Safehold Inc(NYSE:SAFE) 
Safehold Inc. (NYSE: SAFE) is revolutionizing real estate ownership by providing a new and better way for owners to unlock the value of the land beneath their buildings. Through its modern ground lease capital solution, Safehold helps owners of high quality multifamily, office, industrial, hospitali...
Website: http://www.safeholdinc.com
Founded: 2016
CEO: Jay Sugarman
Sector: Real Estate
Industry: REIT-Diversified
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
| Unit: USD | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 | 2017-04-14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | ||||||||||||||||||||||||
interest income from sales-type leases | 56,244,000 | 54,736,000 | 48,247,000 | 43,031,000 | 35,580,000 | 30,145,000 | 27,126,000 | 25,974,000 | 22,529,000 | 20,583,000 | 19,831,000 | 18,901,000 | 11,697,000 | 4,032,000 | 1,880,000 | 922,000 | ||||||||
operating lease income | 16,892,000 | 16,507,000 | 16,452,000 | 16,966,000 | 16,300,000 | 16,992,000 | 16,964,000 | 17,410,000 | 17,252,000 | 17,195,000 | 17,113,000 | 20,780,000 | 17,227,000 | 17,132,000 | 17,196,000 | 20,516,000 | ||||||||
other income | 234,000 | 453,000 | 185,000 | 366,000 | 133,000 | 144,000 | 123,000 | 123,000 | 128,000 | 222,000 | 409,000 | 484,000 | 662,000 | 1,146,000 | 604,000 | 382,000 | 121,000 | 77,000 | 1,713,000 | 413,000 | 84,000 | 3,000 | ||
total revenues | 73,370,000 | 71,696,000 | 64,884,000 | 60,363,000 | 52,013,000 | 47,281,000 | 44,213,000 | 43,507,000 | 39,909,000 | 38,000,000 | 37,353,000 | 40,165,000 | 29,586,000 | 22,310,000 | 19,680,000 | 21,820,000 | 14,813,000 | 11,644,000 | 11,574,000 | 11,693,000 | 6,256,000 | 4,204,000 | ||
yoy | 41.06% | 51.64% | 46.75% | 38.74% | 30.33% | 24.42% | 18.37% | 8.32% | 34.89% | 70.33% | 89.80% | 84.07% | 99.73% | 91.60% | 70.04% | 86.61% | 86.13% | 175.31% | ||||||
qoq | 2.33% | 10.50% | 7.49% | 16.05% | 10.01% | 6.94% | 1.62% | 9.02% | 5.02% | 1.73% | -7.00% | 35.76% | 32.61% | 13.36% | -9.81% | 47.30% | 27.22% | 0.60% | -1.02% | 48.81% | ||||
costs and expenses: | ||||||||||||||||||||||||
interest expense | 37,919,000 | 35,463,000 | 30,266,000 | 25,321,000 | 22,448,000 | 20,932,000 | 19,160,000 | 17,167,000 | 16,543,000 | 16,430,000 | 16,233,000 | 15,148,000 | 11,653,000 | 7,708,000 | 5,986,000 | 4,521,000 | 5,011,000 | 3,747,000 | 3,376,000 | 3,255,000 | 2,445,000 | 1,868,000 | ||
real estate expense | 838,000 | 866,000 | 699,000 | 707,000 | 625,000 | 719,000 | 722,000 | 598,000 | 652,000 | 493,000 | 536,000 | 798,000 | 591,000 | 625,000 | 645,000 | 812,000 | 392,000 | 456,000 | 398,000 | 354,000 | 472,000 | 425,000 | ||
depreciation and amortization | 2,398,000 | 2,407,000 | 2,406,000 | 2,402,000 | 2,402,000 | 2,390,000 | 2,385,000 | 2,385,000 | 2,369,000 | 2,361,000 | 2,355,000 | 2,348,000 | 2,348,000 | 2,345,000 | 2,343,000 | 2,343,000 | 2,306,000 | 2,290,000 | 2,275,000 | 2,270,000 | 2,266,000 | 1,873,000 | ||
general and administrative | 9,411,000 | 9,551,000 | 10,458,000 | 9,194,000 | 7,365,000 | 6,658,000 | 8,074,000 | 6,655,000 | 5,809,000 | 5,302,000 | 6,369,000 | 5,253,000 | 3,883,000 | 3,096,000 | 4,474,000 | 2,982,000 | 2,559,000 | 2,779,000 | 3,292,000 | 2,032,000 | 1,672,000 | 1,149,000 | ||
other expense | 3,412,000 | 6,073,000 | 596,000 | 108,000 | 128,000 | 350,000 | 21,000 | 369,000 | 49,000 | 34,000 | 120,000 | 40,000 | 299,000 | 285,000 | 290,000 | 25,000 | 183,000 | 303,000 | 471,000 | 39,000 | 122,000 | 493,000 | ||
total costs and expenses | 53,978,000 | 54,360,000 | 44,425,000 | 37,732,000 | 32,968,000 | 31,049,000 | 30,362,000 | 27,174,000 | 25,422,000 | 24,620,000 | 25,613,000 | 23,587,000 | 18,774,000 | 14,059,000 | 13,738,000 | 10,683,000 | 10,451,000 | 9,575,000 | 9,812,000 | 7,950,000 | 6,977,000 | 5,808,000 | ||
gain on sale of net investment in lease | 55,811,000 | |||||||||||||||||||||||
