0001688852-20-000036 | 10-Q | XBRL Viewer

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Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2020	Oct. 20, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	001-38122
Entity Registrant Name	Safehold Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-0971238
Entity Address, Address Line One	1114 Avenue of the Americas
Entity Address, Address Line Two	39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
City Area Code	212
Local Phone Number	930-9400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Ex Transition Period	true
Title of 12(b) Security	Common Stock
Trading Symbol(s)	SAFE
Name of each exchange on which registered	NYSE
Entity Common Stock, Shares Outstanding		51,170,286
Entity Central Index Key	0001688852
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real estate
Real estate, at cost	$ 707,537	$ 687,902
Less: accumulated depreciation	(20,807)	(16,286)
Real estate, net	686,730	671,616
Real estate-related intangible assets, net	239,172	242,837
Total real estate, net and real estate-related intangible assets, net	925,902	914,453
Net investment in sales-type leases	1,088,687	984,598
Ground Lease receivables	479,881	397,087
Equity investments in Ground Leases	129,261	127,524
Cash and cash equivalents	65,222	22,704
Restricted cash	42,498	24,078
Deferred operating lease income receivable	84,585	58,303
Deferred expenses and other assets, net	34,751	37,814
Total assets	2,850,787	2,566,561
Liabilities:
Accounts payable, accrued expenses and other liabilities	75,185	43,008
Real estate-related intangible liabilities, net	56,849	57,333
Debt obligations, net	1,469,570	1,372,922
Total liabilities	1,601,604	1,473,263
Commitments and contingencies (refer to Note 9)
Safehold Inc. shareholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized, 51,170 and 47,782 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	512	478
Additional paid-in capital	1,290,616	1,132,603
Retained earnings (accumulated deficit)	17,311	(2,146)
Accumulated other comprehensive loss	(61,252)	(39,123)
Total Safehold Inc. shareholders' equity	1,247,187	1,091,812
Noncontrolling interests	1,996	1,486
Total equity	1,249,183	1,093,298
Total liabilities and equity	$ 2,850,787	$ 2,566,561

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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)	51,170,000	47,782,000
Common Stock, shares outstanding (in shares)	51,170,000	47,782,000

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

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Revenues:

Operating lease income

$ 17,195

$ 17,132

$ 55,088

$ 54,844

Interest income from sales-type leases

20,583

4,032

59,315

6,834

Other income

222

1,146

1,115

2,132

Total revenues

38,000

22,310

115,518

63,810

Costs and expenses:

Interest expense

16,430

7,708

47,811

18,215

Real estate expense

493

625

1,828

2,082

Depreciation and amortization

2,361

2,345

7,064

7,031

General and administrative

5,302

3,096

16,924

10,552

Other expense

285

194

600

Total costs and expenses

24,620

14,059

73,821

38,480

Income from operations before other items

13,380

8,251

41,697

25,330

Loss on early extinguishment of debt

(2,011)

Earnings (losses) from equity method investments

832

(759)

2,472

(759)

Net income

14,212

5,481

44,169

22,560

Net income allocable to noncontrolling interests

^[1]

(49)

(145)

(5,986)

Net income attributable to Safehold Inc. common shareholders

$ 14,163

$ 5,432

$ 44,024

$ 16,574

Net income

Basic (in dollars per share)

$ 0.28

$ 0.15

$ 0.88

$ 0.62

Diluted (in dollars per share)

$ 0.28

$ 0.15

$ 0.88

$ 0.62

Weighted average number of common shares:

Basic (in shares)

51,153

36,111

50,158

26,748

Diluted (in shares)

51,162

36,111

50,167

26,748

iStar Inc.

Costs and expenses:

Net income allocable to noncontrolling interests

$ 5,800

[1]	For the nine months ended September 30, 2019, includes $5.8 million of income attributable to the Company's Manager relating to Investor Units it held in the Operating Partnership (refer to Note 11).

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 14,212	$ 5,481	$ 44,169	$ 22,560
Other comprehensive income (loss):
Reclassification of (gains) losses on derivatives into earnings	508	189	1,321	(46)
Unrealized gain (loss) on derivatives	984	(9,132)	(23,450)	(32,362)
Other comprehensive gain (loss)	1,492	(8,943)	(22,129)	(32,408)
Comprehensive income (loss)	15,704	(3,462)	22,040	(9,848)
Comprehensive income attributable to noncontrolling interests	(49)	(49)	(145)	(2,328)
Comprehensive income (loss) attributable to Safehold Inc.	$ 15,655	$ (3,511)	$ 21,895	$ (12,176)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

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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, 2018	$ 357,358	$ 183	$ 370,530	$ (8,486)	$ (6,876)	$ 2,007
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,560			16,574		5,986
Issuance of common stock, net / amortization	265,600	96	265,239			265
Investor unit conversion (refer to Note 11)	250,000	125	252,060		(6,450)	(245,735)
Dividends declared	(13,897)			(13,897)
Change in accumulated other comprehensive income (loss)	(32,408)				(28,750)	(3,658)
Contributions from noncontrolling interests net of costs	248,846		628		2,792	245,426
Distributions to noncontrolling interests	(2,933)					(2,933)
Stockholders' Equity Balance at end of the period at Sep. 30, 2019	$ 845,126	404	888,457	$ (5,809)	(39,284)	1,358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared, per share (in dollars per share)	$ 0.462			$ 0.462
Stockholders' Equity Balance at beginning of the period at Jun. 30, 2019	$ 593,064	309	626,793	$ (4,926)	(30,341)	1,229
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,481			5,432		49
Issuance of common stock, net / amortization	261,850	95	261,664			91
Dividends declared	(6,315)			(6,315)
Change in accumulated other comprehensive income (loss)	(8,943)				(8,943)	0
Distributions to noncontrolling interests	(11)					(11)
Stockholders' Equity Balance at end of the period at Sep. 30, 2019	$ 845,126	404	888,457	(5,809)	(39,284)	1,358
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared, per share (in dollars per share)	$ 0.156
Stockholders' Equity Balance at beginning of the period at Dec. 31, 2019	$ 1,093,298	478	1,132,603	(2,146)	(39,123)	1,486
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	44,169			44,024		145
Issuance of common stock, net / amortization	158,444	34	158,013			397
Investor unit conversion (refer to Note 11)	0
Dividends declared	(24,567)			(24,567)
Change in accumulated other comprehensive income (loss)	(22,129)				(22,129)
Distributions to noncontrolling interests	(32)					(32)
Stockholders' Equity Balance at end of the period at Sep. 30, 2020	$ 1,249,183	512	1,290,616	$ 17,311	(61,252)	1,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared, per share (in dollars per share)	$ 0.4805			$ 0.4805
Stockholders' Equity Balance at beginning of the period at Jun. 30, 2020	$ 1,238,417	511	1,287,385	$ 11,454	(62,744)	1,811
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	14,212			14,163		49
Issuance of common stock, net / amortization	3,379	1	3,231			147
Dividends declared	(8,306)			(8,306)
Change in accumulated other comprehensive income (loss)	1,492				1,492	0
Distributions to noncontrolling interests	(11)					(11)
Stockholders' Equity Balance at end of the period at Sep. 30, 2020	$ 1,249,183	$ 512	$ 1,290,616	$ 17,311	$ (61,252)	$ 1,996
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared, per share (in dollars per share)	$ 0.16224

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 44,169	$ 22,560
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	7,064	7,031
Stock-based compensation expense	1,555	1,450
Deferred operating lease income	(26,282)	(26,360)
Non-cash interest income from sales-type leases	(21,758)	(2,282)
Non-cash interest expense	8,088	1,204
Amortization of real estate-related intangibles, net	2,003	1,843
Loss on early extinguishment of debt	0	2,011
(Earnings) losses from equity method investments	(2,472)	759
Distributions from operations of equity method investments	734	0
Amortization of premium, discount and deferred financing costs on debt obligations, net	1,677	1,654
Non-cash management fees	9,282	4,971
Other operating activities	1,596	1,065
Changes in assets and liabilities:
Changes in deferred expenses and other assets, net	(5)	476
Changes in accounts payable, accrued expenses and other liabilities	125	(20,928)
Cash flows provided by (used in) operating activities	25,776	(4,546)
Cash flows from investing activities:
Acquisitions of real estate	(20,612)	(28,816)
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables	(117,740)	(525,886)
Fundings on Ground Lease receivables	(47,331)	0
Deposits on Ground Lease investments	1,050	(30,697)
Contributions to equity method investments	0	(22,169)
Other investing activities	(104)	(4,007)
Cash flows used in investing activities	(184,737)	(611,575)
Cash flows from financing activities:
Proceeds from issuance of common stock	150,086	264,600
Proceeds from debt obligations	418,970	435,989
Repayments of debt obligations	(317,000)	(297,500)
Payments for debt prepayment or extinguishment costs	0	(1,358)
Payments for deferred financing costs	(6,528)	(2,559)
Dividends paid to common shareholders	(23,702)	(10,314)
Payment of offering costs	(1,919)	(5,029)
Distributions to noncontrolling interests	(32)	(2,933)
Contributions from noncontrolling interests (refer to Note 11)	0	250,000
Other financing activities	24	(2,412)
Cash flows provided by financing activities	219,899	628,484
Changes in cash, cash equivalents and restricted cash	60,938	12,363
Cash, cash equivalents and restricted cash at beginning of period	46,782	24,425
Cash, cash equivalents and restricted cash at end of period	107,720	36,788
Supplemental disclosure of non-cash investing and financing activity:
Origination of sales-type leases	0	10,194
Acquisition of real estate	383	0
Assumption of other liabilities/debt obligations	383	10,194
Investor unit conversion	0	250,000
Dividends declared to common shareholders	8,306	6,322
Accrued finance costs	2	561
Accrued offering costs	$ 15	$ 114

Business and Organization	9 Months Ended
Business and Organization	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Business—Safehold Inc. (the "Company") operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder. The Company believes that it is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Leases"). Under a Ground Lease, the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both) and sometimes include percentage rent participations. The Company 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 property net operating income to the Ground Lease payment due the Company ("Ground Rent Coverage") is between 2.0x to 4.5x, and for this purpose the Company uses estimates of the stabilized property net operating income if it doesn't receive current tenant information and for properties under construction or in transition, in each case based on leasing activity at the property and available market information, including leasing activity at comparable properties in the relevant market; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 13). The Company has no employees, as the Manager provides all services to it. The Company draws on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—The Company is a Maryland corporation and completed its initial public offering in June 2017. The Company's common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned through a subsidiary partnership, Safehold Operating Partnership LP (the "Operating Partnership"). As of September 30, 2020, the Company owned 100% of the limited partner interests and a subsidiary of the Company owned 100% of the general partner interests, in the Operating Partnership. The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Basis of Presentation and Principles of Consolidation Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 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 September 30, 2020, the total assets of these consolidated VIEs were $61.9 million and total liabilities were $29.7 million. The classifications of these assets are primarily within "Real estate, net," "Real estate-related intangible assets, net" and "Deferred operating lease income receivable" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Debt obligations, net" and "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company has provided no financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of September 30, 2020.

