Safehold Reports Fourth Quarter and Fiscal Year 2023 Results

by

in

NEW YORK, Feb. 12, 2024 /PRNewswire/ — Safehold Inc. (NYSE:SAFE) reported results for the fourth quarter and fiscal year ended December 31, 2023.

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:

Q4’23 revenue was $103.0 million, and FY’23 was $352.6 million
Q4’23 net income attributable to common shareholders was $41.2 million, or $25.5 million excluding non-recurring gains, and FY’23 net income attributable to common shareholders was ($55.0) million, or $96.8 million excluding merger and Caret related costs and non-recurring gains
Q4’23 earnings per share was $0.58, or $0.36 excluding non-recurring gains, and FY’23 earnings per share was ($0.82), or $1.45 excluding merger and Caret related costs and non-recurring gains
2023 Highlights Include:

Corporate: Closed merger with iStar, internalizing Safehold’s management structure and adding MSD Partners as major shareholder and Caret investor
Credit: Received credit ratings upgrade to A3 from Moody’s Investors Services and placed on Positive Outlook by Fitch Ratings, Inc.
Capital: Raised $152 million through the issuance of common equity; closed additional $500 million unsecured revolving credit facility; formed $500 million joint venture with leading sovereign wealth fund

“Despite the challenges posed by an uncertain economic environment, 2023 was a transformational year for Safehold,” said Jay Sugarman, Chairman and Chief Executive Officer. “We remain optimistic about the future, and as transaction activity increases, are well-positioned to serve our customers and drive the expansion of the modern ground lease industry.”

The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Wednesday, February 13, 2024. This conference call will be broadcast live and can be accessed by all interested parties through Safehold’s website and by …

Full story available on Benzinga.com


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *