| | | | | S-i | | | |
| | | | | S-1 | | | |
| | | | | S-9 | | | |
| | | | | S-13 | | | |
| | | | | S-20 | | | |
| | | | | S-21 | | | |
| | | | | S-39 | | | |
| | | | | S-46 | | | |
| | | | | S-46 | | | |
| | | | | S-47 | | | |
| | | | | S-47 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 17 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 38 | | | |
| | | | | 66 | | | |
| | | | | 67 | | | |
| | | | | 67 | | |
| | |
As of June 22,
|
| |
As of December 31,
|
| ||||||||||||||||||||||||||||||
($ millions)
|
| |
2017
|
| |
2019
|
| |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| ||||||||||||||||||
Net investment in sales-type leases
|
| | | | — | | | | | $ | 985 | | | | | $ | 1,306 | | | | | $ | 2,413 | | | | | $ | 3,107 | | | | | $ | 3,255 | | |
Ground Lease receivables
|
| | | | — | | | | | | 397 | | | | | $ | 577 | | | | | $ | 796 | | | | | $ | 1,375 | | | | | $ | 1,622 | | |
Pro-rata interest in Ground Leases held as equity method investments
|
| | | | — | | | | | | 340 | | | | | $ | 345 | | | | | $ | 441 | | | | | $ | 445 | | | | | $ | 493 | | |
Real estate, net (Operating Leases)
|
| | | $ | 265 | | | | | $ | 672 | | | | | $ | 730 | | | | | $ | 713 | | | | | $ | 707 | | | | | $ | 701(1) | | |
Add: Accumulated depreciation
|
| | | | 1 | | | | | | 16 | | | | | | 22 | | | | | | 28 | | | | | | 34 | | | | | | 40 | | |
Add: Lease intangible assets, net
|
| | | | 123 | | | | | | 243 | | | | | | 242 | | | | | | 224 | | | | | | 218 | | | | | | 211 | | |
Add: Accumulated amortization
|
| | | | 1 | | | | | | 16 | | | | | | 23 | | | | | | 29 | | | | | | 36 | | | | | | 43 | | |
Add: Other assets
|
| | | | — | | | | | | 24 | | | | | | 23 | | | | | | 22 | | | | | | 21 | | | | | | 20 | | |
Add: Current expected credit loss allowance
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1 | | |
Less: Lease intangible liabilities, net
|
| | | | (51) | | | | | | (57) | | | | | | (66) | | | | | | (65) | | | | | | (65) | | | | | | (64) | | |
Less: Non-controlling interest
|
| | | | — | | | | | | (2) | | | | | | (2) | | | | | | (2) | | | | | | (2) | | | | | | (19) | | |
Gross book value
|
| | | $ | 339 | | | | | $ | 2,634 | | | | | $ | 3,201 | | | | | $ | 4,599 | | | | | $ | 5,876 | | | | | $ | 6,303 | | |
Add: Forward Commitments
|
| | | | — | | | | | | 81 | | | | | | 19 | | | | | | 166 | | | | | | 308 | | | | | | 136 | | |
Aggregate gross book value
|
| | | $ | 339 | | | | | $ | 2,715 | | | | | $ | 3,219 | | | | | $ | 4,764 | | | | | $ | 6,184 | | | | | $ | 6,439 | | |
Less: Accruals to net investment in leases and ground lease receivables
|
| | | | — | | | | | | (7) | | | | | | (42) | | | | | | (101) | | | | | | (176) | | | | | | (265) | | |
Aggregate Cost Basis
|
| | | $ | 339 | | | | | $ | 2,708 | | | | | $ | 3,177 | | | | | $ | 4,664 | | | | | $ | 6,008 | | | | | $ | 6,174 | | |
Less: Forward Commitments
|
| | | | — | | | | | | (81) | | | | | | (19) | | | | | | (166) | | | | | | (308) | | | | | | (136) | | |
Cost Basis
|
| | | $ | 339 | | | | | $ | 2,627 | | | | | $ | 3,159 | | | | | $ | 4,498 | | | | | $ | 5,700 | | | | | $ | 6,038 | | |
| | |
Three Months Ended
December 31 |
| |
Twelve Months Ended
December 31 |
| ||||||||||||||||||
($ thousands)
|
| |
2023
|
| |
2022
|
| |
2023
|
| |
2022
|
| ||||||||||||
Net income (loss) attributable to Safehold Inc. common stockholders
|
| | | $ | 41,184 | | | | | $ | 21,795 | | | | | $ | (54,973) | | | | | $ | 135,423 | | |
Add: Impairment of goodwill(1)
|
| | | | — | | | | | | — | | | | | | 145,365 | | | | | | — | | |
Add: Merger & Caret related costs(1)
|
| | | | — | | | | | | 3,322 | | | | | | 22,082 | | | | | | 9,764 | | |
Less: Gain on sale of ground leases(2)
|
| | | | (447) | | | | | | — | | | | | | (447) | | | | | | (55,811) | | |
Less: Non-amortizable hedge gains
|
| | | | (15,191) | | | | | | — | | | | | | (15,191) | | | | | | — | | |
Net income excluding merger & Caret related costs and non-recurring gains for the period
|
| | | $ | 25,547 | | | | | $ | 25,117 | | | | | $ | 96,837 | | | | | $ | 89,376 | | |
Impact attributable to noncontrolling interests
|
| | | | — | | | | | $ | (154) | | | | | | — | | | | | $ | 9,125 | | |
Net income attributable to Safehold Inc. common stockholders excluding merger & Caret related costs and non-recurring gains for the period
|
| | | $ | 25,547 | | | | | $ | 24,964 | | | | | $ | 96,837 | | | | | $ | 98,502 | | |
Weighted average number of shares of common stock – basic
|
| | | | 71,068 | | | | | | 63,587 | | | | | | 66,690 | | | | | | 62,393 | | |
Weighted average number of shares of common stock – diluted for net income excluding merger & Caret related costs and non-recurring gains for the period
|
| | | | 71,115 | | | | | | 63,587 | | | | | | 66,707 | | | | | | 62,394 | | |
Earnings per share excluding merger & Caret related costs and non-recurring gains for the period (basic and diluted)
|
| | | $ | 0.36 | | | | | $ | 0.39 | | | | | $ | 1.45 | | | | | $ | 1.58 | | |
Underwriter
|
| |
Principal
Amount of Notes |
| |||
J.P. Morgan Securities LLC
|
| | | | | | |
BofA Securities, Inc.
|
| | | | | | |
Goldman Sachs & Co. LLC
|
| | | | | | |
Truist Securities, Inc.
|
| | | | | | |
Total
|
| | |
$
|
|
| |
| | |
Underwriting
Discount |
| |
Total
|
| ||||||
Per note
|
| | | | % | | | | | $ | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 4 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 17 | | | |
| | | | | 26 | | | |
| | | | | 27 | | | |
| | | | | 31 | | | |
| | | | | 32 | | | |
| | | | | 38 | | | |
| | | | | 66 | | | |
| | | | | 67 | | | |
| | | | | 67 | | |
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