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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2019	Apr. 24, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Safehold Inc.
Entity Central Index Key	0001688852
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		18,321,961
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate
Real estate, at cost	$ 672,862	$ 669,923
Less: accumulated depreciation	(11,764)	(10,257)
Real estate, net	661,098	659,666
Real estate-related intangible assets, net	236,919	262,531
Total real estate, net and real estate-related intangible assets, net	898,017	922,197
Net investment in leases	128,538	0
Cash and cash equivalents	9,040	16,418
Restricted cash	15,435	8,007
Deferred operating lease income receivable, net	31,938	23,138
Deferred expenses and other assets, net	42,984	9,983
Total assets	1,125,952	979,743
Liabilities:
Accounts payable, accrued expenses and other liabilities	30,238	20,800
Real estate-related intangible liabilities, net	57,605	57,620
Debt obligations, net	436,699	543,965
Total liabilities	524,542	622,385
Commitments and contingencies (refer to Note 8)
Safehold Inc. shareholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized, 18,322 and 18,276 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively	183	183
Additional paid-in capital	372,093	370,530
Accumulated deficit	(4,619)	(8,486)
Accumulated other comprehensive loss	(10,793)	(6,876)
Total Safehold Inc. shareholders' equity	356,864	355,351
Noncontrolling interests	244,546	2,007
Total equity	601,410	357,358
Total liabilities and equity	$ 1,125,952	$ 979,743

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	400,000,000	400,000,000
Common Stock, shares issued (in shares)	18,322,000	18,276,000
Stock issued (in shares)	18,321,961	18,276,000

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Revenues:

Operating lease income

$ 20,516

$ 11,280

Interest income from sales-type leases

922

Other income

382

413

Total revenues

21,820

11,693

Costs and expenses:

Interest expense

4,521

3,255

Real estate expense

812

354

Depreciation and amortization

2,343

2,270

General and administrative

2,982

2,032

Other expense

Total costs and expenses

10,683

7,950

Income from operations

11,137

3,743

Net income

11,137

3,743

Net income allocable to noncontrolling interests(1)

^[1]

(4,518)

(23)

Net income allocable to Safehold Inc. common shareholders

$ 6,619

$ 3,720

Net income

Net income attributable to Safehold Inc. and allocable to common shareholders - basic

$ 0.36

$ 0.20

Net income attributable to Safehold Inc. and allocable to common shareholders - diluted

$ 0.36

$ 0.20

Weighted average number of common shares:

Weighted average common shares outstanding for basic earnings per common share

18,296

18,190

Weighted average common shares outstanding for diluted earnings per common share

30,657

18,190

iStar Inc.

Costs and expenses:

Net income allocable to noncontrolling interests(1)

^[1]

$ 4,500

[1]	For the three months ended March 31, 2019, includes $4.5 million of income allocable to the Company's Manager for its purchase of Investor Units in the Operating Partnership (refer to Note 10).

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 11,137	$ 3,743
Other comprehensive income:
Cumulative-effect adjustment for cash flow hedges	0	41
Reclassification of (gains) losses on derivatives into earnings	(222)	24
Unrealized gain (loss) on derivatives	(11,062)	3,625
Other comprehensive income (loss)	(11,284)	3,690
Comprehensive income (loss)	(147)	7,433
Comprehensive (income) loss attributable to noncontrolling interests	57	(23)
Comprehensive income (loss) attributable to Safehold Inc.	$ (90)	$ 7,410

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Common Stock at Par	Additional Paid-In Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Stockholders' Equity Balance at beginning of the period at Dec. 31, 2017	$ 355,935	$ 182	$ 364,919	$ (9,246)	$ 80	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,743			3,720		23
Contributions from iStar Inc.	1,308		1,308
Dividends declared ($0.15 per share)	$ (2,728)			(2,700)
Dividends declared, per share (in dollars per share)	$ 0.15
Change in accumulated other comprehensive income	$ 3,649				3,649
Contributions from noncontrolling interests	1,750					1,750
Distribution declared to noncontrolling interest	0
Stockholders' Equity Balance at end of the period at Mar. 31, 2018	363,657	182	366,227	(8,295)	3,770	1,773
Stockholders' Equity Balance at beginning of the period at Dec. 31, 2018	357,358	183	370,530	(8,486)	(6,876)	2,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	11,137			6,619		4,518
Issuance of common stock to directors/amortization	1,019		935			84
Dividends declared ($0.15 per share)	$ (2,752)			(2,800)
Dividends declared, per share (in dollars per share)	$ 0.15
Change in accumulated other comprehensive income	$ (11,284)				(6,709)	(4,575)
Contributions from noncontrolling interests	248,846		628		2,792	245,426
Distribution declared to noncontrolling interest	(1,875)					(1,875)
Distribution to noncontrolling interest	(1,039)					(1,039)
Stockholders' Equity Balance at end of the period at Mar. 31, 2019	$ 601,410	$ 183	$ 372,093	$ (4,619)	$ (10,793)	$ 244,546

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 11,137	$ 3,743
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	2,343	2,270
Stock-based compensation expense	99	0
Deferred operating lease income	(8,800)	(2,658)
Non-cash interest income from sales-type leases	(299)	0
Amortization of real estate-related intangibles, net	608	469
Amortization of premium, discount and deferred financing costs on debt obligations, net	518	347
Other operating activities	242	1,265
Changes in assets and liabilities:
Changes in deferred expenses and other assets, net	(3,282)	(767)
Changes in accounts payable, accrued expenses and other liabilities	(5,830)	287
Cash flows provided by (used in) operating activities	(3,264)	4,956
Cash flows from investing activities:
Acquisitions of real estate	(3,239)	(88,856)
Origination/acquisition of sales-type leases	(118,385)
Deposits on ground lease investments	1,300	(853)
Other investing activities	(250)	120
Cash flows used in investing activities	(120,574)	(89,589)
Cash flows from financing activities:
Proceeds from debt obligations	52,000	0
Repayments of debt obligations	(169,500)	0
Payments for deferred financing costs	(471)	(125)
Dividends paid to common shareholders	(2,741)	(2,728)
Payment of costs for sale of noncontrolling interest	(761)	0
Other financing	(3,600)
Distributions to noncontrolling interests	(1,039)	0
Contributions from noncontrolling interests (refer to Note 10)	250,000	1,750
Cash flows provided by (used in) financing activities	123,888	(1,103)
Changes in cash, cash equivalents and restricted cash	50	(85,736)
Cash, cash equivalents and restricted cash at beginning of period	24,425	169,870
Cash, cash equivalents and restricted cash at end of period	24,475	84,134
Supplemental disclosure of non-cash investing and financing activity:
Contribution from iStar Inc.	0	1,308
Origination of sales-type leases	10,194	0
Assumption of debt obligations	10,194	0
Dividends	2,752	2,728
Dividends declared to common shareholders		2,728
Distribution declared to noncontrolling interest	1,875	0
Accrued finance costs	$ 224	$ 95

Business and Organization	3 Months Ended
Business and Organization	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business—Safehold Inc. (the "Company"), formerly known as Safety, Income & Growth Inc., 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 potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 12). The Company has no employees, as the Manager provides all services to it. The Company draws on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—The Company is a Maryland corporation and completed its initial public offering in June 2017. The Company's common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company'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. (which was subsequently renamed to Safehold Inc.). References herein to the Company refer to Original Safety before such merger and to the surviving company of such merger thereafter. 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. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned through a subsidiary partnership, Safehold Operating Partnership LP (the "Operating Partnership"). On January 2, 2019, iStar acquired 12.5 million newly designated limited partnership units ("Investor Units") in the Operating Partnership, representing a 40.6% ownership interest (refer to Note 10) in the Operating Partnership. The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Basis of Presentation and Principles of Consolidation Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated and combined financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report"). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Principles of Consolidation—The consolidated financial statements include the accounts and operations of the Company, its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. As of March 31, 2019, the total assets of these consolidated VIEs were $55.2 million and total liabilities were $29.5 million. The classifications of these assets are primarily within "Real estate, net," "Real estate-related intangible assets, net" and "Deferred operating lease income receivable, 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 March 31, 2019.

Basis of Presentation and Principles and Consolidation	3 Months Ended
Basis of Presentation and Principles and Consolidation	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Presentation and Principles of Consolidation	Business and Organization Business—Safehold Inc. (the "Company"), formerly known as Safety, Income & Growth Inc., 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 potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 12). The Company has no employees, as the Manager provides all services to it. The Company draws on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—The Company is a Maryland corporation and completed its initial public offering in June 2017. The Company's common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company'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. (which was subsequently renamed to Safehold Inc.). References herein to the Company refer to Original Safety before such merger and to the surviving company of such merger thereafter. 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. The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned through a subsidiary partnership, Safehold Operating Partnership LP (the "Operating Partnership"). On January 2, 2019, iStar acquired 12.5 million newly designated limited partnership units ("Investor Units") in the Operating Partnership, representing a 40.6% ownership interest (refer to Note 10) in the Operating Partnership. The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Basis of Presentation and Principles of Consolidation Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated and combined financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report"). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Principles of Consolidation—The consolidated financial statements include the accounts and operations of the Company, its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation. Consolidated VIEs—The Company consolidates VIEs for which it is considered the primary beneficiary. As of March 31, 2019, the total assets of these consolidated VIEs were $55.2 million and total liabilities were $29.5 million. The classifications of these assets are primarily within "Real estate, net," "Real estate-related intangible assets, net" and "Deferred operating lease income receivable, 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 March 31, 2019.

