Safehold Inc. reported a notable increase in its financial performance for the third quarter of 2025, with total revenues reaching $96.2 million, up from $90.7 million in the same period last year. This growth was primarily driven by a rise in interest income from sales-type leases, which increased to $72.4 million from $67.1 million. The company also saw a slight uptick in operating lease income, which rose to $17.0 million compared to $16.7 million in the prior year. Net income attributable to Safehold Inc. common shareholders for the quarter was $29.3 million, or $0.41 per share, compared to $19.3 million, or $0.27 per share, in the previous year.
For the nine months ending September 30, 2025, Safehold's total revenues increased to $287.7 million from $273.8 million in the same period of 2024. The company reported net income of $86.7 million, up from $80.5 million, reflecting a consistent upward trend in profitability. The increase in revenues and net income was attributed to the origination of new Ground Leases and additional fundings on existing leases, despite a decrease in other income, which fell to $11.7 million from $16.8 million.
In terms of operational developments, Safehold's total assets grew to $7.15 billion as of September 30, 2025, compared to $6.90 billion at the end of 2024. The company's net investment in sales-type leases increased to $3.53 billion, while Ground Lease receivables rose to $1.96 billion. The company also reported a provision for credit losses of $1.0 million for the quarter, significantly lower than the $7.1 million recorded in the same quarter of the previous year, indicating improved credit quality in its portfolio.
Strategically, Safehold has been active in expanding its portfolio through various initiatives, including a joint venture with a sovereign wealth fund focused on acquiring Ground Lease investments. The company has also launched new products, such as leasehold loans, to provide comprehensive financing solutions for its tenants. As of September 30, 2025, Safehold had $84.5 million in unfunded commitments related to leasehold improvement allowances, reflecting its ongoing investment in enhancing its properties.
Looking ahead, Safehold remains optimistic about its growth prospects, citing a strong demand for Ground Leases in the commercial real estate market. The company plans to leverage its existing portfolio and explore new acquisition opportunities to further enhance its market position. With a robust liquidity position, including $12.1 million in cash and $1.1 billion in undrawn capacity on its revolving credit facility, Safehold is well-positioned to navigate potential market challenges and capitalize on future growth opportunities.
About Safehold Inc.
Safehold Inc. is a real estate investment company specializing in acquiring, managing, and capitalizing ground leases on commercial properties across major U.S. markets. Its portfolio includes diversified property types, offering long-term, inflation-linked income streams with potential for capital appreciation. The company leverages lease structures with built-in growth features, residual land rights, and strategic origination channels to generate risk-adjusted returns for shareholders.
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