Safehold (SAFE) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 01, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-38122
Entity Registrant Name	Safehold Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-0971238
Entity Address, Address Line One	1114 Avenue of the Americas
Entity Address, Address Line Two	39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10036
City Area Code	212
Local Phone Number	930-9400
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	SAFE
Security Exchange Name	NYSE
Common Stock, Shares, Outstanding		62,187,433
Entity Central Index Key	0001688852
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
ASSETS
Net investment in sales-type leases	[1]	$ 2,911,681	$ 2,412,716
Ground Lease receivables	[1]	1,235,744	796,252
Real estate, at cost	[1]	740,971	740,971
Less: accumulated depreciation	[1]	(31,357)	(28,343)
Real estate, net	[1]	709,614	712,628
Real estate-related intangible assets, net	[1]	223,304	224,182
Total real estate, net and real estate-related intangible assets, net	[1]	932,918	936,810
Equity investments in Ground Leases	[1]	176,854	173,374
Cash and cash equivalents	[1]	25,002	29,619
Restricted cash	[1]	86,623	8,897
Deferred operating lease income receivable	[1]	133,123	117,311
Deferred expenses and other assets, net	[1]	40,588	40,747
Total assets	[1]	5,542,533	4,515,726
Liabilities:
Accounts payable, accrued expenses and other liabilities	[1],[2]	147,775	67,592
Real estate-related intangible liabilities, net	[1]	65,010	65,429
Debt obligations, net	[1]	3,273,419	2,697,503
Total liabilities	[1]	3,486,204	2,830,524
Commitments and contingencies (refer to Note 9)	[1]
Redeemable noncontrolling interests (refer to Note 3)	[1]	19,000
Safehold Inc. shareholders' equity:
Common stock, $0.01 par value, 400,000 shares authorized, 61,942 and 56,619 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	[1]	621	566
Additional paid-in capital	[1]	1,975,933	1,663,324
Retained earnings	[1]	85,405	59,368
Accumulated other comprehensive loss	[1]	(27,950)	(40,980)
Total Safehold Inc. shareholders' equity	[1]	2,034,009	1,682,278
Noncontrolling interests	[1]	3,320	2,924
Total equity	[1]	2,037,329	1,685,202
Total liabilities, redeemable noncontrolling interests and equity	[1]	5,542,533	4,515,726
Other Liability, Due to Related Party
Liabilities:
Accounts payable, accrued expenses and other liabilities		$ 8,600	$ 6,200
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”). As of June 30, 2022 and December 31, 2021, includes $8.6 million and $6.2 million, respectively, due to related parties.

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	400,000	400,000
Common stock, shares issued (in shares)	62,054	56,619
Common stock, shares outstanding (in shares)	62,054	56,619

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues:
Interest income from sales-type leases		$ 48,247	$ 27,126	$ 91,278	$ 53,100
Operating lease income		16,452	16,964	33,418	34,374
Other income		185	123	551	246
Total revenues		64,884	44,213	125,247	87,720
Costs and expenses:
Interest expense		30,266	19,160	55,586	36,327
Real estate expense		699	722	1,407	1,319
Depreciation and amortization		2,406	2,385	4,808	4,770
General and administrative	[1]	10,458	8,074	19,651	14,729
Other expense		596	21	705	391
Total costs and expenses		44,425	30,362	82,157	57,536
Income from operations before other items		20,459	13,851	43,090	30,184
Loss on early extinguishment of debt					(216)
Earnings from equity method investments		2,252	929	4,528	1,768
Net income		22,711	14,780	47,618	31,736
Net income attributable to noncontrolling interests		(33)	(48)	(67)	(96)
Net income attributable to Safehold Inc. common shareholders		$ 22,678	$ 14,732	$ 47,551	$ 31,640
Net income
Basic (dollars per share)		$ 0.37	$ 0.28	$ 0.79	$ 0.59
Diluted (dollars per shares)		$ 0.37	$ 0.28	$ 0.79	$ 0.59
Weighted average number of common shares:
Basic (in shares)		62,011	53,309	60,077	53,271
Diluted (in shares)		62,011	53,321	60,077	53,283
Ground Leases with iStar
Revenues:
Interest income from sales-type leases			$ 2,100	$ 2,100	$ 4,200
Expenses with Related Party, Equity Based Compensation
Costs and expenses:
General and administrative		$ 9,500	$ 6,600	$ 17,400	$ 12,100
[1] For the three months ended June 30, 2022 and 2021, includes $9.5 million and $6.6 million, respectively, of general and administrative expenses incurred to related parties that includes management fees, expense reimbursements to the Company’s Manager and equity-based compensation.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 22,711	$ 14,780	$ 47,618	$ 31,736
Other comprehensive income (loss):
Reclassification of losses on derivatives into earnings	969	764	2,002	1,122
Unrealized gain on derivatives	6,772		11,028	13,290
Other comprehensive income (loss)	7,741	764	13,030	14,412
Comprehensive income	30,452	15,544	60,648	46,148
Comprehensive income attributable to noncontrolling interests	(33)	(48)	(67)	(96)
Comprehensive income attributable to Safehold Inc.	$ 30,419	$ 15,496	$ 60,581	$ 46,052

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Common Stock	Additional Paid-In Capital	Retained Earnings / Accumulated (Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Total
Balance at the beginning of the period at Dec. 31, 2020		$ 532	$ 1,412,107	$ 23,945	$ (57,461)	$ 2,180	$ 1,381,303
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				31,640		96	31,736
Issuance of common stock, net / amortization		1	9,078			199	9,278
Dividends declared				(17,715)			(17,715)
Change in accumulated other comprehensive income (loss)					14,412		14,412
Distributions to noncontrolling interests						(21)	(21)
Balance at the end of the period at Jun. 30, 2021		533	1,421,185	37,870	(43,049)	2,454	1,418,993
Balance at the beginning of the period at Mar. 31, 2021		533	1,416,583	32,208	(43,813)	2,361	1,407,872
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				14,732		48	14,780
Issuance of common stock, net / amortization			4,602			56	4,658
Dividends declared				(9,070)			(9,070)
Change in accumulated other comprehensive income (loss)					764		764
Distributions to noncontrolling interests						(11)	(11)
Balance at the end of the period at Jun. 30, 2021		533	1,421,185	37,870	(43,049)	2,454	1,418,993
Increase (Decrease) in Temporary Equity [Roll Forward]
Contributions from noncontrolling interests, net							18,829
Additional paid in capital attributable to redeemable noncontrolling interests							171
Balance at the end of the period at Jun. 30, 2022	[1]						19,000
Balance at the beginning of the period at Dec. 31, 2021		566	1,663,324	59,368	(40,980)	2,924	1,685,202	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				47,551		67	47,618
Issuance of common stock, net / amortization		55	312,780			333	313,168
Dividends declared				(21,514)			(21,514)
Change in accumulated other comprehensive income (loss)					13,030		13,030
Contributions from noncontrolling interests						18	18
Distributions to noncontrolling interests						(22)	(22)
Additional paid in capital attributable to redeemable noncontrolling interests			(171)				(171)
Balance at the end of the period at Jun. 30, 2022		621	1,975,933	85,405	(27,950)	3,320	2,037,329	[1]
Balance at the beginning of the period at Mar. 31, 2022							19,000
Balance at the end of the period at Jun. 30, 2022	[1]						19,000
Balance at the beginning of the period at Mar. 31, 2022		619	1,970,443	73,711	(35,691)	3,245	2,012,327
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income				22,678		33	22,711
Issuance of common stock, net / amortization		2	5,490			53	5,545
Dividends declared				(10,984)			(10,984)
Change in accumulated other comprehensive income (loss)					7,741		7,741
Distributions to noncontrolling interests						(11)	(11)
Balance at the end of the period at Jun. 30, 2022		$ 621	$ 1,975,933	$ 85,405	$ (27,950)	$ 3,320	$ 2,037,329	[1]
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity - Parenthetical - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared, per share (usd per share)	$ 0.177	$ 0.17	$ 0.347	$ 0.33224

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net income	$ 47,618	$ 31,736
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization	4,808	4,770
Stock-based compensation expense	1,465	1,399
Deferred operating lease income	(15,812)	(17,369)
Non-cash interest income from sales-type leases	(33,659)	(19,477)
Non-cash interest expense	5,977	6,039
Amortization of real estate-related intangibles, net	1,152	1,242
Loss on early extinguishment of debt		216
Earnings from equity method investments	(4,528)	(1,768)
Distributions from operations of equity method investments	1,051	865
Amortization of premium, discount and deferred financing costs on debt obligations, net	2,676	1,596
Non-cash management fees	9,666	6,996
Other operating activities	2,496	1,906
Changes in assets and liabilities:
Changes in deferred expenses and other assets, net	263	847
Changes in accounts payable, accrued expenses and other liabilities	23,492	(17,909)
Cash flows provided by (used in) operating activities	46,665	1,089
Cash flows from investing activities:
Origination/acquisition of net investment in sales-type leases and Ground Lease receivables	(907,281)	(210,580)
Contributions to equity method investments	(2)	(39,283)
Funding reserves received from Ground Lease tenant	58,768
Deposits on Ground Lease investments	(2,250)	(2,667)
Other investing activities	72	1,617
Cash flows used in investing activities	(850,693)	(250,913)
Cash flows from financing activities:
Proceeds from issuance of common stock	309,160	1,065
Proceeds from debt obligations	1,460,000	536,508
Repayments of debt obligations	(880,000)	(320,000)
Payments for deferred financing costs	(5,034)	(8,933)
Dividends paid to common shareholders	(20,200)	(17,270)
Payment of offering costs	(4,815)	(259)
Payments for withholding taxes upon vesting of stock-based compensation	(970)
Distributions to noncontrolling interests	(22)	(21)
Contributions from noncontrolling interests	18
Contributions from redeemable noncontrolling interests	19,000
Cash flows provided by financing activities	877,137	191,090
Changes in cash, cash equivalents and restricted cash	73,109	(58,734)
Cash, cash equivalents and restricted cash at beginning of period	38,516	96,467
Cash, cash equivalents and restricted cash at end of period	$ 111,625	$ 37,733

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022		Jun. 30, 2021
Reconciliation of cash and cash equivalents and restricted cash presented on the consolidated statements of cash flows
Cash and cash equivalents	$ 25,002	[1]	$ 33,949
Restricted cash	86,623	[1]	3,784
Total cash and cash equivalents and restricted cash	111,625		37,733
Supplemental disclosure of non-cash investing and financing activity:
Dividends declared to common shareholders	10,984		9,118
Accrued finance costs	76		749
Accrued offering costs	$ 536		$ 551
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1—Business and Organization Business 30 The Company intends to target investments in long-term Ground Leases in which: (i) the initial cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land (“Combined Property Value”); (ii) the ratio of property net operating income to the Ground Lease payment due the Company (“Ground Rent Coverage”) is between 2.0x to 4.5x, and for this purpose the Company uses estimates of the stabilized property net operating income if it does not receive current tenant information and for properties under construction or in transition, in each case based on leasing activity at the property and available market information, including leasing activity at comparable properties in the relevant market; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the “Manager”), a wholly-owned subsidiary of iStar Inc. (“iStar”), the Company’s largest shareholder, pursuant to a management agreement. The Company has no employees, as the Manager provides all services to it. The Company draws on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization Note 2—Basis of Presentation and Principles of Consolidation Basis of Presentation statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Principles of Consolidation Consolidated VIEs

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Note 1—Business and Organization Business 30 The Company intends to target investments in long-term Ground Leases in which: (i) the initial cost of its Ground Lease represents 30% to 45% of the combined value of the land and buildings and improvements thereon as if there was no Ground Lease on the land (“Combined Property Value”); (ii) the ratio of property net operating income to the Ground Lease payment due the Company (“Ground Rent Coverage”) is between 2.0x to 4.5x, and for this purpose the Company uses estimates of the stabilized property net operating income if it does not receive current tenant information and for properties under construction or in transition, in each case based on leasing activity at the property and available market information, including leasing activity at comparable properties in the relevant market; and (iii) the Ground Lease contains contractual rent escalation clauses or percentage rent that participates in gross revenues generated by the commercial real estate on the land. A Ground Lease lessor (the Company) typically has the right to regain possession of its land and take ownership of the buildings and improvements thereon upon tenant default and the termination of the Ground Lease on account of such default. The Company believes that the Ground Lease structure provides an opportunity for potential value accretion through the reversion to the Company, as the Ground Lease owner, of the buildings and improvements on the land at the expiration or earlier termination of the lease, for no additional consideration from the Company. The Company is managed by SFTY Manager, LLC (the “Manager”), a wholly-owned subsidiary of iStar Inc. (“iStar”), the Company’s largest shareholder, pursuant to a management agreement. The Company has no employees, as the Manager provides all services to it. The Company draws on the extensive investment origination and sourcing platform of its Manager to actively promote the benefits of the Ground Lease structure to prospective Ground Lease tenants. Organization Note 2—Basis of Presentation and Principles of Consolidation Basis of Presentation statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year. Principles of Consolidation Consolidated VIEs

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 3—Summary of Significant Accounting Policies Fair Values The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ As of December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in sales-type leases (1) ​ $ 2,912 ​ $ 2,941 ​ $ 2,413 ​ $ 2,704 Ground Lease receivables (1) ​ 1,236 ​ 1,224 ​ 796 ​ 893 Cash and cash equivalents (2) ​ 25 ​ 25 ​ 30 ​ 30 Restricted cash (2) ​ 87 ​ 87 ​ 9 ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ 737 ​ ​ 607 ​ ​ 738 ​ ​ 741 Level 3 ​ ​ 2,536 ​ ​ 2,149 ​ ​ 1,960 ​ ​ 2,118 Total debt obligations, net ​ ​ 3,273 ​ 2,756 ​ 2,698 ​ ​ 2,859 (1) The fair value of the Company’s net investment in sales-type leases and Ground Lease receivables are classified as Level 3 within the fair value hierarchy. The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets are classified as Level 3 within the fair value hierarchy. (2) The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values and are classified as Level 1 within the fair value hierarchy. ​ Redeemable Noncontrolling Interests The Company classifies these redeemable Caret Units in accordance with Accounting Standards Codification (“ASC”) 480: Distinguishing Liabilities from Equity. ASC 480-10-S99-3A requires that equity securities redeemable at the option of the holder be classified outside of permanent stockholders’ equity. The Company classifies redeemable Caret Units as “Redeemable noncontrolling interests” in its consolidated balance sheets and consolidated statements of changes in equity. The redeemable noncontrolling interest’s carrying amount is equal to the higher of (i) the initial carrying amount, increased or decreased for the redeemable noncontrolling interest’s share of net income or loss and dividends; or (ii) the redemption value. In the case of the Company’s redeemable Caret Units, the carrying amount equals both the initial carrying amount and the redemption value. New Accounting Pronouncements — In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”) to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements.

Net Investment In Sales-type Le

Net Investment In Sales-type Leases and Ground Lease Receivables	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Net Investment In Sales-type Leases and Ground Lease Receivables	Note 4—Net Investment in Sales-type Leases and Ground Lease Receivables The Company classifies certain of its Ground Leases as sales-type leases and records the leases within “Net investment in sales-type leases” on the Company’s consolidated balance sheets and records interest income in “Interest income from sales-type leases” in the Company’s consolidated statements of operations. In addition, the Company may enter into transactions whereby it acquires land and enters into Ground Leases with the seller. These Ground Leases qualify as sales-type leases and, as such, do not qualify for sale leaseback accounting and are accounted for as financing receivables in accordance with ASC 310 - Receivables and are included in “Ground Lease receivables” on the Company’s consolidated balance sheets. The Company records interest income from Ground Lease receivables in “Interest income from sales-type leases” in the Company’s consolidated statements of operations. In September 2021, the Company entered into a lease assignment and modification with one of its tenants under an operating lease. In connection with this transaction, the lease was assigned to a new tenant and the maturity of the lease was extended by 3.5 years to September 2120. The Company’s net investment in sales-type leases were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 December 31, 2021 Total undiscounted cash flows ​ $ 27,502,868 ​ $ 23,707,424 Unguaranteed estimated residual value ​ 2,771,772 ​ 2,319,761 Present value discount ​ (27,362,959) ​ (23,614,469) Net investment in sales-type leases ​ $ 2,911,681 ​ $ 2,412,716 ​ The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Six Months Ended June 30, 2022 ​ ​ ​ Beginning balance ​ $ 2,412,716 ​ $ 796,252 ​ $ 3,208,968 Origination/acquisition/fundings (1) ​ 474,281 ​ 430,517 ​ 904,798 Accretion ​ 24,684 ​ 8,975 ​ 33,659 Ending balance (2) ​ $ 2,911,681 ​ $ 1,235,744 ​ $ 4,147,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Six Months Ended June 30, 2021 ​ ​ ​ Beginning balance ​ $ 1,305,519 ​ $ 577,457 ​ $ 1,882,976 Purchase price allocation adjustment ​ ​ (182) ​ ​ — ​ ​ (182) Origination/acquisition/fundings (1) ​ 113,871 ​ 95,985 ​ 209,856 Accretion ​ 13,273 ​ 6,204 ​ 19,477 Ending balance ​ $ 1,432,481 ​ $ 679,646 ​ $ 2,112,127 (1) The net investment in sales-type leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. For newly originated or acquired Ground Leases, the Company’s estimate of residual value equals the fair value of the land at lease commencement. (2) As of June 30, 2022, the Company’s weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.1% and 5.4% , respectively. As of June 30, 2022, the weighted average remaining life of the Company’s 29 Ground Lease receivables was 98.9 years. Future Minimum Lease Payments under Sales-type Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ with ​ ​ ​ ​ ​ with Inflation ​ Fixed ​ Percentage ​ ​ ​ ​ Adjustments Bumps Rent Total 2022 (remaining six months) ​ $ 44,510 ​ $ 879 ​ $ 270 ​ $ 45,659 2023 ​ 90,817 ​ 2,229 ​ 586 ​ 93,632 2024 ​ 94,898 ​ 2,256 ​ 586 ​ 97,740 2025 ​ 96,756 ​ 2,283 ​ 586 ​ 99,625 2026 ​ ​ 98,604 ​ ​ 2,311 ​ ​ 586 ​ ​ 101,501 Thereafter ​ 26,378,256 ​ 585,794 ​ 100,661 ​ 27,064,711 Total undiscounted cash flows ​ $ 26,803,841 ​ $ 595,752 ​ $ 103,275 ​ $ 27,502,868 ​ During the three and six months ended June 30, 2022 and 2021, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment ​ Ground ​ ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended June 30, 2022 Leases Receivables Total Cash ​ $ 21,935 ​ $ 8,501 ​ $ 30,436 Non-cash ​ 12,979 ​ 4,832 ​ 17,811 Total interest income from sales-type leases ​ $ 34,914 ​ $ 13,333 ​ $ 48,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment Ground ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended June 30, 2021 ​ Leases ​ Receivables ​ Total Cash ​ $ 11,466 ​ $ 5,672 ​ $ 17,138 Non-cash ​ 6,771 ​ 3,217 ​ 9,988 Total interest income from sales-type leases ​ $ 18,237 ​ $ 8,889 ​ $ 27,126 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment ​ Ground ​ ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Six Months Ended June 30, 2022 Leases Receivables Total Cash ​ $ 41,761 ​ $ 15,858 ​ $ 57,619 Non-cash ​ 24,684 ​ 8,975 ​ 33,659 Total interest income from sales-type leases ​ $ 66,445 ​ $ 24,833 ​ $ 91,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment Ground ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Six Months Ended June 30, 2021 ​ Leases ​ Receivables ​ Total Cash ​ $ 22,581 ​ $ 11,042 ​ $ 33,623 Non-cash ​ 13,273 ​ 6,204 ​ 19,477 Total interest income from sales-type leases ​ $ 35,854 ​ $ 17,246 ​ $ 53,100 ​ ​

