SAFE

Safehold owns ground leases on $8 billion worth of premier commercial real estate, collecting rent from building owners while avoiding construction and operational risks. The company operates the only institutional ground lease platform in North America, creating a scarce asset class that generates predictable cash flows with built-in rent escalations. Management targets $1 billion in new originations over the next two years, driven by capital-constrained property owners seeking liquidity without selling their buildings. Trading at 10x earnings with a 4.8% dividend yield, SAFE offers exposure to trophy real estate at a 40% discount to private market ground lease transactions.