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Consolidated Balance Sheets - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Net investment in sales-type leases ($8,966 and $6,821 of allowances as of September 30, 2025 and December 31, 2024, respectively) [1] $ 3,527,275 $ 3,454,953
Ground Lease receivables, net ($5,992 and $3,664 of allowances as of September 30, 2025 and December 31, 2024, respectively) [1] 1,961,019 1,833,398
Real estate, at cost [1] 740,971 740,971
Less: accumulated depreciation [1] (50,797) (46,428)
Real estate, net [1] 690,174 694,543
Real estate-related intangible assets, net [1] 205,399 208,731
Real estate available and held for sale [1] 2,955 7,233
Total real estate, net and real estate-related intangible assets, net and real estate available and held for sale [1] 898,528 910,507
Equity investments [1] 272,890 250,034
Cash and cash equivalents [1] 12,123 8,346
Restricted cash [1] 9,136 8,772
Deferred tax asset, net [1] 3,893 5,222
Deferred operating lease income receivable [1] 233,552 210,773
Deferred expenses and other assets, net [1],[2] 72,120 105,015
Total assets [1] 7,148,046 6,899,379
Liabilities:    
Accounts payable, accrued expenses and other liabilities [1] 150,498 144,991
Real estate-related intangible liabilities, net [1] 62,297 62,922
Debt obligations, net [1] 4,513,960 4,317,439
Total liabilities [1] 4,726,755 4,525,352
Commitments and contingencies (refer to Note 11) [1]
Safehold Inc. shareholders' equity:    
Common stock, $0.01 par value, 400,000 shares authorized, 71,756 and 71,440 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively [1] 717 714
Additional paid-in capital [1] 2,197,820 2,191,840
Retained earnings [1] 150,674 102,472
Accumulated other comprehensive income (loss) [1] 41,052 48,992
Total Safehold Inc. shareholders' equity [1] 2,390,263 2,344,018
Noncontrolling interests [1] 31,028 30,009
Total equity [1] 2,421,291 2,374,027
Total liabilities and equity [1] 7,148,046 6,899,379
Nonrelated party    
ASSETS    
Loans receivable, net [1] 44,966  
Related party    
ASSETS    
Loans receivable, net [1] 112,544 112,359
Deferred expenses and other assets, net $ 2,900 $ 3,800
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).
[2] As of September 30, 2025 and December 31, 2024, includes $2.9 million and $3.8 million, respectively, due from related parties.