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Net income attributable to noncontrolling interests

$ 1,846

^[1]

$ (3,669)

$ 11,936

(196)

Net income (loss) attributable to Safety, Income & Growth Inc.

$ (3,669)

$ 11,740

Per common share data:

Net income (loss) Basic and diluted (in dollars per share)

$ (0.25)

$ 0.64

Weighted average number of common shares:

Weighted average number of common shares: Basic and diluted (in shares)

14,648

18,218

Tenant reimbursements

200

$ 200

Amortization of above and below market leases assets

700

$ 1,000

Ground and other lease income

Revenues:

16,952

47,400

Other income

258

2,324

Total revenues

17,210

49,724

Costs and expenses:

Interest expense

7,485

15,389

Real estate expense

^[2]

1,261

1,600

General and administrative

6,406

9,142

5,094

10,662

Other expense

633

995

Total costs and expenses

20,879

37,788

Income (loss) from operations

(3,669)

11,936

Net income attributable to noncontrolling interests

(3,669)

11,936

(196)

Net income (loss) attributable to Safety, Income & Growth Inc.

$ (3,669)

$ 11,740

Per common share data:

Net income (loss) Basic and diluted (in dollars per share)

$ (0.25)

$ 0.64

Weighted average number of common shares:

Weighted average number of common shares: Basic and diluted (in shares)

14,648

18,218

Amortization of above and below market leases assets

$ 1,178

$ 2,518

Ground and other lease income

Revenues:

^[3]

5,916

Other income

^[3]

108

Total revenues

^[3]

6,024

Costs and expenses:

Interest expense

^[3]

2,432

Real estate expense

^[2],[3]

210

General and administrative

^[3],[4]

901

^[3]

1,143

Other expense

^[3]

Total costs and expenses

^[3]

4,686

Income (loss) from operations

^[3]

1,338

^[3]

508

Net income attributable to noncontrolling interests

^{[1],[3],[4],[5]}

1,846

^[3]

Net income (loss) attributable to Safety, Income & Growth Inc.

^[3]

1,846

Weighted average number of common shares:

Amortization of above and below market leases assets

^[4]

$ 118

[1]	The combined statements of changes in equity prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[2]	For the period from April 14, 2017 to December 31, 2017 and the period from January 1, 2017 to April 13, 2017, real estate expense includes reimbursable property taxes of $0.2 million and $0.2 million, respectively, at one of the Company's properties. For the year ended December 31, 2018 and the period from April 14, 2017 to December 31, 2017, real estate expense includes non-cash rent expense of $1.0 million and $0.7 million, respectively, related to the amortization of a below market lease asset at one of the Company's hotel properties.
[3]	The combined statements of operations prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[4]	The combined statements of cash flows prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.
[5]	The combined statements of comprehensive income prior to April 14, 2017 represent the activity of Safety, Income & Growth Inc. Predecessor.

Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000,000	400,000,000
Common stock, shares issued (in shares)	18,276,000	18,190,000
Common stock, shares outstanding (in shares)	18,276,000	18,190,000

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

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 13, 2017

Dec. 31, 2017

Dec. 31, 2018

$ 1,846

^[1]

$ (3,669)

$ 11,936

Cumulative-effect adjustment for cash flow hedges (refer to Note 3)

(3,669)

11,936

Other comprehensive income (loss):

Reclassification of (gains) losses on derivatives into earnings

110

(252)

Unrealized gains/(losses) on derivatives

(30)

(6,745)

Other comprehensive income (loss)

(6,956)

Comprehensive income (loss)

(3,589)

4,980

Comprehensive (income) attributable to noncontrolling interests

(196)

Comprehensive income (loss) attributable to Safety, Income & Growth Inc.

$ (3,589)

$ 4,784

Cumulative-effect adjustment for cash flow hedges (refer to Note 3)

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

1,846

Other comprehensive income (loss):

Reclassification of (gains) losses on derivatives into earnings

^[3]

Unrealized gains/(losses) on derivatives

^[3]

415

Other comprehensive income (loss)

^[3]

415

Comprehensive income (loss)

^[3]

2,261

Comprehensive (income) attributable to noncontrolling interests

^[3]

Comprehensive income (loss) attributable to Safety, Income & Growth Inc.

^[3]

$ 2,261

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

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

Total

Initial Capitalization

IPO and Private Placement

Common Stock

Initial Capitalization

Common Stock

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)

Noncontrolling Interests

Balance at the beginning of the period (Predecessor) at Dec. 31, 2016

^[1]

$ 154,091

Balance at the beginning of the period 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]

1,846

^[1]

(220,813)

Net transactions with iStar Inc.

^[1]

(220,813)

Change in accumulated other comprehensive income (loss) | Predecessor

^[1]

415

Change in accumulated other comprehensive income (loss)

^[1]

415

Balance at the end of the period (Predecessor) at Apr. 13, 2017

^[1]

(64,461)

Balance at the end of the period at Apr. 13, 2017

^[1]

(64,461)

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

Net income (loss) | The Company

(3,669)

$ (3,669)

Proceeds from issuance of common stock, net | The Company

(3,669)

$ 113,000

$ 250,000

$ 57

$ 125

$ 112,943

$ 249,875

Contributions from iStar Inc. | The Company

21,567

$ 21,567

Offering costs | The Company

(20,232)

Issuance of common stock to directors/amortization | The Company

766

Dividends declared | The Company

(5,577)

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

$ 80

$ 0

Balance at the end of the period (The Company) at Dec. 31, 2017

355,935

$ 182

364,919

(9,246)

Balance at the end of the period at Dec. 31, 2017

355,935

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

Net income (loss) | The Company

11,936

11,740

196

Proceeds from issuance of common stock, net | The Company

11,936

$ 919

$ 1

$ 918

Contributions from iStar Inc. | The Company

2,581

Offering costs | The Company

1,347

Issuance of common stock to directors/amortization | The Company

873

765

108

Dividends declared | The Company

(10,939)

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

(6,997)

Contributions from noncontrolling interests | The Company

1,750

Distributions to noncontrolling interests | The Company

(47)

Balance at the end of the period (The Company) at Dec. 31, 2018

357,358

$ 183

$ 370,530

$ (8,486)

$ (6,876)

$ 2,007

Balance at the end of the period at Dec. 31, 2018

$ 357,358

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

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

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 13, 2017

Dec. 31, 2017

Dec. 31, 2018

Cash flows from operating activities:

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

$ 1,846

^[1]

$ (3,669)

$ 11,936

Amortization of real estate-related intangibles, net

700

1,000

Cash flows from financing activities:

Cash, cash equivalents and restricted cash at beginning of period

169,870

Cash, cash equivalents and restricted cash at end of period

169,870

24,425

Cash flows from operating activities:

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

(3,669)

11,936

Non-cash stock-based compensation expense

6,406

9,142

766

873

Deferred ground and other lease income

(4,097)

(19,041)

Amortization of real estate-related intangibles, net

1,178

2,518

Amortization of premium, discount and deferred financing costs on debt obligations, net

465

1,612

Management fees and non-cash expense reimbursements to the Manager

2,627

4,421

Other operating activities

Changes in assets and liabilities:

Changes in ground and other lease income receivable, net

1,394

Changes in deferred expenses and other assets, net

151

(1,163)

Changes in accounts payable, accrued expenses and other liabilities

852

3,219

Cash flows provided by operating activities

6,088

13,528

Cash flows from investing activities:

Acquisitions of real estate

(270,734)

(385,897)

Proceeds from sales of real estate

Other investing activities

(2,443)

1,392

Cash flows used in investing activities

(273,177)

(384,505)

Cash flows from financing activities:

Net transactions with iStar Inc.

Distributions to noncontrolling interest

(47)

Contributions from noncontrolling interest

1,750

Proceeds from issuance of common stock

14,350

363,000

Proceeds from debt obligations

176,000

312,353

Repayments of debt obligations

(95,000)

(74,500)

Payments for deferred financing costs

(4,170)

(2,289)

Payment of offering costs

(14,372)

(808)

Dividends paid to common shareholders

(2,849)

(10,927)

Cash flows provided by (used in) financing activities

436,959

225,532

Changes in cash, cash equivalents and restricted cash

169,870

(145,445)

Cash, cash equivalents and restricted cash at beginning of period

169,870

Cash, cash equivalents and restricted cash at end of period

169,870

24,425

Supplemental disclosure of cash flow information:

Cash paid for interest

6,528

12,817

Supplemental disclosure of non-cash investing and financing activity:

Assumption of debt obligations

227,415

Dividends declared to common shareholders

7,217

2,581

2,728

2,741

Accrued offering costs

1,347

(709)

Accrued finance costs

128

$ 217

Cash flows from operating activities:

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

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

1,846

Non-cash stock-based compensation expense

^[2],[4]

901

^[2]

Deferred ground and other lease income

^[2]

(1,271)

Amortization of real estate-related intangibles, net

^[2]

(508)

^[2]

118

Amortization of premium, discount and deferred financing costs on debt obligations, net

^[2]

Management fees and non-cash expense reimbursements to the Manager

^[2]

Other operating activities

^[2]

Changes in assets and liabilities:

Changes in ground and other lease income receivable, net

^[2]

2,088

Changes in deferred expenses and other assets, net

^[2]

(576)

Changes in accounts payable, accrued expenses and other liabilities

^[2]

(13)

Cash flows provided by operating activities

^[2]

2,609

Cash flows from investing activities:

Acquisitions of real estate

^[2]

Proceeds from sales of real estate

^[2]

508

Other investing activities

^[2]

(1,042)

Cash flows used in investing activities

^[2]

(534)

Cash flows from financing activities:

Net transactions with iStar Inc.

^[2]

(220,813)

Distributions to noncontrolling interest

^[2]

Contributions from noncontrolling interest

^[2]

Proceeds from issuance of common stock

^[2]

^[2]

Proceeds from debt obligations

^[2]

227,000

Repayments of debt obligations

^[2]

Payments for deferred financing costs

^[2]

(7,217)

Payment of offering costs

^[2]

(779)

Dividends paid to common shareholders

^[2]

Cash flows provided by (used in) financing activities

^[2]

(1,809)

Changes in cash, cash equivalents and restricted cash

^[2]

266

Cash, cash equivalents and restricted cash at beginning of period

^[2]

$ 266

Cash, cash equivalents and restricted cash at end of period

^[2]

266

Supplemental disclosure of cash flow information:

Cash paid for interest

^[2]

168

Supplemental disclosure of non-cash investing and financing activity:

Assumption of debt obligations

^[2]

Dividends declared to common shareholders

^[2]

^[2]

Accrued offering costs

^[2]

Accrued finance costs

^[2]

$ 21

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

Business and Organization	12 Months Ended
Business and Organization	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation and Combination	Business and Organization Business—Safety, Income & Growth Inc. (the "Company") operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder. The Company believes that it is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Leases"). Ground Leases are similar to ‘‘triple net’’ leases because the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both) and sometimes include percentage rent participations. The Company intends to target investments in long-term Ground Leases in which: (i) the cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land ("Combined Property Value"); (ii) the ratio of underlying property net operating income to the Ground Lease payment due the Company ("Ground Rent Coverage") is between 2.0x to 5.0x; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for future investment value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 11 and Note 13). The Company has no employees, as the Manager provides all services to it. The Company intends to draw on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—The Company is a Maryland corporation and completed its initial public offering in June 2017. The Company's common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company's predecessor ("Original Safety" or the "Predecessor") was formed as a wholly-owned subsidiary of 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 & 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; (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 50.9% 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 49.1% 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 completed a $45.0 million private placement with iStar, its largest shareholder. The price per share paid in the initial public offering and the private placement was $20.00. iStar incurred a total of $18.9 million of organization and offering costs in connection with these transactions and received no reimbursement 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 elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned through a subsidiary partnership, Safety Income and Growth Operating Partnership LP (the "Operating Partnership"), which as of December 31, 2018 was wholly-owned by the Company (refer to Note 13). The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Basis of Presentation and Principles of Consolidation and Combination 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 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 consolidated and combined 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 Predecessor periods does not necessarily reflect what our general and administrative expenses will be as a standalone public company for future reporting periods. 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. Principles of Consolidation and Combination—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, its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. As of December 31, 2018, the total assets of these consolidated VIEs were $54.3 million and total liabilities were $29.4 million. The classifications of these assets are primarily within "Real estate-related intangible assets, net" and "Real estate, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Debt obligations, net" and "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company has provided no financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of December 31, 2018.

Basis of Presentation and Principles of Consolidation and Combination	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation and Combination	Business and Organization Business—Safety, Income & Growth Inc. (the "Company") operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder. The Company believes that it is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Leases"). Ground Leases are similar to ‘‘triple net’’ leases because the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both) and sometimes include percentage rent participations. The Company intends to target investments in long-term Ground Leases in which: (i) the cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land ("Combined Property Value"); (ii) the ratio of underlying property net operating income to the Ground Lease payment due the Company ("Ground Rent Coverage") is between 2.0x to 5.0x; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for future investment value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 11 and Note 13). The Company has no employees, as the Manager provides all services to it. The Company intends to draw on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—The Company is a Maryland corporation and completed its initial public offering in June 2017. The Company's common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company's predecessor ("Original Safety" or the "Predecessor") was formed as a wholly-owned subsidiary of 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 & 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; (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 50.9% 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 49.1% 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 completed a $45.0 million private placement with iStar, its largest shareholder. The price per share paid in the initial public offering and the private placement was $20.00. iStar incurred a total of $18.9 million of organization and offering costs in connection with these transactions and received no reimbursement 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 elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned through a subsidiary partnership, Safety Income and Growth Operating Partnership LP (the "Operating Partnership"), which as of December 31, 2018 was wholly-owned by the Company (refer to Note 13). The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Basis of Presentation and Principles of Consolidation and Combination 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 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 consolidated and combined 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 Predecessor periods does not necessarily reflect what our general and administrative expenses will be as a standalone public company for future reporting periods. 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. Principles of Consolidation and Combination—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, its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. As of December 31, 2018, the total assets of these consolidated VIEs were $54.3 million and total liabilities were $29.4 million. The classifications of these assets are primarily within "Real estate-related intangible assets, net" and "Real estate, net" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Debt obligations, net" and "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company has provided no financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of December 31, 2018.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

The following paragraphs describe the impact on the Company's consolidated financial statements from the adoption of Accounting Standards Updates ("ASUs") in 2018.

