View Filing Data

Less: accumulated depreciation

Real estate

Real estate, at cost

165,699

(61,221)

104,478

32,680

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

137,158

Cash and cash equivalents

^[1]

Ground lease income receivable, net

3,482

Deferred ground lease income receivable, net

8,423

Deferred expenses and other assets, net

6,604

Total assets

155,667

Liabilities:

Accounts payable, accrued expenses and other liabilities

1,576

Debt obligations, net

Total liabilities

1,576

Commitments and contingencies (refer to Note 7)

Safety, Income and Growth, Inc. shareholders' equity:

Total equity

^[2]

154,091

Total liabilities and equity

$ 155,667

[1]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[2]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.

Combined and Consolidated Balance Sheets (Unaudited) (Parenthetical)	Jun. 30, 2017 $ / shares shares
Common Stock, shares outstanding (in shares)	18,190,000
The Company
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.01
Common Stock, shares authorized (in shares)	400,000,000
Common Stock, shares issued (in shares)	18,190,000
Common Stock, shares outstanding (in shares)	18,190,000

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

3 Months Ended

6 Months Ended

Apr. 13, 2017

Jun. 30, 2017

Apr. 13, 2017

Jun. 30, 2016

Revenues:

$ 4,201

4,204

Costs and expenses:

Interest expense

1,868

Real estate expense

^[1]

425

General and administrative

^[2]

1,873

1,149

Other expense

493

Total costs and expenses

5,808

Income (loss) from operations

(1,604)

Basic and diluted (in dollars per share)

^[2],[3],[4]

$ (1,604)

Net income (loss)

$ (0.25)

Weighted average number of common shares:

Basic and diluted (in shares)

6,293

Revenues:

Ground lease income

^[5]

$ 672

$ 5,916

$ 4,663

$ 9,256

Other income

^[5]

108

Total revenues

^[5]

691

6,024

4,672

9,265

Costs and expenses:

Interest expense

^[5]

332

2,432

2,021

3,982

Real estate expense

^[1],[5]

210

167

363

General and administrative

^[5]

114

901

^[2]

780

1,570

^[2]

^[5]

132

1,143

651

1,383

Other expense

^[5]

Total costs and expenses

^[5]

637

4,686

3,619

7,298

Income (loss) from operations

^[5]

1,338

1,053

1,967

^[5]

508

Unrealized (loss) gain on derivatives

^[4],[5]

$ 54

$ 1,846

^[2],[3]

$ 1,053

$ 1,967

^[2],[3]

[1]	Real estate expense includes reimbursable property taxes at one of the Company's properties.
[2]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[3]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[4]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[5]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.

Combined and Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Apr. 13, 2017

Jun. 30, 2017

Apr. 13, 2017

Jun. 30, 2016

Other comprehensive income:

$ (100)

The Company

Unrealized (loss) gain on derivatives

^[1],[2],[3]

(1,604)

Other comprehensive income:

^[3]

(126)

Other comprehensive income (loss)

^[2],[3]

(126)

Comprehensive income (loss)

^[3]

$ (1,730)

Unrealized (loss) gain on derivatives

^[3],[4]

$ 54

$ 1,846

^[1],[2]

$ 1,053

$ 1,967

^[1],[2]

Other comprehensive income:

^[3]

415

Other comprehensive income (loss)

^[3]

415

Comprehensive income (loss)

^[3]

$ 54

$ 2,261

$ 1,053

$ 1,967

[1]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[2]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[3]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[4]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.

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

Total

Initial Capitalization

IPO and Private Placement

Common Stock at Par

Initial Capitalization

Common Stock at Par

IPO and Private Placement

Additional Paid-In Capital

Initial Capitalization

Additional Paid-In Capital

IPO and Private Placement

Retained Earnings (Deficit)

Accumulated Other Comprehensive Income (Loss)

Stockholders' equity, beginning balance (Predecessor) at Dec. 31, 2015

^[1]

$ 144,029

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

Net income (loss) | Predecessor

^{[1],[2],[3],[4]}

1,967

Net transactions with iStar Inc. | Predecessor

^[1]

480

Change in accumulated other comprehensive income (loss) | Predecessor

^[3]

Stockholders' equity, ending balance (Predecessor) at Jun. 30, 2016

^[1]

146,476

Stockholders' equity, beginning balance (Predecessor) at Dec. 31, 2016

^[1]

154,091

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

Net income (loss) | Predecessor

^{[1],[2],[3],[4]}

1,846

Net transactions with iStar Inc. | Predecessor

^[1]

(220,813)

Change in accumulated other comprehensive income (loss) | Predecessor

415

^[3]

$ 415

^[1]

Stockholders' equity, ending balance (Predecessor) at Apr. 13, 2017

^[1]

(64,461)

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

Net income (loss) | The Company

^[1]

(1,604)

^[2],[3]

$ (1,604)

Change in accumulated other comprehensive income (loss) | The Company

$ (1,604)

^[1]

(126)

^[3]

(126)

Proceeds from issuance of common stock | The Company

^[1]

$ 113,000

$ 250,000

$ 57

$ 125

$ 112,943

$ 249,875

Contributions from iStar | The Company

^[1]

16,800

$ 16,800

Offering costs | The Company

^[1]

(20,314)

Issuance of common stock to directors | The Company

^[1]

766

Stockholders' equity, ending balance (The Company) at Jun. 30, 2017

^[1]

$ 358,522

$ 182

$ 360,070

$ (1,604)

$ (126)

[1]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[2]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[3]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[4]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.

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

3 Months Ended

6 Months Ended

Apr. 13, 2017

Jun. 30, 2017

Apr. 13, 2017

Jun. 30, 2016

Jun. 30, 2017

Jun. 30, 2016

Cash flows from investing activities:

Proceeds from sales of real estate

$ 500

Supplemental disclosure of non-cash investing and financing activity:

Cash flows from operating activities:

^[1]

600

The Company

Adjustments to reconcile net income (loss) to cash flows from operating activities:

^[1],[2],[3]

$ (1,604)

Non-cash expense for stock-based compensation

^[1]

1,873

^[1]

766

Deferred ground lease income

^[1]

(1,044)

Amortization of real estate-related intangibles, net

^[1]

^[1]

346

Other operating activities

^[1]

231

Changes in assets and liabilities:

Changes in ground lease income receivable, net

^[1]

1,139

Changes in deferred expenses and other assets, net

^[1]

(99)

Changes in accounts payable, accrued expenses and other liabilities

^[1]

(18)

Cash flows provided by operating activities

^[1]

1,590

Cash flows from investing activities:

Acquisitions of real estate

^[1]

254,734

Proceeds from sales of real estate

^[1]

Other investing activities, net

^[1]

Cash flows used in investing activities

^[1]

(254,734)

Cash flows from financing activities:

Net transactions with iStar Inc.

^[1]

Proceeds from issuance of common stock

^[1]

14,350

^[1]

363,000

Proceeds from debt obligations

^[1]

Payments for deferred financing costs

^[1]

(2,255)

Payment of offering costs

^[1]

(14,372)

Cash flows provided by (used in) financing activities

^[1]

360,723

Changes in cash and cash equivalents

^[1]

107,579

Cash and cash equivalents at end of period

^[1]

107,579

Supplemental disclosure of non-cash investing and financing activity:

Assumption of debt obligations

^[1]

227,415

^[1]

2,450

Accrued funding obligation

^[1]

595

Accrued offering costs

^[1]

3,743

^[1]

Cash flows from operating activities:

Adjustments to reconcile net income (loss) to cash flows from operating activities:

^[3],[4]

$ 54

$ 1,846

^[1],[2]

$ 1,053

$ 1,967

^[1],[2]

Non-cash expense for stock-based compensation

^[4]

114

901

^[1]

780

1,570

^[1]

^[1]

Deferred ground lease income

^[1]

(1,271)

(2,148)

Amortization of real estate-related intangibles, net

^[1]

(508)

^[1]

118

206

Other operating activities

^[1]

Changes in assets and liabilities:

Changes in ground lease income receivable, net

^[1]

2,088

2,329

Changes in deferred expenses and other assets, net

^[1]

(576)

(28)

Changes in accounts payable, accrued expenses and other liabilities

^[1]

(13)

216

Cash flows provided by operating activities

^[1]

2,609

4,112

Cash flows from investing activities:

Acquisitions of real estate

^[1]

3,915

Proceeds from sales of real estate

^[1]

508

Other investing activities, net

^[1]

(1,042)

(699)

Cash flows used in investing activities

^[1]

(534)

(4,614)

Cash flows from financing activities:

Net transactions with iStar Inc.

^[1]

(220,813)

480

Proceeds from issuance of common stock

^[1]

^[1]

Proceeds from debt obligations

^[1]

227,000

Payments for deferred financing costs

^[1]

(7,217)

Payment of offering costs

^[1]

(779)

Cash flows provided by (used in) financing activities

^[1]

(1,809)

480

Changes in cash and cash equivalents

^[1]

266

(22)

Cash and cash equivalents at beginning of period

^[1]

$ 266

$ 0

Cash and cash equivalents at end of period

^[1]

$ 266

266

$ 0

Supplemental disclosure of non-cash investing and financing activity:

Assumption of debt obligations

^[1]

^[1]

Accrued funding obligation

^[1]

Accrued offering costs

^[1]

^[1]

$ 0

$ 314

[1]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[2]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[3]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.
[4]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income and Growth, Inc. Predecessor.