Basis of Presentation and Principles and Consolidation	9 Months Ended
Basis of Presentation and Principles and Consolidation	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business of Presentation and Principles of Consolidation	Business and Organization Business—Safehold Inc. (the "Company") operates its business through one reportable segment by acquiring, managing and capitalizing ground leases. Ground leases are long-term contracts between the landlord (the Company) and a tenant or leaseholder. The Company believes that it is the first publicly-traded company formed primarily to acquire, own, manage, finance and capitalize ground leases. Ground leases generally represent ownership of the land underlying commercial real estate projects that is net leased by the fee owner of the land to the owners/operators of the real estate projects built thereon ("Ground Leases"). Under a Ground Lease, the tenant is generally responsible for all property operating expenses, such as maintenance, real estate taxes and insurance and is also responsible for development costs and capital expenditures. Ground Leases are typically long-term (base terms ranging from 30 to 99 years, often with tenant renewal options) and have contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both) and sometimes include percentage rent participations. The Company 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 property net operating income to the Ground Lease payment due the Company ("Ground Rent Coverage") is between 2.0x to 4.5x, and for this purpose the Company uses estimates of the stabilized property net operating income if it doesn't receive current tenant information and for properties under construction or in transition, in each case based on leasing activity at the property and available market information, including leasing activity at comparable properties in the relevant market; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the "Manager"), a wholly-owned subsidiary of iStar Inc. ("iStar"), the Company's largest shareholder, pursuant to a management agreement (refer to Note 13). The Company has no employees, as the Manager provides all services to it. The Company draws on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization—The Company is a Maryland corporation and completed its initial public offering in June 2017. The Company's common stock is listed on the New York Stock Exchange under the symbol "SAFE." The Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, commencing with the tax year ended December 31, 2017. The Company is structured as an Umbrella Partnership REIT ("UPREIT"). As such, all of the Company's properties are owned through a subsidiary partnership, Safehold Operating Partnership LP (the "Operating Partnership"). As of September 30, 2020, the Company owned 100% of the limited partner interests and a subsidiary of the Company owned 100% of the general partner interests, in the Operating Partnership. The UPREIT structure may afford the Company certain benefits as it seeks to acquire properties from third parties who may want to defer taxes by contributing their Ground Leases to the Company. Basis of Presentation and Principles of Consolidation Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 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 September 30, 2020, the total assets of these consolidated VIEs were $61.9 million and total liabilities were $29.7 million. The classifications of these assets are primarily within "Real estate, net," "Real estate-related intangible assets, net" and "Deferred operating lease income receivable" on the Company's consolidated balance sheets. The classifications of liabilities are primarily within "Debt obligations, net" and "Accounts payable, accrued expenses and other liabilities" on the Company's consolidated balance sheets. The liabilities of these VIEs are non-recourse to the Company and can only be satisfied from each VIE's respective assets. The Company has provided no financial support to VIEs that it was not previously contractually required to provide and did not have any unfunded commitments related to consolidated VIEs as of September 30, 2020.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Fair Values—The Company is required to disclose fair value information with regard to its financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practical to estimate fair value. The Financial Accounting Standards Board ("FASB") guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The 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 sales-type leases; Ground Lease receivables and restricted cash approximated their fair values. The Company determined the fair value of its debt obligations, net as of September 30, 2020 and December 31, 2019 was approximately $1.6 billion and $1.4 billion, respectively, and is classified as Level 3 within the fair value hierarchy. 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. The Company will cease to qualify as an emerging growth company effective as of December 31, 2020, at which time the exemptions described above will terminate. For the remainder of the Company's significant accounting policies, refer to the Company's 2019 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. For public entities such as the Company that qualify as smaller reporting companies, ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted. Management is currently evaluating the impact of ASU 2016-13 on the Company’s consolidated financial statements. In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04") to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Topic 848 ("ASU 2020-04") to provide entities optional expedients for a limited time period to ease the potential burden in accounting for reference rate reform on financial reporting. The amendments in ASU 2020-04 are elective for entities with contracts, including derivative contracts, that reference LIBOR or some other reference rate that are expected to be discontinued. For the Company's cash flow hedges, ASU 2020-04 allows: (i) an entity to change the reference rate without having to dedesignate the hedging relationship; (ii) for cash flow hedges in which the designated hedged risk is LIBOR, allows an entity to assert that it remains probable that the hedged forecasted transaction will occur; and (iii) allows an entity to change the designated method used to assess hedge effectiveness and simplifies or temporarily suspends the assessment of hedge effectiveness for hedging relationships. ASU 2020-04 must be applied prospectively and was effective beginning March 12, 2020 upon issuance and remains effective through December 31, 2022. During the first quarter 2020, the Company elected to apply the hedge accounting expedients described above. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Real Estate and Real Estate-Related Intangibles

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Real Estate and Real Estate-Related Intangibles

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


	As of
	September 30, 2020		December 31, 2019
Land and land improvements, at cost	$	514,305	$	494,670
Buildings and improvements, at cost	193,232		193,232
Less: accumulated depreciation	(20,807)		(16,286)
Total real estate, net	$	686,730	$	671,616
Real estate-related intangible assets, net	239,172		242,837
Total real estate, net and real estate-related intangible assets, net	$	925,902	$	914,453

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


	As of September 30, 2020
	Gross Intangible		Accumulated Amortization		Carrying Value
Above-market lease assets, net⁽¹⁾	$	203,778	$	(8,665)	$	195,113
In-place lease assets, net⁽²⁾	54,494		(11,165)		43,329
Other intangible assets, net	750		(20)		730
Total	$	259,022	$	(19,850)	$	239,172


	As of December 31, 2019
	Gross Intangible		Accumulated Amortization		Carrying Value
Above-market lease assets, net⁽¹⁾	$	203,288	$	(6,183)	$	197,105
In-place lease assets, net⁽²⁾	53,626		(8,629)		44,997
Other intangible assets, net	750		(15)		735
Total	$	257,664	$	(14,827)	$	242,837

_______________________________________________________________________________

(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 non-cancelable term of the leases.

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

The amortization of real estate-related intangible assets had the following impact on the Company's consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 ($ in thousands):


	Income Statement	For the Three Months Ended September 30,
Intangible asset	Location	2020		2019
Above-market lease assets (decrease to income)	Operating lease income	$	830	$	787
In-place lease assets (decrease to income)	Depreciation and amortization	852		836

Other intangible assets (decrease to income)	Operating lease income	2		2


	Income Statement	For the Nine Months Ended September 30,
Intangible asset	Location	2020		2019
Above-market lease assets (decrease to income)	Operating lease income	$	2,481	$	2,318
In-place lease assets (decrease to income)	Depreciation and amortization	2,536		2,503

Other intangible assets (decrease to income)	Operating lease income	6		6

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
2020 (remaining three months)	$	1,690
2021	6,759
2022	6,759
2023	6,743
2024	6,695

_______________________________________________________________________________

(1)As of September 30, 2020, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 80.2 years.

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


	As of September 30, 2020
	Gross Intangible		Accumulated Amortization		Carrying Value
Below-market lease liabilities⁽¹⁾	$	59,015	$	(2,166)	$	56,849


	As of December 31, 2019
	Gross Intangible		Accumulated Amortization		Carrying Value
Below-market lease liabilities⁽¹⁾	$	59,015	$	(1,682)	$	57,333

_______________________________________________________________________________

(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 non-cancelable term of the leases.

The amortization of real estate-related intangible liabilities had the following impact on the Company's consolidated statements of operations for the three and nine months ended September 30, 2020 and 2019 ($ in thousands):


	Income Statement	For the Three Months Ended September 30,
Intangible liability	Location	2020		2019
Below-market lease liabilities (increase to income)	Operating lease income	$	161	$	161


	Income Statement	For the Nine Months Ended September 30,
Intangible liability	Location	2020		2019
Below-market lease liabilities (increase to income)	Operating lease income	$	484	$	481

Future Minimum Operating Lease Payments—Future minimum lease payments to be collected under non-cancelable operating leases, excluding lease payments that are not fixed and determinable, in effect as of September 30, 2020, are as follows by year ($ in thousands):


Year	Inflation- Linked		Fixed Bumps with Inflation Adjustments		Fixed Bumps		Percentage Rent		Fixed Bumps with Percentage Rent		Total
2020 (remaining three months)	$	1,339	$	4,450	$	535	$	2,799	$	89	$	9,212
2021	5,357		18,037		2,155		11,195		356		37,100
2022	5,357		18,384		2,185		11,195		356		37,477
2023	5,357		18,833		2,213		11,195		281		37,879
2024	5,357		19,192		2,248		11,195		51		38,043

Net Investment In Sales-type Leases and Ground Lease Receivables

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Net Investment In Sales-type Leases and Ground Lease Receivables

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

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


	September 30, 2020		December 31, 2019
Total undiscounted cash flows	$	12,005,055	$	11,301,356
Unguaranteed estimated residual value	1,038,689		979,057
Present value discount	(11,955,057)		(11,295,815)

Net investment in sales-type leases	$	1,088,687	$	984,598

The following table presents a rollforward of the Company's net investment in sales-type leases and Ground Lease receivables for the nine months ended September 30, 2020 and 2019 ($ in thousands):


	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Nine Months Ended September 30, 2020
Beginning balance	$	984,598	$	397,087	$	1,381,685
Origination/acquisition/fundings⁽¹⁾	88,648		76,477		165,125
Accretion (amortization)	15,441		6,317		21,758
Ending balance⁽²⁾	$	1,088,687	$	479,881	$	1,568,568

Nine Months Ended September 30, 2019
Beginning balance	$	—	$	—	$	—
Origination/acquisition/fundings⁽¹⁾	463,251		73,094		536,345
Accretion (amortization)	2,038		244		2,282
Ending balance	$	465,289	$	73,338	$	538,627

_______________________________________________________________________________

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

(2)As of September 30, 2020, the Company's weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.6% and 5.5%, respectively. As of September 30, 2020, the weighted average remaining life of the Company's 10 Ground Lease receivables was 101.2 years.