Real Estate and Real Estate-Rel

Real Estate and Real Estate-Related Intangibles	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Real Estate and Real Estate-Related Intangibles	Note 5—Real Estate and Real Estate-Related Intangibles The Company’s real estate assets consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2022 December 31, 2021 Land and land improvements, at cost ​ $ 547,739 ​ $ 547,739 Buildings and improvements, at cost ​ 193,232 ​ 193,232 Less: accumulated depreciation ​ (31,357) ​ (28,343) Total real estate, net ​ $ 709,614 ​ $ 712,628 Real estate-related intangible assets, net ​ 223,304 ​ 224,182 Total real estate, net and real estate-related intangible assets, net ​ $ 932,918 ​ $ 936,810 ​ Real estate-related intangible assets, net consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (13,687) ​ $ 172,315 In-place lease assets, net (2) ​ 67,584 ​ (17,312) ​ 50,272 Other intangible assets, net ​ 750 ​ (33) ​ 717 Total ​ $ 254,336 ​ $ (31,032) ​ $ 223,304 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ Gross ​ Accumulated ​ Carrying ​ Intangible Amortization Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (12,119) ​ $ 173,883 In-place lease assets, net (2) ​ 65,102 ​ (15,523) ​ 49,579 Other intangible assets, net ​ 750 ​ (30) ​ 720 Total ​ $ 251,854 ​ $ (27,672) ​ $ 224,182 (1) Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases. (2) In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases. The expense from the amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement ​ For the Three Months Ended June 30, Intangible asset Location 2022 2021 Above-market lease assets (decrease to income) Operating lease income ​ $ 784 ​ $ 829 In-place lease assets (decrease to income) Depreciation and amortization ​ 897 ​ 876 Other intangible assets (decrease to income) Operating lease income ​ 2 ​ 2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement ​ For the Six Months Ended June 30, Intangible asset Location 2022 2021 Above-market lease assets (decrease to income) Operating lease income ​ $ 1,567 ​ $ 1,657 In-place lease assets (decrease to income) Depreciation and amortization ​ 1,789 ​ 1,752 Other intangible assets (decrease to income) Operating lease income ​ 4 ​ 4 ​ The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): (1) ​ ​ ​ ​ Year Amount 2022 (remaining six months) ​ $ 3,370 2023 ​ ​ 6,724 2024 ​ 6,676 2025 ​ 6,676 2026 ​ 3,767 (1) As of June 30, 2022, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 79.4 years. Real estate-related intangible liabilities, net consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (3,608) ​ $ 65,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (3,189) ​ $ 65,429 (1) Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases. The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement For the Three Months Ended June 30, ​ Intangible liability Location 2022 2021 ​ Below-market lease liabilities (increase to income) Operating lease income ​ $ 209 ​ $ 209 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement For the Six Months Ended June 30, Intangible liability Location 2022 2021 Below-market lease liabilities (increase to income) Operating lease income ​ $ 419 ​ $ 419 ​ ​ Future Minimum Operating Lease Payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed ​ ​ ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ ​ ​ Bumps with ​ ​ ​ ​ ​ Inflation- ​ Inflation ​ Fixed ​ Percentage ​ Percentage ​ ​ ​ Year Linked Adjustments Bumps Rent (1) Rent Total 2022 (remaining six months) ​ $ 2,789 ​ $ 8,494 ​ $ 1,096 ​ $ 5,509 ​ $ 179 ​ $ 18,067 2023 ​ 5,578 ​ 17,347 ​ 2,214 ​ 11,018 ​ 281 ​ 36,438 2024 ​ 5,578 ​ 17,677 ​ 2,248 ​ 11,018 ​ 51 ​ 36,572 2025 ​ 5,578 ​ 18,004 ​ 2,314 ​ ​ 11,018 ​ ​ 51 ​ 36,965 2026 ​ ​ 5,578 ​ ​ 18,370 ​ ​ 2,357 ​ ​ 987 ​ ​ 51 ​ ​ 27,343 Thereafter ​ 423,391 ​ 4,326,865 ​ 435,496 ​ 16,812 ​ 77 ​ 5,202,641 (1) During the three months ended June 30, 2022 and 2021, the Company recognized $0.2 million and $0.1 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations. During the six months ended June 30, 2022 and 2021, the Company recognized $0.9 million and $0.1 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

Equity Investments in Ground Le

Equity Investments in Ground Leases	6 Months Ended
	Jun. 30, 2022
Investments, All Other Investments [Abstract]
Equity Investments in Ground Leases	Note 6—Equity Investments in Ground Leases In June 2021, the Company acquired a 29.2% noncontrolling equity interest in a Ground Lease at an office property in New York City. As of June 30, 2022 and December 31, 2021, the Company’s investment in the Ground Lease was $44.7 million and $42.1 million, respectively. During the three months ended June 30, 2022 and 2021, the Company recorded $1.4 million and $0.1 million, respectively, in earnings from equity method investments from the Ground Lease. During the six months ended June 30, 2022 and 2021, the Company recorded $2.8 million and $0.1 million, respectively, in earnings from equity method investments from the Ground Lease. ​ In August 2019, the Company formed a venture with a sovereign wealth fund that is an existing shareholder of the Company to acquire the existing Ground Lease at 425 Park Avenue in New York City. The venture acquired the Ground Lease in November 2019. The Company has a 54.8% noncontrolling equity interest in the venture and iStar is the manager of the venture. As of June 30, 2022 and December 31, 2021, the Company’s investment in the venture was $132.2 million and $131.3 million, respectively. During the three months ended June 30, 2022 and 2021, the Company recorded $0.8 million and $0.8 million, respectively, in earnings from equity method investments from the venture. During the six months ended June 30, 2022 and 2021, the Company recorded $1.7 million and $1.7 million, respectively, in earnings from equity method investments from the venture.

Deferred Expenses and Other Ass

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities	Note 7—Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities Deferred expenses and other assets, net, consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2022 December 31, 2021 Operating lease right-of-use asset (1) ​ $ 26,875 ​ $ 27,435 Deferred finance costs, net (2) ​ 6,162 ​ 7,875 Other assets ​ 2,766 ​ 2,898 Purchase deposits ​ 4,333 ​ 2,083 Leasing costs, net ​ 452 ​ 456 Deferred expenses and other assets, net ​ $ 40,588 ​ $ 40,747 (1) Operating lease right-of-use asset relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s consolidated statements of operations. During both the three months ended June 30, 2022 and 2021, the Company recognized $0.1 million in “Real estate expense” and $0.1 million in “Other income” from its operating lease right-of-use asset. During both the six months ended June 30, 2022 and 2021, the Company recognized $0.2 million in “Real estate expense” and $0.2 million in “Other income” from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5% . (2) Accumulated amortization of deferred finance costs was $3.9 million and $2.2 million as of June 30, 2022 and December 31, 2021, respectively. Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2022 December 31, 2021 Other liabilities (1) ​ $ 76,149 ​ $ 14,998 Interest payable ​ ​ 47,852 ​ ​ 31,601 Dividends declared and payable ​ 11,003 ​ 9,690 Operating lease liability ​ 5,539 ​ 5,605 Management fee payable ​ 5,209 ​ 4,271 Accrued expenses (2) ​ 2,023 ​ 1,427 Accounts payable, accrued expenses and other liabilities ​ $ 147,775 ​ $ 67,592 (1) As of June 30, 2022, includes a $58.8 million liability due to a Ground Lease tenant for the development of a life science property that will be distributed during their development of the property. This amount has been received from the Ground Lease tenant and is included in “Restricted cash” on the Company’s consolidated balance sheet as of June 30, 2022. As of June 30, 2022 and December 31, 2021, other liabilities includes $3.3 million and $1.9 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company’s behalf. (2) As of June 30, 2022 and December 31, 2021, accrued expenses primarily includes accrued legal and audit expenses and accrued property expenses.

Debt Obligations, net

Debt Obligations, net	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Debt Obligations, net	Note 8—Debt Obligations, net The Company’s outstanding debt obligations consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Interest Scheduled ​ June 30, 2022 December 31, 2021 Rate (1) Maturity Date (2) Secured credit financing: ​ ​ Mortgages ​ $ 1,498,113 ​ $ 1,498,113 3.99 % April 2027 to November 2069 Total secured credit financing (3) ​ 1,498,113 ​ 1,498,113 Unsecured financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2.80% senior notes ​ ​ 400,000 ​ ​ 400,000 ​ 2.80 % June 2031 2.85% senior notes ​ ​ 350,000 ​ ​ 350,000 ​ 2.85 % January 2032 3.98% senior notes ​ ​ 475,000 ​ ​ — ​ 3.98 % February 2052 5.15% senior notes ​ ​ 150,000 ​ ​ — ​ 5.15 % May 2052 Unsecured Revolver ​ ​ 445,000 ​ ​ 490,000 ​ LIBOR plus 1.00 % March 2026 Total unsecured financing ​ ​ 1,820,000 ​ ​ 1,240,000 ​ ​ ​ ​ Total debt obligations ​ 3,318,113 ​ 2,738,113 Debt premium, discount and deferred financing costs, net ​ (44,694) ​ (40,610) Total debt obligations, net ​ $ 3,273,419 ​ $ 2,697,503 (1) For mortgages, represents the weighted average interest rate of consolidated mortgage debt in effect over the life of the mortgage debt and excludes the effect of debt premium, discount and deferred financing costs. As of June 30, 2022, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.25% . The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within “Accounts payable, accrued expenses, and other liabilities” on the Company’s consolidated balance sheets. As of June 30, 2022, the Company’s combined weighted average interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 6) and the Company’s unsecured senior notes were 3.74% and 3.18% , respectively. (2) Represents the extended maturity date for all debt obligations. (3) As of June 30, 2022, $2.0 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations. Mortgages Unsecured Notes ​ In November 2021, the Operating Partnership (as issuer) and the Company (as guarantor), issued $350.0 million aggregate principal amount of 2.85% senior notes due January 2032 (the “2.85% Notes”). The 2.85% Notes were issued at 99.123% of par. The Company may redeem the 2.85% Notes in whole at any time or in part from time to time prior to October 15, 2031, at the Company’s option and sole discretion, at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2.85% Notes being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture, plus, in each case, accrued and unpaid interest thereon to, but not including, the applicable redemption date. If the 2.85% Notes are redeemed on or after October 15, 2031, the redemption price will be equal to 100% of the principal amount of the 2.85% Notes being redeemed, plus accrued and unpaid interest thereon to, but not including, the applicable redemption date. ​ In January 2022, the Operating Partnership (as issuer) and the Company (as guarantor), issued $475.0 million aggregate principal amount of privately-placed 3.98% senior notes due February 2052 (the “3.98% Notes”). The Operating Partnership elected to draw these funds in March 2022. In May 2022, the Operating Partnership (as issuer) and the Company (as guarantor), issued $150.0 million aggregate principal amount of privately-placed 5.15% senior notes due May 2052 (the “5.15% Notes”). The structure of the 5.15% Notes features a stairstep coupon rate in which the Company will pay cash interest at a rate of 2.50% in years 1 through 10, 3.75% in years 11 through 20, and 5.15% in years 21 through 30. The difference between the 5.15% stated rate and the cash interest rate will accrue in each semi-annual payment period and be paid in kind by adding such accrued interest to the outstanding principal balance, to be repaid at maturity in May 2052. The Company may, at its option, prepay at any time all, or from time to time any part of, the 5.15% Notes, in an amount not less than 5% of the aggregate principal amount of the 5.15% Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the applicable make-whole amount calculated in accordance with the indenture; provided, that, so long as no default or event of default shall then exist, at any time on or after February 13, 2052, the Company may, at its option, prepay all or any part of the 5.15% Notes at 100% of the principal amount so prepaid, together with, in each case, accrued interest to the prepayment date, without any make-whole amount. ​ Unsecured Revolver In December 2021, the Company obtained additional lender commitments increasing the maximum availability 12-month Debt Covenants existing or future material credit facilities, including the Unsecured Revolver, and to the extent such covenants are more favorable to the lenders under such material credit facilities than the covenants contained in the 3.98% Notes and 5.15% Notes. The Company’s mortgages contain no significant maintenance or ongoing financial covenants. As of June 30, 2022, the Company was in compliance with all of its financial covenants. Future Scheduled Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured ​ Unsecured ​ Total 2022 (remaining six months) $ — $ — $ — 2023 ​ ​ — ​ ​ — ​ — 2024 ​ — ​ — ​ — 2025 ​ — ​ — ​ — 2026 ​ — ​ 445,000 ​ 445,000 Thereafter (1) ​ 1,498,113 ​ 1,375,000 ​ 2,873,113 Total principal maturities ​ 1,498,113 ​ 1,820,000 ​ 3,318,113 Debt premium, discount and deferred financing costs, net ​ (27,417) ​ (17,277) ​ (44,694) Total debt obligations, net ​ $ 1,470,696 ​ $ 1,802,723 ​ $ 3,273,419 (1) As of June 30, 2022, the Company’s weighted average maturity for its secured mortgages was 29.0 years.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9—Commitments and Contingencies Unfunded Commitments The Company also has unfunded forward commitments related to agreements that it entered into for the acquisition of new Ground Leases or additions to existing Ground Leases if certain conditions are met (refer to Note 13). These commitments may also include leasehold improvement allowances that will be funded to the Ground Lease tenants when certain conditions are met. As of June 30, 2022, the Company had an aggregate $436.7 million of such commitments. There can be no assurance that the conditions to closing for these transactions will be satisfied and that the Company will acquire the Ground Leases or fund the leasehold improvement allowances Legal Proceedings

Risk Management and Derivatives

Risk Management and Derivatives	6 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Risk Management and Derivatives	Note 10—Risk Management and Derivatives In the normal course of its ongoing business operations, the Company encounters credit risk. Credit risk is the risk of default on the Company’s leases that result from a tenant’s inability or unwillingness to make contractually required payments. Risk concentrations Although the Company’s Ground Leases are geographically diverse and the tenants operate in a variety of industries and property types, to the extent the Company has a significant concentration of interest income from sales-type leases or operating lease income from any tenant, the inability of that tenant to make its payment could have a material adverse effect on the Company. The Company did not have a significant concentration of operating lease income from any tenant for the periods presented. Derivative instruments and hedging activity The Company recognizes derivatives, if any, as either assets or liabilities on the Company’s consolidated balance sheets at fair value. Interest rate hedge assets are recorded in “Deferred expenses and other assets, net” and interest rate hedge liabilities are recorded in “Accounts payable, accrued expenses and other liabilities” on the Company’s consolidated balance sheets. If certain conditions are met, a derivative may be specifically designated as a hedge of the exposure to changes in the fair value of a recognized asset or liability, a hedge of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability. For the Company’s derivatives designated and qualifying as cash flow hedges, changes in the fair value of the derivatives are reported as a component of accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. For the Company’s derivatives not designated as hedges, the changes in the fair value of the derivatives are reported in “Interest expense” in the Company’s consolidated statements of operations. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. During the six months ended June 30, 2021, the Company terminated its interest rate hedges for $19.9 million. The Company did not have any derivatives outstanding as of June 30, 2022 and December 31, 2021. Over the next 12 months, the Company expects that $3.8 million related to cash flow hedges will be reclassified from “Accumulated other comprehensive income (loss)” as an increase to interest expense. ​ Credit Risk-Related Contingent Features The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain ​ ​ ​ ​ Amount of Gain ​ (Loss) Reclassified ​ ​ ​ ​ (Loss) Recognized ​ from Accumulated ​ ​ ​ ​ in Accumulated ​ Other ​ ​ Location of Gain (Loss) ​ Other ​ Comprehensive ​ ​ When Recognized in ​ Comprehensive ​ Income into Derivatives Designated in Hedging Relationships ​ Income Income Earnings For the Three Months Ended June 30, 2022 ​ ​ Interest rate swaps Interest expense ​ $ 6,772 ​ $ (969) For the Three Months Ended June 30, 2021 ​ ​ ​ Interest rate swaps Interest expense ​ $ — ​ $ (764) For the Six Months Ended June 30, 2022 ​ ​ ​ Interest rate swaps Interest expense ​ $ 11,028 $ (2,002) For the Six Months Ended June 30, 2021 ​ ​ ​ Interest rate swaps Interest expense ​ $ 13,290 ​ $ (1,122) ​

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	Note 11—Equity Common Stock In March 2022, the Company sold shares of its common stock in a public offering for gross proceeds of $ million. Concurrently with the public offering, the Company sold $ million in shares, or shares, of its common stock to iStar in a private placement. The Company incurred approximately million of offering costs in connection with these transactions which were recorded as a reduction to additional paid-in capital. As In February 2021, the Company and its affiliates, entered into an at-the-market equity offering (the “ATM”) pursuant to which the Company may sell shares of its common stock up to an aggregate purchase price of $250.0 million. Through June 30, 2022, the Company sold 12,881 shares at an average net price of $81.45 per share, paid $15,977 of offering costs and raised $1.0 million of net proceeds pursuant to the ATM. Proceeds from the ATM were used for general corporate purposes. As of June 30, 2022, the Company had $248.9 million of aggregate purchase price remaining under its ATM. Equity Plans and certain non-recourse mortgage debt refinancings of a Ground Lease. The Company owns 84% of the Caret Units (refer to Note 3). At the time of plan adoption, awards with an aggregate fair value of $1.4 million were granted to the Company’s non-management directors and employees of the Manager and will be recognized over a period of four years. As of June 30, 2022, all stock price hurdles were achieved and each outstanding award is fully vested. In February 2020 and March 2020, the Company granted awards with an aggregate grant date fair value of $0.5 million and $0.1 million, respectively, to employees of the Manager. The awards granted in February 2020 will cliff vest in December 2022 and the awards granted in March 2020, which were granted to one employee of the Manager, vest over three years upon satisfaction of continuing service conditions. As of June 30, 2022, 12% of the awards granted in March 2020 had vested and 88% of the awards were forfeited. During the six months ended June 30, 2022 and 2021, the Company recognized $0.3 million and $0.2 million, respectively, in expense from Caret Units and it is recorded in “General and administrative” in the Company’s consolidated statements of operations and “Noncontrolling interests” on the Company’s consolidated balance sheets. In August 2021, in order to ensure that the interests of the non-management directors are best aligned with the interests of the Company’s common shareholders, each of the non-management directors (or, in the case of directors, their affiliated trusts to which the Caret Units had been issued) entered into agreements to exchange their Caret Units that were granted at the time of plan adoption into shares of the Company’s common stock. Effective December 1, 2021, each non-management director (or, in the case of directors, their affiliated trusts to which the Caret Units had been issued) exchanged Caret Units for shares of the Company’s common stock. The Company’s board of directors approved the exchanges having considered the report of a leading independent valuation firm. The Company adopted an equity incentive plan to provide equity incentive opportunities to members of the Manager’s management team and employees who perform services for the Company, the Company’s non-management directors, advisers, consultants and other personnel (the “2017 Equity Incentive Plan”). The 2017 Equity Incentive Plan provides for grants of stock options, shares of restricted common stock, phantom shares, dividend equivalent rights and other equity-based awards, including long-term incentive plan units. In the second quarter 2022, the Company issued 26,000 fully-vested shares with a fair value of $1.1 million, or $43.51 per share, to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors. In the second quarter 2021, the Company issued 16,000 fully-vested shares with a fair value of $1.1 million, or $69.86 per share, to its directors who are not employees of the Manager or iStar in consideration for their annual services as directors. In the first quarter 2019, the Company granted 25,000 restricted stock units with a fair value of $0.5 million, or $19.15 per share, under the 2017 Equity Incentive Plan to an employee of the Manager, representing the right to receive 25,000 shares of the Company’s common stock, which vested in January 2022. Grants under the 2017 Equity Incentive Plan are recognized as compensation costs ratably over the applicable vesting period and recorded in “General and administrative” in the Company’s consolidated statements of operations. As of June 30, 2022, an aggregate of 698,500 shares remain available for issuance pursuant to future awards under the Company’s 2017 Equity Incentive Plan. Noncontrolling Interests Accumulated Other Comprehensive Income (Loss) Dividends operations due to non-cash revenues and expenses (such as depreciation and other items), in certain circumstances, the Company may generate operating cash flow in excess of its dividends, or alternatively, may need to make dividend payments in excess of operating cash flows. During the six months ended June 30, 2022 and 2021, the Company declared cash dividends on its common stock of $21.5 million, or $0.347 per share, and $17.7 million, or $0.33224 per share, respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 12—Earnings Per Share Earnings per share (“EPS”) is calculated by dividing net income attributable to common shareholders by the weighted average number of shares outstanding for the period. The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 Net income ​ $ 22,711 ​ $ 14,780 ​ $ 47,618 ​ $ 31,736 ​ Net income attributable to noncontrolling interests ​ (33) ​ (48) ​ (67) ​ (96) ​ Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share ​ $ 22,678 ​ $ 14,732 ​ $ 47,551 ​ $ 31,640 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 Earnings attributable to common shares: ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 22,678 ​ $ 14,732 ​ $ 47,551 ​ $ 31,640 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 22,678 ​ $ 14,732 ​ $ 47,551 ​ $ 31,640 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ 62,011 ​ 53,309 ​ 60,077 ​ 53,271 ​ Add: Effect of assumed shares under treasury stock method for restricted stock units ​ — ​ 12 ​ — ​ 12 ​ Weighted average common shares outstanding for diluted earnings per common share ​ 62,011 ​ 53,321 ​ 60,077 ​ 53,283 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: ​ ​ ​ ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 0.37 ​ $ 0.28 ​ $ 0.79 ​ $ 0.59 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 0.37 ​ $ 0.28 ​ $ 0.79 ​ $ 0.59 ​ ​

