DDM Analysis: SAFE

Valuation Snapshot

Stable Growth	$31.57 - $71.00	$45.75
Multi-Stage	$23.37 - $25.49	$24.41
Blended Fair Value	$35.08
Current Price	$15.56
Upside	125.45%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	24.93%	-0.14%	0.71	0.64	0.59	0.50	0.00	0.23	0.15	0.04	0.72	0.72
YoY Growth	-	-	9.88%	9.13%	17.36%	0.00%	-100.00%	52.12%	283.54%	-94.45%	0.00%	0.00%
Dividend Yield	-	-	3.77%	3.20%	2.00%	0.90%	0.00%	0.37%	0.70%	0.25%	1.25%	1.52%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	112.63
(-) Cash Dividends Paid (M)	50.87
(=) Cash Retained (M)	61.76

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	22.53	14.08	8.45
Cash Retained (M)	61.76	61.76	61.76
(-) Cash Required (M)	-22.53	-14.08	-8.45
(=) Excess Retained (M)	39.23	47.68	53.31
(/) Shares Outstanding (M)	71.68	71.68	71.68
(=) Excess Retained per Share	0.55	0.67	0.74
LTM Dividend per Share	0.71	0.71	0.71
(+) Excess Retained per Share	0.55	0.67	0.74
(=) Adjusted Dividend	1.26	1.37	1.45
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	5.50%	6.50%	7.50%
Fair Value	$31.57	$45.75	$71.00
Upside / Downside	102.89%	194.00%	356.28%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	112.63	119.95	127.75	136.05	144.90	154.32	158.95
Payout Ratio	45.17%	54.13%	63.10%	72.07%	81.03%	90.00%	92.50%
Projected Dividends (M)	50.87	64.94	80.61	98.05	117.42	138.88	147.02

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.70%	9.70%	9.70%
Growth Rate	5.50%	6.50%	7.50%
Year 1 PV (M)	58.64	59.19	59.75
Year 2 PV (M)	65.73	66.98	68.25
Year 3 PV (M)	72.20	74.27	76.38
Year 4 PV (M)	78.07	81.08	84.16
Year 5 PV (M)	83.39	87.42	91.60
PV of Terminal Value (M)	1,317.46	1,381.09	1,447.16
Equity Value (M)	1,675.49	1,750.04	1,827.31
Shares Outstanding (M)	71.68	71.68	71.68
Fair Value	$23.37	$24.41	$25.49
Upside / Downside	50.22%	56.90%	63.83%

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Safehold Inc. (SAFE)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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