SAFE published a presentation detailing these results which can be found on its website, www.safeholdinc.com in the "Investors" section.
Highlights from the earnings announcement include:
Q3'24 revenue was $90.7 million
Q3'24 net income attributable to common shareholders was $19.3 million, or $26.1 million excluding the portion of the quarter's non-cash general provision for credit losses on prior period balances1
Q3'24 earnings per share was $0.27, or $0.37 excluding the portion of the quarter's non-cash general provision for credit losses on prior period balances1
Closed $104 million of new originations in Q3'24, including three new ground leases for $72 million2 and one leasehold loan for $32 million3
Purchased joint venture partner's ownership interest in all ground leases acquired by the venture to date for a total commitment of $69 million4
"This was a productive quarter for Safehold, supplementing new originations with an opportunistic joint venture buyout that is expected to grow earnings and further diversify the portfolio," said Jay Sugarman, Chairman and Chief Executive Officer. "While rate volatility remains disruptive to real estate and transaction activity, we're seeing positive trends in certain markets and are well-positioned to capitalize on opportunities and best serve our customers."
The Company will host an earnings conference call reviewing this presentation beginning at 9:00 a.m. ET on Tuesday, October 29, 2024. This conference call will be broadcast live and can be accessed by all interested parties through Safehold's website and by using the dial-in information listed below:
Dial-In:
877.545.0523
