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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Net investment in sales-type leases ($907 and $465 of allowances as of March 31, 2024 and December 31, 2023, respectively) [1] $ 3,341,658 $ 3,255,195
Ground Lease receivables, net ($692 and $369 of allowances as of March 31, 2024 and December 31, 2023, respectively) [1] 1,661,063 1,622,298
Real estate, at cost [1] 743,423 744,337
Less: accumulated depreciation [1] (41,907) (40,400)
Real estate, net [1] 701,516 703,937
Real estate-related intangible assets, net [1] 212,657 211,113
Real estate available and held for sale [1] 10,625 9,711
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale [1] 924,798 924,761
Loans receivable, net - related party ($2,392 and $2,429 of allowances as of March 31, 2024 and December 31, 2023, respectively) [1] 112,179 112,111
Equity investments [1] 275,295 310,320
Cash and cash equivalents [1] 11,284 18,761
Restricted cash [1] 27,891 27,979
Deferred tax asset, net [1] 6,744 7,619
Deferred operating lease income receivable [1] 187,750 180,032
Deferred expenses and other assets, net [1],[2] 124,877 89,238
Total assets [1] 6,673,539 6,548,314
Liabilities:    
Accounts payable, accrued expenses and other liabilities [1] 118,593 134,518
Real estate-related intangible liabilities, net [1] 63,546 63,755
Debt obligations, net [1] 4,142,878 4,054,365
Total liabilities [1] 4,325,017 4,252,638
Commitments and contingencies (refer to Note 10) [1]
Redeemable noncontrolling interests (refer to Note 3) [1] 19,011 19,011
Equity:    
Common stock, $0.01 par value, 400,000 shares authorized, 71,435 and 71,077 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively [1] 714 711
Additional paid-in capital [1] 2,190,671 2,184,299
Retained earnings [1] 65,630 47,580
Accumulated other comprehensive income (loss) [1] 26,458 (1,337)
Total Safehold Inc. shareholders' equity [1] 2,283,473 2,231,253
Noncontrolling interests [1] 46,038 45,412
Total equity [1] 2,329,511 2,276,665
Total liabilities, redeemable noncontrolling interests and equity [1] $ 6,673,539 $ 6,548,314
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).
[2] As of March 31, 2024 and December 31, 2023, includes $6.6 million and $7.1 million, respectively, due from related parties.