Top 5 Undervalued REIT Stocks to Buy Now

4. Safehold Inc. (NYSE:SAFE)

Stock Upside Potential: 12.78%

Forward P/E: 9.39

Number of Hedge Fund Holders: 18

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.