Safehold Inc.

Safehold Inc. is a U.S.-based real estate investment trust focused on acquiring, managing, and capitalizing ground leases on commercial properties. Its portfolio is built around long-duration land leases and related structures, with exposure across property types and U.S. markets through its portfolio holdings and related investment vehicles.

28,4 %

98,8 %

29,7 %

+5,4 %

— Safehold Inc.
%
Ground Leases70% Long-term land leases on commercial properties that generate contractual rent and residual land value.
Leasehold Loans15% Mortgage-style loans provided to tenants in connection with ground-lease transactions.
Ecosystem Funds5% Fund vehicles that co-invest in ground-lease and leasehold-loan opportunities.
Transaction Programs10% SAFExSWAP and SAFExSELL programs that source and structure ground-lease transactions.

Safehold’s customers are commercial real estate owners, developers, and institutional sponsors that need long-duration...

  • Institutional developersprimary

    They use Ground Leases and leasehold loans to finance pre-construction and development projects.

  • Commercial property ownersprimary

    They enter ground leases to monetize land while retaining long-term real estate exposure.

  • Ground-lease tenantssecondary

    They borrow through leasehold loans to fund improvements and complete capital structures.

  • Real estate investors with existing ground leasessecondary

    They use SAFExSWAP to exchange into Safehold ground leases.

  • Property sellers and transaction sponsorsemerging

    They use SAFExSELL to structure sales with a ground-lease component.

Safehold is headquartered in the United States and its portfolio is concentrated in major U.S...

  • •U.S.-based REIT with a portfolio concentrated in domestic markets
  • •Top markets include Manhattan and the broader New York metro area
  • •Other major markets include Washington, DC, Boston, Los Angeles and San Francisco
  • •Portfolio spans multifamily, office, hotel, life science and mixed use
  • •Geographic diversification helps spread sponsor and market risk

Safehold’s strategy is to build a diversified portfolio of ground leases that produces contractual rent growth and...

01
Expand ground-lease origination channelsshort-term

A larger pipeline improves access to transactions and supports portfolio growth.

02
Deepen capital-structure offeringsmedium-term

Providing both ground leases and leasehold loans increases customer stickiness and share of wallet.

03
Maintain portfolio diversificationlong-term

Diversification by property type, sponsor and market reduces concentration risk in a single asset class.

Safehold’s business depends on the availability of attractive ground-lease transactions and on tenants and developers...

high

Limited ground-lease transaction market

Growth depends on finding suitable land-lease opportunities at acceptable terms.

Scope
Origination pipeline
Materiality
high
high

Commercial real estate market risk

Asset values and tenant performance are tied to property-market conditions.

Scope
Ground leases and residual land value
Materiality
high
high

Development and redevelopment risk

Rent may not start until projects are completed, creating completion and financing risk.

Scope
Developer transactions
Materiality
high
medium

Counterparty and concentration risk

A limited number of sponsors, tenants, or sectors can amplify losses if one weakens.

Scope
Tenant and sponsor base
Materiality
high
medium

Leasehold loan credit risk

Loans receivable depend on borrower repayment and collateral performance.

Scope
Leasehold loans and unfunded commitments
Materiality
medium
medium

Cybersecurity risk

The company relies on systems and third parties to manage sensitive data and operations.

Scope
IT systems and investor/tenant data
Materiality
medium
Real estate impairment
Can create non-cash write-downs if values decline
Expected credit losses on loans receivable
Affects loan carrying values and provision expense
Unfunded commitments
Can increase reserves before cash is funded
Ground lease valuation and UCA
Affects asset values and perceived long-term upside
Sales-type lease accounting
Influences reported portfolio metrics and income timing

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: 29/04/2026