ASU 2014-09—ASU 2014-09, Revenue from Contracts with Customers ("ASU 2014-09"), stipulates that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Certain contracts with customers, including lease contracts and financial instruments and other contractual rights, are not within the scope of the new guidance. The Company adopted ASU 2014-09 using the modified retrospective approach and the adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2016-01—ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities ("ASU 2016-01"), addressed certain aspects of recognition, measurement, presentation and disclosure of financial instruments. ASU 2016-01 eliminated the requirement for public business entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The adoption of ASU 2016-01 did not have a material impact on the Company's consolidated financial statements.

ASU 2016-15—ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"), 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. The adoption of ASU 2016-15 did not have a material impact on the Company's consolidated financial statements.

ASU 2016-18—ASU 2016-18, Statement of Cash Flows: Restricted Cash ("ASU 2016-18"), requires that restricted cash be included with cash and cash equivalents when reconciling beginning and ending cash and cash equivalents on the statement of cash flows and requires disclosure of what is included in restricted cash. The adoption of ASU 2016-18 did not have a material impact on the Company's consolidated financial statements.

ASU 2017-01—The adoption of ASU 2017-01, Business Combinations: Clarifying the Definition of a Business ("ASU 2017-01"), did not have a material impact on the Company's consolidated financial statements. Under ASU 2017-01, certain transactions previously accounted for as business combinations under the former accounting guidance will be accounted for as asset acquisitions under ASU 2017-01. The Company expects more transaction costs to be capitalized relating to real estate acquisitions as a result of ASU 2017-01.

ASU 2017-05—ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("ASU 2017-05"), simplifies 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. The Company adopted ASU 2017-05 using the modified retrospective approach and the adoption did not have a material impact on the Company's consolidated financial statements.

ASU 2017-12—ASU 2017-12, Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities ("ASU 2017-12"), was issued to better align an entity’s risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. ASU 2017-12 expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. The Company early adopted ASU 2017-12 on January 1, 2018. The impact upon adoption was the elimination of previously recorded hedge ineffectiveness for cash flow hedges by means of a cumulative-effect adjustment to accumulated other comprehensive income with a corresponding decrease to retained earnings of approximately $41,000.

In June 2018, the FASB issued ASU 2018-07, Compensation—Stock Compensation ("ASU 2018-07") which was issued to align the guidance on share-based payments for goods and services to non-employees with share-based payments to employees. ASU 2018-07 requires non-employee share-based payment awards (refer to Note 11 - Management Agreement) to be measured at the grant date fair value of the equity instruments that the entity is obligated to issue for the goods and services received and the awards are not remeasured. Grant date is generally defined as the date at which the grantor and grantee reach a mutual understanding of the terms and conditions of the share-based award. ASU 2018-07 is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted and the Company adopted ASU 2018-07 on July 1, 2018. The adoption of ASU 2018-7 did not have a material impact on the Company's consolidated financial statements.

Real estate—Real estate assets are recorded at cost less accumulated depreciation and amortization, as follows:

Capitalization and depreciation—Certain improvements and replacements are capitalized when they extend the useful life of the asset. Repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life, which is generally 40 years for facilities, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.

Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net," "Real estate-related intangible assets, net" and "Real estate-related intangible liabilities, net" on the Company's consolidated balance sheets. If the Company acquires real estate and simultaneously enters into a new lease of the real estate the acquisition will be accounted for as an asset acquisition.

The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases, below-market Ground Lease assets and in-place leases, which are each recorded at their estimated fair values and included in "Real estate-related intangible assets, net" or "Real estate-related intangible liabilities, net" on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in "Real estate-related intangible liabilities, net" on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term of the lease and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated and combined statements of operations. Lease incentive assets and above-market (or below-market) lease value are amortized as a reduction of (or, increase to) ground and other lease income over the remaining non-cancelable term of each lease. Below-market Ground Lease assets are amortized to real estate expense over the remaining non-cancelable term of the lease. The Company may also engage in sale/leaseback transactions whereby the Company executes a net lease with the occupant simultaneously with the purchase of the asset.

Impairments—The Company reviews real estate assets for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) are less than its carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets, if any, are recorded in "Impairment of assets" in the Company's consolidated and combined statements of operations. The Company did not record any impairments for the periods presented.

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.

Restricted Cash—Restricted cash includes $8.0 million and $1.7 million held as collateral under certain of the Company's derivative transactions as of December 31, 2018 and 2017, respectively.

The following table provides a reconciliation of the cash and cash equivalents and restricted cash reported in the Company's consolidated balance sheets that total to the same amount as reported in the Company's consolidated statements of cash flows (in thousands):



	December 31, 2018		December 31, 2017
Cash and cash equivalents	$	16,418	$	168,214
Restricted cash⁽¹⁾	8,007		1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	24,425	$	169,870

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(1)	Restricted cash includes cash balances held as collateral under certain of the Company's derivative transactions.

Ground and other lease income—Ground and other lease income includes rent earned from leasing land and buildings owned by the Company to its tenants. Ground and other lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the asset subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between ground and other lease income recognized under this method and contractual lease payment terms is recorded as deferred ground and other lease income receivable and is included in ‘‘Deferred ground and other lease income receivable, net’’ on the Company's consolidated balance sheets. The Company is also entitled to percentage rent, representing a portion of the Company's lessee's gross revenues from the properties, pursuant to some of its leases and records percentage rent as ground and other lease income when earned. During the year ended December 31, 2018 and the periods from April 14, 2017 to December 31, 2017 and January 1, 2017 to April 13, 2017, the Company recorded $3.6 million, $0.1 million, and $0.6 million, respectively, of percentage rent. Ground and other lease income also includes the amortization of finite lived intangible assets and liabilities, which are amortized over the period during which the assets or liabilities are expected to contribute directly or indirectly to the future cash flows of the business acquired.

The Company estimates losses within ground and other lease income receivable and deferred ground and other lease income receivable balances as of the balance sheet date and incorporates an asset-specific reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2018 and 2017, we did not have an allowance for doubtful accounts related to real estate tenant receivables or deferred ground and other lease income.

Other income—Other income primarily includes interest income, non-recurring fees in connection with the termination of a purchase contract and other ancillary income.

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 expenses and other assets—Deferred expenses and other assets includes deferred financing fees associated with the 2017 Revolver (refer to Note 6), derivative assets, deferred costs, purchase deposits, leasing costs such as brokerage, legal and other costs which are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated and combined statements of cash flows. Amortization of leasing costs is included in "Depreciation and amortization" in the Company's consolidated and combined statements of operations.

Deferred financing fees—Deferred financing fees associated with the Company's debt facilities are recorded in ‘‘Debt obligations, net’’ on the Company's consolidated balance sheets. The amortization of deferred financing fees is included in ‘‘Interest expense’’ in the Company’s consolidated and combined statements of operations.

Stock-based compensation—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. 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 each of June 28, 2018 and June 27, 2017, the Company issued a total of 40,000 fully-vested shares to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors with aggregate grant date fair values of $0.8 million and $0.8 million, respectively. During the year ended December 31, 2018 and the period from April 14, 2017 to December 31, 2017, the Company recognized $0.8 million and $0.8 million, respectively, in stock-based compensation expense related to this plan, which is classified within "General and administrative" in the Company's consolidated statements of operations.

During the third quarter 2018, the Company adopted an equity incentive plan providing for grants of interests in a subsidiary of the Operating Partnership intended to constitute profits interests within the meaning of relevant Internal Revenue Service guidance. Grants under the plan are subject to graduated vesting based on time and hurdles of the Company's common stock price ranging from $25.00 to $35.00. The awards generally entitle plan participants to distributions, in the aggregate, of up to 15% of the capital appreciation above the Company's investment basis. If the hurdles are not achieved in three years, the awards automatically terminate. Awards with an aggregate fair value of $1.5 million were granted to employees of the Manager in the third quarter 2018, which will be recognized over a period of four years. During the year ended December 31, 2018, the Company recognized $0.1 million in expense related to this equity plan, which is recorded in "General and administrative" in the Company's consolidated statements of operations and "Noncontrolling interests" on the Company's consolidated balance sheet.

Income taxes—The Company operates its business in a manner consistent with its election to be taxed as a REIT. As such, the consolidated and combined financial statements of the Company have been prepared consistent with the Company's qualification as a REIT for the periods presented. The Company elected to be taxed as a REIT under sections 856 through 859 of the Internal Revenue Code of 1986, as amended (the "Code") beginning with its taxable year ended December 31, 2017. The Company will be subject to federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its net taxable income to qualify as a REIT, the Company intends to distribute all of its net taxable income, if any, and eliminate federal and state taxes on undistributed net taxable income. Certain states may impose minimum franchise taxes. In addition, the Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its net taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under federal tax laws. The Company formed a taxable REIT subsidiary ("TRS") during the year ended December 31, 2018. The TRS had no activity during the periods presented, and accordingly, no provision for income taxes was required.

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. Refer to Note 8 for more information on the Company's derivative activity.

Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.

Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board ("FASB") guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The 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 cash and cash equivalents; restricted cash; ground and other lease income receivable; deferred ground and other lease income receivable, net; deferred expenses and other assets, net; and accounts payable, accrued expenses, and other liabilities approximated their fair values. The Company determined the fair value of its debt obligations, net as of December 31, 2018 and 2017 was approximately $537.8 million and $308.7 million, respectively, and is classified as Level 3 within the fair value hierarchy.

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.

Other—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 elected to utilize the exemption for auditor attestation requirements.

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 October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes ("ASU 2018-16"). ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2018-16 effective January 1, 2019 and the adoption did not 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 adoption of ASU 2016-13 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"), and in July 2018, the FASB issued ASU 2018-11, Leases ("ASU 2018-11"), to address two requirements of ASU 2016-02. ASU 2016-02 and ASU 2018-11 are effective for interim and annual reporting periods beginning after December 15, 2018. ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating or finance leases. Adoption of ASU 2016-02 may result in the lessor and lessee under a long term lease of land to record the lease as a financing transaction. The lessor under a long-term lease of land will likely classify its land as a sales-type lease and record the land as a net investment in the lease. For the Company's Ground Leases which are sales-type leases, lease payments received by the Company will be recorded as interest income and amortization of the net investment in the lease. The amount recorded as interest income in any given period will likely be different than the straight-line ground lease income that would have been recorded under the superseded guidance. Management has decided to elect the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019.

Lessees under operating and finance leases will be required to 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. Lessees under operating leases will be required to 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 classify all cash payments within operating activities in its statement of cash flows. Lessees under finance leases will be required to recognize interest expense on the lease liability (under the effective interest method) and amortization expense of the right-of-use asset (generally on a straight line basis), each reflected separately in the statement of operations.

ASU 2018-11 amends ASU 2016-02 so that: (a) entities may elect to not recast the comparative periods presented when transitioning to ASC 842 by allowing entities to change their initial application to the beginning of the period of adoption; and (b) provides lessors with a practical expedient to not separate non-lease components from the associated lease component of the contractual payments if certain conditions are met. Management has decided to elect both of these provisions.

As a result of the adoption of ASU 2016-02 and ASU 2018-11, the Company will not have any adjustments to its financial statements prior to December 31, 2018.

Real Estate and Real Estate-Related Intangibles

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Real Estate and Real Estate-Related Intangibles

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



	As of
	December 31, 2018			December 31, 2017
Land and land improvements, at cost	$	477,527		$	220,749
Buildings and improvements, at cost	192,396			192,396
Less: accumulated depreciation	(10,257		)	(4,253		)
Total real estate, net	$	659,666		$	408,892
Real estate-related intangible assets, net	262,531			138,725
Total real estate, net and real estate-related intangible assets, net	$	922,197		$	547,617

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



	As of
	December 31, 2018		December 31, 2017
Above-market lease assets, net⁽¹⁾	$	190,209	$	77,197
In-place lease assets, net⁽²⁾	46,783		35,744
Below-market lease asset, net⁽³⁾	24,796		25,784
Other intangible assets, net	743		—
Real estate-related intangible assets, net	$	262,531	$	138,725

_______________________________________________________________________________

(1)

Above-market lease assets are recognized during business combinations and asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Accumulated amortization on above-market lease assets was $3.0 million and $0.9 million as of December 31, 2018 and 2017, respectively. The amortization of above-market lease assets decreased "Ground and other lease income" in the Company's consolidated statements of operations by $2.1 million and $0.9 million, respectively, for the year ended December 31, 2018 and the period from April 14, 2017 to December 31, 2017. Above-market lease assets are amortized over the non-cancelable term of the leases.

(2)

In-place lease assets are recognized during business combinations and asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. Accumulated amortization on in-place lease assets was $5.3 million and $2.2 million as of December 31, 2018 and 2017, respectively. The amortization expense for in-place leases was $3.1 million and $2.2 million, respectively, for the year ended December 31, 2018 and the period from April 14, 2017 to December 31, 2017. These amounts are included in "Depreciation and amortization" in the Company's consolidated statements of operations. In-place lease assets are amortized over the non-cancelable term of the leases.

(3)

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 $1.7 million and $0.7 million as of December 31, 2018 and 2017, respectively. The amortization expense for the Company's below-market lease asset was $1.0 million and $0.7 million, respectively, for the year ended December 31, 2018 and the period from April 14, 2017 to December 31, 2017. These amounts are included in "Real estate expense" in the Company's consolidated statements of operations. The below-market lease asset is amortized over the non-cancelable term of the lease.

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
2019		7,312
2020		7,312
2021		7,312
2022		7,312
2023		7,312

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(1)	As of December 31, 2018, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 77 years.

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



	As of
	December 31, 2018		December 31, 2017
Below-market lease liabilities, net⁽¹⁾	$	57,620	$	57,959
Real estate-related intangible liabilities, net	$	57,620	$	57,959

_______________________________________________________________________________

(1)

Below-market lease liabilities are recognized during business combinations and asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Accumulated amortization on below-market lease liabilities was $1.0 million and $0.4 million as of December 31, 2018 and 2017, respectively. The amortization of below-market lease liabilities increased "Ground and other lease income" in the Company's consolidated statements of operations by $0.6 million and $0.4 million, respectively, for the year ended December 31, 2018 and the period from April 14, 2017 to December 31, 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 existing 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 Ground Lease had 87 years remaining on its term at the time of acquisition.

The Company acquired the existing 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 as a multi-family development with retail space and underground parking. The Ground Lease had 87 years remaining on its term at the time of acquisition.

The Company's purchase price allocations for the acquisitions described above 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	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	$	50,644	$	—	$	7,734	$	58,378
Debt obligations	227,415		—		—		227,415
Total liabilities	278,059		—		7,734		285,793
Equity Purchase Price⁽¹⁾	$	113,000	$	73,640	$	68,360	$	255,000

_______________________________________________________________________________


(1)	The Company paid $340.0 million in total consideration to iStar for the Initial Portfolio, including the assumption of the 2017 Secured Financing.

The pro forma revenues and net income (loss) below 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. The following unaudited table summarizes the Company's pro forma revenues and net loss for the year ended December 31, 2017, as if the acquisitions of these properties were completed on January 1, 2016 ($ in thousands):



Pro forma revenues	$	25,828
Pro forma net income (loss) ⁽¹⁾	(803		)

_______________________________________________________________________________


(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 December 31, 2017.

From the date of acquisition through December 31, 2017, $16.1 million in total revenues and $8.5 million in net property-level income associated with the Initial Portfolio, 6200 Hollywood Boulevard and 6201 Hollywood Boulevard were included in the Company’s consolidated statements of operations.

In August 2017, the Company acquired land and simultaneously structured and entered into a Ground Lease at 3333 LifeHope in Atlanta, GA and accounted for the transaction as an asset acquisition. The Ground Lease has a term of 99 years. In addition, the ground lessee will construct a 185-space parking deck adjacent to the building scheduled to be completed in 2019, which will be engineered to accommodate future development of the site. The Company has a right of first refusal to provide funding for up to 30% of the construction cost of an additional 160,000 square feet of development on terms consistent with the Ground Lease. iStar, the Company's largest shareholder, committed to provide a $24.0 million construction loan to the ground lessee for the renovation of the property. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

In October 2017, the Company entered into a commitment to acquire land subject to a Ground Lease on which a 301-unit, luxury multi-family project known as “Great Oaks” is currently being constructed in San Jose, California. Pursuant to the purchase agreement, the Company will acquire the Ground Lease on November 1, 2020 from iStar for $34.0 million. iStar committed to provide a $80.5 million construction loan to the ground lessee. The Ground Lease expires in 2116. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

The Company accounted for the following acquisitions made during the year ended December 31, 2018 as asset acquisitions and recorded an aggregate $256.8 million in "Real estate, net," an aggregate $130.1 million in "Real estate-related intangible assets, net" and an aggregate $0.3 million in "Real estate-related intangible liabilities, net" on its consolidated balance sheet.

In January 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of Onyx on First, a multi-family building located in the Navy Yards neighborhood of Washington, D.C., one block away from the Navy Yards metro station. The Ground Lease has a term of 99 years.

In February 2018, the Company entered into two ventures in which it has majority and controlling interests, and the ventures acquired land and simultaneously structured and entered into two Ground Leases. The partners' noncontrolling interests in the ventures are recorded in "Noncontrolling interests" on the Company's consolidated balance sheets (refer to Note 9). The first Ground Lease was part of the recapitalization of a two-building office campus in Cary, NC. The second Ground Lease was part of the acquisition of an office building in midtown Atlanta. Both Ground Leases have terms of 99 years.

In May 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of 100 and 200 Glenridge Point, two multi-tenant office buildings in Atlanta, GA. The Ground Lease has a term of 99 years. In addition, iStar provided a $19.9 million loan to the ground lessee with an initial term of one year for the acquisition of the property. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

In June 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of Promenade Crossing, a 212-unit multi-family community located in the Baldwin Park submarket of Orlando, FL. The Ground Lease has a term of 99 years.

In June 2018, the Company acquired land and simultaneously structured two Ground Leases as part of the Ground Lease tenant's acquisition from iStar of two industrial facilities located in Miami, FL for $22.8 million. Both Ground Leases have a term of 99 years. This transaction was approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

In July 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of The Madison, a 177,000 square foot Class-A office building located in Phoenix, AZ. The Ground Lease has a term of 99 years.

In July 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of Balboa Executive Center, a 121,000 square foot office building located in San Diego, CA. The Ground Lease has a term of 99 years.

In August 2018, the Company acquired the existing Ground Lease at 1325 Wilson Blvd. in Rosslyn, VA. The Ground Lease expires in June 2035 and has four 10-year extension options through June 2075. The property is improved with a 318-unit, 16-story Hyatt Centric branded hotel.

In August 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of the Jefferson Building, a 73,000 square foot office building located in Washington, DC. The Ground Lease has a term of 99 years.

In August 2018, the Company entered into a forward commitment to acquire land and provide a Ground Lease for the Ground Lease tenant's construction of a 315-unit multi-family property in Washington, DC (refer to Note 7). The Ground Lease will have a term of 99 years.

In November 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of 1111 Pennsylvania Avenue, a 337,000 square foot Class-A office building located in Washington, DC. The Ground Lease has a term of 99 years.

In November 2018, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of Novel Music Row, a 275-unit Class-A multi-family building located in Nashville, TN. The Ground Lease has a term of 99 years.

During the year ended December 31, 2018, the Company received $1.5 million in connection with the termination of a purchase contract for the purchase of the leased fee interest in a property due to the exercise by another entity of a pre-existing pre-emptive right to acquire such property.

Future Minimum Ground and Other Lease Payments—Future minimum Ground and Other 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 December 31, 2018, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation		Total
2019	$	5,111	$	19,067	$	10,082	$	34,260
2020	5,111		19,393		10,082		34,586
2021	5,111		19,732		10,082		34,925
2022	5,111		20,069		10,082		35,262
2023	5,111		20,546		10,082		35,739

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

12 Months Ended

Dec. 31, 2018

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):



	As of
	December 31, 2018		December 31, 2017
Interest rate hedge assets	$	2,991	$	1,042
Other assets	2,416		450
Deferred finance costs, net⁽¹⁾	2,295		2,490
Purchase deposits	1,800		2,855
Leasing costs, net	481		92
Deferred expenses and other assets, net	$	9,983	$	6,929

_______________________________________________________________________________


(1)	Accumulated amortization of deferred finance costs was $1.7 million and $0.5 million as of December 31, 2018 and 2017, respectively.

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



	As of
	December 31, 2018		December 31, 2017
Interest rate hedge liabilities	$	10,092	$	904
Accrued expenses⁽¹⁾	3,596		1,285
Dividends declared and payable	2,741		2,728
Other liabilities⁽²⁾	1,788		621
Interest payable	1,663		660
Management fee payable	920		—
Accounts payable⁽³⁾	—		1,347
Accounts payable, accrued expenses and other liabilities	$	20,800	$	7,545

_______________________________________________________________________________


(1)	As of December 31, 2018 and 2017, accrued expenses primarily includes accrued legal expenses, accrued audit expenses and deferred finance costs.


(2)	As of December 31, 2018 and 2017, other liabilities includes $0.4 million and $0.1 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company's behalf.


(3)	As of December 31, 2017, accounts payable includes accrued offering costs.

Debt Obligations, net

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Debt Obligations, net

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



	As of						Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
	December 31, 2018			December 31, 2017			Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
Secured credit financing:
2018 Portfolio Financing	$	79,193		$	—		3.94%	⁽²⁾	December 2028
2017 Secured Financing	227,000			227,000			3.795%		April 2027
2017 Hollywood Mortgage	71,000			71,000			One-Month LIBOR plus 1.33%	⁽³⁾	January 2023
2017 Revolver	169,500			10,000			One-Month LIBOR plus 1.35%		June 2022
Total secured credit financing	546,693			308,000
Total debt obligations	546,693			308,000
Debt premium, discount and deferred financing costs, net	(2,728		)	(926		)
Total debt obligations, net	$	543,965		$	307,074

_______________________________________________________________________________


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


(2)	The initial rate is 3.94% and increases by 2.0% every 12 months.


(3)	As of December 31, 2018, inclusive of the effect of an interest rate swap the effective interest rate is 3.04%.

2018 Portfolio Financing—In November 2018, the Company entered into a non-recourse portfolio financing (the "2018 Portfolio Financing") for seven Ground Leases originated in 2018 that were previously financed by the 2017 Revolver (see below). The 2018 Portfolio Financing is interest only, bears interest at an initial rate of 3.94%, increasing by 2.0% every 12 months (3.94% in Year 1, 4.02% in Year 2, 4.10% in Year 3, etc.) and matures in December 2028.

2017 Secured Financing—In March 2017, the Company entered into a $227.0 million non-recourse secured financing transaction (the "2017 Secured Financing") that bears interest at a fixed rate of 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% (refer to Note 8).

2017 Hollywood Mortgage—In December 2017, the Company entered into a $71.0 million non-recourse first mortgage on 6200 Hollywood Boulevard and 6201 Hollywood Boulevard (the "2017 Hollywood Mortgage"). The 2017 Hollywood Mortgage bears interest at a rate of one-month LIBOR plus 1.33%, matures in January 2023 and is callable without prepayment penalty beginning in January 2021.

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 provides an accordion feature to increase, subject to certain conditions, the maximum availability up to $500.0 million. In July 2018, the Company added an additional lender to the 2017 Revolver bringing total capacity for the 2017 Revolver to $350.0 million. The 2017 Revolver has an initial maturity of June 2020 with two 12-month extension options exercisable by the Company, subject to certain conditions, and bears interest at an annual rate of applicable LIBOR plus 1.35%. An undrawn credit facility commitment fee ranges from 0.15% to 0.25%, based on utilization each quarter. This fee was waived for the first six months after the closing date of June 27, 2017. The 2017 Revolver allows the Company to leverage Ground Leases up to a maximum of 67%. During the year ended December 31, 2018, the Company increased borrowings on the 2017 Revolver by $159.5 million. As of December 31, 2018, there was $180.5 million of undrawn capacity on the 2017 Revolver and the Company had the ability to draw an additional $2.9 million without pledging any additional assets to the facility. The 2017 Revolver was repaid in full on January 2, 2019 from the proceeds of the sale to iStar of Investor Units in the Company's Operating Partnership (refer to Note 13).

Debt Covenants—The Company is subject to financial covenants under the 2017 Revolver, including maintaining: (i) 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; (ii) a consolidated fixed charge coverage ratio of at least 1.45x; (iii) 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; (iv) 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 (v) a secured recourse debt ratio of not more than 5.0% of the Company's total consolidated assets (exclusive of amounts drawn on this facility). Additionally, the 2017 Revolver restricts the Company's ability to pay distributions to its stockholders. In 2017, the Company was 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. In 2018, the Company was 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. The 2018 Portfolio Financing contains no significant maintenance or ongoing financial covenants. As of December 31, 2018, the Company was in compliance with all of its financial covenants.

Future Scheduled Maturities—As of December 31, 2018, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company's option, are as follows ($ in thousands):



	2018 Portfolio Financing		2017 Secured Financing		2017 Hollywood Mortgage		2017 Revolver⁽¹⁾		Total
2019	$	—	$	—	$	—	$	—	$	—
2020	—		—		—		—		—
2021	—		—		—		—		—
2022	—		—		—		169,500		169,500
2023	—		—		71,000		—		71,000
Thereafter	79,193		227,000		—		—		306,193
Total principal maturities	79,193		227,000		71,000		169,500		546,693
Debt premium, discount and deferred financing costs, net									(2,728		)
Total debt obligations, net									$	543,965

_______________________________________________________________________________


(1)	The 2017 Revolver was repaid in full on January 2, 2019 from the proceeds of the sale to iStar of Investor Units in the Company's Operating Partnership (refer to Note 13).

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments—In October 2017, the Company entered into a commitment to acquire land subject to a Ground Lease on November 1, 2020 from iStar for $34.0 million (refer to Note 4). In August 2018, the Company entered into an aggregate $30.0 million commitment to acquire land for $12.5 million and provide a $17.5 million leasehold improvement allowance for the Ground Lease tenant's construction of a 315-unit multi-family property in Washington, DC (refer to Note 4). The Company has a call option to purchase the land at any time and currently expects to acquire the land in September 2019. The Company expects to fund the leasehold improvement allowance in early 2020. Legal Proceedings—The Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated and combined financial statements.

Risk Management and Derivatives

12 Months Ended

Dec. 31, 2018

Risks and Uncertainties [Abstract]

Risk Management and Derivatives

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

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

Although the Company’s 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 and other 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 year ended December 31, 2018, the Company’s two largest tenants accounted for approximately $13.2 million and $5.3 million, or 27% and 11%, respectively, of the Company’s revenues.

The carrying value of five hotels leased by the Company under a master lease guaranteed by Park Intermediate Holdings LLC represented 21.1% of the Company’s total assets as of December 31, 2018. 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.

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

For the Company's derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives are reported in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 24 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments).

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

The table below presents the Company's derivatives as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 ($ in thousands):⁽¹⁾



	December 31, 2018		December 31, 2017
Derivative Type	Fair Value⁽²⁾				Balance Sheet Location
Assets
Interest rate swaps	$	2,987	$	1,024	Deferred expenses and other assets, net
Interest rate cap⁽³⁾	4		18		Deferred expenses and other assets, net
	$	2,991	$	1,042
Liabilities
Interest rate swaps	$	10,092	$	904	Accounts payable, accrued expenses and other liabilities
	$	10,092	$	904

____________________________________________________________________________


(1)	For the year ended December 31, 2018, the Company recorded $6.7 million of unrealized losses 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 within the fair value hierarchy. Over the next 12 months, the Company expects that $0.3 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as a reduction to interest expense.


(3)	This derivative is not designated in a hedging relationship.

Credit Risk-Related Contingent Features—The Company reports derivative instruments on a gross basis in its consolidated financial statements. The Company has agreements with each of its derivative counterparties that contain a provision whereby if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations. In connection with its interest rate derivatives which were in a liability position as of December 31, 2018 and 2017, the Company posted collateral of $8.0 million and $1.7 million, respectively, which is included in "Restricted cash" on the Company's consolidated balance sheets. As of December 31, 2018 and 2017, the Company would not have been required to post any additional collateral to settle these contracts had the Company been declared in default on its derivative obligations.

The tables below present the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the year ended December 31, 2018 ($ in thousands):⁽¹⁾



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
Interest rate swaps	Interest expense	$	(6,745	)	$	252

____________________________________________________________________________

(1) For the period from April 14, 2017 to December 31, 2017, the Company recognized $(0.1) million in accumulated other comprehensive income (loss).

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 was recorded in "Safety, Income & Growth Inc. Predecessor equity" on the Company’s 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 is recorded as a reduction to interest expense over the term of the 2017 Secured Financing.

Equity

12 Months Ended

Dec. 31, 2018

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 a total of 40,000 fully-vested shares to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors. On June 28, 2018, the Company issued a total of 40,000 fully-vested shares to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors.

The following table presents a summary of the Company's ownership as of December 31, 2018:



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	—
Issuance of shares to directors	June 28, 2018	Directors	40,000	—
Issuance of shares to iStar for payment of management fee	October 30, 2018	iStar	45,941	—
Shares outstanding as of December 31, 2018			18,275,941

Subsequent to the initial public offering and through December 31, 2018, iStar purchased 2.4 million shares of the Company's common stock for $45.7 million, at an average cost of $18.69 per share, pursuant to 10b5-1 plans (the “10b5-1 Plans") in accordance with Rules 10b5-1 and 10b-18 under the Securities and Exchange Act of 1934, as amended, under which it could buy shares of the Company's common stock in the open market. In the third quarter 2018, iStar purchased an additional 133,524 shares of the Company's common stock in private and open market transactions for $2.2 million, for an average cost of $16.39 per share. The Company's board of directors has approved iStar’s ownership of up to 41.9% of the Company's outstanding shares of common stock. As of December 31, 2018, iStar owned 41.8% of the Company's common stock.

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

Noncontrolling Interests—Noncontrolling interests include third-party equity interests in ventures that are consolidated in the Company's consolidated financial statements.

On January 2, 2019, the Company received $250.0 million of proceeds from iStar for its investment in newly designated

limited partnership units ("Investor Units") in the Operating Partnership (refer to Note 13).

Safety, Income & Growth Inc. Predecessor Equity—For the periods prior to April 14, 2017, Safety, Income & 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 & Growth Inc. Predecessor Equity.

Dividends—The Company elected to be taxed as a REIT beginning with its taxable year ended December 31, 2017. To qualify as a REIT, the Company must annually distribute, at a minimum, an amount equal to 90% of its taxable income, excluding net capital gains, and must distribute 100% of its taxable income (including net capital gains) to eliminate corporate federal income taxes payable by the REIT. Because taxable income differs from cash flow from operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. During the year ended December 31, 2018, the Company declared cash dividends on its common stock of $10.9 million, or $0.60 per share. Dividends paid in 2018 consisted of ordinary income of $0.1153 per share and a return of capital of $0.4847 per share for tax reporting purposes. During the period from April 14, 2017 to December 31, 2017, the Company declared cash dividends on its common stock of $5.6 million, or $0.3066 per share. All dividends paid in 2017 qualified as a return of capital for tax reporting purposes.

Earnings Per Share

12 Months Ended

Dec. 31, 2018

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 Year Ended December 31, 2018			For the Period from April 14, 2017 to December 31, 2017
Net income (loss)	$	11,936		$	(3,669	)
Net (income) attributable to noncontrolling interests	(196		)	—
Net income (loss) attributable to Safety, Income & Growth Inc.	$	11,740		$	(3,669	)

_______________________________________________________________________________


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



	For the Year Ended December 31, 2018		For the Period from April 14, 2017 to December 31, 2017
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to Safety, Income & Growth Inc.	$	11,740	$	(3,669	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	18,218		14,648

Basic and diluted earnings per common share:
Net income (loss) attributable to Safety, Income & Growth Inc.	$	0.64	$	(0.25	)

_______________________________________________________________________________


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

Related Party Transactions

12 Months Ended

Dec. 31, 2018

Related Party Transactions

The Company is externally managed by an affiliate of iStar, the Company's largest shareholder. iStar has been an active real estate investor for over 20 years and has executed transactions with an aggregate value of approximately $40.0 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 September 30, 2018, iStar had total assets of approximately $5.1 billion and 167 employees.

Management Agreement

A summary of the terms of the management agreement in place as of December 31, 2018 is below:



Manager	SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee⁽¹⁾	Annual fee of 1.0% of total equity (up to $2.5 billion) Annual fee of 0.75% of total equity (> $2.5 billion)
Management Fee Consideration⁽¹⁾	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 of $20.00 per share)
Lock-up	Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Management Fee Waiver	No management fee was paid to the Manager during the first year (through June 30, 2018)
Incentive Fee	None
Term⁽¹⁾	1 year
Renewal Provision	Automatically renewed for additional one-year terms unless previously terminated by majority of independent directors or otherwise, as provided in the agreement
Termination Fee⁽¹⁾	None

_______________________________________________________________________________


(1)	The management agreement was amended in January 2019 in conjunction with an equity investment from iStar. Refer to Note 13 for a summary of the revised terms of the management agreement.

For the year ended December 31, 2018, the Company recorded $3.6 million in management fees to the Manager. For the period from April 14, 2017 to December 31, 2017, the Company recorded $2.0 million in management fees to the Manager. These management fees are recorded in "General and administrative" in the Company's consolidated statements of operations. Prior to June 30, 2018, no management fees were paid to the Manager because such fees were waived 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 during the first year of the agreement. The Company issued 45,941 shares of its common stock to the Manager for payment of the management fee for the three months ended September 30, 2018.

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, in cash or in shares of the Company's common stock, for the documented cost of performing such tasks.

For the year ended December 31, 2018, the Company was allocated $1.5 million in expenses from the Manager. For the period from the initial public offering on June 27, 2017 to December 31, 2017, the Company was allocated $0.6 million in expenses from the Manager. These expenses are recorded in "General and administrative" in the Company's consolidated statements of operations. Prior to June 30, 2018, in accordance with the provisions of the management agreement, the reimbursement of expenses was waived by the Manager and, accordingly, these expenses were accounted for as a non-cash capital contribution from iStar despite iStar not receiving any reimbursement for these allocated expenses during the first year of the agreement.

Acquisitions

iStar has participated in certain of the Company's investment transactions, either as a seller of land or by providing financing to the Company's Ground Lease tenants. Refer to Note 4 for a description of such transactions.

Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Information (Unaudited)

The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts).



	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
	The Company
2018:
Revenue	$	14,813		$	11,644		$	11,574		$	11,693
Net income	4,362			2,069			1,762			3,743
Net income attributable to Safety, Income & Growth Inc.	4,308			2,009			1,703			3,720
Earnings per common share data:
Net income attributable to Safety, Income & Growth Inc.
Basic and diluted	$	4,308		$	2,009		$	1,703		$	3,720
Earnings per share
Basic and diluted	$	0.24		$	0.11		$	0.09		$	0.20
Weighted average number of common shares
Basic and diluted	18,261			18,230			18,191			18,190

	For the Quarter Ended December 31,			For the Quarter Ended September 30,			For the Period from April 14 to June 30,			For the Period from April 1 to April 13,		For the Quarter Ended March 31,
	The Company									Predecessor
2017:
Revenue	$	6,750		$	6,256		$	4,204		$	691	$	5,333
Net income (loss)	(1,344		)	(721		)	(1,604		)	54		1,792
Net income (loss) attributable to Safety, Income & Growth Inc.	(1,344		)	(721		)	(1,604		)	54		1,792
Earnings per common share data:⁽¹⁾
Net income (loss) attributable to Safety, Income & Growth Inc.
Basic and diluted	(1,344		)	(721		)	(1,604		)	54		1,792
Earnings per share
Basic and diluted	$	(0.07	)	$	(0.04	)	$	(0.25	)	N/A		N/A
Weighted average number of common shares
Basic and diluted	18,190			18,190			6,293			N/A		N/A

_______________________________________________________________________________

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

Subsequent Events

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Subsequent Events

On January 2, 2019, iStar invested $250.0 million in our Operating Partnership by purchasing 12.5 million Investor Units from the Operating Partnership, at a price of $20.00 per unit. This transaction was approved by a special committee of the Company's board of directors, with the advice of independent legal and financial advisors. The Company intends to use the proceeds from the sale of the Investor Units primarily to fund future investments in Ground Leases. Each Investor Unit will receive distributions equivalent to distributions declared and paid on one share of the Company's common stock. The Investor Units have no voting rights. They have limited protective consent rights over certain matters such as amendments to the terms of the Investor Units that would adversely affect the Investor Units.

In conjunction with the $250.0 million investment, the Company and iStar have entered into an amended and restated management agreement. The material revised terms of the amended management agreement are summarized in the following table.



Management Fee		Annual fee of 1.0% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion)
Management Fee Consideration		At the discretion of the Company's independent directors, payment will be made in cash or in shares of the Company's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share)
Term		Initial term from January 1, 2019 - June 30, 2022; non-terminable except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company's independent directors and payment of termination fee.
Termination Fee		3x prior year's management fee, subject to the Company having raised $820 million of total equity since inception

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule III, Real Estate and Accumulated Depreciation



				Initial Cost to Company				Cost Capitalized Subsequent to Acquisition		Gross Amount Carried at Close of Period									Depreciable Life (Years)
Location	Encumbrances			Land		Building and Improvements		Cost Capitalized Subsequent to Acquisition		Land		Building and Improvements		Total⁽¹⁾		Accumulated Depreciation		Date Acquired	Depreciable Life (Years)
Detroit, MI	$	31,961	⁽²⁾	$	29,086	$	—	$	—	$	29,086	$	—	$	29,086	$	—	2017	N/A
Dallas, TX	3,736		⁽²⁾	1,954		—		—		1,954		—		1,954		—		2017	N/A
Dallas, TX	4,151		⁽²⁾	2,751		—		—		2,751		—		2,751		—		2017	N/A
Atlanta, GA	7,577		⁽²⁾	4,097		—		—		4,097		—		4,097		—		2017	N/A
Milwaukee, WI	3,633		⁽²⁾	4,638		51,323		—		4,638		51,323		55,961		2,208		2017	40	⁽³⁾
Washington, DC	5,190		⁽²⁾	1,484		—		—		1,484		—		1,484		—		2017	N/A
Minneapolis, MN	1,452		⁽²⁾	716		—		—		716		—		716		—		2017	N/A
Durango, CO	16,604		⁽²⁾	1,415		17,080		—		1,415		17,080		18,495		934		2017	35	⁽³⁾
Rohnert Park, CA	19,300		⁽²⁾	5,869		13,752		—		5,869		13,752		19,621		934		2017	32	⁽³⁾
Salt Lake City, UT	55,312		⁽²⁾	8,573		40,583		—		8,573		40,583		49,156		2,043		2017	34	⁽³⁾
San Diego, CA	38,084		⁽²⁾	5,077		24,096		—		5,077		24,096		29,173		1,282		2017	33	⁽³⁾
Seattle, WA	40,000		⁽²⁾	7,813		45,562		—		7,813		45,562		53,375		2,856		2017	30	⁽³⁾
Los Angeles, CA	36,920		⁽⁴⁾	68,140		—		—		68,140		—		68,140		—		2017	N/A
Los Angeles, CA	34,080		⁽⁴⁾	72,836		—		—		72,836		—		72,836		—		2017	N/A
Atlanta, GA	—		⁽⁵⁾	6,300		—		—		6,300		—		6,300		—		2017	N/A
Washington, DC	23,100		⁽⁶⁾	27,354		—		—		27,354		—		27,354		—		2018	N/A
Orlando, FL	7,800		⁽⁶⁾	6,626		—		—		6,626		—		6,626		—		2018	N/A
Atlanta, GA	18,000		⁽⁶⁾	11,449		—		—		11,449		—		11,449		—		2018	N/A
Raleigh-Durham, NC	11,940		⁽⁶⁾	4,502		—		—		4,502		—		4,502		—		2018	N/A
Atlanta, GA	9,882		⁽⁶⁾	8,478		—		—		8,478		—		8,478		—		2018	N/A
San Diego, CA	—		⁽⁵⁾	8,168		—		—		8,168		—		8,168		—		2018	N/A
Washington, DC	—		⁽⁵⁾	15,217		—		—		15,217		—		15,217		—		2018	N/A
Phoenix, AZ	—		⁽⁵⁾	5,996		—		—		5,996		—		5,996		—		2018	N/A
Washington, DC	—		⁽⁵⁾	21,478		—		—		21,478		—		21,478		—		2018	N/A
Miami, FL	6,000		⁽⁶⁾	3,735		—		—		3,735		—		3,735		—		2018	N/A
Miami, FL	2,471		⁽⁶⁾	9,170		—		—		9,170		—		9,170		—		2018	N/A
Washington, DC	—		⁽⁵⁾	121,100		—		—		121,100		—		121,100		—		2018	N/A
Nashville, TN	—		⁽⁵⁾	13,505		—		—		13,505		—		13,505		—		2018	N/A
Total	$	377,193		$	477,527	$	192,396	$	—	$	477,527	$	192,396	$	669,923	$	10,257

_______________________________________________________________________________


(1)	The aggregate cost for Federal income tax purposes was approximately $838.1 million at December 31, 2018.


(2)	Pledged as collateral under the 2017 Secured Financing.


(3)	These properties have land improvements with depreciable lives from 7 to 12 years.


(4)	Pledged as collateral under the 2017 Hollywood Mortgage.


(5)	Pledged as collateral under the 2017 Revolver.


(6)	Pledged as collateral under the 2018 Portfolio Financing.

The following table reconciles real estate for the year ended December 31, 2018 and the periods from April 14, 2017 to December 31, 2017 and January 1, 2017 to April 13, 2017:⁽¹⁾



	Year Ended December 31, 2018		April 14, 2017 to December 31, 2017		January 1, 2017 to April 13, 2017
	The Company				The Predecessor
Beginning balance	$	413,145	$	—	$	165,699
Acquisitions	256,778		413,145		—
Ending balance	$	669,923	$	413,145	$	165,699

_______________________________________________________________________________


(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.

The following table reconciles accumulated depreciation for the year ended December 31, 2018 and the periods from April 14, 2017 to December 31, 2017 and January 1, 2017 to April 13, 2017:⁽¹⁾



	Year Ended December 31, 2018		April 14, 2017 to December 31, 2017		January 1, 2017 to April 13, 2017
	The Company				The Predecessor
Beginning balance	$	4,253	$	—	$	61,221
Additions	6,004		4,253		894
Ending balance	$	10,257	$	4,253	$	62,115

_______________________________________________________________________________


(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.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	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 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 consolidated and combined 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 Predecessor periods does not necessarily reflect what our general and administrative expenses will be as a standalone public company for future reporting periods.
Capitalization and depreciation	Real estate—Real estate assets are recorded at cost less accumulated depreciation and amortization, as follows: Capitalization and depreciation—Certain improvements and replacements are capitalized when they extend the useful life of the asset. Repair and maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the estimated useful life, which is generally 40 years for facilities, the shorter of the remaining lease term or expected life for tenant improvements and the remaining useful life of the facility for facility improvements.
Purchase price allocation	Purchase price allocation—Upon acquisition of real estate, the Company determines whether the transaction is a business combination, which is accounted for under the acquisition method, or an acquisition of assets. For both types of transactions, the Company recognizes and measures identifiable assets acquired, liabilities assumed and any noncontrolling interest in the acquiree based on their relative fair values. For business combinations, the Company recognizes and measures goodwill or gain from a bargain purchase, if applicable, and expenses acquisition-related costs in the periods in which the costs are incurred. For acquisitions of assets, acquisition-related costs are capitalized and recorded in "Real estate, net," "Real estate-related intangible assets, net" and "Real estate-related intangible liabilities, net" on the Company's consolidated balance sheets. If the Company acquires real estate and simultaneously enters into a new lease of the real estate the acquisition will be accounted for as an asset acquisition. The Company accounts for its acquisition of properties by recording the purchase price of tangible and intangible assets and liabilities acquired based on their estimated fair values. The value of the tangible assets, consisting of land, buildings, building improvements and tenant improvements is determined as if these assets are vacant. Intangible assets may include the value of lease incentive assets, above-market leases, below-market Ground Lease assets and in-place leases, which are each recorded at their estimated fair values and included in "Real estate-related intangible assets, net" or "Real estate-related intangible liabilities, net" on the Company's consolidated balance sheets. Intangible liabilities may include the value of below-market leases, which are recorded at their estimated fair values and included in "Real estate-related intangible liabilities, net" on the Company's consolidated balance sheets. In-place leases are amortized over the remaining non-cancelable term of the lease and the amortization expense is included in "Depreciation and amortization" in the Company's consolidated and combined statements of operations. Lease incentive assets and above-market (or below-market) lease value are amortized as a reduction of (or, increase to) ground and other lease income over the remaining non-cancelable term of each lease. Below-market Ground Lease assets are amortized to real estate expense over the remaining non-cancelable term of the lease. The Company may also engage in sale/leaseback transactions whereby the Company executes a net lease with the occupant simultaneously with the purchase of the asset.
Impairments	Impairments—The Company reviews real estate assets for impairment in value whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The value of a long-lived asset held for use is impaired if management's estimate of the aggregate future cash flows (undiscounted and without interest charges) to be generated by the asset (taking into account the anticipated holding period of the asset) are less than its carrying value. Such estimate of cash flows considers factors such as expected future operating income trends, as well as the effects of demand, competition and other economic factors. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount of the asset over the estimated fair value of the asset and reflected as an adjustment to the basis of the asset. Impairments of real estate assets, if any, are recorded in "Impairment of assets" in the Company's consolidated and combined statements of operations. The Company did not record any impairments for the periods presented.
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.
Restricted cash	Restricted Cash—Restricted cash includes $8.0 million and $1.7 million held as collateral under certain of the Company's derivative transactions as of December 31, 2018 and 2017, respectively.
Ground and other lease income	Ground and other lease income—Ground and other lease income includes rent earned from leasing land and buildings owned by the Company to its tenants. Ground and other lease income is recognized on the straight-line method of accounting, generally from the later of the date the lessee takes possession of the space and it is ready for its intended use or the date of acquisition of the asset subject to existing leases. Accordingly, contractual lease payment increases are recognized evenly over the term of the lease. The periodic difference between ground and other lease income recognized under this method and contractual lease payment terms is recorded as deferred ground and other lease income receivable and is included in ‘‘Deferred ground and other lease income receivable, net’’ on the Company's consolidated balance sheets. The Company is also entitled to percentage rent, representing a portion of the Company's lessee's gross revenues from the properties, pursuant to some of its leases and records percentage rent as ground and other lease income when earned. During the year ended December 31, 2018 and the periods from April 14, 2017 to December 31, 2017 and January 1, 2017 to April 13, 2017, the Company recorded $3.6 million, $0.1 million, and $0.6 million, respectively, of percentage rent. Ground and other lease income also includes the amortization of finite lived intangible assets and liabilities, which are amortized over the period during which the assets or liabilities are expected to contribute directly or indirectly to the future cash flows of the business acquired. The Company estimates losses within ground and other lease income receivable and deferred ground and other lease income receivable balances as of the balance sheet date and incorporates an asset-specific reserve based on management's evaluation of the credit risks associated with these receivables. As of December 31, 2018 and 2017, we did not have an allowance for doubtful accounts related to real estate tenant receivables or deferred ground and other lease income.
Other Income	Other income—Other income primarily includes interest income, non-recurring fees in connection with the termination of a purchase contract and other ancillary incom
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 expense and other assets	Deferred expenses and other assets—Deferred expenses and other assets includes deferred financing fees associated with the 2017 Revolver (refer to Note 6), derivative assets, deferred costs, purchase deposits, leasing costs such as brokerage, legal and other costs which are amortized over the life of the respective leases and presented as an operating activity in the Company's consolidated and combined statements of cash flows. Amortization of leasing costs is included in "Depreciation and amortization" in the Company's consolidated and combined statements of operation
Deferred financing fees	Deferred financing fees—Deferred financing fees associated with the Company's debt facilities are recorded in ‘‘Debt obligations, net’’ on the Company's consolidated balance sheets. The amortization of deferred financing fees is included in ‘‘Interest expense’’ in the Company’s consolidated and combined statements of operation
Stock-based compensation	Stock-based compensation—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. 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 each of June 28, 2018 and June 27, 2017, the Company issued a total of 40,000 fully-vested shares to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors with aggregate grant date fair values of $0.8 million and $0.8 million, respectively. During the year ended December 31, 2018 and the period from April 14, 2017 to December 31, 2017, the Company recognized $0.8 million and $0.8 million, respectively, in stock-based compensation expense related to this plan, which is classified within "General and administrative" in the Company's consolidated statements of operations. During the third quarter 2018, the Company adopted an equity incentive plan providing for grants of interests in a subsidiary of the Operating Partnership intended to constitute profits interests within the meaning of relevant Internal Revenue Service guidance. Grants under the plan are subject to graduated vesting based on time and hurdles of the Company's common stock price ranging from $25.00 to $35.00. The awards generally entitle plan participants to distributions, in the aggregate, of up to 15% of the capital appreciation above the Company's investment basis. If the hurdles are not achieved in three years, the awards automatically terminate. Awards with an aggregate fair value of $1.5 million were granted to employees of the Manager in the third quarter 2018, which will be recognized over a period of four years. During the year ended December 31, 2018, the Company recognized $0.1 million in expense related to this equity plan, which is recorded in "General and administrative" in the Company's consolidated statements of operations and "Noncontrolling interests" on the Company's consolidated balance sheet.
Income taxes	Income taxes—The Company operates its business in a manner consistent with its election to be taxed as a REIT. As such, the consolidated and combined financial statements of the Company have been prepared consistent with the Company's qualification as a REIT for the periods presented. The Company elected to be taxed as a REIT under sections 856 through 859 of the Internal Revenue Code of 1986, as amended (the "Code") beginning with its taxable year ended December 31, 2017. The Company will be subject to federal and state income taxation at corporate rates on its net taxable income; the Company, however, may claim a deduction for the amount of dividends paid to its stockholders. Amounts distributed as dividends by the Company will be subject to taxation at the stockholder level only. While the Company must distribute at least 90% of its net taxable income to qualify as a REIT, the Company intends to distribute all of its net taxable income, if any, and eliminate federal and state taxes on undistributed net taxable income. Certain states may impose minimum franchise taxes. In addition, the Company is allowed certain other non-cash deductions or adjustments, such as depreciation expense, when computing its net taxable income and distribution requirement. These deductions permit the Company to reduce its dividend payout requirement under federal tax laws. The Company formed a taxable REIT subsidiary ("TRS") during the year ended December 31, 2018. The TRS had no activity during the periods presented, and accordingly, no provision for income taxes was required.
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. Refer to Note 8 for more information on the Company's derivative activi
Variable interest entities	Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events.
Fair values	Variable interest entities—The Company evaluates its investments and other contractual arrangements to determine if they constitute variable interests in a VIE. A VIE is an entity where a controlling financial interest is achieved through means other than voting rights. A VIE is consolidated by the primary beneficiary, which is the party that has the power to direct matters that most significantly impact the activities of the VIE and has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This overall consolidation assessment includes a review of, among other factors, which interests create or absorb variability, contractual terms, the key decision making powers, their impact on the VIE's economic performance, and related party relationships. Where qualitative assessment is not conclusive, the Company performs a quantitative analysis. The Company reassesses its evaluation of the primary beneficiary of a VIE on an ongoing basis and assesses its evaluation of an entity as a VIE upon certain reconsideration events. Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board ("FASB") guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The 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 cash and cash equivalents; restricted cash; ground and other lease income receivable; deferred ground and other lease income receivable, net; deferred expenses and other assets, net; and accounts payable, accrued expenses, and other liabilities approximated their fair values. The Company determined the fair value of its debt obligations, net as of December 31, 2018 and 2017 was approximately $537.8 million and $308.7 million, respectivel
New accounting pronouncements	. New Accounting Pronouncements—In October 2018, the FASB issued ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes ("ASU 2018-16"). ASU 2018-16 expands the list of U.S. benchmark interest rates permitted in the application of hedge accounting by adding the OIS rate based on SOFR as an eligible benchmark interest rate. ASU 2018-16 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2018, with early adoption permitted. The Company adopted ASU 2018-16 effective January 1, 2019 and the adoption did not 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 adoption of ASU 2016-13 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"), and in July 2018, the FASB issued ASU 2018-11, Leases ("ASU 2018-11"), to address two requirements of ASU 2016-02. ASU 2016-02 and ASU 2018-11 are effective for interim and annual reporting periods beginning after December 15, 2018. ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating or finance leases. Adoption of ASU 2016-02 may result in the lessor and lessee under a long term lease of land to record the lease as a financing transaction. The lessor under a long-term lease of land will likely classify its land as a sales-type lease and record the land as a net investment in the lease. For the Company's Ground Leases which are sales-type leases, lease payments received by the Company will be recorded as interest income and amortization of the net investment in the lease. The amount recorded as interest income in any given period will likely be different than the straight-line ground lease income that would have been recorded under the superseded guidance. Management has decided to elect the practical expedient package that allows the Company: (a) to not reassess whether any expired or existing contracts entered into prior to January 1, 2019 are or contain leases; (b) to not reassess the lease classification for any expired or existing leases entered into prior to January 1, 2019; and (c) to not reassess initial direct costs for any expired or existing leases entered into prior to January 1, 2019. Lessees under operating and finance leases will be required to 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. Lessees under operating leases will be required to 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 classify all cash payments within operating activities in its statement of cash flows. Lessees under finance leases will be required to recognize interest expense on the lease liability (under the effective interest method) and amortization expense of the right-of-use asset (generally on a straight line basis), each reflected separately in the statement of operations. ASU 2018-11 amends ASU 2016-02 so that: (a) entities may elect to not recast the comparative periods presented when transitioning to ASC 842 by allowing entities to change their initial application to the beginning of the period of adoption; and (b) provides lessors with a practical expedient to not separate non-lease components from the associated lease component of the contractual payments if certain conditions are met. Management has decided to elect both of these provisions. As a result of the adoption of ASU 2016-02 and ASU 2018-11, the Company will not have any adjustments to its financial statements prior to December 31, 2018.
Principles of Combination and Consolidation	Principles of Consolidation and Combination—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, its wholly-owned subsidiaries

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Accounting Policies [Abstract]

Restrictions on Cash and Cash Equivalents



	December 31, 2018		December 31, 2017
Cash and cash equivalents	$	16,418	$	168,214
Restricted cash⁽¹⁾	8,007		1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	24,425	$	169,870

_______________________________________________________________________________


(1)	Restricted cash includes cash balances held as collateral under certain of the Company's derivative transaction

Real Estate and Real Estate-Related Intangibles (Tables)

12 Months Ended

Dec. 31, 2018

Real Estate [Abstract]

Schedule of Real Estate Assets

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



	As of
	December 31, 2018			December 31, 2017
Land and land improvements, at cost	$	477,527		$	220,749
Buildings and improvements, at cost	192,396			192,396
Less: accumulated depreciation	(10,257		)	(4,253		)
Total real estate, net	$	659,666		$	408,892
Real estate-related intangible assets, net	262,531			138,725
Total real estate, net and real estate-related intangible assets, net	$	922,197		$	547,617

Schedule of Real Estate-Related Intangible Assets, Net

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



	As of
	December 31, 2018		December 31, 2017
Above-market lease assets, net⁽¹⁾	$	190,209	$	77,197
In-place lease assets, net⁽²⁾	46,783		35,744
Below-market lease asset, net⁽³⁾	24,796		25,784
Other intangible assets, net	743		—
Real estate-related intangible assets, net	$	262,531	$	138,725

_______________________________________________________________________________

(1)

(2)

(3)

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
2019		7,312
2020		7,312
2021		7,312
2022		7,312
2023		7,312

_______________________________________________________________________________


(1)	As of December 31, 2018, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 77 years.

