Star Holdings' primary asset is its stake in Safehold Inc. The unwinding of its secondary assets should likely be done in another two and a half years. Star Holdings likely doubles if Safehold stays static at the current price.
Safehold Inc. (NYSE:SAFE ) Q2 2024 Earnings Conference Call July 30, 2024 9:00 AM ET Company Participants Pearse Hoffmann - Senior Vice President of Capital Markets and Investor Relations Jay Sugarman - Chairman and Chief Executive Officer Brett Asnas - Chief Financial Officer Tim Doherty - Chief Investment Officer Conference Call Participants Nate Crossett - BNP Paribas Caitlin Burrows - Goldman Sachs Anthony Paolone - J.P. Morgan Mitch Germain - Citizens JMP Harsh Hemnani - Green Street Ravi Vaidya - Mizuho Stephen Laws - Raymond James Kenneth Lee - RBC Capital Markets Kelly Kunath - Morgan Stanley Matt Howlett - B.
The headline numbers for Safehold (SAFE) give insight into how the company performed in the quarter ended June 2024, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Last week, CPI and PPI data sent a signal that the inflation is subsiding. This allowed the market to recalibrate the interest rate expectations. The interest rate sensitive assets such as REITs responded nicely.
We had previously suggested that Safehold would make it over the $20 mark. The recent rally has accomplished that, and the bulls are licking their chops ahead of the expected rate cuts. We go over the recent results and tell you what needs to happen to see $30.