PropertyApr 30, 2026, 04:24 PM
SAFE Estimated UCA $9.51B as of March 31, 2026
AI Summary
Safehold Inc. announced its estimated unrealized capital appreciation (UCA) in its owned residual portfolio was $9,510 million as of March 31, 2026. The company, formed from the merger of Old SAFE and iStar in March 2023, calculates UCA as the excess of aggregate "Combined Property Value" over the cost basis of its Ground Lease portfolio. This metric helps assess the safety of its capital structure position and the quality of long-term cash flows, with independent valuations provided by CBRE, Inc.
Key Highlights
- Estimated unrealized capital appreciation (UCA) in owned residual portfolio was $9,510 million as of March 31, 2026.
- Old SAFE merged with iStar on March 31, 2023, with iStar continuing as Safehold Inc.
- UCA is the aggregate Combined Property Value of Ground Leases in excess of their aggregate cost basis.
- Independent valuation firm CBRE, Inc. provides initial and periodic reports for Combined Property Value estimates.
- Ground Lease initial cost generally targets 30% to 45% of the Combined Property Value.
- A 35% initial cost implies 65% potential value accretion upon property reversion at lease expiration.
Price Impact
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