Safehold Reports Third Quarter 2024 Results
Safehold Inc. (NYSE: SAFE) reported its Q3 2024 results with revenue of $90.7 million and net income of $19.3 million. The company achieved earnings per share of $0.27, or $0.37 excluding non-cash credit loss provisions. During the quarter, Safehold closed $104 million in new originations, including three ground leases for $72 million and one leasehold loan for $32 million. The company also purchased its joint venture partner's ownership interest in all ground leases for a total commitment of $69 million, aiming to grow earnings and diversify its portfolio despite ongoing rate volatility in the real estate market.
Safehold Inc. (NYSE: SAFE) ha riportato i risultati del terzo trimestre del 2024 con un fatturato di $90,7 milioni e un reddito netto di $19,3 milioni. L'azienda ha raggiunto un utile per azione di $0,27, o $0,37 escludendo le provvigioni per perdite su crediti non monetari. Durante il trimestre, Safehold ha concluso $104 milioni in nuove originazioni, comprendenti tre affitti di terreno per $72 milioni e un prestito su diritto di locazione per $32 milioni. L'azienda ha anche acquisito la partecipazione del suo partner in joint venture in tutti gli affitti di terreno per un impegno totale di $69 milioni, mirando a far crescere i profitti e diversificare il proprio portafoglio nonostante l'attuale volatilità dei tassi nel mercato immobiliare.
Safehold Inc. (NYSE: SAFE) informó sus resultados del tercer trimestre de 2024 con ingresos de $90,7 millones y un ingreso neto de $19,3 millones. La compañía obtuvo ganancias por acción de $0,27, o $0,37 excluyendo las provisiones por pérdidas de crédito no monetarias. Durante el trimestre, Safehold cerró $104 millones en nuevas originaciones, incluyendo tres arrendamientos de terreno por $72 millones y un préstamo sobre derechos de arrendamiento por $32 millones. La empresa también compró el interés de propiedad de su socio de joint venture en todos los arrendamientos de terreno por un compromiso total de $69 millones, con el objetivo de aumentar las ganancias y diversificar su portafolio a pesar de la volatilidad de tasas en el mercado inmobiliario.
Safehold Inc. (NYSE: SAFE)는 2024년 3분기 실적을 발표하며 매출 $90.7 백만 달러와 순이익 $19.3 백만 달러를 보고했습니다. 회사는 비현금 신용 손실 충당금을 제외한 주당 순이익이 $0.27이며, 총 $0.37에 달하는 실적을 기록했습니다. 분기 동안 Safehold는 $104 백만 달러의 새로운 융자를 체결했으며, 여기에는 $72 백만 달러의 세 개의 토지 임대와 $32 백만 달러의 하나의 임대 대출이 포함됩니다. 회사는 또한 모든 토지 임대에 대한 합작 투자 파트너의 소유권 이익을 총 $69 백만 달러에 인수하여, 부동산 시장의 지속적인 금리 변동에도 불구하고 수익을 늘리고 포트폴리오를 다각화하는 것을 목표로 했습니다.
Safehold Inc. (NYSE: SAFE) a annoncé ses résultats du troisième trimestre 2024, affichant un chiffre d'affaires de $90,7 millions et un bénéfice net de $19,3 millions. L'entreprise a réalisé un bénéfice par action de $0,27, ou de $0,37 en excluant les provisions pour pertes de crédit non monétaires. Au cours du trimestre, Safehold a finalisé $104 millions en nouvelles origines, comprenant trois baux de terrain pour $72 millions et un prêt sur droits de bail pour $32 millions. L'entreprise a également acheté la part de son partenaire de joint-venture dans tous les baux de terrain pour un engagement total de $69 millions, visant à accroître ses bénéfices et à diversifier son portefeuille malgré la volatilité actuelle des taux sur le marché immobilier.
Safehold Inc. (NYSE: SAFE) hat seine Ergebnisse für das dritte Quartal 2024 mit einem Umsatz von $90,7 Millionen und einem Nettoergebnis von $19,3 Millionen veröffentlicht. Das Unternehmen erzielte einen Gewinn pro Aktie von $0,27, oder $0,37 ohne Berücksichtigung der nicht liquiden Kreditverlustrückstellungen. Im Laufe des Quartals schloss Safehold $104 Millionen an neuen Originierungen ab, darunter drei Grundstücks-Leasingverträge über $72 Millionen und ein Mietdarlehen über $32 Millionen. Das Unternehmen erwarb außerdem den Eigentumsanteil seines Joint-Venture-Partners an allen Grundstücks-Leases für ein Gesamtengagement von $69 Millionen, mit dem Ziel, die Erträge zu steigern und sein Portfolio trotz anhaltender Zinsvolatilität auf dem Immobilienmarkt zu diversifizieren.
- Revenue of $90.7 million in Q3 2024
- Net income of $19.3 million ($26.1 million adjusted)
- Closed $104 million in new originations
- Strategic acquisition of joint venture partner's ownership interests for $69 million
- Non-cash general provision for credit losses of $7.5 million
- Market disruption due to rate volatility affecting real estate transactions
Insights
Safehold's Q3 2024 results show mixed performance with
Key metrics indicate operational stability, but there are concerns: The
The joint venture partner buyout demonstrates confidence in portfolio assets but also increases direct exposure to market risks. Rising interest rates remain a significant headwind for the ground lease business model, potentially impacting new deal flow and portfolio performance.
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:
- Q3'24 revenue was
$90.7 million - Q3'24 net income attributable to common shareholders was
$19.3 million $26.1 million - Q3'24 earnings per share was
$0.27 $0.37 - Closed
$104 million $72 million $32 million - Purchased joint venture partner's ownership interest in all ground leases acquired by the venture to date for a total commitment of
$69 million
"This was a productive quarter for Safehold, supplementing new originations with an opportunistic joint venture buyout that is expected to grow earnings and further diversify the portfolio," said Jay Sugarman, Chairman and Chief Executive Officer. "While rate volatility remains disruptive to real estate and transaction activity, we're seeing positive trends in certain markets and are well-positioned to capitalize on opportunities and best serve our customers."
The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Tuesday, October 29, 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: | 877.545.0523 |
International: | 973.528.0016 |
Access Code: | 161168 |
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 October 29, 2024 through 12:00 a.m. ET on November 12, 2024 by calling:
Replay: | 877.481.4010 |
International: | 919.882.2331 |
Access Code: | 51479 |
Non-GAAP Financial Measures:
Net income attributable to Safehold Inc. common shareholders excluding general provision for credit losses on prior period balances, and EPS excluding general provision for credit losses on prior period balances, 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. It 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 is calculated as net income attributable to Safehold Inc. common shareholders excluding general provision for credit losses on prior period balances, 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) | |||
Net income attributable to Safehold Inc. common shareholders | |||
Add: General provision for credit losses on prior period balances1 | 6,804 | ||
Net income attributable to Safehold Inc. common shareholders excluding general | |||
Weighted average number of common shares – basic | 71,436 | ||
Weighted average number of common shares – diluted | 71,540 | ||
EPS excluding general provision for credit losses on prior period balances (basic & | |||
1 Includes general provision for credit losses on prior period balances of | |||
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 electively enhanced its general provision for credit losses methodology during the quarter, and applied the updated methodology to prior period balances in accordance with GAAP. Of the quarter's
2 Gross of joint venture partner's
3 Gross of leasehold loan partner's
4 Gross purchase price of
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SOURCE Safehold
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