Safehold reports $9.5B unrealized appreciation in ground lease portfolio, but tenant rights may limit realization

Filed April 30, 2026 · Period ending April 30, 2026 · ~1 min read

Key Changes

• high

  Company disclosed $9.5 billion in estimated unrealized capital appreciation (UCA) across its ground lease portfolio as of March 31, 2026, representing the difference between $16.2B combined property value and $6.7B cost basis.

  Item 7.01 view on EDGAR →
• high

  Significant tenant rights could prevent Safehold from capturing the disclosed $9.5B value, including building demolition rights, purchase options, year-49 buy-out provisions, and one property where underlying land is itself leased through 2044.

  Item 7.01 view on EDGAR →
• medium

  Valuations performed by independent firm CBRE using property-specific assumptions: office cap rates of 5.5-12%, multi-family at 4.25-6.25%, hotels at 5.25-8.75%, with properties revalued every 12-24 months.

  Item 7.01 view on EDGAR →