The following is a summary of the Safehold Inc. (SAFE) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Safehold Inc. reported revenue of $90.7 million and net income of $19.3 million for Q3 2024.

• Earnings per share for the quarter was $0.27, impacted by a non-cash general provision for credit losses. Excluding these items, EPS was $0.37, up 11% year-over-year.

• The company refined its general provision for credit losses methodology to better reflect the credit attributes of its investments.

Business Progress:

• During Q3, Safehold Inc. engaged in new origination activity totaling $104 million, including three multifamily ground leases and one leasehold loan.

• The company purchased minority ownership interests in nine ground leases from its joint venture partner for a total of $80 million, which were closed at an attractive 7.2% yield.

• Portfolio growth continued with the funding of a total of $122 million, enhancing multifamily focus with 84 multifamily ground leases now part of the portfolio.

Opportunities:

• Capitalizing on lower interest rates, the company engaged more customers, increasing investment activity. With signs of the commercial real estate market reopening, there is an opportunity for Safehold to capture new investments.

• The company's operational focus on owning 100% of smaller-sized deals while retaining the JV for larger opportunities may allow it to exploit its niche in multifamily housing further.

Risks:

• The recent jump in yields and volatility may impact capital stacks and customer decision-making which could affect transaction closings and investment level projections.

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.