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2019

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") on January 1, 2019.

ASU 2016-02 and ASU 2018-11—ASU 2016-02, Leases ("ASU 2016-02") resulted in the Company, as lessor, recognizing certain of its Ground Leases as sales-type leases and recording the Ground Lease as "Net investment in leases" on the Company's consolidated balance sheets (refer to Note 5). For the Company's Ground Leases which qualify as sales-type leases, the Company records "Interest income from sales-type leases" in the Company's consolidated statements of operations. The amount recorded as interest income from sales-type leases in any given period will likely be different than the straight-line ground lease income that would have been recorded under the superseded guidance.

ASU 2016-02 also required the recognition of lease assets and lease liabilities by the Company as lessee for those leases classified as operating or finance leases, both measured at the present value of the lease payments (refer to Note 6). As of December 31, 2018, the Company was party to a Ground Lease and obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company's tenant at the property pays this expense directly under the terms of a master lease. As lessee under the Ground Lease, the Company recognizes a single lease cost, calculated on a straight-line basis, in "Real estate expense" and an offsetting amount in "Other income" in the Company's consolidated statements of operations. In addition, the Company reclassified a below-market lease asset acquired as part of a business combination from "Real estate-related intangible assets, net" (refer to note 4) to "Deferred expenses and other assets, net" (refer to Note 6) on the Company's consolidated balance sheets.

Management elected the practical expedient package that allowed 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.

ASU 2018-11, Leases amended ASU 2016-02 so that: (i) entities could 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 with a cumulative effect adjustment to equity; and (ii) provided 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 elected both of these provisions.

ASU 2018-16—ASU 2018-16, Derivatives and Hedging: Inclusion of the Secured Overnight Financing Rate ("SOFR") Overnight Index Swap ("OIS") Rate as a Benchmark Interest Rate for Hedge Accounting Purposes 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. The adoption of ASU 2018-16 did not have a material impact on the Company's consolidated financial statements.

Significant Accounting Policies

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

Interest Income from Sales-type Leases—Interest income from sales-type leases is recognized under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned.

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; net investment in leases; restricted cash; deferred operating 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 March 31, 2019 and December 31, 2018 was approximately $440.4 million and $537.8 million, respectively, and falls within Level 3 of the fair value hierarchy.

Restricted Cash— 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):



	March 31, 2019		December 31, 2018		March 31, 2018		December 31, 2017
Cash and cash equivalents	$	9,040	$	16,418	$	83,177	$	168,214
Restricted cash⁽¹⁾	15,435		8,007		957		1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	24,475	$	24,425	$	84,134	$	169,870

_______________________________________________________________________________


(1)	Restricted cash includes cash balances required to be maintained under certain of the Company's derivative transactions.

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.

For the remainder of the Company's significant accounting policies, refer to the Company's 2018 Annual Report.

New Accounting Pronouncements—In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This 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 is currently evaluating the impact of ASU 2016-13 on the Company’s consolidated financial statements.

Real Estate and Real Estate-Related Intangibles

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Real Estate and Real Estate-Related Intangibles

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



	As of
	March 31, 2019			December 31, 2018
Land and land improvements, at cost	$	479,630		$	477,527
Buildings and improvements, at cost	193,232			192,396
Less: accumulated depreciation	(11,764		)	(10,257		)
Total real estate, net	$	661,098		$	659,666
Real estate-related intangible assets, net	236,919			262,531
Total real estate, net and real estate-related intangible assets, net	$	898,017		$	922,197

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



	As of March 31, 2019
	Gross Intangible		Accumulated Depreciation			Carrying Value
Above-market lease assets, net⁽¹⁾	$	193,249	$	(3,806	)	$	189,443
In-place lease assets, net⁽²⁾	52,856		(6,121		)	46,735
Other intangible assets, net	750		(9		)	741
Total	$	246,855	$	(9,936	)	$	236,919



	As of December 31, 2018
	Gross Intangible		Accumulated Depreciation			Carrying Value
Above-market lease assets, net⁽¹⁾	$	193,249	$	(3,040	)	$	190,209
In-place lease assets, net⁽²⁾	52,071		(5,288		)	46,783
Below-market lease asset, net⁽³⁾	26,484		(1,688		)	24,796
Other intangible assets, net	750		(7		)	743
Total	$	272,554	$	(10,023	)	$	262,531

_______________________________________________________________________________


(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. Above-market lease assets are amortized over the 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. In-place lease assets are amortized over the term of the leases.

(3)

Below-market lease asset, net resulted from the acquisition of the initial portfolio from iStar 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 owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company's tenant at the property pays this expense directly under the terms of a master lease. The below-market lease asset is amortized over the term of the lease. Effective with the adoption of ASU 2016-02 on January 1, 2019, below-market lease asset, net was reclassified to "Deferred expenses and other assets, net" on the Company's consolidated balance sheet (refer to Note 3).

The amortization of real estate-related intangible assets had the following impact on the Company's consolidated statements of operations for the three months ended March 31, 2019 and 2018 ($ in thousands):



	Income Statement	For the Three Months Ended March 31,
Intangible asset	Location	2019			2018
Above-market lease assets (decrease to income)	Operating lease income	$	(766	)	$	(376	)
In-place lease assets (decrease to income)	Depreciation and amortization	834			769
Below-market lease asset (decrease to income)	Real estate expense	—			247
Other intangible assets (decrease to income)	Operating lease income	(2		)	(1		)

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 (remaining nine months)	$	4,806
2020	6,408
2021	6,408
2022	6,408
2023	6,408

_______________________________________________________________________________


(1)	As of March 31, 2019, 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):⁽¹⁾



	As of March 31, 2019
	Gross Intangible		Accumulated Depreciation			Carrying Value
Below-market lease liabilities⁽¹⁾	$	58,805	$	(1,200	)	$	57,605



	As of December 31, 2018
	Gross Intangible		Accumulated Depreciation			Carrying Value
Below-market lease liabilities⁽¹⁾	$	58,660	$	(1,040	)	$	57,620

_______________________________________________________________________________


(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. Below-market lease liabilities are amortized over the term of the leases.

The amortization of real estate-related intangible liabilities had the following impact on the Company's consolidated statements of operations for the three months ended March 31, 2019 and 2018 ($ in thousands):



	Income Statement	For the Three Months Ended March 31,
Intangible liability	Location	2019		2018
Below-market lease liabilities (increase to income)	Operating lease income	$	160	$	155

Acquisitions—The Company accounted for the following acquisitions made during the three months ended March 31, 2018 as asset acquisitions and recorded an aggregate $43.3 million in "Real estate, net" and an aggregate $45.5 million in "Real estate-related intangible assets, 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 10). 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.

Future Minimum Operating Lease Payments—Future minimum Operating 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 March 31, 2019, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation		Total
2019 (remaining nine months)	$	3,933	$	14,328	$	8,156	$	26,417
2020	5,244		19,393		10,875		35,512
2021	5,244		19,732		10,875		35,851
2022	5,244		20,069		10,875		36,188
2023	5,244		20,546		10,800		36,590

Net Investment In Leases

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Net Investment In Leases

Net Investment in Leases

On January 1, 2019, the Company adopted ASU 2016-02 and ASU 2018-11. As a result of the adoption of ASU 2016-02, the Company, as lessor, classifies certain land acquisitions and Ground Leases entered into subsequent to December 31, 2018 as sales-type leases and records the Ground Leases within "Net investment in leases" on the Company's consolidated balance sheets and records "Interest income from sales-type leases" in the Company's consolidated statements of operations (refer to Note 3).

The following table presents a rollforward of the Company's net investment in leases for the three months ended March 31, 2019 ($ in thousands):



Beginning balance⁽¹⁾	$	—
Origination/acquisition of sales-type leases⁽²⁾	128,239
Accretion (amortization) of sales-type leases⁽³⁾	299
Ending balance	$	128,538

_______________________________________________________________________________


(1)	The Company elected a provision provided by ASU 2018-11 that allowed entities 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. As a result, the Company did not have any adjustments to its financial statements as of or prior to December 31, 2018.

(2)

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


(3)	During the three months ended March 31, 2019, the Company recognized $0.6 million of cash interest income from sales-type leases in its consolidated statements of operations.

Future Minimum Lease Payments under Sales-type Leases—Future minimum lease payments to be collected under sales-type leases, excluding lease payments that are not fixed and determinable, in effect as of March 31, 2019, are as follows by year ($ in thousands):



Year	Leases with Fixed Escalations		Leases with Revenue Participation		Total
2019 (remaining nine months)	$	3,308	$	399	$	3,707
2020	4,485		532		5,017
2021	4,575		532		5,107
2022	5,075		537		5,612
2023	5,214		586		5,800
Thereafter	1,431,088		102,419		1,533,507

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

3 Months Ended

Mar. 31, 2019

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
	March 31, 2019		December 31, 2018
Operating lease right-of-use asset⁽¹⁾	$	30,486	$	—
Operating lease income receivable⁽²⁾	3,590		—
Deferred finance costs, net⁽³⁾	2,295		2,295
Other assets	4,673		2,416
Interest rate hedge assets	961		2,991
Purchase deposits	500		1,800
Leasing costs, net	479		481
Deferred expenses and other assets, net	$	42,984	$	9,983

_______________________________________________________________________________

(1)

Operating lease right-of-use asset relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company's ground lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in "Real estate expense" in the Company's consolidated statements of operations (refer to Note 3). For the three months ended March 31, 2019, the Company recognized $0.4 million in "Real estate expense" and $0.1 million in "Other income" from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company's incremental secured borrowing rate for a similar asset estimated to be 5.5%. Effective with the adoption of ASU 2016-02 on January 1, 2019, the Company reclassified $24.8 million relating to a below-market lease asset acquired as part of a business combination (refer to Note 4) from "Real estate-related intangible assets, net" to "Deferred expenses and other assets, net" on the Company's consolidated balance sheets.


(2)	For the three months ended March 31, 2019, the Company recognized $3.7 million of percentage rent in "Operating lease income" in the Company's consolidated statement of operations.


(3)	Accumulated amortization of deferred finance costs was $2.1 million and $1.7 million as of March 31, 2019 and December 31, 2018, respectively.

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



	As of
	March 31, 2019		December 31, 2018
Interest rate hedge liabilities	$	13,311	$	10,092
Operating lease liability	5,938		—
Dividends declared and payable	2,752		2,741
Distribution payable to noncontrolling interest (refer to Note 10)	1,875		—
Other liabilities⁽¹⁾	1,852		1,788
Management fee payable	1,512		920
Interest payable	1,524		1,663
Accrued expenses⁽²⁾	1,474		3,596
Accounts payable, accrued expenses and other liabilities	$	30,238	$	20,800

_______________________________________________________________________________


(1)	As of March 31, 2019 and December 31, 2018, other liabilities includes $0.5 million and $0.4 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company's behalf.


(2)	As of March 31, 2019 and December 31, 2018, accrued expenses primarily includes accrued legal expenses, audit expenses and deferred finance costs.

Debt Obligations, net

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt Obligations, net

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



	As of						Interest Rate⁽¹⁾		Scheduled Maturity Date⁽²⁾
	March 31, 2019			December 31, 2018			Interest Rate⁽¹⁾		Scheduled Maturity Date⁽²⁾
Secured credit financing:
2018 Portfolio Financing	$	79,193		$	79,193		4.28%		December 2028
2019 Individual Mortgage	10,000			—			4.33%		August 2027
2017 Portfolio Financing	227,000			227,000			3.80%		April 2027
2017 Individual Mortgage	71,000			71,000			One-Month LIBOR plus 1.33%	⁽³⁾	January 2023
2017 Revolver	52,000			169,500			One-Month LIBOR plus 1.35%		June 2022
Total secured credit financing	439,193			546,693
Total debt obligations	439,193			546,693
Debt premium, discount and deferred financing costs, net	(2,494		)	(2,728		)
Total debt obligations, net	$	436,699		$	543,965

_______________________________________________________________________________


(1)	Excludes the effect of debt premium, discount and deferred financing costs.


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


(3)	As of March 31, 2019, 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 full term interest only, bears interest at a rate of 4.28% and matures in December 2028.

2019 Individual Mortgage—In January 2019, the Company assumed a $10.0 million non-recourse first mortgage (the "2019 Individual Mortgage") when it acquired a Ground Lease in San Antonio, TX. The 2019 Individual Mortgage is interest only, bears interest at a rate of 4.33% and matures in August 2027.

2017 Portfolio Financing—In March 2017, the Company entered into a $227.0 million non-recourse secured financing transaction (the "2017 Portfolio Financing") that bears interest at a fixed rate of 3.80% and matures in April 2027. The 2017 Portfolio Financing was collateralized by the initial portfolio including seven Ground Leases and one master lease (covering the accounts of five properties).

2017 Individual Mortgage—In December 2017, the Company entered into a $71.0 million non-recourse first mortgage when it acquired two properties (the "2017 Individual Mortgage"). The 2017 Individual Mortgage bears interest at a rate of one-month LIBOR plus 1.33%, matures in January 2023 and is callable without pre-payment 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 67.0%. As of March 31, 2019, there was $298.0 million of undrawn capacity on the 2017 Revolver and the Company had the ability to draw an additional $154.9 million without pledging any additional assets to the facility.

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. The Company will be permitted to make annual distributions up to an amount equal to 110% of the Company's adjusted funds from operations, as calculated in accordance with the 2017 Revolver. In addition, the Company may make distributions to the extent necessary to maintain the Company's qualification as a REIT. The 2018 Portfolio Financing contains no significant maintenance or ongoing financial covenants. As of March 31, 2019, the Company was in compliance with all of its financial covenants.

Future Scheduled Maturities—As of March 31, 2019, 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		2019 Individual Mortgage		2017 Portfolio Financing		2017 Individual Mortgage		2017 Revolver		Total
2019 (remaining nine months)	$	—	$	—	$	—	$	—	$	—	$	—
2020	—		—		—		—		—		—
2021	—		—		—		—		—		—
2022	—		—		—		—		52,000		52,000
2023	—		—		—		71,000		—		71,000
Thereafter	79,193		10,000		227,000		—		—		316,193
Total principal maturities	79,193		10,000		227,000		71,000		52,000		439,193
Debt premium, discount and deferred financing costs, net											(2,494		)
Total debt obligations, net											$	436,699

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments— In October 2017, the Company entered into a purchase agreement 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. 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. 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. In January 2019, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of 515 22nd St., an existing office building located in Washington, DC that is to be converted into a multi-family building. The Company committed to provide the Ground Lease tenant a $10.5 million leasehold improvement allowance that will be funded upon the completion of certain conditions. Legal Proceedings—The Company evaluates developments in legal proceedings that could require a liability to be accrued and/or disclosed. Based on its current knowledge, and after consultation with legal counsel, the Company believes it is not a party to, nor are any of its properties the subject of, any pending legal proceeding that would have a material adverse effect on the Company’s consolidated financial statements.

Risk Management and Derivatives

3 Months Ended

Mar. 31, 2019

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 Ground Leases are geographically diverse and the tenants operate in a variety of industries and property types, to the extent the Company has a significant concentration of operating 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 three months ended March 31, 2019, the Company’s largest tenant accounted for approximately $6.2 million, or 28.0%, of the Company’s revenues.

The gross carrying value of five hotels leased by the Company under a master lease guaranteed by Park Intermediate Holdings LLC represented 19.5% of the Company’s total assets as of March 31, 2019. 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.

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

The Company recognizes derivatives as either assets or liabilities on the Company's 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 30 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 Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018 ($ in thousands):⁽¹⁾



	March 31, 2019		December 31, 2018
Derivative Type	Fair Value⁽²⁾				Balance Sheet Location
Assets
Interest rate swaps	$	960	$	2,987	Deferred expenses and other assets, net
Interest rate cap⁽³⁾	1		4		Deferred expenses and other assets, net
	$	961	$	2,991
Liabilities
Interest rate swaps	$	13,311	$	10,092	Accounts payable, accrued expenses and other liabilities
	$	13,311	$	10,092

____________________________________________________________________________


(1)	For the three months ended March 31, 2019 and 2018, the Company recorded $(11.1) million and $3.6 million, respectively, of unrealized gains (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 $0.2 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase 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 March 31, 2019 and December 31, 2018, the Company posted cash collateral of $15.4 million and $8.0 million, respectively, which is included in "Restricted cash" on the Company's consolidated balance sheets. As of March 31, 2019 and December 31, 2018, 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 three months ended March 31, 2019 and 2018 ($ in thousands):⁽¹⁾



Derivatives Designated in Hedging Relationships	Location of Gain (Loss) When 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
For the Three Months Ended March 31, 2019
Interest rate swaps	Interest expense	$	(11,062	)	$	222

For the Three Months Ended March 31, 2018
Interest rate swaps	Interest expense	$	3,625		$	(24	)



	Location of Gain or (Loss) When Recognized in Income	Amount of Gain or (Loss) Recognized in Income
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) When Recognized in Income	Amount of Gain or (Loss) Recognized in Income
For the Three Months Ended March 31, 2019
Interest rate cap	Interest expense	$	(4	)

For the Three Months Ended March 31, 2018
Interest rate cap	Interest expense	$	43

Equity

3 Months Ended

Mar. 31, 2019

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 March 31, 2019:



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	—
Issuance of shares to iStar for payment of management fee	February 20, 2019	iStar	46,020	—
Shares outstanding at March 31, 2019			18,321,961

Subsequent to the initial public offering, iStar purchased 2.5 million shares of the Company's common stock for $47.1 million, for an average cost of $18.73 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 addition, 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 43.9% of the Company's outstanding shares of common stock. As of March 31, 2019, iStar owned 42.4% of the Company's common stock.

Equity Plans—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 on its Ground Lease assets upon certain realization events. If the hurdles are not achieved in three years, the awards automatically terminate. Awards with an aggregate fair value of $1.5 million are available to be granted under this plan, of which $1.4 million was granted to the Company's independent directors and employees of the Manager in 2018, which will be recognized over a period of four years. During the three months ended March 31, 2019, the Company recognized $0.1 million in expense from the equity plan and it is recorded in "General and administrative" in the Company's consolidated statements of operations.