Organization and Business	6 Months Ended
Organization and Business	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Business	Organization and Business Organization—Safety, Income and Growth, Inc. ("Original Safety") is a Maryland corporation that was formed as a wholly-owned subsidiary of iStar Inc. (“iStar”) on October 24, 2016. iStar contributed a pre-existing portfolio of ground leases to Original Safety and sought third party capital to grow its ground lease business. A second entity, SIGI Acquisition, Inc. ("SIGI"), was capitalized on April 14, 2017 by iStar and two institutional investors. On April 14, 2017, Original Safety merged with and into SIGI with SIGI surviving the merger and being renamed Safety, Income and Growth, Inc. References herein to the Company refer to Original Safety before such merger and to the surviving company of such merger thereafter. Through these and other formation transactions, the Company (i) acquired iStar's entire ground lease portfolio consisting of 12 properties (the "Initial Portfolio"), all of which were wholly-owned by the Company as of June 30, 2017 and December 31, 2016, (ii) completed the $227 million 2017 Secured Financing (refer to Note 6) on March 30, 2017, (iii) issued 2,875,000 shares of the Company's common stock to two institutional investors for $20.00 per share, or $57.5 million (representing a 51% ownership interest in the Company at such time), and 2,775,000 shares of the Company's common stock to iStar for $20.00 per share, or $55.5 million(representing a 49% ownership interest in the Company at such time), and (iv) paid $340.0 million in total consideration to iStar for the Initial Portfolio. On June 27, 2017, the Company completed its initial public offering raising $205.0 million in gross proceeds and concurrently completing a $45.0 million private placement with iStar, its largest shareholder. The initial public offering price was $20 per share. iStar paid, or has agreed to pay, a total of $19.0 million of organization and offering costs in connection with these transactions, including commissions payable to the underwriters and other offering expenses. iStar received no compensation for its payment of the organization and offering costs. The payment of such costs were treated as capital contributions from iStar with an offsetting cost of capital in the Company's consolidated statements of changes in equity. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar, the Company's largest shareholder, pursuant to a management agreement (refer to Note 11). The Company has no employees, relying on its Manager to provide all services. The Company intends to elect to qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ending December 31, 2017. The Company was structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned by a subsidiary partnership, Safety Income and Growth Operating Partnership LP (the "Operating Partnership"), which is currently wholly-owned by the Company. The UPREIT structure may afford the Company with 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. Business—The Company operates its business through one segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder ("Ground Leases"). The Company believes that owning a portfolio of Ground Leases affords investors in the Company the opportunity for safe, growing income. Safety is derived from a Ground Lease's senior position in the commercial real estate capital structure. Growth is realized through (i) long-term leases with periodic contractual increases in rent, and (ii) growth in the value of the ground over time. Capital appreciation is realized when, at the end of the life of the lease, the commercial real estate property reverts back to the Company, as landlord, and the Company is able to realize the value of the leasehold, which may be substantial. The Company's leases share similarities with triple net leases in that the Company is typically not responsible for any operating or capital expenses over the life of the lease, making the management of its portfolio relatively simple, with limited working capital needs. Basis of Presentation and Principles of Combination and Consolidation Basis of Presentation—For periods prior to April 14, 2017, the accompanying combined financial statements do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control (the "Predecessor") that have been ‘‘carved out’’ from iStar’s consolidated financial statements. For periods prior to April 14, 2017, these combined financial statements reflect the revenues and expenses of the Predecessor and include certain material assets and liabilities of iStar that are specifically identifiable and generated through, or associated with, an in-place lease, which have been reflected at iStar’s historical basis. For periods subsequent to April 14, 2017, the accompanying consolidated financial statements represent the consolidated financial statements of the Company. In addition, as a result of the Company's acquisition of the Initial Portfolio from iStar, the consolidated financial statements subsequent to April 14, 2017 are presented on a new basis of accounting pursuant to Accounting Standards Codification ("ASC") 805 (refer to Note 4). The preparation of these combined and consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (‘‘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. These combined financial statements for the periods prior to April 14, 2017 include an allocation of general and administrative expenses and interest expense to the Predecessor from iStar. General and administrative expenses include certain iStar corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses, including stock based compensation, represent a pro rata allocation of costs from iStar’s net lease and corporate business segments based on our average net assets as a percentage of iStar’s average net assets. Interest expense was allocated to the Predecessor by calculating its average net assets as a percentage of the average net assets in iStar’s net lease business segment and multiplying that percentage by the interest expense allocated to iStar’s net lease business segment (only for the number of days in the period in which the Predecessor did not have debt obligations outstanding—refer to Note 6). The Company believes the allocation methodology for the general and administrative expenses and interest expense is reasonable. Accordingly, the general and administrative expense allocation presented in our combined statements of operations for historical periods does not necessarily reflect what our general and administrative expenses will be as a standalone public company for future reporting periods. In the opinion of management, the accompanying combined financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. For the periods prior to April 14, 2017, most of the entities included in the Predecessor financial statements did not have bank accounts for the periods presented, and most cash transactions for the Predecessor were transacted through bank accounts owned by iStar. For the periods prior to April 14, 2017, the combined statements of cash flows for the periods presented were prepared as if operating, investing and financing transactions for the Predecessor had been transacted through its own bank accounts. Certain prior period amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation. Principles of Combination and Consolidation—For the periods prior to April 14, 2017, the combined financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows attributed to the Predecessor. For the periods subsequent to April 14, 2017, the consolidated financial statements include the accounts and operations of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Basis of Presentation and Principles of Combination and Consolidation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Combination and Consolidation	Organization and Business Organization—Safety, Income and Growth, Inc. ("Original Safety") is a Maryland corporation that was formed as a wholly-owned subsidiary of iStar Inc. (“iStar”) on October 24, 2016. iStar contributed a pre-existing portfolio of ground leases to Original Safety and sought third party capital to grow its ground lease business. A second entity, SIGI Acquisition, Inc. ("SIGI"), was capitalized on April 14, 2017 by iStar and two institutional investors. On April 14, 2017, Original Safety merged with and into SIGI with SIGI surviving the merger and being renamed Safety, Income and Growth, Inc. References herein to the Company refer to Original Safety before such merger and to the surviving company of such merger thereafter. Through these and other formation transactions, the Company (i) acquired iStar's entire ground lease portfolio consisting of 12 properties (the "Initial Portfolio"), all of which were wholly-owned by the Company as of June 30, 2017 and December 31, 2016, (ii) completed the $227 million 2017 Secured Financing (refer to Note 6) on March 30, 2017, (iii) issued 2,875,000 shares of the Company's common stock to two institutional investors for $20.00 per share, or $57.5 million (representing a 51% ownership interest in the Company at such time), and 2,775,000 shares of the Company's common stock to iStar for $20.00 per share, or $55.5 million(representing a 49% ownership interest in the Company at such time), and (iv) paid $340.0 million in total consideration to iStar for the Initial Portfolio. On June 27, 2017, the Company completed its initial public offering raising $205.0 million in gross proceeds and concurrently completing a $45.0 million private placement with iStar, its largest shareholder. The initial public offering price was $20 per share. iStar paid, or has agreed to pay, a total of $19.0 million of organization and offering costs in connection with these transactions, including commissions payable to the underwriters and other offering expenses. iStar received no compensation for its payment of the organization and offering costs. The payment of such costs were treated as capital contributions from iStar with an offsetting cost of capital in the Company's consolidated statements of changes in equity. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar, the Company's largest shareholder, pursuant to a management agreement (refer to Note 11). The Company has no employees, relying on its Manager to provide all services. The Company intends to elect to qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ending December 31, 2017. The Company was structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned by a subsidiary partnership, Safety Income and Growth Operating Partnership LP (the "Operating Partnership"), which is currently wholly-owned by the Company. The UPREIT structure may afford the Company with 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. Business—The Company operates its business through one segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder ("Ground Leases"). The Company believes that owning a portfolio of Ground Leases affords investors in the Company the opportunity for safe, growing income. Safety is derived from a Ground Lease's senior position in the commercial real estate capital structure. Growth is realized through (i) long-term leases with periodic contractual increases in rent, and (ii) growth in the value of the ground over time. Capital appreciation is realized when, at the end of the life of the lease, the commercial real estate property reverts back to the Company, as landlord, and the Company is able to realize the value of the leasehold, which may be substantial. The Company's leases share similarities with triple net leases in that the Company is typically not responsible for any operating or capital expenses over the life of the lease, making the management of its portfolio relatively simple, with limited working capital needs. Basis of Presentation and Principles of Combination and Consolidation Basis of Presentation—For periods prior to April 14, 2017, the accompanying combined financial statements do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control (the "Predecessor") that have been ‘‘carved out’’ from iStar’s consolidated financial statements. For periods prior to April 14, 2017, these combined financial statements reflect the revenues and expenses of the Predecessor and include certain material assets and liabilities of iStar that are specifically identifiable and generated through, or associated with, an in-place lease, which have been reflected at iStar’s historical basis. For periods subsequent to April 14, 2017, the accompanying consolidated financial statements represent the consolidated financial statements of the Company. In addition, as a result of the Company's acquisition of the Initial Portfolio from iStar, the consolidated financial statements subsequent to April 14, 2017 are presented on a new basis of accounting pursuant to Accounting Standards Codification ("ASC") 805 (refer to Note 4). The preparation of these combined and consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (‘‘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. These combined financial statements for the periods prior to April 14, 2017 include an allocation of general and administrative expenses and interest expense to the Predecessor from iStar. General and administrative expenses include certain iStar corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses, including stock based compensation, represent a pro rata allocation of costs from iStar’s net lease and corporate business segments based on our average net assets as a percentage of iStar’s average net assets. Interest expense was allocated to the Predecessor by calculating its average net assets as a percentage of the average net assets in iStar’s net lease business segment and multiplying that percentage by the interest expense allocated to iStar’s net lease business segment (only for the number of days in the period in which the Predecessor did not have debt obligations outstanding—refer to Note 6). The Company believes the allocation methodology for the general and administrative expenses and interest expense is reasonable. Accordingly, the general and administrative expense allocation presented in our combined statements of operations for historical periods does not necessarily reflect what our general and administrative expenses will be as a standalone public company for future reporting periods. In the opinion of management, the accompanying combined financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. For the periods prior to April 14, 2017, most of the entities included in the Predecessor financial statements did not have bank accounts for the periods presented, and most cash transactions for the Predecessor were transacted through bank accounts owned by iStar. For the periods prior to April 14, 2017, the combined statements of cash flows for the periods presented were prepared as if operating, investing and financing transactions for the Predecessor had been transacted through its own bank accounts. Certain prior period amounts have been reclassified in the Company's consolidated financial statements and the related notes to conform to the current period presentation. Principles of Combination and Consolidation—For the periods prior to April 14, 2017, the combined financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows attributed to the Predecessor. For the periods subsequent to April 14, 2017, the consolidated financial statements include the accounts and operations of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds, if applicable, with original maturity terms of less than 90 days.

