NEW YORK--(BUSINESS WIRE)--Safehold Inc. (NYSE: SAFE) reported results for the third quarter 2020.
Highlights from the third quarter earnings announcement include:
- Revenue of $38.0 million, a 70% increase year-over-year
- Net income of $14.2 million, a 159% increase year-over-year
- Earnings per share of $0.28, an 84% increase year-over-year
- 100% ground rent received
- $105 million of new investments, including $71 million closed subsequent to the end of the quarter
- Over $200 million of signed LOIs
- Subsequent to the end of the quarter, added new bank relationship to revolving credit facility and upsized by $32.5 million
“Amid the ongoing disruption caused by the pandemic, Safehold is beginning to witness a recovery in commercial real estate transaction activity,” said Jay Sugarman, Chairman and Chief Executive Officer. “With a significant war chest ready to be deployed, we are excited to see a growing near-term pipeline as Safehold continues to expand and deliver modern ground lease capital to customers in high-quality markets across the U.S.”
SAFE published a presentation detailing these results, which can be found on its website, www.safeholdinc.com in the “Investor Relations” section.
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Additional information on Safehold is available on its website at www.safeholdinc.com.