Real Estate - Related Intangibles, Liabilities

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



	As of
	December 31, 2018		December 31, 2017
Below-market lease liabilities, net⁽¹⁾	$	57,620	$	57,959
Real estate-related intangible liabilities, net	$	57,620	$	57,959

_______________________________________________________________________________

(1)

Purchase Price Allocations

The Company's purchase price allocations for the acquisitions described above 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	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	$	50,644	$	—	$	7,734	$	58,378
Debt obligations	227,415		—		—		227,415
Total liabilities	278,059		—		7,734		285,793
Equity Purchase Price⁽¹⁾	$	113,000	$	73,640	$	68,360	$	255,000

_______________________________________________________________________________


(1)	The Company paid $340.0 million in total consideration to iStar for the Initial Portfolio, including the assumption of the 2017 Secured Financing.

Pro Forma Revenues and Net Income (Loss)

The following unaudited table summarizes the Company's pro forma revenues and net loss for the year ended December 31, 2017, as if the acquisitions of these properties were completed on January 1, 2016 ($ in thousands):



Pro forma revenues	$	25,828
Pro forma net income (loss) ⁽¹⁾	(803		)

_______________________________________________________________________________


(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 December 31, 2017.

Future Minimum Ground Net Lease Payments

Future minimum Ground and Other 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 December 31, 2018, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation		Total
2019	$	5,111	$	19,067	$	10,082	$	34,260
2020	5,111		19,393		10,082		34,586
2021	5,111		19,732		10,082		34,925
2022	5,111		20,069		10,082		35,262
2023	5,111		20,546		10,082		35,739

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

12 Months Ended

Dec. 31, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of deferred expenses and other assets, net

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



	As of
	December 31, 2018		December 31, 2017
Interest rate hedge assets	$	2,991	$	1,042
Other assets	2,416		450
Deferred finance costs, net⁽¹⁾	2,295		2,490
Purchase deposits	1,800		2,855
Leasing costs, net	481		92
Deferred expenses and other assets, net	$	9,983	$	6,929

_______________________________________________________________________________


(1)	Accumulated amortization of deferred finance costs was $1.7 million and $0.5 million as of December 31, 2018 and 2017, respectively.

Schedule of accounts payable, accrued expenses and other liabilities

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



	As of
	December 31, 2018		December 31, 2017
Interest rate hedge liabilities	$	10,092	$	904
Accrued expenses⁽¹⁾	3,596		1,285
Dividends declared and payable	2,741		2,728
Other liabilities⁽²⁾	1,788		621
Interest payable	1,663		660
Management fee payable	920		—
Accounts payable⁽³⁾	—		1,347
Accounts payable, accrued expenses and other liabilities	$	20,800	$	7,545

_______________________________________________________________________________


(1)	As of December 31, 2018 and 2017, accrued expenses primarily includes accrued legal expenses, accrued audit expenses and deferred finance costs.


(2)	As of December 31, 2018 and 2017, other liabilities includes $0.4 million and $0.1 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company's behalf.


(3)	As of December 31, 2017, accounts payable includes accrued offering costs.

Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Schedule of debt obligations

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



	As of						Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
	December 31, 2018			December 31, 2017			Stated Interest Rate		Scheduled Maturity Date⁽¹⁾
Secured credit financing:
2018 Portfolio Financing	$	79,193		$	—		3.94%	⁽²⁾	December 2028
2017 Secured Financing	227,000			227,000			3.795%		April 2027
2017 Hollywood Mortgage	71,000			71,000			One-Month LIBOR plus 1.33%	⁽³⁾	January 2023
2017 Revolver	169,500			10,000			One-Month LIBOR plus 1.35%		June 2022
Total secured credit financing	546,693			308,000
Total debt obligations	546,693			308,000
Debt premium, discount and deferred financing costs, net	(2,728		)	(926		)
Total debt obligations, net	$	543,965		$	307,074

_______________________________________________________________________________


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


(2)	The initial rate is 3.94% and increases by 2.0% every 12 months.


(3)	As of December 31, 2018, inclusive of the effect of an interest rate swap the effective interest rate is 3.04%.

Schedule of Maturities of Long-term Debt

As of December 31, 2018, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company's option, are as follows ($ in thousands):



	2018 Portfolio Financing		2017 Secured Financing		2017 Hollywood Mortgage		2017 Revolver⁽¹⁾		Total
2019	$	—	$	—	$	—	$	—	$	—
2020	—		—		—		—		—
2021	—		—		—		—		—
2022	—		—		—		169,500		169,500
2023	—		—		71,000		—		71,000
Thereafter	79,193		227,000		—		—		306,193
Total principal maturities	79,193		227,000		71,000		169,500		546,693
Debt premium, discount and deferred financing costs, net									(2,728		)
Total debt obligations, net									$	543,965

_______________________________________________________________________________


(1)	The 2017 Revolver was repaid in full on January 2, 2019 from the proceeds of the sale to iStar of Investor Units in the Company's Operating Partnership (refer to Note 13).

Derivative Financial Instruments Designated in Hedging Relationships

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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-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 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Risk Management and Derivatives (Tables)

12 Months Ended

Dec. 31, 2018

Risks and Uncertainties [Abstract]

The table below presents the Company's derivatives as well as their classification on the consolidated balance sheets as of December 31, 2018 and 2017 ($ in thousands):⁽¹⁾



	December 31, 2018		December 31, 2017
Derivative Type	Fair Value⁽²⁾				Balance Sheet Location
Assets
Interest rate swaps	$	2,987	$	1,024	Deferred expenses and other assets, net
Interest rate cap⁽³⁾	4		18		Deferred expenses and other assets, net
	$	2,991	$	1,042
Liabilities
Interest rate swaps	$	10,092	$	904	Accounts payable, accrued expenses and other liabilities
	$	10,092	$	904

____________________________________________________________________________


(1)	For the year ended December 31, 2018, the Company recorded $6.7 million of unrealized losses in accumulated other comprehensive income (loss).

(2)


(3)	This derivative is not designated in a hedging relationship.

Derivative Instruments, Gain (Loss)



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income			Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings
Interest rate swaps	Interest expense	$	(6,745	)	$	252

____________________________________________________________________________

(1) For the period from April 14, 2017 to December 31, 2017, the Company recognized $(0.1) million in accumulated other comprehensive income (loss).

Equity (Tables)

12 Months Ended

Dec. 31, 2018

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents a summary of the Company's ownership as of December 31, 2018:



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	—
Issuance of shares to directors	June 28, 2018	Directors	40,000	—
Issuance of shares to iStar for payment of management fee	October 30, 2018	iStar	45,941	—
Shares outstanding as of December 31, 2018			18,275,941

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2018

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 Year Ended December 31, 2018			For the Period from April 14, 2017 to December 31, 2017
Net income (loss)	$	11,936		$	(3,669	)
Net (income) attributable to noncontrolling interests	(196		)	—
Net income (loss) attributable to Safety, Income & Growth Inc.	$	11,740		$	(3,669	)

_______________________________________________________________________________


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



	For the Year Ended December 31, 2018		For the Period from April 14, 2017 to December 31, 2017
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to Safety, Income & Growth Inc.	$	11,740	$	(3,669	)

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	18,218		14,648

Basic and diluted earnings per common share:
Net income (loss) attributable to Safety, Income & Growth Inc.	$	0.64	$	(0.25	)

_______________________________________________________________________________


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

Related Party Transactions (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Related Party Transactions

A summary of the terms of the management agreement in place as of December 31, 2018 is below:



Manager	SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee⁽¹⁾	Annual fee of 1.0% of total equity (up to $2.5 billion) Annual fee of 0.75% of total equity (> $2.5 billion)
Management Fee Consideration⁽¹⁾	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 of $20.00 per share)
Lock-up	Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)
Management Fee Waiver	No management fee was paid to the Manager during the first year (through June 30, 2018)
Incentive Fee	None
Term⁽¹⁾	1 year
Renewal Provision	Automatically renewed for additional one-year terms unless previously terminated by majority of independent directors or otherwise, as provided in the agreement
Termination Fee⁽¹⁾	None

Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Schedule of quarterly financial information

The following table sets forth the selected quarterly financial data for the Company ($ in thousands, except per share amounts).



	For the Quarters Ended
	December 31,			September 30,			June 30,			March 31,
	The Company
2018:
Revenue	$	14,813		$	11,644		$	11,574		$	11,693
Net income	4,362			2,069			1,762			3,743
Net income attributable to Safety, Income & Growth Inc.	4,308			2,009			1,703			3,720
Earnings per common share data:
Net income attributable to Safety, Income & Growth Inc.
Basic and diluted	$	4,308		$	2,009		$	1,703		$	3,720
Earnings per share
Basic and diluted	$	0.24		$	0.11		$	0.09		$	0.20
Weighted average number of common shares
Basic and diluted	18,261			18,230			18,191			18,190

	For the Quarter Ended December 31,			For the Quarter Ended September 30,			For the Period from April 14 to June 30,			For the Period from April 1 to April 13,		For the Quarter Ended March 31,
	The Company									Predecessor
2017:
Revenue	$	6,750		$	6,256		$	4,204		$	691	$	5,333
Net income (loss)	(1,344		)	(721		)	(1,604		)	54		1,792
Net income (loss) attributable to Safety, Income & Growth Inc.	(1,344		)	(721		)	(1,604		)	54		1,792
Earnings per common share data:⁽¹⁾
Net income (loss) attributable to Safety, Income & Growth Inc.
Basic and diluted	(1,344		)	(721		)	(1,604		)	54		1,792
Earnings per share
Basic and diluted	$	(0.07	)	$	(0.04	)	$	(0.25	)	N/A		N/A
Weighted average number of common shares
Basic and diluted	18,190			18,190			6,293			N/A		N/A

_______________________________________________________________________________

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

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2018

Subsequent Events [Abstract]

Schedule of Material Revised Terms fo the Amended Management Agreement

The material revised terms of the amended management agreement are summarized in the following table.



