Safehold Q2 revenue slightly beats on increased ground lease originations
SAFE•Quarterly results
- US ground lease REIT's Q2 revenue saw a slight beat of analyst expectations
- Q2 net income was $30.2 mln, EPS was $0.42
- Company formed $348 mln joint venture with Brookfield and closed $225 mln private placement
Result drivers and outlook
- Origination volume - Co said increased ground lease originations contributed to Q2 results
- Joint venture - Co formed $348 mln joint venture with Brookfield on a portfolio of ground leases
- Capital raising - Co closed $225 mln private placement of structured senior unsecured notes due 2056
- Company did not provide specific guidance for current or future quarters in the press release
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Slight Beat* | $114.60 mln | $113.59 mln (6 Analysts) |
| Q2 EPS | $0.42 | ||
| Q2 Net Income | $30.20 mln |
Applies to a deviation of less than 1%; not applicable for per-share numbers.