Earnings per share—The Company has one class of common stock. Earnings per share ("EPS") is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding (refer to Note 9 for a summary of shares outstanding).

Deferred financing fees—Deferred financing fees associated with the 2017 Revolver (refer to Note 6) are recorded in ‘‘Deferred expenses and other assets, net’’ on the Company’s combined and consolidated balance sheets. The amortization of deferred financing fees is included in ‘‘Interest expense’’ in the Company’s combined and consolidated statements of operations.

Dispositions—Gains on the sale of real estate assets are recognized in "Income from sales of real estate" in accordance with ASC 360-20, Real Estate Sales. Gains on sales of real estate are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs.

Stock-based compensation—The Company accounts for stock-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. On June 27, 2017, the Company's directors who are not officers or employees of the Manager or iStar were granted 40,000 shares in the Company's common stock with an aggregate grant date fair value of $0.8 million. The shares granted to the directors vested immediately and the Company recognized $0.8 million in stock-based compensation, which is classified within "General and administrative" in the Company's consolidated statements of operations.

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 independent directors, advisers, consultants and other personnel. The Company's 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. As of June 30, 2017, no equity incentive awards have been granted under the equity incentive plan.

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

The Company recognizes derivatives as either assets or liabilities on the Company's combined and consolidated balance sheets at fair value. 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 two derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivatives is reported in accumulated other comprehensive income (loss). The ineffective portion of the change in fair value of the derivatives is recognized directly in the Company's consolidated statements of operations. The table below presents the Company's cash flow hedges that are designated in hedging relationships as well as their classification on the consolidated balance sheet as of June 30, 2017 ($ in thousands)⁽¹⁾:

Derivative Type

Maturity

Notional Amount

Fair

Value⁽²⁾

Balance Sheet

Location

Interest rate swap

October 2020

45,000

Deferred expenses and other assets, net

Interest rate swap

October 2030

95,000

149

Accounts payable, accrued expenses and other liabilities

____________________________________________________________________________


(1)	For the period from April 14, 2017 to June 30, 2017, the Company recognized $(0.1) million in accumulated other comprehensive income (loss).


(2)	The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable

inputs such as interest rates and contractual cash flow and are classified as Level 2. Over the next 12 months, the Company expects that $0.2 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" into interest expense.

In February 2017, the Company entered into and settled a rate lock swap in connection with the 2017 Secured Financing (refer to Note 6). As a result of the settlement, the Company recorded a $0.4 million unrealized gain in other comprehensive income, which is recorded in "Safety, Income and Growth, Inc. Predecessor equity" on the Company’s combined and consolidated balance sheets. In connection with the Company's acquisition of the Initial Portfolio, the 2017 Secured Financing was recorded at fair value and the resulting premium will be recorded as a reduction to interest expense over the term of the 2017 Secured Financing.

Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the combined and 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 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 Company determined the carrying values of its financial instruments including cash and cash equivalents; ground lease income receivable; deferred ground lease income receivable, net; deferred expenses and other assets, net; and accounts payable, accrued expenses, and other liabilities approximated their fair values. For the Company's debt obligations not traded in secondary markets, the Company determines fair value primarily by using market rates currently available for debt obligations with similar terms and remaining maturities. The Company determined that the significant inputs used to value its debt obligations, net fall within Level 3 of the fair value hierarchy. The Company determined the fair value of its debt obligations, net approximated its carrying value as of June 30, 2017.

In connection with the Company's acquisition of the Initial Portfolio and its acquisition of two separate Ground Leases on June 28, 2017 (refer to Note 4), the Company was required to account for the acquisitions as business combinations pursuant to ASC 805. The Company utilized a third-party specialist to assist the Company in recognizing and measuring the identifiable assets acquired, the liabilities assumed, and estimating the remaining useful life of the identifiable assets acquired in accordance with ASC 350.

As of June 30, 2017, the remainder of the Company’s significant accounting policies, which are detailed in the Company’s Prospectus, dated June 21, 2017 (the "Prospectus"), have not changed materially.

The Company is an "emerging growth company" as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act") and is eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other publicly-traded companies that are not "emerging growth companies," including not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002. The Company has not yet made a decision as to whether it will take advantage of any or all of these exemptions.

In addition, the JOBS Act provides that an "emerging growth company" can take advantage of the extended transition period provided in the Securities Act of 1933, as amended, for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. However, the Company has chosen to "opt out" of this extended transition period, and as a result, it will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for all public companies that are not emerging growth companies. The Company's decision to opt out of the extended transition period for complying with new or revised accounting standards is irrevocable.

The Company will remain an "emerging growth company" until the earliest to occur of (i) the last day of the fiscal year during which our total annual revenue equals or exceeds $1.07 billion (subject to adjustment for inflation), (ii) the last day of the fiscal year following the fifth anniversary of the Company's initial public offering, (iii) the date on which the Company has, during the previous three-year period, issued more than $1.0 billion in non-convertible debt or (iv) the date on which the Company is deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended.

New Accounting Pronouncements—In February 2017, the FASB issued Accounting Standards Update ("ASU") 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements and expects to adopt the retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard.

In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements.

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 amendment 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. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (‘‘ASU 2016-02’’), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight line basis and (iii) classify all cash payments within operating activities in its statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. However, in certain instances a long-term lease of land could be classified as a sales-type lease, resulting in the lessor derecognizing the underlying asset from its books and recording a profit or loss on the sale and a net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (‘'ASU 2014-09’') which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers—Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption was permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements and expects to adopt the full retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard.

Real Estate and Real Estate-Related Intangibles

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Real Estate and Real Estate-Related Intangibles

The Company's real estate assets consist of the following ($ in thousands)⁽¹⁾:



	As of
	June 30, 2017			December 31, 2016
Land and land improvements, at cost	$	214,448		$	41,160
Buildings and improvements, at cost	192,396			124,539
Less: accumulated depreciation	(1,251		)	(61,221		)
Total real estate, net	$	405,593		$	104,478
Real estate-related intangible assets, net	131,696			32,680
Total real estate, net and real estate-related intangible assets, net	$	537,289		$	137,158

_______________________________________________________________________________

(1)

On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values. During the six months ended June 30, 2017, the Company sold a parking facility from its Hilton Western Portfolio for $0.5 million that had been previously impaired by iStar and had a carrying value of zero.

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



	As of
	June 30, 2017		December 31, 2016
Above-market lease assets, net⁽²⁾	$	68,662	$	—
In-place lease assets, net⁽³⁾	36,756		—
Below-market lease asset, net⁽⁴⁾	26,278		—
Lease incentives, net⁽⁵⁾	—		32,545
Other intangible assets, net	—		135
Real estate-related intangible assets, net	$	131,696	$	32,680

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.

