Is Safehold Inc. (SAFE) a Top Undervalued REIT Stock to Buy?

Safehold Inc. (NYSE:SAFE) is one of the top undervalued REIT stocks to buy now. Safehold Inc. (NYSE: SAFE) reported first-quarter 2026 results on April 30, delivering revenue of $110.9 million, up 13% year-over-year and well above analyst expectations of $96.26 million. Despite this strong top-line growth, diluted earnings per share came in at $0.40, missing the $0.44 consensus estimate due to transitional challenges from the Park Hotels portfolio.

The ground lease specialist continued to expand its portfolio, originating $68 million in new transactions during the quarter. Safehold also reported a robust pipeline of $255 million in non-binding letters of intent across 14 ground leases in seven markets, including two new ones. The company’s portfolio now totals 165 properties with a gross book value of $7.1 billion, or $9.5 billion when including estimated unrealized capital appreciation. Multifamily assets have grown to represent 63% of the portfolio by count, reflecting a strategic pivot toward this sector.

Net income attributable to common shareholders declined slightly to $28.9 million, down 2% year-over-year, largely due to the Park Hotels’ impact. Safehold maintains a conservative capital structure with $5.0 billion in total debt, investment-grade ratings from Moody’s, S&P, and Fitch, and no corporate maturities until 2029. Liquidity remains strong at $1.1 billion in cash and credit availability, supplemented by $400 million in joint venture capital. The company also repurchased 236,000 shares at a discount to book value, signaling confidence in long-term fundamentals.

Safehold Inc. (NYSE:SAFE) is a REIT specializing in modern ground leases. It provides long-term, cost-efficient capital to owners of commercial buildings. By acquiring land under properties, Safehold helps owners in top U.S. markets maximize asset value, reduce transaction friction, and lower capital costs.

While we acknowledge the risk and potential of SAFE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than SAFE and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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