income from operations before other items | 19,392,000 | 73,147,000 | 20,459,000 | 22,631,000 | 19,045,000 | 16,232,000 | 13,851,000 | 16,333,000 | 14,487,000 | 13,380,000 | 11,740,000 | 16,578,000 | 10,812,000 | 8,251,000 | ||||||||||
loss on early extinguishment of debt | -216,000 | -2,011,000 | ||||||||||||||||||||||
earnings from equity method investments | 2,283,000 | 2,244,000 | 2,252,000 | 2,276,000 | 2,267,000 | 2,244,000 | 929,000 | 839,000 | 832,000 | 832,000 | 822,000 | 818,000 | 356,000 | -759,000 | ||||||||||
selling profit from sales-type leases | 1,833,000 | |||||||||||||||||||||||
net income | 21,675,000 | 75,391,000 | 22,711,000 | 24,907,000 | 21,312,000 | 20,309,000 | 14,780,000 | 16,956,000 | 15,319,000 | 14,212,000 | 12,562,000 | 17,396,000 | 11,168,000 | 5,481,000 | 5,942,000 | 11,137,000 | 4,362,000 | 2,069,000 | 1,762,000 | 3,743,000 | -721,000 | -1,604,000 | ||
yoy | 1.70% | 271.22% | 53.66% | 46.89% | 39.12% | 42.90% | 17.66% | -2.53% | 37.17% | 159.30% | 111.41% | 56.20% | 156.03% | 164.91% | 237.23% | 197.54% | -386.96% | -209.85% | ||||||
qoq | -71.25% | 231.96% | -8.82% | 16.87% | 4.94% | 37.41% | -12.83% | 10.69% | 7.79% | 13.13% | -27.79% | 55.77% | 103.76% | -7.76% | -46.65% | 155.32% | 110.83% | 17.42% | -52.93% | -55.05% | ||||
net income margin % | 29.54% | 105.15% | 35.00% | 41.26% | 40.97% | 42.95% | 33.43% | 38.97% | 38.38% | 37.40% | 33.63% | 43.31% | 37.75% | 24.57% | 30.19% | 51.04% | 29.45% | 17.77% | 15.22% | 32.01% | NaN% | -11.52% | -38.15% | |
net income attributable to noncontrolling interests | 120,000 | -9,314,000 | -33,000 | -34,000 | -33,000 | -105,000 | -48,000 | -48,000 | -49,000 | -49,000 | -48,000 | -49,000 | ||||||||||||
net income attributable to safehold inc. common shareholders | 21,795,000 | 66,077,000 | 22,678,000 | 24,873,000 | 21,279,000 | 20,204,000 | 14,732,000 | 16,908,000 | 15,270,000 | 14,163,000 | 12,514,000 | 17,347,000 | ||||||||||||
per common share data: | ||||||||||||||||||||||||
basic | 340 | 1,060 | 370 | 430 | 380 | 380 | 280 | 320 | 220 | 280 | 240 | 360 | 155 | 150 | 180 | 360 | ||||||||
diluted | 340 | 1,060 | 370 | 430 | 380 | 380 | 280 | 320 | 220 | 280 | 240 | 360 | 155 | 150 | 180 | 360 | ||||||||
weighted-average number of common shares: | ||||||||||||||||||||||||
basic | 61,170,000 | 62,150,000 | 62,011,000 | 58,122,000 | 54,167,000 | 53,498,000 | 53,309,000 | 53,232,000 | 50,688,000 | 51,153,000 | 51,084,000 | 48,228,000 | 36,111,000 | 25,640,000 | 18,296,000 | |||||||||
diluted | 61,170,000 | 62,150,000 | 62,011,000 | 58,123,000 | 54,180,000 | 53,511,000 | 53,321,000 | 53,244,000 | 50,697,000 | 51,162,000 | 51,093,000 | 48,228,000 | 36,111,000 | 25,640,000 | 30,657,000 | |||||||||
net income allocable to noncontrolling interests | -1,496,500 | -49,000 | -1,419,000 | -4,518,000 | -59,000 | -23,000 | ||||||||||||||||||
net income allocable to safehold inc. common shareholders | 4,143,500 | 5,432,000 | 4,523,000 | 6,619,000 | ||||||||||||||||||||
income from operations | 5,942,000 | 11,137,000 | 4,362,000 | 2,069,000 | 1,762,000 | 3,743,000 | -721,000 | -1,604,000 | ||||||||||||||||
yoy | 237.23% | 197.54% | -386.96% | -209.85% | ||||||||||||||||||||
qoq | -46.65% | 155.32% | 110.83% | 17.42% | -52.93% | -55.05% | ||||||||||||||||||
operating margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 30.19% | 51.04% | 29.45% | 17.77% | 15.22% | 32.01% | NaN% | -11.52% | -38.15% | |
ground and other lease income | 14,692,000 | 11,567,000 | 9,861,000 | 11,280,000 | 6,172,000 | |||||||||||||||||||
income from sales of real estate | ||||||||||||||||||||||||
net (income) allocable to noncontrolling interests | -35,500 | -60,000 | ||||||||||||||||||||||
net income allocable to safety, income & growth inc. common shareholders | 1,858,000 | 2,009,000 | 1,703,000 | 3,720,000 | ||||||||||||||||||||
per common share data: | ||||||||||||||||||||||||