(2)

Above-market lease assets are recognized during business combinations 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. Accumulated amortization on above-market lease assets was $0.3 million as of June 30, 2017. The amortization of above-market lease assets decreased ground lease income in the Company's combined and consolidated statements of operations by $0.3 million for the period from April 14, 2017 to June 30, 2017. Above-market lease assets are amortized over the term of the leases.

(3)

In-place lease assets are recognized during business combinations 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. Accumulated amortization on in-place lease assets was $0.6 million as of June 30, 2017. The amortization expense for in-place leases was $0.6 million for the period from April 14, 2017 to June 30, 2017. This amount is included in "Depreciation and amortization" in the Company's combined and consolidated statements of operations. In-place lease assets are amortized over the term of the leases.

(4)

Below-market lease asset, net resulted from the acquisition of the Initial Portfolio and 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 third-party owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company's tenant pays this expense directly under the terms of a master lease. Accumulated amortization on the below-market lease asset was $0.2 million as of June 30, 2017. The amortization expense for the Company's below-market lease asset was $0.2 million for the period from April 14, 2017 to June 30, 2017. This amount is included in "Real estate expense" in the Company's combined and consolidated statements of operations. The below-market lease asset is amortized over the term of the lease.

(5)

Accumulated amortization on lease incentives was $2.1 million as of December 31, 2016. The amortization of lease incentives decreased ground lease income in the Company's combined and consolidated statements of operations by $15 thousand and $0.1 million for the periods from April 1, 2017 to April 13, 2017 and January 1, 2017 to April 13, 2017, respectively, and $0.1 million and $0.2 million for the three and six months ended June 30, 2016, respectively. Lease incentive assets are amortized over the term of the leases.

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



Year	Amount
2017 (remaining six months)	$	2,639
2018	5,278
2019	5,278
2020	5,278
2021	5,278

_______________________________________________________________________________


(1)	As of June 30, 2017, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 60 years.

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



	As of
	June 30, 2017		December 31, 2016
Below-market lease liabilities⁽²⁾	$	58,268	$	—
Real estate-related intangible liabilities, net	$	58,268	$	—

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.

(2)

Below-market lease liabilities are recognized during business combinations 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. Accumulated amortization on below-market lease liabilities was $0.1 million as of June 30, 2017. The amortization of below-market lease liabilities increased ground lease income in the Company's combined and consolidated statements of operations by $0.1 million for the period from April 14, 2017 to June 30, 2017.

Acquisitions—On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. On June 28, 2017, the Company separately acquired two additional Ground Leases (described below) from third party sellers for an aggregate purchase price of approximately $142.0 million and accounted for the acquisitions as business combinations pursuant to ASC 805.

The Company acquired the Ground Lease at 6200 Hollywood Boulevard, a 143,151 square foot land parcel subject to a long term Ground Lease located in Los Angeles, CA in the Hollywood neighborhood adjacent to the Hollywood/Vine metro station. The site is currently under construction; once completed, it will be improved with approximately 507 apartments, 56,100 square feet of retail space, 1,237 underground parking spaces, and signage facing Hollywood Boulevard. The Ground Lease has 87 years remaining on its term.

The Company also acquired the Ground Lease at 6201 Hollywood Boulevard, a 183,802 square foot land parcel subject to a long term Ground Lease located in Los Angeles, CA in the Hollywood neighborhood adjacent to the Hollywood/Vine metro station. The land is improved with approximately 535 apartments, 71,200 square feet of retail space, 1,300 underground parking spaces, and signage facing Hollywood Boulevard. The Ground Lease has 87 years remaining on its term.

The Company's preliminary purchase price allocations for the acquisitions are presented in the table below ($ in thousands):



	Initial Portfolio		6200 Hollywood Blvd.		6201 Hollywood Blvd.		Total
Assets
Land and land improvements, at cost	$	73,472	$	68,140	$	72,836	$	214,448
Buildings and improvements, at cost	192,396		—		—		192,396
Real estate	265,868		68,140		72,836		406,844
Real estate-related intangible assets⁽¹⁾	124,017		5,500		3,258		132,775
Other assets	1,174		—		—		1,174
Total assets	$	391,059	$	73,640	$	76,094	$	540,793

Liabilities
Real estate-related intangible liabilities⁽²⁾	$	50,644	$	—	$	7,734	$	58,378
Debt obligations	227,415		—		—		227,415
Total liabilities	278,059		—		7,734		285,793
Purchase Price⁽³⁾	$	113,000	$	73,640	$	68,360	$	255,000

_______________________________________________________________________________

(1)

Intangible assets primarily includes above market and in-place lease assets related to the acquisition of real estate assets. The amortization of above market lease assets is recorded as a reduction to "Ground lease income" in the Company's combined and consolidated statements of operations and are amortized over the term of the leases. The amortization expense for in-place leases is recorded in "Depreciation and amortization" in the Company's combined and consolidated statements of operations. In addition, intangible assets from the acquisition of the Initial Portfolio includes a below market lease asset on a property that is majority-owned by a third party that is ground leased to the Company. The Company is obligated to pay the third-party owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company's tenant pays this expense directly under the terms of a master lease. The amortization of the below market lease asset is recorded to "Real estate expense" in the Company's combined and consolidated statements of operations.


(2)	Intangible liabilities includes below market lease liabilities related to the acquisition of real estate assets. The amortization of below market lease liabilities is recorded as an increase to "Ground lease income" in the Company's combined and consolidated statements of operations.


(3)	The Company paid $340.0 million in total consideration to iStar for the Initial Portfolio, including the proceeds from the 2017 Secured Financing.

The following unaudited table summarizes the Company's pro forma revenues and net income (loss) for the three and six months ended June 30, 2017 and 2016, as if the acquisition of these properties was completed on January 1, 2016 ($ in thousands):



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017			2016		2017		2016
Pro forma revenues	$	6,150		$	6,165	$	12,879	$	12,342
Pro forma net income (loss) ⁽¹⁾	(368		)	502		1,189		1,347

_______________________________________________________________________________

(1)

The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable. The acquisition of the Initial Portfolio is included in EPS for the period from April 14, 2017 to June 30, 2017. The acquisitions of 6200 Hollywood Boulevard and 6201 Hollywood Boulevard would have increased EPS by $0.17 if the acquisitions had occurred on April 14, 2017.

From the date of acquisition through June 30, 2017, $4.2 million in total revenues and $1.9 million in net income associated with the properties were included in the Company’s consolidated statements of operations. The pro forma revenues and net income are presented for informational purposes only and may not be indicative of what the actual results of operations of the Company would have been assuming the transaction occurred on January 1, 2016, nor do they purport to represent the Company’s results of operations for future periods.

Future Minimum Ground Lease Payments—Future minimum Ground Lease payments to be collected under non-cancelable leases, excluding percentage rent and other lease payments that are not fixed and determinable, in effect as of June 30, 2017, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation ⁽¹⁾		Total
2017 (remaining six months)	$	2,496	$	2,122	$	5,016	$	9,634
2018	4,993		4,286		10,032		19,311
2019	4,993		4,341		10,032		19,366
2020	4,993		4,401		10,032		19,426
2021	4,993		4,469		10,032		19,494

_______________________________________________________________________________


(1)	Represents contractual base rent only and does not include percentage rent that is not fixed and determinable.

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

6 Months Ended

Jun. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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)⁽¹⁾:



	As of
	June 30, 2017		December 31, 2016
Deferred finance costs, net	$	2,840	$	—
Other assets⁽²⁾	1,134		5,841
Leasing costs, net⁽³⁾	—		763
Deferred expenses and other assets, net	$	3,974	$	6,604

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.


(2)	As of December 31, 2016, other assets included a $4.1 million receivable related to the funding provided to a certain investment in a Ground Lease the Company entered into during the year ended December 31, 2016. In addition, as of December 31, 2016 other assets includes $1.7 million in deferred offering costs.


(3)	Accumulated amortization of leasing costs was $28 thousand as of December 31, 2016.

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands)⁽¹⁾:



	As of
	June 30, 2017		December 31, 2016
Accounts payable⁽²⁾	$	3,743	$	779
Accrued expenses⁽³⁾	1,403		708
Other liabilities	799		89
Accounts payable, accrued expenses and other liabilities	$	5,945	$	1,576

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.


(2)	As of June 30, 2017 and December 31, 2016, accounts payable includes accrued offering costs.


(3)	As of June 30, 2017, accrued expenses primarily includes accrued acquisition costs, recoverable real estate taxes paid by the Company and reimbursed by the tenant and $0.6 million of accrued finance costs. As December 31, 2016, accrued expenses primarily includes recoverable real estate taxes paid by the Company and reimbursed by the tenant.

Debt Obligations, net

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Debt Obligations, net

The Company's debt obligations consist of the following ($ in thousands)⁽¹⁾:



	As of				Stated Interest Rate		Scheduled Maturity Date
	June 30, 2017		December 31, 2016		Stated Interest Rate		Scheduled Maturity Date
Secured credit facilities:
2017 Secured Financing	$	227,000	$	—	3.795	%	April 2027
Total secured credit facilities	227,000		—
Total debt obligations	227,000		—
Debt premium, net⁽¹⁾	406		—
Total debt obligations, net	$	227,406	$	—

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.

