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Rent Coverage Ratio by Type
Measures how well tenant cash flow or net operating income covers ground-lease payments for each property type, highlighting which sectors are most able to meet obligations; lower coverage points to higher default risk and pressure on Safehold’s revenue stability.Office rent coverage has deteriorated steadily, flagging heightened risk in that exposure and potential pressure on portfolio returns; multifamily remains broadly stable but shows a subtle downward drift. By contrast, specialty sectors (life-science and mixed-use) have improved with a clear uptick in the latest quarter, and hotels reversed a multi-quarter slide with a sharp rebound. Net: dispersion is rising—resilience is concentrated in niche assets while office weakness is a growing idiosyncratic risk investors should monitor for lasting credit stress or repricing opportunities.
Date | Multifamily | Office | Hotel | Life Science | Mixed-Use & Other |
|---|---|---|---|---|---|
Jun 30, 2026 | 3.30 | 2.90 | 4.10 | 5.00 | 4.00 |
Mar 31, 2026 | 3.40 | 3.00 | 4.20 | 5.00 | 4.00 |
Dec 31, 2025 | 3.50 | 3.00 | 3.40 | 4.60 | 3.70 |
Sep 30, 2025 | 3.60 | 3.10 | 3.50 | 4.60 | 3.80 |
Jun 30, 2025 | 3.60 | 3.20 | 3.60 | 4.60 | 3.80 |
Mar 31, 2025 | 3.70 | 3.20 | 3.70 | 4.70 | 3.30 |
Dec 31, 2024 | 3.60 | 3.20 | 3.70 | 4.70 | 3.30 |
Sep 30, 2024 | 3.60 | 3.30 | 3.90 | 4.70 | 3.20 |
Jun 30, 2024 | 3.60 | 3.40 | 3.90 | 4.70 | 3.20 |
Mar 31, 2024 | 3.60 | 3.40 | 3.80 | 4.80 | 3.20 |