basic and diluted | 102.5 | 110 | 90 | 200 | -40 | -250 | ||||||||||||||||||
weighted-average number of common shares: | ||||||||||||||||||||||||
basic and diluted | 31,008,000 | 18,218,000 | 18,230,000 | 18,191,000 | 18,190,000 | 14,648,000 | 18,190,000 | 6,293,000 | ||||||||||||||||
dividends declared per share | 0.113 | 0.15 | 0.15 | 0.15 | 0.15 | |||||||||||||||||||
ground lease income | 4,201,000 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 | 2017-06-30 |
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assets | |||||||||||||||||||||||
net investment in sales-type leases | 3,106,599,000 | 3,066,113,000 | 2,911,681,000 | 2,739,924,000 | 2,412,716,000 | 1,801,986,000 | 1,432,481,000 | 1,311,840,000 | 1,305,519,000 | 1,088,687,000 | 1,045,003,000 | 1,028,980,000 | 984,598,000 | 465,289,000 | |||||||||
ground lease receivables | 1,374,716,000 | 1,326,632,000 | 1,235,744,000 | 1,017,160,000 | 796,252,000 | 691,378,000 | 679,646,000 | 661,346,000 | 577,457,000 | 479,881,000 | 477,460,000 | 422,217,000 | 397,087,000 | 73,338,000 | |||||||||
real estate | 706,600,000 | 708,107,000 | 709,614,000 | 711,121,000 | 712,628,000 | 714,136,000 | 727,092,000 | 728,599,000 | 730,106,000 | 686,730,000 | 688,081,000 | 670,109,000 | 671,616,000 | 673,123,000 | 663,232,000 | 661,098,000 | |||||||
real estate, at cost | 740,971,000 | 740,971,000 | 740,971,000 | 740,971,000 | 740,971,000 | 740,971,000 | 752,420,000 | 752,420,000 | 752,420,000 | 707,537,000 | 707,381,000 | 687,902,000 | 687,902,000 | 687,902,000 | 676,503,000 | 672,862,000 | 669,923,000 | 535,318,000 | 484,458,000 | 456,476,000 | 413,145,000 | 413,145,000 | 406,844,000 |
less: accumulated depreciation | -34,371,000 | -32,864,000 | -31,357,000 | -29,850,000 | -28,343,000 | -26,835,000 | -25,328,000 | -23,821,000 | -22,314,000 | -20,807,000 | -19,300,000 | -17,793,000 | -16,286,000 | -14,779,000 | -13,271,000 | -11,764,000 | -10,257,000 | -8,756,000 | -7,255,000 | -5,754,000 | -4,253,000 | -2,752,000 | -1,251,000 |
real estate-related intangible assets | 217,795,000 | 219,469,000 | 223,304,000 | 222,504,000 | 224,182,000 | 222,606,000 | 239,661,000 | 240,642,000 | 242,166,000 | 239,172,000 | 240,845,000 | 241,171,000 | 242,837,000 | 244,503,000 | 235,457,000 | 236,919,000 | 262,531,000 | 221,090,000 | 197,665,000 | 183,606,000 | 138,725,000 | 140,069,000 | 131,696,000 |
total real estate, net and real estate-related intangible assets | 924,395,000 | 927,576,000 | 932,918,000 | 933,625,000 | 936,810,000 | 936,742,000 | 966,753,000 | 969,241,000 | 972,272,000 | 925,902,000 | 928,926,000 | 911,280,000 | 914,453,000 | 917,626,000 | 898,689,000 | 898,017,000 | 922,197,000 | 747,652,000 | 674,868,000 | 634,328,000 | 547,617,000 | 550,462,000 | 537,289,000 |
equity investments in ground leases | 180,388,000 | 178,643,000 | 176,854,000 | 175,119,000 | 173,374,000 | 171,532,000 | 169,799,000 | 130,011,000 | 129,614,000 | 129,261,000 | 128,736,000 | 128,123,000 | 127,524,000 | 21,410,000 | |||||||||
cash and cash equivalents | 20,066,000 | 35,574,000 | 25,002,000 | 30,561,000 | 29,619,000 | 43,870,000 | 33,949,000 | 25,034,000 | 56,948,000 | 65,222,000 | 96,700,000 | 257,739,000 | 22,704,000 | 13,539,000 | 73,004,000 | 9,040,000 | 16,418,000 | 19,248,000 | 35,805,000 | 83,177,000 | 168,214,000 | 91,327,000 | 107,579,000 |
restricted cash | 28,324,000 | 58,001,000 | 86,623,000 | 125,708,000 | 8,897,000 | 3,831,000 | 3,784,000 | 8,215,000 | 39,519,000 | 42,498,000 | 42,373,000 | 42,009,000 | 24,078,000 | 23,249,000 | 20,475,000 | 15,435,000 | 8,007,000 | 757,000 | 957,000 | 957,000 | 1,656,000 | 2,976,000 | |
deferred operating lease income receivable | 148,870,000 | 141,005,000 | 133,123,000 | 125,226,000 | 117,311,000 | 109,373,000 | 110,676,000 | 102,002,000 | 93,307,000 | 84,585,000 | 75,841,000 | 67,082,000 | 58,303,000 | 49,498,000 | 40,719,000 | 31,938,000 | |||||||
