0001688852-22-000022 | 10-Q | XBRL Viewer

^[1]

$ 2,911,681

$ 2,412,716

Less: accumulated depreciation

^[1]

1,235,744

796,252

Real estate, at cost

^[1]

740,971

^[1]

(31,357)

(28,343)

Total real estate, net and real estate-related intangible assets, net

^[1]

709,614

712,628

^[1]

223,304

224,182

^[1]

932,918

936,810

^[1]

176,854

173,374

^[1]

25,002

29,619

Deferred operating lease income receivable

^[1]

86,623

8,897

^[1]

133,123

117,311

Deferred expenses and other assets, net

^[1]

40,588

40,747

Total assets

^[1]

5,542,533

4,515,726

Liabilities:

Accounts payable, accrued expenses and other liabilities

^[1],[2]

147,775

67,592

^[1]

65,010

65,429

Commitments and contingencies (refer to Note 9)

^[1]

3,273,419

2,697,503

Total liabilities

^[1]

3,486,204

2,830,524

^[1]

Redeemable noncontrolling interests (refer to Note 3)

^[1]

19,000

Safehold Inc. shareholders' equity:

Common stock, $0.01 par value, 400,000 shares authorized, 61,942 and 56,619 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

^[1]

621

566

Additional paid-in capital

^[1]

1,975,933

1,663,324

Retained earnings

^[1]

85,405

59,368

Accumulated other comprehensive loss

^[1]

(27,950)

(40,980)

Total Safehold Inc. shareholders' equity

^[1]

2,034,009

1,682,278

Noncontrolling interests

^[1]

3,320

2,924

Total equity

^[1]

2,037,329

1,685,202

Total liabilities, redeemable noncontrolling interests and equity

^[1]

5,542,533

4,515,726

Other Liability, Due to Related Party

Liabilities:

Accounts payable, accrued expenses and other liabilities

$ 8,600

$ 6,200

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).
[2]	As of June 30, 2022 and December 31, 2021, includes $8.6 million and $6.2 million, respectively, due to related parties.

Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000	400,000
Common stock, shares issued (in shares)	62,054	56,619
Common stock, shares outstanding (in shares)	62,054	56,619

Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Revenues:

Interest income from sales-type leases

$ 48,247

$ 27,126

$ 91,278

$ 53,100

Operating lease income

16,452

16,964

33,418

34,374

Other income

185

123

551

246

Total revenues

64,884

44,213

125,247

87,720

Costs and expenses:

Interest expense

30,266

19,160

55,586

36,327

Real estate expense

699

722

1,407

1,319

Depreciation and amortization

2,406

2,385

4,808

4,770

General and administrative

^[1]

10,458

8,074

19,651

14,729

Other expense

596

705

391

Total costs and expenses

44,425

30,362

82,157

57,536

Income from operations before other items

20,459

13,851

43,090

30,184

Loss on early extinguishment of debt

(216)

2,252

929

4,528

1,768

Net income attributable to noncontrolling interests

22,711

14,780

47,618

31,736

(33)

(48)

(67)

(96)

Net income attributable to Safehold Inc. common shareholders

$ 22,678

$ 14,732

$ 47,551

$ 31,640

Net income

Basic (dollars per share)

$ 0.37

$ 0.28

$ 0.79

$ 0.59

Diluted (dollars per shares)

$ 0.37

$ 0.28

$ 0.79

$ 0.59

Weighted average number of common shares:

Basic (in shares)

62,011

53,309

60,077

53,271

Diluted (in shares)

62,011

53,321

60,077

53,283

Ground Leases with iStar

Revenues:

Interest income from sales-type leases

$ 2,100

$ 4,200

Expenses with Related Party, Equity Based Compensation

Costs and expenses:

General and administrative

$ 9,500

$ 6,600

$ 17,400

$ 12,100

[1]	For the three months ended June 30, 2022 and 2021, includes $9.5 million and $6.6 million, respectively, of general and administrative expenses incurred to related parties that includes management fees, expense reimbursements to the Company’s Manager and equity-based compensation.

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 22,711	$ 14,780	$ 47,618	$ 31,736
Other comprehensive income (loss):
Reclassification of losses on derivatives into earnings	969	764	2,002	1,122
Unrealized gain on derivatives	6,772		11,028	13,290
Other comprehensive income (loss)	7,741	764	13,030	14,412
Comprehensive income	30,452	15,544	60,648	46,148
Comprehensive income attributable to noncontrolling interests	(33)	(48)	(67)	(96)
Comprehensive income attributable to Safehold Inc.	$ 30,419	$ 15,496	$ 60,581	$ 46,052

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Balance at the beginning of the period at Dec. 31, 2020

Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Common Stock

Additional Paid-In Capital

Retained Earnings / Accumulated (Deficit)

Accumulated Other Comprehensive Income (Loss)

Noncontrolling Interests

Total

$ 532

$ 1,412,107

$ 23,945

$ (57,461)

$ 2,180

$ 1,381,303

Increase (Decrease) in Stockholders' Equity [Roll Forward]

31,640

31,736

9,078

199

9,278

Change in accumulated other comprehensive income (loss)

(17,715)

14,412

Balance at the end of the period at Jun. 30, 2021

(21)

533

1,421,185

37,870

(43,049)

2,454

1,418,993

Balance at the beginning of the period at Mar. 31, 2021

533

1,416,583

32,208

(43,813)

2,361

1,407,872

Increase (Decrease) in Stockholders' Equity [Roll Forward]

14,732

14,780

4,602

4,658

Change in accumulated other comprehensive income (loss)

(9,070)

764

Balance at the end of the period at Jun. 30, 2021

(11)

533

1,421,185

37,870

(43,049)

2,454

1,418,993

Increase (Decrease) in Temporary Equity [Roll Forward]

Contributions from noncontrolling interests, net

18,829

Additional paid in capital attributable to redeemable noncontrolling interests

171

Balance at the beginning of the period at Dec. 31, 2021

^[1]

19,000

566

1,663,324

59,368

(40,980)

2,924

1,685,202

^[1]

Increase (Decrease) in Stockholders' Equity [Roll Forward]

47,551

47,618

312,780

333

313,168

Change in accumulated other comprehensive income (loss)

(21,514)

13,030

Contributions from noncontrolling interests

Additional paid in capital attributable to redeemable noncontrolling interests

(22)

(171)

Balance at the beginning of the period at Mar. 31, 2022

621

1,975,933

85,405

(27,950)

3,320

2,037,329

^[1]

19,000

Balance at the beginning of the period at Mar. 31, 2022

^[1]

19,000

619

1,970,443

73,711

(35,691)

3,245

2,012,327

Increase (Decrease) in Stockholders' Equity [Roll Forward]

22,678

22,711

5,490

5,545

Change in accumulated other comprehensive income (loss)

(10,984)

7,741

(11)

Reconciliation of cash and cash equivalents and restricted cash presented on the consolidated statements of cash flows

$ 621

$ 1,975,933

$ 85,405

$ (27,950)

$ 3,320

$ 2,037,329

^[1]

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Consolidated Statements of Changes in Equity - Parenthetical - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (usd per share)	$ 0.177	$ 0.17	$ 0.347	$ 0.33224

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 47,618	$ 31,736
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	4,808	4,770
Stock-based compensation expense	1,465	1,399
Deferred operating lease income	(15,812)	(17,369)
Non-cash interest income from sales-type leases	(33,659)	(19,477)
Non-cash interest expense	5,977	6,039
Amortization of real estate-related intangibles, net	1,152	1,242
Loss on early extinguishment of debt		216
Earnings from equity method investments	(4,528)	(1,768)
Distributions from operations of equity method investments	1,051	865
Amortization of premium, discount and deferred financing costs on debt obligations, net	2,676	1,596
Non-cash management fees	9,666	6,996
Other operating activities	2,496	1,906
Changes in assets and liabilities:
Changes in deferred expenses and other assets, net	263	847
Changes in accounts payable, accrued expenses and other liabilities	23,492	(17,909)
Cash flows provided by (used in) operating activities	46,665	1,089
Cash flows from investing activities:
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables	(907,281)	(210,580)
Contributions to equity method investments	(2)	(39,283)
Funding reserves received from Ground Lease tenant	58,768
Deposits on Ground Lease investments	(2,250)	(2,667)
Other investing activities	72	1,617
Cash flows used in investing activities	(850,693)	(250,913)
Cash flows from financing activities:
Proceeds from issuance of common stock	309,160	1,065
Proceeds from debt obligations	1,460,000	536,508
Repayments of debt obligations	(880,000)	(320,000)
Payments for deferred financing costs	(5,034)	(8,933)
Dividends paid to common shareholders	(20,200)	(17,270)
Payment of offering costs	(4,815)	(259)
Payments for withholding taxes upon vesting of stock-based compensation	(970)
Distributions to noncontrolling interests	(22)	(21)
Contributions from noncontrolling interests	18
Contributions from redeemable noncontrolling interests	19,000
Cash flows provided by financing activities	877,137	191,090
Changes in cash, cash equivalents and restricted cash	73,109	(58,734)
Cash, cash equivalents and restricted cash at beginning of period	38,516	96,467
Cash, cash equivalents and restricted cash at end of period	$ 111,625	$ 37,733

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

$ 25,002

^[1]

$ 33,949

Total cash and cash equivalents and restricted cash

86,623

^[1]

3,784

111,625

37,733

Supplemental disclosure of non-cash investing and financing activity:

Dividends declared to common shareholders

10,984

9,118

Accrued finance costs

749

Accrued offering costs

$ 536

$ 551

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Business and Organization

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Business and Organization

Note 1—Business and Organization

Business—Safehold Inc. (the “Company”) operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder. The Company believes that it is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon (“Ground Leases”). Under a Ground Lease, the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index (“CPI”) based, or both) and sometimes include percentage rent participations. The Company’s CPI lookbacks are generally capped between 3.0% - 3.5%. In the event cumulative inflation growth for the lookback period exceeds the cap, these rent adjustments may not keep up fully with changes in inflation.

The Company intends to target investments in long-term Ground Leases in which: (i) the initial cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land (“Combined Property Value”); (ii) the ratio of property net operating income to the Ground Lease payment due the Company (“Ground Rent Coverage”) is between 2.0x to 4.5x, and for this purpose the Company uses estimates of the stabilized property net operating income if it does not receive current tenant information and for properties under construction or in transition, in each case based on leasing activity at the property and available market information, including leasing activity at comparable properties in the relevant market; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company.

The Company is managed by SFTY Manager, LLC (the “Manager”), a wholly-owned subsidiary of iStar Inc. (“iStar”), the Company’s largest shareholder, pursuant to a management agreement. The Company has no employees, as the Manager provides all services to it. The Company draws on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants.

Organization—The Company is a Maryland corporation and completed its initial public offering in June 2017. The Company’s common stock is listed on the New York Stock Exchange under the symbol “SAFE.” The Company elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT (“UPREIT”). As such, all of the Company’s properties are owned through a subsidiary partnership, Safehold Operating Partnership LP (the “Operating Partnership”). As of June 30, 2022, the Company owned 100% of the limited partner interests in the Operating Partnership and a wholly-owned subsidiary of the Company owned 100% of the general partner interests in the Operating Partnership. The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company.

