Safehold Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, reflecting a strong recovery from the previous fiscal period. For the three months ended September 30, 2024, total revenues reached $90.7 million, an increase of $5.1 million compared to $85.6 million in the same period of 2023. Year-to-date revenues also rose to $273.8 million, up from $249.6 million in the prior year.
The company achieved a net income of $20.0 million for Q3 2024, a substantial turnaround from a net loss of $122.8 million in Q3 2023. For the nine months ended September 30, 2024, net income was $80.5 million, compared to a net loss of $96.0 million for the same period in 2023. This improvement was attributed to a decrease in total costs and expenses, which fell to $74.8 million in Q3 2024 from $215.8 million in Q3 2023, largely due to the absence of goodwill impairment charges that had impacted the previous year.
The company’s net investment in sales-type leases increased to $3.44 billion as of September 30, 2024, up from $3.26 billion at the end of 2023. Ground Lease receivables also rose to $1.78 billion from $1.62 billion over the same period. Total assets grew to $6.81 billion, while total liabilities increased to $4.50 billion, resulting in total equity of $2.32 billion, up from $2.28 billion at the end of 2023.
Safehold's strategic developments included the acquisition of iStar, completed on March 31, 2023, which has been pivotal in enhancing its ground lease portfolio. The company also established a joint venture with a sovereign wealth fund, committing approximately $275 million for a 55% interest, and acquired a Ground Lease from the Ground Lease Plus Fund for $38.3 million in January 2024.
The company reported a provision for credit losses of $7.1 million for Q3 2024, compared to $0.3 million in the same quarter of 2023, reflecting enhancements in credit loss methodology and current market conditions. Interest income from sales-type leases increased to $67.1 million in Q3 2024, up from $59.1 million in Q3 2023, driven by new ground leases and additional fundings.
Overall, Safehold Inc. demonstrated a robust recovery in financial performance, supported by strategic acquisitions and improved operational efficiencies, positioning itself favorably in the ground lease market.
About Safehold Inc.
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