deferred expenses and other assets | 67,564,000 | 58,330,000 | 40,588,000 | 39,726,000 | 40,747,000 | 66,270,000 | 41,828,000 | 44,264,000 | 34,334,000 | 34,751,000 | 34,324,000 | 42,197,000 | 37,814,000 | 73,213,000 | 40,531,000 | 42,984,000 | 9,983,000 | 25,460,000 | 18,369,000 | 11,007,000 | 6,929,000 | 3,337,000 | 3,974,000 |
total assets | 5,850,922,000 | 5,791,874,000 | 5,542,533,000 | 5,187,049,000 | 4,515,726,000 | 3,824,982,000 | 3,438,916,000 | 3,251,953,000 | 3,208,970,000 | 2,850,787,000 | 2,829,363,000 | 2,899,627,000 | 2,566,561,000 | 1,637,162,000 | 1,233,265,000 | 1,125,952,000 | 979,743,000 | 808,995,000 | 740,698,000 | 736,224,000 | 728,513,000 | 650,524,000 | 650,141,000 |
liabilities and equity | |||||||||||||||||||||||
liabilities: | |||||||||||||||||||||||
accounts payable, accrued expenses and other liabilities | 100,357,000 | 122,662,000 | 147,775,000 | 177,022,000 | 67,592,000 | 62,492,000 | 56,120,000 | 53,138,000 | 76,673,000 | 75,185,000 | 73,825,000 | 68,821,000 | 43,008,000 | 42,975,000 | 37,600,000 | 30,238,000 | 20,800,000 | 9,247,000 | 7,401,000 | 7,585,000 | 7,545,000 | 6,783,000 | 5,945,000 |
real estate-related intangible liabilities | 64,591,000 | 64,800,000 | 65,010,000 | 65,219,000 | 65,429,000 | 65,638,000 | 65,849,000 | 66,059,000 | 66,268,000 | 56,849,000 | 57,007,000 | 57,172,000 | 57,333,000 | 57,494,000 | 57,656,000 | 57,605,000 | 57,620,000 | 57,776,000 | 57,649,000 | 57,804,000 | 57,959,000 | 58,114,000 | 58,268,000 |
debt obligations | 3,521,359,000 | 3,458,905,000 | 3,273,419,000 | 2,913,481,000 | 2,697,503,000 | 2,028,195,000 | 1,897,954,000 | 1,724,884,000 | 1,684,726,000 | 1,469,570,000 | 1,460,114,000 | 1,542,396,000 | 1,372,922,000 | 691,567,000 | 544,945,000 | 436,699,000 | 543,965,000 | 371,375,000 | 307,276,000 | 307,178,000 | 307,074,000 | 227,396,000 | 227,406,000 |
total liabilities | 3,686,307,000 | 3,646,367,000 | 3,486,204,000 | 3,155,722,000 | 2,830,524,000 | 2,156,325,000 | 2,019,923,000 | 1,844,081,000 | 1,827,667,000 | 1,601,604,000 | 1,590,946,000 | 1,668,389,000 | 1,473,263,000 | 792,036,000 | 640,201,000 | 524,542,000 | 622,385,000 | 438,398,000 | 372,326,000 | 372,567,000 | 372,578,000 | 292,293,000 | 291,619,000 |
commitments and contingencies | |||||||||||||||||||||||
redeemable noncontrolling interests | 19,011,000 | 19,658,000 | 19,000,000 | 19,000,000 | |||||||||||||||||||
equity: | |||||||||||||||||||||||
safehold inc. shareholders' equity: | |||||||||||||||||||||||
common stock, 0.01 par value... | 624,000 | 622,000 | 621,000 | 619,000 | 566,000 | 566,000 | 533,000 | 533,000 | 532,000 | 512,000 | 511,000 | 510,000 | 478,000 | 404,000 | 309,000 | 183,000 | 183,000 | 182,000 | 182,000 | 182,000 | 182,000 | 182,000 | 182,000 |
additional paid-in capital | 1,986,417,000 | 1,981,155,000 | 1,975,933,000 | 1,970,443,000 | 1,663,324,000 | 1,658,972,000 | 1,421,185,000 | 1,416,583,000 | 1,412,107,000 | 1,290,616,000 | 1,287,385,000 | 1,283,643,000 | 1,132,603,000 | 888,457,000 | 626,793,000 | 372,093,000 | 370,530,000 | 369,625,000 | 369,612,000 | 366,227,000 | 364,919,000 | 363,465,000 | 360,070,000 |
retained earnings | 151,226,000 | 140,475,000 | 85,405,000 | 73,711,000 | 59,368,000 | 48,455,000 | 37,870,000 | 32,208,000 | 23,945,000 | 17,311,000 | 11,454,000 | 7,236,000 | -8,295,000 | -9,246,000 | -5,173,000 | -1,604,000 | |||||||
accumulated other comprehensive income | 3,281,000 | -6,876,000 | 8,978,000 | 6,101,000 | 3,770,000 | 80,000 | -243,000 | -126,000 | |||||||||||||||
total safehold inc. shareholders' equity | 2,141,548,000 | 2,113,832,000 | 2,034,009,000 | 2,009,082,000 | 1,682,278,000 | 1,665,978,000 | 1,416,539,000 | 1,405,511,000 | 1,379,123,000 | 1,247,187,000 | 1,236,606,000 | 1,229,610,000 | 1,091,812,000 | 843,768,000 | 591,835,000 | 356,864,000 | |||||||
