Safehold Inc. board to shrink as director exits

Safehold Inc. (NYSE:SAFE), a real estate investment trust currently trading at $18.33, announced on Monday that board member Jesse Hom will not seek re-election and will resign effective May 15, 2025. Following his departure, the company will reduce the number of directors from six to five. The announcement comes as the company’s stock has experienced a significant 30% decline over the past six months.

Hom’s decision to leave the board was not due to any disagreement with the company’s operations, policies, or practices, according to the statement filed with the Securities and Exchange Commission. His resignation will result in the board’s size being adjusted immediately upon his exit.

The announcement comes as part of the company’s filing on March 21, 2025, and precedes the upcoming 2025 annual meeting of stockholders. The details were provided in a Form 8-K submission, a report required by the SEC for public companies to announce significant changes in their business.

Safehold Inc., headquartered in New York, operates under the real estate sector with a focus on acquiring, owning, and managing a portfolio of ground leases. The company, formerly known as iStar Inc., underwent a name change in 2015 and has been listed on the New York Stock Exchange under the ticker symbol SAFE.

The information is based on a press release statement and provides shareholders and the public with the latest governance developments within the company. The reduction in board size aligns with the company’s corporate governance practices and will take effect following Hom’s resignation.

In other recent news, Safehold Inc. has declared a quarterly dividend of $0.177 per common share for the first quarter of 2025, translating to an annualized payment of $0.708 per share. Shareholders on record as of March 31, 2025, will receive this dividend on April 15, 2025. Safehold also reported a significant unrealized capital appreciation (UCA) of approximately $9.128 billion in its portfolio as of December 31, 2024. This UCA is calculated as the difference between the company’s ground lease investments’ cost and the estimated $15.523 billion Combined Property Value of its portfolio.

Additionally, JMP Securities has adjusted its outlook on Safehold by reducing the company’s price target from $35.00 to $32.00, while maintaining a Market Outperform rating. This change reflects the current volatile interest rate environment and uncertainties surrounding Safehold’s Capitalization Rate Enhancement Terms (CARET) program. Despite the lowered price target, JMP Securities remains confident in Safehold’s potential to benefit from declining interest rates. The CARET program is noted for its innovative approach to ground lease structuring, which aims to optimize capital efficiency for property owners. These developments highlight Safehold’s strategic focus on enhancing shareholder value through its ground lease model.

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