Safehold Q3 revenue beats analyst expectations
SAFE•Safehold reported Q3 revenue of $118.7 million, above the $117.43 million analyst consensus. EPS was $0.41, and the company closed $38 million of new ground lease originations.
1. Quarterly results
Safehold reported Q3 revenue of $118.7 million, beating the $117.43 million consensus estimate from six analysts. Net income was $28.8 million and EPS was $0.41; no analyst EPS estimate was provided for comparison.
2. Originations and outlook
The company closed $38 million of new ground lease originations in Q3, including multifamily assets at what it described as attractive yields and low GLTVs. Safehold said it is well-positioned with ample liquidity and no significant near-term maturities, while noting that the recent rise in rates has added volatility to transaction markets.