Note 2—Basis of Presentation and Principles of Consolidation

Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial

statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”).

The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.

Principles of Consolidation—The consolidated financial statements include the accounts and operations of the Company, its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.

Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. As of June 30, 2022, the total assets of these consolidated VIEs were $70.0 million and total liabilities were $29.8 million. The classifications of these assets are primarily within “Net investment in sales-type leases,” “Real estate, net,” “Real estate-related intangible assets, net” and “Deferred operating lease income receivable” on the Company’s consolidated balance sheets. The classifications of liabilities are primarily within “Debt obligations, net” and “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE’s respective assets. The Company has provided no financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of June 30, 2022.

Basis of Presentation and Principles of Consolidation

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation and Principles of Consolidation

Note 1—Business and Organization

Note 2—Basis of Presentation and Principles of Consolidation

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 3—Summary of Significant Accounting Policies

Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board (“FASB”) guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The Company determines the estimated fair values of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the Company and the Company’s own assumptions about market participant assumptions.

The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions):


	As of June 30, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in sales-type leases⁽¹⁾	$	2,912	$	2,941	$	2,413	$	2,704
Ground Lease receivables⁽¹⁾		1,236		1,224		796		893
Cash and cash equivalents⁽²⁾		25		25		30		30
Restricted cash⁽²⁾		87		87		9		9

Liabilities
Debt obligations, net⁽¹⁾
Level 1		737		607		738		741
Level 3		2,536		2,149		1,960		2,118
Total debt obligations, net		3,273		2,756		2,698		2,859

(1)

The fair value of the Company’s net investment in sales-type leases and Ground Lease receivables are classified as Level 3 within the fair value hierarchy. The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets are classified as Level 3 within the fair value hierarchy.

(2)	The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values and are classified as Level 1 within the fair value hierarchy.

Redeemable Noncontrolling Interests—In February 2022, the Company sold 108,571 Caret Units (refer to Note 11) for $19.0 million to third-party investors and received a commitment from an existing shareholder (which is affiliated with one of the Company’s independent directors) for the purchase of 28,571 Caret Units for $5.0 million. As part of the sale, the Company is obligated to seek to provide a public market listing for the Caret Units, or securities into which they may be exchanged, within two years. If the Company is unable to provide public market liquidity within two years at a value in excess of the new investor’s basis, the investors have the right to cause the Company to redeem their Caret Units at their original purchase price.

The Company classifies these redeemable Caret Units in accordance with Accounting Standards Codification (“ASC”) 480: Distinguishing Liabilities from Equity. ASC 480-10-S99-3A requires that equity securities redeemable at the option of the holder be classified outside of permanent stockholders’ equity. The Company classifies redeemable Caret Units as “Redeemable noncontrolling interests” in its consolidated balance sheets and consolidated statements of changes in equity. The redeemable noncontrolling interest’s carrying amount is equal to the higher of (i) the initial carrying amount, increased or decreased for the redeemable noncontrolling interest’s share of net income or loss and dividends; or (ii) the redemption value. In the case of the Company’s redeemable Caret Units, the carrying amount equals both the initial carrying amount and the redemption value.

New Accounting Pronouncements—In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This new standard replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public entities such as the Company that qualified as smaller reporting companies prior to December 31, 2019, ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted. Management is currently evaluating the impact of ASU 2016-13 on the Company’s consolidated financial statements.

In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”) to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements.

Net Investment In Sales-type Leases and Ground Lease Receivables

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Net Investment In Sales-type Leases and Ground Lease Receivables

Note 4—Net Investment in Sales-type Leases and Ground Lease Receivables

The Company classifies certain of its Ground Leases as sales-type leases and records the leases within “Net investment in sales-type leases” on the Company’s consolidated balance sheets and records interest income in “Interest income from sales-type leases” in the Company’s consolidated statements of operations. In addition, the Company may enter into transactions whereby it acquires land and enters into Ground Leases with the seller. These Ground Leases qualify as sales-type leases and, as such, do not qualify for sale leaseback accounting and are accounted for as financing receivables in accordance with ASC 310 - Receivables and are included in “Ground Lease receivables” on the Company’s consolidated balance sheets. The Company records interest income from Ground Lease receivables in “Interest income from sales-type leases” in the Company’s consolidated statements of operations.

In September 2021, the Company entered into a lease assignment and modification with one of its tenants under an operating lease. In connection with this transaction, the lease was assigned to a new tenant and the maturity of the lease was extended by 3.5 years to September 2120. As a result of the modification to the lease, the Company re-evaluated the lease classification and classified the lease as a sales-type lease and recorded $40.9 million in "Net investment in leases" and derecognized $11.4 million from "Real estate, net," $9.8 million from "Deferred operating lease income receivable" and $17.9 million from "Real estate-related intangible assets, net" on its consolidated balance sheet.

The Company’s net investment in sales-type leases were comprised of the following ($ in thousands):


	June 30, 2022		December 31, 2021
Total undiscounted cash flows	$	27,502,868	$	23,707,424
Unguaranteed estimated residual value		2,771,772		2,319,761
Present value discount		(27,362,959)		(23,614,469)
Net investment in sales-type leases	$	2,911,681	$	2,412,716

The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the six months ended June 30, 2022 and 2021 ($ in thousands):


	Net Investment in		Ground Lease
	Sales-type Leases		Receivables		Total
Six Months Ended June 30, 2022
Beginning balance	$	2,412,716	$	796,252	$	3,208,968
Origination/acquisition/fundings⁽¹⁾		474,281		430,517		904,798
Accretion		24,684		8,975		33,659
Ending balance⁽²⁾	$	2,911,681	$	1,235,744	$	4,147,425


	Net Investment in		Ground Lease
	Sales-type Leases		Receivables		Total
Six Months Ended June 30, 2021
Beginning balance	$	1,305,519	$	577,457	$	1,882,976
Purchase price allocation adjustment		(182)		—		(182)
Origination/acquisition/fundings⁽¹⁾		113,871		95,985		209,856
Accretion		13,273		6,204		19,477
Ending balance	$	1,432,481	$	679,646	$	2,112,127

(1)

The net investment in sales-type leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. For newly originated or acquired Ground Leases, the Company’s estimate of residual value equals the fair value of the land at lease commencement.

(2)	As of June 30, 2022, the Company’s weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.1% and 5.4%, respectively. As of June 30, 2022, the weighted average remaining life of the Company’s 29 Ground Lease receivables was 98.9 years.

Future Minimum Lease Payments under Sales-type Leases—Future minimum lease payments to be collected under sales-type leases accounted for under ASC 842 - Leases, excluding lease payments that are not fixed and determinable, in effect as of June 30, 2022, are as follows by year ($ in thousands):


					Fixed Bumps
	Fixed Bumps				with
	with Inflation		Fixed		Percentage
	Adjustments		Bumps		Rent		Total
2022 (remaining six months)	$	44,510	$	879	$	270	$	45,659
2023		90,817		2,229		586		93,632
2024		94,898		2,256		586		97,740
2025		96,756		2,283		586		99,625
2026		98,604		2,311		586		101,501
Thereafter		26,378,256		585,794		100,661		27,064,711
Total undiscounted cash flows	$	26,803,841	$	595,752	$	103,275	$	27,502,868

During the three and six months ended June 30, 2022 and 2021, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands):


	Net Investment		Ground
	in Sales-type		Lease
Three Months Ended June 30, 2022	Leases		Receivables		Total
Cash	$	21,935	$	8,501	$	30,436
Non-cash		12,979		4,832		17,811
Total interest income from sales-type leases	$	34,914	$	13,333	$	48,247


	Net Investment		Ground
	in Sales-type		Lease
Three Months Ended June 30, 2021	Leases		Receivables		Total
Cash	$	11,466	$	5,672	$	17,138
Non-cash		6,771		3,217		9,988
Total interest income from sales-type leases	$	18,237	$	8,889	$	27,126


	Net Investment		Ground
	in Sales-type		Lease
Six Months Ended June 30, 2022	Leases		Receivables		Total
Cash	$	41,761	$	15,858	$	57,619
Non-cash		24,684		8,975		33,659
Total interest income from sales-type leases	$	66,445	$	24,833	$	91,278


	Net Investment		Ground
	in Sales-type		Lease
Six Months Ended June 30, 2021	Leases		Receivables		Total
Cash	$	22,581	$	11,042	$	33,623
Non-cash		13,273		6,204		19,477
Total interest income from sales-type leases	$	35,854	$	17,246	$	53,100

Real Estate and Real Estate-Related Intangibles

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Real Estate and Real Estate-Related Intangibles

Note 5—Real Estate and Real Estate-Related Intangibles

The Company’s real estate assets consist of the following ($ in thousands):


	As of
	June 30, 2022		December 31, 2021
Land and land improvements, at cost	$	547,739	$	547,739
Buildings and improvements, at cost		193,232		193,232
Less: accumulated depreciation		(31,357)		(28,343)
Total real estate, net	$	709,614	$	712,628
Real estate-related intangible assets, net		223,304		224,182
Total real estate, net and real estate-related intangible assets, net	$	932,918	$	936,810

Real estate-related intangible assets, net consist of the following items ($ in thousands):


	As of June 30, 2022
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Above-market lease assets, net⁽¹⁾	$	186,002	$	(13,687)	$	172,315
In-place lease assets, net⁽²⁾		67,584		(17,312)		50,272
Other intangible assets, net		750		(33)		717
Total	$	254,336	$	(31,032)	$	223,304


	As of December 31, 2021
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Above-market lease assets, net⁽¹⁾	$	186,002	$	(12,119)	$	173,883
In-place lease assets, net⁽²⁾		65,102		(15,523)		49,579
Other intangible assets, net		750		(30)		720
Total	$	251,854	$	(27,672)	$	224,182

(1)

Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases.

(2)

In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases.

The expense from the amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 ($ in thousands):


	Income Statement	For the Three Months Ended June 30,
Intangible asset	Location	2022		2021
Above-market lease assets (decrease to income)	Operating lease income	$	784	$	829
In-place lease assets (decrease to income)	Depreciation and amortization		897		876
Other intangible assets (decrease to income)	Operating lease income		2		2


	Income Statement	For the Six Months Ended June 30,
Intangible asset	Location	2022		2021
Above-market lease assets (decrease to income)	Operating lease income	$	1,567	$	1,657
In-place lease assets (decrease to income)	Depreciation and amortization		1,789		1,752
Other intangible assets (decrease to income)	Operating lease income		4		4

The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):⁽¹⁾


Year	Amount
2022 (remaining six months)	$	3,370
2023		6,724
2024		6,676
2025		6,676
2026		3,767

(1)	As of June 30, 2022, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 79.4 years.

Real estate-related intangible liabilities, net consist of the following items ($ in thousands):⁽¹⁾


	As of June 30, 2022
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Below-market lease liabilities⁽¹⁾	$	68,618	$	(3,608)	$	65,010


	As of December 31, 2021
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Below-market lease liabilities⁽¹⁾	$	68,618	$	(3,189)	$	65,429

(1)

Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases.

The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 ($ in thousands):


	Income Statement	For the Three Months Ended June 30,
Intangible liability	Location	2022		2021
Below-market lease liabilities (increase to income)	Operating lease income	$	209	$	209


	Income Statement	For the Six Months Ended June 30,
Intangible liability	Location	2022		2021
Below-market lease liabilities (increase to income)	Operating lease income	$	419	$	419

Future Minimum Operating Lease Payments—Future minimum lease payments to be collected under non-cancelable operating leases, excluding lease payments that are not fixed and determinable, in effect as of June 30, 2022, are as follows by year ($ in thousands):


			Fixed Bumps						Fixed
			with						Bumps with
	Inflation-		Inflation		Fixed		Percentage		Percentage
Year	Linked		Adjustments		Bumps		Rent⁽¹⁾		Rent		Total
2022 (remaining six months)	$	2,789	$	8,494	$	1,096	$	5,509	$	179	$	18,067
2023		5,578		17,347		2,214		11,018		281		36,438
2024		5,578		17,677		2,248		11,018		51		36,572
2025		5,578		18,004		2,314		11,018		51		36,965
2026		5,578		18,370		2,357		987		51		27,343
Thereafter		423,391		4,326,865		435,496		16,812		77		5,202,641

(1)

During the three months ended June 30, 2022 and 2021, the Company recognized $0.2 million and $0.1 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations. During the six months ended June 30, 2022 and 2021, the Company recognized $0.9 million and $0.1 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

Equity Investments in Ground Leases

6 Months Ended

Jun. 30, 2022

Investments, All Other Investments [Abstract]

Equity Investments in Ground Leases

Note 6—Equity Investments in Ground Leases

In June 2021, the Company acquired a 29.2% noncontrolling equity interest in a Ground Lease at an office property in New York City. As of June 30, 2022 and December 31, 2021, the Company’s investment in the Ground Lease was $44.7 million and $42.1 million, respectively. During the three months ended June 30, 2022 and 2021, the Company recorded $1.4 million and $0.1 million, respectively, in earnings from equity method investments from the Ground Lease. During the six months ended June 30, 2022 and 2021, the Company recorded $2.8 million and $0.1 million, respectively, in earnings from equity method investments from the Ground Lease.

In August 2019, the Company formed a venture with a sovereign wealth fund that is an existing shareholder of the Company to acquire the existing Ground Lease at 425 Park Avenue in New York City. The venture acquired the Ground Lease in November 2019. The Company has a 54.8% noncontrolling equity interest in the venture and iStar is the manager of the venture. As of June 30, 2022 and December 31, 2021, the Company’s investment in the venture was $132.2 million and $131.3 million, respectively. During the three months ended June 30, 2022 and 2021, the Company recorded $0.8 million and $0.8 million, respectively, in earnings from equity method investments from the venture. During the six months ended June 30, 2022 and 2021, the Company recorded $1.7 million and $1.7 million, respectively, in earnings from equity method investments from the venture.

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities

Note 7—Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities

Deferred expenses and other assets, net, consist of the following items ($ in thousands):


	As of
	June 30, 2022		December 31, 2021
Operating lease right-of-use asset⁽¹⁾	$	26,875	$	27,435
Deferred finance costs, net⁽²⁾		6,162		7,875
Other assets		2,766		2,898
Purchase deposits		4,333		2,083
Leasing costs, net		452		456
Deferred expenses and other assets, net	$	40,588	$	40,747

(1)

Operating lease right-of-use asset relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s consolidated statements of operations. During both the three months ended June 30, 2022 and 2021, the Company recognized $0.1 million in “Real estate expense” and $0.1 million in “Other income” from its operating lease right-of-use asset. During both the six months ended June 30, 2022 and 2021, the Company recognized $0.2 million in “Real estate expense” and $0.2 million in “Other income” from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5%.

(2)	Accumulated amortization of deferred finance costs was $3.9 million and $2.2 million as of June 30, 2022 and December 31, 2021, respectively.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):


	As of
	June 30, 2022		December 31, 2021
Other liabilities⁽¹⁾	$	76,149	$	14,998
Interest payable		47,852		31,601
Dividends declared and payable		11,003		9,690
Operating lease liability		5,539		5,605
Management fee payable		5,209		4,271
Accrued expenses⁽²⁾		2,023		1,427
Accounts payable, accrued expenses and other liabilities	$	147,775	$	67,592

(1)

As of June 30, 2022, includes a $58.8 million liability due to a Ground Lease tenant for the development of a life science property that will be distributed during their development of the property. This amount has been received from the Ground Lease tenant and is included in “Restricted cash” on the Company’s consolidated balance sheet as of June 30, 2022. As of June 30, 2022 and December 31, 2021, other liabilities includes $3.3 million and $1.9 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company’s behalf.

(2)	As of June 30, 2022 and December 31, 2021, accrued expenses primarily includes accrued legal and audit expenses and accrued property expenses.

Debt Obligations, net

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Debt Obligations, net

Note 8—Debt Obligations, net

The Company’s outstanding debt obligations consist of the following ($ in thousands):


	As of				Interest		Scheduled
	June 30, 2022		December 31, 2021		Rate⁽¹⁾		Maturity Date⁽²⁾
Secured credit financing:
Mortgages	$	1,498,113	$	1,498,113	3.99	%	April 2027 to November 2069
Total secured credit financing⁽³⁾		1,498,113		1,498,113
Unsecured financing:
2.80% senior notes		400,000		400,000	2.80	%	June 2031
2.85% senior notes		350,000		350,000	2.85	%	January 2032
3.98% senior notes		475,000		—	3.98	%	February 2052
5.15% senior notes		150,000		—	5.15	%	May 2052
Unsecured Revolver		445,000		490,000	LIBOR plus 1.00	%	March 2026
Total unsecured financing		1,820,000		1,240,000
Total debt obligations		3,318,113		2,738,113
Debt premium, discount and deferred financing costs, net		(44,694)		(40,610)
Total debt obligations, net	$	3,273,419	$	2,697,503

(1)

For mortgages, represents the weighted average interest rate of consolidated mortgage debt in effect over the life of the mortgage debt and excludes the effect of debt premium, discount and deferred financing costs. As of June 30, 2022, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.25%. The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within “Accounts payable, accrued expenses, and other liabilities” on the Company’s consolidated balance sheets. As of June 30, 2022, the Company’s combined weighted average interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 6) and the Company’s unsecured senior notes were 3.74% and 3.18%, respectively.

(2)	Represents the extended maturity date for all debt obligations.

(3)	As of June 30, 2022, $2.0 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations.

Mortgages—Mortgages consist of asset specific non-recourse borrowings that are secured by the Company’s Ground Leases. As of June 30, 2022, the Company’s mortgages are full term interest only, bear interest at a weighted average interest rate of 3.99% and have maturities between April 2027 and November 2069.

Unsecured Notes—In May 2021, the Operating Partnership (as issuer) and the Company (as guarantor), issued $400.0 million aggregate principal amount of 2.80% senior notes due June 2031 (the “2.80% Notes”). The 2.80% Notes were issued at 99.127% of par. The Company may redeem the 2.80% Notes in whole at any time or in part from time to time prior to March 15, 2031, at the Company’s option and sole discretion, at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2.80% Notes being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. If the 2.80% Notes are redeemed on or after March 15, 2031, the redemption price will be equal to 100% of the principal amount of the 2.80% Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date.

In November 2021, the Operating Partnership (as issuer) and the Company (as guarantor), issued $350.0 million aggregate principal amount of 2.85% senior notes due January 2032 (the “2.85% Notes”). The 2.85% Notes were issued at 99.123% of par. The Company may redeem the 2.85% Notes in whole at any time or in part from time to time prior to October 15, 2031, at the Company’s option and sole discretion, at a redemption price equal to the greater of: (i) 100% of

the principal amount of the 2.85% Notes being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. If the 2.85% Notes are redeemed on or after October 15, 2031, the redemption price will be equal to 100% of the principal amount of the 2.85% Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date.

In January 2022, the Operating Partnership (as issuer) and the Company (as guarantor), issued $475.0 million aggregate principal amount of privately-placed 3.98% senior notes due February 2052 (the “3.98% Notes”). The Operating Partnership elected to draw these funds in March 2022. The Company may, at its option, prepay at any time all, or from time to time any part of, the 3.98% Notes, in an amount not less than 5% of the aggregate principal amount of the 3.98% Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the applicable make-whole amount calculated in accordance with the indenture, for such tranche determined for the prepayment date with respect to such principal amount; provided, that, so long as no default or event of default shall then exist, at any time on or after November 15, 2051, the Company may, at its option, prepay all or any part of the 3.98% Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to the prepayment date, without any make-whole amount.

In May 2022, the Operating Partnership (as issuer) and the Company (as guarantor), issued $150.0 million aggregate principal amount of privately-placed 5.15% senior notes due May 2052 (the “5.15% Notes”). The structure of the 5.15% Notes features a stairstep coupon rate in which the Company will pay cash interest at a rate of 2.50% in years 1 through 10, 3.75% in years 11 through 20, and 5.15% in years 21 through 30. The difference between the 5.15% stated rate and the cash interest rate will accrue in each semi-annual payment period and be paid in kind by adding such accrued interest to the outstanding principal balance, to be repaid at maturity in May 2052. The Company may, at its option, prepay at any time all, or from time to time any part of, the 5.15% Notes, in an amount not less than 5% of the aggregate principal amount of the 5.15% Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the applicable make-whole amount calculated in accordance with the indenture; provided, that, so long as no default or event of default shall then exist, at any time on or after February 13, 2052, the Company may, at its option, prepay all or any part of the 5.15% Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to the prepayment date, without any make-whole amount.

Unsecured Revolver—In March 2021, the Operating Partnership (as borrower) and the Company (as guarantor), entered into an unsecured revolving credit facility with an initial maximum aggregate principal amount of up to $1.0 billion (the “Unsecured Revolver”). In December 2021, the Company obtained additional lender commitments increasing the maximum availability to $1.35 billion. The Unsecured Revolver has an initial maturity of March 2024 with two 12-month extension options exercisable by the Company, subject to certain conditions, and bears interest at an annual rate of applicable LIBOR plus 1.00%, subject to the Company’s credit ratings. The Company also pays a facility fee of 0.125%, subject to the Company’s credit ratings. As of June 30, 2022, there was $0.9 billion of undrawn capacity on the Unsecured Revolver.

Debt Covenants—The Company is subject to financial covenants under the Unsecured Revolver, including maintaining: (i) a ratio of unencumbered assets to unsecured debt of at least 1.33x; and (ii) a consolidated fixed charge coverage ratio of at least 1.15x, as such terms are defined in the documents governing the Unsecured Revolver. In addition, the Unsecured Revolver contains customary affirmative and negative covenants. Among other things, these covenants may restrict the Company or certain of its subsidiaries’ ability to incur additional debt or liens, engage in certain mergers, consolidations and other fundamental changes, make other investments or pay dividends. The Company’s 2.80% Notes, 2.85% Notes, 3.98% Notes and 5.15% Notes are subject to a financial covenant requiring a ratio of unencumbered assets to unsecured debt of at least 1.25x and contain customary affirmative and negative covenants. The Company’s 3.98% Notes and 5.15% Notes contain a provision whereby they will be deemed to include additional financial covenants and negative covenants to the extent such covenants are incorporated into the Operating Partnership’s and/or the Company’s

existing or future material credit facilities, including the Unsecured Revolver, and to the extent such covenants are more favorable to the lenders under such material credit facilities than the covenants contained in the 3.98% Notes and 5.15% Notes. The Company’s mortgages contain no significant maintenance or ongoing financial covenants. As of June 30, 2022, the Company was in compliance with all of its financial covenants.

Future Scheduled Maturities—As of June 30, 2022, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company’s option, are as follows ($ in thousands):


	Secured		Unsecured		Total
2022 (remaining six months)	$	—	$	—	$	—
2023		—		—		—
2024		—		—		—
2025		—		—		—
2026		—		445,000		445,000
Thereafter⁽¹⁾		1,498,113		1,375,000		2,873,113
Total principal maturities		1,498,113		1,820,000		3,318,113
Debt premium, discount and deferred financing costs, net		(27,417)		(17,277)		(44,694)
Total debt obligations, net	$	1,470,696	$	1,802,723	$	3,273,419

(1)	As of June 30, 2022, the Company’s weighted average maturity for its secured mortgages was 29.0 years.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies

Note 9—Commitments and Contingencies

Unfunded Commitments—The Company has unfunded commitments to certain of its Ground Lease tenants related to leasehold improvement allowances that it expects to fund upon the completion of certain conditions. As of June 30, 2022, the Company had $316.5 million of such commitments.

The Company also has unfunded forward commitments related to agreements that it entered into for the acquisition of new Ground Leases or additions to existing Ground Leases if certain conditions are met (refer to Note 13). These commitments may also include leasehold improvement allowances that will be funded to the Ground Lease tenants when certain conditions are met. As of June 30, 2022, the Company had an aggregate $436.7 million of such commitments. There can be no assurance that the conditions to closing for these transactions will be satisfied and that the Company will acquire the Ground Leases or fund the leasehold improvement allowances.

Legal Proceedings—The Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements.

Risk Management and Derivatives

6 Months Ended

Jun. 30, 2022

Risks and Uncertainties [Abstract]

Risk Management and Derivatives

Note 10—Risk Management and Derivatives

In the normal course of its ongoing business operations, the Company encounters credit risk. Credit risk is the risk of default on the Company’s leases that result from a tenant’s inability or unwillingness to make contractually required payments.

Risk concentrations—Concentrations of credit risks arise when the Company has multiple leases with a particular tenant or credit party, or a number of the Company’s tenants are engaged in similar business activities, or activities in the same geographic region, or have similar economic features, such that their ability to meet contractual obligations, including those to the Company, could be similarly affected by changes in economic conditions.

Although the Company’s Ground Leases are geographically diverse and the tenants operate in a variety of industries and property types, to the extent the Company has a significant concentration of interest income from sales-type leases or operating lease income from any tenant, the inability of that tenant to make its payment could have a material adverse effect on the Company. The Company did not have a significant concentration of operating lease income from any tenant for the periods presented.

Derivative instruments and hedging activity—The Company’s use of derivative financial instruments has been associated with debt issuances and primarily limited to the utilization of interest rate swaps and interest rate caps to manage interest rate risk exposure. The Company does not enter into derivatives for trading purposes.

The Company recognizes derivatives, if any, as either assets or liabilities on the Company’s consolidated balance sheets at fair value. Interest rate hedge assets are recorded in “Deferred expenses and other assets, net” and interest rate hedge liabilities are recorded in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability.

For the Company’s derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives are reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt.

For the Company’s derivatives not designated as hedges, the changes in the fair value of the derivatives are reported in “Interest expense” in the Company’s consolidated statements of operations. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements.

During the six months ended June 30, 2021, the Company terminated its interest rate hedges for $19.9 million. The Company did not have any derivatives outstanding as of June 30, 2022 and December 31, 2021. Over the next 12 months, the Company expects that $3.8 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense.

Credit Risk-Related Contingent Features—The Company reports derivative instruments, if any, on a gross basis in its consolidated financial statements. The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021 ($ in thousands):


				Amount of Gain
		Amount of Gain		(Loss) Reclassified
		(Loss) Recognized		from Accumulated
		in Accumulated		Other
	Location of Gain (Loss)	Other		Comprehensive
	When Recognized in	Comprehensive		Income into
Derivatives Designated in Hedging Relationships	Income	Income		Earnings
For the Three Months Ended June 30, 2022
Interest rate swaps	Interest expense	$	6,772	$	(969)
For the Three Months Ended June 30, 2021
Interest rate swaps	Interest expense	$	—	$	(764)
For the Six Months Ended June 30, 2022
Interest rate swaps	Interest expense	$	11,028	$	(2,002)
For the Six Months Ended June 30, 2021
Interest rate swaps	Interest expense	$	13,290	$	(1,122)

Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Note 11—Equity

Common Stock—The Company has one class of common stock outstanding. During the six months ended June 30, 2022, iStar purchased 0.2 million shares of the Company’s common stock for $10.5 million, at an average cost of $66.83 per share, pursuant to 10b5-1 plans (the “10b5-1 Plans”) in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which it could buy shares of the Company’s common stock in the open market. iStar has also purchased shares of the Company’s common stock through private placements with the Company in connection with the Company’s public offerings. In March 2022, the Company sold 2,000,000 shares of its common stock in a public offering for gross proceeds of $118.0 million. Concurrently with the public offering, the Company sold $191.2 million in shares, or 3,240,000 shares, of its common stock to iStar in a private placement. The Company incurred approximately $5.1 million of offering costs in connection with these transactions which were recorded as a reduction to additional paid-in capital. As of June 30, 2022, iStar owned 64.7% of the Company’s common stock; however, its discretionary voting power is limited to 41.9% as a result of limitations on its voting power contained in a stockholder’s agreement entered into in January 2019.

In February 2021, the Company and its affiliates, entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell shares of its common stock up to an aggregate purchase price of $250.0 million. Through June 30, 2022, the Company sold 12,881 shares at an average net price of $81.45 per share, paid $15,977 of offering costs and raised $1.0 million of net proceeds pursuant to the ATM. Proceeds from the ATM were used for general corporate purposes. As of June 30, 2022, the Company had $248.9 million of aggregate purchase price remaining under its ATM.

Equity Plans—During the third quarter 2018, the Company adopted an equity incentive plan providing for grants of interests (called “Caret Units”) in a subsidiary of the Operating Partnership intended to constitute profits interests within the meaning of relevant Internal Revenue Service guidance. The Company’s shareholders approved the plan in the second quarter of 2019. Grants under the plan were subject to graduated vesting based on time and hurdles of the Company’s common stock price. Once a particular stock price hurdle is met, a portion of the awards become vested, but remain subject to being forfeited, in part, if additional time-based service conditions are not satisfied. The awards generally entitle plan participants to cash distributions of up to 15%, in the aggregate, of the capital appreciation above the Company’s investment basis on its Ground Lease assets received upon the sale of a Ground Lease, the sale of a combined property

and certain non-recourse mortgage debt refinancings of a Ground Lease. The Company owns 84% of the Caret Units (refer to Note 3). At the time of plan adoption, awards with an aggregate fair value of $1.4 million were granted to the Company’s non-management directors and employees of the Manager and will be recognized over a period of four years. As of June 30, 2022, all stock price hurdles were achieved and each outstanding award is fully vested. In February 2020 and March 2020, the Company granted awards with an aggregate grant date fair value of $0.5 million and $0.1 million, respectively, to employees of the Manager. The awards granted in February 2020 will cliff vest in December 2022 and the awards granted in March 2020, which were granted to one employee of the Manager, vest over three years upon satisfaction of continuing service conditions. As of June 30, 2022, 12% of the awards granted in March 2020 had vested and 88% of the awards were forfeited. During the six months ended June 30, 2022 and 2021, the Company recognized $0.3 million and $0.2 million, respectively, in expense from Caret Units and it is recorded in “General and administrative” in the Company’s consolidated statements of operations and “Noncontrolling interests” on the Company’s consolidated balance sheets.

In August 2021, in order to ensure that the interests of the non-management directors are best aligned with the interests of the Company’s common shareholders, each of the non-management directors (or, in the case of two directors, their affiliated trusts to which the Caret Units had been issued) entered into agreements to exchange their Caret Units that were granted at the time of plan adoption into shares of the Company’s common stock. Effective December 1, 2021, each non-management director (or, in the case of two directors, their affiliated trusts to which the Caret Units had been issued) exchanged 3,750 Caret Units for 2,546 shares of the Company’s common stock. The Company’s board of directors approved the exchanges having considered the report of a leading independent valuation firm.

The Company adopted an equity incentive plan to provide equity incentive opportunities to members of the Manager’s management team and employees who perform services for the Company, the Company’s non-management directors, advisers, consultants and other personnel (the “2017 Equity Incentive Plan”). The 2017 Equity Incentive Plan provides for grants of stock options, shares of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, including long-term incentive plan units. In the second quarter 2022, the Company issued 26,000 fully-vested shares with a fair value of $1.1 million, or $43.51 per share, to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors. In the second quarter 2021, the Company issued 16,000 fully-vested shares with a fair value of $1.1 million, or $69.86 per share, to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors. In the first quarter 2019, the Company granted 25,000 restricted stock units with a fair value of $0.5 million, or $19.15 per share, under the 2017 Equity Incentive Plan to an employee of the Manager, representing the right to receive 25,000 shares of the Company’s common stock, which vested in January 2022. Grants under the 2017 Equity Incentive Plan are recognized as compensation costs ratably over the applicable vesting period and recorded in “General and administrative” in the Company’s consolidated statements of operations. As of June 30, 2022, an aggregate of 698,500 shares remain available for issuance pursuant to future awards under the Company’s 2017 Equity Incentive Plan.

Noncontrolling Interests—Noncontrolling interests includes unrelated third-party equity interests in ventures that are consolidated in the Company’s consolidated financial statements and Caret Units that have been granted to employees of the Company’s Manager.

Accumulated Other Comprehensive Income (Loss)—Accumulated other comprehensive income (loss) consists of net unrealized gains (losses) on the Company’s derivative transactions.

Dividends—The Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2017. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. Because taxable income differs from cash flow from

operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. During the six months ended June 30, 2022 and 2021, the Company declared cash dividends on its common stock of $21.5 million, or $0.347 per share, and $17.7 million, or $0.33224 per share, respectively.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Related Party Transactions

Earnings Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Note 12—Earnings Per Share

Earnings per share (“EPS”) is calculated by dividing net income attributable to common shareholders by the weighted average number of shares outstanding for the period. The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net income	$	22,711	$	14,780	$	47,618	$	31,736
Net income attributable to noncontrolling interests		(33)		(48)		(67)		(96)
Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share	$	22,678	$	14,732	$	47,551	$	31,640


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Earnings attributable to common shares:
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$	22,678	$	14,732	$	47,551	$	31,640
Net income attributable to Safehold Inc. common shareholders - diluted	$	22,678	$	14,732	$	47,551	$	31,640

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share		62,011		53,309		60,077		53,271
Add: Effect of assumed shares under treasury stock method for restricted stock units		—		12		—		12
Weighted average common shares outstanding for diluted earnings per common share		62,011		53,321		60,077		53,283

Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. common shareholders - basic	$	0.37	$	0.28	$	0.79	$	0.59
Net income attributable to Safehold Inc. common shareholders - diluted	$	0.37	$	0.28	$	0.79	$	0.59

Related Party Transactions

6 Months Ended

Jun. 30, 2022

Note 13—Related Party Transactions

The Company is externally managed by an affiliate of iStar, the Company’s largest shareholder. iStar has been an active real estate investor for over 20 years and has an extensive network for sourcing investments, which includes relationships with brokers, corporate tenants and developers that it has established over its long operating history.

Management Agreement

A summary of the terms of the management agreement is below:


Manager		SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee		Annual fee of 1.00% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion)
Management Fee Consideration		At the discretion of the Company’s independent directors, payment will be made in cash or in shares of the Company’s common stock (valued at the greater of: (i) the volume weighted average market price during a specified pricing period; or (ii) the initial public offering price of $20.00 per share)
Lock-up		Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Incentive Fee		None
Term		Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company’s independent directors and payment of termination fee.
Termination Fee		3x prior year’s management fee

During the three months ended June 30, 2022 and 2021, the Company recorded $5.2 million and $3.5 million, respectively, in management fees to the Manager. During the six months ended June 30, 2022 and 2021, the Company recorded $9.7 million and $7.0 million, respectively, in management fees to the Manager. These management fees are recorded in “General and administrative” in the Company’s consolidated statements of operations.

Expense Reimbursements

The Company pays, or reimburses the Manager for, certain of the Company’s operating expenses as well as the costs of personnel performing certain legal, accounting, finance, due diligence tasks and other services, in each case except those specifically required to be borne or elected not to be charged by the Manager under the management agreement. Historically, pursuant to the Manager’s option under the management agreement, the Manager has elected to not seek reimbursement for certain expenses. This historical election is not a waiver of reimbursement for similar expenses in future periods and the Manager has started to elect to seek, and may further seek in the future, reimbursement of such additional expenses that it has not previously sought, including, without limitation, rent, overhead and certain personnel costs.

During the three months ended June 30, 2022 and 2021, the Company was allocated $3.1 million and $1.9 million, respectively, in expenses from the Manager. During the six months ended June 30, 2022 and 2021, the Company was allocated $6.2 million and $3.8 million, respectively, in expenses from the Manager. These expenses are recorded in “General and administrative” in the Company’s consolidated statements of operations.

Acquisitions and Commitments

iStar has participated in certain of the Company’s investment transactions, as the Company’s tenant or either as a seller of land or by providing financing to the Company’s Ground Lease tenants. Following is a list of transactions in which the Company and iStar or other persons deemed to be related parties have participated for the periods presented. These transactions were approved by the Company’s independent directors in accordance with the Company’s policy with respect to related party transactions.

In June 2022, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a mixed-use property. The Company also committed to provide an additional $35.0 million to the Ground Lease tenant if certain construction and leasing milestones are met. A venture in which iStar owns a noncontrolling equity interest and an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling equity interest committed to provide a $105.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid the venture $5.0 million of additional consideration in connection with this investment.

In April 2022, the Company acquired an existing Ground Lease from iStar for $9.0 million.

In March 2022, the Company acquired land for a purchase price of $28.5 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a hotel property. One of the Company’s independent directors has an indirect ownership interest in the entity that is the Ground Lease tenant and controls the company that indirectly manages that entity.

In March 2022, the Company paid iStar $0.3 million to terminate a purchase option that allowed iStar to purchase the land at the expiration of its Ground Lease with the Company. iStar sold the leasehold to a third party in March 2022.

In March 2022, the Company acquired three land properties from iStar for a total purchase price of $122.0 million and simultaneously structured and entered into three Ground Lease’s directly with the Ground Lease tenant.

In February 2022, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a life science development property. A venture in which iStar owns a noncontrolling equity interest and an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling equity interest committed to provide a $130.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid the venture $9.0 million of additional consideration in connection with this investment.

In January 2022, the Company entered into an agreement pursuant to which it agreed to acquire land and a related Ground Lease originated by iStar when certain construction related conditions are met by a specified time period. The purchase price to be paid is a maximum of $36.0 million, plus an amount necessary for iStar to achieve the greater of a 1.05x multiple or a 10% return on its investment.

In December 2021, the Company acquired land for a purchase price of $56.5 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of an existing multifamily property. Prior to the recapitalization, iStar and the Ground Lease tenant owned the property through a venture. As part of the recapitalization, the Ground Lease tenant acquired iStar’s equity interest in the venture and repaid a mezzanine loan iStar had provided to the venture in August 2018.

In November 2021, the Company entered into an agreement pursuant to which it agreed to acquire land and a related Ground Lease originated by iStar when certain construction related conditions are met by a specified time period. The purchase price to be paid is $33.3 million, plus an amount necessary for iStar to achieve the greater of a 1.25x multiple or a 12% return on its investment. In addition, the Ground Lease documents contain future funding obligations to the Ground Lease tenant of approximately $51.8 million of leasehold improvement allowance upon achievement of certain milestones. In December 2021, iStar contributed the Ground Lease to an investment fund it formed that targets the origination and acquisition of Ground Leases for commercial real estate projects that are in a pre-development phase. iStar has a noncontrolling interest in the investment fund and an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) has a noncontrolling interest in the investment fund. The terms of the Company’s commitment under the agreement did not change upon iStar’s contribution of the Ground Lease to the investment fund. There can be no assurance that the conditions to closing will be satisfied and that the Company will acquire the Ground Lease from the investment fund.

In June 2021, the Company acquired from iStar a purchase option agreement for $1.2 million, which amount was equal to the deposit previously made by iStar under such option agreement plus assumption of iStar’s out of pocket costs and expenses in connection with entering into such option agreement. Under the option agreement, the Company has the right to acquire for $215.0 million a property that is under a separate option for the benefit of a third party, whereby such third party has the right to enter into a Ground Lease and develop approximately 1.1 million square feet of office space.

In June 2021, the Company entered into two agreements pursuant to each of which it agreed to acquire land and a related Ground Lease originated by iStar when certain construction related conditions are met by a specified time period. The purchase price to be paid for each is $42.0 million, plus an amount necessary for iStar to achieve the greater of a 1.25x multiple and a 9% return on its investment. In addition, each Ground Lease provides for a leasehold improvement allowance up to a maximum of $83.0 million, which obligation would be assumed by the Company upon acquisition. In January 2022, iStar sold the Ground Leases to an investment fund in which iStar owns a noncontrolling interest and an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling interest. There can be no assurance that the conditions to closing will be satisfied and that the Company will acquire the properties and Ground Leases from the investment fund.

In March 2021, the Company entered into an agreement pursuant to which, subject to certain conditions being met, it agreed to acquire 100% of the limited liability company interests in the owner of a fee estate subject to a Ground Lease on which a multi-family project is currently being constructed. In March 2021, iStar originated a $75.0 million construction loan commitment to the Ground Lease tenant and acquired the Ground Lease for $16.1 million. iStar subsequently sold the loan commitment to an entity in which it has a noncontrolling interest and an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling interest. The Ground Lease documents contained future funding obligations to the Ground Lease tenant of approximately $11.9 million of deferred purchase price and $52.0 million of leasehold improvement allowance upon achievement of certain milestones. Subsequent to the origination, iStar funded approximately $6.0 million of the deferred purchase price to the Ground Lease tenant. The Company’s acquisition of the ground lessor entity closed in September 2021. The total consideration paid was $24.8 million and the Company assumed the obligation for the remaining future funding obligations to the Ground Lease tenant.

In February 2021, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of an existing hotel property. iStar provided a $50.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid iStar $1.9 million of additional consideration in connection with this investment.

Caret Units

In August 2021, in order to ensure that the interests of the non-management directors are best aligned with the interests of the Company’s common shareholders, each of the non-management directors (or, in the case of two directors, their affiliated trusts to which the Caret Units had been issued) entered into agreements to exchange their Caret Units (refer to Note 11) that were granted at the time of plan adoption into shares of the Company’s common stock. Effective December 1, 2021, each non-management director exchanged 3,750 Caret Units for 2,546 shares of the Company’s common stock. The Company’s board of directors approved the exchanges having considered the report of a leading independent valuation firm.

In February 2022, the Company sold an aggregate of 108,571 Caret Units, 1.08% of the authorized Caret Units, to a group of investors (refer to Note 3). The investor group includes an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors), which made a commitment to purchase 28,571 Caret Units, or 0.29% of the authorized Caret Units, for a purchase price of $5.0 million. As part of the sale, the Company is obligated to seek to provide a public market listing for the Caret Units or securities into which they may be exchanged, within two years. If the Company is unable to provide public market liquidity within two years at a value in excess of the new investor’s basis, the investors have the right to cause the Company to redeem their Caret Units at their original purchase price.

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Note 14—Subsequent Events

In July 2022, the Company acquired a Ground Lease from iStar for $36.4 million inclusive of closing costs.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”).
Use of Estimates	The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.
Principles of Combination and Consolidation	Principles of Consolidation—The consolidated financial statements include the accounts and operations of the Company, its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Fair values	Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board (“FASB”) guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The following fair value hierarchy prioritizes the inputs to be used in valuation techniques to measure fair value: Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The Company determines the estimated fair values of financial assets and liabilities based on a hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the Company and the Company’s own assumptions about market participant assumptions.
New accounting pronouncements	New Accounting Pronouncements—In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This new standard replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For public entities such as the Company that qualified as smaller reporting companies prior to December 31, 2019, ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted. Management is currently evaluating the impact of ASU 2016-13 on the Company’s consolidated financial statements. In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”) to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements.

Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions):


	As of June 30, 2022				As of December 31, 2021
	Carrying		Fair		Carrying		Fair
	Value		Value		Value		Value
Assets
Net investment in sales-type leases⁽¹⁾	$	2,912	$	2,941	$	2,413	$	2,704
Ground Lease receivables⁽¹⁾		1,236		1,224		796		893
Cash and cash equivalents⁽²⁾		25		25		30		30
Restricted cash⁽²⁾		87		87		9		9

Liabilities
Debt obligations, net⁽¹⁾
Level 1		737		607		738		741
Level 3		2,536		2,149		1,960		2,118
Total debt obligations, net		3,273		2,756		2,698		2,859

(1)

(2)	The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values and are classified as Level 1 within the fair value hierarchy.

Net Investment In Sales-type Leases and Ground Lease Receivables (Tables)

6 Months Ended

Jun. 30, 2022

Leases [Abstract]

Sales-type Lease, Lease Income

The Company’s net investment in sales-type leases were comprised of the following ($ in thousands):


	June 30, 2022		December 31, 2021
Total undiscounted cash flows	$	27,502,868	$	23,707,424
Unguaranteed estimated residual value		2,771,772		2,319,761
Present value discount		(27,362,959)		(23,614,469)
Net investment in sales-type leases	$	2,911,681	$	2,412,716

The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the six months ended June 30, 2022 and 2021 ($ in thousands):


	Net Investment in		Ground Lease
	Sales-type Leases		Receivables		Total
Six Months Ended June 30, 2022
Beginning balance	$	2,412,716	$	796,252	$	3,208,968
Origination/acquisition/fundings⁽¹⁾		474,281		430,517		904,798
Accretion		24,684		8,975		33,659
Ending balance⁽²⁾	$	2,911,681	$	1,235,744	$	4,147,425


	Net Investment in		Ground Lease
	Sales-type Leases		Receivables		Total
Six Months Ended June 30, 2021
Beginning balance	$	1,305,519	$	577,457	$	1,882,976
Purchase price allocation adjustment		(182)		—		(182)
Origination/acquisition/fundings⁽¹⁾		113,871		95,985		209,856
Accretion		13,273		6,204		19,477
Ending balance	$	1,432,481	$	679,646	$	2,112,127

(1)

(2)	As of June 30, 2022, the Company’s weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.1% and 5.4%, respectively. As of June 30, 2022, the weighted average remaining life of the Company’s 29 Ground Lease receivables was 98.9 years.

During the three and six months ended June 30, 2022 and 2021, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands):


	Net Investment		Ground
	in Sales-type		Lease
Three Months Ended June 30, 2022	Leases		Receivables		Total
Cash	$	21,935	$	8,501	$	30,436
Non-cash		12,979		4,832		17,811
Total interest income from sales-type leases	$	34,914	$	13,333	$	48,247


	Net Investment		Ground
	in Sales-type		Lease
Three Months Ended June 30, 2021	Leases		Receivables		Total
Cash	$	11,466	$	5,672	$	17,138
Non-cash		6,771		3,217		9,988
Total interest income from sales-type leases	$	18,237	$	8,889	$	27,126

Future Minimum Lease Payments Under Sales-type Leases


					Fixed Bumps
	Fixed Bumps				with
	with Inflation		Fixed		Percentage
	Adjustments		Bumps		Rent		Total
2022 (remaining six months)	$	44,510	$	879	$	270	$	45,659
2023		90,817		2,229		586		93,632
2024		94,898		2,256		586		97,740
2025		96,756		2,283		586		99,625
2026		98,604		2,311		586		101,501
Thereafter		26,378,256		585,794		100,661		27,064,711
Total undiscounted cash flows	$	26,803,841	$	595,752	$	103,275	$	27,502,868

Real Estate and Real Estate-Related Intangibles (Tables)

6 Months Ended

Jun. 30, 2022

Real Estate [Abstract]

Schedule of Real Estate Assets

The Company’s real estate assets consist of the following ($ in thousands):


	As of
	June 30, 2022		December 31, 2021
Land and land improvements, at cost	$	547,739	$	547,739
Buildings and improvements, at cost		193,232		193,232
Less: accumulated depreciation		(31,357)		(28,343)
Total real estate, net	$	709,614	$	712,628
Real estate-related intangible assets, net		223,304		224,182
Total real estate, net and real estate-related intangible assets, net	$	932,918	$	936,810

Schedule of Real Estate-Related Intangible Assets, Net

Real estate-related intangible assets, net consist of the following items ($ in thousands):


	As of June 30, 2022
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Above-market lease assets, net⁽¹⁾	$	186,002	$	(13,687)	$	172,315
In-place lease assets, net⁽²⁾		67,584		(17,312)		50,272
Other intangible assets, net		750		(33)		717
Total	$	254,336	$	(31,032)	$	223,304


	As of December 31, 2021
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Above-market lease assets, net⁽¹⁾	$	186,002	$	(12,119)	$	173,883
In-place lease assets, net⁽²⁾		65,102		(15,523)		49,579
Other intangible assets, net		750		(30)		720
Total	$	251,854	$	(27,672)	$	224,182

(1)

(2)

Schedule or Amortization of Real Estate Properties


	Income Statement	For the Three Months Ended June 30,
Intangible asset	Location	2022		2021
Above-market lease assets (decrease to income)	Operating lease income	$	784	$	829
In-place lease assets (decrease to income)	Depreciation and amortization		897		876
Other intangible assets (decrease to income)	Operating lease income		2		2

Schedule of Future Amortization Expense

The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):⁽¹⁾


Year	Amount
2022 (remaining six months)	$	3,370
2023		6,724
2024		6,676
2025		6,676
2026		3,767

(1)	As of June 30, 2022, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 79.4 years.

Real Estate - Related Intangibles, Liabilities

Real estate-related intangible liabilities, net consist of the following items ($ in thousands):⁽¹⁾


	As of June 30, 2022
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Below-market lease liabilities⁽¹⁾	$	68,618	$	(3,608)	$	65,010


	As of December 31, 2021
	Gross		Accumulated		Carrying
	Intangible		Amortization		Value
Below-market lease liabilities⁽¹⁾	$	68,618	$	(3,189)	$	65,429

(1)

Real Estate - Related Intangibles, Liabilities


	Income Statement	For the Three Months Ended June 30,
Intangible liability	Location	2022		2021
Below-market lease liabilities (increase to income)	Operating lease income	$	209	$	209

Future Minimum Ground Net Lease Payments


			Fixed Bumps						Fixed
			with						Bumps with
	Inflation-		Inflation		Fixed		Percentage		Percentage
Year	Linked		Adjustments		Bumps		Rent⁽¹⁾		Rent		Total
2022 (remaining six months)	$	2,789	$	8,494	$	1,096	$	5,509	$	179	$	18,067
2023		5,578		17,347		2,214		11,018		281		36,438
2024		5,578		17,677		2,248		11,018		51		36,572
2025		5,578		18,004		2,314		11,018		51		36,965
2026		5,578		18,370		2,357		987		51		27,343
Thereafter		423,391		4,326,865		435,496		16,812		77		5,202,641

(1)

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of deferred expenses and other assets, net

Deferred expenses and other assets, net, consist of the following items ($ in thousands):


	As of
	June 30, 2022		December 31, 2021
Operating lease right-of-use asset⁽¹⁾	$	26,875	$	27,435
Deferred finance costs, net⁽²⁾		6,162		7,875
Other assets		2,766		2,898
Purchase deposits		4,333		2,083
Leasing costs, net		452		456
Deferred expenses and other assets, net	$	40,588	$	40,747

(1)

(2)	Accumulated amortization of deferred finance costs was $3.9 million and $2.2 million as of June 30, 2022 and December 31, 2021, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands):


	As of
	June 30, 2022		December 31, 2021
Other liabilities⁽¹⁾	$	76,149	$	14,998
Interest payable		47,852		31,601
Dividends declared and payable		11,003		9,690
Operating lease liability		5,539		5,605
Management fee payable		5,209		4,271
Accrued expenses⁽²⁾		2,023		1,427
Accounts payable, accrued expenses and other liabilities	$	147,775	$	67,592

(1)

(2)	As of June 30, 2022 and December 31, 2021, accrued expenses primarily includes accrued legal and audit expenses and accrued property expenses.

Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of debt obligations

The Company’s outstanding debt obligations consist of the following ($ in thousands):


	As of				Interest		Scheduled
	June 30, 2022		December 31, 2021		Rate⁽¹⁾		Maturity Date⁽²⁾
Secured credit financing:
Mortgages	$	1,498,113	$	1,498,113	3.99	%	April 2027 to November 2069
Total secured credit financing⁽³⁾		1,498,113		1,498,113
Unsecured financing:
2.80% senior notes		400,000		400,000	2.80	%	June 2031
2.85% senior notes		350,000		350,000	2.85	%	January 2032
3.98% senior notes		475,000		—	3.98	%	February 2052
5.15% senior notes		150,000		—	5.15	%	May 2052
Unsecured Revolver		445,000		490,000	LIBOR plus 1.00	%	March 2026
Total unsecured financing		1,820,000		1,240,000
Total debt obligations		3,318,113		2,738,113
Debt premium, discount and deferred financing costs, net		(44,694)		(40,610)
Total debt obligations, net	$	3,273,419	$	2,697,503

(1)

(2)	Represents the extended maturity date for all debt obligations.

(3)	As of June 30, 2022, $2.0 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations.

Schedule of Maturities of Long-term Debt


	Secured		Unsecured		Total
2022 (remaining six months)	$	—	$	—	$	—
2023		—		—		—
2024		—		—		—
2025		—		—		—
2026		—		445,000		445,000
Thereafter⁽¹⁾		1,498,113		1,375,000		2,873,113
Total principal maturities		1,498,113		1,820,000		3,318,113
Debt premium, discount and deferred financing costs, net		(27,417)		(17,277)		(44,694)
Total debt obligations, net	$	1,470,696	$	1,802,723	$	3,273,419

(1)	As of June 30, 2022, the Company’s weighted average maturity for its secured mortgages was 29.0 years.

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

Derivative Instruments, Gain (Loss)

Risk Management and Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Risks and Uncertainties [Abstract]


				Amount of Gain
		Amount of Gain		(Loss) Reclassified
		(Loss) Recognized		from Accumulated
		in Accumulated		Other
	Location of Gain (Loss)	Other		Comprehensive
	When Recognized in	Comprehensive		Income into
Derivatives Designated in Hedging Relationships	Income	Income		Earnings
For the Three Months Ended June 30, 2022
Interest rate swaps	Interest expense	$	6,772	$	(969)
For the Three Months Ended June 30, 2021
Interest rate swaps	Interest expense	$	—	$	(764)
For the Six Months Ended June 30, 2022
Interest rate swaps	Interest expense	$	11,028	$	(2,002)
For the Six Months Ended June 30, 2021
Interest rate swaps	Interest expense	$	13,290	$	(1,122)

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of earnings per share

The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Net income	$	22,711	$	14,780	$	47,618	$	31,736
Net income attributable to noncontrolling interests		(33)		(48)		(67)		(96)
Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share	$	22,678	$	14,732	$	47,551	$	31,640


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021
Earnings attributable to common shares:
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$	22,678	$	14,732	$	47,551	$	31,640
Net income attributable to Safehold Inc. common shareholders - diluted	$	22,678	$	14,732	$	47,551	$	31,640

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share		62,011		53,309		60,077		53,271
Add: Effect of assumed shares under treasury stock method for restricted stock units		—		12		—		12
Weighted average common shares outstanding for diluted earnings per common share		62,011		53,321		60,077		53,283

Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. common shareholders - basic	$	0.37	$	0.28	$	0.79	$	0.59
Net income attributable to Safehold Inc. common shareholders - diluted	$	0.37	$	0.28	$	0.79	$	0.59

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Related Party Transactions

A summary of the terms of the management agreement is below:


Manager		SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee		Annual fee of 1.00% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion)
Management Fee Consideration		At the discretion of the Company’s independent directors, payment will be made in cash or in shares of the Company’s common stock (valued at the greater of: (i) the volume weighted average market price during a specified pricing period; or (ii) the initial public offering price of $20.00 per share)
Lock-up		Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Incentive Fee		None
Term		Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company’s independent directors and payment of termination fee.
Termination Fee		3x prior year’s management fee

Business and Organization (Details)	6 Months Ended
Business and Organization (Details)	Jun. 30, 2022 employee segment
Business Acquisition [Line Items]
Number of reportable segments \| segment	1
Number of employees \| employee	0
Minimum
Business Acquisition [Line Items]
Ground leases term	30 years
Ground lease investment initial targeted value of ground lease of combined value	30.00%
Ground lease, ratio of property net operating income to ground lease payments due	2.0
Percentage cap for Ground Lease rent increases based on consumer price index	3.00%
Maximum
Business Acquisition [Line Items]
Ground leases term	99 years
Ground lease investment initial targeted value of ground lease of combined value	45.00%
Ground lease, ratio of property net operating income to ground lease payments due	4.5
Percentage cap for Ground Lease rent increases based on consumer price index	3.50%
Safehold Operating Partnership LP
Business Acquisition [Line Items]
Ownership interest by shareholders' (percent)	100.00%
General partner interests ownership interest	100.00%

Basis of Presentation and Principles of Consolidation and Combination (Details) - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

Variable Interest Entity [Line Items]

Assets

^[1]

$ 5,542,533

$ 4,515,726

Liabilities

^[1]

3,486,204

$ 2,830,524

Variable Interest Entity, Primary Beneficiary

Variable Interest Entity [Line Items]

Assets

70,000

Liabilities

$ 29,800

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

Jun. 30, 2021

Dec. 31, 2020

Assets

$ 2,911,681

^[1]

$ 2,412,716

^[1]

$ 1,432,481

$ 1,305,519

1,235,744

^[1]

796,252

^[1]

679,646

$ 577,457

25,002

^[1]

29,619

^[1]

33,949

86,623

^[1]

8,897

^[1]

$ 3,784

^[1]

3,273,419

2,697,503

Assets

2,912,000

2,413,000

1,236,000

796,000

25,000

30,000

87,000

9,000

Carrying Value | Fair Value, Inputs, Level 1

3,273,000

2,698,000

Carrying Value | Fair Value, Inputs, Level 3

737,000

738,000

2,536,000

1,960,000

Fair Value

Fair Value | Fair Value, Inputs, Level 1

2,756,000

2,859,000

Assets

25,000

30,000

87,000

9,000

Fair Value | Fair Value, Inputs, Level 3

607,000

741,000

Assets

2,941,000

2,704,000

1,224,000

893,000

Number of tenant leases modified and assigned | lease

$ 2,149,000

$ 2,118,000

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - Caret Units $ in Millions	1 Months Ended
	Feb. 28, 2022 USD ($) director shares
Subsidiary, Sale of Stock [Line Items]
Number of units sold \| shares	108,571
Number of additional shares to be sold under binding purchase commitment \| shares	28,571
Proceeds from stock transaction \| $	$ 19.0
Expected proceeds from sale of shares under purchase commitment \| $	$ 5.0
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest \| director	1
Period in which the entity is obligated to provide a public market listing	2 years

Net Investment In Sales-type Leases and Ground Lease Receivables (Lease Assignment and Modification) (Details)
$ in Thousands

1 Months Ended

Sep. 30, 2021

USD ($)

lease

Jun. 30, 2022

USD ($)

Dec. 31, 2021

USD ($)

Jun. 30, 2021

USD ($)

Dec. 31, 2020

USD ($)

Lease reclassification

$ 2,911,681

^[1]

$ 2,412,716

^[1]

$ 1,432,481

$ 1,305,519

Deferred operating lease income receivable

^[1]

709,614

712,628

^[1]

133,123

117,311

^[1]

$ 223,304

$ 224,182

Reclassification of Lease to Sales-Type Lease

Lease reclassification

Lease maturity extension

3 years 6 months

$ 40,900

Deferred operating lease income receivable

(11,400)

(9,800)

$ (17,900)

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment In Sales-type Leases and Ground Lease Receivables (Schedule of Net Investment in Sales-type Leases) (Details) - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

Jun. 30, 2021

Dec. 31, 2020

Leases [Abstract]

Total undiscounted cash flows

$ 27,502,868

$ 23,707,424

Unguaranteed estimated residual value

2,771,772

2,319,761

Present value discount

(27,362,959)

(23,614,469)

Net Investment in Sales-type Leases, Beginning Balance

$ 2,911,681

^[1]

$ 2,412,716

^[1]

$ 1,432,481

$ 1,305,519

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment In Sales-type Leases and Ground Lease Receivables (Schedule of Net Investment in Leases (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2022

USD ($)

lease

Jun. 30, 2021

USD ($)

Net Investment in Sales-type Leases

$ 2,412,716

^[1]

$ 1,305,519

Net Investment in Sales-type Leases, Purchase price allocation adjustment

(182)

Net Investment in Sales-type Leases, Origination/acquisition/fundings

474,281

113,871

Net Investment in Sales-type Leases, Accretion

24,684

13,273

Net Investment in Sales-type Leases, Ending Balance

2,911,681

^[1]

1,432,481

Ground Lease Receivables

Ground Lease Receivables, Beginning balance

796,252

^[1]

577,457

Ground Lease Receivables, Origination/acquisition/fundings

430,517

95,985

Ground Lease Receivables, Accretion

8,975

6,204

Ground Lease Receivables, Ending balance

1,235,744

^[1]

679,646

Total

Beginning balance

3,208,968

1,882,976

Purchase price allocation adjustment

(182)

Origination/acquisition/fundings

904,798

209,856

Accretion

33,659

19,477

Ending balance

$ 4,147,425

$ 2,112,127

Weighted average accrual rate for net investment in sales-type leases

5.10%

Weighted average accrual rate for net investment in ground lease receivables

5.40%

Ground lease receivables | lease

Weighted Average

Total

Ground leases term

98 years 10 months 24 days

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment In Sales-type Leases and Ground Lease Receivables (Fiscal Year Maturity) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	$ 45,659
2023	93,632
2024	97,740
2025	99,625
2026	101,501
Thereafter	27,064,711
Total undiscounted cash flows	27,502,868
Fixed Bumps with Inflation Adjustments
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	44,510
2023	90,817
2024	94,898
2025	96,756
2026	98,604
Thereafter	26,378,256
Total undiscounted cash flows	26,803,841
Fixed Bumps
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	879
2023	2,229
2024	2,256
2025	2,283
2026	2,311
Thereafter	585,794
Total undiscounted cash flows	595,752
Fixed Bumps with Percentage Rent
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	270
2023	586
2024	586
2025	586
2026	586
Thereafter	100,661
Total undiscounted cash flows	$ 103,275

Net Investment In Sales-type Leases and Ground Lease Receivables (Interest Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	$ 48,247	$ 27,126	$ 91,278	$ 53,100
Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	30,436	17,138	57,619	33,623
Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	17,811	9,988	33,659	19,477
Net Investment in Sales-type Leases
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	34,914	18,237	66,445	35,854
Net Investment in Sales-type Leases \| Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	21,935	11,466	41,761	22,581
Net Investment in Sales-type Leases \| Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	12,979	6,771	24,684	13,273
Ground Lease Receivables
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	13,333	8,889	24,833	17,246
Ground Lease Receivables \| Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	8,501	5,672	15,858	11,042
Ground Lease Receivables \| Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	$ 4,832	$ 3,217	$ 8,975	$ 6,204

Real Estate and Real Estate-Related Intangibles (Real Estate Assets) (Details) - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

Real Estate [Abstract]

Land and land improvements, at cost

$ 547,739

Buildings and improvements, at cost

193,232

Less: accumulated depreciation

^[1]

(31,357)

(28,343)

Total real estate, net and real estate-related intangible assets, net

^[1]

709,614

712,628

^[1]

223,304

224,182

^[1]

$ 932,918

$ 936,810

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate and Real Estate-Related Intangibles (Intangibles) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

$ 254,336

$ 251,854

(31,032)

(27,672)

Below-market lease liabilities - Gross Intangible

^[1]

223,304

224,182

68,618

Below-market lease liabilities - Accumulated Amortization

(3,608)

(3,189)

Below-market lease liabilities - Carrying Value

^[1]

65,010

65,429

Operating Lease Income

Amortization of real estate related intangible liabilities

419

$ 419

Above-market lease assets, net

186,002

(13,687)

(12,119)

Above-market lease assets, net | Operating Lease Income

172,315

173,883

Amortization of intangible assets

784

$ 829

1,567

1,657

In-place lease assets, net

67,584

65,102

(17,312)

(15,523)

In-place lease assets, net | Depreciation and amortization

50,272

49,579

Amortization of intangible assets

897

876

1,789

1,752

Below-market lease | Operating Lease Income

Amortization of real estate related intangible liabilities

209

Other intangible assets, net

750

(33)

(30)

Other intangible assets, net | Operating Lease Income

717

$ 720

Amortization of intangible assets

$ 2

$ 4

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate and Real Estate-Related Intangibles (Intangible Asset Future Amortization Expense) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Real Estate [Abstract]
2022 (remaining six months)	$ 3,370
2023	6,724
2024	6,676
2025	6,676
2026	$ 3,767
Weighted average useful life	79 years 4 months 24 days

Real Estate and Real Estate-Related Intangibles (Future Minimum Ground Net Lease Payments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	$ 18,067		$ 18,067
2023	36,438		36,438
2024	36,572		36,572
2025	36,965		36,965
2026	27,343		27,343
Thereafter	5,202,641		5,202,641
Operating lease income	16,452	$ 16,964	33,418	$ 34,374
Inflation- Linked
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	2,789		2,789
2023	5,578		5,578
2024	5,578		5,578
2025	5,578		5,578
2026	5,578		5,578
Thereafter	423,391		423,391
Fixed Bumps with Inflation Adjustments
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	8,494		8,494
2023	17,347		17,347
2024	17,677		17,677
2025	18,004		18,004
2026	18,370		18,370
Thereafter	4,326,865		4,326,865
Fixed Bumps
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	1,096		1,096
2023	2,214		2,214
2024	2,248		2,248
2025	2,314		2,314
2026	2,357		2,357
Thereafter	435,496		435,496
Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	5,509		5,509
2023	11,018		11,018
2024	11,018		11,018
2025	11,018		11,018
2026	987		987
Thereafter	16,812		16,812
Operating lease income	200	$ 100	900	$ 100
Fixed Bumps with Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	179		179
2023	281		281
2024	51		51
2025	51		51
2026	51		51
Thereafter	$ 77		$ 77

Equity Investments in Ground Leases (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Equity investments

^[1]

$ 176,854

$ 173,374

Office Property, New York City

2,252

$ 929

4,528

$ 1,768

Equity investments

Ownership percentage

29.20%

44,700

42,100

425 Park Avenue, New York City | Joint Venture

$ 1,400

$ 100

$ 2,800

$ 100

Equity investments

Ownership percentage

54.80%

$ 132,200

$ 131,300

$ 800

$ 1,700

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Assets) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Dec. 31, 2021

Operating lease, right-of-use asset

$ 26,875

$ 27,435

Deferred finance costs, net

6,162

7,875

Other assets

2,766

2,898

Purchase deposits

4,333

2,083

Leasing costs, net

452

456

Deferred expenses and other assets, net

^[1]

$ 40,588

40,747

Lease discount rate

5.50%

Operating lease income

$ 16,452

$ 16,964

$ 33,418

$ 34,374

Accumulated amortization of deferred finance costs

3,900

2,200

Below-market lease

Annual lease fee

400

$ 400

Real estate expense

Operating lease expense

100

200

Other Income

Accounts payable, accrued expenses and other liabilities

Operating lease expense

$ 100

$ 200

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

Jun. 30, 2021

Other liabilities

$ 76,149

$ 14,998

Interest payable

47,852

31,601

Dividends declared and payable

11,003

9,690

Operating lease liability

5,539

5,605

Management fee payable

5,209

4,271

Accrued expenses

2,023

1,427

Accounts payable, accrued expenses and other liabilities

^[1],[2]

147,775

67,592

Accounts payable, accrued expenses and other liabilities

86,623

^[2]

8,897

^[2]

$ 3,784

Other liabilities

Payable to the Manager for costs it paid on the Company's behalf

3,300

$ 1,900

Life Science Office Property Development

Accounts payable, accrued expenses and other liabilities

Other liabilities

58,800

$ 58,800

[1]	As of June 30, 2022 and December 31, 2021, includes $8.6 million and $6.2 million, respectively, due to related parties.
[2]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Schedule of Debt) (Details) - USD ($)
$ in Thousands

1 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2021

Jun. 30, 2022

Dec. 31, 2021

May 31, 2022

Jan. 31, 2022

Nov. 30, 2021

Jun. 30, 2021

May 31, 2021

$ 3,318,113

$ 2,738,113

Debt premium, net

(44,694)

(40,610)

^[1]

3,273,419

2,697,503

Secured Debt

1,498,113

Debt premium, net

(27,417)

Real estate pledged as collateral on debt obligations

1,470,696

2,000,000

Unsecured Debt

1,820,000

1,240,000

Debt premium, net

(17,277)

1,802,723

Mortgages | Secured Debt

Weighted average interest rate

$ 1,498,113

3.99%

Cash interest rate

3.25%

Consolidated Mortgage Debt, Unconsolidated Mortgage Debt and Unsecured Senior Notes

Weighted average interest rate

3.74%

Cash interest rate

3.18%

2.80% Senior Notes | Unsecured Debt

$ 400,000

2.85% Senior Notes | Unsecured Debt

2.80%

$ 350,000

3.980% Senior Notes | Unsecured Debt

2.85%

$ 475,000

5.15% Senior Notes | Unsecured Debt

3.98%

$ 150,000

2017 Revolver | Unsecured Debt

5.15%

2017 Revolver | Unsecured Debt | LIBOR

$ 445,000

$ 490,000

Basis point spread on variable interest rate (percent)

1.00%

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Narrative) (Details)	1 Months Ended					6 Months Ended		12 Months Ended
Debt Obligations, net (Narrative) (Details)	May 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	May 31, 2021 USD ($)	Mar. 31, 2021 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt							$ 216,000
Secured Debt \| Mortgages
Line of Credit Facility [Line Items]
Weighted average interest rate						3.99%		3.99%
Unsecured Debt \| 2.80% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount				$ 400,000,000.0
Stated interest rate				2.80%		2.80%	2.80%	2.80%
Percent of par value at which the notes were issued				99.127%
Percentage of principal amount of debt at which debt can be redeemed				100.00%
Unsecured Debt \| 2.85% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 350,000,000.0
Stated interest rate			2.85%			2.85%	2.85%	2.85%
Percent of par value at which the notes were issued			99.123%
Percentage of principal amount of debt at which debt can be redeemed			100.00%
Unsecured Debt \| 3.980% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 475,000,000.0
Stated interest rate		3.98%				3.98%
Minimum percentage of aggregate principal amount that can be repaid at any time at the Company's discretion		5.00%
Percentage of principal amount of debt at which debt can be redeemed		100.00%
Unsecured Debt \| 5.15% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 150,000,000.0
Stated interest rate	5.15%					5.15%
Staristep interest rate, Years 1 through 10	2.50%
Staristep interest rate, Years 11 through 20	3.75%
Staristep interest rate, Years 21 through 30	5.15%
Minimum percentage of aggregate principal amount that can be repaid at any time at the Company's discretion	5.00%
Percentage of principal amount of debt at which debt can be redeemed	100.00%
Unsecured Debt \| 2017 Revolver
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 1,000,000,000.0			$ 1,350,000,000
Number of extension options available \| item					2
Debt extension term					12 months
Line of credit facility fee, percent					0.125%
Remaining borrowing capacity						$ 900,000,000
Unsecured Debt \| LIBOR \| 2017 Revolver
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (percent)					1.00%	1.00%		1.00%
Minimum \| Unsecured Debt \| Unsecured Senior Notes
Line of Credit Facility [Line Items]
Unencumbered assets to unsecured debt ration						1.25
Minimum \| Unsecured Debt \| 2017 Revolver
Line of Credit Facility [Line Items]
Unencumbered assets to unsecured debt ration						1.33
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings						1.15

Debt Obligations, net (Schedule of Debt Maturities) (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2022

Dec. 31, 2021

2022 (remaining six months)

$ 0

445,000

2,873,113

Debt premium, discount and deferred financing costs, net

3,318,113

$ 2,738,113

(44,694)

(40,610)

^[1]

3,273,419

2,697,503

Secured Debt

2022 (remaining six months)

1,498,113

Debt premium, discount and deferred financing costs, net

1,498,113

(27,417)

1,470,696

Unsecured Debt

2022 (remaining six months)

445,000

1,375,000

Debt premium, discount and deferred financing costs, net

1,820,000

1,240,000

(17,277)

1,802,723

Mortgages | Secured Debt

Weighted average maturity of mortgages

$ 1,498,113

29 years

[1]	Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
Unfunded commitments
Leasehold improvement allowance, unfunded, pending milestone achievement	$ 316.5
Future funding obligation, amount	$ 436.7

Risk Management and Derivatives (Derivative Instruments) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 3.8
Designated as Hedging Instrument \| Interest rate swap \| Accounts payable, accrued expenses and other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate hedges terminated		$ 19.9

Risk Management and Derivatives (Derivative Instrument Gain (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ 6,772		$ 11,028	$ 13,290
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	(969)	$ (764)	(2,002)	(1,122)
Designated as Hedging Instrument \| Interest Expense \| Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	6,772		11,028	13,290
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	$ (969)	$ (764)	$ (2,002)	$ (1,122)

Equity (Narrative) (Details)		1 Months Ended				3 Months Ended			6 Months Ended		17 Months Ended
Equity (Narrative) (Details)	Dec. 01, 2021 shares	Mar. 31, 2022 USD ($) shares	Aug. 31, 2021 director shares	Feb. 28, 2021 USD ($)	Mar. 31, 2020 USD ($) employee	Jun. 30, 2022 USD ($) item $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2019 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) item $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) item $ / shares shares	Feb. 29, 2020 USD ($)	Sep. 30, 2018 USD ($)
Class of Stock [Line Items]
Number of classes of common stock \| item						1			1		1
Percentage of taxable income including capital gains to be distributed to qualify as REIT									100.00%
Minimum percentage of taxable income excluding capital gains to be distributed to qualify as REIT									90.00%
Cash dividends declared									$ 21,500,000	$ 17,700,000
Dividends declared, per share (usd per share) \| $ / shares						$ 0.177	$ 0.17		$ 0.347	$ 0.33224
Number of directors with affiliated trusts which hold CARET Units \| director			2
Number of common shares issued in exchange for Caret Units \| shares	2,546		2,546
ATM
Class of Stock [Line Items]
Number of shares issued in transaction \| shares											12,881
Sale of stock, share price (in dollars per share) \| $ / shares						$ 81.45			$ 81.45		$ 81.45
Payments of stock issuance costs											$ 15,977
Consideration received, net of issuance costs											1,000,000.0
Aggregate purchase price remaining						$ 248,900,000			$ 248,900,000		$ 248,900,000
Public Offering and Private Placement
Class of Stock [Line Items]
Payments of stock issuance costs		$ 5,100,000
Public Offering
Class of Stock [Line Items]
Proceeds from stock transaction		$ 118,000,000.0
Number of shares issued in transaction \| shares		2,000,000
iStar Inc. \| Private Placement
Class of Stock [Line Items]
Issuance of common stock, net of amortization		$ 191,200,000
Number of shares issued in transaction \| shares		3,240,000
Maximum \| ATM
Class of Stock [Line Items]
Common stock offering amount				$ 250,000,000.0
Maximum \| iStar Inc.
Class of Stock [Line Items]
Voting interest of shareholder agreement						41.90%			41.90%		41.90%
Equity Plan
Class of Stock [Line Items]
Amortization period									4 years
Caret Units
Class of Stock [Line Items]
Ownership percentage after transaction									84.00%
Number of CARET Units exchanged for common shares \| shares	3,750		3,750
Caret Units \| Equity Plan
Class of Stock [Line Items]
Awards with aggregate intrinsic value													$ 1,400,000
Caret Units \| Equity Plan \| Maximum
Class of Stock [Line Items]
Capital appreciation aggregate distribution, percent						15.00%			15.00%		15.00%
Employee of Manager \| Caret Units \| Equity Plan
Class of Stock [Line Items]
Awards with aggregate intrinsic value					$ 100,000							$ 500,000
Number of individuals receiving award grants \| employee					1
Award vesting period					3 years
Percentage of awards vested									12.00%
Percentage of awards forfeited									88.00%
General and Administrative Expense \| Caret Units \| Equity Plan
Class of Stock [Line Items]
Share-based payment arrangement, expense									$ 300,000	$ 200,000
General and Administrative Expense \| Restricted Stock Units (RSUs) \| 2017 Equity Incentive Plan
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares) \| shares						698,500			698,500		698,500
General and Administrative Expense \| Employee of Manager \| Restricted Stock Units (RSUs) \| 2017 Equity Incentive Plan
Class of Stock [Line Items]
Issuance of common stock, net of amortization								$ 500,000
Share price (in dollars per share) \| $ / shares								$ 19.15
Stock issued (in shares) \| shares								25,000
General and Administrative Expense \| Director \| 2017 Equity Incentive Plan
Class of Stock [Line Items]
Issuance of common stock, net of amortization						$ 1,100,000	$ 1,100,000
Share price (in dollars per share) \| $ / shares						$ 43.51	$ 69.86		$ 43.51	$ 69.86	$ 43.51
Stock issued (in shares) \| shares						26,000	16,000
iStar Inc.
Class of Stock [Line Items]
Common stock purchase plan, shares, purchased in period \| shares									200,000
Common stock purchase plan, amount purchased in period									$ 10,500,000
Common Stock purchase plan, average share price (in dollars per share) \| $ / shares									$ 66.83
iStar Inc. \| SAFE
Class of Stock [Line Items]
Percentage of ownership						64.70%			64.70%		64.70%

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 22,711	$ 14,780	$ 47,618	$ 31,736
Net income attributable to noncontrolling interests	(33)	(48)	(67)	(96)
Net income attributable to Safehold Inc. common shareholders for basic earnings per share	22,678	14,732	47,551	31,640
Net income attributable to Safehold Inc. common shareholders - diluted	$ 22,678	$ 14,732	$ 47,551	$ 31,640

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.