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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues:        
Interest income from sales-type leases $ 67,120 $ 59,130 $ 195,573 $ 174,350
Operating lease income 16,650 16,715 54,344 54,366
Interest income - related party [1] 2,384 2,381 7,098 4,762
Other income [2] 4,551 7,335 16,798 16,073
Total revenues 90,705 85,561 273,813 249,551
Costs and expenses:        
Interest expense 49,961 46,553 147,699 133,482
Real estate expense 1,047 1,001 3,167 3,219
Depreciation and amortization 2,484 2,519 7,461 7,444
General and administrative [3] 13,116 17,860 41,020 51,843
Impairment of goodwill   145,365   145,365
Provision for (recovery of) credit losses 7,112 336 8,447 2,625
Other expense 1,111 2,169 1,561 17,532
Total costs and expenses 74,831 215,803 209,355 361,510
Income (loss) from operations before other items 15,874 (130,242) 64,458 (111,959)
Earnings (losses) from equity method investments 4,739 7,451 18,120 16,520
Net income (loss) before income taxes 20,613 (122,791) 82,578 (95,439)
Income tax expense (660) (55) (2,041) (580)
Net income (loss) 19,953 (122,846) 80,537 (96,019)
Net (income) loss attributable to noncontrolling interests (622) (123) (813) (138)
Net income (loss) attributable to Safehold Inc. common shareholders $ 19,331 $ (122,969) $ 79,724 $ (96,157)
Net income (loss)        
Basic (dollars per share) $ 0.27 $ (1.81) $ 1.12 $ (1.47)
Diluted (dollars per shares) $ 0.27 $ (1.81) $ 1.12 $ (1.47)
Weighted average number of common shares:        
Basic (in shares) 71,436 67,979 71,347 65,214
Diluted (in shares) 71,540 67,979 71,414 65,214
[1] Refer to Note 6.
[2] For the three and nine months ended September 30, 2024, includes $3.7 million and $13.6 million, respectively, of management fees from related parties. For the three and nine months ended September 30, 2023, includes $6.0 million and $13.2 million, respectively, of management fees from related parties.
[3] For the nine months ended September 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).