Future Minimum Lease Payments under Sales-type Leases—Future minimum lease payments to be collected under sales-type leases accounted for under ASC 842, excluding lease payments that are not fixed and determinable, in effect as of September 30, 2020, are as follows by year ($ in thousands):


	Fixed Bumps with Inflation Adjustments		Fixed Bumps		Fixed Bumps with Percentage Rent		Total
2020 (remaining three months)	$	8,917	$	212	$	133	$	9,262
2021	36,050		1,278		532		37,860
2022	36,904		1,303		537		38,744
2023	37,993		1,329		586		39,908
2024	40,057		1,356		586		41,999
Thereafter	11,378,803		356,646		101,833		11,837,282
Total undiscounted cash flows	$	11,538,724	$	362,124	$	104,207	$	12,005,055

During the three and nine months ended September 30, 2020 and 2019, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands):


Three Months Ended September 30, 2020	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	8,960	$	4,027	$	12,987
Non-cash	5,298		2,298		7,596
Total interest income from sales-type leases	$	14,258	$	6,325	$	20,583

Three Months Ended September 30, 2019	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	2,160	$	506	$	2,666
Non-cash	1,122		244		1,366
Total interest income from sales-type leases	$	3,282	$	750	$	4,032


Nine Months Ended September 30, 2020	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	26,518	$	11,039	$	37,557
Non-cash	15,441		6,317		21,758
Total interest income from sales-type leases	$	41,959	$	17,356	$	59,315


Nine Months Ended September 30, 2019	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	4,046	$	506	$	4,552
Non-cash	2,038		244		2,282
Total interest income from sales-type leases	$	6,084	$	750	$	6,834

Equity Investments in Ground Leases	9 Months Ended
Equity Investments in Ground Leases	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Equity Investments in Ground Leases	Equity Investments in Ground Leases In August 2019, the Company formed a venture with a sovereign wealth fund that is an existing shareholder of the Company to acquire the existing Ground Lease at 425 Park Avenue in New York City. The venture acquired the Ground Lease in November 2019. The Company has a 54.8% noncontrolling equity interest in the venture and iStar is the manager of the venture. As of September 30, 2020 and December 31, 2019, the Company's investment in the venture was $129.3 million and $127.5 million, respectively. During the three and nine months ended September 30, 2020, the Company recorded $0.8 million and $2.5 million, respectively, in earnings from equity method investments from the venture. During the three and nine months ended September 30, 2019, the Company recorded $0.8 million in losses from the venture.

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

9 Months Ended

Sep. 30, 2020

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
	September 30, 2020		December 31, 2019
Operating lease right-of-use asset⁽¹⁾	$	28,828	$	29,659



Other assets⁽²⁾	1,416		1,432
Deferred finance costs, net⁽³⁾	3,540		4,668
Leasing costs, net	467		473
Purchase deposits	500		1,575
Interest rate hedge assets	—		7
Deferred expenses and other assets, net	$	34,751	$	37,814

_______________________________________________________________________________

(1)Operating lease right-of-use asset relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company's ground lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in "Real estate expense" in the Company's consolidated statements of operations. During the three and nine months ended September 30, 2020, the Company recognized $0.1 million and $0.3 million, respectively, in "Real estate expense" and $0.1 million and $0.3 million, respectively, in "Other income" from its operating lease right-of-use asset. During the three and nine months ended September 30, 2019, the Company recognized $0.1 million and $0.3 million, respectively, in "Real estate expense" and $0.1 million and $0.3 million, respectively, in "Other income" from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company's incremental secured borrowing rate for a similar asset estimated to be 5.5%.

(2)During the three and nine months ended September 30, 2020, the Company recognized $8.0 thousand and $3.8 million, respectively, of percentage rent in "Operating lease income" in the Company's consolidated statement of operations. During the three and nine months ended September 30, 2019, the Company recognized $0.2 million and $4.1 million, respectively, of percentage rent in "Operating lease income" in the Company's consolidated statement of operations.

(3)Accumulated amortization of deferred finance costs was $1.6 million and $0.3 million as of September 30, 2020 and December 31, 2019, respectively.

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


	As of
	September 30, 2020		December 31, 2019
Interest rate hedge liabilities	$	36,647	$	13,672
Interest payable	14,869		5,801
Dividends declared and payable	8,337		7,472
Operating lease liability	5,762		5,852
Other liabilities⁽¹⁾	5,338		4,975
Management fee payable	3,234		2,490
Accrued expenses⁽²⁾	998		2,746


Accounts payable, accrued expenses and other liabilities	$	75,185	$	43,008

_______________________________________________________________________________

(1)As of September 30, 2020 and December 31, 2019, other liabilities includes $1.3 million and $0.6 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company's behalf.

(2)As of September 30, 2020 and December 31, 2019, accrued expenses primarily includes accrued legal and audit expenses and accrued property expenses.

Debt Obligations, net

9 Months Ended

Sep. 30, 2020

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⁾
	September 30, 2020		December 31, 2019
Secured credit financing:

Mortgages	$	1,498,113	$	1,230,143	3.99%	April 2027 to November 2069




Revolver	—		166,000		One-Month LIBOR plus 1.30%	November 2024
Total secured credit financing	1,498,113		1,396,143
Total debt obligations	1,498,113		1,396,143
Debt premium, discount and deferred financing costs, net	(28,543)		(23,221)
Total debt obligations, net	$	1,469,570	$	1,372,922

_______________________________________________________________________________

(1)Represents the weighted average interest rate of consolidated mortgage debt in effect over the life of the mortgage debt and excludes the effect of debt premium, discount and deferred financing costs. As of September 30, 2020, the weighted average cash interest rate for the Company's consolidated mortgage debt, based on interest rates in effect at that date, was 3.18%. The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within "Accounts payable, accrued expenses, and other liabilities" on the Company's consolidated balance sheets. As of September 30, 2020, the Company's combined weighted average interest rate and combined weighted average cash interest rate of the Company's consolidated mortgage debt and the mortgage debt of the Company's unconsolidated venture (applying the Company's percentage interest in the venture - refer to Note 6) were 3.96% and 3.08%, respectively.

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

Mortgages—Mortgages consist of asset specific non-recourse borrowings that are secured by the Company's Ground Leases. As of September 30, 2020, the Company's mortgages are full term interest only, bear interest at a weighted average interest rate of 3.99% and have maturities between April 2027 and November 2069.

Revolver—In June 2017, the Company entered into a recourse senior secured revolving credit facility with an initial maximum aggregate principal amount of up to $300.0 million (the "Revolver") that has since been increased to $525.0 million. The Revolver provides an accordion feature to increase, subject to certain conditions, the maximum availability up to $1.0 billion. The Revolver has an initial maturity of November 2022 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 1.30%. An undrawn credit facility commitment fee ranges from 0.15% to 0.25%, based on utilization each quarter. The Revolver allows the Company to leverage Ground Leases up to a maximum of 67.0%. As of September 30, 2020, there was $525.0 million of undrawn capacity on the Revolver and the Company had the ability to draw an additional $201.3 million without pledging any additional assets to the facility.

Debt Covenants—The Company is subject to financial covenants under the 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 1.40x; (iii) a consolidated tangible net worth of $632.8 million plus 75% of future issuances of net equity after September 30, 2019; (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 Revolver previously restricted the Company's ability to pay distributions to its shareholders. Prior to November 2019, the Company was permitted to make annual distributions up to an amount equal to 110% of the Company's adjusted funds from operations, as calculated in accordance with the Revolver. In November 2019, the Revolver was amended to eliminate the restrictions on the Company's ability to pay distributions to its shareholders so long as there is no event of default. In addition, the Company may make distributions without restriction as to amount so long as after giving effect to the dividend the Company remains in compliance with the financial covenants and no event of default has occurred and is continuing. The Company's mortgages contain no significant maintenance or ongoing financial covenants. As of September 30, 2020, the Company was in compliance with all of its financial covenants.

Future Scheduled Maturities—As of September 30, 2020, future scheduled maturities of outstanding debt obligations, assuming all extensions that can be exercised at the Company's option, are as follows ($ in thousands):


2020 (remaining three months)	$	—
2021	—
2022	—
2023	—
2024	—
Thereafter⁽¹⁾	1,498,113
Total principal maturities	1,498,113
Debt premium, discount and deferred financing costs, net	(28,543)
Total debt obligations, net	$	1,469,570

______________________________________________________________________________

(1)As of September 30, 2020, the Company's weighted average maturity for its mortgages was 30.8 years.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Unfunded Commitments—In January 2019, the Company acquired land for $13.0 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant's acquisition of an existing office building located in Washington, DC that is to be converted into a multi-family building. The Company also committed to provide the Ground Lease tenant a $10.5 million leasehold improvement allowance. As of September 30, 2020, $4.0 million of this commitment had been funded and the Company expects to fund the remaining commitment upon the completion of certain conditions. In February 2020, the Company entered into an aggregate $37.0 million commitment to acquire land for $10.0 million and provide a $27.0 million leasehold improvement allowance for the Ground Lease tenant's construction of a multi-family property in New Haven, Connecticut. As of September 30, 2020, $10.0 million of this commitment had been funded and the Company expects to fund the remaining commitment 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

9 Months Ended

Sep. 30, 2020

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 nine months ended September 30, 2020, the Company’s largest tenant by revenues accounted for approximately 10.5% of the Company’s revenues.