Management Fee		Annual fee of 1.0% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion)
Management Fee Consideration		At the discretion of the Company's independent directors, payment will be made in cash or in shares of the Company's common stock (valued at the greater of: (i) the volume weighted average market price during the quarter for which the fee is being paid; or (ii) the initial public offering price of $20.00 per share)
Term		Initial term from January 1, 2019 - June 30, 2022; non-terminable except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company's independent directors and payment of termination fee.
Termination Fee		3x prior year's management fee, subject to the Company having raised $820 million of total equity since inception

Business and Organization (Details)				12 Months Ended
Business and Organization (Details)	Jun. 28, 2017 USD ($)	Jun. 27, 2017 USD ($) $ / shares shares	Apr. 14, 2017 USD ($) investor $ / shares shares	Dec. 31, 2018 property	Mar. 31, 2017 USD ($)	Mar. 30, 2017 USD ($)
Business Acquisition [Line Items]
Number of institutional investors \| investor			2
Total consideration	$ 142,000,000
IPO and Private Placement
Business Acquisition [Line Items]
Proceeds from initial public offering		$ 205,000,000
Proceeds from private placement offering		$ 45,000,000
Share price (in dollars per share) \| $ / shares		$ 20.00
iStar Inc. \| IPO and Private Placement
Business Acquisition [Line Items]
Transaction costs		$ 18,900,000
Initial Portfolio from iStar
Business Acquisition [Line Items]
Number of properties \| property				12
Total consideration			$ 340,000,000
Common Stock \| Initial Capitalization
Business Acquisition [Line Items]
Number of institutional investors \| investor			2
Stock issued (in shares) \| shares			2,875,000
Proceeds from issuance of common stock, net			$ 57,500,000
Ownership percentage by Shareholders			50.90%
Share price (in dollars per share) \| $ / shares			$ 20.00
Common Stock \| IPO and Private Placement
Business Acquisition [Line Items]
Stock issued (in shares) \| shares		10,250,000
Proceeds from initial public offering		$ 205,000,000
Common Stock \| iStar Inc. \| Initial Capitalization
Business Acquisition [Line Items]
Stock issued (in shares) \| shares			2,775,000
Proceeds from issuance of common stock, net			$ 55,500,000
Ownership percentage by Shareholders			49.10%
Share price (in dollars per share) \| $ / shares			$ 20.00
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		$ 45,000,000
Share price (in dollars per share) \| $ / shares		$ 20
Minimum
Business Acquisition [Line Items]
Ground leases term				30 years
Ground lease investment initial targeted value of ground lease of combined value				30.00%
Ground lease, ratio of property net operating income to ground lease payments due				2.0
Maximum
Business Acquisition [Line Items]
Ground leases term				99 years
Ground lease investment initial targeted value of ground lease of combined value				45.00%
Ground lease, ratio of property net operating income to ground lease payments due				5.0
Secured Debt \| 2017 Secured Financing
Business Acquisition [Line Items]
Assumption of long term debt					$ 227,000,000.0	$ 227,000,000

Basis of Presentation and Principles of Consolidation and Combination (Details) $ in Millions	Dec. 31, 2018 USD ($)
Real Estate, Net and Real Estate Related Intangible Assets, Net
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 54.3
Accounts payable, accrued expenses and other liabilities
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	$ 29.4

Summary of Significant Accounting Policies (Restricted Cash) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 16,418	$ 168,214
Restricted cash	8,007	1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statement of cash flows	$ 24,425	$ 169,870

Summary of Significant Accounting Policies (Narrative) (Details)				3 Months Ended		9 Months Ended	12 Months Ended
	Jun. 28, 2018 USD ($) shares	Jun. 28, 2017 business	Jun. 27, 2017 USD ($) shares	Sep. 30, 2018 USD ($) $ / shares	Apr. 13, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2018 USD ($)
Class of Stock [Line Items]
Percentage rent					$ 600,000	$ 100,000	$ 3,600,000
Fair value of debt						308,700,000	$ 537,800,000
Number of businesses acquired \| business		2
Performance Shares
Class of Stock [Line Items]
Award vesting period							3 years
Amortization period							4 years
Common Stock \| Performance Shares
Class of Stock [Line Items]
Stock issued (in shares) \| shares	40,000		40,000
Grant date fair value	$ 800,000		$ 800,000
Issuance of stock and warrants						$ 800,000	$ 800,000
Common Stock \| Minimum \| Performance Shares
Class of Stock [Line Items]
Share price (in dollars per share) \| $ / shares				$ 25.00
Common Stock \| Maximum \| Performance Shares
Class of Stock [Line Items]
Share price (in dollars per share) \| $ / shares				$ 35.00
Manager \| Common Stock \| Performance Shares
Class of Stock [Line Items]
Aggregate compensation cost				$ 1,500,000
General and Administrative Expense \| Common Stock \| Performance Shares
Class of Stock [Line Items]
Aggregate compensation cost							$ 100,000
Retained Earnings (Deficit) \| The Company
Class of Stock [Line Items]
Cumulative-effect adjustment for cash flow hedges (refer to Note 3)								$ (41,000)
Retained Earnings (Deficit) \| The Company \| Accounting Standards Update 2017-12
Class of Stock [Line Items]
Cumulative-effect adjustment for cash flow hedges (refer to Note 3)								41,000,000
Accumulated Other Comprehensive Income (Loss) \| The Company
Class of Stock [Line Items]
Cumulative-effect adjustment for cash flow hedges (refer to Note 3)								41,000
Accumulated Other Comprehensive Income (Loss) \| The Company \| Accounting Standards Update 2017-12
Class of Stock [Line Items]
Cumulative-effect adjustment for cash flow hedges (refer to Note 3)								$ 41,000

Real Estate and Real Estate-Related Intangibles (Real Estate Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real Estate [Abstract]
Land and land improvements, at cost	$ 477,527	$ 220,749
Buildings and improvements, at cost	192,396	192,396
Less: accumulated depreciation	(10,257)	(4,253)
Total real estate, net	659,666	408,892
Real estate-related intangible assets, net (refer to Note 4)	262,531	138,725
Total real estate, net and real estate-related intangible assets, net	$ 922,197	$ 547,617

Real Estate and Real Estate-Related Intangibles (Intangibles) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	$ 138,725	$ 262,531
Real estate-related intangible liabilities, net (refer to Note 4)	57,959	57,620
Ground lease income
Finite-Lived Intangible Assets [Line Items]
Intangible liabilities, accumulated amortization	400	1,000
Amortization of intangible liabilities	400	600
Above-market lease assets, net
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	77,197	190,209
Intangible assets, accumulated amortization	900	3,000
Above-market lease assets, net \| Ground lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	(900)	(2,100)
In-place lease assets, net
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	35,744	46,783
Intangible assets, accumulated amortization	2,200	5,300
In-place lease assets, net \| Depreciation and amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	2,200	3,100
Below-market lease
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	25,784	24,796
Intangible assets, accumulated amortization	700	1,700
Annual payments to third-party owner of the property		400
Below-market lease \| Real estate expense
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	700	1,000
Other intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Real estate-related intangible assets, net	$ 0	$ 743

Real Estate and Real Estate-Related Intangibles (Intangible Asset Future Amortization Expense) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Real Estate [Abstract]
2019	$ 7,312
2020	7,312
2021	7,312
2022	7,312
2023	$ 7,312

Real Estate and Real Estate-Related Intangibles (Acquisitions) (Details) $ in Thousands			1 Months Ended							9 Months Ended	12 Months Ended
	Aug. 31, 2017 ft² parking_space	Jun. 28, 2017 USD ($) ft² business	Nov. 30, 2018 ft² apartment	Aug. 31, 2018 ft² extension apartment	Jul. 31, 2018 ft²	Jun. 30, 2018 USD ($) lease_asset apartment	May 31, 2018 USD ($)	Feb. 28, 2018 lease Investment	Oct. 31, 2017 USD ($) apartment	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)
Business Acquisition [Line Items]
Total consideration		$ 142,000
Remaining lease term											99 years
Revenue since acquisition										$ 16,100
Net income since acquisition										8,500
Total real estate, net										$ 408,892	$ 659,666
Real estate-related intangible assets											132,775
Real estate-related intangible liabilities											58,378
Number of businesses acquired \| business		2
Gain (loss) on contract termination											1,500
6201 Hollywood Blvd.
Business Acquisition [Line Items]
Land subject to ground leases \| ft²		183,802
Remaining lease term		87 years
Real estate-related intangible assets											3,258
Real estate-related intangible liabilities											7,734
6200 Hollywood Blvd.
Business Acquisition [Line Items]
Land subject to ground leases \| ft²		143,151
Remaining lease term		87 years
Real estate-related intangible assets											5,500
Real estate-related intangible liabilities											0
North Carolina and Atlanta
Business Acquisition [Line Items]
Number of joint ventures \| Investment								2
Number of properties subject to ground lease \| lease								2
Glenridge Point 100 & 200, Atlanta, GA
Business Acquisition [Line Items]
Additional construction funding commitment							$ 19,900
Funding commitment, term							1 year
Promenade Crossing, Orlando, FL
Business Acquisition [Line Items]
Number of multi-family units \| apartment						212
Miami, FL
Business Acquisition [Line Items]
Total consideration						$ 22,800
Number of businesses acquired \| lease_asset						2
The Madison, Phoenix, Arizona
Business Acquisition [Line Items]
Number of square feet \| ft²					177,000
Balboa Executive Center, San Diego, CA
Business Acquisition [Line Items]
Number of square feet \| ft²					121,000
1325 Wilson Blvd, Rosslyn, VA
Business Acquisition [Line Items]
Number of multi-family units \| apartment				318
Number of lease extensions \| extension				4
Term of contract, lease extension term				10 years
Jefferson Building, Washington, DC
Business Acquisition [Line Items]
Number of square feet \| ft²				73,000
Multi-Family Property, Washington DC
Business Acquisition [Line Items]
Number of multi-family units \| apartment				315
1111 Pennsylvania Avenue, Washington, DC
Business Acquisition [Line Items]
Number of square feet \| ft²			337,000
Novel Music Row, Nashville, TN
Business Acquisition [Line Items]
Number of multi-family units \| apartment			275
3333 LifeHope
Business Acquisition [Line Items]
Ground leases term	99 years
Number of parking spaces to be constructed \| parking_space	185
Future construction funding, percent authorized	30.00%
Additional construction, number of square feet \| ft²	160,000
Additional construction funding commitment											24,000
Immaterial Asset Acquisitions
Business Acquisition [Line Items]
Total real estate, net											256,800
Real estate-related intangible assets											130,100
Real estate-related intangible liabilities											$ 300
iStar Inc. \| Great Oaks
Business Acquisition [Line Items]
Additional construction funding commitment									$ 80,500
Number of units \| apartment									301
Payments to acquire productive assets									$ 34,000

Real Estate and Real Estate-Related Intangibles (Purchase Price Allocations) (Details) - USD ($) $ in Thousands	Jun. 28, 2017	Apr. 14, 2017	Dec. 31, 2018
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 Blvd.
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 Blvd.
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

Real Estate and Real Estate-Related Intangibles (Pro Forma Information) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Real Estate [Abstract]
Pro forma revenues	$ 25,828
Pro forma net income (loss)	$ (803)

Real Estate and Real Estate-Related Intangibles (Future Minimum Ground Net Lease Payments) (Details) $ in Thousands	Dec. 31, 2018 USD ($)
Future Minimum Ground Net Lease Payments to be Collected
2019	$ 34,260
2020	34,586
2021	34,925
2022	35,262
2023	35,739
Leases with CPI Based Escalations
Future Minimum Ground Net Lease Payments to be Collected
2019	5,111
2020	5,111
2021	5,111
2022	5,111
2023	5,111
Leases with Fixed Escalations
Future Minimum Ground Net Lease Payments to be Collected
2019	19,067
2020	19,393
2021	19,732
2022	20,069
2023	20,546
Leases with Revenue Participation
Future Minimum Ground Net Lease Payments to be Collected
2019	10,082
2020	10,082
2021	10,082
2022	10,082
2023	$ 10,082

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest rate hedge assets	$ 2,991	$ 1,042
Other assets	2,416	450
Deferred finance costs, net	2,295	2,490
Purchase deposits	1,800	2,855
Leasing costs, net	481	92
Deferred expenses and other assets, net	9,983	6,929
Debt issuance costs, current	$ 1,700	$ 500

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest rate hedge liabilities	$ 10,092	$ 904
Accrued expenses	3,596	1,285
Dividends declared and payable	2,741	2,728
Other liabilities	1,788	621
Interest payable	1,663	660
Management fee payable	920	0
Accounts payable	0	1,347
Accounts payable, accrued expenses and other liabilities	20,800	7,545
Payable to the Manager for costs it paid on the Company's behalf	$ 400	$ 100

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Nov. 30, 2018	Dec. 31, 2017	Mar. 31, 2017
Debt Instrument [Line Items]
Total principal maturities	$ 546,693		$ 308,000
Debt premium, net	(2,728)		(926)
Total debt obligations, net	543,965		307,074
Secured Debt
Debt Instrument [Line Items]
Total principal maturities	546,693		308,000
Debt premium, net	(2,728)
Total debt obligations, net	543,965
2018 Portfolio Financing \| Secured Debt
Debt Instrument [Line Items]
Total principal maturities	$ 79,193		0
Stated interest rates	3.94%	3.94%
Interest rate annual increase	2.00%
2017 Secured Financing \| Secured Debt
Debt Instrument [Line Items]
Total principal maturities	$ 227,000		227,000
Stated interest rates	3.795%			3.795%
2017 Hollywood Mortgage \| Secured Debt
Debt Instrument [Line Items]
Total principal maturities	$ 71,000		71,000
2017 Hollywood Mortgage \| Secured Debt \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	1.33%
Effective interest rate	3.04%
2017 Revolver \| Secured Debt
Debt Instrument [Line Items]
Total principal maturities	$ 169,500		$ 10,000
2017 Revolver \| Secured Debt \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	1.35%

