Safehold Business Summary

Safehold Inc. (NYSE: SAFE) is a specialized real estate investment trust (REIT) that pioneered the modern ground lease industry, generating revenue primarily through long-term, inflation-protected ground lease payments and leasehold financing. The company’s business model focuses on decoupling land ownership from building ownership, allowing property owners to unlock capital while Safehold retains the fee simple interest in the underlying land. Operating as a single reportable segment, Safehold manages a $7.1 billion portfolio as of early 2026, diversified across high-quality multifamily, office, industrial, hospitality, and life science assets in major U.S. markets. While it competes with diversified REITs and net lease providers such as American Assets Trust (AAT), Acadia Realty Trust (AKR), and Four Corners Property Trust (FCPT), Safehold maintains a unique market position as the only internally managed, pure-play ground lease company in the public markets. The company was founded in 2017 by iStar Inc., which officially merged with Safehold in March 2023 to create a self-managed entity. Leadership is led by Chairman and CEO Jay Sugarman, a veteran financier who founded both iStar and Safehold and has over three decades of experience in real estate capital markets. The executive team includes Michael Trachtenberg, who was appointed President in February 2026, Chief Financial Officer Brett Asnas, and Chief Investment Officer Tim Doherty. The Board of Directors features high-pedigree members such as Lead Independent Director Stefan Selig, a former U.S. Under Secretary of Commerce, and Jay Nydick, a former Goldman Sachs partner and co-founder of Prospect Ridge. Notable institutional backing includes significant investment from GIC, Singapore’s sovereign wealth fund, which maintains representation on the board.