Safehold Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Property Revenue	358.15	335.31	306.79	269.08	186.49
Service and Other Revenue	16.18	20.89	38.65	1.24	0.52
Revenue	385.55	365.69	352.58	270.31	187.01
Revenue Growth (YoY)	5.43%	3.72%	30.43%	44.54%	-42.30%
Property Expenses	4.76	4.22	4.65	3.11	2.66
Total Property Expenses	4.76	4.22	4.65	3.11	2.66
Gross Profit	380.79	361.46	347.93	267.2	184.35
Selling, General & Admin	54.34	54.92	68.57	38.61	28.75
Depreciation & Amortization Expenses	8.55	9.95	9.94	9.61	9.56
Other Operating Expenses	10.32	11.47	165.93	10.19	0.87
Operating Income	307.58	285.13	103.49	208.79	145.17
Net Gains on Disposal of Properties	-	-	0.45	55.81	1.83
Interest Income	30.12	32.46	31.37	9.06	6.28
Interest Expense	-206.69	-198.04	-181.01	-128.97	-79.71
Other Non-Operating Income (Expense)	-2.22	-	-	-	-0.22
Total Non-Operating Income (Expense)	-178.79	-165.58	-149.19	-64.1	-71.81
Pretax Income	128.79	119.54	-45.7	144.68	73.36
Provision for Income Taxes	2.93	3.45	1.72	-	-
Net Income	114.47	105.76	-54.97	135.42	73.12
Minority Interest in Earnings	-0.16	-0.85	-0.41	-9.26	-0.23
Net Income to Common	114.47	105.76	-54.97	135.42	73.12
Net Income Growth	8.23%	-	-	85.20%	-
Shares Outstanding (Basic)	72	71	67	62	55
Shares Outstanding (Diluted)	72	71	67	62	55
Shares Change (YoY)	0.47%	7.14%	6.88%	12.90%	-26.98%
EPS (Basic)	1.60	1.48	-0.82	2.17	1.32
EPS (Diluted)	1.59	1.48	-0.82	2.17	1.32
EPS Growth	7.43%	-	-	64.39%	-
Free Cash Flow	-134.72	-266.43	-314.44	-1,214	-1,221
Free Cash Flow Per Share	-1.88	-3.73	-4.71	-19.45	-22.10
Dividends Per Share	0.708	0.708	0.708	0.701	0.672
Dividend Growth	-	-	1.00%	4.28%	4.60%
Gross Margin	98.77%	98.84%	98.68%	98.85%	98.58%
Operating Margin	79.78%	77.97%	29.35%	77.24%	77.62%
Profit Margin	32.64%	31.75%	-13.45%	53.52%	39.23%
FCF Margin	-34.94%	-72.86%	-89.18%	-448.94%	-652.93%
EBITDA	316.13	295.07	113.43	218.4	154.73
EBITDA Margin	81.99%	80.69%	32.17%	80.80%	82.74%
EBIT	307.58	285.13	103.49	208.79	145.17
EBIT Margin	79.78%	77.97%	29.35%	77.24%	77.62%
Effective Tax Rate	2.28%	2.88%	-3.76%	0.00%	0.00%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

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