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 as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions that the Company expects to occur over the next 18 months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments).

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

The table below presents the Company's derivatives as well as their classification on the consolidated balance sheets as of September 30, 2020 and December 31, 2019 ($ in thousands):⁽¹⁾


	September 30, 2020		December 31, 2019

Derivative Type	Fair Value⁽²⁾					Balance Sheet Location
Assets
Interest rate swaps	$	—	$	7	Deferred expenses and other assets, net







	$	—	$	7
Liabilities
Interest rate swaps	$	36,647	$	13,672	Accounts payable, accrued expenses and other liabilities






	$	36,647	$	13,672

____________________________________________________________________________

(1)During the three months ended September 30, 2020 and 2019, the Company recorded $1.0 million and $(9.1) million, respectively, of unrealized gains (losses) in accumulated other comprehensive income (loss). During the nine months ended September 30, 2020 and 2019, the Company recorded $23.4 million and $32.4 million, respectively, of unrealized losses in accumulated other comprehensive income (loss).

(2)The fair value of the Company's derivatives are based upon widely accepted valuation techniques utilized by a third-party specialist using observable inputs such as interest rates and contractual cash flow and are classified as Level 2 within the fair value hierarchy. Over the next 12 months, the Company expects that $2.5 million related to cash flow hedges will be reclassified from "Accumulated other comprehensive income (loss)" as an increase to interest expense.

Credit Risk-Related Contingent Features—The Company reports derivative instruments 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 September 30, 2020 and December 31, 2019, the Company posted collateral of $38.6 million and $20.1 million, respectively, which is included in "Restricted cash" on the Company's consolidated balance sheets. As of September 30, 2020 and December 31, 2019, 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 table below presents the effect of the Company's derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and nine months ended September 30, 2020 and 2019 ($ in thousands):


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 September 30, 2020
Interest rate swaps	Interest expense	$	984	$	(508)

For the Three Months Ended September 30, 2019
Interest rate swaps	Interest expense	$	(9,132)	$	(189)

For the Nine Months Ended September 30, 2020
Interest rate swaps	Interest expense	$	(23,450)	$	(1,321)

For the Nine Months Ended September 30, 2019
Interest rate swaps	Interest expense	$	(32,362)	$	46

Equity	9 Months Ended
Equity	Sep. 30, 2020
Equity [Abstract]
Equity	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. On January 2, 2019, the Company received $250.0 million of proceeds from iStar for its purchase of 12,500,000 newly designated limited partnership units ("Investor Units") in the Operating Partnership at a purchase price of $20.00 per unit. In May 2019, after approval of the Company's shareholders, the Investor Units were exchanged for shares of the Company's common stock on a one-for-one basis. Following the exchange, the Investor Units were retired. Each Investor Unit received distributions equivalent to distributions declared and paid on one share of the Company's common stock. The Investor Units had no voting rights. They had limited protective consent rights over certain matters such as amendments to the terms of the Investor Units that would adversely affect the Investor Units. On August 12, 2019, the Company sold 3,450,000 shares of its common stock in a public offering for gross proceeds of $96.6 million. Concurrently with the public offering, the Company sold $168.0 million in shares, or 6,000,000 shares, of its common stock to iStar in a private placement. The Company incurred approximately $4.4 million of offering costs in connection with these transactions which were recorded as a reduction to additional paid-in capital. On November 22, 2019, the Company sold 3,450,000 shares of its common stock in a public offering for gross proceeds of $117.3 million. Concurrently with the public offering, the Company sold $130.0 million in shares, or 3,823,529 shares, of its common stock to iStar in a private placement. The Company incurred approximately $5.0 million of offering costs in connection with these transactions which were recorded as a reduction to additional paid-in capital. On March 20, 2020, the Company sold 1,495,000 shares of its common stock in a public offering for gross proceeds of $70.1 million. Concurrently with the public offering, the Company sold $80.0 million in shares, or 1,706,485 shares, of its common stock to iStar in a private placement. The Company incurred approximately $1.6 million of offering costs in connection with these transactions which were recorded as a reduction to additional paid-in capital. From the completion of the Company's initial public offering through September 30, 2020, iStar purchased 4.0 million shares of the Company's common stock for $104.7 million, at an average cost of $26.08 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. As of September 30, 2020, iStar owned 65.8% of the Company's common stock; however, its discretionary voting power is limited to 41.9% as a result of limitations on its voting power contained in a stockholder's agreement entered into in connection with its purchase of the Investor Units. Equity Plans—During the third quarter 2018, the Company adopted an equity incentive plan providing for grants of interests (called "CARET Units") in a subsidiary of the Operating Partnership intended to constitute profits interests within the meaning of relevant Internal Revenue Service guidance. The Company's shareholders approved the plan in the second quarter of 2019. Grants under the plan are subject to graduated vesting based on time and hurdles of the Company's common stock price. Once a particular stock price hurdle is met, a portion of the awards become vested, but remain subject to being forfeited, in part, if additional time-based service conditions are not satisfied. The awards generally entitle plan participants to cash distributions of up to 15%, in the aggregate, of the capital appreciation above the Company's investment basis on its Ground Lease assets received upon the sale of a Ground Lease, the sale of a combined property and certain non-recourse mortgage debt refinancings of a Ground Lease. The Company owns the remaining 85% of the CARET Units. At the time of plan adoption, awards with an aggregate fair value of $1.4 million were granted to the Company's independent directors and employees of the Manager and will be recognized over a period of four years. As of September 30, 2020, all stock price hurdles were achieved and 38% of each outstanding award is now fully vested while the remaining 62% of each award will become vested upon satisfaction of continuing service conditions. In February 2020 and March 2020, the Company granted awards with an aggregate grant date fair value of $0.5 million and $0.1 million, respectively, to employees of the Manager. The awards granted in February 2020 will cliff vest in December 2022 and the awards granted in March 2020 will vest over three years upon satisfaction of continuing service conditions. During the nine months ended September 30, 2020 and 2019, the Company recognized $0.4 million and $0.3 million, respectively, in expense from CARET Units and it is recorded in "General and administrative" in the Company's consolidated statements of operations and "Noncontrolling interests" on the Company's consolidated balance sheet. 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. In the second quarter 2020, the Company issued 22,000 fully-vested shares with a fair value of $1.0 million, or $46.94 per share, to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors. In the first quarter 2019, the Company granted 25,000 restricted stock units with a fair value of $0.5 million, or $19.15 per share, under the 2017 Equity Incentive Plan to an employee of the Manager, representing the right to receive 25,000 shares of the Company's common stock 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 September 30, 2020, there was $0.2 million of total unrecognized compensation cost related to the unvested restricted stock units. As of September 30, 2020, an aggregate of 740,500 shares remain available for issuance pursuant to future awards under the Company's 2017 Equity Incentive Plan. Accumulated Other Comprehensive Income (Loss)—Accumulated other comprehensive income (loss) consists of net unrealized gains (losses) on the Company's derivative transactions. Noncontrolling Interests—Noncontrolling interests includes unrelated third-party equity interests in ventures that are consolidated in the Company's consolidated financial statements and CARET Units that have been granted to employees of the Company's Manager. 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 nine months ended September 30, 2020, the Company declared cash dividends on its common stock of $24.6 million, or $0.4805 per share. During the nine months ended September 30, 2019, the Company declared cash dividends on its common stock of $13.9 million, or $0.462 per share. In addition, during the nine months ended September 30, 2019, the Company declared cash distributions to iStar for its Investor Units of $1.9 million, or $0.15 per Investor Unit.

Earnings Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	14,212	$	5,481	$	44,169	$	22,560
Net income attributable to noncontrolling interests	(49)		(49)		(145)		(5,986)
Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share	$	14,163	$	5,432	$	44,024	$	16,574


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Earnings attributable to common shares:
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$	14,163	$	5,432	$	44,024	$	16,574


Net income attributable to Safehold Inc. common shareholders - diluted	$	14,163	$	5,432	$	44,024	$	16,574







Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	51,153		36,111		50,158		26,748
Add: Effect of assumed shares under treasury stock method for restricted stock units	9		—		9		—

Weighted average common shares outstanding for diluted earnings per common share⁽¹⁾	51,162		36,111		50,167		26,748


Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. common shareholders - basic	$	0.28	$	0.15	$	0.88	$	0.62
Net income attributable to Safehold Inc. common shareholders - diluted	$	0.28	$	0.15	$	0.88	$	0.62

____________________________________________________________________________

(1)During the nine months ended September 30, 2019, 5,860,806 of Investor Units (refer to Note 11) were anti-dilutive.

Related Party Transactions

9 Months Ended

Sep. 30, 2020

Related Party Transactions

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 over $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 June 30, 2020, iStar had total assets of approximately $4.9 billion and 155 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 a specified pricing period; or (ii) the initial public offering price of $20.00 per share)
Lock-up			Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)

Incentive Fee			None
Term			Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company's independent directors and payment of termination fee.

Termination Fee			3x prior year's management fee

During the three months ended September 30, 2020 and 2019, the Company recorded $3.2 million and $1.9 million, respectively, in management fees to the Manager. During the nine months ended September 30, 2020 and 2019, the Company recorded $9.3 million and $5.0 million, respectively, in management fees to the Manager. These management fees are recorded in "General and administrative" in the Company's consolidated statements of operations.

