Safehold
Safehold (NYSE: SAFE) is the only publicly traded pure-play commercial ground lease REIT, providing 99-year ground leases with fixed escalators and CPI adjustments as long-term, low-cost capital for commercial real estate owners, developers, and operators across the top 30 U.S. markets.
- Company typePublic
- Founded2017
- HeadquartersNew York, United States
- Headcount51–100
- GTM typeB2B
- OfferingServices
What Safehold does
Safehold Inc. (NYSE: SAFE) is a publicly traded commercial real estate investment trust (REIT) founded in 2017 and headquartered in New York that pioneered the modern ground lease structure as an alternative source of long-term, low-cost capital for commercial property owners and developers. Its core product, the Safehold Ground Lease, is a 99-year lease of the land beneath a building, with fixed annual rent escalations of approximately 2%, CPI-based adjustments on 81% of leases, and no fair market value resets — features engineered specifically to make the leasehold financeable and transferable. The structure has been approved by 55+ lenders across banks, CMBS, debt funds, life companies, and agencies, and Safehold has closed more than 160 ground lease transactions totaling over $7 billion of ground lease capital since founding.
The company supplements its core ground lease with Ground Lease Plus for development-stage deals and a dedicated Affordable Housing ground lease product tailored to LIHTC-financed projects, which can deliver 10-20% more permanent-period development proceeds. Safehold also originates leasehold loans stacked behind its fee interest purchases and participates in LIHTC tax credit co-investments. The portfolio is approximately $7.1 billion in size, with ~$9.1 billion in embedded unrealized capital appreciation tracked internally as the "Value Bank," and total underwriting capacity of ~$10.5 billion. Target deal parameters are $15M-$500M transactions at 4.25%-5.0% cap rates, with the ground lease representing 30%-45% of property value and 3.0x-4.5x coverage.
Safehold generates revenue primarily through recurring ground rent income, with secondary streams from leasehold loan interest and tax credit co-investments. The company reaches customers exclusively through a direct enterprise field sales model, with regional investment coverage in New York (East) and Los Angeles (West), targeting commercial real estate owners, operators, and developers across the top 30 U.S. markets. In March 2023, Safehold completed a strategic merger with iStar Inc., internalizing management and consolidating operations. As of FY2025, the company reported $385.6 million in revenue and $114.5 million in GAAP net income attributable to common shareholders, holds an A- credit rating from S&P (aligned with Moody's and Fitch), and in June 2026 formed a joint venture with a Brookfield affiliate on a diversified ground lease portfolio valued at ~$348 million.
Safehold firmographics
Firmographics- Name
- Safehold
- Legal name
- Safehold Inc.
- Website
- https://safeholdinc.com
- Company type
- Public
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- Safehold (NYSE: SAFE) is the only publicly traded pure-play commercial ground lease REIT, providing 99-year ground leases with fixed escalators and CPI adjustments as long-term, low-cost capital for commercial real estate owners, developers, and operators across the top 30 U.S. markets.
- Ownership category
- akta.pro rank
Safehold industry classification
Industry- Product category
- Ground Lease Capital / Commercial Real Estate REIT
- NAICS
- Rental and Leasing Services (532), Lessors of Real Estate (5311)
- SIC
- Lessors Of Real Property, Nec (6519)
- akta.pro primary industry
- Settlement, Clearing & Custody for Securitized Products (FSALAFAM)
Keywords
Where Safehold is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Safehold business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D
Revenue model
- Ground Lease Rental Income: Safehold earns recurring ground rent payments from building owners who lease the land beneath their properties. Ground rent is set at fixed annual escalations (approximately 2%) with CPI-based adjustments. This is the primary revenue driver. 81% of leases feature CPI-based rent escalators.
- Leasehold Loans: Safehold provides leasehold loans to complement ground lease transactions, earning interest income on subordinate debt positions in the capital stack.
- Low-Income Housing Tax Credit (LIHTC) Co-Investments: Ground leases structured within LIHTC affordable housing transactions, providing tax credit equity alongside ground rent income.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Ground Lease Capital — Custom deal pricing based on property type, location, credit quality, and deal size |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Safehold product offering
Product offeringCore offering
Safehold provides long-term, cost-efficient ground lease capital to commercial real estate owners, operators, and developers. Its core product is the modern 99-year ground lease with fixed ~2% annual rent escalations, CPI-based adjustments, no fair market value resets, and lender-friendly provisions approved by banks, CMBS, debt funds, life companies, and agencies. The company also offers Ground Lease Plus for development-stage deals, an Affordable Housing Ground Lease for LIHTC projects, and leasehold loan financing as a complementary debt instrument.
Product overview
Safehold offers a unified product platform centered on its modern ground lease capital solution. The core Safehold Ground Lease provides 99-year ground leases with fixed rent escalations, serving as the foundational product. This core is supplemented by specialized modules including Ground Lease Plus for development-stage transactions and Affordable Housing ground leases for LIHTC projects. The company also offers transaction-specific variants for acquisitions and recapitalizations. All products leverage the same modern ground lease structure characterized by economic transparency, lender-friendliness, and compatibility across asset classes including multifamily, office, hospitality, industrial, life science, student housing, and senior housing.