2017 Secured Financing—In March 2017, the Company entered into a $227.0 million non-recourse secured financing transaction (the "2017 Secured Financing") that accrues interest at 3.795% and matures in April 2027. The 2017 Secured Financing was collateralized by the Initial Portfolio including seven Ground Leases and one master lease (covering the accounts of five properties). In connection with and prior to the closing of the 2017 Secured Financing, the Company entered into a $200 million notional rate lock swap, reducing the effective rate of the 2017 Secured Financing from 3.795% to 3.773%.

2017 Revolver—In June 2017, the Company entered into a recourse senior secured revolving credit facility with a group of lenders in the maximum aggregate initial original principal amount of up to $300.0 million (the "2017 Revolver"). The 2017 Revolver has a term of three years with two 12-month extension options exercisable by the Company, subject to certain conditions, and accrues interest at an annual rate of applicable LIBOR plus 1.35%. An undrawn credit facility commitment fee ranges from 0.15% to 0.25%, based on utilization each quarter. This fee is waived for the first six months after the closing date of June 27, 2017. The 2017 Revolver will allow the Company to leverage Ground Leases up to 67%. The 2017 Revolver provides an accordion feature to increase, subject to certain conditions, the maximum availability up to $500.0 million. The Company incurred $2.8 million of lender and third-party fees, all of which was capitalized in "Deferred expenses and other assets, net" on the Company's consolidated balance sheets. As of June 30, 2017, the Company did not have any amounts outstanding on the 2017 Revolver.

Debt Covenants—The Company is subject to financial covenants under the 2017 Revolver, including maintaining: a limitation on total consolidated leverage of not more than 70%, or 75% for no more than 180 days, of the Company's total consolidated assets; a consolidated fixed charge coverage ratio of at least 1.45x; a consolidated tangible net worth of at least 75% of the Company's tangible net worth at the date of the 2017 Revolver plus 75% of future issuances of net equity; a consolidated secured leverage ratio of not more than 70%, or 75% for no more than 180 days, of the Company's total consolidated assets; and a secured recourse debt ratio of not more than 5.0% of the Company's total consolidated assets. Additionally, the 2017 Revolver restricts the Company's ability to pay distributions to its stockholders. For the remainder of 2017, the Company will be permitted to make distributions based on an annualized distribution rate of 3.0% of the initial public offering price per share of its common stock. Beginning in 2018, the Company will be permitted to make annual distributions up to an amount equal to 110% of the Company's adjusted funds from operations, as calculated in accordance with the 2017 Revolver. In addition, the Company may make distributions to the extent necessary to maintain the Company's qualification as a REIT. As of June 30, 2017, the Company was in compliance with all of its financial covenants.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 combined and consolidated financial statements.

Risk Management	6 Months Ended
Risk Management	Jun. 30, 2017
Risks and Uncertainties [Abstract]
Risk Management	Risk Management 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. The Company underwrites the credit of prospective tenants and often requires them to provide some form of credit support such as corporate guarantees. Although the Company’s real estate assets 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 Ground Lease income from any tenant, the inability of that tenant to make its payment could have a material adverse effect on the Company. During the six months ended June 30, 2017, the Company’s two largest tenants accounted for approximately $5.5 million and $2.7 million, or 53% and 26%, respectively, of the Company’s revenues. Five hotels leased by the Company under a master lease guaranteed by Park Intermediate Holdings LLC represented 34% of the Company’s total assets at June 30, 2017. Park Intermediate Holdings LLC is a subsidiary of Park Hotels & Resorts Inc., which is a public reporting company. According to Park Hotels & Resorts Inc.’s public Securities and Exchange Commission filings, Park Hotels & Resorts Inc. conducts substantially all of its business and holds substantially all of its assets through Park Intermediate Holdings LLC. For detailed financial information regarding Park Hotels & Resorts Inc., please refer to its financial statements, which are publicly available on the website of the Securities and Exchange Commission at http://www.sec.gov.

Equity

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Equity

Common Stock—On April 14, 2017, two institutional investors acquired 2,875,000 shares of the Company's common stock for $57.5 million and iStar acquired 2,775,000 shares of the Company's common stock for $55.5 million.

On June 27, 2017, the Company sold 10,250,000 shares of its common stock in its initial public offering for proceeds of $205.0 million. Concurrently with the initial public offering, the Company sold $45.0 million in shares, or 2,250,000 shares, of its common stock to iStar in a private placement and issued 40,000 shares to its directors who are not employees of the Manager or iStar in consideration for their services as directors.

The following table presents a summary of the Company's ownership as of June 30, 2017:



Event	Date	Owner	# of shares	Price paid Per Share
Initial capitalization	April 14, 2017	Third parties	2,875,000	$	20.00
Initial capitalization	April 14, 2017	iStar	2,775,000	20.00
Initial public offering	June 27, 2017	Third parties	10,250,000	20.00
Concurrent iStar placement	June 27, 2017	iStar	2,250,000	20.00
Issuance of shares to directors	June 27, 2017	Directors	40,000	—
Shares outstanding at June 30, 2017			18,190,000

Safety, Income and Growth, Inc. Predecessor Equity—For the periods prior to April 14, 2017, Safety, Income and Growth, Inc. Predecessor Equity represents net contributions from and distributions to iStar. Most of the entities included in the Predecessor’s financial statements did not have bank accounts for the periods presented and most cash transactions for the Predecessor were transacted through bank accounts owned by iStar and are included in Safety, Income and Growth, Inc. Predecessor Equity.

Dividends—The Company intends to elect to qualify as a REIT beginning with its taxable year ending 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. The Company did not declare or pay any common stock dividends for the six months ended June 30, 2017.

Earnings Per Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares outstanding for the period.

The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data)⁽¹⁾:



	For the Period from April 14, 2017 to June 30, 2017
Income (loss) from operations	$	(1,604	)
Income (loss) from operations attributable and allocable to common shareholders for basic and diluted earnings per common share	$	(1,604	)

_______________________________________________________________________________


(1)	The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable.



	For the Period from April 14, 2017 to June 30, 2017
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss)	$	(1,604	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	6,293

Basic and diluted earnings per common share:
Net income (loss) attributable to Safety, Income and Growth, Inc. and allocable to common shareholders	$	(0.25	)

Related Party Transactions

6 Months Ended

Jun. 30, 2017

Related Party Transactions

The Company is externally managed by an affiliate of iStar, the Company's largest shareholder. Although the Manager was recently formed, iStar has been an active real estate investor for over 20 years and has executed transactions with an aggregate value in excess of $35.0 billion. iStar 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. As of March 31, 2017, iStar had total assets of approximately $5.3 billion and 191 employees in its New York City headquarters and its seven regional offices across the United States.

Management Agreement

The Company has designed what it believes to be a management agreement with unique features that create alignment and incentives. 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 1.0% of total shareholder's equity (up to $2.5 billion) Annual fee of 0.75% of total shareholder's equity (> $2.5 billion)
Management Fee Consideration	Payment will be made exclusively in the Company's common stock (valued at the greater of (i) the volume weighted average market price during the quarter for which the fee is being paid or (ii) the initial public offering price)
Lock-up	Restriction from selling common stock received for management fees for 2 years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Management Fee Waiver	No management fee paid to the Manager during the first year (through June 30, 2018)
Incentive Fee	None
Term	1 year
Renewal Provision	Annual renewal to be approved by majority of independent directors
Termination Fee	None

For the period from April 14, 2017 to June 30, 2017, the Company recorded $0.2 million in management fees to the Manager. These management fees are recorded in general and administrative expenses in the Company's consolidated statements of operations. The management fees were not actually paid to the Manager because no management fees are payable during the first year of the agreement. The fees were accounted for as a non-cash capital contribution from iStar despite iStar not receiving any compensation for its services.

Expense Reimbursements

The Company pays, or reimburses the Manager for, all of the Company's operating expenses, except those specifically required to be borne by the Manager under the management agreement. In addition, because the Manager’s personnel perform certain legal, accounting, due diligence tasks and other services that third-party professionals or consultants otherwise would perform, the Manager is reimbursed, solely in shares of the Company's common stock, for the documented cost of performing such tasks.

For the period from the initial public offering on June 27, 2017 to June 30, 2017, the Company was allocated $20 thousand in expenses from the Manager. These expenses are recorded in general and administrative expenses in the Company's consolidated statements of operations. The expenses were waived by the Manager, and accordingly, were accounted for as a non-cash capital contribution from iStar despite iStar not receiving any reimbursement for these allocated expenses.