Expense Reimbursements

The Company pays, or reimburses the Manager for, certain of the Company's operating expenses as well as the costs of personnel performing certain legal, accounting, finance, due diligence tasks and other services, in each case except those specifically required to be borne or elected not to be charged by the Manager under the management agreement.

During the three months ended September 30, 2020 and 2019, the Company was allocated $1.3 million and $0.5 million, respectively, in expenses from the Manager. During the nine months ended September 30, 2020 and 2019, the Company was allocated $3.8 million and $1.6 million, respectively, in expenses from the Manager. These expenses are recorded in "General and administrative" in the Company's consolidated statements of operations.

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. These transactions were approved by the Company’s independent directors in accordance with the Company's policy with respect to transactions in which iStar is also a participant.

In October 2017, the Company entered into a purchase agreement with iStar to acquire land subject to a Ground Lease on which a luxury multi-family project is currently being constructed in San Jose, California for a purchase price of $34.0 million. iStar committed to provide a $80.5 million construction loan to the ground lessee. In September 2020, the Company closed on the acquisition of the Ground Lease.

In June 2020, the Company acquired the fee interest in an office condominium in Honolulu, HI and simultaneously structured and entered into a Ground Lease with the condominium's tenant. The tenant simultaneously acquired the leasehold interest in the office condominium. The Ground Lease has a term of 99 years. The tenant is a venture in which iStar owns a 51.9% equity interest.

In August 2019, the Company and iStar closed on the acquisition of a 310,000 square foot Class-A office building located in Austin, TX. iStar acquired the leasehold interest and the Company simultaneously acquired the fee interest and entered into a new 99-year Ground Lease with iStar.

In February 2019, the Company and iStar closed on the acquisition of 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.

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 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 for the acquisition of the property, with an initial term of 21 months.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation—The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with the instructions to Form 10-Q and Article 10-01 of Regulation S-X for interim financial statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America ("GAAP") for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (the "2019 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.
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 sales-type leases; Ground Lease receivables and restricted cash approximated their fair values. The Company determined the fair value of its debt obligations, net as of September 30, 2020 and December 31, 2019 was approximately $1.6 billion and $1.4 billion, respectively, and is classified as Level 3 within 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. The Company will cease to qualify as an emerging growth company effective as of December 31, 2020, at which time the exemptions described above will terminate. For the remainder of the Company's significant accounting policies, refer to the Company's 2019 Annual Report.
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. For public entities such as the Company that qualify as smaller reporting companies, ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2022. Early adoption is permitted. Management is currently evaluating the impact of ASU 2016-13 on the Company’s consolidated financial statements. In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments ("ASU 2019-04") to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Topic 848 ("ASU 2020-04") to provide entities optional expedients for a limited time period to ease the potential burden in accounting for reference rate reform on financial reporting. The amendments in ASU 2020-04 are elective for entities with contracts, including derivative contracts, that reference LIBOR or some other reference rate that are expected to be discontinued. For the Company's cash flow hedges, ASU 2020-04 allows: (i) an entity to change the reference rate without having to dedesignate the hedging relationship; (ii) for cash flow hedges in which the designated hedged risk is LIBOR, allows an entity to assert that it remains probable that the hedged forecasted transaction will occur; and (iii) allows an entity to change the designated method used to assess hedge effectiveness and simplifies or temporarily suspends the assessment of hedge effectiveness for hedging relationships. ASU 2020-04 must be applied prospectively and was effective beginning March 12, 2020 upon issuance and remains effective through December 31, 2022. During the first quarter 2020, the Company elected to apply the hedge accounting expedients described above. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company will continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

Real Estate and Real Estate-Related Intangibles (Tables)

9 Months Ended

Sep. 30, 2020

Real Estate [Abstract]

Schedule of Real Estate Assets

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


	As of
	September 30, 2020		December 31, 2019
Land and land improvements, at cost	$	514,305	$	494,670
Buildings and improvements, at cost	193,232		193,232
Less: accumulated depreciation	(20,807)		(16,286)
Total real estate, net	$	686,730	$	671,616
Real estate-related intangible assets, net	239,172		242,837
Total real estate, net and real estate-related intangible assets, net	$	925,902	$	914,453

Schedule of Real Estate-Related Intangible Assets, Net

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


	As of September 30, 2020
	Gross Intangible		Accumulated Amortization		Carrying Value
Above-market lease assets, net⁽¹⁾	$	203,778	$	(8,665)	$	195,113
In-place lease assets, net⁽²⁾	54,494		(11,165)		43,329
Other intangible assets, net	750		(20)		730
Total	$	259,022	$	(19,850)	$	239,172


	As of December 31, 2019
	Gross Intangible		Accumulated Amortization		Carrying Value
Above-market lease assets, net⁽¹⁾	$	203,288	$	(6,183)	$	197,105
In-place lease assets, net⁽²⁾	53,626		(8,629)		44,997
Other intangible assets, net	750		(15)		735
Total	$	257,664	$	(14,827)	$	242,837

_______________________________________________________________________________


	Income Statement	For the Three Months Ended September 30,
Intangible asset	Location	2020		2019
Above-market lease assets (decrease to income)	Operating lease income	$	830	$	787
In-place lease assets (decrease to income)	Depreciation and amortization	852		836

Other intangible assets (decrease to income)	Operating lease income	2		2


	Income Statement	For the Nine Months Ended September 30,
Intangible asset	Location	2020		2019
Above-market lease assets (decrease to income)	Operating lease income	$	2,481	$	2,318
In-place lease assets (decrease to income)	Depreciation and amortization	2,536		2,503

Other intangible assets (decrease to income)	Operating lease income	6		6

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
2020 (remaining three months)	$	1,690
2021	6,759
2022	6,759
2023	6,743
2024	6,695

_______________________________________________________________________________

(1)As of September 30, 2020, the weighted average amortization period for the Company's real estate-related intangible assets was approximately 80.2 years.

Real Estate - Related Intangibles, Liabilities

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


	As of September 30, 2020
	Gross Intangible		Accumulated Amortization		Carrying Value
Below-market lease liabilities⁽¹⁾	$	59,015	$	(2,166)	$	56,849


	As of December 31, 2019
	Gross Intangible		Accumulated Amortization		Carrying Value
Below-market lease liabilities⁽¹⁾	$	59,015	$	(1,682)	$	57,333

_______________________________________________________________________________

Purchase Price Allocations


	Income Statement	For the Three Months Ended September 30,
Intangible liability	Location	2020		2019
Below-market lease liabilities (increase to income)	Operating lease income	$	161	$	161


	Income Statement	For the Nine Months Ended September 30,
Intangible liability	Location	2020		2019
Below-market lease liabilities (increase to income)	Operating lease income	$	484	$	481

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum lease payments to be collected under non-cancelable operating leases, excluding lease payments that are not fixed and determinable, in effect as of September 30, 2020, are as follows by year ($ in thousands):


Year	Inflation- Linked		Fixed Bumps with Inflation Adjustments		Fixed Bumps		Percentage Rent		Fixed Bumps with Percentage Rent		Total
2020 (remaining three months)	$	1,339	$	4,450	$	535	$	2,799	$	89	$	9,212
2021	5,357		18,037		2,155		11,195		356		37,100
2022	5,357		18,384		2,185		11,195		356		37,477
2023	5,357		18,833		2,213		11,195		281		37,879
2024	5,357		19,192		2,248		11,195		51		38,043

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

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Sales-type Lease, Lease Income

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


	September 30, 2020		December 31, 2019
Total undiscounted cash flows	$	12,005,055	$	11,301,356
Unguaranteed estimated residual value	1,038,689		979,057
Present value discount	(11,955,057)		(11,295,815)

Net investment in sales-type leases	$	1,088,687	$	984,598

The following table presents a rollforward of the Company's net investment in sales-type leases and Ground Lease receivables for the nine months ended September 30, 2020 and 2019 ($ in thousands):


	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Nine Months Ended September 30, 2020
Beginning balance	$	984,598	$	397,087	$	1,381,685
Origination/acquisition/fundings⁽¹⁾	88,648		76,477		165,125
Accretion (amortization)	15,441		6,317		21,758
Ending balance⁽²⁾	$	1,088,687	$	479,881	$	1,568,568

Nine Months Ended September 30, 2019
Beginning balance	$	—	$	—	$	—
Origination/acquisition/fundings⁽¹⁾	463,251		73,094		536,345
Accretion (amortization)	2,038		244		2,282
Ending balance	$	465,289	$	73,338	$	538,627

_______________________________________________________________________________


Three Months Ended September 30, 2020	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	8,960	$	4,027	$	12,987
Non-cash	5,298		2,298		7,596
Total interest income from sales-type leases	$	14,258	$	6,325	$	20,583

Three Months Ended September 30, 2019	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	2,160	$	506	$	2,666
Non-cash	1,122		244		1,366
Total interest income from sales-type leases	$	3,282	$	750	$	4,032


Nine Months Ended September 30, 2020	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	26,518	$	11,039	$	37,557
Non-cash	15,441		6,317		21,758
Total interest income from sales-type leases	$	41,959	$	17,356	$	59,315


Nine Months Ended September 30, 2019	Net Investment in Sales-type Leases		Ground Lease Receivables		Total
Cash	$	4,046	$	506	$	4,552
Non-cash	2,038		244		2,282
Total interest income from sales-type leases	$	6,084	$	750	$	6,834

Future Minimum Lease Payments Under Sales-type Leases


	Fixed Bumps with Inflation Adjustments		Fixed Bumps		Fixed Bumps with Percentage Rent		Total
2020 (remaining three months)	$	8,917	$	212	$	133	$	9,262
2021	36,050		1,278		532		37,860
2022	36,904		1,303		537		38,744
2023	37,993		1,329		586		39,908
2024	40,057		1,356		586		41,999
Thereafter	11,378,803		356,646		101,833		11,837,282
Total undiscounted cash flows	$	11,538,724	$	362,124	$	104,207	$	12,005,055

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

9 Months Ended

Sep. 30, 2020

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
	September 30, 2020		December 31, 2019
Operating lease right-of-use asset⁽¹⁾	$	28,828	$	29,659



Other assets⁽²⁾	1,416		1,432
Deferred finance costs, net⁽³⁾	3,540		4,668
Leasing costs, net	467		473
Purchase deposits	500		1,575
Interest rate hedge assets	—		7
Deferred expenses and other assets, net	$	34,751	$	37,814

_______________________________________________________________________________

(3)Accumulated amortization of deferred finance costs was $1.6 million and $0.3 million as of September 30, 2020 and December 31, 2019, 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
	September 30, 2020		December 31, 2019
Interest rate hedge liabilities	$	36,647	$	13,672
Interest payable	14,869		5,801
Dividends declared and payable	8,337		7,472
Operating lease liability	5,762		5,852
Other liabilities⁽¹⁾	5,338		4,975
Management fee payable	3,234		2,490
Accrued expenses⁽²⁾	998		2,746


Accounts payable, accrued expenses and other liabilities	$	75,185	$	43,008

_______________________________________________________________________________

(2)As of September 30, 2020 and December 31, 2019, accrued expenses primarily includes accrued legal and audit expenses and accrued property expenses.

Debt Obligations, net (Tables)

9 Months Ended

Sep. 30, 2020

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⁾
	September 30, 2020		December 31, 2019
Secured credit financing:

Mortgages	$	1,498,113	$	1,230,143	3.99%	April 2027 to November 2069




Revolver	—		166,000		One-Month LIBOR plus 1.30%	November 2024
Total secured credit financing	1,498,113		1,396,143
Total debt obligations	1,498,113		1,396,143
Debt premium, discount and deferred financing costs, net	(28,543)		(23,221)
Total debt obligations, net	$	1,469,570	$	1,372,922

_______________________________________________________________________________

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

Schedule of Maturities of Long-term Debt


2020 (remaining three months)	$	—
2021	—
2022	—
2023	—
2024	—
Thereafter⁽¹⁾	1,498,113
Total principal maturities	1,498,113
Debt premium, discount and deferred financing costs, net	(28,543)
Total debt obligations, net	$	1,469,570

______________________________________________________________________________

(1)As of September 30, 2020, the Company's weighted average maturity for its mortgages was 30.8 years.

- 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.

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+ Details

Risk Management and Derivatives (Tables)

9 Months Ended

Sep. 30, 2020

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 consolidated balance sheets as of September 30, 2020 and December 31, 2019 ($ in thousands):(1)


	September 30, 2020		December 31, 2019

Derivative Type	Fair Value⁽²⁾					Balance Sheet Location
Assets
Interest rate swaps	$	—	$	7	Deferred expenses and other assets, net







	$	—	$	7
Liabilities
Interest rate swaps	$	36,647	$	13,672	Accounts payable, accrued expenses and other liabilities






	$	36,647	$	13,672

____________________________________________________________________________

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 September 30, 2020
Interest rate swaps	Interest expense	$	984	$	(508)

For the Three Months Ended September 30, 2019
Interest rate swaps	Interest expense	$	(9,132)	$	(189)

For the Nine Months Ended September 30, 2020
Interest rate swaps	Interest expense	$	(23,450)	$	(1,321)

For the Nine Months Ended September 30, 2019
Interest rate swaps	Interest expense	$	(32,362)	$	46

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of earnings per share

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Net income	$	14,212	$	5,481	$	44,169	$	22,560
Net income attributable to noncontrolling interests	(49)		(49)		(145)		(5,986)
Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share	$	14,163	$	5,432	$	44,024	$	16,574


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Earnings attributable to common shares:
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$	14,163	$	5,432	$	44,024	$	16,574


Net income attributable to Safehold Inc. common shareholders - diluted	$	14,163	$	5,432	$	44,024	$	16,574







Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share	51,153		36,111		50,158		26,748
Add: Effect of assumed shares under treasury stock method for restricted stock units	9		—		9		—

Weighted average common shares outstanding for diluted earnings per common share⁽¹⁾	51,162		36,111		50,167		26,748


Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. common shareholders - basic	$	0.28	$	0.15	$	0.88	$	0.62
Net income attributable to Safehold Inc. common shareholders - diluted	$	0.28	$	0.15	$	0.88	$	0.62

____________________________________________________________________________

(1)During the nine months ended September 30, 2019, 5,860,806 of Investor Units (refer to Note 11) were anti-dilutive.

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2020

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 a specified pricing period; or (ii) the initial public offering price of $20.00 per share)
Lock-up			Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement)

Incentive Fee			None
Term			Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company's independent directors and payment of termination fee.

Termination Fee			3x prior year's management fee

Business and Organization (Details)	9 Months Ended
Business and Organization (Details)	Sep. 30, 2020 segment
Business Acquisition [Line Items]
Number of reportable segments	1
Minimum
Business Acquisition [Line Items]
Ground leases term (in years)	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 (in years)	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	4.5
Safehold Operating Partnership LP
Business Acquisition [Line Items]
Ownership interest by shareholders'	100.00%
Ownership interest	100.00%

Basis of Presentation and Principles and Consolidation (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets	$ 2,850,787	$ 2,566,561
Liabilities	1,601,604	$ 1,473,263
Variable Interest Entity, Primary Beneficiary \| Real Estate, Net, Real Estate Related Intangible Assets, Net and Deferred Operating Lease Income Receivable, Net
Variable Interest Entity [Line Items]
Assets	61,900
Variable Interest Entity, Primary Beneficiary \| Debt Obligations, Net, Accounts Payable, Accrued Expenses, and Other Liabilities
Variable Interest Entity [Line Items]
Liabilities	$ 29,700

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) $ in Billions	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Fair value of debt obligations	$ 1.6	$ 1.4

Real Estate and Real Estate-Related Intangibles (Real Estate Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land and land improvements, at cost	$ 514,305	$ 494,670
Buildings and improvements, at cost	193,232	193,232
Less: accumulated depreciation	(20,807)	(16,286)
Real estate, net	686,730	671,616
Real estate-related intangible assets, net	239,172	242,837
Total real estate, net and real estate-related intangible assets, net	$ 925,902	$ 914,453

Real Estate and Real Estate-Related Intangibles (Intangibles) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	$ 259,022		$ 259,022		$ 257,664
Accumulated Amortization	(19,850)		(19,850)		(14,827)
Carrying Value	239,172		239,172		242,837
Gross Intangible	59,015		59,015		59,015
Accumulated Amortization	(2,166)		(2,166)		(1,682)
Carrying Value	56,849		56,849		57,333
Above-market lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	203,778		203,778		203,288
Accumulated Amortization	(8,665)		(8,665)		(6,183)
Carrying Value	195,113		195,113		197,105
Above-market lease assets, net \| Operating lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	830	$ 787	2,481	$ 2,318
In-place lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	54,494		54,494		53,626
Accumulated Amortization	(11,165)		(11,165)		(8,629)
Carrying Value	43,329		43,329		44,997
In-place lease assets, net \| Depreciation and amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	852	836	2,536	2,503
Below-market lease asset, net \| Operating lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	161	161	484	481
Other intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible	750		750		750
Accumulated Amortization	(20)		(20)		(15)
Carrying Value	730		730		$ 735
Other intangible assets, net \| Operating lease income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 2	$ 2	$ 6	$ 6

Real Estate and Real Estate-Related Intangibles (Intangible Asset Future Amortization Expense) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Real Estate [Abstract]
2020 (remaining three months)	$ 1,690
2021	6,759
2022	6,759
2023	6,743
2024	$ 6,695
Real estate-related intangible assets useful life	80 years 2 months 12 days

Real Estate and Real Estate-Related Intangibles (Future Minimum Ground Net Lease Payments) (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Future Minimum Ground Net Lease Payments to be Collected
2020 (remaining three months)	$ 9,212
2021	37,100
2022	37,477
2023	37,879
2024	38,043
Inflation- Linked
Future Minimum Ground Net Lease Payments to be Collected
2020 (remaining three months)	1,339
2021	5,357
2022	5,357
2023	5,357
2024	5,357
Fixed Bumps with Inflation Adjustments
Future Minimum Ground Net Lease Payments to be Collected
2020 (remaining three months)	4,450
2021	18,037
2022	18,384
2023	18,833
2024	19,192
Fixed Bumps
Future Minimum Ground Net Lease Payments to be Collected
2020 (remaining three months)	535
2021	2,155
2022	2,185
2023	2,213
2024	2,248
Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2020 (remaining three months)	2,799
2021	11,195
2022	11,195
2023	11,195
2024	11,195
Fixed Bumps with Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2020 (remaining three months)	89
2021	356
2022	356
2023	281
2024	$ 51

Net Investment In Sales-type Leases and Ground Lease Receivables (Schedule of Net Investment in Sales-type Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Leases [Abstract]
Total undiscounted cash flows	$ 12,005,055	$ 11,301,356
Unguaranteed estimated residual value	1,038,689	979,057
Present value discount	(11,955,057)	(11,295,815)
Net investment in sales-type leases	$ 1,088,687	$ 984,598	$ 465,289	$ 0

Net Investment In Sales-type Leases and Ground Lease Receivables (Schedule of Net Investment in Leases) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($) lease	Sep. 30, 2019 USD ($)
Net Investment in Sales-type Leases
Beginning balance	$ 984,598	$ 0
Origination/acquisition	88,648	463,251
Accretion (amortization)	15,441	2,038
Ending balance	1,088,687	465,289
Ground Lease Receivables
Beginning balance	397,087	0
Origination/acquisition	76,477	73,094
Accretion (amortization)	6,317	244
Ending balance	479,881	73,338
Total
Beginning balance	1,381,685	0
Origination/acquisition	165,125	536,345
Accretion (amortization)	21,758	2,282
Ending balance	$ 1,568,568	$ 538,627
Weighted average accrual rate, net investment in sales-type lease (percent)	5.60%
Weighted average accrual rate, net investment in ground lease (percent)	5.50%
Number of ground lease receivables \| lease	10
Ground leases term (in years)	101 years 2 months 12 days

Net Investment In Sales-type Leases and Ground Lease Receivables (Fiscal Year Maturity) (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Lessee, Lease, Description [Line Items]
2020 (remaining three months)	$ 9,262
2021	37,860
2022	38,744
2023	39,908
2024	41,999
Thereafter	11,837,282
Total undiscounted cash flows	12,005,055
Fixed Bumps with Inflation Adjustments
Lessee, Lease, Description [Line Items]
2020 (remaining three months)	8,917
2021	36,050
2022	36,904
2023	37,993
2024	40,057
Thereafter	11,378,803
Total undiscounted cash flows	11,538,724
Fixed Bumps
Lessee, Lease, Description [Line Items]
2020 (remaining three months)	212
2021	1,278
2022	1,303
2023	1,329
2024	1,356
Thereafter	356,646
Total undiscounted cash flows	362,124
Fixed Bumps with Percentage Rent
Lessee, Lease, Description [Line Items]
2020 (remaining three months)	133
2021	532
2022	537
2023	586
2024	586
Thereafter	101,833
Total undiscounted cash flows	$ 104,207

Net Investment In Sales-type Leases and Ground Lease Receivables (Interest Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	$ 20,583	$ 4,032	$ 59,315	$ 6,834
Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	12,987	2,666	37,557	4,552
Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	7,596	1,366	21,758	2,282
Net Investment in Sales-type Leases
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	14,258	3,282	41,959	6,084
Net Investment in Sales-type Leases \| Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	8,960	2,160	26,518	4,046
Net Investment in Sales-type Leases \| Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	5,298	1,122	15,441	2,038
Ground Lease Receivables
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	6,325	750	17,356	750
Ground Lease Receivables \| Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	4,027	506	11,039	506
Ground Lease Receivables \| Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	$ 2,298	$ 244	$ 6,317	$ 244

Equity Investments in Ground Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Aug. 31, 2019
Investment Holdings [Line Items]
Equity investments in Ground Leases	$ 129,261		$ 129,261		$ 127,524
Earnings (losses) from equity method investments	832	$ (759)	2,472	$ (759)
Joint Venture
Investment Holdings [Line Items]
Ownership percentage (percent)						54.80%
Equity investments in Ground Leases	129,300		129,300		$ 127,500
Earnings (losses) from equity method investments	$ 800	$ (800)	$ 2,500	$ (800)

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Assets) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating lease right-of-use asset	$ 28,828,000		$ 28,828,000		$ 29,659,000
Other assets	1,416,000		1,416,000		1,432,000
Deferred finance costs, net	3,540,000		3,540,000		4,668,000
Leasing costs, net	467,000		467,000		473,000
Purchase deposits	500,000		500,000		1,575,000
Interest rate hedge assets	0		0		7,000
Deferred expenses and other assets, net	$ 34,751,000		$ 34,751,000		37,814,000
Related Party Transaction [Line Items]
Lease discount rate (percent)	5.50%		5.50%
Operating lease income	$ 17,195,000	$ 17,132,000	$ 55,088,000	$ 54,844,000
Accumulated amortization of deferred finance costs	1,600,000		1,600,000		$ 300,000
Percentage Rent Arrangement
Related Party Transaction [Line Items]
Operating lease income	8,000.0	200,000	3,800,000	4,100,000
Real estate expense
Related Party Transaction [Line Items]
Operating lease expense recognized	100,000	100,000	300,000	300,000
Other Income
Related Party Transaction [Line Items]
Operating lease expense recognized	100,000	$ 100,000	300,000	$ 300,000
Below-market lease
Related Party Transaction [Line Items]
Annual lease fee	$ 400,000		$ 400,000

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Interest rate hedge liabilities	$ 36,647	$ 13,672
Interest payable	14,869	5,801
Dividends declared and payable	8,337	7,472
Operating lease liability	5,762	5,852
Other liabilities	5,338	4,975
Management fee payable	3,234	2,490
Accrued expenses	998	2,746
Accounts payable, accrued expenses and other liabilities	75,185	43,008
Payable to the Manager for costs it paid on the Company's behalf	$ 1,300	$ 600

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt obligations	$ 1,498,113	$ 1,396,143
Debt premium, discount and deferred financing costs, net	(28,543)	(23,221)
Total debt obligations, net	$ 1,469,570	1,372,922
Cash interest rate (percent)	3.18%
Secured credit financing:
Debt Instrument [Line Items]
Total debt obligations	$ 1,498,113	1,396,143
Debt premium, discount and deferred financing costs, net	(28,543)
Total debt obligations, net	$ 1,469,570
Portfolio Mortgage Debt
Debt Instrument [Line Items]
Weighted average interest rate (percent)	3.96%
Cash interest rate (percent)	3.08%
Mortgages \| Secured credit financing:
Debt Instrument [Line Items]
Total debt obligations	$ 1,498,113	1,230,143
Weighted average interest rate (percent)	3.99%
Revolver \| Secured credit financing:
Debt Instrument [Line Items]
Total debt obligations	$ 0	$ 166,000
Revolver \| Secured credit financing: \| LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate	1.30%

Debt Obligations, net (Narrative) (Details)	1 Months Ended	9 Months Ended
Debt Obligations, net (Narrative) (Details)	Jun. 30, 2017 USD ($)	Sep. 30, 2020 USD ($) extension
Line of Credit Facility [Line Items]
Consolidated tangible net worth		$ 632,800,000
Revolver
Line of Credit Facility [Line Items]
Maximum leverage ratio		70.00%
Maximum leverage ratio for 180 day period		75.00%
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings		1.40
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%
Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 300,000,000.0	$ 525,000,000.0
Accordion feature, increase limit		$ 1,000,000,000.0
Number of extension options available \| extension		2
Debt extension term		12 months
Maximum leverage rate		67.00%
Available and undrawn capacity		$ 525,000,000.0
Additional unsecured borrowing capacity		$ 201,300,000
Revolver \| Line of Credit \| LIBOR
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate	1.30%
Minimum \| Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.15%
Maximum \| Revolver \| Line of Credit
Line of Credit Facility [Line Items]
Unused capacity, commitment fee percentage	0.25%
Mortgages \| Secured credit financing:
Line of Credit Facility [Line Items]
Weighted average interest rate (percent)		3.99%

Debt Obligations, net (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total principal maturities	$ 1,498,113	$ 1,396,143
Debt premium, discount and deferred financing costs, net	(28,543)	(23,221)
Total debt obligations, net	1,469,570	1,372,922
Secured credit financing:
Debt Instrument [Line Items]
2020 (remaining three months)	0
2021	0
2022	0
2023	0
2024	0
Thereafter	1,498,113
Total principal maturities	1,498,113	$ 1,396,143
Debt premium, discount and deferred financing costs, net	(28,543)
Total debt obligations, net	$ 1,469,570
Weighted average maturity of mortgages	30 years 9 months 18 days

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended
	Feb. 29, 2020	Jan. 31, 2019	Sep. 30, 2020
515 22nd Street
Long-term Purchase Commitment [Line Items]
Payments to acquire productive assets		$ 13.0
Leasehold improvement allowance		$ 10.5
Leasehold improvement allowance, funded amount			$ 4.0
Multi-Family Property, Connecticut
Long-term Purchase Commitment [Line Items]
Leasehold improvement allowance, funded amount			$ 10.0
Payments to acquire productive assets	$ 37.0
Multi-Family Property, Connecticut \| Land
Long-term Purchase Commitment [Line Items]
Payments to acquire productive assets	10.0
Multi-Family Property, Connecticut \| Leasehold Improvements
Long-term Purchase Commitment [Line Items]
Payments to acquire productive assets	$ 27.0

Risk Management and Derivatives (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Revenue \| Customer Concentration Risk \| Tenant 1
Concentration Risk [Line Items]
Concentration risk percentage	10.50%
Restricted Cash
Concentration Risk [Line Items]
Fair value of collateral posted	$ 38.6	$ 20.1
Not Designated as Hedging Instrument \| Interest rate swap \| Maximum
Concentration Risk [Line Items]
Maximum period of derivative	18 months

Risk Management and Derivatives (Derivative Instruments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, fair value	$ 0		$ 0		$ 7
Cash flow hedge gain (loss) to be reclassified within twelve months			2,500
Reclassification out of Accumulated Other Comprehensive Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized losses in accumulated other comprehensive income (loss)	1,000	$ (9,100)	(23,400)	$ (32,400)
Derivatives Designated in Hedging Relationships
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liabilities, fair value	36,647		36,647		13,672
Derivatives Designated in Hedging Relationships \| Interest rate swap \| Deferred expenses and other assets, net
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset, fair value	0		0		7
Derivatives Designated in Hedging Relationships \| Interest rate swap \| Accounts payable, accrued expenses and other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liabilities, fair value	$ 36,647		$ 36,647		$ 13,672

Risk Management and Derivatives (Derivative Instrument Gain (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	$ 984	$ (9,132)	$ (23,450)	$ (32,362)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	(508)	(189)	(1,321)	46
Derivatives Designated in Hedging Relationships \| Interest Expense \| Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain (loss) on derivatives	984	(9,132)	(23,450)	(32,362)
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	$ (508)	$ (189)	$ (1,321)	$ 46