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 13—Related Party Transactions The Company is externally managed by an affiliate of iStar, the Company’s largest shareholder. iStar has been an active real estate investor for over 20 years and has an extensive network for sourcing investments, which includes relationships with brokers, corporate tenants and developers that it has established over its long operating history. Management Agreement A summary of the terms of the management agreement is below: ​ ​ ​ Manager SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc. Management Fee ​ Annual fee of 1.00% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion) Management Fee Consideration ​ At the discretion of the Company’s independent directors, payment will be made in cash or in shares of the Company’s common stock (valued at the greater of: (i) the volume weighted average market price during a specified pricing period; or (ii) the initial public offering price of $20.00 per share) Lock-up ​ Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement) Incentive Fee ​ None Term ​ Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company’s independent directors and payment of termination fee. Termination Fee ​ 3 ​ During the three months ended June 30, 2022 and 2021, the Company recorded $5.2 million and $3.5 million, respectively, in management fees to the Manager. During the six months ended June 30, 2022 and 2021, the Company recorded $9.7 million and $7.0 million, respectively, in management fees to the Manager. These management fees are recorded in “General and administrative” in the Company’s consolidated statements of operations. Expense Reimbursements The Company pays, or reimburses the Manager for, certain of the Company’s operating expenses as well as the costs of personnel performing certain legal, accounting, finance, due diligence tasks and other services, in each case except those specifically required to be borne or elected not to be charged by the Manager under the management agreement. Historically, pursuant to the Manager’s option under the management agreement, the Manager has elected to not seek reimbursement for certain expenses. This historical election is not a waiver of reimbursement for similar expenses in future periods and the Manager has started to elect to seek, and may further seek in the future, reimbursement of such additional expenses that it has not previously sought, including, without limitation, rent, overhead and certain personnel costs. During the three months ended June 30, 2022 and 2021, the Company was allocated $3.1 million and $1.9 million, respectively, in expenses from the Manager. During the six months ended June 30, 2022 and 2021, the Company was allocated $6.2 million and $3.8 million, respectively, in expenses from the Manager. These expenses are recorded in “General and administrative” in the Company’s consolidated statements of operations. Acquisitions and Commitments iStar has participated in certain of the Company’s investment transactions, as the Company’s tenant or either as a seller of land or by providing financing to the Company’s Ground Lease tenants. Following is a list of transactions in which the Company and iStar or other persons deemed to be related parties have participated for the periods presented. These transactions were approved by the Company’s independent directors in accordance with the Company’s policy with respect to related party transactions. In June 2022, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a mixed-use property. The Company also committed to provide an additional $35.0 million to the Ground Lease tenant if certain construction and leasing milestones are met. A venture in which iStar owns a noncontrolling equity interest and an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling equity interest committed to provide a $105.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid the venture $5.0 million of additional consideration in connection with this investment. In April 2022, the Company acquired an existing Ground Lease from iStar for $9.0 million. In March 2022, the Company acquired land for a purchase price of $28.5 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a hotel property. One of the Company’s independent directors has an indirect ownership interest in the entity that is the Ground Lease tenant and controls the company that indirectly manages that entity. In March 2022, the Company paid iStar $0.3 million to terminate a purchase option that allowed iStar to purchase the land at the expiration of its Ground Lease with the Company. iStar sold the leasehold to a third party in March 2022. In March 2022, the Company acquired three land properties from iStar for a total purchase price of $122.0 million and simultaneously structured and entered into three Ground Lease’s directly with the Ground Lease tenant. In February 2022, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of a life science development property. A venture in which iStar owns a noncontrolling equity interest and an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling equity interest committed to provide a $130.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid the venture $9.0 million of additional consideration in connection with this investment. In January 2022, the Company entered into an agreement pursuant to which it agreed to acquire land and a related Ground Lease originated by iStar when certain construction related conditions are met by a specified time period. The purchase price to be paid is a maximum of $36.0 million, plus an amount necessary for iStar to achieve the greater of a 1.05x multiple or a 10% return on its investment. In December 2021, the Company acquired land for a purchase price of $56.5 million and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of an existing multifamily property. Prior to the recapitalization, iStar and the Ground Lease tenant owned the property through a venture. As part of the recapitalization, the Ground Lease tenant acquired iStar’s equity interest in the venture and repaid a mezzanine loan iStar had provided to the venture in August 2018. In November 2021, the Company entered into an agreement pursuant to which it agreed to acquire land and a related Ground Lease originated by iStar when certain construction related conditions are met by a specified time period. The purchase price to be paid is $33.3 million, plus an amount necessary for iStar to achieve the greater of a 1.25x multiple or a 12% return on its investment. In addition, the Ground Lease documents contain future funding obligations to the Ground Lease tenant of approximately $51.8 million of leasehold improvement allowance upon achievement of certain milestones. In December 2021, iStar contributed the Ground Lease to an investment fund it formed that targets the origination and acquisition of Ground Leases for commercial real estate projects that are in a pre-development phase. iStar has a noncontrolling interest in the investment fund and an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors) has a noncontrolling interest in the investment fund. The terms of the Company’s commitment under the agreement did not change upon iStar’s contribution of the Ground Lease to the investment fund. There can be no assurance that the conditions to closing will be satisfied and that the Company will acquire the Ground Lease from the investment fund. In June 2021, the Company acquired from iStar a purchase option agreement for $1.2 million, which amount was equal to the deposit previously made by iStar under such option agreement plus assumption of iStar’s out of pocket costs and expenses in connection with entering into such option agreement. Under the option agreement, the Company has the right to acquire for $215.0 million a property that is under a separate option for the benefit of a third party, whereby such third party has the right to enter into a Ground Lease and develop approximately 1.1 million square feet of office space. In June 2021, the Company entered into two agreements pursuant to each of which it agreed to acquire land and a related Ground Lease originated by iStar when certain construction related conditions are met by a specified time period. The purchase price to be paid for each is $42.0 million, plus an amount necessary for iStar to achieve the greater of a 1.25x multiple and a 9% return on its investment. In addition, each Ground Lease provides for a leasehold improvement allowance up to a maximum of $83.0 million, which obligation would be assumed by the Company upon acquisition. In January 2022, iStar sold the Ground Leases to an investment fund in which iStar owns a noncontrolling interest and an existing shareholder (which is affiliated with one of the Company’s independent directors) owns a noncontrolling interest. There can be no assurance that the conditions to closing will be satisfied and that the Company will acquire the properties and Ground Leases from the investment fund. In March 2021, the Company entered into an agreement pursuant to which, subject to certain conditions being met, it agreed to acquire 100% of the limited liability company interests in the owner of a fee estate subject to a Ground Lease on which a multi-family project is currently being constructed. In March 2021, iStar originated a $75.0 million construction loan commitment to the Ground Lease tenant and acquired the Ground Lease for $16.1 million. iStar subsequently sold the loan commitment to an entity in which it has a noncontrolling interest . In February 2021, the Company acquired land and simultaneously structured and entered into a Ground Lease as part of the Ground Lease tenant’s recapitalization of an existing hotel property. iStar provided a $50.0 million loan to the Company’s Ground Lease tenant for the recapitalization of the leasehold. The Company paid iStar $1.9 million of additional consideration in connection with this investment. Caret Units In August 2021, in order to ensure that the interests of the non-management directors are best aligned with the interests of the Company’s common shareholders, each of the non-management directors (or, in the case of two directors, their affiliated trusts to which the Caret Units had been issued) entered into agreements to exchange their Caret Units (refer to Note 11) that were granted at the time of plan adoption into shares of the Company’s common stock. Effective December 1, 2021, each non-management director exchanged 3,750 Caret Units for 2,546 shares of the Company’s common stock. The Company’s board of directors approved the exchanges having considered the report of a leading independent valuation firm. In February 2022, the Company sold an aggregate of 108,571 Caret Units, 1.08% of the authorized Caret Units, to a group of investors (refer to Note 3). The investor group includes an affiliate of an existing shareholder (which is affiliated with one of the Company’s independent directors), which made a commitment to purchase 28,571 Caret Units, or 0.29% of the authorized Caret Units, for a purchase price of $5.0 million. As part of the sale, the Company is obligated to seek to provide a public market listing for the Caret Units or securities into which they may be exchanged, within two years. If the Company is unable to provide public market liquidity within two years at a value in excess of the new investor’s basis, the investors have the right to cause the Company to redeem their Caret Units at their original purchase price.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 14—Subsequent Events In July 2022, the Company acquired a Ground Lease from iStar for $36.4 million inclusive of closing costs.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation statements. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States of America (“GAAP”) for complete financial statements. These unaudited consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”).
Use of Estimates	The preparation of these consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. In the opinion of management, the accompanying consolidated financial statements contain all adjustments consisting of normal recurring adjustments necessary for a fair statement of the results for the interim periods presented. Such operating results may not be indicative of the expected results for any other interim periods or the entire year.
Principles of Combination and Consolidation	Principles of Consolidation
Fair values	Fair Values
New accounting pronouncements	New Accounting Pronouncements — In May 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments (“ASU 2019-04”) to clarify certain accounting topics from previously issued ASUs, including ASU 2016-13. ASU 2019-04 addresses certain aspects of ASU 2016-13, including but not limited to, accrued interest receivable, loan recoveries, interest rate projections for variable-rate financial instruments and expected prepayments. ASU 2019-04 provides alternatives that allow entities to measure credit losses on accrued interest separate from credit losses on the principal portion of a loan, clarifies that entities should include expected recoveries in the measurement of credit losses, allows entities to consider future interest rates when measuring credit losses and can elect to adjust effective interest rates used to discount expected cash flows for expected loan prepayments. ASU 2019-04 is effective upon the adoption of ASU 2016-13. Management is currently evaluating the impact of ASU 2019-04 on the Company’s consolidated financial statements.

