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Safehold

NYSE:SAFE
Snowflake Description

High growth potential with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SAFE
NYSE
$894M
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. The last earnings update was 29 days ago. More info.


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  • Safehold has significant price volatility in the past 3 months.
SAFE Share Price and Events
7 Day Returns
2.5%
NYSE:SAFE
-0.3%
US REITs
0.2%
US Market
1 Year Returns
53.6%
NYSE:SAFE
13.3%
US REITs
2.9%
US Market
SAFE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Safehold (SAFE) 2.5% 18.2% 46.4% 53.6% - -
US REITs -0.3% 3.5% 3.2% 13.3% 11.3% 24.8%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • SAFE outperformed the REITs industry which returned 13.3% over the past year.
  • SAFE outperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Safehold undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Safehold to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Safehold.

NYSE:SAFE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:SAFE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 21%) (50.98%))
0.827
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.827 * 5.96%)
7.66%

Discounted Cash Flow Calculation for NYSE:SAFE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Safehold is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NYSE:SAFE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 7.66%)
2019 5.34 Est @ 0.68% 4.96
2020 5.41 Est @ 1.3% 4.67
2021 5.51 Est @ 1.73% 4.41
2022 5.62 Est @ 2.03% 4.18
2023 5.74 Est @ 2.24% 3.97
2024 5.88 Est @ 2.39% 3.78
2025 6.03 Est @ 2.49% 3.60
2026 6.18 Est @ 2.56% 3.43
2027 6.34 Est @ 2.61% 3.26
2028 6.51 Est @ 2.65% 3.11
Present value of next 10 years cash flows $39.38
NYSE:SAFE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $6.51 × (1 + 2.73%) ÷ (7.66% – 2.73%)
$135.65
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $135.65 ÷ (1 + 7.66%)10
$64.84
NYSE:SAFE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $39.38 + $64.84
$104.21
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $104.21 / 30.82
$3.38
NYSE:SAFE Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.38
Current discount Discount to share price of $29.02
= -1 x ($29.02 - $3.38) / $3.38
-758.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Safehold is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Safehold's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Safehold's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:SAFE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.80
NYSE:SAFE Share Price ** NYSE (2019-05-23) in USD $29.02
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.92x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Safehold.

NYSE:SAFE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:SAFE Share Price ÷ EPS (both in USD)

= 29.02 ÷ 0.80

36.17x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safehold is overvalued based on earnings compared to the US REITs industry average.
  • Safehold is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Safehold's expected growth come at a high price?
Raw Data
NYSE:SAFE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 36.17x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
33.6%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.41x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:SAFE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 36.17x ÷ 33.6%

1.08x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safehold is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Safehold's assets?
Raw Data
NYSE:SAFE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $19.48
NYSE:SAFE Share Price * NYSE (2019-05-23) in USD $29.02
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.89x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:SAFE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:SAFE Share Price ÷ Book Value per Share (both in USD)

= 29.02 ÷ 19.48

1.49x

* Primary Listing of Safehold.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Safehold is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Safehold's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Safehold has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Safehold expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
33.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Safehold expected to grow at an attractive rate?
  • Safehold's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Safehold's earnings growth is expected to exceed the United States of America market average.
  • Safehold's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:SAFE Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:SAFE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 33.6%
NYSE:SAFE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 34.4%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:SAFE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:SAFE Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 162 47 1
2020-12-31 111 34 2
2019-12-31 85 30 1
NYSE:SAFE Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 58 5 15
2018-12-31 48 14 12
2018-09-30 40 12 6
2018-06-30 35 13 3
2018-03-31 30 10 0
2017-12-31 23 9 -4
2017-09-30 24 8 1
2017-06-30 23 6 3
2017-03-31 22 5 6
2016-12-31 22 5 7
2016-09-30 21 5 7
2016-06-30 21 6 6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Safehold's earnings are expected to grow significantly at over 20% yearly.
  • Safehold's revenue is expected to grow significantly at over 20% yearly.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:SAFE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Safehold Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SAFE Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 1.12 1.20 1.04 2.00
2019-12-31 1.08 1.08 1.08 1.00
NYSE:SAFE Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 0.80
2018-12-31 0.64
2018-09-30 0.32
2018-06-30 0.16
2018-03-31 0.00
2017-12-31 -0.25
2017-09-30 0.08
2017-06-30 0.17
2017-03-31 0.91
2016-12-31
2016-09-30
2016-06-30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Safehold is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Safehold's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Safehold has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Safehold performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Safehold's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Safehold's year on year earnings growth rate has been positive over the past 5 years.
  • Safehold's 1-year earnings growth exceeds its 5-year average (28603.9% vs 11.2%)
  • Safehold's earnings growth has exceeded the US REITs industry average in the past year (28603.9% vs 16%).
Earnings and Revenue History
Safehold's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Safehold Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:SAFE Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 58.33 14.64 11.61
2018-12-31 48.20 11.74 10.66
2018-09-30 40.16 6.09 10.38
2018-06-30 34.77 3.36 9.27
2018-03-31 29.59 0.05 7.26
2017-12-31 23.23 -3.67 6.24
2017-09-30 24.19 1.37 4.76
2017-06-30 22.71 3.04 3.79
2017-03-31 22.48 5.70 3.16
2016-12-31 21.74 6.62 2.88
2016-09-30 21.07 6.50 2.67
2016-06-30 20.67 6.49 2.58
2016-03-31 19.58 5.85 2.46
2015-12-31 18.57 5.35 2.26
2014-12-31 13.43 4.81 1.97

