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NEW YORK – Safehold, Inc. (NYSE:), a real estate investment trust, announced its fourth quarter and full year 2023 financial results. According to the company's recent earnings release, Safehold's fourth quarter revenue amounted to $103 million. , which contributed $352.6 million in total revenue for the fiscal year.
Net income attributable to common stockholders for the fourth quarter was $41.2 million. However, excluding non-recurring income, this figure adjusts to his $25.5 million. For the full year, the company reported a net loss attributable to common stockholders of $55 million, or a profit of $96.8 million, excluding merger and Caret-related costs and non-recurring gains.
Fourth quarter earnings per share (EPS) was reported at $0.58, or $0.36 excluding non-recurring income. For the fiscal year, EPS was a loss of $0.82, but after adjusting for merger and caret-related expenses and non-recurring income, EPS increased to $1.45.
Safehold's 2023 highlights include the completion of its merger with iStar; This brought the management structure in-house and introduced MSD Partners as a major shareholder and Caret investor. The company also had its credit rating upgraded to A3 by Moody's (NYSE:) Investors Services and assigned a positive outlook by Fitch Ratings. Additionally, Safehold raised $152 million through the issuance of common stock and additionally closed a $500 million unsecured revolving credit facility. , and formed a $500 million joint venture with a major sovereign wealth fund.
Jay Sugarman, Chairman and Chief Executive Officer, commented on this year's results: “Despite the challenges posed by an uncertain economic environment, 2023 was a transformational year for Safehold.” did. He expressed optimism about the future outlook and the company's position in expanding the modern ground lease industry with increasing trading activity.
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