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Subsequent to June 30, 2017, iStar, trusts established by Jay Sugarman, the Company's Chairman and Chief Executive Officer, and Geoffrey Jervis, the Company's Chief Operating Officer and Chief Financial Officer, purchased shares in the Company's common stock pursuant to a 10b5-1 plan (the “10b5-1 Plan") in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which they may buy in the open market up to $25.0 million in the aggregate of the Company’s common stock. Shares will be purchased under the 10b5-1 Plan when the market price per share is below $20.00 and will accelerate with declines in the market price. Purchases will be allocated 98% to iStar, 1% to the trusts established by Jay Sugarman and 1% to Mr. Jervis.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of presentation	For periods prior to April 14, 2017, the accompanying combined financial statements do not represent the financial position and results of operations of one legal entity, but rather a combination of entities under common control (the "Predecessor") that have been ‘‘carved out’’ from iStar’s consolidated financial statements. For periods prior to April 14, 2017, these combined financial statements reflect the revenues and expenses of the Predecessor and include certain material assets and liabilities of iStar that are specifically identifiable and generated through, or associated with, an in-place lease, which have been reflected at iStar’s historical basis. For periods subsequent to April 14, 2017, the accompanying consolidated financial statements represent the consolidated financial statements of the Company. In addition, as a result of the Company's acquisition of the Initial Portfolio from iStar, the consolidated financial statements subsequent to April 14, 2017 are presented on a new basis of accounting pursuant to Accounting Standards Codification ("ASC") 805 (refer to Note 4).
Use of estimates	The preparation of these combined and consolidated financial statements in conformity with generally accepted accounting principles in the United States of America (‘‘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. These combined financial statements for the periods prior to April 14, 2017 include an allocation of general and administrative expenses and interest expense to the Predecessor from iStar. General and administrative expenses include certain iStar corporate functions, including executive oversight, treasury, finance, human resources, tax compliance and planning, internal audit, financial reporting, information technology and investor relations. General and administrative expenses, including stock based compensation, represent a pro rata allocation of costs from iStar’s net lease and corporate business segments based on our average net assets as a percentage of iStar’s average net assets. Interest expense was allocated to the Predecessor by calculating its average net assets as a percentage of the average net assets in iStar’s net lease business segment and multiplying that percentage by the interest expense allocated to iStar’s net lease business segment (only for the number of days in the period in which the Predecessor did not have debt obligations outstanding—refer to Note 6). The Company believes the allocation methodology for the general and administrative expenses and interest expense is reasonable. Accordingly, the general and administrative expense allocation presented in our combined statements of operations for historical periods does not necessarily reflect what our general and administrative expenses will be as a standalone public company for future reporting periods. In the opinion of management, the accompanying combined financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented.
Principles of combination and consolidation	For the periods prior to April 14, 2017, the combined financial statements include on a carve-out basis the historical balance sheets and statements of operations and cash flows attributed to the Predecessor. For the periods subsequent to April 14, 2017, the consolidated financial statements include the accounts and operations of the Company and its consolidated subsidiaries.
Cash and cash equivalents	Cash and cash equivalents—Cash and cash equivalents include cash held in banks or invested in money market funds, if applicable, with original maturity terms of less than 90 days.
Earnings per share	Earnings per share—The Company has one class of common stock. Earnings per share ("EPS") is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding (refer to Note 9 for a summary of shares outstanding).
Deferred financing fees	Deferred financing fees—Deferred financing fees associated with the 2017 Revolver (refer to Note 6) are recorded in ‘‘Deferred expenses and other assets, net’’ on the Company’s combined and consolidated balance sheets. The amortization of deferred financing fees is included in ‘‘Interest expense’’ in the Company’s combined and consolidated statements of operations.
Dispositions	Dispositions—Gains on the sale of real estate assets are recognized in "Income from sales of real estate" in accordance with ASC 360-20, Real Estate Sales. Gains on sales of real estate are recognized for full profit recognition upon closing of the sale transactions, when the profit is determinable, the earnings process is virtually complete, the parties are bound by the terms of the contract, all consideration has been exchanged, any permanent financing for which the seller is responsible has been arranged and all conditions for closing have been performed. The Company primarily uses specific identification and the relative sales value method to allocate costs.
Stock-based compensation	Stock-based compensation—The Company accounts for stock-based compensation awards using the fair value method, which requires an estimate of fair value of the award at the time of grant. On June 27, 2017, the Company's directors who are not officers or employees of the Manager or iStar were granted 40,000 shares in the Company's common stock with an aggregate grant date fair value of $0.8 million. The shares granted to the directors vested immediately and the Company recognized $0.8 million in stock-based compensation, which is classified within "General and administrative" in the Company's consolidated statements of operations. 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 independent directors, advisers, consultants and other personnel. The Company's 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. As of June 30, 2017, no equity incentive awards have been granted under the equity incentive plan.
Derivative instruments and hedging activity	Derivative instruments and hedging activity—The Company's use of derivative financial instruments is associated with debt issuances and primarily limited to the utilization of interest rate swaps, interest rate caps or other instruments to manage interest rate risk exposure. The Company does not enter into derivatives for trading purposes. The Company recognizes derivatives as either assets or liabilities on the Company's combined and consolidated balance sheets at fair value. 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.
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 combined and 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 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 Company determined the carrying values of its financial instruments including cash and cash equivalents; ground lease income receivable; deferred ground lease income receivable, net; deferred expenses and other assets, net; and accounts payable, accrued expenses, and other liabilities approximated their fair values. For the Company's debt obligations not traded in secondary markets, the Company determines fair value primarily by using market rates currently available for debt obligations with similar terms and remaining maturities. The Company determined that the significant inputs used to value its debt obligations, net fall within Level 3 of the fair value hierarchy. The Company determined the fair value of its debt obligations, net approximated its carrying value as of June 30, 2017.
New accounting pronouncements	New Accounting Pronouncements—In February 2017, the FASB issued Accounting Standards Update ("ASU") 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05") to clarify the scope of Subtopic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets, and to add guidance for partial sales of nonfinancial assets. The amendments in ASU 2017-05 simplify GAAP by eliminating several accounting differences between transactions involving assets and transactions involving businesses. The amendments in ASU 2017-05 require an entity to initially measure a retained noncontrolling interest in a nonfinancial asset at fair value consistent with how a retained noncontrolling interest in a business is measured. Also, if an entity transfers ownership interests in a consolidated subsidiary that is within the scope of ASC 610-20 and continues to have a controlling financial interest in that subsidiary, ASU 2017-05 requires the entity to account for the transaction as an equity transaction, which is consistent with how changes in ownership interests in a consolidated subsidiary that is a business are recorded when a parent retains a controlling financial interest in the business. ASU 2017-05 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company's consolidated financial statements and expects to adopt the retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01") to provide a more robust framework to use in determining when a set of assets and activities is a business. The amendments provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable. The Company's real estate acquisitions have historically been accounted for as a business combination or an asset acquisition. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the existing guidance would be accounted for as asset acquisitions under the new guidance. As a result, the Company expects more transaction costs to be capitalized under real estate acquisitions and less transaction costs to be expensed under business combinations. ASU 2017-01 is effective for interim and annual reporting periods beginning after December 15, 2017. Early application is permitted under certain conditions. Management is evaluating the impact of the guidance on the Company's consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15") which was issued to reduce diversity in practice in how certain cash receipts and cash payments, including debt prepayment or debt extinguishment costs, distributions from equity method investees, and other separately identifiable cash flows, are presented and classified in the statement of cash flows. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted. Management does not believe the guidance will have a material impact on the Company's consolidated financial statements. 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 amendment 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. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted for interim and annual reporting periods beginning after December 15, 2018. Management does not believe the guidance will have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (‘‘ASU 2016-02’’), which requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases. For operating leases, a lessee will be required to: (i) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its statement of financial position; (ii) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight line basis and (iii) classify all cash payments within operating activities in its statement of cash flows. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. However, in certain instances a long-term lease of land could be classified as a sales-type lease, resulting in the lessor derecognizing the underlying asset from its books and recording a profit or loss on the sale and a net investment in the lease. ASU 2016-02 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (‘'ASU 2014-09’') which supersedes existing industry-specific guidance, including ASC 360-20, Real Estate Sales. The new standard is principles-based and requires more estimates and judgment than current guidance. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers—Deferral of the Effective Date, to defer the effective date of ASU 2014-09 by one year. ASU 2014-09 is now effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption was permitted beginning January 1, 2017. Management is evaluating the impact of the guidance on the Company’s consolidated financial statements and expects to adopt the full retrospective approach, which would require the Company to recast revenue and expenses for all prior periods presented in the year of adoption of the new standard.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Derivative Financial Instruments Designated in Hedging Relationships

The table below presents the Company's cash flow hedges that are designated in hedging relationships as well as their classification on the consolidated balance sheet as of June 30, 2017 ($ in thousands)⁽¹⁾:

Derivative Type

Maturity

Notional Amount

Fair

Value⁽²⁾

Balance Sheet

Location

Interest rate swap

October 2020

45,000

Deferred expenses and other assets, net

Interest rate swap

October 2030

95,000

149

Accounts payable, accrued expenses and other liabilities

____________________________________________________________________________


(1)	For the period from April 14, 2017 to June 30, 2017, the Company recognized $(0.1) million in accumulated other comprehensive income (loss).