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Safehold has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Safehold used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Safehold's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Safehold's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Safehold has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Safehold's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Safehold's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Safehold is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Safehold's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Safehold's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Safehold Company Filings, last reported 1 month ago.

NYSE:SAFE Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 601.41 455.95 10.00
2018-12-31 357.36 554.06 19.41
2018-09-30 370.60 371.48 28.38
2018-06-30 368.37 307.54 42.20
2018-03-31 363.66 307.71 87.54
2017-12-31 355.94 307.98 169.26
2017-09-30 358.23 227.86 91.33
2017-06-30 358.52 227.41 107.58
2017-03-31 -65.55 219.69
2016-12-31 154.09 0.00
2016-09-30 147.61 0.00
2016-06-30 151.68 0.00
2016-03-31 144.03 0.00 0.02
2015-12-31 144.03 0.00 0.02
2014-12-31 105.12 0.00
  • Safehold's level of debt (75.8%) compared to net worth is high (greater than 40%).
  • Unable to establish if Safehold's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (1.2%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.2x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Safehold's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Safehold has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Safehold's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.07%
Current annual income from Safehold dividends. Estimated to be 2.23% next year.
If you bought $2,000 of Safehold shares you are expected to receive $41 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Safehold's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Safehold's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:SAFE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:SAFE Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.70 1.00
2020-12-31 0.64 1.00
2019-12-31 0.60 1.00
NYSE:SAFE Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-15 0.600 2.519
2018-12-17 0.600 3.261
2018-09-17 0.600 3.281
2018-06-14 0.600 3.364
2018-03-19 0.600 3.389
2017-12-19 0.600 3.470
2017-09-19 0.600 3.279
2017-07-27 0.600 3.126

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Safehold has been paying a dividend for less than 10 years.
  • Safehold has only been paying a dividend for 2 years, and since then there has been no growth.
Current Payout to shareholders
What portion of Safehold's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (59.5x coverage).
X
Income/ dividend checks
We assess Safehold's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Safehold afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Safehold has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Safehold's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jay Sugarman
AGE 55
TENURE AS CEO 2.6 years
CEO Bio

Mr. Jay S. Sugarman has been the Chairman of the Board and Chief Executive Officer of iStar Inc. since founded in 1997. Mr. Sugarman serves as Chief Executive Officer of iStar Marlin LLC. He has been Chairman, Chief Executive Officer and Director at Safehold Inc. (also known as Safety, Income & Growth Inc.) since October 24, 2016. He is Owner of The Philadelphia Union and Keystone Sports and Entertainment LLC and serves as its Chairman. He served as Chairman and Chief Executive Officer of iStar Financial. He served as Chief Executive Officer of Sfty Manager LLC since October 2016. He founded and was Co-General Partner of Starwood Mezzanine Investors LP, a private investment partnership specializing in structured real estate finance. He served as the Chief Executive Officer of Starwood Financial Trust since November 1997 and served as its President. Prior to forming Starwood Mezzanine, Mr. Sugarman managed diversified investment funds on behalf of the Burden family, a branch of the Vanderbilts and the Ziff family. While in that position, he was jointly responsible for the formation of the predecessor entities to Starwood Capital Group L.L.C., a leading private real estate investment firm and the formation of HBK Investments L.P., one of the nation's largest multi-strategy trading operations. From 1996 to 1997, he served as a Senior Managing Director of Starwood Capital Group LLC and from 1993 to 1996, also served as the President of Starwood Mezzanine Investors L.P. Mr. Sugarman serves as the Chairman of iStar Acquisition Corp. He has been a Director at iStar Inc. since 1996. He served as a Director for WCI Communities Inc., a residential developer in South Florida from 1995 to May 20, 2004. He served as Director of CGA Group, Ltd. since June 18, 1997. Mr. Sugarman received his Undergraduate Degree Summa Cum Laude from Princeton University, where he was nominated for valedictorian and received the Paul Volcker Award in Economics and his M.B.A. with high distinction from Harvard Business School, graduating as a Baker Scholar and recipient of the school's academic prizes for both Finance and Marketing.

