Safehold Inc
safeholdinc.comWhat Do They Do?
Leases land beneath commercial properties to owners, operators and developers through long-term ground leases.
10-K for FY2025, filed Feb 12, 2026We are a publicly-traded company that operates our business through one reportable segment by acquiring, managing and capitalizing ground…View ↗
Ground leases generally represent the ownership of land underlying commercial real estate projects that is net leased on a long-term basis…View ↗
We have chosen to focus on Ground Leases because we believe they meet an important need in the real estate capital markets for our…View ↗
How Do They Make Money?
Safehold earns rent from tenants leasing its land and buildings under long-term leases, which include scheduled rent increases; it also earns management fees under an agreement with Star Holdings, paid quarterly.
10-K for FY2025, filed Feb 12, 2026Operating lease income—Operating lease income includes rent earned from leases of land and buildings owned by the Company to its tenants.…View ↗
Ground leases generally represent the ownership of land underlying commercial real estate projects that is net leased on a long-term basis…View ↗
We have a portfolio of properties diversified by property type and region. As of December 31, 2025, our portfolio is comprised of Ground…View ↗
Management fees—The Company earns management fees through SpinCo Manager’s management agreement with Star Holdings pursuant to which SpinCo…View ↗
$385.6M
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10-K for FY2025, filed Feb 12, 2026
$385.6M ↗
Who Are Their Customers?
Property owners and operators of commercial projects lease land from Safehold; it also works with third-party commercial real estate owners and developers to create ground leases.
10-K for FY2025, filed Feb 12, 2026Ground leases generally represent the ownership of land underlying commercial real estate projects that is net leased on a long-term basis…View ↗
We have chosen to focus on Ground Leases because we believe they meet an important need in the real estate capital markets for our…View ↗
Market Opportunity: We believe that there is a significant market opportunity for a dedicated provider of Ground Lease capital like us. We…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 30 cents of every revenue dollar as net income in FY2025.
10-K for FY2025, filed Feb 12, 2026
How Are They Changing?
Growing. Revenue grew 2.1x in 4 years, from $187M in FY2021 to $385.6M in FY2025, about 20% a year.
Ground-lease focus
The older report described a broad real estate platform spanning property operations, lending and development, and planned a separation of non-ground-lease businesses; the latest centers the business on acquiring, managing and capitalizing ground leases.
10-K for FY2022, filed Feb 22, 2023 10-K for FY2025, filed Feb 12, 2026
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