Safehold Inc.

Safehold Inc. (NYSE: SAFE) operates as a publicly traded real estate investment trust focused exclusively on acquiring, managing and capitalizing ground leases throughout the United States. The company's website is www.safeholdinc.com.

The company's core business involves purchasing the underlying land beneath commercial real estate properties and leasing that land to operators and developers on long-term basis, typically ranging from 30 to 99 years. Ground leases are structured as triple-net arrangements where tenants bear responsibility for taxes, maintenance, insurance and operating costs. Safehold's investment thesis emphasizes the safety of its position in the capital structure, as the combined value of land and improvements typically significantly exceeds the company's investment, providing downside protection. The company's leases generally include contractual rent escalators based on fixed increases, consumer price index adjustments, or both, creating growing income streams over time.

As of December 31, 2025, Safehold's portfolio generated revenues with 41 percent from multifamily properties, 35 percent from office properties, and 10 percent from hotel properties. The company maintains a diversified geographic footprint across major metropolitan areas. The portfolio comprises ground leases with an estimated combined property value of approximately $15.9 billion and an original cost basis of $6.7 billion, resulting in unrealized capital appreciation of $9.3 billion in the company's owned residual portfolio.

Safehold operates through Safehold GL Holdings LLC, a limited liability company structure that separates investments into GL units tracking the bond-like income component and Caret units tracking the residual value component representing the company's right to own improvements upon lease expiration. The company employs 72 full-time employees and has established additional channels including the Ground Lease Plus Fund and Leasehold Loan Fund to expand its product offerings.

The company's business model reflects its position as the industry leader in ground leases, having demonstrated the product's value to real estate investors, owners and developers. Safehold targets ground lease investments representing approximately 30 to 45 percent of combined property value at acquisition, with ground rent coverage ratios between 2.0x and 4.5x and first-year cash returns between 2.5 and 5.5 percent.