Safehold Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	362.29	358.15	335.31	306.79	269.08	186.49
Service and Other Revenue	14.57	16.18	20.89	38.65	1.24	0.52
Revenue	398.73	385.55	365.69	352.58	270.31	187.01
Revenue Growth (YoY)	7.72%	5.43%	3.72%	30.43%	44.54%	-42.30%
Property Expenses	4.91	4.76	4.22	4.65	3.11	2.66
Total Property Expenses	4.91	4.76	4.22	4.65	3.11	2.66
Gross Profit	393.82	380.79	361.46	347.93	267.2	184.35
Selling, General & Admin	58.38	54.34	54.92	68.57	38.61	28.75
Depreciation & Amortization Expenses	8.2	8.55	9.95	9.94	9.61	9.56
Other Operating Expenses	7	10.32	11.47	165.93	10.19	0.87
Operating Income	320.24	307.58	285.13	103.49	208.79	145.17
Net Gains on Disposal of Properties	-	-	-	0.45	55.81	1.83
Interest Income	29.94	30.12	32.46	31.37	9.06	6.28
Interest Expense	-209.78	-206.69	-198.04	-181.01	-128.97	-79.71
Other Non-Operating Income (Expense)	-2.22	-2.22	-	-	-	-0.22
Total Non-Operating Income (Expense)	-182.06	-178.79	-165.58	-149.19	-64.1	-71.81
Pretax Income	138.18	128.79	119.54	-45.7	144.68	73.36
Provision for Income Taxes	2.74	2.93	3.45	1.72	-	-
Net Income	113.97	114.47	105.76	-54.97	135.42	73.12
Minority Interest in Earnings	-0.15	-0.16	-0.85	-0.41	-9.26	-0.23
Net Income to Common	113.97	114.47	105.76	-54.97	135.42	73.12
Net Income Growth	9.16%	8.23%	-	-	85.20%	-
Shares Outstanding (Basic)	72	72	71	67	62	55
Shares Outstanding (Diluted)	72	72	71	67	62	55
Shares Change (YoY)	0.37%	0.47%	7.14%	6.88%	12.90%	-26.98%
EPS (Basic)	1.59	1.60	1.48	-0.82	2.17	1.32
EPS (Diluted)	1.59	1.59	1.48	-0.82	2.17	1.32
EPS Growth	9.05%	7.43%	-	-	64.39%	-
Shares Outstanding	71.76	71.76	71.44	71.08	62.4	68.87
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	0.531	0.708	0.708	0.708	0.701	0.672
Dividend Growth	-25.00%	-	-	1.00%	4.28%	4.60%
Gross Margin	98.77%	98.77%	98.84%	98.68%	98.85%	98.58%
Operating Margin	80.32%	79.78%	77.97%	29.35%	77.24%	77.62%
Profit Margin	33.97%	32.64%	31.75%	-13.45%	53.52%	39.23%
FCF Margin	-	-34.94%	-72.86%	-89.18%	-448.94%	-652.93%
EBITDA	320.24	316.13	295.07	113.43	218.4	154.73
EBITDA Margin	80.32%	81.99%	80.69%	32.17%	80.80%	82.74%
EBIT	320.24	307.58	285.13	103.49	208.79	145.17
EBIT Margin	80.32%	79.78%	77.97%	29.35%	77.24%	77.62%
Effective Tax Rate	1.98%	2.28%	2.88%	-3.76%	0.00%	0.00%

Updated Apr 30, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

SEC Filings: 10-K · 10-Q