noncontrolling interests | 4,056,000 | 12,017,000 | 3,320,000 | 3,245,000 | 2,924,000 | 2,679,000 | 2,454,000 | 2,361,000 | 2,180,000 | 1,996,000 | 1,811,000 | 1,628,000 | 1,486,000 | 1,358,000 | 1,229,000 | 244,546,000 | 2,007,000 | 1,865,000 | 1,805,000 | 1,773,000 | |||
total equity | 2,145,604,000 | 2,125,849,000 | 2,037,329,000 | 2,012,327,000 | 1,685,202,000 | 1,668,657,000 | 1,418,993,000 | 1,407,872,000 | 1,381,303,000 | 1,249,183,000 | 1,238,417,000 | 1,231,238,000 | 1,093,298,000 | 845,126,000 | 593,064,000 | 601,410,000 | 357,358,000 | 370,597,000 | 368,372,000 | 363,657,000 | 355,935,000 | 358,231,000 | 358,522,000 |
total liabilities, redeemable noncontrolling interests and equity | 5,850,922,000 | 5,791,874,000 | 5,542,533,000 | 5,187,049,000 | |||||||||||||||||||
accumulated other comprehensive loss | -8,420,000 | -27,950,000 | -35,691,000 | -40,980,000 | -42,015,000 | -43,049,000 | -43,813,000 | -57,461,000 | -61,252,000 | -62,744,000 | -61,779,000 | -39,123,000 | -39,284,000 | -30,341,000 | -10,793,000 | ||||||||
total liabilities and equity | 4,515,726,000 | 3,824,982,000 | 3,438,916,000 | 3,251,953,000 | 3,208,970,000 | 2,850,787,000 | 2,829,363,000 | 2,899,627,000 | 2,566,561,000 | 1,637,162,000 | 1,233,265,000 | 1,125,952,000 | 979,743,000 | 808,995,000 | 740,698,000 | 736,224,000 | 728,513,000 | 650,524,000 | 650,141,000 | ||||
accumulated deficit | -2,146,000 | -5,809,000 | -4,926,000 | -4,619,000 | -8,486,000 | ||||||||||||||||||
net investment in leases | 159,847,000 | 128,538,000 | |||||||||||||||||||||
total real estate | 659,666,000 | 526,562,000 | 477,203,000 | 450,722,000 | 408,892,000 | 410,393,000 | 405,593,000 | ||||||||||||||||
deferred ground and other lease income receivable | 23,138,000 | 15,878,000 | 10,699,000 | 6,755,000 | 4,097,000 | 2,422,000 | |||||||||||||||||
safety, income & growth inc. shareholders' equity: | |||||||||||||||||||||||
total safety, income & growth inc. shareholders' equity | 355,351,000 | 368,732,000 | 366,567,000 | 361,884,000 | |||||||||||||||||||
retained deficit | -10,053,000 | -9,328,000 | |||||||||||||||||||||
ground and other lease income receivable | |||||||||||||||||||||||
safety, income & growth inc. predecessor equity | |||||||||||||||||||||||
ground lease income receivable | 255,000 | ||||||||||||||||||||||
deferred ground lease income receivable | 1,044,000 | ||||||||||||||||||||||
safety, income and growth, inc. predecessor equity | |||||||||||||||||||||||
safety, income and growth, inc. shareholders' equity: |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||||
net income | 21,675,000 | 75,391,000 | 22,711,000 | 24,907,000 | 21,312,000 | 20,309,000 | 14,780,000 | 16,956,000 | 15,319,000 | 14,211,000 | 12,562,000 | 17,396,000 | 11,168,000 | 5,481,000 | 5,942,000 | 11,137,000 | 4,362,000 | 2,070,000 | 1,761,000 | 3,743,000 | -1,344,000 | -721,000 |
adjustments to reconcile net income to cash flows from operating activities: | ||||||||||||||||||||||
depreciation and amortization | 2,398,000 | 2,407,000 | 2,406,000 | 2,402,000 | 2,402,000 | 2,390,000 | 2,385,000 | 2,385,000 | 2,369,000 | 2,362,000 | 2,354,000 | 2,348,000 | 2,348,000 | 2,345,000 | 2,343,000 | 2,343,000 | 2,306,000 | 2,290,000 | 2,276,000 | 2,270,000 | 2,267,000 | 2,266,000 |
stock-based compensation expense | 28,000 | 53,000 | 1,183,000 | 282,000 | 176,000 | 175,000 | 1,215,000 | 184,000 | 189,000 | 189,000 | 1,220,000 | 146,000 | 132,000 | 132,000 | 1,219,000 | 99,000 | ||||||
deferred operating lease income | -7,864,000 | -7,882,000 | -7,898,000 | -7,914,000 | -7,938,000 | -8,420,000 | -8,674,000 | -8,695,000 | -8,722,000 | -8,744,000 | -8,759,000 | -8,779,000 | -8,805,000 | -8,779,000 | -8,781,000 | -8,800,000 | ||||||
non-cash interest income from sales-type leases | -20,436,000 | -19,896,000 | -17,811,000 | -15,848,000 | -13,146,000 | -11,185,000 | -9,987,000 | -9,490,000 | -8,373,000 | -7,596,000 | -7,278,000 | -6,884,000 | -4,265,000 | -1,366,000 | -617,000 | -299,000 | ||||||