The Company adopted an equity incentive plan to provide equity incentive opportunities to members of the Manager's management team and employees who perform services for the Company, the Company's independent directors, advisers, consultants and other personnel (the "2017 Equity Incentive Plan"). The 2017 Equity Incentive Plan provides for grants of stock options, shares of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, including long-term incentive plan units. During the three months ended March 31, 2019, the Company granted 25,000 restricted stock units with a fair value of $0.5 million under the 2017 Equity Incentive Plan to an employee of the Manager, representing the right to receive 25,000 shares of the Company's common stock on January 5, 2022, if the employee is employed by the Manager on that date. Grants under the 2017 Equity Incentive Plan are recognized as compensation costs ratably over the applicable vesting period and recorded in "General and administrative" in the Company's consolidated statements of operations. Dividends will accrue as and when dividends are declared by the Company on shares of its common stock, but will not be paid unless and until the restricted stock units vest and are settled. As of March 31, 2019, there was $0.5 million of total unrecognized compensation cost related to the unvested restricted stock units.

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

Noncontrolling Interests—On January 2, 2019, the Company received $250.0 million of proceeds from iStar for its purchase of Investor Units in the Operating Partnership at a purchase price of $20.00 per unit. 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.

The Investor Units may not be converted or exchanged for cash or other property; provided, however, that the Company has agreed to seek stockholder approval to exchange the Investor Units for shares of its common stock, on a one-for-one basis. The Investor Units may not be transferred prior to such exchange. The Investor Units will be transferable, subject to compliance with securities laws, if stockholder approval for the exchange has not been obtained by June 30, 2019. Prior to the stockholder meeting held to obtain approval for the exchange, the Company will be restricted from issuing its common stock or partnership units of the Operating Partnership at less than $20.00 per share or unit other than grants pursuant to its equity plan (described above); provided, however, that the Company may issue up to $100.0 million of shares of its common stock at a price less than $20.00 in an offering in which iStar is offered the opportunity to purchase shares to maintain its percentage ownership interest in the Company.

The Investor Units represent an approximately 40.6% fully diluted economic interest in the Company. After giving effect to the issuance of the Investor Units, iStar's aggregate fully diluted economic interest in the Company (including the shares of the Company's common stock and Investor Units owned by iStar) is approximately 65.8%; however, iStar's voting power, both before and after giving effect to each of the purchase of the Investor Units and their exchange for the Company's common stock, will be limited to 41.9%, as a result of limitations on iStar's voting power contained in a stockholder's agreement entered into in connection with iStar's purchase of the Investor Units.

Noncontrolling interests also includes unrelated third-party equity interests in ventures that are consolidated in the Company's consolidated financial statements.

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 three months ended March 31, 2019 and 2018, the Company declared cash dividends on its common stock of $2.8 million and $2.7 million, respectively, or $0.15 per share. In addition, during the three months ended March 31, 2019, the Company declared a cash distribution to iStar for its Investor Units of $1.9 million, or $0.15 per Investor Unit.

Earnings Per Share

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

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 net income used in the basic and diluted EPS calculations ($ in thousands, except for per share data):



	Three Months Ended March 31,
	2019			2018
Net income	$	11,137		$	3,743
Net income attributable to noncontrolling interests	(4,518		)	(23		)
Net income attributable and allocable to common shareholders for basic earnings per common share	$	6,619		$	3,720
Net income attributable to noncontrolling interests (refer to Note 10)	4,471			—
Net income attributable and allocable to common shareholders for diluted earnings per common share	$	11,090		$	3,720



	Three Months Ended March 31,
	2019		2018
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. and allocable to common shareholders - basic	$	6,619	$	3,720
Net income attributable to noncontrolling interests (refer to Note 10)	4,471		—
Net income attributable to Safehold Inc. and allocable to common shareholders - diluted	$	11,090	$	3,720

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	18,296		18,190
Investor Units (refer to Note 10)	12,361		—
Weighted average common shares outstanding for diluted earnings per common share	30,657		18,190

Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. and allocable to common shareholders - basic	$	0.36	$	0.20
Net income attributable to Safehold Inc. and allocable to common shareholders - diluted	$	0.36	$	0.20

Related Party Transactions

3 Months Ended

Mar. 31, 2019

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 December 31, 2018, iStar had total assets of approximately $5.0 billion and 166 employees.

Management Agreement

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



Manager	SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee	Annual fee of 1.0% 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)
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	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

For the three months ended March 31, 2019 and 2018, the Company recorded $1.5 million and $0.9 million, respectively, in management fees to the Manager. These management fees are recorded in "General and administrative" in the Company's consolidated statements of operations. 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.

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 three months ended March 31, 2019 and 2018, the Company was allocated $0.5 million and $0.4 million, respectively, 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, as the Company's tenant or either as a seller of land or by providing financing to the Company's Ground Lease tenants. Following is a list of transactions in which the Company and iStar have participated for the periods presented.

In January 2019, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of 515 22nd St., an existing office building located in Washington, DC that is to be converted into a multi-family building. The Ground Lease has a term of 99 years. The Company also committed to provide the Ground Lease tenant a $10.5 million leasehold improvement allowance that will be funded upon the completion of certain conditions. In addition, iStar provided a $13.3 million loan to the ground lessee with an initial term of 21 months 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 February 2019, the Company and iStar closed on the acquisition of 570 Washington Boulevard, a 420,000 square foot office building located in Jersey City, NJ. iStar acquired the leasehold interest and the Company simultaneously acquired the fee interest and entered into a new 98-year Ground Lease with iStar. 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 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 30.0% of the construction cost of an additional 160,000 square feet of development on terms consistent with the Ground Lease. iStar 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.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In April 2019, the Company entered into individual non-recourse financings (the "2019 Financings") for three Ground Leases. The 2019 Financings are full term interest only, bear interest at a rate of 4.25% and mature in April 2049.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated and combined financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 (the "2018 Annual Report").
Use of Estimates	The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.
Principles of Consolidation and Combination	Principles of Consolidation—The consolidated financial statements include the accounts and operations of the Company, its wholly-owned subsidiaries and VIEs for which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Interest Income from Sales-type Leases		Interest Income from Sales-type Leases—Interest income from sales-type leases is recognized under the effective interest method. The effective interest method produces a constant yield on the net investment in the lease over the term of the lease. Rent payments that are not fixed and determinable at lease inception, such as percentage rent and CPI adjustments, are not included in the effective interest method calculation and are recognized in "Interest income from sales-type leases" in the Company's consolidated statements of operations in the period earned.
Fair values	Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board ("FASB") guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The 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; net investment in leases; restricted cash; deferred operating 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 March 31, 2019 and December 31, 2018 was approximately $440.4 million and $537.8 million, respectively, and falls within Level 3 of the fair value hierarchy.
Other	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	New Accounting Pronouncements—In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") which was issued to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments held by a reporting entity. This 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 is currently evaluating the impact of ASU 2016-13 on the Company’s consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2019

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

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):



	March 31, 2019		December 31, 2018		March 31, 2018		December 31, 2017
Cash and cash equivalents	$	9,040	$	16,418	$	83,177	$	168,214
Restricted cash⁽¹⁾	15,435		8,007		957		1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$	24,475	$	24,425	$	84,134	$	169,870

_______________________________________________________________________________


(1)	Restricted cash includes cash balances required to be maintained under certain of the Company's derivative transactions.

Real Estate and Real Estate-Related Intangibles (Tables)

3 Months Ended

Mar. 31, 2019

Real Estate [Abstract]

Schedule of Real Estate Assets

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



	As of
	March 31, 2019			December 31, 2018
Land and land improvements, at cost	$	479,630		$	477,527
Buildings and improvements, at cost	193,232			192,396
Less: accumulated depreciation	(11,764		)	(10,257		)
Total real estate, net	$	661,098		$	659,666
Real estate-related intangible assets, net	236,919			262,531
Total real estate, net and real estate-related intangible assets, net	$	898,017		$	922,197

Schedule of Real Estate-Related Intangible Assets, Net

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



	As of March 31, 2019
	Gross Intangible		Accumulated Depreciation			Carrying Value
Above-market lease assets, net⁽¹⁾	$	193,249	$	(3,806	)	$	189,443
In-place lease assets, net⁽²⁾	52,856		(6,121		)	46,735
Other intangible assets, net	750		(9		)	741
Total	$	246,855	$	(9,936	)	$	236,919



	As of December 31, 2018
	Gross Intangible		Accumulated Depreciation			Carrying Value
Above-market lease assets, net⁽¹⁾	$	193,249	$	(3,040	)	$	190,209
In-place lease assets, net⁽²⁾	52,071		(5,288		)	46,783
Below-market lease asset, net⁽³⁾	26,484		(1,688		)	24,796
Other intangible assets, net	750		(7		)	743
Total	$	272,554	$	(10,023	)	$	262,531

_______________________________________________________________________________


(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. Above-market lease assets are amortized over the 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. In-place lease assets are amortized over the term of the leases.

(3)



	Income Statement	For the Three Months Ended March 31,
Intangible asset	Location	2019			2018
Above-market lease assets (decrease to income)	Operating lease income	$	(766	)	$	(376	)
In-place lease assets (decrease to income)	Depreciation and amortization	834			769
Below-market lease asset (decrease to income)	Real estate expense	—			247
Other intangible assets (decrease to income)	Operating lease income	(2		)	(1		)

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



	As of March 31, 2019
	Gross Intangible		Accumulated Depreciation			Carrying Value
Above-market lease assets, net⁽¹⁾	$	193,249	$	(3,806	)	$	189,443
In-place lease assets, net⁽²⁾	52,856		(6,121		)	46,735
Other intangible assets, net	750		(9		)	741
Total	$	246,855	$	(9,936	)	$	236,919



	As of December 31, 2018
	Gross Intangible		Accumulated Depreciation			Carrying Value
Above-market lease assets, net⁽¹⁾	$	193,249	$	(3,040	)	$	190,209
In-place lease assets, net⁽²⁾	52,071		(5,288		)	46,783
Below-market lease asset, net⁽³⁾	26,484		(1,688		)	24,796
Other intangible assets, net	750		(7		)	743
Total	$	272,554	$	(10,023	)	$	262,531

_______________________________________________________________________________


(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. Above-market lease assets are amortized over the 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. In-place lease assets are amortized over the term of the leases.

(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 (remaining nine months)	$	4,806
2020	6,408
2021	6,408
2022	6,408
2023	6,408

_______________________________________________________________________________


(1)	As of March 31, 2019, 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):⁽¹⁾



	As of March 31, 2019
	Gross Intangible		Accumulated Depreciation			Carrying Value
Below-market lease liabilities⁽¹⁾	$	58,805	$	(1,200	)	$	57,605



	As of December 31, 2018
	Gross Intangible		Accumulated Depreciation			Carrying Value
Below-market lease liabilities⁽¹⁾	$	58,660	$	(1,040	)	$	57,620

_______________________________________________________________________________


(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. Below-market lease liabilities are amortized over the term of the leases.

Purchase Price Allocations



	Income Statement	For the Three Months Ended March 31,
Intangible liability	Location	2019		2018
Below-market lease liabilities (increase to income)	Operating lease income	$	160	$	155

Future Minimum Ground Net Lease Payments

Future minimum Operating 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 March 31, 2019, are as follows by year ($ in thousands):



Year	Leases with CPI Based Escalations		Leases with Fixed Escalations		Leases with Revenue Participation		Total
2019 (remaining nine months)	$	3,933	$	14,328	$	8,156	$	26,417
2020	5,244		19,393		10,875		35,512
2021	5,244		19,732		10,875		35,851
2022	5,244		20,069		10,875		36,188
2023	5,244		20,546		10,800		36,590

Net Investment In Leases (Tables)

3 Months Ended

Mar. 31, 2019

Leases [Abstract]

Schedule of Components of Leveraged Lease Investments

The following table presents a rollforward of the Company's net investment in leases for the three months ended March 31, 2019 ($ in thousands):



Beginning balance⁽¹⁾	$	—
Origination/acquisition of sales-type leases⁽²⁾	128,239
Accretion (amortization) of sales-type leases⁽³⁾	299
Ending balance	$	128,538

_______________________________________________________________________________


(1)	The Company elected a provision provided by ASU 2018-11 that allowed entities 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. As a result, the Company did not have any adjustments to its financial statements as of or prior to December 31, 2018.

(2)


(3)	During the three months ended March 31, 2019, the Company recognized $0.6 million of cash interest income from sales-type leases in its consolidated statements of operations.

Future Minimum Lease Payments Under Sales-type Leases



Year	Leases with Fixed Escalations		Leases with Revenue Participation		Total
2019 (remaining nine months)	$	3,308	$	399	$	3,707
2020	4,485		532		5,017
2021	4,575		532		5,107
2022	5,075		537		5,612
2023	5,214		586		5,800
Thereafter	1,431,088		102,419		1,533,507

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

3 Months Ended

Mar. 31, 2019

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
	March 31, 2019		December 31, 2018
Operating lease right-of-use asset⁽¹⁾	$	30,486	$	—
Operating lease income receivable⁽²⁾	3,590		—
Deferred finance costs, net⁽³⁾	2,295		2,295
Other assets	4,673		2,416
Interest rate hedge assets	961		2,991
Purchase deposits	500		1,800
Leasing costs, net	479		481
Deferred expenses and other assets, net	$	42,984	$	9,983

_______________________________________________________________________________

(1)


(2)	For the three months ended March 31, 2019, the Company recognized $3.7 million of percentage rent in "Operating lease income" in the Company's consolidated statement of operations.


(3)	Accumulated amortization of deferred finance costs was $2.1 million and $1.7 million as of March 31, 2019 and December 31, 2018, 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
	March 31, 2019		December 31, 2018
Interest rate hedge liabilities	$	13,311	$	10,092
Operating lease liability	5,938		—
Dividends declared and payable	2,752		2,741
Distribution payable to noncontrolling interest (refer to Note 10)	1,875		—
Other liabilities⁽¹⁾	1,852		1,788
Management fee payable	1,512		920
Interest payable	1,524		1,663
Accrued expenses⁽²⁾	1,474		3,596
Accounts payable, accrued expenses and other liabilities	$	30,238	$	20,800

_______________________________________________________________________________


(1)	As of March 31, 2019 and December 31, 2018, other liabilities includes $0.5 million and $0.4 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company's behalf.


(2)	As of March 31, 2019 and December 31, 2018, accrued expenses primarily includes accrued legal expenses, audit expenses and deferred finance costs.

Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of debt obligations

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



	As of						Interest Rate⁽¹⁾		Scheduled Maturity Date⁽²⁾
	March 31, 2019			December 31, 2018			Interest Rate⁽¹⁾		Scheduled Maturity Date⁽²⁾
Secured credit financing:
2018 Portfolio Financing	$	79,193		$	79,193		4.28%		December 2028
2019 Individual Mortgage	10,000			—			4.33%		August 2027
2017 Portfolio Financing	227,000			227,000			3.80%		April 2027
2017 Individual Mortgage	71,000			71,000			One-Month LIBOR plus 1.33%	⁽³⁾	January 2023
2017 Revolver	52,000			169,500			One-Month LIBOR plus 1.35%		June 2022
Total secured credit financing	439,193			546,693
Total debt obligations	439,193			546,693
Debt premium, discount and deferred financing costs, net	(2,494		)	(2,728		)
Total debt obligations, net	$	436,699		$	543,965

_______________________________________________________________________________


(1)	Excludes the effect of debt premium, discount and deferred financing costs.


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


(3)	As of March 31, 2019, inclusive of the effect of an interest rate swap the effective interest rate is 3.04%.

Schedule of Maturities of Long-term Debt



	2018 Portfolio Financing		2019 Individual Mortgage		2017 Portfolio Financing		2017 Individual Mortgage		2017 Revolver		Total
2019 (remaining nine months)	$	—	$	—	$	—	$	—	$	—	$	—
2020	—		—		—		—		—		—
2021	—		—		—		—		—		—
2022	—		—		—		—		52,000		52,000
2023	—		—		—		71,000		—		71,000
Thereafter	79,193		10,000		227,000		—		—		316,193
Total principal maturities	79,193		10,000		227,000		71,000		52,000		439,193
Debt premium, discount and deferred financing costs, net											(2,494		)
Total debt obligations, net											$	436,699

- Definition

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

+ References

Reference 1: http://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)

3 Months Ended

Mar. 31, 2019

Risks and Uncertainties [Abstract]

Derivative Financial Instruments Designated in Hedging Relationships

The table below presents the Company's derivatives as well as their classification on the Company's consolidated balance sheets as of March 31, 2019 and December 31, 2018 ($ in thousands):⁽¹⁾



	March 31, 2019		December 31, 2018
Derivative Type	Fair Value⁽²⁾				Balance Sheet Location
Assets
Interest rate swaps	$	960	$	2,987	Deferred expenses and other assets, net
Interest rate cap⁽³⁾	1		4		Deferred expenses and other assets, net
	$	961	$	2,991
Liabilities
Interest rate swaps	$	13,311	$	10,092	Accounts payable, accrued expenses and other liabilities
	$	13,311	$	10,092

____________________________________________________________________________


(1)	For the three months ended March 31, 2019 and 2018, the Company recorded $(11.1) million and $3.6 million, respectively, of unrealized gains (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) When 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
For the Three Months Ended March 31, 2019
Interest rate swaps	Interest expense	$	(11,062	)	$	222

For the Three Months Ended March 31, 2018
Interest rate swaps	Interest expense	$	3,625		$	(24	)



	Location of Gain or (Loss) When Recognized in Income	Amount of Gain or (Loss) Recognized in Income
Derivatives not Designated in Hedging Relationships	Location of Gain or (Loss) When Recognized in Income	Amount of Gain or (Loss) Recognized in Income
For the Three Months Ended March 31, 2019
Interest rate cap	Interest expense	$	(4	)

For the Three Months Ended March 31, 2018
Interest rate cap	Interest expense	$	43

Equity (Tables)

3 Months Ended

Mar. 31, 2019

Equity [Abstract]

Schedule of Stockholders Equity

The following table presents a summary of the Company's ownership as of March 31, 2019:



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	—
Issuance of shares to iStar for payment of management fee	February 20, 2019	iStar	46,020	—
Shares outstanding at March 31, 2019			18,321,961

