NEW
YORK, Dec. 18, 2024 /PRNewswire/ -- Safehold
Inc. (the "Company" or "Safehold") (NYSE: SAFE) announced today
that Fitch Ratings ("Fitch") has upgraded its credit ratings on the
Company to A- from BBB+, with a stable outlook. Fitch is also
assigning an A- rating and stable outlook to the Company's
operating subsidiary, Safehold GL Holdings LLC.
"This ratings upgrade is a strong result for the Company, and we
appreciate Fitch's recognition of the significant steps we have
taken to build a best-in-class credit profile, emphasizing high
quality assets, stable funding sources and conservative leverage,"
said Brett Asnas, Chief Financial Officer. "We expect having 'A'
ratings from two major agencies will drive better cost and access
to capital, benefitting both shareholders and customers."
Fitch cited the rationale behind the ratings upgrade in their
report: "The upgrade reflects SAFE's focus on the relatively
low-risk ground lease asset class, characterized by growing,
long-dated revenue streams and significant overcollateralization;
expanded use of unsecured debt as a proportion of total debt;
improved portfolio diversity; strong asset quality performance; low
leverage; solid dividend coverage and an experienced management
team."
About Safehold:
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate
ownership by providing a new and better way for owners to unlock
the value of the land beneath their buildings. Having created the
modern ground lease industry in 2017, Safehold continues to help
owners of high quality multifamily, office, industrial,
hospitality, student housing, life science and mixed-use properties
generate higher returns with less risk. The Company, which is taxed
as a real estate investment trust (REIT), seeks to deliver safe,
growing income and long-term capital appreciation to its
shareholders. Additional information on Safehold is available on
its website at www.safeholdinc.com.
Company Contact:
Pearse Hoffmann
Senior Vice President
Capital Markets & Investor Relations
T 212.930.9400
E investors@safeholdinc.com
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SOURCE Safehold