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Fair Value, by Balance Sheet Grouping	The following table presents the carrying value and fair value for the Company’s financial instruments ($ in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ As of December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ Value Value Value Value Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment in sales-type leases (1) ​ $ 2,912 ​ $ 2,941 ​ $ 2,413 ​ $ 2,704 Ground Lease receivables (1) ​ 1,236 ​ 1,224 ​ 796 ​ 893 Cash and cash equivalents (2) ​ 25 ​ 25 ​ 30 ​ 30 Restricted cash (2) ​ 87 ​ 87 ​ 9 ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations, net (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 ​ ​ 737 ​ ​ 607 ​ ​ 738 ​ ​ 741 Level 3 ​ ​ 2,536 ​ ​ 2,149 ​ ​ 1,960 ​ ​ 2,118 Total debt obligations, net ​ ​ 3,273 ​ 2,756 ​ 2,698 ​ ​ 2,859 (1) The fair value of the Company’s net investment in sales-type leases and Ground Lease receivables are classified as Level 3 within the fair value hierarchy. The fair value of the Company’s debt obligations traded in secondary markets are classified as Level 1 within the fair value hierarchy and the fair value of the Company’s debt obligations not traded in secondary markets are classified as Level 3 within the fair value hierarchy. (2) The Company determined the carrying values of its cash and cash equivalents and restricted cash approximated their fair values and are classified as Level 1 within the fair value hierarchy. ​

Net Investment In Sales-type _2

Net Investment In Sales-type Leases and Ground Lease Receivables (Tables)	6 Months Ended
	Jun. 30, 2022
Leases [Abstract]
Sales-type Lease, Lease Income	The Company’s net investment in sales-type leases were comprised of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 December 31, 2021 Total undiscounted cash flows ​ $ 27,502,868 ​ $ 23,707,424 Unguaranteed estimated residual value ​ 2,771,772 ​ 2,319,761 Present value discount ​ (27,362,959) ​ (23,614,469) Net investment in sales-type leases ​ $ 2,911,681 ​ $ 2,412,716 ​ The following table presents a rollforward of the Company’s net investment in sales-type leases and Ground Lease receivables for the six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Six Months Ended June 30, 2022 ​ ​ ​ Beginning balance ​ $ 2,412,716 ​ $ 796,252 ​ $ 3,208,968 Origination/acquisition/fundings (1) ​ 474,281 ​ 430,517 ​ 904,798 Accretion ​ 24,684 ​ 8,975 ​ 33,659 Ending balance (2) ​ $ 2,911,681 ​ $ 1,235,744 ​ $ 4,147,425 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment in ​ Ground Lease ​ ​ ​ ​ Sales-type Leases Receivables Total Six Months Ended June 30, 2021 ​ ​ ​ Beginning balance ​ $ 1,305,519 ​ $ 577,457 ​ $ 1,882,976 Purchase price allocation adjustment ​ ​ (182) ​ ​ — ​ ​ (182) Origination/acquisition/fundings (1) ​ 113,871 ​ 95,985 ​ 209,856 Accretion ​ 13,273 ​ 6,204 ​ 19,477 Ending balance ​ $ 1,432,481 ​ $ 679,646 ​ $ 2,112,127 (1) The net investment in sales-type leases is initially measured at the present value of the fixed and determinable lease payments, including any guaranteed or unguaranteed estimated residual value of the asset at the end of the lease, discounted at the rate implicit in the lease. For newly originated or acquired Ground Leases, the Company’s estimate of residual value equals the fair value of the land at lease commencement. (2) As of June 30, 2022, the Company’s weighted average accrual rate for its net investment in sales-type leases and Ground Lease receivables was 5.1% and 5.4% , respectively. As of June 30, 2022, the weighted average remaining life of the Company’s 29 Ground Lease receivables was 98.9 years. During the three and six months ended June 30, 2022 and 2021, the Company recognized interest income from sales-type leases in its consolidated statements of operations as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment ​ Ground ​ ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended June 30, 2022 Leases Receivables Total Cash ​ $ 21,935 ​ $ 8,501 ​ $ 30,436 Non-cash ​ 12,979 ​ 4,832 ​ 17,811 Total interest income from sales-type leases ​ $ 34,914 ​ $ 13,333 ​ $ 48,247 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Investment Ground ​ ​ ​ ​ in Sales-type ​ Lease ​ ​ ​ Three Months Ended June 30, 2021 ​ Leases ​ Receivables ​ Total Cash ​ $ 11,466 ​ $ 5,672 ​ $ 17,138 Non-cash ​ 6,771 ​ 3,217 ​ 9,988 Total interest income from sales-type leases ​ $ 18,237 ​ $ 8,889 ​ $ 27,126
Future Minimum Lease Payments Under Sales-type Leases	Future Minimum Lease Payments under Sales-type Leases ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ with ​ ​ ​ ​ ​ with Inflation ​ Fixed ​ Percentage ​ ​ ​ ​ Adjustments Bumps Rent Total 2022 (remaining six months) ​ $ 44,510 ​ $ 879 ​ $ 270 ​ $ 45,659 2023 ​ 90,817 ​ 2,229 ​ 586 ​ 93,632 2024 ​ 94,898 ​ 2,256 ​ 586 ​ 97,740 2025 ​ 96,756 ​ 2,283 ​ 586 ​ 99,625 2026 ​ ​ 98,604 ​ ​ 2,311 ​ ​ 586 ​ ​ 101,501 Thereafter ​ 26,378,256 ​ 585,794 ​ 100,661 ​ 27,064,711 Total undiscounted cash flows ​ $ 26,803,841 ​ $ 595,752 ​ $ 103,275 ​ $ 27,502,868

