Safehold discloses $9.77B unrealized appreciation in ground lease portfolio as of Q2 2026

Filed July 30, 2026 · Period ending July 30, 2026 · ~2 min read

Key Changes

• high

  Estimated unrealized capital appreciation (UCA) in owned residual portfolio totals $9.77 billion as of June 30, 2026, representing the difference between combined property value ($16.676B) and ground lease cost basis ($6.906B). UCA reflects potential value that would accrue to Safehold upon lease expiration or tenant default when it regains possession of land and receives title to improvements.

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• high

  Multiple tenant rights may limit realization of the full UCA estimate, including building demolition rights (one tenant can level building up to five years before expiration), purchase options on hotel properties and certain land parcels, a year-49 buyout option, preemptive purchase rights on many leases, and one property where underlying land is itself ground leased from a third party through 2044.

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• medium

  Independent valuation by CBRE uses hypothetical fee simple value approach assuming no ground lease exists and properties leased at stabilized market rent, with capitalization rates ranging from 4.50% to 12.00% depending on property type and stabilized occupancy assumptions from 66% to 100% by asset class.

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