(2)	The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable

Real Estate and Real Estate-Related Intangibles (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Schedule of Real Estate Assets

The Company's real estate assets consist of the following ($ in thousands)⁽¹⁾:



	As of
	June 30, 2017			December 31, 2016
Land and land improvements, at cost	$	214,448		$	41,160
Buildings and improvements, at cost	192,396			124,539
Less: accumulated depreciation	(1,251		)	(61,221		)
Total real estate, net	$	405,593		$	104,478
Real estate-related intangible assets, net	131,696			32,680
Total real estate, net and real estate-related intangible assets, net	$	537,289		$	137,158

_______________________________________________________________________________

(1)

Schedule of Real Estate-Related Intangible Assets, Net

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



	As of
	June 30, 2017		December 31, 2016
Above-market lease assets, net⁽²⁾	$	68,662	$	—
In-place lease assets, net⁽³⁾	36,756		—
Below-market lease asset, net⁽⁴⁾	26,278		—
Lease incentives, net⁽⁵⁾	—		32,545
Other intangible assets, net	—		135
Real estate-related intangible assets, net	$	131,696	$	32,680

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.

(2)

(3)

(4)

(5)

Schedule of Future Amortization Expense

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



Year	Amount
2017 (remaining six months)	$	2,639
2018	5,278
2019	5,278
2020	5,278
2021	5,278

_______________________________________________________________________________


(1)	As of June 30, 2017, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 60 years.

Real Estate - Related Intangibles, Liabilities

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



	As of
	June 30, 2017		December 31, 2016
Below-market lease liabilities⁽²⁾	$	58,268	$	—
Real estate-related intangible liabilities, net	$	58,268	$	—

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.

(2)

Purchase Price Allocations

The Company's preliminary purchase price allocations for the acquisitions are presented in the table below ($ in thousands):



	Initial Portfolio		6200 Hollywood Blvd.		6201 Hollywood Blvd.		Total
Assets
Land and land improvements, at cost	$	73,472	$	68,140	$	72,836	$	214,448
Buildings and improvements, at cost	192,396		—		—		192,396
Real estate	265,868		68,140		72,836		406,844
Real estate-related intangible assets⁽¹⁾	124,017		5,500		3,258		132,775
Other assets	1,174		—		—		1,174
Total assets	$	391,059	$	73,640	$	76,094	$	540,793

Liabilities
Real estate-related intangible liabilities⁽²⁾	$	50,644	$	—	$	7,734	$	58,378
Debt obligations	227,415		—		—		227,415
Total liabilities	278,059		—		7,734		285,793
Purchase Price⁽³⁾	$	113,000	$	73,640	$	68,360	$	255,000

_______________________________________________________________________________

(1)


(2)	Intangible liabilities includes below market lease liabilities related to the acquisition of real estate assets. The amortization of below market lease liabilities is recorded as an increase to "Ground lease income" in the Company's combined and consolidated statements of operations.


(3)	The Company paid $340.0 million in total consideration to iStar for the Initial Portfolio, including the proceeds from the 2017 Secured Financing.

Pro Forma Revenues and Net Income (Loss)



	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2017			2016		2017		2016
Pro forma revenues	$	6,150		$	6,165	$	12,879	$	12,342
Pro forma net income (loss) ⁽¹⁾	(368		)	502		1,189		1,347

_______________________________________________________________________________

(1)

Future Minimum Ground Net Lease Payments

Future minimum Ground Lease payments to be collected under non-cancelable leases, excluding percentage rent and other lease payments that are not fixed and determinable, in effect as of June 30, 2017, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation ⁽¹⁾		Total
2017 (remaining six months)	$	2,496	$	2,122	$	5,016	$	9,634
2018	4,993		4,286		10,032		19,311
2019	4,993		4,341		10,032		19,366
2020	4,993		4,401		10,032		19,426
2021	4,993		4,469		10,032		19,494

_______________________________________________________________________________


(1)	Represents contractual base rent only and does not include percentage rent that is not fixed and determinable.

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

6 Months Ended

Jun. 30, 2017

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)⁽¹⁾:



	As of
	June 30, 2017		December 31, 2016
Deferred finance costs, net	$	2,840	$	—
Other assets⁽²⁾	1,134		5,841
Leasing costs, net⁽³⁾	—		763
Deferred expenses and other assets, net	$	3,974	$	6,604

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.


(2)	As of December 31, 2016, other assets included a $4.1 million receivable related to the funding provided to a certain investment in a Ground Lease the Company entered into during the year ended December 31, 2016. In addition, as of December 31, 2016 other assets includes $1.7 million in deferred offering costs.


(3)	Accumulated amortization of leasing costs was $28 thousand as of December 31, 2016.

Schedule of accounts payable, accrued expenses and other liabilities

Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands)⁽¹⁾:



	As of
	June 30, 2017		December 31, 2016
Accounts payable⁽²⁾	$	3,743	$	779
Accrued expenses⁽³⁾	1,403		708
Other liabilities	799		89
Accounts payable, accrued expenses and other liabilities	$	5,945	$	1,576

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.


(2)	As of June 30, 2017 and December 31, 2016, accounts payable includes accrued offering costs.


(3)	As of June 30, 2017, accrued expenses primarily includes accrued acquisition costs, recoverable real estate taxes paid by the Company and reimbursed by the tenant and $0.6 million of accrued finance costs. As December 31, 2016, accrued expenses primarily includes recoverable real estate taxes paid by the Company and reimbursed by the tenant.

Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of debt obligations

The Company's debt obligations consist of the following ($ in thousands)⁽¹⁾:



	As of				Stated Interest Rate		Scheduled Maturity Date
	June 30, 2017		December 31, 2016		Stated Interest Rate		Scheduled Maturity Date
Secured credit facilities:
2017 Secured Financing	$	227,000	$	—	3.795	%	April 2027
Total secured credit facilities	227,000		—
Total debt obligations	227,000		—
Debt premium, net⁽¹⁾	406		—
Total debt obligations, net	$	227,406	$	—

_______________________________________________________________________________


(1)	On April 14, 2017, the Company, through a merger and other formation transactions, acquired the Initial Portfolio from iStar and accounted for the acquisition as a business combination pursuant to ASC 805. As a result, the Company recorded the assets acquired and liabilities assumed at their acquisition date fair values.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents a summary of the Company's ownership as of June 30, 2017:



Event	Date	Owner	# of shares	Price paid Per Share
Initial capitalization	April 14, 2017	Third parties	2,875,000	$	20.00
Initial capitalization	April 14, 2017	iStar	2,775,000	20.00
Initial public offering	June 27, 2017	Third parties	10,250,000	20.00
Concurrent iStar placement	June 27, 2017	iStar	2,250,000	20.00
Issuance of shares to directors	June 27, 2017	Directors	40,000	—
Shares outstanding at June 30, 2017			18,190,000

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

Schedule of earnings per share

The following table presents a reconciliation of income (loss) from operations used in the basic and diluted EPS calculations ($ in thousands, except for per share data)⁽¹⁾:



	For the Period from April 14, 2017 to June 30, 2017
Income (loss) from operations	$	(1,604	)
Income (loss) from operations attributable and allocable to common shareholders for basic and diluted earnings per common share	$	(1,604	)

_______________________________________________________________________________


(1)	The combined statements of operations prior to April 14, 2017 represented the activity of the Predecessor and EPS was not applicable.



	For the Period from April 14, 2017 to June 30, 2017
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss)	$	(1,604	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	6,293

Basic and diluted earnings per common share:
Net income (loss) attributable to Safety, Income and Growth, Inc. and allocable to common shareholders	$	(0.25	)

Related Party Transactions (Tables)

6 Months Ended

Jun. 30, 2017

Schedule of Related Party Transactions

The Company has designed what it believes to be a management agreement with unique features that create alignment and incentives. 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 1.0% of total shareholder's equity (up to $2.5 billion) Annual fee of 0.75% of total shareholder's equity (> $2.5 billion)
Management Fee Consideration	Payment will be made exclusively in the Company's common stock (valued at the greater of (i) the volume weighted average market price during the quarter for which the fee is being paid or (ii) the initial public offering price)
Lock-up	Restriction from selling common stock received for management fees for 2 years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Management Fee Waiver	No management fee paid to the Manager during the first year (through June 30, 2018)
Incentive Fee	None
Term	1 year
Renewal Provision	Annual renewal to be approved by majority of independent directors
Termination Fee	None