Differentiator
Problem solved
Functional benefit
Products and services
- Safehold Ground Lease
- Ground Lease Plus
Quantifiable outcome
- Ground lease enables 10–20% increase in permanent period proceeds for developers
- +7 more outcomes
Companies that use Safehold
Customer profileNamed customers12 records
Segments5 records
Ideal customer profiles3 records
Safehold technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
Safehold partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Brookfield (Affiliate)coreJoint venture formed June 2026 involving a diversified portfolio of ground leases across the U.S. generating approximately $14 million in annualized cash ground rent. Brookfield purchased a non-controlling 49% interest at a gross valuation of approximately $348 million. Safehold retains day-to-day control and management. Safehold holds call options to repurchase Brookfield's interest after year 7.
Scale indicators16 records
Recent moves10 records
Expansion highlights6 records
Safehold competitors and assessment
Company assessmentDirect peers
- EPR Properties: Net lease REIT that acquires and develops experiential and educational properties on long-term ground/facility leases. Most directly comparable to Safehold in deploying long-duration lease capital to property owners and developers, though EPR focuses on operating businesses (theaters, golf, eat-and-play) rather than ground leases on traditional CRE.
- Agree Realty: Net lease REIT specializing in retail and industrial sale-leaseback transactions with developers and operators. Comparable in originating long-term lease capital solutions for real estate owners/developers, with similar transaction-origination GTM and ground-lease-like lease structures.
- Broadstone Net Lease: Diversified net lease REIT acquiring single-tenant commercial properties across industrial, restaurant, office, and retail. Operates with a similar capital-recycling, long-duration lease model to Safehold but at building level rather than land level.
- Four Corners Property Trust: Net lease REIT focused on restaurant properties leased to operators under long-term triple-net contracts. Smaller-scale analog to Safehold's ground lease model — provides long-duration lease capital to operators/owners in a specific property vertical.
- Global Net Lease: Diversified net lease REIT with commercial properties across the U.S. and Europe leased to tenants under long-term triple-net agreements. Operates the same long-duration lease capital model as Safehold with similar customer type (commercial real estate owners/operators).
Broad incumbents
- W. P. Carey: Diversified net lease REIT with a global portfolio of single-tenant commercial properties under long-term leases. Provides long-duration lease capital to corporate owners similar in mechanism to Safehold's ground leases, but operates at significantly larger scale across industrial, retail, and office.
- Realty Income: Largest U.S. net lease REIT ('The Monthly Dividend Company') with a highly diversified portfolio of commercial real estate leased under long-term triple-net contracts. Comparable to Safehold as a long-duration lease capital provider but focused on building-level net leases rather than land-only ground leases.
- VICI Properties: Experiential net lease REIT focused on gaming, hospitality, and entertainment properties. Comparable as a long-term lease capital provider with strong credit quality (investment grade) and similar transaction-origination model, though concentrated in gaming/hospitality rather than ground leases.
Emerging players
- Essential Properties Realty Trust: Net lease REIT focused on sale-leaseback transactions with middle-market tenants across service, dining, and automotive. Comparable long-lease capital model at smaller scale, often partnering with sponsors and developers similar to Safehold's developer relationships.
- Getty Realty: Net lease REIT specializing in convenience store, automotive, and restaurant properties with a long-duration ground and building lease model. Comparable mechanism to Safehold (lease-based long-duration capital) but focused on retail/automotive real estate.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
Safehold social profiles
Digital presenceSafehold financial estimates
Financial estimateRevenue estimate
Valuation estimate
Safehold leadership team
Management profileNumber of profiles
Profiles10 records
Safehold subsidiaries and ownership
Company hierarchySubsidiaries2 records
Safehold funding detail
Funding detailFunding overview
Funding rounds8 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Safehold M&A and investment
M&A and investmentM&A1 record
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Safehold
What does Safehold do?
Safehold provides long-term, cost-efficient ground lease capital to commercial real estate owners, operators, and developers. Its core product is the modern 99-year ground lease with fixed ~2% annual rent escalations, CPI-based adjustments, no fair market value resets, and lender-friendly provisions approved by banks, CMBS, debt funds, life companies, and agencies. The company also offers Ground Lease Plus for development-stage deals, an Affordable Housing Ground Lease for LIHTC projects, and leasehold loan financing as a complementary debt instrument.
Is Safehold a public or private company?
Safehold is a public company. It is classified as public and is currently operating.
When was Safehold founded?
Safehold was founded in 2017. It employs 51 to 100 people.
Where is Safehold based?
Safehold is headquartered in New York, United States, in the North America region.
How does Safehold make money?
Three revenue lines are on record. Ground Lease Rental Income is the primary driver. The others are leasehold Loans and low-Income Housing Tax Credit (LIHTC) Co-Investments.
Who are Safehold's main competitors?
Direct peers on record are EPR Properties, Agree Realty, Broadstone Net Lease, Four Corners Property Trust and Global Net Lease. Broad incumbents are W. P. Carey, Realty Income and VICI Properties. Emerging players are Essential Properties Realty Trust and Getty Realty.
Does Safehold have an API?
No public API is recorded for Safehold.
What industry is Safehold in?
Safehold's product category is Ground Lease Capital / Commercial Real Estate REIT. Its primary akta.pro industry code is FSALAFAM, Settlement, Clearing & Custody for Securitized Products. Its NAICS code is 532 and its SIC code is 6519.