Safehold Inc.: 2Q EPS Beats JPMe and Street; Originations Ramped Up and Finds JV Capital At 4.1% Cap Rate

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Safehold Inc.: 2Q EPS Beats JPMe and Street; Originations Ramped Up and Finds JV Capital At 4.1% Cap Rate

J P M O R G A N North America Equity Research

30 July 2026

Safehold Inc. Neutral

SAFE, SAFE US

2Q EPS Beats JPMe and Street; Originations Price (30 Jul 26):$15.84

Ramped Up and Finds JV Capital At 4.1% Cap Rate

REITs & Real Estate Services

SAFE reported 2Q 2026 EPS ex items of $0.42 (+7.7% y/y), which was $0.01 Anthony Paolone, CFA AC

ahead our estimate and Bloomberg consensus, both at $0.41. The key variances the (1-212) 622-6682

drove the beat relative to our forecast included lower other expenses (includes anthony.paolone@jpmorgan.com

CECL) that helped by $0.01-0.02, higher operating hotels NOI that helped by Michael W. Mueller, CFA

about $0.01, and slightly higher other income and lower G&A that together added (1-212) 622-6689

another $0.01. Offsetting these roughly $0.04 in positive items was higher interest michael.w.mueller@jpmorgan.com

expense that was $0.02 ahead of our forecast and higher tax expense that was $0.01 Nahom Tesfazghi

ahead of our forecast. (1-212) 622 4884

nahom.tesfazghi@jpmchase.com

Daniella De Armas RosalesIn terms of the key takeaways from the quarter, there were really four, in our view:

(1-212) 622-0050

First, SAFE showed improved momentum on the deal wide with new originations daniella.dearmasrosales@jpmchase.com

totaling $150 million of ground leases ($54 million in 1Q) and no leasehold loan J.P. Morgan Securities LLC

originations ($14 million in 1Q). New originations this quarter were at the highest

level in the past four years and were all in the multifamily space.

Second, it sold a 49% stake in a $348 million pool of seven ground leases to

Brookfield at a 4.1% cash cap rate, and the deal also includes a number of