CEO Compensation
  • Insufficient data for Jay to compare compensation growth.
  • Insufficient data for Jay to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Safehold management team in years:

0.7
Average Tenure
55
Average Age
  • The average tenure for the Safehold management team is less than 2 years, this suggests a new team.
Management Team

Jay Sugarman

TITLE
Chairman & CEO
AGE
55
TENURE
2.6 yrs

Marcos Alvarado

TITLE
President & Chief Investment Officer
AGE
37
TENURE
0.8 yrs

Jason Fooks

TITLE
Senior Vice President of Investor Relations

Douglas Heitner

TITLE
Chief Legal Officer
TENURE
0.2 yrs

Nina Matis

TITLE
Vice Chairman
AGE
70
TENURE
0.2 yrs

Tye Palonen

TITLE
Senior Vice President of Ground Lease Investments
TENURE
0.7 yrs

Tim Doherty

TITLE
Executive VP & Co-Head of Investments

Elisha Blechner

TITLE
Executive VP & Co-Head of Investments

Geoff Dugan

TITLE
General Counsel & Corporate Secretary
Board of Directors Tenure

Average tenure and age of the Safehold board of directors in years:

2
Average Tenure
56.5
Average Age
  • The average tenure for the Safehold board of directors is less than 3 years, this suggests a new board.
Board of Directors

Jay Sugarman

TITLE
Chairman & CEO
AGE
55
TENURE
2.6 yrs

Nina Matis

TITLE
Vice Chairman
AGE
70
TENURE
1.9 yrs

Dean Adler

TITLE
Independent Director
COMPENSATION
$195K
AGE
61
TENURE
2.1 yrs

Jay Nydick

TITLE
Independent Director
COMPENSATION
$195K
AGE
53
TENURE
1.9 yrs

Stefan Selig

TITLE
Lead Independent Director
COMPENSATION
$195K
AGE
55
TENURE
2.3 yrs

Robin Josephs

TITLE
Director
COMPENSATION
$195K
AGE
58
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
21. May 19 Buy iStar Inc. Company 20. May 19 21. May 19 10,000 $28.34 $282,985
17. May 19 Buy iStar Inc. Company 16. May 19 17. May 19 9,525 $28.15 $267,444
14. May 19 Buy iStar Inc. Company 10. May 19 13. May 19 12,502,800 $26.96 $250,075,485
25. Apr 19 Buy iStar Inc. Company 25. Apr 19 25. Apr 19 2,600 $24.66 $64,126
19. Nov 18 Buy iStar Inc. Company 19. Nov 18 19. Nov 18 5,905 $19.07 $112,626
14. Nov 18 Buy iStar Inc. Company 14. Nov 18 14. Nov 18 5,172 $18.81 $97,290
08. Nov 18 Buy iStar Inc. Company 08. Nov 18 08. Nov 18 1,268 $18.57 $23,543
22. Oct 18 Buy iStar Inc. Company 13. Sep 18 13. Sep 18 3,924 $16.90 $66,316
10. Sep 18 Buy iStar Inc. Company 06. Sep 18 06. Sep 18 129,600 $16.35 $2,118,960
29. Aug 18 Sell Marcos Alvarado Individual 27. Aug 18 27. Aug 18 -2,900 $16.46 $-47,734
10. Aug 18 Buy Marcos Alvarado Individual 08. Aug 18 08. Aug 18 13,640 $17.42 $237,609
10. Aug 18 Buy Jay Sugarman Individual 07. Aug 18 08. Aug 18 10,000 $17.45 $174,395
X
Management checks
We assess Safehold's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Safehold has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Safehold Inc. (NYSE:SAFE) Insiders Increased Their Holdings

