Safehold Inc. (SAFE) Earnings Call Transcripts

Safehold Inc.'s Latest Earnings Call - Q1 FY2026

In the first quarter of fiscal year 2026, Safehold Inc. reported GAAP revenue of $110.9 million and net income of $28.9 million, translating to earnings per share (EPS) of $0.40. The results reflect a year-over-year decrease in net income primarily due to the transition of two Park Hotels assets from ground lease to fee simple ownership, which reduced net income by approximately $3.5 million. Management signaled a focus on expanding into the affordable multifamily sector beyond California, with a pipeline of approximately $255 million in non-binding letters of intent (LOIs) expected to close in the next one to two quarters.

Reported metrics

Guidance from management

Management anticipates closing most of the $255 million in non-binding LOIs within the next one to two quarters, signaling confidence in the pipeline despite potential market challenges.

What management said

Sure. You're right. The original sponsor there was a large institutional offshore bank. They put it up for auction, received a bid from a tenant that we did not know. And they have approached us on a conversion, but they don't have any background in that particular -- in this particular market or in that particular expertise. So that's where we are today.

Yes, Tony, I think you've seen it show up now the two assets that we own fee simple. As I mentioned in my remarks, the first quarter is -- the change year-over-year was $3.5 million. But if you were looking out over the course of the remainder of the year, call it, April through December, we expect that to be relatively breakeven for the remainder of the year, which is pretty consistent with the guidance or the forec...

What analysts pressed on

Analysts expressed concerns regarding the ongoing situation with the Park Hotels assets and the potential impact on future earnings. There were also questions about the timeline for resolution of the 50th Street asset's tax issues and how it might affect cash flows.

Main topics on the call

• Affordable Multifamily Expansion — Safehold is actively expanding its footprint in the affordable multifamily sector, evidenced by the closing of its first non-California deal this quarter. CEO Jay Sugarman stated, "We like the long-term dynamics in the s...
• 50th Street Asset Situation — Management highlighted potential conversion of the 50th Street asset from office to multifamily due to new property tax incentives in New York City. However, the tenant has failed to pay required property taxes, leading ...
• Share Buyback Program — Safehold initiated a share buyback program, purchasing approximately $3.4 million worth of shares at an average price of $14.39, as management believes the stock is undervalued. Sugarman mentioned, "We began a buyback pr...
• Quarterly Financial Performance — The first quarter saw a GAAP revenue of $110.9 million and a net income of $28.9 million, with an EPS of $0.40. This performance was impacted by the transition of hotel assets, which was in line with internal forecasts.

Read the full Safehold Inc. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 40 Safehold Inc. earnings call transcripts on record, spanning February 13, 2020 to July 30, 2026. Based on this history, Safehold Inc. reports quarterly. The most recent call on file is dated July 30, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

SAFE

Exchange

NYSE

Country

US

Sector

Real Estate

Industry

Specialized REITs

Calls on record

40

First call

February 13, 2020

Most recent

July 30, 2026

Reporting cadence

quarterly