Safehold Reports Second Quarter 2024 Results
Safehold Inc. (NYSE: SAFE) reported strong Q2 2024 results, with revenue up 5% year-over-year to $89.9 million and net income attributable to common shareholders increasing 34% to $29.7 million. Earnings per share rose 20% to $0.42. The company closed six new ground leases for $98 million, bringing its total portfolio to 143 ground leases valued at $6.5 billion. Safehold also secured a new $2.0 billion unsecured revolving credit facility, replacing previous facilities and reducing costs. Additionally, the company established a $750 million unsecured commercial paper note program. CEO Jay Sugarman expressed optimism about increasing transaction activity and the company's ability to deliver value to customers.
Safehold Inc. (NYSE: SAFE) ha riportato risultati solidi per il secondo trimestre del 2024, con un aumento del fatturato del 5% rispetto all'anno precedente, raggiungendo i 89,9 milioni di dollari e un utile netto attribuibile agli azionisti comuni in crescita del 34%, pari a 29,7 milioni di dollari. Gli utili per azione sono aumentati del 20%, arrivando a 0,42 dollari. L'azienda ha chiuso sei nuovi contratti di locazione su terreno per 98 milioni di dollari, portando il suo portafoglio totale a 143 contratti di locazione su terreno valutati 6,5 miliardi di dollari. Safehold ha anche ottenuto un nuovo prestito rotativo non garantito da 2,0 miliardi di dollari, sostituendo le strutture precedenti e riducendo i costi. Inoltre, l'azienda ha istituito un programma di note commerciali non garantite da 750 milioni di dollari. Il CEO Jay Sugarman ha espresso ottimismo riguardo all’aumento dell'attività transazionale e alla capacità dell'azienda di offrire valore ai clienti.
Safehold Inc. (NYSE: SAFE) reportó resultados sólidos en el segundo trimestre de 2024, con un aumento del 5% en los ingresos interanuales, alcanzando los 89.9 millones de dólares, y un ingreso neto atribuible a los accionistas comunes que aumentó un 34%, sumando 29.7 millones de dólares. Las ganancias por acción subieron un 20% hasta 0.42 dólares. La empresa cerró seis nuevos contratos de arrendamiento de terreno por 98 millones de dólares, llevando su portafolio total a 143 arrendamientos de terreno valorados en 6.5 mil millones de dólares. Safehold también aseguró un nuevo crédito rotativo no garantizado de 2.0 mil millones de dólares, reemplazando instalaciones anteriores y reduciendo costos. Adicionalmente, la compañía estableció un programa de notas comerciales no garantizadas de 750 millones de dólares. El CEO Jay Sugarman expresó optimismo sobre el aumento de la actividad transaccional y la capacidad de la empresa para ofrecer valor a los clientes.
Safehold Inc. (NYSE: SAFE)는 2024년 2분기 실적이 강하게 나타났다고 보고했습니다. 매출이 전년 대비 5% 증가하여 8,990만 달러에 도달했으며, 일반 주주에게 귀속되는 순이익은 34% 증가하여 2,970만 달러에 이르렀습니다. 주당 순이익은 20% 상승하여 0.42달러에 이르렀습니다. 이 회사는 6개의 새로운 토지 임대 계약을 9,800만 달러에 체결하여 총 포트폴리오를 143개의 토지 임대로 확대하였으며, 이들 가치는 65억 달러에 달합니다. Safehold는 또한 이전의 시설을 대체하고 비용을 절감하는 20억 달러의 무담보 회전 신용 시설을 확보했습니다. 추가로, 이 회사는 7억 5천만 달러의 무담보 상업용 어음 프로그램을 구축했습니다. CEO Jay Sugarman은 거래 활동의 증가와 고객에게 가치를 제공할 수 있는 회사의 능력에 대한 긍정적인 전망을 밝혔습니다.
Safehold Inc. (NYSE: SAFE) a annoncé de solides résultats pour le deuxième trimestre 2024, avec des revenus en hausse de 5 % par rapport à l'année précédente, atteignant 89,9 millions de dollars, et un bénéfice net attribuable aux actionnaires communs en augmentation de 34 %, soit 29,7 millions de dollars. Le bénéfice par action a augmenté de 20 % pour atteindre 0,42 dollar. L'entreprise a conclu six nouveaux baux de terrain pour 98 millions de dollars, portant son portefeuille total à 143 baux de terrain d'une valeur de 6,5 milliards de dollars. Safehold a également obtenu une nouvelle ligne de crédit renouvelable non garantie de 2,0 milliards de dollars, remplaçant les installations précédentes et réduisant les coûts. De plus, la société a établi un programme de billets de trésorerie non garantis de 750 millions de dollars. Le PDG Jay Sugarman a exprimé son optimisme quant à l'augmentation de l'activité transactionnelle et à la capacité de l'entreprise à apporter de la valeur à ses clients.