non-cash interest expense | 4,835,000 | 2,829,000 | 2,919,000 | 3,058,000 | 2,877,000 | 2,856,000 | 2,962,000 | 3,077,000 | 2,898,000 | |||||||||||||
amortization of real estate-related intangibles | 576,000 | 577,000 | 575,000 | 577,000 | 575,000 | 607,000 | 622,000 | 620,000 | 645,000 | 673,000 | 663,000 | 667,000 | 666,000 | 627,000 | 608,000 | 608,000 | 809,000 | 692,000 | 548,000 | 469,000 | 424,000 | 408,000 |
loss on early extinguishment of debt | 0 | 0 | 0 | 216,000 | 0 | |||||||||||||||||
earnings from equity method investments | -2,283,000 | -2,244,000 | -2,252,000 | -2,276,000 | -2,244,000 | -929,000 | -839,000 | -822,000 | -818,000 | |||||||||||||
distributions from operations of equity method investments | 537,000 | 459,000 | 520,000 | 531,000 | 576,000 | 532,000 | 423,000 | 442,000 | 479,000 | 307,000 | 208,000 | 219,000 | ||||||||||
selling profit from sales-type leases | 0 | |||||||||||||||||||||
gain on sale of net investment in lease | 0 | |||||||||||||||||||||
amortization of premium, discount and deferred financing costs on debt obligations | 1,345,000 | 1,363,000 | 1,356,000 | 1,320,000 | 1,154,000 | 1,021,000 | 941,000 | 655,000 | 604,000 | 580,000 | 570,000 | 527,000 | 603,000 | 570,000 | 566,000 | 518,000 | ||||||
non-cash management fees | 5,302,000 | 5,284,000 | 5,209,000 | 4,457,000 | 4,271,000 | 3,598,000 | 3,524,000 | 3,472,000 | 3,402,000 | 3,234,000 | 3,190,000 | 2,858,000 | 2,490,000 | |||||||||
other operating activities | 1,191,000 | 990,000 | 1,216,000 | 1,280,000 | 1,282,000 | 1,281,000 | 1,010,000 | 896,000 | 605,000 | 532,000 | 532,000 | 532,000 | 521,000 | 437,000 | 386,000 | 242,000 | 18,000 | 1,000 | 35,000 | -43,000 | -1,432,000 | 1,216,000 |
changes in assets and liabilities: | ||||||||||||||||||||||
changes in deferred expenses and other assets | 398,000 | 10,383,000 | 7,000 | 256,000 | -385,000 | -748,000 | 577,000 | 270,000 | -138,000 | -617,000 | 3,677,000 | -3,065,000 | -175,000 | -246,000 | 4,004,000 | -3,282,000 | 102,000 | 42,000 | -540,000 | -767,000 | 55,000 | 195,000 |
changes in accounts payable, accrued expenses and other liabilities | 5,003,000 | -8,421,000 | 11,925,000 | 11,567,000 | 3,081,000 | 3,519,000 | -2,904,000 | -15,005,000 | 1,490,000 | -5,387,000 | 3,223,000 | 2,289,000 | -1,744,000 | -10,066,000 | -3,828,000 | -5,830,000 | 871,000 | 998,000 | 1,063,000 | 287,000 | 462,000 | 408,000 |
cash flows from operating activities | 12,705,000 | 5,482,000 | 22,066,000 | 24,599,000 | 13,970,000 | 11,858,000 | 5,945,000 | -4,856,000 | 9,935,000 | 7,000,000 | 11,340,000 | 7,436,000 | 2,583,000 | -3,124,000 | 1,842,000 | -3,264,000 | 2,712,000 | 2,260,000 | 3,600,000 | 4,956,000 | 1,623,000 | 2,875,000 |
cash flows from investing activities: | ||||||||||||||||||||||
acquisitions of real estate | -37,267,000 | -336,000 | 0 | -22,007,000 | -3,570,000 | -3,239,000 | -177,814,000 | -75,639,000 | -43,588,000 | -88,856,000 | 0 | -16,000,000 | ||||||||||
origination/acquisition of net investment in sales-type leases and ground lease receivables | -68,132,000 | -302,993,000 | -375,013,000 | -532,268,000 | -705,711,000 | -331,689,000 | -129,679,000 | -80,901,000 | -356,343,000 | -34,316,000 | -39,666,000 | -43,758,000 | -836,707,000 | |||||||||
contributions to equity method investments | 0 | -5,000 | -151,000 | -21,000 | ||||||||||||||||||
funding reserves received from ground lease tenant net of disbursements | -29,775,000 | -28,697,000 | ||||||||||||||||||||
net proceeds received from sale of net investment in lease | ||||||||||||||||||||||
deposits on ground lease investments | 0 | 0 | 25,534,000 | -24,950,000 | 2,000,000 | -4,667,000 | -500,000 | 400,000 | 1,150,000 | -27,497,000 | -4,500,000 | 1,300,000 | -3,900,000 | |||||||||
other investing activities | -436,000 | -751,000 | 1,053,000 | -981,000 | -365,000 | 275,000 | 1,024,000 | 593,000 | 1,425,000 | 257,000 | -482,000 | 121,000 | 4,700,000 | -4,150,000 | 393,000 | -250,000 | 1,015,000 | 232,000 | 878,000 | -733,000 | -2,857,000 | |
cash flows from investing activities | -98,343,000 | -196,917,000 | -415,508,000 | -435,185,000 | -680,693,000 | -356,385,000 | -165,938,000 | -84,975,000 | -345,904,000 | -39,034,000 | -84,347,000 | -61,356,000 | -909,200,000 | -452,691,000 | -38,310,000 | -120,574,000 | -167,756,000 | -79,307,000 | -47,853,000 | -89,589,000 | -1,538,000 | -18,561,000 |
cash flows from financing activities: | ||||||||||||||||||||||
proceeds from issuance of common stock | 0 | 0 | 0 | 309,160,000 | 0 | 242,280,000 | 0 | 1,065,000 | 121,120,000 | 0 | 0 | 150,086,000 | 247,300,000 | 0 | 0 | |||||||
proceeds from debt obligations | 60,000,000 | 310,000,000 | 520,000,000 | 940,000,000 | 951,931,000 | 360,000,000 | 496,508,000 | 40,000,000 | 275,000,000 | 9,370,000 | 105,800,000 | 303,800,000 | 747,750,000 | 217,364,000 | 166,625,000 | 52,000,000 | 248,353,000 | |||||
repayments of debt obligations | 0 | -125,000,000 | -160,000,000 | -720,000,000 | -280,000,000 | -230,000,000 | -60,000,000 | 0 | -187,000,000 | -130,000,000 | -54,000,000 | -71,000,000 | -57,000,000 | -169,500,000 | ||||||||
payments for debt prepayment or extinguishment costs | 0 | |||||||||||||||||||||
payments for deferred financing costs | -26,000 | -76,000 | -579,000 | -4,455,000 | -4,552,000 | -578,000 | -3,339,000 | -5,594,000 | -256,000 | -388,000 | -1,304,000 | -4,836,000 | -15,909,000 | -928,000 | -1,160,000 | -471,000 | -1,233,000 | -737,000 | -194,000 | -125,000 | -1,349,000 | -566,000 |
dividends paid to common shareholders | -11,005,000 | -10,982,000 | -10,528,000 | -9,672,000 | -9,613,000 | -9,064,000 | -8,640,000 | -8,630,000 | -8,300,000 | -8,290,000 | -7,960,000 | -7,452,000 | -6,308,000 | -4,825,000 | -2,748,000 | -2,741,000 | -2,735,000 | -2,735,000 | -2,729,000 | -2,728,000 | ||
payment of offering costs | 0 | -375,000 | -84,000 | -4,731,000 | -320,000 | -8,131,000 | -41,000 | -218,000 | -2,837,000 | 0 | -392,000 | -1,527,000 | -4,749,000 | -401,000 | -232,000 | 0 | 0 | |||||
payments for withholding taxes upon vesting for stock-based compensation | ||||||||||||||||||||||
distributions to noncontrolling interests | -8,516,000 | -11,000 | -11,000 | -11,000 | -13,000 | -12,000 | -11,000 | -10,000 | -11,000 | -11,000 | -10,000 | -11,000 | -12,000 | -11,000 | -1,883,000 | -1,039,000 | -6,000 | |||||
contributions from noncontrolling interests | 0 | 18,000 | 0 | 0 | 0 | 250,000,000 | 0 | 0 | 1,750,000 | |||||||||||||
other financing activities | 0 | 0 | 0 | 3,198,000 | -3,174,000 | |||||||||||||||||
cash flows from financing activities | 40,453,000 | 173,385,000 | 348,798,000 | 528,339,000 | 657,538,000 | 354,495,000 | 164,477,000 | 26,613,000 | 324,716,000 | 681,000 | -87,668,000 | 306,886,000 | 916,611,000 | 399,124,000 | 105,472,000 | 123,888,000 | 169,464,000 | 60,290,000 | -3,119,000 | -1,103,000 | 76,802,000 | -566,000 |
changes in cash, cash equivalents and restricted cash | -45,185,000 | -18,050,000 | -44,644,000 | 117,753,000 | -9,185,000 | 9,968,000 | 4,484,000 | -63,218,000 | -11,253,000 | -31,353,000 | -160,675,000 | 252,966,000 | 9,994,000 | -56,691,000 | 69,004,000 | 50,000 | 4,420,000 | -16,757,000 | -47,372,000 | -85,736,000 | ||
cash, cash equivalents and restricted cash at beginning of period | 0 | 0 | 0 | 38,516,000 | 0 | 0 | 0 | 96,467,000 | 0 | 0 | 0 | 46,782,000 | 0 | 0 | 0 | 24,425,000 | 0 | 0 | 0 | 169,870,000 | ||
cash, cash equivalents and restricted cash at end of period | -45,185,000 | -18,050,000 | -44,644,000 | 156,269,000 | -9,185,000 | 9,968,000 | 4,484,000 | 33,249,000 | -11,253,000 | -31,353,000 | -160,675,000 | 299,748,000 | 9,994,000 | -56,691,000 | 69,004,000 | 24,475,000 | 4,420,000 | -16,757,000 | -47,372,000 | 84,134,000 | ||
net proceeds from sale of net investment in lease | ||||||||||||||||||||||
payments for withholding taxes upon vesting of stock-based compensation | 0 | 0 | -970,000 | |||||||||||||||||||
contributions from redeemable noncontrolling interests | 0 | 0 | 19,000,000 | |||||||||||||||||||
funding reserves received from ground lease tenant | 98,064,000 | |||||||||||||||||||||
losses from equity method investments | -832,000 | -356,000 | ||||||||||||||||||||
supplemental disclosure of non-cash investing and financing activity: | ||||||||||||||||||||||
acquisition of real estate | -226,000 | -168,000 | ||||||||||||||||||||
assumption of other liabilities/debt obligations | -226,000 | -168,000 | ||||||||||||||||||||
dividends declared to common shareholders | 513,000 | 473,000 | 8,645,000 | 330,000 | 10,000 | 331,000 | 7,965,000 | 1,156,000 | 1,488,000 | 2,082,000 | 2,752,000 | 6,000 | 0 | 7,000 | 2,728,000 | -120,000 | ||||||
accrued finance costs | -501,000 | 374,000 | 375,000 | 6,000 | -303,000 | 23,000 | 282,000 | 97,000 | 51,000 | 286,000 | 224,000 | 52,000 | 72,000 | -2,000 | 95,000 | 86,000 | -553,000 | |||||
accrued offering costs | -142,000 | -165,000 | 716,000 | 32,000 | 197,000 | -220,000 | -2,176,000 | |||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||||||
cash paid for interest | ||||||||||||||||||||||
origination of sales-type lease | ||||||||||||||||||||||
investor unit conversion | 0 | 0 | ||||||||||||||||||||
contribution from istar inc. | 1,308,000 | 0 | 0 | |||||||||||||||||||
fundings on ground lease receivables | -4,139,000 | -24,323,000 | -18,869,000 | |||||||||||||||||||
origination of sales-type leases | 0 | 0 | 10,194,000 | |||||||||||||||||||
assumption of debt obligations | 0 | 0 | 0 | 10,194,000 | 0 | 0 | ||||||||||||||||
distribution declared to noncontrolling interest | 1,875,000 | |||||||||||||||||||||
contributions to equity investments in ground leases | ||||||||||||||||||||||
other financing | -450,000 | 1,638,000 | -3,600,000 | |||||||||||||||||||
offering costs | ||||||||||||||||||||||
origination/acquisition of sales-type leases | -30,633,000 | -118,385,000 | ||||||||||||||||||||
payment of costs for sale of noncontrolling interest | 0 | -761,000 | ||||||||||||||||||||
non-cash stock-based compensation expense | 95,000 | |||||||||||||||||||||
deferred ground and other lease income | -7,260,000 | -5,179,000 | -3,944,000 | -2,658,000 | -1,675,000 | |||||||||||||||||
income from sales of real estate | ||||||||||||||||||||||
management fees and non-cash expense reimbursements to the manager | 921,000 | 919,000 | 1,273,000 | 1,308,000 | ||||||||||||||||||
changes in ground and other lease income receivable | 0 | |||||||||||||||||||||
proceeds from sales of real estate | ||||||||||||||||||||||
net transactions with istar inc. | ||||||||||||||||||||||
distributions to noncontrolling interest | ||||||||||||||||||||||
contributions from noncontrolling interest | ||||||||||||||||||||||
amortization of premium and deferred financing costs on debt obligations | 414,000 | 363,000 | 347,000 | 239,000 | ||||||||||||||||||
non-cash expense for stock-based compensation | 0 | 0 | ||||||||||||||||||||
distribution payable to noncontrolling interests | ||||||||||||||||||||||
changes in restricted cash held in connection with investing activities | 1,319,000 | |||||||||||||||||||||
changes in cash and cash equivalents | 76,887,000 | -16,252,000 | ||||||||||||||||||||
cash and cash equivalents at beginning of period | ||||||||||||||||||||||
cash and cash equivalents at end of period | 76,887,000 | -16,252,000 | ||||||||||||||||||||
contribution from noncontrolling interest | ||||||||||||||||||||||
deferred ground lease income | ||||||||||||||||||||||
changes in ground lease income receivable | ||||||||||||||||||||||
accrued funding obligation | ||||||||||||||||||||||
cash flows used in investing activities |