XML 21 R4.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues:      
Interest income from sales-type leases [1] $ 235,503 $ 202,258 $ 118,824
Operating lease income 71,287 66,817 67,667
Interest income - related party [2] 7,143    
Other income [3] 38,645 1,238 523
Total revenues 352,578 270,313 187,014
Costs and expenses:      
Interest expense 181,011 128,969 79,707
Real estate expense 4,653 3,110 2,663
Depreciation and amortization 9,936 9,613 9,562
General and administrative [4] 68,569 38,614 28,753
Impairment of goodwill 145,365    
Provision for credit losses 2,704    
Other expense 17,862 10,189 868
Total costs and expenses 430,100 190,495 121,553
Gain on sale of Ground leases 447 55,811  
Income (loss) from operations before other items (77,075) 135,629 65,461
Loss on early extinguishment of debt     (216)
Earnings from equity method investments 24,229 9,055 6,279
Selling profit from sales-type leases     1,833
Net income (loss) before income taxes (52,846) 144,684 73,357
Income tax expense (1,719)    
Net income (loss) (54,565) 144,684 73,357
Net (income) attributable to noncontrolling interests (408) (9,261) (234)
Net income (loss) attributable to Safehold Inc. common shareholders $ (54,973) $ 135,423 $ 73,123
Net income (loss)      
Basic (dollars per share) $ (0.82) $ 2.17 $ 1.32
Diluted (dollars per shares) $ (0.82) $ 2.17 $ 1.32
Weighted average number of common shares:      
Basic (in shares) 66,690 62,393 55,250
Diluted (in shares) 66,690 62,394 55,263
[1] For the years ended December 31, 2022 and 2021, the Company recorded $2.1 million and $8.4 million, respectively, of “Interest income from sales-type leases” in its consolidated statements of operations from Ground Leases with iStar Inc. (“iStar”).
[2] Refer to Note 3
[3] For the year ended December 31, 2023, includes $19.4 million of management fees from related parties.
[4] For the years ended December 31, 2023, 2022 and 2021, includes $31.6 million, $34.3 million and $24.1 million, respectively, of general and administrative expenses incurred to related parties that includes management fees and expense reimbursements to the Former Manager (refer to Note 1) and equity-based compensation (including equity-based compensation to employees). For the year ended December 31, 2023, general and administrative expenses were partially offset by $19.4 million of management fees earned from Star Holdings (refer to Note 1), which are included in “Other income.”