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

Schedule of earnings per share

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



	Three Months Ended March 31,
	2019			2018
Net income	$	11,137		$	3,743
Net income attributable to noncontrolling interests	(4,518		)	(23		)
Net income attributable and allocable to common shareholders for basic earnings per common share	$	6,619		$	3,720
Net income attributable to noncontrolling interests (refer to Note 10)	4,471			—
Net income attributable and allocable to common shareholders for diluted earnings per common share	$	11,090		$	3,720



	Three Months Ended March 31,
	2019		2018
Earnings allocable to common shares:
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. and allocable to common shareholders - basic	$	6,619	$	3,720
Net income attributable to noncontrolling interests (refer to Note 10)	4,471		—
Net income attributable to Safehold Inc. and allocable to common shareholders - diluted	$	11,090	$	3,720

Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	18,296		18,190
Investor Units (refer to Note 10)	12,361		—
Weighted average common shares outstanding for diluted earnings per common share	30,657		18,190

Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. and allocable to common shareholders - basic	$	0.36	$	0.20
Net income attributable to Safehold Inc. and allocable to common shareholders - diluted	$	0.36	$	0.20

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Related Party Transactions

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



Manager	SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc.
Management Fee	Annual fee of 1.0% 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)
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	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) $ / shares in Units, shares in Millions, $ in Millions				3 Months Ended
	Jan. 02, 2019 shares	Jun. 27, 2017 USD ($) $ / shares	Apr. 14, 2017 investor	Mar. 31, 2019 segments
Business Acquisition [Line Items]
Number of reportable segments \| segments				1
Number of institutional investors \| investor			2
IPO and Private Placement
Business Acquisition [Line Items]
Proceeds from initial public offering		$ 205.0
Proceeds from private placement offering		$ 45.0
Share price (in dollars per share) \| $ / shares		$ 20
iStar Inc.
Business Acquisition [Line Items]
Limited partnership units (in shares) \| shares	12.5
Ownership interest by shareholders' (percent)			40.60%
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 payment 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 payment due				5.0

Basis of Presentation and Principles and Consolidation (Details) $ in Millions	Mar. 31, 2019 USD ($)
Real Estate, Net, Real Estate Related Intangible Assets, Net and Deferred Operating Lease Income Receivable, Net
Variable Interest Entity [Line Items]
Consolidated VIE assets	$ 55.2
Debt Obligations, Net, Accounts Payable, Accrued Expenses, and Other Liabilities
Variable Interest Entity [Line Items]
Consolidated VIE liabilities	$ 29.5

Summary of Significant Accounting Policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Cash and cash equivalents	$ 9,040	$ 16,418	$ 83,177	$ 168,214
Restricted cash	15,435	8,007	957	1,656
Total cash, cash equivalents and restricted cash reported in the consolidated statements of cash flows	$ 24,475	$ 24,425	$ 84,134	$ 169,870

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Retained Earnings Adjustments [Line Items]
Fair value of debt obligations	$ 440.4	$ 537.8
Annual revenue threshold, amount	1,070.0
Non-Convertible debt issued threshold, amount	1,000.0
Below-market lease
Retained Earnings Adjustments [Line Items]
Annual payments to third-party owner of the property	$ 0.4

Real Estate and Real Estate-Related Intangibles (Real Estate Assets) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real Estate [Abstract]
Land and land improvements, at cost	$ 479,630	$ 477,527
Buildings and improvements, at cost	193,232	192,396
Less: accumulated depreciation	(11,764)	(10,257)
Real estate, net	661,098	659,666
Real estate-related intangible assets, net	236,919	262,531
Total real estate, net and real estate-related intangible assets, net	$ 898,017	$ 922,197

Real Estate and Real Estate-Related Intangibles (Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	$ 246,855		$ 272,554
Accumulated Depreciation	(9,936)		(10,023)
Carrying Value	236,919		262,531
Gross Intangible	58,805		58,660
Accumulated Depreciation	(1,200)		(1,040)
Carrying Value	57,605		57,620
Above-market lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	193,249		193,249
Accumulated Depreciation	(3,806)		(3,040)
Carrying Value	189,443		190,209
Above-market lease assets, net \| Operating lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	(766)	$ (376)
In-place lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	52,856		52,071
Accumulated Depreciation	(6,121)		(5,288)
Carrying Value	46,735		46,783
In-place lease assets, net \| Depreciation and amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	834	769
Below-market lease asset, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible			26,484
Accumulated Depreciation			(1,688)
Carrying Value			24,796
Annual payments to third-party owner of the property	400
Below-market lease asset, net \| Operating lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	160	155
Below-market lease asset, net \| Real estate expense
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	0	247
Other intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	750		750
Accumulated Depreciation	(9)		(7)
Carrying Value	741		$ 743
Other intangible assets, net \| Operating lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ (2)	$ (1)

Real Estate and Real Estate-Related Intangibles (Intangible Asset Future Amortization Expense) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($)
Real Estate [Abstract]
2019 (remaining nine months)	$ 4,806
2020	6,408
2021	6,408
2022	6,408
2023	$ 6,408
Real estate-related intangible assets useful life	77 years

Real Estate and Real Estate-Related Intangibles (Acquisitions) (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2018 lease Investment	Mar. 31, 2019	Mar. 31, 2018 USD ($)
Real Estate, Net
Business Acquisition [Line Items]
Aggregate asset acquisitions			$ 43.3
Real Estate Related Intangible Assets, Net
Business Acquisition [Line Items]
Aggregate asset acquisitions			$ 45.5
North Carolina and Atlanta
Business Acquisition [Line Items]
Number of joint ventures \| Investment	2
Number of properties subject to ground leases \| lease	2
Balboa Executive Center, San Diego, CA
Business Acquisition [Line Items]
Remaining lease term		99 years

Real Estate and Real Estate-Related Intangibles (Future Minimum Ground Net Lease Payments) (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Future Minimum Ground Net Lease Payments to be Collected
2019 (remaining nine months)	$ 26,417
2020	35,512
2021	35,851
2022	36,188
2023	36,590
Leases with CPI Based Escalations
Future Minimum Ground Net Lease Payments to be Collected
2019 (remaining nine months)	3,933
2020	5,244
2021	5,244
2022	5,244
2023	5,244
Leases with Fixed Escalations
Future Minimum Ground Net Lease Payments to be Collected
2019 (remaining nine months)	14,328
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 (remaining nine months)	8,156
2020	10,875
2021	10,875
2022	10,875
2023	$ 10,800

Net Investment In Leases (Schedule of Net Investment in Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net Investment in Leases [Roll Forward]
Beginning balance	$ 0
Origination/acquisition of sales-type leases(2)	128,239
Accretion (amortization) of sales-type leases(3)	299
Ending Balance	128,538
Interest income from sales-type leases	922	$ 0
Cash
Net Investment in Leases [Roll Forward]
Interest income from sales-type leases	$ 600

Net Investment In Leases (Narrative) (Details) $ in Millions		1 Months Ended
	Jun. 28, 2017	Feb. 28, 2019 ft²	Jan. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)
515 22nd Street
Lessee, Lease, Description [Line Items]
Term of contract, initial lease term	99 years
Leasehold improvement allowance				$ 10.5
Additional construction funding commitment			$ 13.3
Additional construction funding commitment, term			21 months
570 Washington Boulevard, Jersey City, NJ
Lessee, Lease, Description [Line Items]
Term of contract, initial lease term		98 years
Number of square feet \| ft²		420,000

Net Investment In Leases (Fiscal Year Maturity) (Details) $ in Thousands	Mar. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
2019 (remaining nine months)	$ 3,707
2020	5,017
2021	5,107
2022	5,612
2023	5,800
Thereafter	1,533,507
Leases with Fixed Escalations
Lessee, Lease, Description [Line Items]
2019 (remaining nine months)	3,308
2020	4,485
2021	4,575
2022	5,075
2023	5,214
Thereafter	1,431,088
Leases with Revenue Participation
Lessee, Lease, Description [Line Items]
2019 (remaining nine months)	399
2020	532
2021	532
2022	537
2023	586
Thereafter	$ 102,419

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 01, 2019	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use asset		$ 30,486	$ 0
Operating lease income receivable(2)		3,590	0
Deferred finance costs, net		2,295	2,295
Other assets		4,673	2,416
Interest rate hedge assets		961	2,991
Purchase deposits		500	1,800
Leasing costs, net		479	481
Deferred expenses and other assets, net		42,984	9,983
Related Party Transaction [Line Items]
Payable to the Manager for costs it paid on the Company's behalf		$ 500	400
Lease discount rate		5.50%
Accumulated amortization of deferred finance costs		$ 2,100	$ 1,700
Percentage Rent Arrangement
Related Party Transaction [Line Items]
Operating lease income		3,700
Accounting Standards Update 2016-02
Related Party Transaction [Line Items]
Below market lease, acquired	$ 24,800
Real estate expense
Related Party Transaction [Line Items]
Operating lease expense recognized		400
Other Income
Related Party Transaction [Line Items]
Operating lease expense recognized		100
Below-market lease
Related Party Transaction [Line Items]
Annual lease fee		$ 400

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest rate hedge liabilities	$ 13,311	$ 10,092
Operating lease liability	5,938	0
Dividends declared and payable	2,752	2,741
Distribution payable to noncontrolling interest (refer to Note 10)	1,875	0
Other liabilities	1,852	1,788
Management fee payable	1,512	920
Interest payable	1,524	1,663
Accrued expenses	1,474	3,596
Accounts payable, accrued expenses and other liabilities	30,238	20,800
Payable to the Manager for costs it paid on the Company's behalf	$ 500	$ 400

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2017	Jan. 31, 2019	Dec. 31, 2018	Nov. 30, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Total debt obligations	$ 439,193			$ 546,693
Debt premium, net	(2,494)			(2,728)
Total debt obligations, net	436,699			543,965
Secured Debt
Debt Instrument [Line Items]
Total debt obligations	439,193			546,693
Debt premium, net	(2,494)
Total debt obligations, net	436,699
Secured Debt \| 2018 Portfolio Financing
Debt Instrument [Line Items]
Total debt obligations	$ 79,193			79,193
Stated interest rates	4.28%				4.28%
Secured Debt \| 2019 Individual Mortgage
Debt Instrument [Line Items]
Total debt obligations	$ 10,000		$ 10,000	0
Stated interest rates	4.33%		4.33%
Secured Debt \| 2017 Portfolio Financing
Debt Instrument [Line Items]
Total debt obligations	$ 227,000			227,000		$ 227,000
Stated interest rates	3.80%					3.80%
Secured Debt \| 2017 Individual Mortgage
Debt Instrument [Line Items]
Total debt obligations	$ 71,000			71,000
Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt obligations	52,000			$ 169,500
Secured Debt \| 2017 Revolver
Debt Instrument [Line Items]
Total debt obligations	$ 52,000
LIBOR \| Secured Debt \| 2017 Individual Mortgage
Debt Instrument [Line Items]
Effective interest rate	3.04%
Basis point spread on variable interest rate (as a percent)	1.33%	1.33%
LIBOR \| Secured Debt \| 2017 Revolver
Debt Instrument [Line Items]
Basis point spread on variable interest rate (as a percent)	1.35%

Debt Obligations, net (Narrative) (Details)	1 Months Ended			3 Months Ended		12 Months Ended
Debt Obligations, net (Narrative) (Details)	Nov. 30, 2018 lease	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($) lease property	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($) extension	Dec. 31, 2017	Jan. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 31, 2018 USD ($)
Line of Credit Facility [Line Items]
Total debt obligations				$ 439,193,000				$ 546,693,000
Secured Debt
Line of Credit Facility [Line Items]
Total debt obligations				439,193,000				546,693,000
2017 Individual Mortgage \| Secured Debt
Line of Credit Facility [Line Items]
Total debt obligations				$ 71,000,000				71,000,000
2017 Individual Mortgage \| Secured Debt \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)				1.33%		1.33%
2017 Portfolio Financing \| Secured Debt
Line of Credit Facility [Line Items]
Stated interest rates			3.80%	3.80%
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
Total debt obligations			$ 227,000,000	$ 227,000,000				227,000,000
2018 Portfolio Financing \| Secured Debt
Line of Credit Facility [Line Items]
Stated interest rates	4.28%			4.28%
Number of ground net leases collateralizing loan \| lease	7
Total debt obligations				$ 79,193,000				79,193,000
2019 Individual Mortgage \| Secured Debt
Line of Credit Facility [Line Items]
Stated interest rates				4.33%			4.33%
Total debt obligations				$ 10,000,000			$ 10,000,000	$ 0
Revolving Credit Facility
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%
Future annualized distribution rate of adjusted funds from operations				110.00%
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 300,000,000.0							$ 350,000,000.0
Number of extension options available \| extension					2
Debt extension term					12 months
Maximum leverage rate					67.00%
Accordion feature, increase limit					$ 500,000,000.0
Available and undrawn capacity				$ 298,000,000
Additional unsecured borrowing capacity				$ 154,900,000
Revolving Credit Facility \| Line of Credit \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (as a percent)		1.35%
Minimum \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage					0.15%
Maximum \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage					0.25%

Debt Obligations, net (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2017
Debt Instrument [Line Items]
Total principal maturities	$ 439,193	$ 546,693
Debt premium, discount and deferred financing costs, net	(2,494)	(2,728)
Total debt obligations, net	436,699	543,965
Secured Debt
Debt Instrument [Line Items]
2019 (remaining nine months)	0
2020	0
2021	0
2022	52,000
2023	71,000
Thereafter	316,193
Total principal maturities	439,193	546,693
Debt premium, discount and deferred financing costs, net	(2,494)
Total debt obligations, net	436,699
Secured Debt \| 2018 Portfolio Financing
Debt Instrument [Line Items]
2019 (remaining nine months)	0
2020	0
2021	0
2022	0
2023	0
Thereafter	79,193
Total principal maturities	79,193	79,193
Secured Debt \| Valencia Mortgage
Debt Instrument [Line Items]
2019 (remaining nine months)	0
2020	0
2021	0
2022	0
2023	0
Thereafter	10,000
Total principal maturities	10,000
Secured Debt \| 2017 Portfolio Financing
Debt Instrument [Line Items]
2019 (remaining nine months)	0
2020	0
2021	0
2022	0
2023	0
Thereafter	227,000
Total principal maturities	227,000	227,000	$ 227,000
Secured Debt \| 2017 Individual Mortgage
Debt Instrument [Line Items]
2019 (remaining nine months)	0
2020	0
2021	0
2022	0
2023	71,000
Thereafter	0
Total principal maturities	71,000	71,000
Secured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
2022	52,000
Total principal maturities	52,000	$ 169,500
Secured Debt \| 2017 Revolver
Debt Instrument [Line Items]
2019 (remaining nine months)	0
2020	0
2021	0
2023	0
Thereafter	0
Total principal maturities	$ 52,000

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
Commitments and Contingencies (Details) $ in Millions	Aug. 31, 2018 USD ($) apartment	Oct. 31, 2017 USD ($) apartment
Multi-Family Property, Washington, DC
Long-term Purchase Commitment [Line Items]
Number of multi-family units \| apartment	315
Payments to acquire productive assets	$ 30.0
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]
Number of multi-family units \| apartment		301
Payments to Acquire Productive Assets		$ 34.0
Notes Payable, Related Parties		$ 80.5

Risk Management and Derivatives (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019 USD ($) hotel	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Concentration Risk [Line Items]
Total revenues	$ 21,820	$ 11,693
Restricted cash	15,435	$ 957	$ 8,007	$ 1,656
Revenue \| Customer Concentration Risk \| Tenant 1
Concentration Risk [Line Items]
Total revenues	$ 6,200
Concentration risk percentage	28.00%
Assets \| Product Concentration Risk
Concentration Risk [Line Items]
Concentration risk percentage	19.50%
Number of hotels leased \| hotel	5
Restricted Cash
Concentration Risk [Line Items]
Restricted cash	$ 15,400		8,000
Restricted cash			$ 8,007
Not Designated as Hedging Instrument \| Interest rate swap \| Maximum
Concentration Risk [Line Items]
Maximum period of derivative	30 months

Risk Management and Derivatives (Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives	$ (11,062)	$ 3,625
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	200
Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized gain (loss) on derivatives	(11,100)	$ 3,600
Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Fair Value, Gross Asset	961		$ 2,991
Derivative Liability, Fair Value, Gross Liability	13,311		10,092
Designated as Hedging Instrument \| Interest rate swap \| Deferred expenses and other assets, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Fair Value, Gross Asset	960		2,987
Designated as Hedging Instrument \| Interest rate swap \| Accounts payable, accrued expenses and other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Liability, Fair Value, Gross Liability	13,311		10,092
Not Designated as Hedging Instrument \| Interest Rate Cap \| Deferred expenses and other assets, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset, Fair Value, Gross Asset	$ 1		$ 4

Risk Management and Derivatives (Derivative Instrument Gain (Loss)) (Details) - Interest Expense - Interest rate swap - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ (11,062)	$ 3,625
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	222	(24)
Not Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ (4)	$ 43

Equity (Narrative) (Details)				3 Months Ended			21 Months Ended
Equity (Narrative) (Details)	Jan. 02, 2019 USD ($) $ / shares	Jun. 27, 2017 USD ($) $ / shares shares	Apr. 14, 2017 USD ($) investor $ / shares shares	Mar. 31, 2019 USD ($) $ / shares shares	Sep. 30, 2018 USD ($) $ / shares shares	Mar. 31, 2018 USD ($) $ / shares	Mar. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($)
Class of Stock [Line Items]
Number of institutional investors \| investor			2
Amortization period				4 years
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				$ 2,752,000		$ 2,728,000
Dividends declared, per share (in dollars per share) \| $ / shares				$ 0.15		$ 0.15
Distribution payable to noncontrolling interest (refer to Note 10)				$ 1,875,000			$ 1,875,000	$ 0
Distribution payable to noncontrolling interest, per investor unit (in dollars per share) \| $ / shares				$ 0.15			$ 0.15
Initial Capitalization
Class of Stock [Line Items]
Number of institutional investors \| investor			2
Initial public offering
Class of Stock [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
iStar Inc.
Class of Stock [Line Items]
Sale of Stock, Investor Units Diluted Interest, Percent				40.60%			40.60%
Ownership percentage after transaction				65.80%
Ownership interest by shareholders' (percent)			40.60%
Common Stock \| Initial Capitalization
Class of Stock [Line Items]
Stock issued (in shares) \| shares			2,875,000
Shares issued, value			$ 57,500,000
Common Stock \| Initial public offering
Class of Stock [Line Items]
Stock issued (in shares) \| shares		10,250,000
Proceeds from initial public offering		$ 205,000,000
Common Stock \| Director Compensation
Class of Stock [Line Items]
Stock issued (in shares) \| shares		40,000
Common Stock \| iStar Inc.
Class of Stock [Line Items]
Common stock purchase plan, shares, purchased in the period \| shares							2,500,000
Common stock purchase plan, amount, purchased in the period							$ 47,100,000
Common stock purchase plan, average share price \| $ / shares							$ 18.73
Number of shares issued in transaction \| shares					133,524
Consideration received on transaction					$ 2,200,000
Average cost per share (usd per share) \| $ / shares					$ 16.39
Ownership interest by shareholders' (percent)				42.40%
Common Stock \| iStar Inc. \| Initial Capitalization
Class of Stock [Line Items]
Stock issued (in shares) \| shares			2,775,000
Shares issued, value			$ 55,500,000
Share price (in dollars per share) \| $ / shares			$ 20
Common Stock \| iStar Inc. \| Initial public offering
Class of Stock [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
Retained Earnings (Deficit)
Class of Stock [Line Items]
Dividends				$ 2,800,000		$ 2,700,000
Maximum \| Common Stock \| iStar Inc.
Class of Stock [Line Items]
Ownership interest by shareholders' (percent)				43.90%
Performance Shares
Class of Stock [Line Items]
Capital appreciation aggregate distribution, percent				15.00%			15.00%
Award vesting period				3 years
Aggregate fair value of exercisable				$ 1,500,000			$ 1,500,000
Performance Shares \| Minimum \| Common Stock \| Equity Plan
Class of Stock [Line Items]
Share price (in dollars per share) \| $ / shares				$ 25.00			$ 25.00
Performance Shares \| Maximum \| Common Stock \| Equity Plan
Class of Stock [Line Items]
Share price (in dollars per share) \| $ / shares				$ 35.00			$ 35.00
Manager \| Performance Shares
Class of Stock [Line Items]
Compensation cost				$ 1,400,000
General and Administrative Expense \| Restricted Stock Units (RSUs) \| 2017 Equity Incentive Plan
Class of Stock [Line Items]
Stock issued (in shares) \| shares				25,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 500,000			$ 500,000
Shares issued, value				500,000
General and Administrative Expense \| Manager \| Performance Shares \| Common Stock \| Equity Plan
Class of Stock [Line Items]
Compensation cost				100,000
iStar Inc.
Class of Stock [Line Items]
Proceeds from issuance of Investor Units	$ 250,000,000
Share price (in dollars per share) \| $ / shares	$ 20.00
iStar Inc. \| Minimum
Class of Stock [Line Items]
Conversion price per share (in dollars per share) \| $ / shares	$ 20.00
iStar Inc. \| Maximum
Class of Stock [Line Items]
Additional issuance, amount				$ 100,000,000.0
Additional issuance, share price threshold \| $ / shares				$ 20.00
SAFE \| iStar Inc. \| Maximum
Class of Stock [Line Items]
Investor units voting power threshold				41.90%			41.90%

Equity (Schedule of Ownership) (Details) - $ / shares	Mar. 31, 2019	Feb. 20, 2019	Dec. 31, 2018	Oct. 30, 2018	Jun. 28, 2018	Jun. 27, 2017	Apr. 14, 2017
Class of Stock [Line Items]
Stock issued (in shares)	18,321,961		18,276,000
Initial public offering
Class of Stock [Line Items]
Price paid Per Share (in dollars per share)						$ 20
Issuance of shares to directors
Class of Stock [Line Items]
Stock issued (in shares)					40,000	40,000
Issuance of shares to iStar for payment of management fee
Class of Stock [Line Items]
Stock issued (in shares)		46,020		45,941
Third Parties \| Initial capitalization
Class of Stock [Line Items]
Stock issued (in shares)							2,875,000
Third Parties \| Initial public offering
Class of Stock [Line Items]
Stock issued (in shares)						10,250,000
iStar Inc. \| Initial capitalization
Class of Stock [Line Items]
Stock issued (in shares)							2,775,000
iStar Inc. \| Initial public offering
Class of Stock [Line Items]
Stock issued (in shares)						2,250,000
Common Stock \| Third Parties \| Initial capitalization
Class of Stock [Line Items]
Price paid Per Share (in dollars per share)							$ 20
Common Stock \| Third Parties \| Initial public offering
Class of Stock [Line Items]
Price paid Per Share (in dollars per share)						$ 20
Common Stock \| iStar Inc. \| Initial capitalization
Class of Stock [Line Items]
Price paid Per Share (in dollars per share)							$ 20
Common Stock \| iStar Inc. \| Initial public offering
Class of Stock [Line Items]
Price paid Per Share (in dollars per share)						$ 20

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

3 Months Ended

Mar. 31, 2019

Mar. 31, 2018

Earnings Per Share [Abstract]

Net income

$ 11,137

$ 3,743

Net income attributable to noncontrolling interests

^[1]

(4,518)

(23)

Net income attributable and allocable to common shareholders for basic earnings per common share

6,619

3,720

Net income attributable to noncontrolling interests (refer to Note 10)

4,471

Net income attributable and allocable to common shareholders for diluted earnings per common share

$ 11,090

$ 3,720

[1]	For the three months ended March 31, 2019, includes $4.5 million of income allocable to the Company's Manager for its purchase of Investor Units in the Operating Partnership (refer to Note 10).

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=114867106&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109223946&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=84234705&loc=SL4591552-111686

+ Details

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator for basic earnings per share:
Net income attributable to Safehold Inc. and allocable to common shareholders - basic	$ 6,619	$ 3,720
Net income attributable to noncontrolling interests (refer to Note 10)	4,471	0
Net income attributable to Safehold Inc. and allocable to common shareholders - diluted	$ 11,090	$ 3,720
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	18,296,000	18,190,000
Investor Units (refer to Note 10)	12,361,000	0
Weighted average common shares outstanding for diluted earnings per common share	30,657,000	18,190,000
Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. and allocable to common shareholders - basic	$ 0.36	$ 0.20
Net income attributable to Safehold Inc. and allocable to common shareholders - diluted	$ 0.36	$ 0.20

Related Party Transactions (Narrative) (Details) $ in Thousands			1 Months Ended		3 Months Ended
	Aug. 31, 2017 USD ($) ft² parking_space	Jun. 28, 2017	Feb. 28, 2019 ft²	Jan. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2018 USD ($) employee
Related Party Transaction [Line Items]
Assets					$ 1,125,952		$ 979,743
Management Fee Percents [Abstract]
Annual fee of 1.0% of total equity (up to $1.5 billion)					1.00%
Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion)					1.25%
Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion)					1.375%
Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion)					1.50%
Management Fee Equity Threshold Amounts [Abstract]
Management fee, stock compensation maturity					2 years
Management fee expense						$ 0
Termination fee, percent of prior years management fee					300.00%
Termination fee, shareholders' equity threshold amount					$ 820,000
Total debt obligations					439,193		546,693
Secured Debt
Management Fee Equity Threshold Amounts [Abstract]
Total debt obligations					439,193		546,693
Maximum
Management Fee Equity Threshold Amounts [Abstract]
Equity up to $1.5 billion					1,500,000
Equity of $1.5 billion to $3.0 billion					3,000,000
Equity of $3.0 billion to $5.0 billion					$ 5,000,000
Ground leases term					99 years
Minimum
Management Fee Equity Threshold Amounts [Abstract]
Equity of $1.5 billion to $3.0 billion					$ 1,500,000
Equity of $3.0 billion to $5.0 billion					3,000,000
Equity over $5.0 billion					$ 5,000,000
Ground leases term					30 years
General and Administrative Expense
Related Party Transaction [Line Items]
Expenses from transactions with related party					$ 1,500	900
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
Assets							$ 5,000,000
Entity number of employees \| employee							166
iStar Inc. \| General and Administrative Expense
Related Party Transaction [Line Items]
Expenses from transactions with related party					500	$ 400
515 22nd Street
Management Fee Equity Threshold Amounts [Abstract]
Leasehold improvement allowance					$ 10,500
Additional construction funding commitment				$ 13,300
Additional construction funding commitment, term				21 months
Term of contract, initial lease term		99 years
570 Washington Boulevard, Jersey City, NJ
Management Fee Equity Threshold Amounts [Abstract]
Number of square feet \| ft²			420,000
Term of contract, initial lease term			98 years
3333 LifeHope in Alpharetta, Georgia
Management Fee Equity Threshold Amounts [Abstract]
Ground leases term	99 years
Ground Leases, Number of Parking Spaces to be Constructed \| parking_space	185
Ground Leases, Future Construction Funding, Percent Authorized	30.00%
Ground Leases, Additional Construction, Number of Square Feet \| ft²	160,000
3333 LifeHope in Alpharetta, Georgia \| Secured Debt \| 3333 LifeHope Ground Lease Construction Loan \| iStar Inc.
Management Fee Equity Threshold Amounts [Abstract]
Total debt obligations	$ 24,000

Subsequent Events (Details)	Apr. 30, 2019
Secured Debt \| Portfolio Financing, 2019 \| Subsequent Event
Subsequent Event [Line Items]
Stated interest rates	4.25%

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 41,000
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (41,000)