Safehold Inc. (NYSE: SAFE) hat starke Ergebnisse für das zweite Quartal 2024 gemeldet, mit einem Umsatzanstieg von 5% im Jahresvergleich auf 89,9 Millionen Dollar und einem Nettogewinn, der den Stammaktionären um 34% auf 29,7 Millionen Dollar zugeschrieben wurde. Der Gewinn pro Aktie stieg um 20% auf 0,42 Dollar. Das Unternehmen schloss sechs neue Grundstücksverträge über 98 Millionen Dollar ab, wodurch sich das gesamte Portfolio auf 143 Grundstücksverträge mit einem Gesamtwert von 6,5 Milliarden Dollar erhöht hat. Safehold sicherte sich auch eine neue unbesicherte revolvierende Kreditlinie über 2,0 Milliarden Dollar, die frühere Einrichtungen ersetzt und die Kosten senkt. Darüber hinaus richtete das Unternehmen ein program für unbesicherte Commercial-Paper-Noten über 750 Millionen Dollar ein. CEO Jay Sugarman äußerte Optimismus über die Zunahme transaktionaler Aktivitäten und die Fähigkeit des Unternehmens, den Kunden Wert zu bieten.
- Revenue increased 5% year-over-year to $89.9 million in Q2 2024
- Net income attributable to common shareholders grew 34% to $29.7 million
- Earnings per share rose 20% to $0.42
- Closed six new ground leases for $98 million, expanding portfolio to 143 ground leases worth $6.5 billion
- Secured a new $2.0 billion unsecured revolving credit facility with lower costs
- Established a $750 million unsecured commercial paper note program
- None.
Insights
Safehold's Q2 2024 results demonstrate solid growth and strategic expansion. The 5% year-over-year revenue increase to
The company's portfolio expansion is evident from the closure of six new ground leases worth
Financially, Safehold has strengthened its position by securing a new
However, investors should note that while the company reports increased transaction activity and successful conversion of LOIs to closings, the broader real estate market conditions and interest rate environment could impact future performance. The company's REIT status offers tax advantages but also comes with specific regulatory requirements that investors should consider.
Overall, Safehold's Q2 results paint a picture of a company on a growth trajectory, with improving financials and strategic moves to strengthen its market position in the ground lease industry.
Safehold's Q2 2024 results reveal intriguing developments in the ground lease sector. The company's innovative approach to unlocking land value beneath buildings is gaining traction, as evidenced by the addition of six new ground leases. This expansion brings their portfolio to an impressive 143 ground leases, valued at
The ground lease model, while not new, is being modernized by Safehold. This approach allows property owners to separate the land value from the building value, potentially leading to higher returns with reduced risk. For investors, this presents a unique opportunity to gain exposure to prime real estate locations without the full burden of property ownership.
The diversity of Safehold's portfolio is noteworthy. Spanning multifamily, office, industrial, hospitality, student housing, life science and mixed-use properties, it offers a broad spectrum of real estate exposure. This diversification can act as a buffer against sector-specific downturns.
However, it's important to consider the long-term nature of ground leases. While they can provide stable, growing income, they also lock in terms for extended periods. In a rapidly changing real estate landscape, this could be both a strength and a potential limitation.
The increased transaction activity mentioned by CEO Jay Sugarman is a positive sign, especially given current market uncertainties. It suggests that property owners are becoming more receptive to the ground lease model, which could drive further growth for Safehold.
Investors should watch for how Safehold deploys its enhanced credit facilities and commercial paper program. These financial tools could accelerate growth if used judiciously, but also increase risk if market conditions deteriorate.
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:
- Q2'24 revenue was
$89.9 million 5% year-over-year - Q2'24 net income attributable to common shareholders was
$29.7 million 34% year-over-year - Q2'24 earnings per share was
$0.42 20% year-over-year - Closed six new ground leases for
$98 million $6.5 billion - Closed new
$2.0 billion $1.85 billion - Established
$750 million
"We are pleased to see transaction activity picking up and the successful conversion of LOIs to closings," said Jay Sugarman, Chairman and Chief Executive Officer. "Safehold is well positioned to continue pursuing opportunities and delivering value to our customers."
The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Tuesday, July 30, 2024. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website and by using the dial-in information listed below:
Dial-In: | 888.506.0062 |
International: | 973.528.0011 |
Access Code: | 171484 |
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 July 30, 2024 through 12:00 a.m. ET on August 13, 2024 by calling:
Replay: | 877.481.4010 |
International: | 919.882.2331 |
Access Code: | 50921 |
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 | Gross of joint venture partner's commitment of |
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SOURCE Safehold
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