Debt Obligations, net (Narrative) (Details)	1 Months Ended			6 Months Ended	12 Months Ended
Debt Obligations, net (Narrative) (Details)	Nov. 30, 2018 lease	Jun. 30, 2017 USD ($) extension	Mar. 31, 2017 USD ($) lease property	Jun. 30, 2017 USD ($) extension	Dec. 31, 2018 USD ($)	Jul. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Mar. 30, 2017 USD ($)
Line of Credit Facility [Line Items]
Long-term debt, gross					$ 546,693,000		$ 308,000,000
Deferred finance costs, net					2,295,000		2,490,000
Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, gross					$ 546,693,000		308,000,000
2018 Portfolio Financing \| Secured Debt
Line of Credit Facility [Line Items]
Stated interest rates	3.94%				3.94%
Interest rate terms, annual increase, percent					2.00%
Number of ground net leases collateralizing loan \| lease	7
Long-term debt, gross					$ 79,193,000		0
2017 Secured Financing \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			$ 227,000,000.0					$ 227,000,000
Stated interest rates			3.795%		3.795%
Number of ground net leases collateralizing loan \| lease			7
Number of master lease collateralizing loan \| lease			1
Number of properties covered under master lease agreement \| property			5
Long-term debt, gross					$ 227,000,000		227,000,000
2017 Hollywood Mortgage \| Secured Debt
Line of Credit Facility [Line Items]
Long-term debt, gross					$ 71,000,000		$ 71,000,000
2017 Hollywood Mortgage \| Secured Debt \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)					1.33%
Interest rate swap
Line of Credit Facility [Line Items]
Notional amount			$ 200,000,000
2017 Revolver
Line of Credit Facility [Line Items]
Maximum leverage ratio					70.00%
Maximum leverage ratio for 180 day period					75.00%
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings					1.45
Tangible net worth, percent of tangible net worth at date of issuance					75.00%
Tangible net worth, percent of future issuances of net equity					75.00%
Maximum secured leverage ratio					70.00%
Maximum secured leverage ratio for 180 day period					75.00%
Covenant description secured recourse debt ratio maximum					5.00%
Annualized distribution rate of initial public offering price					3.00%
Future annualized distribution rate of adjusted funds from operations					110.00%
2017 Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 300,000,000.0		$ 300,000,000.0		$ 350,000,000.0
Accordion feature, increase limit		$ 500,000,000.0		$ 500,000,000.0
Number of extension options available \| extension		2		2
Debt extension term				12 months
Maximum leverage rate		67.00%		67.00%
Line of credit facility increase					$ 159,500,000
Remaining borrowing capacity					180,500,000
Additional unsecured borrowing capacity					$ 2,900,000
2017 Revolver \| Line of Credit \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)		1.35%
Minimum \| 2017 Secured Financing \| Secured Debt
Line of Credit Facility [Line Items]
Effective interest rate			3.795%
Minimum \| 2017 Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage				0.15%
Maximum \| 2017 Secured Financing \| Secured Debt
Line of Credit Facility [Line Items]
Effective interest rate			3.773%
Maximum \| 2017 Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage				0.25%
Interest rate in year one \| 2018 Portfolio Financing \| Secured Debt
Line of Credit Facility [Line Items]
Stated interest rates	3.94%
Interest rate in year two \| 2018 Portfolio Financing \| Secured Debt
Line of Credit Facility [Line Items]
Stated interest rates	4.02%
Interest rate in year three \| 2018 Portfolio Financing \| Secured Debt
Line of Credit Facility [Line Items]
Stated interest rates	4.10%

Debt Obligations, net (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total principal maturities	$ 546,693	$ 308,000
Debt premium, discount and deferred financing costs, net	(2,728)	(926)
Total debt obligations, net	543,965	307,074
Secured Debt
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	169,500
2023	71,000
Thereafter	306,193
Total principal maturities	546,693	308,000
Debt premium, discount and deferred financing costs, net	(2,728)
Total debt obligations, net	543,965
Secured Debt \| 2018 Portfolio Financing
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	0
2023	0
Thereafter	79,193
Total principal maturities	79,193
Secured Debt \| 2017 Secured Financing
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	0
2023	0
Thereafter	227,000
Total principal maturities	227,000	227,000
Secured Debt \| 2017 Hollywood Mortgage
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	0
2023	71,000
Thereafter	0
Total principal maturities	71,000	71,000
Secured Debt \| 2017 Revolver
Debt Instrument [Line Items]
2019	0
2020	0
2021	0
2022	169,500
2023	0
Thereafter	0
Total principal maturities	$ 169,500	$ 10,000

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 31, 2018 USD ($) apartment	Oct. 31, 2017 USD ($)
Multi-Family Property, Washington DC
Long-term Purchase Commitment [Line Items]
Payments to acquire productive assets	$ 30.0
Number of multi-family units \| apartment	315
Multi-Family Property, Washington DC \| Land
Long-term Purchase Commitment [Line Items]
Payments to acquire productive assets	$ 12.5
Multi-Family Property, Washington DC \| Leasehold Improvements
Long-term Purchase Commitment [Line Items]
Payments to acquire productive assets	$ 17.5
Great Oaks \| iStar Inc.
Long-term Purchase Commitment [Line Items]
Unfunded commitment		$ 34.0

Risk Management and Derivatives (Narrative) (Details) $ in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2017 USD ($)	Dec. 31, 2018 USD ($) hotel	Dec. 31, 2017 USD ($)
Concentration Risk [Line Items]
Unrealized gains/(losses) on derivatives	$ 0.4
Revenue \| Customer Concentration Risk \| Tenant 1
Concentration Risk [Line Items]
Revenue		$ 13.2
Concentration risk percentage		27.00%
Revenue \| Customer Concentration Risk \| Tenant 2
Concentration Risk [Line Items]
Revenue		$ 5.3
Concentration risk percentage		11.00%
Assets \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage		21.10%
Number of hotels leased \| hotel		5
Restricted Cash
Concentration Risk [Line Items]
Restricted cash		$ 8.0	$ 1.7
Not Designated as Hedging Instrument \| Interest rate swap \| Maximum
Concentration Risk [Line Items]
Maximum period of derivative		24 months

Risk Management and Derivatives (Derivative Instruments) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Feb. 28, 2017	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Asset		$ 2,991	$ 1,042
Unrealized gains/(losses) on derivatives	$ 400
Cash flow hedge gain (loss) to be reclassified within twelve months		300
Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gains/(losses) on derivatives		6,700
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Liability		10,092	904
Designated as Hedging Instrument \| Interest rate swap \| Deferred expenses and other assets, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Asset		2,987	1,024
Designated as Hedging Instrument \| Interest rate swap \| Accounts payable, accrued expenses and other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Liability		10,092	904
Not Designated as Hedging Instrument \| Interest Rate Cap \| Deferred expenses and other assets, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Gross Asset		$ 4	$ 18

Risk Management and Derivatives (Derivative Instrument Gain (Loss)) (Details) - Interest Expense - Interest rate swap - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ (100)	$ (6,745)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings		252
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income		$ (13)

Equity (Narrative) (Details) $ / shares in Units, $ in Thousands				3 Months Ended	9 Months Ended		12 Months Ended	18 Months Ended
	Jun. 28, 2018 shares	Jun. 27, 2017 USD ($) shares	Apr. 14, 2017 USD ($) investor shares	Sep. 30, 2018 USD ($) shares	Sep. 30, 2018 $ / shares	Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares	Dec. 31, 2018 USD ($) $ / shares shares
Class of Stock [Line Items]
Number of institutional investors \| investor			2
Minimum Percentage of Taxable Income Excluding Capital Gains to be Distributed to Qualify as REIT							90.00%
Percentage of Taxable Income Including Capital Gains to be Distributed to Qualify as REIT							100.00%
Dividends declared, per share (usd per share) \| $ / shares						$ 0.3066	$ 0.60
Dividends, ordinary income amount (in dollars per share) \| $ / shares							0.1153
Dividends, return of capital for tax reporting (in dollars per share) \| $ / shares							$ 0.4847
IPO
Class of Stock [Line Items]
Proceeds from initial public offering		$ 205,000
Proceeds from private placement offering		$ 45,000
Common Stock \| Initial Capitalization
Class of Stock [Line Items]
Number of institutional investors \| investor			2
Stock issued (in shares) \| shares			2,875,000
Proceeds from issuance of common stock, net			$ 57,500
Common Stock \| IPO
Class of Stock [Line Items]
Stock issued (in shares) \| shares		10,250,000
Proceeds from initial public offering		$ 205,000
Common Stock \| Director Compensation
Class of Stock [Line Items]
Stock issued (in shares) \| shares	40,000	40,000
Common Stock \| iStar Inc.
Class of Stock [Line Items]
Number of shares purchased \| shares				133,524				2,400,000
Purchase of stock, average price per share (in dollars per share) \| $ / shares					$ 16.39			$ 18.69
Common Stock, Amount Purchased				$ 2,200				$ 45,700
Sale of Stock, Percentage of Ownership before Transaction							41.80%
Common Stock \| iStar Inc. \| Initial Capitalization
Class of Stock [Line Items]
Stock issued (in shares) \| shares			2,775,000
Proceeds from issuance of common stock, net			$ 55,500
Common Stock \| iStar Inc. \| IPO
Class of Stock [Line Items]
Stock issued (in shares) \| shares		2,250,000
Proceeds from private placement offering		$ 45,000
Maximum \| Common Stock \| iStar Inc.
Class of Stock [Line Items]
Ownership percentage after transaction				41.90%
The Company
Class of Stock [Line Items]
Cash dividends declared						$ 5,577	$ 10,939
The Company \| Initial Capitalization
Class of Stock [Line Items]
Proceeds from issuance of common stock, net						113,000
The Company \| IPO
Class of Stock [Line Items]
Proceeds from issuance of common stock, net						250,000	919
The Company \| Common Stock \| Initial Capitalization
Class of Stock [Line Items]
Proceeds from issuance of common stock, net						57
The Company \| Common Stock \| IPO
Class of Stock [Line Items]
Proceeds from issuance of common stock, net						125	1
The Company \| Retained Earnings (Deficit)
Class of Stock [Line Items]
Cash dividends declared						$ 5,577	$ 10,939

Equity (Schedule of Ownership) (Details) - $ / shares	Dec. 31, 2018	Oct. 30, 2018	Jun. 28, 2018	Dec. 31, 2017	Jun. 27, 2017	Apr. 14, 2017
Class of Stock [Line Items]
Stock issued (in shares)	18,276,000			18,190,000
IPO
Class of Stock [Line Items]
Share price (in dollars per share)					$ 20.00
Common Stock
Class of Stock [Line Items]
Stock issued (in shares)	18,275,941
Common Stock \| Initial Capitalization
Class of Stock [Line Items]
Share price (in dollars per share)						$ 20.00
Common Stock \| Director Compensation
Class of Stock [Line Items]
Stock issued (in shares)			40,000		40,000
Common Stock \| Third Parties \| Initial Capitalization
Class of Stock [Line Items]
Stock issued (in shares)						2,875,000
Share price (in dollars per share)						$ 20
Common Stock \| Third Parties \| IPO
Class of Stock [Line Items]
Stock issued (in shares)					10,250,000
Share price (in dollars per share)					$ 20
Common Stock \| iStar Inc. \| Initial Capitalization
Class of Stock [Line Items]
Stock issued (in shares)						2,775,000
Share price (in dollars per share)						$ 20.00
Common Stock \| iStar Inc. \| IPO
Class of Stock [Line Items]
Stock issued (in shares)					2,250,000
Share price (in dollars per share)					$ 20
Common Stock \| iStar Inc. \| Management Fee Payment
Class of Stock [Line Items]
Stock issued (in shares)		45,941

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 13, 2017

^[1]

Dec. 31, 2017

Dec. 31, 2018

Earnings Per Share [Abstract]

Net income attributable to noncontrolling interests

$ 1,846

$ (3,669)

$ 11,936

(196)

Net income (loss) attributable to Safety, Income & Growth Inc.

$ (3,669)

$ 11,740

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

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Net Income (Loss) Attributable to Parent

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

+ References

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+ Details

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2018
Numerator for basic and diluted earnings per share:
Net income (loss) attributable to Safety, Income & Growth Inc.	$ (3,669)	$ 11,740
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic and diluted earnings per common share	14,648	18,218
Basic and diluted earnings per common share:
Net income (loss) attributable to Safety, Income & Growth Inc.	$ (0.25)	$ 0.64

Related Party Transactions (Narrative) (Details)	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
Related Party Transactions (Narrative) (Details)	Dec. 31, 2018 USD ($) shares	Dec. 31, 2017 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($) employee
Related Party Transaction [Line Items]
Assets	$ 979,743,000	$ 728,513,000	$ 728,513,000	$ 979,743,000
Management fee expense, percent of equity below threshold				0.75%
Management fee expense, percent of equity above threshold				1.00%
Management fee expense, Shareholders' equity threshold	2,500,000,000.0			$ 2,500,000,000.0
Management fee paid with common stock, period of restriction from selling stock				2 years
Management contract, period				1 year
Management fee expense				$ 0
General and Administrative Expense
Related Party Transaction [Line Items]
Expenses from transactions with related party			$ 2,000,000	$ 3,600,000
iStar Inc.
Related Party Transaction [Line Items]
Number of years as active real estate investor (over)				20 years
Real estate investments, aggregate transactions, value	$ 40,000,000,000			$ 40,000,000,000
Assets					$ 5,100,000,000
Entity number of employees \| employee					167
iStar Inc. \| General and Administrative Expense
Related Party Transaction [Line Items]
Expenses from transactions with related party		$ 600,000		$ 1,500,000
Manager \| General and Administrative Expense
Related Party Transaction [Line Items]
Shares issued in period (in shares) \| shares	45,941

Quarterly Financial Information (Unaudited) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Apr. 13, 2017

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Apr. 13, 2017

Mar. 31, 2017

Dec. 31, 2017

Dec. 31, 2018

Class of Stock [Line Items]

Net income

$ 1,846

^[1]

$ (3,669)

$ 11,936

$ (3,669)

$ 11,740

Earnings per common share data:

Net income (loss) Basic and diluted (in dollars per share)

$ (0.25)

$ 0.64

Weighted average number of common shares: Basic and diluted (in shares)

14,648

18,218

Net Income (Loss) Attributable to Parent

Class of Stock [Line Items]

Revenue

$ 14,813

$ 11,644

$ 11,574

$ 11,693

$ 6,750

$ 6,256

$ 4,204

$ 17,210

$ 49,724

Net income

4,362

2,069

1,762

3,743

(1,344)

(721)

(1,604)

(3,669)

11,936

$ 4,308

$ 2,009

$ 1,703

$ 3,720

$ (1,344)

$ (721)

$ (1,604)

$ (3,669)

$ 11,740

Earnings per common share data:

Net income (loss) Basic and diluted (in dollars per share)

$ 0.24

$ 0.11

$ 0.09

$ 0.20

$ (0.07)

$ (0.04)

$ (0.25)

$ 0.64

Weighted average number of common shares: Basic and diluted (in shares)

18,261

18,230

18,191

18,190

6,293

14,648

18,218

Net Income (Loss) Attributable to Parent

Class of Stock [Line Items]

Revenue

$ 691

6,024

^[2]

$ 5,333

Net income

1,846

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

1,792

$ 54

$ 1,846

^[2]

$ 1,792

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

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details