See our latest analysis for Safehold The Last 12 Months Of Insider Transactions At Safehold Over the last year, we can see that the biggest insider purchase was by President & Chief Investment Officer Marcos Alvarado for US$238k worth of shares, at about US$17.42 per share. … NYSE:SAFE Recent Insider Trading, May 20th 2019 Safehold is not the only stock insiders are buying. … The transactions are fine but it'd be more encouraging if Safehold insiders bought more shares in the company.

Simply Wall St -

Is Safehold Inc. (NYSE:SAFE) A Great Dividend Stock?

Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. … Some readers mightn't know much about Safehold's 2.3% dividend, as it has only been paying distributions for the last two years. … Some simple analysis can offer a lot of insights when buying a company for its dividend, and we'll go through this below.

Simply Wall St -

Should You Invest In Safehold Inc. (NYSE:SAFE)?

A common financial term REIT investors should know is Funds from Operations, or FFO for short, which is a REIT's main source of income from its portfolio of property, such as rent … FFO is a cleaner and more representative figure of how much SAFE actually makes from its day-to-day operations, compared to net income, which can be affected by one-off activities or non-cash items such as depreciation … For SAFE, its FFO of US$14m makes up 29% of its gross profit,

Simply Wall St -

Investors Who Bought Safehold Shares A Year Ago Are Now Up 14%

(NYSE:SAFE) share price is 14% higher than it was a year ago, much better than the market return of around 2.0% (not including dividends) in the same period. … When a company is just on the edge of profitability it can be well worth considering other metrics in order to more precisely gauge growth (and therefore understand share price movements). … We do see some companies suppress earnings in order to accelerate revenue growth.

Simply Wall St -

How Many Insiders Bought Safety, Income & Growth Inc. (NYSE:SAFE) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Safety, Income & Growth Inc. … Safety Income & Growth Insider Transactions Over The Last Year. … In any event it's generally a positive if insiders are buying shares at around the current price.

Simply Wall St -

What You Need To Know Before Investing In Safety Income & Growth Inc (NYSE:SAFE)

Safety Income & Growth Inc is a US$360m. … real estate investment trust (REIT) based in New York, United States. … See our latest analysis for Safety Income & Growth

Simply Wall St -

A Spotlight On Safety Income & Growth Inc's (NYSE:SAFE) Fundamentals

Safety Income & Growth Inc (NYSE:SAFE) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of SAFE, it

Simply Wall St -

How Should You Analyze REIT Stock Safety Income & Growth Inc (NYSE:SAFE)?

Safety Income & Growth Inc is a US$344.52m. … Below, I'll look at a few important metrics to keep in mind as part of your research on SAFE … Check out our latest analysis for Safety Income & Growth

Simply Wall St -

3 Days Left To Cash In On Safety Income & Growth Inc (NYSE:SAFE) Dividend, Is It Worth Buying?

Have you been keeping an eye on Safety Income & Growth Inc's (NYSE:SAFE) upcoming dividend of $0.15 per share payable on the 16 January 2018? … Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine Safety Income & Growth's latest financial data to analyse its dividend characteristics. … View our latest analysis for Safety Income & Growth Here's how I find good dividend stocks When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is their annual yield among the top 25% of dividend payers?

Simply Wall St -

Company Info

Description

Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitality and mixed-use properties in major markets throughout the United States generate higher returns with less risk. The Company, which is taxed as a real estate investment trust (REIT) and is managed by its largest shareholder, iStar Inc., seeks to deliver safe, growing income and long-term capital appreciation to its shareholders. Safehold Inc. operates as a subsidiary of iStar Inc.

Details
Name: Safehold Inc.
SAFE
Exchange: NYSE
Founded: 2016
$894,453,308
30,821,961
Website: http://www.safeholdinc.com
Address: Safehold Inc.
1114 Avenue of the Americas,
39th Floor,
New York,
New York, 10036,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE SAFE Share Capital New York Stock Exchange US USD 22. Jun 2017
DB 2T3 Share Capital Deutsche Boerse AG DE USD 22. Jun 2017
Number of employees
Current staff
Staff numbers
0
Safehold employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/24 00:49
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/04/30
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.