Safehold Inc (NYSE: SAFE) is a real estate company that acquires, manages, and capitalizes ground leases underlying commercial real estate projects. It makes money by acting as the fee owner of land, net leasing that land on long-term bases (typically 30 to 99 years, with tenant renewal options) to the owners of buildings constructed on top, and collecting contractual base rent over those lease terms. Safehold operates through a single reportable segment and describes its business as comparable to a high-grade, fixed income investment with structural growth features. Rent escalations are built into leases either as specified percentage increases or CPI-based adjustments, with CPI lookbacks generally capped between 3.0% and 3.5% and starting between years 11 and 21 of the lease term. At lease expiration, Safehold retains residual rights to take ownership of buildings and improvements on its land at no additional cost. The company is publicly traded and structured as a REIT operating through one reportable business segment, per its 10-K filed February 12, 2026.

Revenue model

Long-term net lease rental income from ground leases on commercial real estate land, with contractual base rent increases tied to fixed percentages or CPI (capped at 3.0% to 3.5%), plus residual ownership rights to improvements at lease end. Per the 10-K filed 2026-02-12.

Products and services

Ground leases: long-term net leases (base terms typically 30 to 99 years) on land underlying commercial real estate, with contractual rent escalation and residual building ownership rights at lease termination.

Customers and end markets

Commercial real estate developers and building owners (tenants) who lease land from Safehold on a long-term basis for commercial real estate projects. End market is commercial real estate.

Value-chain role

Land owner and ground lease provider. Safehold sits at the base of the commercial real estate capital stack, owning the land and leasing it to the entity that owns and operates the building above.

Geographic exposure

The filing excerpts do not specify geographic markets or regional revenue breakdown.

Source: SEC 10-K, filed 2026-02-12

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