Equity (Narrative) (Details) $ / shares in Units, $ in Thousands							3 Months Ended				9 Months Ended		39 Months Ended
	Mar. 20, 2020 USD ($) shares	Nov. 22, 2019 USD ($) shares	Aug. 12, 2019 USD ($) shares	Jan. 02, 2019 USD ($) $ / shares shares	Jun. 27, 2017 USD ($) shares	Apr. 14, 2017 USD ($) investor shares	Sep. 30, 2020 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares	Mar. 31, 2019 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares	Sep. 30, 2020 USD ($) $ / shares shares	Mar. 01, 2020 USD ($)	Feb. 01, 2020 USD ($)
Class of Stock [Line Items]
Issuance of common stock, net / amortization							$ 3,379		$ 261,850		$ 158,444	$ 265,600
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 quality as REIT											100.00%
Dividends declared, per share (in dollars per share) \| $ / shares							$ 0.16224		$ 0.156		$ 0.4805	$ 0.462
Initial Capitalization
Class of Stock [Line Items]
Number of institutional investors \| investor						2
Common Stock
Class of Stock [Line Items]
Issuance of common stock, net / amortization							$ 1		$ 95		$ 34	$ 96
Common Stock \| Initial Capitalization
Class of Stock [Line Items]
Stock issued (in shares) \| shares						2,875,000
Issuance of common stock, net / amortization						$ 57,500
Common Stock \| Initial public offering
Class of Stock [Line Items]
Proceeds from Issuance or Sale of Equity					$ 205,000
Sale of Stock, Number of Shares Issued in Transaction \| shares					10,250,000
Common Stock \| Public Offering
Class of Stock [Line Items]
Proceeds from Issuance or Sale of Equity			$ 96,600
Sale of Stock, Number of Shares Issued in Transaction \| shares			3,450,000
Common Stock \| Private Placement
Class of Stock [Line Items]
Proceeds from private placement offering	$ 80,000	$ 130,000	$ 168,000
Sale of Stock, Number of Shares Issued in Transaction \| shares	1,706,485	3,823,529	6,000,000
Stock issuance costs	$ 1,600	$ 5,000	$ 4,400
Common Stock \| iStar Inc.
Class of Stock [Line Items]
Proceeds from Issuance or Sale of Equity	$ 70,100	$ 117,300
Sale of Stock, Number of Shares Issued in Transaction \| shares	1,495,000	3,450,000
Common stock purchase plan, shares, purchased in the period \| shares													4,000,000.0
Common stock purchase plan, amount, purchased in the period													$ 104,700
Common stock purchase plan, average share price (in dollars per share) \| $ / shares													$ 26.08
Ownership interest by shareholders' (percent)							65.80%				65.80%		65.80%
Voting Interest of Shareholder Agreement							41.90%				41.90%		41.90%
Common Stock \| iStar Inc. \| Initial Capitalization
Class of Stock [Line Items]
Stock issued (in shares) \| shares						2,775,000
Issuance of common stock, net / amortization						$ 55,500
Common Stock \| iStar Inc. \| Initial public offering
Class of Stock [Line Items]
Proceeds from private placement offering					$ 45,000
Sale of Stock, Number of Shares Issued in Transaction \| shares					2,250,000
Retained Earnings (Deficit)
Class of Stock [Line Items]
Cash dividends declared											$ (24,600)	$ 13,900
Dividends declared, per share (in dollars per share) \| $ / shares											$ 0.4805	$ 0.462
Distribution payable to noncontrolling interest (refer to Note 10)									$ 1,900			$ 1,900
Distribution payable to noncontrolling interest, per investor unit (in dollars per share) \| $ / shares									$ 0.15			$ 0.15
Performance Shares
Class of Stock [Line Items]
Capital appreciation aggregate distribution (percent)							15.00%				15.00%		15.00%
Aggregate fair value of exercisable									$ 1,400			$ 1,400
Performance Shares \| Maximum \| Common Stock \| Equity Plan
Class of Stock [Line Items]
Capital appreciation aggregate distribution (percent)							38.00%				38.00%		38.00%
Awards subject to forfeiture based on continuing service conditions, percent							62.00%				62.00%		62.00%
Manager \| Performance Shares
Class of Stock [Line Items]
Aggregate fair value of exercisable														$ 100	$ 500
General and Administrative Expense \| Restricted Stock Units (RSUs) \| 2017 Equity Incentive Plan
Class of Stock [Line Items]
Stock issued (in shares) \| shares										25,000
Issuance of common stock, net / amortization										$ 500
Share price (in dollars per share) \| $ / shares										$ 19.15
Unrecognized compensation cost related to unvested RSU's							$ 200				$ 200		$ 200
Shares available for future issuance (in shares) \| shares							740,500				740,500		740,500
General and Administrative Expense \| Manager \| Performance Shares \| Common Stock \| Equity Plan
Class of Stock [Line Items]
Share-based Payment Arrangement, Expense											$ 400	$ 300
General and Administrative Expense \| Director \| 2017 Equity Incentive Plan
Class of Stock [Line Items]
Stock issued (in shares) \| shares								22,000
Issuance of common stock, net / amortization								$ 1,000
Share price (in dollars per share) \| $ / shares								$ 46.94
iStar Inc.
Class of Stock [Line Items]
Stock issued (in shares) \| shares				12,500,000
Proceeds from issuance of Investor Units				$ 250,000
Share price (in dollars per share) \| $ / shares				$ 20.00

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

3 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2019

Sep. 30, 2020

Sep. 30, 2019

Earnings Per Share [Abstract]

Net income

$ 14,212

$ 5,481

$ 44,169

$ 22,560

Net income attributable to noncontrolling interests

^[1]

(49)

(145)

(5,986)

Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share

14,163

5,432

44,024

16,574

Net income attributable to Safehold Inc. common shareholders for diluted earnings per common share

$ 14,163

$ 5,432

$ 44,024

$ 16,574

[1]	For the nine months ended September 30, 2019, includes $5.8 million of income attributable to the Company's Manager relating to Investor Units it held in the Operating Partnership (refer to Note 11).

- Definition

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

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

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

+ References

+ Details

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Numerator for basic earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$ 14,163	$ 5,432	$ 44,024	$ 16,574
Net income attributable to Safehold Inc. common shareholders - diluted	$ 14,163	$ 5,432	$ 44,024	$ 16,574
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings per common share (in shares)	51,153,000	36,111,000	50,158,000	26,748,000
Add: Effect of assumed shares under treasury stock method for restricted stock units	9,000	0	9,000	0
Weighted average common shares outstanding for diluted earnings per common share (in shares)	51,162,000	36,111,000	50,167,000	26,748,000
Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. common shareholders - basic (in dollars per share)	$ 0.28	$ 0.15	$ 0.88	$ 0.62
Net income attributable to Safehold Inc. common shareholders - diluted (in dollars per share)	$ 0.28	$ 0.15	$ 0.88	$ 0.62
Shares excluded from computation of earnings per share, amount				5,860,806

Related Party Transactions (Narrative) (Details) $ / shares in Units, ft² in Thousands	1 Months Ended				3 Months Ended		9 Months Ended
	Aug. 31, 2019 ft²	Feb. 28, 2019 ft²	Jan. 31, 2019 USD ($)	Oct. 31, 2017 USD ($)	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) $ / shares	Sep. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) employee	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Non-cash management fees							$ 9,282,000	$ 4,971,000
Assets					$ 2,850,787,000		$ 2,850,787,000			$ 2,566,561,000
Management Fee Percents [Abstract]
Annual fee of 1.0% of total equity (up to $1.5 billion)							1.00%
Related Party Transaction, Management Fee, Percent, Threshold 2							1.25%
Related Party Transaction, Management Fee, Percent, Threshold 3							1.375%
Related Party Transaction, Management Fee, Percent, Threshold 4							1.50%
Management Fee Equity Threshold Amounts [Abstract]
Management fee, stock compensation maturity							2 years
Termination fee, percent of prior years management fee							300.00%
IPO
Management Fee Equity Threshold Amounts [Abstract]
Share price (in dollars per share) \| $ / shares					$ 20.00		$ 20.00
HAWAII
Management Fee Equity Threshold Amounts [Abstract]
Remaining lease term					99 years		99 years
iStar Inc. \| San Jose, CA
Management Fee Equity Threshold Amounts [Abstract]
Additional construction funding commitment				$ 80,500,000
Payments to acquire productive assets				$ 34,000,000.0
iStar Inc. \| Austin, Texas \| Office Building
Management Fee Equity Threshold Amounts [Abstract]
Number of square feet \| ft²	310
Term of contract, initial lease term	99 years
Minimum
Management Fee Equity Threshold Amounts [Abstract]
Equity of $1.5 billion to $3.0 billion					$ 1,500,000,000		$ 1,500,000,000
Ground leases term							30 years
Maximum
Management Fee Equity Threshold Amounts [Abstract]
Equity of $1.5 billion to $3.0 billion					3,000,000,000.0		$ 3,000,000,000.0
Equity of $3.0 billion to $5.0 billion					5,000,000,000.0		$ 5,000,000,000.0
Ground leases term							99 years
General and Administrative Expense
Related Party Transaction [Line Items]
Non-cash management fees					3,200,000	$ 1,900,000	$ 9,300,000	5,000,000.0
iStar Inc.
Related Party Transaction [Line Items]
Number of years as active real estate investor							20 years
Real estate investments, aggregate transactions, value					$ 40,000,000,000.0		$ 40,000,000,000.0
Assets									$ 4,900,000,000
Entity number of employees \| employee									155
iStar Inc. \| HAWAII
Management Fee Equity Threshold Amounts [Abstract]
Ownership percentage (percent)					51.90%		51.90%
iStar Inc. \| General and Administrative Expense
Related Party Transaction [Line Items]
Expenses from transactions with related party					$ 1,300,000	$ 500,000	$ 3,800,000	$ 1,600,000
515 22nd Street
Management Fee Equity Threshold Amounts [Abstract]
Term of contract, initial lease term			99 years
Leasehold improvement allowance			$ 10,500,000
Additional construction funding commitment			$ 13,300,000
Additional construction funding commitment, term			21 months
Payments to acquire productive assets			$ 13,000,000.0
570 Washington Boulevard, Jersey City, NJ \| iStar Inc. \| 570 Washington Boulevard, Jersey City, NJ \| Office Building
Management Fee Equity Threshold Amounts [Abstract]
Number of square feet \| ft²		420
Term of contract, initial lease term		98 years