Real estate investment trust Safehold is trading at attractive levels, and investors need to scoop up the stock, according to Goldman Sachs.
The company owns, acquires and originates ground leases, and has stable cash flows through fixed payments and contractual rent increases.
Unlike its other real estate investment trust peers, Safehold's primary earnings metric is per-share earnings, rather than funds from operations per share.
"The company originates ground leases at conservative 35-40% LTVs (versus the value of the land and the building).
To be sure, Burrows noted that transactions and investment volumes have "slowed meaningfully" due to rising interest rates.
Persons:
Goldman Sachs, Caitlin Burrows, Burrows, Safehold, — CNBC's Michael Bloom