Safehold Q4 revenue slightly beats expectations

Overview

• Real estate investment trust's Q4 revenue slightly beat analyst expectations

• EPS for Q4 was $0.39

Outlook

• Company optimistic about affordable housing business momentum

• Safehold plans to leverage leadership team for customer service and shareholder value

Result Drivers

• NEW INVESTMENTS - Safehold invested $429 mln in new originations, including 17 new ground leases and four leasehold loans, expanding its portfolio to $7.1 bln

• CAPITAL MANAGEMENT - Closed $400 mln unsecured term loan and repaid $227 mln secured debt, enhancing financial flexibility

Key Details

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 4 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the diversified reits peer group is "buy"

• Wall Street's median 12-month price target for Safehold Inc is $19.00, about 22.9% above its February 10 closing price of $15.46

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 9 three months ago

Press Release: ID:nPn3Pr2G6a

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