Organization and Business (Details) $ / shares in Units, $ in Millions					3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 28, 2017 USD ($)	Jun. 27, 2017 USD ($) $ / shares shares	Apr. 14, 2017 USD ($) investor $ / shares shares	Mar. 30, 2017	Jun. 30, 2017 segments	Jun. 30, 2017 property	Dec. 31, 2016 property
Business Acquisition [Line Items]
Number of institutional investors \| investor			2
Total consideration	$ 142.0
Number of operating segments \| segments					1
Initial Capitalization
Business Acquisition [Line Items]
Number of institutional investors \| investor			2
IPO and Private Placement
Business Acquisition [Line Items]
Proceeds from initial public offering		$ 205.0
Proceeds from private placement offering		$ 45.0
Share price (in dollars per share) \| $ / shares		$ 20
iStar Inc. \| Initial Capitalization
Business Acquisition [Line Items]
Ownership Percentage by Shareholders			49.00%	51.00%
iStar Inc. \| IPO and Private Placement
Business Acquisition [Line Items]
Transaction costs		$ 19.0
Initial Portfolio from iStar
Business Acquisition [Line Items]
Number of properties \| property						12	12,000
Total consideration			$ 340.0
Common Stock \| Initial Capitalization
Business Acquisition [Line Items]
Stock issued (in shares) \| shares			2,875,000
Proceeds from issuance of common stock			$ 57.5
Share price (in dollars per share) \| $ / shares			$ 20.0
Common Stock \| IPO and Private Placement
Business Acquisition [Line Items]
Stock issued (in shares) \| shares		10,250,000
Proceeds from initial public offering		$ 205.0
Common Stock \| iStar Inc. \| Initial Capitalization
Business Acquisition [Line Items]
Stock issued (in shares) \| shares			2,775,000
Proceeds from issuance of common stock			$ 55.5
Share price (in dollars per share) \| $ / shares			$ 20
Common Stock \| iStar Inc. \| IPO and Private Placement
Business Acquisition [Line Items]
Stock issued (in shares) \| shares		2,250,000
Proceeds from private placement offering		$ 45.0
Share price (in dollars per share) \| $ / shares		$ 20

Summary of Significant Accounting Policies (Narrative) (Details) - Common Stock shares in Millions, $ in Millions	Jun. 27, 2017 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation, number of shares granted \| shares	0.0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value	$ 0.8
Issuance of Stock and Warrants for Services or Claims	$ 0.8

Summary of Significant Accounting Policies (Derivative Instruments and Hedging Activities) (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2017 USD ($)	Jun. 30, 2017 USD ($) derivative	Jun. 30, 2018 USD ($)
Derivative [Line Items]
Unrealized (loss) gain on derivatives	$ 400	$ (100)
Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Number of Interest Rate Derivatives Held \| derivative		2
Derivative asset, notional amount		$ 45,000
Derivative liability, notional amount		95,000
Interest Rate Swap \| Designated as Hedging Instrument \| Deferred Expenses and Other Assets, Net
Derivative [Line Items]
Derivative assets, fair value		23
Interest Rate Swap \| Designated as Hedging Instrument \| Accounts Payable, Accrued Expenses, and Other Liabilities
Derivative [Line Items]
Derivative liability, fair value		$ 149
Forecast \| Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap \| Designated as Hedging Instrument
Derivative [Line Items]
Interest expense			$ 200

Real Estate and Real Estate-Related Intangibles (Real Estate Assets) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Real Estate [Abstract]
Land and land improvements, at cost	$ 214,448,000	$ 41,160,000
Buildings and improvements, at cost	192,396,000	124,539,000
Less: accumulated depreciation	(1,251,000)	(61,221,000)
Real estate-related intangible assets, net	405,593,000	104,478,000
Real estate-related intangible assets, net	131,696,000	32,680,000
Total real estate, net and real estate-related intangible assets, net	537,289,000	$ 137,158,000
Proceeds from sales of real estate	500,000
Carrying value of Hilton Western parking facility	$ 0

Real Estate and Real Estate-Related Intangibles (Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	$ 131,696		$ 131,696		$ 32,680
Real estate-related intangible liabilities, net	58,268		58,268		0
Ground lease income
Finite-Lived Intangible Assets [Line Items]
Intangible liabilities, accumulated amortization	100		100
Amortization of intangible liabilities	100
Above-market lease assets, net
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	68,662		68,662		0
Intangible assets, accumulated amortization	300		300
Above-market lease assets, net \| Ground lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	(300)
In-place lease assets, net
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	36,756		36,756		0
Intangible assets, accumulated amortization	600		600
In-place lease assets, net \| Depreciation and amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	600
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	26,278		26,278		0
Intangible assets, accumulated amortization	200		200
Annual payments to third-party owner of the property	400		400
Below-market lease \| Real estate expense
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	200
Lease incentives, net
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	0		0		32,545
Intangible assets, accumulated amortization					2,100
Lease incentives, net \| Ground lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	15	$ 100	100	$ 200
Other intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	$ 0		$ 0		$ 135

Real Estate and Real Estate-Related Intangibles (Intangible Asset Future Amortization Expense) (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Real Estate [Abstract]
2017 (remaining six months)	$ 2,639
2018	5,278
2019	5,278
2020	5,278
2021	$ 5,278

Real Estate and Real Estate-Related Intangibles (Acquisitions) (Details) $ in Millions		6 Months Ended
	Jun. 28, 2017 USD ($) ft² parking_space apartment business	Jun. 30, 2017 business
Business Acquisition [Line Items]
Number of Ground Leases acquired \| business	2	2
Total consideration \| $	$ 142.0
6200 Hollywood Boulevard
Business Acquisition [Line Items]
Land subject to ground leases	143,151
Number of units \| apartment	507
Net rentable retail space	56,100
Number of underground parking spaces \| parking_space	1,237
Ground Leases, remaining lease term	87 years
6201 Hollywood Boulevard
Business Acquisition [Line Items]
Land subject to ground leases	183,802
Number of units \| apartment	535
Net rentable retail space	71,200
Number of underground parking spaces \| parking_space	1,300
Ground Leases, remaining lease term	87 years

Real Estate and Real Estate-Related Intangibles (Purchase Price Allocations) (Details) - USD ($) $ in Thousands	Jun. 28, 2017	Apr. 14, 2017	Jun. 30, 2017
Assets
Land and land improvements, at cost			$ 214,448
Buildings and improvements, at cost			192,396
Real estate			406,844
Real estate-related intangible assets			132,775
Other assets			1,174
Total assets			540,793
Liabilities
Real estate-related intangible liabilities			58,378
Debt obligations			227,415
Total liabilities			285,793
Purchase Price			255,000
Total consideration	$ 142,000
Initial Portfolio from iStar
Assets
Land and land improvements, at cost			73,472
Buildings and improvements, at cost			192,396
Real estate			265,868
Real estate-related intangible assets			124,017
Other assets			1,174
Total assets			391,059
Liabilities
Real estate-related intangible liabilities			50,644
Debt obligations			227,415
Total liabilities			278,059
Purchase Price			113,000
Total consideration		$ 340,000
6200 Hollywood Boulevard
Assets
Land and land improvements, at cost			68,140
Buildings and improvements, at cost			0
Real estate			68,140
Real estate-related intangible assets			5,500
Other assets			0
Total assets			73,640
Liabilities
Real estate-related intangible liabilities			0
Debt obligations			0
Total liabilities			0
Purchase Price			73,640
6201 Hollywood Boulevard
Assets
Land and land improvements, at cost			72,836
Buildings and improvements, at cost			0
Real estate			72,836
Real estate-related intangible assets			3,258
Other assets			0
Total assets			76,094
Liabilities
Real estate-related intangible liabilities			7,734
Debt obligations			0
Total liabilities			7,734
Purchase Price			68,360
Below-market lease
Liabilities
Annual payments to third-party owner of the property			$ 400

Real Estate and Real Estate-Related Intangibles (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate [Abstract]
Pro forma revenues		$ 6,150	$ 6,165	$ 12,879	$ 12,342
Pro forma net income (loss)		$ (368)	$ 502	$ 1,189	$ 1,347
Pro forma earnings per share basic (in dollars per share)	$ 0.17
Pro forma earnings per share diluted (in dollars per share)	$ 0.17
Revenue since acquisition	$ 4,200
Net income since acquisition	$ 1,900

Real Estate and Real Estate-Related Intangibles (Future Minimum Ground Net Lease Payments) (Details) $ in Thousands	Jun. 30, 2017 USD ($)
Future Minimum Ground Net Lease Payments to be Collected
2017 (remaining six months)	$ 9,634
2018	19,311
2019	19,366
2020	19,426
2021	19,494
Leases with CPI Based Escalations
Future Minimum Ground Net Lease Payments to be Collected
2017 (remaining six months)	2,496
2018	4,993
2019	4,993
2020	4,993
2021	4,993
Leases with Fixed Escalations
Future Minimum Ground Net Lease Payments to be Collected
2017 (remaining six months)	2,122
2018	4,286
2019	4,341
2020	4,401
2021	4,469
Leases with Revenue Participation
Future Minimum Ground Net Lease Payments to be Collected
2017 (remaining six months)	5,016
2018	10,032
2019	10,032
2020	10,032
2021	$ 10,032

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred finance costs, net	$ 2,840	$ 0
Other assets	1,134	5,841
Leasing costs, net	0	763
Deferred expenses and other assets, net	$ 3,974	6,604
Receivable related to the funding provided by investment		4,100
Deferred offering costs		1,700
Accumulated amortization on leasing costs		$ 28

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

6 Months Ended

Jun. 30, 2017

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Payable

$ 3,743

$ 779

Accrued expenses

1,403

708

Other liabilities

799

Accounts payable, accrued expenses and other liabilities

5,945

$ 1,576