Safehold reports fiscal year’s total revenue of $352.6 million By Investing.com

NEW YORK – Safehold Inc. (NYSE: NYSE:), a real estate investment trust, announced its financial results for the fourth quarter and full fiscal year of 2023. According to the company’s recent earnings release, Safehold’s fourth-quarter revenue reached $103.0 million, contributing to the fiscal year’s total revenue of $352.6 million.

The net income attributable to common shareholders for the fourth quarter stood at $41.2 million. However, when excluding non-recurring gains, this figure adjusts to $25.5 million. For the full year, the reported net loss attributable to common shareholders was ($55.0) million, which turns into a profit of $96.8 million after excluding merger and Caret related costs and non-recurring gains.

Earnings per share (EPS) for the fourth quarter were reported at $0.58, or $0.36 excluding non-recurring gains. For the fiscal year, the EPS showed a loss of ($0.82), but when adjusted for merger and Caret related costs and non-recurring gains, the EPS increased to $1.45.

Safehold’s 2023 highlights include the closure of a merger with iStar, which resulted in an internalized management structure and introduced MSD Partners as a major shareholder and Caret investor. The company also received a credit ratings upgrade to A3 from Moody’s (NYSE:) Investors Services and was placed on Positive Outlook by Fitch Ratings, Inc. Additionally, Safehold raised $152 million through common equity issuance, closed an additional $500 million unsecured revolving credit facility, and formed a $500 million joint venture with a leading sovereign wealth fund.

Chairman and Chief Executive Officer Jay Sugarman commented on the year’s performance, saying, “Despite the challenges posed by an uncertain economic environment, 2023 was a transformational year for Safehold.” He expressed optimism about the future and the company’s position to expand the modern ground lease industry as transaction activity increases.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.