Real Estate and Real Estate-R_2

Real Estate and Real Estate-Related Intangibles (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Schedule of Real Estate Assets	The Company’s real estate assets consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2022 December 31, 2021 Land and land improvements, at cost ​ $ 547,739 ​ $ 547,739 Buildings and improvements, at cost ​ 193,232 ​ 193,232 Less: accumulated depreciation ​ (31,357) ​ (28,343) Total real estate, net ​ $ 709,614 ​ $ 712,628 Real estate-related intangible assets, net ​ 223,304 ​ 224,182 Total real estate, net and real estate-related intangible assets, net ​ $ 932,918 ​ $ 936,810
Schedule of Real Estate-Related Intangible Assets, Net	Real estate-related intangible assets, net consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (13,687) ​ $ 172,315 In-place lease assets, net (2) ​ 67,584 ​ (17,312) ​ 50,272 Other intangible assets, net ​ 750 ​ (33) ​ 717 Total ​ $ 254,336 ​ $ (31,032) ​ $ 223,304 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ Gross ​ Accumulated ​ Carrying ​ Intangible Amortization Value Above-market lease assets, net (1) ​ $ 186,002 ​ $ (12,119) ​ $ 173,883 In-place lease assets, net (2) ​ 65,102 ​ (15,523) ​ 49,579 Other intangible assets, net ​ 750 ​ (30) ​ 720 Total ​ $ 251,854 ​ $ (27,672) ​ $ 224,182 (1) Above-market lease assets are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease is less than the present value of the contractual in-place rental cash flows. Above-market lease assets are amortized over the non-cancelable term of the leases. (2) In-place lease assets are recognized during asset acquisitions and are estimated based on the value associated with the costs avoided in originating leases comparable to the acquired in-place leases as well as the value associated with lost rental revenue during the assumed lease-up period. In-place lease assets are amortized over the non-cancelable term of the leases.
Schedule or Amortization of Real Estate Properties	The expense from the amortization of real estate-related intangible assets had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement ​ For the Three Months Ended June 30, Intangible asset Location 2022 2021 Above-market lease assets (decrease to income) Operating lease income ​ $ 784 ​ $ 829 In-place lease assets (decrease to income) Depreciation and amortization ​ 897 ​ 876 Other intangible assets (decrease to income) Operating lease income ​ 2 ​ 2
Schedule of Future Amortization Expense	The estimated amortization of real estate-related intangible assets for each of the five succeeding fiscal years is as follows ($ in thousands): (1) ​ ​ ​ ​ Year Amount 2022 (remaining six months) ​ $ 3,370 2023 ​ ​ 6,724 2024 ​ 6,676 2025 ​ 6,676 2026 ​ 3,767 (1) As of June 30, 2022, the weighted average amortization period for the Company’s real estate-related intangible assets was approximately 79.4 years.
Real Estate - Related Intangibles, Liabilities	Real estate-related intangible liabilities, net consist of the following items ($ in thousands): (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2022 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (3,608) ​ $ 65,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ Gross ​ Accumulated ​ Carrying ​ ​ Intangible ​ Amortization ​ Value Below-market lease liabilities (1) ​ $ 68,618 ​ $ (3,189) ​ $ 65,429 (1) Below-market lease liabilities are recognized during asset acquisitions when the present value of market rate rental cash flows over the term of a lease exceeds the present value of the contractual in-place rental cash flows. Below-market lease liabilities are amortized over the non-cancelable term of the leases.
Real Estate - Related Intangibles, Liabilities	The amortization of real estate-related intangible liabilities had the following impact on the Company’s consolidated statements of operations for the three and six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income Statement For the Three Months Ended June 30, ​ Intangible liability Location 2022 2021 ​ Below-market lease liabilities (increase to income) Operating lease income ​ $ 209 ​ $ 209 ​
Future Minimum Ground Net Lease Payments	​ Future Minimum Operating Lease Payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed Bumps ​ ​ ​ ​ Fixed ​ ​ ​ ​ ​ ​ ​ with ​ ​ ​ ​ ​ ​ ​ Bumps with ​ ​ ​ ​ ​ Inflation- ​ Inflation ​ Fixed ​ Percentage ​ Percentage ​ ​ ​ Year Linked Adjustments Bumps Rent (1) Rent Total 2022 (remaining six months) ​ $ 2,789 ​ $ 8,494 ​ $ 1,096 ​ $ 5,509 ​ $ 179 ​ $ 18,067 2023 ​ 5,578 ​ 17,347 ​ 2,214 ​ 11,018 ​ 281 ​ 36,438 2024 ​ 5,578 ​ 17,677 ​ 2,248 ​ 11,018 ​ 51 ​ 36,572 2025 ​ 5,578 ​ 18,004 ​ 2,314 ​ ​ 11,018 ​ ​ 51 ​ 36,965 2026 ​ ​ 5,578 ​ ​ 18,370 ​ ​ 2,357 ​ ​ 987 ​ ​ 51 ​ ​ 27,343 Thereafter ​ 423,391 ​ 4,326,865 ​ 435,496 ​ 16,812 ​ 77 ​ 5,202,641 (1) During the three months ended June 30, 2022 and 2021, the Company recognized $0.2 million and $0.1 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations. During the six months ended June 30, 2022 and 2021, the Company recognized $0.9 million and $0.1 million, respectively, of percentage rent in “Operating lease income” in the Company’s consolidated statements of operations.

Deferred Expenses and Other A_2

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of deferred expenses and other assets, net	Deferred expenses and other assets, net, consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2022 December 31, 2021 Operating lease right-of-use asset (1) ​ $ 26,875 ​ $ 27,435 Deferred finance costs, net (2) ​ 6,162 ​ 7,875 Other assets ​ 2,766 ​ 2,898 Purchase deposits ​ 4,333 ​ 2,083 Leasing costs, net ​ 452 ​ 456 Deferred expenses and other assets, net ​ $ 40,588 ​ $ 40,747 (1) Operating lease right-of-use asset relates to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.4 million, subject to adjustment for changes in the CPI, per year through 2044; however, the Company’s Ground Lease tenant at the property pays this expense directly under the terms of a master lease. Operating lease right-of-use asset is amortized on a straight-line basis over the term of the lease and is recorded in “Real estate expense” in the Company’s consolidated statements of operations. During both the three months ended June 30, 2022 and 2021, the Company recognized $0.1 million in “Real estate expense” and $0.1 million in “Other income” from its operating lease right-of-use asset. During both the six months ended June 30, 2022 and 2021, the Company recognized $0.2 million in “Real estate expense” and $0.2 million in “Other income” from its operating lease right-of-use asset. The related operating lease liability (see table below) equals the present value of the minimum rental payments due under the lease discounted at the Company’s incremental secured borrowing rate for a similar asset estimated to be 5.5% . (2) Accumulated amortization of deferred finance costs was $3.9 million and $2.2 million as of June 30, 2022 and December 31, 2021, respectively.
Schedule of accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities consist of the following items ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2022 December 31, 2021 Other liabilities (1) ​ $ 76,149 ​ $ 14,998 Interest payable ​ ​ 47,852 ​ ​ 31,601 Dividends declared and payable ​ 11,003 ​ 9,690 Operating lease liability ​ 5,539 ​ 5,605 Management fee payable ​ 5,209 ​ 4,271 Accrued expenses (2) ​ 2,023 ​ 1,427 Accounts payable, accrued expenses and other liabilities ​ $ 147,775 ​ $ 67,592 (1) As of June 30, 2022, includes a $58.8 million liability due to a Ground Lease tenant for the development of a life science property that will be distributed during their development of the property. This amount has been received from the Ground Lease tenant and is included in “Restricted cash” on the Company’s consolidated balance sheet as of June 30, 2022. As of June 30, 2022 and December 31, 2021, other liabilities includes $3.3 million and $1.9 million, respectively, due to the Manager for allocated payroll costs and costs it paid on the Company’s behalf. (2) As of June 30, 2022 and December 31, 2021, accrued expenses primarily includes accrued legal and audit expenses and accrued property expenses.

Debt Obligations, net (Tables)

Debt Obligations, net (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of debt obligations	The Company’s outstanding debt obligations consist of the following ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of Interest Scheduled ​ June 30, 2022 December 31, 2021 Rate (1) Maturity Date (2) Secured credit financing: ​ ​ Mortgages ​ $ 1,498,113 ​ $ 1,498,113 3.99 % April 2027 to November 2069 Total secured credit financing (3) ​ 1,498,113 ​ 1,498,113 Unsecured financing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2.80% senior notes ​ ​ 400,000 ​ ​ 400,000 ​ 2.80 % June 2031 2.85% senior notes ​ ​ 350,000 ​ ​ 350,000 ​ 2.85 % January 2032 3.98% senior notes ​ ​ 475,000 ​ ​ — ​ 3.98 % February 2052 5.15% senior notes ​ ​ 150,000 ​ ​ — ​ 5.15 % May 2052 Unsecured Revolver ​ ​ 445,000 ​ ​ 490,000 ​ LIBOR plus 1.00 % March 2026 Total unsecured financing ​ ​ 1,820,000 ​ ​ 1,240,000 ​ ​ ​ ​ Total debt obligations ​ 3,318,113 ​ 2,738,113 Debt premium, discount and deferred financing costs, net ​ (44,694) ​ (40,610) Total debt obligations, net ​ $ 3,273,419 ​ $ 2,697,503 (1) For mortgages, represents the weighted average interest rate of consolidated mortgage debt in effect over the life of the mortgage debt and excludes the effect of debt premium, discount and deferred financing costs. As of June 30, 2022, the weighted average cash interest rate for the Company’s consolidated mortgage debt, based on interest rates in effect at that date, was 3.25% . The difference between the weighted average interest rate and the weighted average cash interest rate is recorded to interest payable within “Accounts payable, accrued expenses, and other liabilities” on the Company’s consolidated balance sheets. As of June 30, 2022, the Company’s combined weighted average interest rate and combined weighted average cash interest rate of the Company’s consolidated mortgage debt, the mortgage debt of the Company’s unconsolidated ventures (applying the Company’s percentage interest in the ventures - refer to Note 6) and the Company’s unsecured senior notes were 3.74% and 3.18% , respectively. (2) Represents the extended maturity date for all debt obligations. (3) As of June 30, 2022, $2.0 billion of real estate, at cost, net investment in sales-type leases and Ground Lease receivables served as collateral for the Company’s debt obligations.
Schedule of Maturities of Long-term Debt	Future Scheduled Maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured ​ Unsecured ​ Total 2022 (remaining six months) $ — $ — $ — 2023 ​ ​ — ​ ​ — ​ — 2024 ​ — ​ — ​ — 2025 ​ — ​ — ​ — 2026 ​ — ​ 445,000 ​ 445,000 Thereafter (1) ​ 1,498,113 ​ 1,375,000 ​ 2,873,113 Total principal maturities ​ 1,498,113 ​ 1,820,000 ​ 3,318,113 Debt premium, discount and deferred financing costs, net ​ (27,417) ​ (17,277) ​ (44,694) Total debt obligations, net ​ $ 1,470,696 ​ $ 1,802,723 ​ $ 3,273,419 (1) As of June 30, 2022, the Company’s weighted average maturity for its secured mortgages was 29.0 years.

