XML 14 R4.htm IDEA: XBRL DOCUMENT v3.24.2
Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Interest income from sales-type leases $ 65,235 $ 58,158 $ 128,453 $ 115,220
Operating lease income 16,691 16,750 37,694 37,651
Interest income - related party [1] 2,357 2,381 4,714 2,381
Other income [2] 5,612 8,372 12,247 8,738
Total revenues 89,895 85,661 183,108 163,990
Costs and expenses:        
Interest expense 49,107 46,055 97,738 86,929
Real estate expense 1,041 1,013 2,120 2,218
Depreciation and amortization 2,490 2,527 4,977 4,925
General and administrative [3] 12,276 18,916 27,904 33,983
Provision for (recovery of) credit losses 626 47 1,335 2,289
Other expense 359 1,274 450 15,363
Total costs and expenses 65,899 69,832 134,524 145,707
Income (loss) from operations before other items 23,996 15,829 48,584 18,283
Earnings (losses) from equity method investments 6,469 6,807 13,381 9,069
Net income (loss) before income taxes 30,465 22,636 61,965 27,352
Income tax expense (910) (525) (1,381) (525)
Net income (loss) 29,555 22,111 60,584 26,827
Net (income) attributable to noncontrolling interests 110 19 (191) (15)
Net income (loss) attributable to Safehold Inc. common shareholders $ 29,665 $ 22,130 $ 60,393 $ 26,812
Net income (loss)        
Basic (dollars per share) $ 0.42 $ 0.35 $ 0.85 $ 0.42
Diluted (dollars per shares) $ 0.42 $ 0.35 $ 0.85 $ 0.42
Weighted average number of common shares:        
Basic (in shares) 71,435 63,944 71,303 63,809
Diluted (in shares) 71,462 63,944 71,351 63,809
[1] Refer to Note 6.
[2] For the three and six months ended June 30, 2024, includes $4.4 million and $9.9 million, respectively, of management fees from related parties. For both the three and six months ended June 30, 2023, includes $7.2 million of management fees from related parties.
[3] For the six months ended June 30, 2023, includes $8.3 million of general and administrative expenses incurred to related parties that includes management fees and expense reimbursements to the Former Manager (refer to Note 1).