehold Inc. SAFE

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$385.6M
▲ 5.4% YoY
$114.5M
▲ 8.2% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Safehold Inc. operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Its ground leases represent the ownership of land underlying commercial real estate projects that is net leased on a long-term basis, with base terms typically of 30 to 99 years, to the owners and operators of the real estate built on the land, an arrangement it refers to as a Safehold. As of December 31, 2025, the company had 72 employees. As of December 31, 2025, its gross book value as a percentage of combined property value was 52%. It is a Maryland corporation whose common stock is listed on the New York Stock Exchange under the symbol SAFE. On August 10, 2022, Safehold Inc., then known as Old SAFE, entered into a merger agreement with iStar Inc., and on March 31, 2023 Old SAFE merged with and into iStar, which continued as the surviving corporation and changed its name to Safehold Inc. The company, then known as iStar, elected to be taxed as a real estate investment trust for U.S. federal income tax purposes commencing with the tax year ended December 31, 1998.

Written from the business description in Safehold Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 12 February 2026. Every sentence was checked against that document before publication.

Growth

USD 385.6M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 385.6 · Net income 114.5
300M600M-300M-600M
2009201220152018202120242025
Compound annual growth
+12.6%
+3.5%
−2.5%
−2.9%
−5.4%
+2.4%
−9.8%
+9.8%
+0.3%
+10.5%
+6.5%
−10.2%
−3.1%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +3.5% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

30 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 26.2% · Net 29.7%
50%100%-50%-100%
200920172025
ROE
FY2025 · ROE 4.8%
10%20%30%-20%-40%
200920172025
Three returns, three denominators.
Return on capital employedNot available: we don't have total assets or current liabilities for this period.

Each USD of equity produced 5 cents of profit this year.

Cash & shareholders

USD 50.9M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2023 · FCF 2.3
40M80M-100M-200M
200920172025
Net buybacks $M Dividends $M
FY2025 · Dividends 50.9 · Net buybacks ·
40M80M-50M-100MDividendsNet buybacks
20112013201520172019202120232025

USD 50.9M in dividends — 44% of the year's profit went back to shareholders.

Total assetsUSD 7.2B
EquityUSD 2.4B
CashUSD 21.7M
Gross debtUSD 4.6B
Net debtUSD 4.6B

Net debt stands at 190% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD
row low → row highnegative—not applicable◌not available in our data
SAFE, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.40.40.40.30.20.30.30.80.70.50.50.50.40.40.50.60.8
Operating income $B0.10.1−0.10.10.1−0.1−0.2−0.00.10.1−0.1−0.1−0.2−0.3−0.1−0.2−0.8
EBITDA $B◌◌◌0.10.1−0.1−0.10.00.10.1−0.00.0−0.1−0.20.0−0.1−0.7
Income tax $B0.00.00.00.0−0.00.00.00.0−0.0−0.00.00.0−0.00.0−0.00.00.0
Net income $B0.10.1−0.10.10.1−0.00.3−0.00.20.1−0.00.0−0.1−0.2−0.00.1−0.8
Free cash flow $B◌◌0.00.10.00.0−0.1−0.00.1−0.0−0.1−0.0−0.3−0.2◌◌◌
EPS, diluted $1.591.48−0.822.171.32−0.874.51−0.951.56◌◌◌−1.83−3.26−0.700.39−7.88
Dividend / sh $0.710.710.710.700.670.430.390.18◌◌◌◌◌◌◌◌◌
Payout %4448−843149−778−3800———————
ROE %4.84.6−2.59.08.5−4.434.0−3.718.59.2−0.21.3−9.0−17.3−1.44.8−46.4
Shares out B0.070.070.070.060.070.070.080.070.070.070.080.090.080.080.080.09◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 47 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Two checks were skipped: the balance sheet is not tagged before 2009. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityReal Estate Investment Trusts
Listed onNYSE
Incorporated inMaryland
Fiscal year endsDecember 31
Data on record since2009

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