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Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Net investment in sales-type leases ($7,697 and $6,821 of allowances as of March 31, 2025 and December 31, 2024, respectively) [1] $ 3,471,953 $ 3,454,953
Ground Lease receivables, net ($5,213 and $3,664 of allowances as of March 31, 2025 and December 31, 2024, respectively) [1] 1,854,395 1,833,398
Real estate, at cost [1] 740,971 740,971
Less: accumulated depreciation [1] (47,935) (46,428)
Real estate, net [1] 693,036 694,543
Real estate-related intangible assets, net [1] 207,350 208,731
Real estate available and held for sale [1] 5,894 7,233
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale [1] 906,280 910,507
Loans receivable, net - related party ($2,194 and $2,311 of allowances as of March 31, 2025 and December 31, 2024, respectively) [1] 112,520 112,359
Equity investments [1] 245,958 250,034
Cash and cash equivalents [1] 17,296 8,346
Restricted cash [1] 8,687 8,772
Deferred tax asset, net [1] 4,345 5,222
Deferred operating lease income receivable [1] 218,388 210,773
Deferred expenses and other assets, net [1],[2] 89,533 105,015
Total assets [1] 6,929,355 6,899,379
Liabilities:    
Accounts payable, accrued expenses and other liabilities [1] 143,981 144,991
Real estate-related intangible liabilities, net [1] 62,714 62,922
Debt obligations, net [1] 4,341,484 4,317,439
Total liabilities [1] 4,548,179 4,525,352
Commitments and contingencies (refer to Note 10) [1]
Equity:    
Common stock, $0.01 par value, 400,000 shares authorized, 71,723 and 71,440 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively [1] 717 714
Additional paid-in capital [1] 2,195,721 2,191,840
Retained earnings [1] 119,034 102,472
Accumulated other comprehensive income (loss) [1] 35,360 48,992
Total Safehold Inc. shareholders' equity [1] 2,350,832 2,344,018
Noncontrolling interests [1] 30,344 30,009
Total equity [1] 2,381,176 2,374,027
Total liabilities and equity [1] $ 6,929,355 $ 6,899,379
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).
[2] As of March 31, 2025 and December 31, 2024, includes $3.7 million and $3.8 million, respectively, due from related parties.