Safehold Reports Fourth Quarter and Fiscal Year 2024 Results
Safehold Inc. (NYSE: SAFE) reported its Q4 and FY 2024 results, with Q4 revenue of $91.9 million and FY revenue of $365.7 million. The company achieved Q4 net income of $26.0 million and FY net income of $105.8 million attributable to common shareholders. Key 2024 highlights include $225 million in new originations, comprising ten ground leases ($193 million) and one leasehold loan ($32 million), bringing the total portfolio to $6.8 billion.
The company received credit rating upgrades, securing an A- from Fitch Ratings and BBB+ with Positive Outlook from S&P Global Ratings. Safehold issued $700 million in long-term unsecured notes and secured a $2.0 billion unsecured revolving credit facility. The Board authorized a new $50 million share repurchase program, which can be executed through various methods at the company's discretion.
Safehold Inc. (NYSE: SAFE) ha riportato i risultati del quarto trimestre e dell'anno fiscale 2024, con ricavi del quarto trimestre pari a $91,9 milioni e ricavi annuali di $365,7 milioni. La società ha registrato un reddito netto nel quarto trimestre di $26,0 milioni e un reddito netto annuale di $105,8 milioni attribuibili agli azionisti comuni. Punti salienti del 2024 includono $225 milioni in nuove originazioni, comprendenti dieci contratti di locazione del terreno ($193 milioni) e un prestito su affitto ($32 milioni), portando il portafoglio totale a $6,8 miliardi.
La società ha ricevuto miglioramenti nel rating creditizio, ottenendo un A- da Fitch Ratings e BBB+ con outlook positivo da S&P Global Ratings. Safehold ha emesso $700 milioni in note non garantite a lungo termine e ha assicurato una linea di credito revolving non garantita da $2,0 miliardi. Il Consiglio ha autorizzato un nuovo programma di riacquisto di azioni da $50 milioni, che può essere eseguito tramite vari metodi a discrezione della società.
Safehold Inc. (NYSE: SAFE) reportó sus resultados del cuarto trimestre y del año fiscal 2024, con ingresos del cuarto trimestre de $91,9 millones y ingresos anuales de $365,7 millones. La compañía logró un ingreso neto de $26,0 millones en el cuarto trimestre e ingresos netos anuales de $105,8 millones atribuibles a los accionistas comunes. Aspectos destacados de 2024 incluyen $225 millones en nuevas originaciones, que comprenden diez arrendamientos de terreno ($193 millones) y un préstamo sobre arrendamiento ($32 millones), llevando el total del portafolio a $6,8 mil millones.
La compañía recibió mejoras en la calificación crediticia, asegurando un A- por parte de Fitch Ratings y BBB+ con perspectiva positiva de S&P Global Ratings. Safehold emitió $700 millones en notas no garantizadas a largo plazo y consiguió una línea de crédito revolving no garantizada de $2,0 mil millones. La Junta autorizó un nuevo programa de recompra de acciones de $50 millones, que se puede ejecutar a través de varios métodos a discreción de la compañía.
Safehold Inc. (NYSE: SAFE)는 2024년 4분기 및 연간 실적을 보고했으며, 4분기 수익은 9,190만 달러, 연간 수익은 3억 6,570만 달러에 달했습니다. 이 회사는 4분기에 2,600만 달러의 순이익을 달성했으며, 연간 순이익은 보통주주에게 귀속되는 1억 5,580만 달러입니다. 2024년 주요 하이라이트로는 2억 2,500만 달러의 신규 기원이 포함되며, 여기에는 10개의 토지 임대($1억 9,300만) 및 하나의 임대 대출($3,200만)이 포함되어 포트폴리오 총액을 68억 달러로 증가시킵니다.
회사는 신용 등급 상향을 받았으며, Fitch Ratings에서 A- 등급을, S&P Global Ratings에서 긍정적인 전망의 BBB+ 등급을 확보했습니다. Safehold는 7억 달러의 장기 비보장 채권을 발행했으며, 20억 달러의 비보장 순환 신용 시설을 확보했습니다. 이사회는 5천만 달러의 자사주 매입 프로그램을 승인했으며, 이는 회사 재량에 따라 다양한 방법으로 실행될 수 있습니다.
Safehold Inc. (NYSE: SAFE) a publié ses résultats du quatrième trimestre et de l'exercice 2024, avec des revenus de 91,9 millions de dollars au quatrième trimestre et de 365,7 millions de dollars pour l'année. La société a réalisé un bénéfice net de 26,0 millions de dollars au quatrième trimestre et un bénéfice net de 105,8 millions de dollars attribué aux actionnaires ordinaires. Points forts de 2024 incluent 225 millions de dollars en nouvelles originations, comprenant dix baux fonciers (193 millions de dollars) et un prêt sur location (32 millions de dollars), portant le portefeuille total à 6,8 milliards de dollars.
La société a reçu des améliorations de notation de crédit, obtenant un A- de Fitch Ratings et BBB+ avec perspective positive de S&P Global Ratings. Safehold a émis 700 millions de dollars en obligations non garanties à long terme et a sécurisé une ligne de crédit revolving non garantie de 2,0 milliards de dollars. Le Conseil a autorisé un nouveau programme de rachat d'actions de 50 millions de dollars, qui peut être exécuté par différents moyens à la discrétion de la société.
Safehold Inc. (NYSE: SAFE) hat die Ergebnisse für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht, mit einem Quartalsumsatz von 91,9 Millionen Dollar und einem Jahresumsatz von 365,7 Millionen Dollar. Das Unternehmen erzielte im vierten Quartal einen Nettogewinn von 26,0 Millionen Dollar und einen Nettogewinn von 105,8 Millionen Dollar, der den Stammaktionären zuzurechnen ist. Wichtige Höhepunkte 2024 umfassen 225 Millionen Dollar in neuen Originierungen, darunter zehn Grundstückspachtverträge (193 Millionen Dollar) und ein Leasing-Darlehen (32 Millionen Dollar), was das Gesamtportfolio auf 6,8 Milliarden Dollar bringt.
Das Unternehmen erhielt Verbesserungen bei der Bonitätseinstufung und sicherte sich ein A- von Fitch Ratings sowie BBB+ mit positiver Aussichten von S&P Global Ratings. Safehold gab 700 Millionen Dollar in langfristigen ungesicherten Anleihen aus und sicherte sich eine ungesicherte revolvierende Kreditfazilität über 2,0 Milliarden Dollar. Der Vorstand genehmigte ein neues Aktienrückkaufprogramm über 50 Millionen Dollar, das nach Ermessen des Unternehmens auf verschiedene Weise durchgeführt werden kann.
- Credit rating upgrade to A- from Fitch and new BBB+ rating from S&P
- Secured $2.0 billion unsecured revolving credit facility
- Portfolio growth to $6.8 billion through $225 million in new originations
- FY 2024 net income of $105.8 million
- Authorization of $50 million share repurchase program
- None.
Insights
The Q4 and FY2024 results demonstrate SAFE's strategic evolution in the ground lease sector, with several key developments worth noting. The
The credit rating upgrades to A- from Fitch and BBB+ with Positive Outlook from S&P are particularly significant, as they: 1) Lower future borrowing costs 2) Expand access to institutional investors 3) Validate the company's business model and risk management practices. The new
The newly announced
The establishment of an affordable housing vertical represents a strategic expansion into a recession-resistant sector with strong governmental support and steady cash flows. This diversification should enhance portfolio stability while addressing a critical market need.
Looking ahead, SAFE's
SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the "Investors" section.
Highlights from the earnings announcement include:
- Q4'24 revenue was
$91.9 million $365.7 million - Q4'24 net income attributable to common shareholders was
$26.0 million $105.8 million $112.0 million - Q4'24 earnings per share was
$0.36 $1.48 $1.57 - Announcement of a new
$50 million - 2024 Highlights Include:
- Investments:
$225 million $193 million $32 million $6.8 billion - Credit: Received credit ratings upgrade to A- from Fitch Ratings and received an initial credit rating of BBB+ with a Positive Outlook from S&P Global Ratings
- Capital: Issued an aggregate
$700 million $2.0 billion
- Investments:
The Company's Board of Directors has authorized the repurchase of up to
"This was an important foundation building year for Safehold," said Jay Sugarman, Chairman and Chief Executive Officer. "We increased earnings and liquidity, received multiple positive credit outcomes including our second 'A' rating, and established a valuable and growing affordable housing vertical. We believe our balance sheet and scale have solidified our position as the market leader in the ground lease sector, and we look forward to putting capital to work to serve our customers and create value for shareholders."
The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Thursday, February 6, 2025. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website in the "Investors" section, and by using the dial-in information listed below:
Dial-In: | 888.506.0062 |
International: | 973.528.0011 |
Access Code: | 242780 |
A replay of the call will be archived on the Company's website. Alternatively, the replay can be accessed via dial-in from 2:00 p.m. ET on February 6, 2025 through 12:00 a.m. ET on February 20, 2025 by calling:
Replay: | 877.481.4010 |
International: | 919.882.2331 |
Access Code: | 51963 |
Non-GAAP Financial Measures:
Net income attributable to Safehold Inc. common shareholders excluding general provision for credit losses on prior period balances and adjustments to non-controlling interests, and EPS excluding general provision for credit losses on prior period balances and adjustments to non-controlling interests, are non-GAAP measures used as supplemental performance measures to give management and investors a view of net income and EPS more directly derived from operating activities in the period in which they occur. These metrics should be examined in conjunction with net income attributable to common shareholders as shown in our consolidated statements of operations. EPS excluding general provision for credit losses on prior period balances and adjustments to non-controlling interests is calculated as net income attributable to Safehold Inc. common shareholders excluding general provision for credit losses on prior period balances and adjustments to non-controlling interests, divided by the weighted average number of common shares. These metrics should not be considered as alternatives to net income attributable to common shareholders or EPS, respectively (in each case determined in accordance with generally accepted accounting principles in
Earnings Reconciliation (all figures in thousands except per share figures)1 | Q4'24 | FY'24 | ||
Net income (loss) attributable to Safehold Inc. common shareholders | ||||
Add: General provision for credit losses on prior period balances | - | 6,804 | ||
Less: Impact of adjustments to non-controlling interests | - | (576) | ||
Net income excluding general provision for credit losses on prior period balances and adjustments to non-controlling interests | ||||
Weighted average number of common shares – basic | 71,438 | 71,370 | ||
Weighted average number of common shares – diluted | 71,561 | 71,451 | ||
EPS excluding general provision for credit losses on prior period balances and adjustments to non-controlling interests (basic & diluted) | ||||
1 All numbers net of impact attributable to noncontrolling interests. |
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. Having created the modern ground lease industry in 2017, Safehold continues to help owners of high quality multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT), 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.
Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@safeholdinc.com
1 The Company enhanced its non-cash general provision for credit losses methodology in Q3'24 and applied the updated methodology to prior period balances in accordance with GAAP. Of the year's
2
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SOURCE Safehold
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