XML 81 R71.htm IDEA: XBRL DOCUMENT v3.24.2
Related Party Transactions (Details)
$ / shares in Units, $ in Thousands, ft² in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Aug. 10, 2022
USD ($)
shares
Jun. 30, 2024
USD ($)
agreement
Jan. 31, 2024
USD ($)
Sep. 30, 2023
USD ($)
Feb. 28, 2022
USD ($)
director
shares
Jan. 31, 2022
director
Nov. 30, 2021
USD ($)
director
Jun. 30, 2021
USD ($)
ft²
agreement
Mar. 31, 2023
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Related Party Transaction [Line Items]                      
Management fee expense                     $ 5,199
Ground lease acquisition purchase price                   $ 110,206 97,948
Future funding obligation, amount   $ 150,400               150,400  
Redemption of redeemable noncontrolling interest                   18,435  
Land and Related Ground Lease                      
Related Party Transaction [Line Items]                      
Leasehold improvement allowance, funded amount   $ 49,300 $ 36,500             $ 49,300  
Ground Lease Plus Fund                      
Related Party Transaction [Line Items]                      
Ground lease acquisition purchase price     $ 38,300                
Office space development property                      
Related Party Transaction [Line Items]                      
Number of square feet | ft²               1.1      
Proceeds from sale of acquisition right under purchase option agreement       $ 300              
Purchase price of property under purchase option agreement               $ 215,000      
Office space development property | Other expense                      
Related Party Transaction [Line Items]                      
Loss on sale of acquisition right under purchase option agreement       $ 1,900              
Caret Units                      
Related Party Transaction [Line Items]                      
Number of units sold | shares         108,571            
Proceeds from stock transaction         $ 19,000            
Number of shares to be sold under purchase commitment related to merger | shares         28,571            
Expected proceeds from sale of shares under purchase commitment         $ 5,000            
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest | director         1            
Period in which the entity is obligated to provide a public market listing         2 years            
Caret Units | MSD Partners                      
Related Party Transaction [Line Items]                      
Number of shares to be sold under purchase commitment related to merger | shares 100,000                    
Expected proceeds from sale of shares under purchase commitment $ 20,000                    
Existing third-party Caret unit                      
Related Party Transaction [Line Items]                      
Number of shares to be sold under purchase commitment related to merger | shares                 22,500    
Expected proceeds from sale of shares under purchase commitment                 $ 4,500    
Affiliated entity | iStar Inc.                      
Related Party Transaction [Line Items]                      
Management fee paid with common stock, period of restriction from selling stock                 2 years    
Management fee, percent, threshold one                 1.00%    
Management fee, percent, threshold two                 1.25%    
Management fee, percent, threshold three                 1.375%    
Management fee, percent, threshold four                 1.50%    
Termination fee, percent of prior years management fee                 3.00%    
Incentive fee                 $ 0    
Payment to acquire purchase option agreement               $ 1,200      
Affiliated entity | iStar Inc. | General and Administrative Expense                      
Related Party Transaction [Line Items]                      
Management fee expense                     5,200
Reimbursed operating and administrative expenses                     $ 3,100
Affiliated entity | iStar Inc. | Land and Related Ground Lease                      
Related Party Transaction [Line Items]                      
Number of agreements entered into to acquire land and related Ground Lease | agreement               2      
Number of agreements entered into to acquire land and related Ground Lease that expired | agreement   1                  
Purchase price per agreement for acquisition of land and related Ground Lease, subject to certain conditions being met             $ 33,300 $ 42,000      
Multiple required by seller that may trigger payment of additional consideration             1.25 1.25      
Percentage of required seller return on investment that may trigger payment of additional consideration             12.00% 9.00%      
Future funding obligation, amount             $ 51,800        
Affiliated entity | Minimum | iStar Inc.                      
Related Party Transaction [Line Items]                      
Management fee, shareholders' equity, incremental threshold amount two                 1,500,000    
Management fee, shareholders' equity, incremental threshold amount three                 3,000,000    
Management fee, shareholders' equity, incremental threshold amount four                 5,000,000    
Affiliated entity | Maximum | iStar Inc.                      
Related Party Transaction [Line Items]                      
Management fee, shareholders' equity, incremental threshold amount one                 1,500,000    
Management fee, shareholders' equity, incremental threshold amount two                 3,000,000    
Management fee, shareholders' equity, incremental threshold amount three                 $ 5,000,000    
Affiliated entity | Maximum | iStar Inc. | Land and Related Ground Lease                      
Related Party Transaction [Line Items]                      
Real estate, leasehold improvement allowance               $ 83,000      
Affiliated entity | IPO | iStar Inc.                      
Related Party Transaction [Line Items]                      
Share price (in dollars per share) | $ / shares                 $ 20.00    
iStar Inc. | Land and Related Ground Lease                      
Related Party Transaction [Line Items]                      
Number of independent directors affiliated with an existing shareholder participating in or related to a particular project or transaction | director           1 1        
Leasehold Loan Fund                      
Related Party Transaction [Line Items]                      
Ownership percentage   53.20%               53.20%  
iStar Inc.                      
Related Party Transaction [Line Items]                      
Number of years as active real estate investor                 20 years    
Number of agreements entered into to acquire land and related Ground Lease | agreement               2      
iStar Inc. | MSD Partners                      
Related Party Transaction [Line Items]                      
Number of shares to be sold under purchase commitment related to merger | shares 5,405,406               5,405,406    
Expected proceeds from sale of shares under purchase commitment $ 200,000                    
Safehold, Inc. (Old SAFE) | Caret Units                      
Related Party Transaction [Line Items]                      
Number of units sold | shares         108,571            
Percentage of authorized shares sold         1.08%            
Number of shares to be sold under purchase commitment related to merger | shares         28,571            
Percentage of authorized shares under commitment to be purchased         0.29%            
Expected proceeds from sale of shares under purchase commitment         $ 5,000            
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest | director         1            
Period in which the entity is obligated to provide a public market listing         2 years            
MSD Partners | Caret Units                      
Related Party Transaction [Line Items]                      
Number of shares to be sold under purchase commitment related to merger | shares                 100,000    
Expected proceeds from sale of shares under purchase commitment                 $ 20,000