XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.23.1

Real Estate, Real Estate-Related Intangibles and Real Estate Available and Held for Sale (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Real Estate [Abstract] |
Schedule of Real Estate Assets | The Company’s real estate assets consist of the following ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of
​ |  | March 31, 2023 |  | December 31, 2022
Land and land improvements, at cost | ​ | $ | 547,739 | ​ | $ | 547,739
Buildings and improvements, at cost | ​ |  | 193,232 | ​ |  | 193,232
Less: accumulated depreciation | ​ |  | (35,878) | ​ |  | (34,371)
Total real estate, net | ​ | $ | 705,093 | ​ | $ | 706,600
Real estate-related intangible assets, net | ​ |  | 216,120 | ​ |  | 217,795
Real estate available and held for sale(1) | ​ | ​ | 1,508 | ​ | ​ | —
Total real estate, net, real estate-related intangible assets, net and real estate available and held for sale | ​ | $ | 922,721 | ​ | $ | 924,395
(1) | As of March 31, 2023, the Company had $1.5 million of residential homes acquired from iStar that were classified as available for sale.
​
Schedule of Real Estate-Related Intangible Assets, Net | Real estate-related intangible assets, net consist of the following items ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of March 31, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (16,038) | ​ | $ | 169,964
In-place lease assets, net(2) | ​ |  | 65,345 | ​ |  | (19,900) | ​ |  | 45,445
Other intangible assets, net | ​ |  | 750 | ​ |  | (39) | ​ |  | 711
Total | ​ | $ | 252,097 | ​ | $ | (35,977) | ​ | $ | 216,120
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, 2022
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ |  | Intangible |  | Amortization |  | Value
Above-market lease assets, net(1) | ​ | $ | 186,002 | ​ | $ | (15,254) | ​ | $ | 170,748
In-place lease assets, net(2) | ​ |  | 65,345 | ​ |  | (19,011) | ​ |  | 46,334
Other intangible assets, net | ​ |  | 750 | ​ |  | (37) | ​ |  | 713
Total | ​ | $ | 252,097 | ​ | $ | (34,302) | ​ | $ | 217,795
(2) | Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases.
(3) | In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases.
Schedule of Amortization of Real Estate Related Intangible Assets | The amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022 ($ in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement | ​ | For the Three Months Ended March 31, | ​
Intangible asset |  | Location |  | 2023 |  | 2022 | ​
Above-market lease assets (decrease to income) |  | Operating lease income | ​ | $ | 784 | ​ | $ | 784 | ​
In-place lease assets (decrease to income) |  | Depreciation and amortization | ​ |  | 889 | ​ |  | 892 | ​
Other intangible assets (decrease to income) |  | Operating lease income | ​ |  | 2 | ​ |  | 2 | ​
Schedule of Future Amortization Expense | The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands):(1)
​ | ​ | ​ | ​
Year |  | Amount
2023 (remaining nine months) | ​ | $ | 5,007
2024 | ​ | ​ | 6,634
2025 | ​ |  | 6,634
2026 | ​ |  | 3,725
2027 | ​ |  | 3,725
(1) | As of March 31, 2023, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 80.1 years.
Schedule of Real Estate Related Intangible Liabilities | Real estate-related intangible liabilities, net consist of the following items ($ in thousands):(1)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of March 31, 2023
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (4,236) | ​ | $ | 64,382
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2022
​ | ​ | Gross | ​ | Accumulated | ​ | Carrying
​ | ​ | Intangible | ​ | Amortization | ​ | Value
Below-market lease liabilities(1) | ​ | $ | 68,618 | ​ | $ | (4,027) | ​ | $ | 64,591
(1) | Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases.
Schedule of Impact of Amortization of Real Estate Related Intangible Liabilities on Statements of Operations | The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three months ended March 31, 2023 and 2022 ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Income Statement |  | For the Three Months Ended March 31, | ​
Intangible liability |  | Location |  | 2023 |  | 2022 | ​
Below-market lease liabilities (increase to income) |  | Operating lease income | ​ | $ | 209 | ​ | $ | 209 | ​
​ ​
Future Minimum Ground Net Lease Payments |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Fixed Bumps |  | ​ | ​ |  | ​ | ​ |  | Fixed |  | ​ | ​
​ | ​ | ​ | ​ | ​ | with | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Bumps with | ​ | ​ | ​
​ | ​ | Inflation- | ​ | Inflation | ​ | Fixed | ​ | Percentage | ​ | Percentage | ​ | ​ | ​
Year |  | Linked |  | Adjustments |  | Bumps |  | Rent |  | Rent |  | Total
2023 (remaining nine months) | ​ | $ | 4,358 | ​ | $ | 13,043 | ​ | $ | 1,662 | ​ | $ | 8,264 | ​ | $ | 285 | ​ | $ | 27,612
2024 | ​ |  | 5,811 | ​ |  | 17,677 | ​ |  | 2,247 | ​ |  | 11,018 | ​ |  | 421 | ​ |  | 37,174
2025 | ​ |  | 5,811 | ​ |  | 18,004 | ​ |  | 2,313 | ​ |  | 11,018 | ​ |  | 421 | ​ |  | 37,567
2026 | ​ |  | 5,811 | ​ |  | 18,370 | ​ |  | 2,357 | ​ | ​ | 986 | ​ | ​ | 421 | ​ |  | 27,945
2027 | ​ | ​ | 5,811 | ​ | ​ | 18,755 | ​ | ​ | 2,388 | ​ | ​ | 986 | ​ | ​ | 421 | ​ | ​ | 28,361
Thereafter | ​ |  | 435,056 | ​ |  | 4,308,109 | ​ |  | 433,110 | ​ |  | 15,826 | ​ |  | 304 | ​ |  | 5,192,405
(1) | During the three months ended March 31, 2023 and 2022, the Company recognized $3.7 million and $0.8 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

X
- Definition Tabular disclosure of real estate related intangible liabilities. + References No definition available. + Details
Name: | safe_ScheduleOfRealEstateRelatedIntangibleLiabilitiesTableTextBlock
Namespace Prefix: | safe_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Amortization of Real Estate-Related Intangible Assets + References No definition available. + Details
Name: | safe_ScheduleofAmorizationofRealEstateRelatedIntangibleAssetsTableTextBlockTextBlock
Namespace Prefix: | safe_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Amortization of Real Estate-Related Intangible Liabilities [Text Block] + References No definition available. + Details
Name: | safe_ScheduleofAmortiztionofRealEstateRelatedIntangibleLiabilitiesTextBlock
Namespace Prefix: | safe_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity of undiscounted cash flows to be received by lessor on annual basis for operating lease. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=124258985&loc=SL77919396-209981 + Details
Name: | us-gaap_LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16323-109275 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration