Safehold Inc. New · NYSE:SAFE
Safehold Inc. New — Safehold — Q3 2026 Earnings Presentation
19 slides from Safehold Inc. New's earnings presentation, Nov 3, 2026
Slide 1: Q3'26 Earnings Results
Q3'26 Earnings Results Safehold
Slide 2: Q3'26 Summary
2 Safehold | The Ground Lease Company | November 2026 Q3’26 Summary Q3’26 (2 GLs) Ground Lease Originations $38m1 Markets 2 Sponsors 2 GLTV2 39% Underwritten Rent Coverage3 2.7x4 Economic Yield 7.3% Investment Activity Note: The information in this presentation is as of September 30, 2026, unless ot
Slide 3: Portfolio Growth
3 Safehold | The Ground Lease Company | November 2026 $0.0b $1.3b $3.4b $0.0b $2.7b $6.1b IPO (6/22/2017) Q3'21 Q3'26 $0.3b $4.0b $7.4b $0.4b $6.7b $9.9b IPO (6/22/2017) Q3'21 Q3'26 Estimated Unrealized Capital Appreciation Aggregate GBV (Ground Leases) Portfolio Growth Note: Please see the “Importa
Slide 4: Earnings Results
4 Safehold | The Ground Lease Company | November 2026 Earnings Results Note: Please refer to the “Earnings Reconciliation” section of the Appendix for more information with regard to the calculation of net income attributable to Safehold Inc. common shareholders excluding non-recurring gains and los
Slide 5: Portfolio Yields
5 Safehold | The Ground Lease Company | November 2026 Assumed CPI / Growth Rate (Core Ground Lease Portfolio Gross Book Value: $7.3b on 92-Year W.A. Lease Term w/ Ext.)10 Portfolio Yields Note: Refer to Appendix for Glossary and Endnotes. Represents Core Ground Lease Portfolio. 3.9% Annualized Cash
Slide 6: Portfolio Diversification
6 Safehold | The Ground Lease Company | November 2026 Portfolio Diversification Safehold primarily invests in the top 30 MSAs across the U.S., which we believe are positioned for long-term sustainable growth Top 10 Markets (% of GBV, Count, Rent Coverage3, GLTV2) 1. Manhattan (21%)a – 10 Assets (2.7
Slide 7: Capital Structure and Debt Overview
7 Safehold | The Ground Lease Company | November 2026 Pro-Rata JV Debt $270m Unsecured Revolver $765m Unsecured Debt $2.8b Non-Recourse Secured Debt $1.3b Capital Structure Debt Overview a. Includes JV debt and excludes outstanding borrowings under the Company’s unsecured revolving credit facility.
Slide 8: Appendix
8 Safehold | The Ground Lease Company | November 2026 Appendix
Slide 9: Income Statement
9 Safehold | The Ground Lease Company | November 2026 Income Statement APPENDIX Note: Figures in thousands except for per share amounts. a. For the three months ended September 30, 2026 and September 30, 2025, general and administrative expenses were partially offset by $1.9m and $2.7m of management
Slide 10: Balance Sheet
10 Safehold | The Ground Lease Company | November 2026 Balance Sheet APPENDIX Note: Figures in thousands. As of September 30, 2026 As of December 31, 2025 Assets: Net investment in sales-type leases $3,732,306 $3,563,675 Ground Lease receivables, net 2,206,382 2,003,931 Real estate: Real estate, at
Slide 11: Portfolio Reconciliation (Gross Book Value)
11 Safehold | The Ground Lease Company | November 2026 IPO (6/22/17) 9/30/22 9/30/23 9/30/24 9/30/25 9/30/26 Net investment in Sales-Type Leases - $3,066 $3,183 $3,440 $3,527 $3,732 Ground Lease receivables - $1,327 $1,564 $1,779 $1,961 $2,206 Pro-rata interest in Ground Leases held as equity method
Slide 12: Earnings Reconciliation
12 Safehold | The Ground Lease Company | November 2026 Earnings Reconciliation APPENDIX Note: Figures in millions except for per share amounts. Net income attributable to Safehold Inc. common shareholders excluding non-recurring gains and losses and EPS excluding non-recurring gains and losses are n
Slide 13: Park Hotels Portfolio Summary
13 Safehold | The Ground Lease Company | November 2026 Park Hotels Portfolio Summary APPENDIX * Includes depreciation, amortization and other miscellaneous non-cash revenue and expenses. a. The Park Hotels Portfolio originally consisted of five hotel assets subject to a single master lease with a ma
Slide 14: Caret Timeline
14 Safehold | The Ground Lease Company | November 2026 Caret Timeline APPENDIX a. Management was granted up to 15% of the then-authorized Caret units under this plan. b. In connection with Feb'22 sale, we were obligated to seek to provide a public market listing for the Series A Caret Units by Q1'24
Slide 15: Caret Ownership
15 Safehold | The Ground Lease Company | November 2026 Caret Ownership Note: Ownership percentage is based on outstanding Caret units SAFEHOLD (NYSE: SAFE) GL Units Rent Stream plus Original Cost Basis and certain other cash flows Employees 2018 Incentive Plan Caret Units Capital Appreciation above
Slide 16: Unrealized Capital Appreciation Details
16 Safehold | The Ground Lease Company | November 2026 Unrealized Capital Appreciation Details APPENDIX Refer to the Glossary in the Appendix for a definition of Owned Residual Portfolio, Unrealized Capital Appreciation (“UCA”), and“Combined Property Value” (“CPV”). SAFE relies in part on CBRE’s val
Slide 17: Glossary
17 Safehold | The Ground Lease Company | November 2026 Glossary APPENDIX Aggregate Cost Basis Represents Cost Basis plus unfunded commitments of the Core Ground Lease Portfolio. For unfunded commitments, it represents the aggregate future amount to be paid under the commitments. Aggregate Gross Book
Slide 18: Endnotes
18 Safehold | The Ground Lease Company | November 2026 Endnotes APPENDIX (1) Includes Safehold’s $13m forward commitments for the Ground Leases new originations in Q3’26 that have not yet been funded (such funding commitments are subject to certain conditions). There can be no assurance Safehold wil
Slide 19: Forward-Looking Statements and Other Matters
19 Safehold | The Ground Lease Company | November 2026 Forward-Looking Statements and Other Matters This presentation may contain forward-looking statements. All statements other than statements of historical fact are forward-looking statements. These forward-looking statements can be identified by