Risk Management and Derivativ_2

Risk Management and Derivatives (Tables)	6 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Derivative Instruments, Gain (Loss)	The table below presents the effect of the Company’s derivative financial instruments in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021 ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of Gain ​ ​ ​ ​ Amount of Gain ​ (Loss) Reclassified ​ ​ ​ ​ (Loss) Recognized ​ from Accumulated ​ ​ ​ ​ in Accumulated ​ Other ​ ​ Location of Gain (Loss) ​ Other ​ Comprehensive ​ ​ When Recognized in ​ Comprehensive ​ Income into Derivatives Designated in Hedging Relationships ​ Income Income Earnings For the Three Months Ended June 30, 2022 ​ ​ Interest rate swaps Interest expense ​ $ 6,772 ​ $ (969) For the Three Months Ended June 30, 2021 ​ ​ ​ Interest rate swaps Interest expense ​ $ — ​ $ (764) For the Six Months Ended June 30, 2022 ​ ​ ​ Interest rate swaps Interest expense ​ $ 11,028 $ (2,002) For the Six Months Ended June 30, 2021 ​ ​ ​ Interest rate swaps Interest expense ​ $ 13,290 ​ $ (1,122)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of earnings per share	The following tables present a reconciliation of net income used in the basic and diluted EPS calculations ($ and shares in thousands, except for per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 Net income ​ $ 22,711 ​ $ 14,780 ​ $ 47,618 ​ $ 31,736 ​ Net income attributable to noncontrolling interests ​ (33) ​ (48) ​ (67) ​ (96) ​ Net income attributable to Safehold Inc. common shareholders for basic and diluted earnings per common share ​ $ 22,678 ​ $ 14,732 ​ $ 47,551 ​ $ 31,640 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2022 2021 2022 2021 Earnings attributable to common shares: ​ ​ ​ ​ Numerator for basic and diluted earnings per share: ​ ​ ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 22,678 ​ $ 14,732 ​ $ 47,551 ​ $ 31,640 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 22,678 ​ $ 14,732 ​ $ 47,551 ​ $ 31,640 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for basic and diluted earnings per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding for basic earnings per common share ​ 62,011 ​ 53,309 ​ 60,077 ​ 53,271 ​ Add: Effect of assumed shares under treasury stock method for restricted stock units ​ — ​ 12 ​ — ​ 12 ​ Weighted average common shares outstanding for diluted earnings per common share ​ 62,011 ​ 53,321 ​ 60,077 ​ 53,283 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic and diluted earnings per common share: ​ ​ ​ ​ ​ Net income attributable to Safehold Inc. common shareholders - basic ​ $ 0.37 ​ $ 0.28 ​ $ 0.79 ​ $ 0.59 ​ Net income attributable to Safehold Inc. common shareholders - diluted ​ $ 0.37 ​ $ 0.28 ​ $ 0.79 ​ $ 0.59 ​

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of the terms of the management agreement is below: ​ ​ ​ Manager SFTY Manager, LLC, a wholly-owned subsidiary of iStar Inc. Management Fee ​ Annual fee of 1.00% of total equity (up to $1.5 billion) Annual fee of 1.25% of total equity (for incremental equity of $1.5 billion to $3.0 billion) Annual fee of 1.375% of total equity (for incremental equity of $3.0 billion to $5.0 billion) and Annual fee of 1.5% of total equity (for incremental equity over $5.0 billion) Management Fee Consideration ​ At the discretion of the Company’s independent directors, payment will be made in cash or in shares of the Company’s common stock (valued at the greater of: (i) the volume weighted average market price during a specified pricing period; or (ii) the initial public offering price of $20.00 per share) Lock-up ​ Restriction from selling common stock received for management fees for two years from the date of such issuance (restriction will terminate in the event of and effective with the termination of the management agreement) Incentive Fee ​ None Term ​ Non-terminable through June 30, 2023, except for cause. Automatic annual renewals thereafter, subject to non-renewal upon certain findings by the Company’s independent directors and payment of termination fee. Termination Fee ​ 3

Business and Organization (Deta

Business and Organization (Details)	6 Months Ended
	Jun. 30, 2022 employee segment
Business Acquisition [Line Items]
Number of reportable segments | segment	1
Number of employees | employee	0
Minimum
Business Acquisition [Line Items]
Ground leases term	30 years
Ground lease investment initial targeted value of ground lease of combined value	30%
Ground lease, ratio of property net operating income to ground lease payments due	2
Percentage cap for Ground Lease rent increases based on consumer price index	3%
Maximum
Business Acquisition [Line Items]
Ground leases term	99 years
Ground lease investment initial targeted value of ground lease of combined value	45%
Ground lease, ratio of property net operating income to ground lease payments due	4.5
Percentage cap for Ground Lease rent increases based on consumer price index	3.50%
Safehold Operating Partnership LP
Business Acquisition [Line Items]
Ownership interest by shareholders' (percent)	100%
General partner interests ownership interest	100%

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation and Combination (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Variable Interest Entity [Line Items]
Assets	[1]	$ 5,542,533	$ 4,515,726
Liabilities	[1]	3,486,204	$ 2,830,524
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		70,000
Liabilities		$ 29,800
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Fair Value (Details) - USD ($) $ in Thousands		Jun. 30, 2022		Dec. 31, 2021		Jun. 30, 2021	Dec. 31, 2020
Assets
Net investment in sales-type leases		$ 2,911,681	[1]	$ 2,412,716	[1]	$ 1,432,481	$ 1,305,519
Ground Lease receivables		1,235,744	[1]	796,252	[1]	679,646	$ 577,457
Cash and cash equivalents		25,002	[1]	29,619	[1]	33,949
Restricted cash		86,623	[1]	8,897	[1]	$ 3,784
Liabilities
Debt obligations, net	[1]	3,273,419		2,697,503
Carrying Value
Assets
Net investment in sales-type leases		2,912,000		2,413,000
Ground Lease receivables		1,236,000		796,000
Cash and cash equivalents		25,000		30,000
Restricted cash		87,000		9,000
Liabilities
Debt obligations, net		3,273,000		2,698,000
Carrying Value | Fair Value, Inputs, Level 1
Liabilities
Debt obligations, net		737,000		738,000
Carrying Value | Fair Value, Inputs, Level 3
Liabilities
Debt obligations, net		2,536,000		1,960,000
Fair Value
Liabilities
Debt obligations, net		2,756,000		2,859,000
Fair Value | Fair Value, Inputs, Level 1
Assets
Cash and cash equivalents		25,000		30,000
Restricted cash		87,000		9,000
Liabilities
Debt obligations, net		607,000		741,000
Fair Value | Fair Value, Inputs, Level 3
Assets
Net investment in sales-type leases		2,941,000		2,704,000
Ground Lease receivables		1,224,000		893,000
Liabilities
Debt obligations, net		$ 2,149,000		$ 2,118,000
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Redeemable Noncontrolling Interests (Details) - Caret Units $ in Millions	1 Months Ended
	Feb. 28, 2022 USD ($) director shares
Subsidiary, Sale of Stock [Line Items]
Number of units sold | shares	108,571
Number of additional shares to be sold under binding purchase commitment | shares	28,571
Proceeds from stock transaction | $	$ 19
Expected proceeds from sale of shares under purchase commitment | $	$ 5
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest | director	1
Period in which the entity is obligated to provide a public market listing	2 years

Net Investment In Sales-type _3

Net Investment In Sales-type Leases and Ground Lease Receivables (Lease Assignment and Modification) (Details) $ in Thousands		1 Months Ended
		Sep. 30, 2021 USD ($) lease	Jun. 30, 2022 USD ($)		Dec. 31, 2021 USD ($)		Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lease reclassification
Number of tenant leases modified and assigned | lease		1
Net investment in sales-type leases			$ 2,911,681	[1]	$ 2,412,716	[1]	$ 1,432,481	$ 1,305,519
Real estate, net	[1]		709,614		712,628
Deferred operating lease income receivable	[1]		133,123		117,311
Real estate-related intangible assets, net	[1]		$ 223,304		$ 224,182
Reclassification of Lease to Sales-Type Lease
Lease reclassification
Lease maturity extension		3 years 6 months
Net investment in sales-type leases		$ 40,900
Real estate, net		(11,400)
Deferred operating lease income receivable		(9,800)
Real estate-related intangible assets, net		$ (17,900)
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment In Sales-type _4

Net Investment In Sales-type Leases and Ground Lease Receivables (Schedule of Net Investment in Sales-type Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2022		Dec. 31, 2021		Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
Total undiscounted cash flows	$ 27,502,868		$ 23,707,424
Unguaranteed estimated residual value	2,771,772		2,319,761
Present value discount	(27,362,959)		(23,614,469)
Net investment in sales-type leases	$ 2,911,681	[1]	$ 2,412,716	[1]	$ 1,432,481	$ 1,305,519
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment In Sales-type _5

Net Investment In Sales-type Leases and Ground Lease Receivables (Schedule of Net Investment in Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) lease		Jun. 30, 2021 USD ($)
Net Investment in Sales-type Leases
Net Investment in Sales-type Leases, Beginning Balance	$ 2,412,716	[1]	$ 1,305,519
Net Investment in Sales-type Leases, Purchase price allocation adjustment			(182)
Net Investment in Sales-type Leases, Origination/acquisition/fundings	474,281		113,871
Net Investment in Sales-type Leases, Accretion	24,684		13,273
Net Investment in Sales-type Leases, Ending Balance	2,911,681	[1]	1,432,481
Ground Lease Receivables
Ground Lease Receivables, Beginning balance	796,252	[1]	577,457
Ground Lease Receivables, Origination/acquisition/fundings	430,517		95,985
Ground Lease Receivables, Accretion	8,975		6,204
Ground Lease Receivables, Ending balance	1,235,744	[1]	679,646
Total
Beginning balance	3,208,968		1,882,976
Purchase price allocation adjustment			(182)
Origination/acquisition/fundings	904,798		209,856
Accretion	33,659		19,477
Ending balance	$ 4,147,425		$ 2,112,127
Weighted average accrual rate for net investment in sales-type leases	5.10%
Weighted average accrual rate for net investment in ground lease receivables	5.40%
Ground lease receivables | lease	29
Weighted Average
Total
Ground leases term	98 years 10 months 24 days
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Net Investment In Sales-type _6

Net Investment In Sales-type Leases and Ground Lease Receivables (Fiscal Year Maturity) (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	$ 45,659
2023	93,632
2024	97,740
2025	99,625
2026	101,501
Thereafter	27,064,711
Total undiscounted cash flows	27,502,868
Fixed Bumps with Inflation Adjustments
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	44,510
2023	90,817
2024	94,898
2025	96,756
2026	98,604
Thereafter	26,378,256
Total undiscounted cash flows	26,803,841
Fixed Bumps
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	879
2023	2,229
2024	2,256
2025	2,283
2026	2,311
Thereafter	585,794
Total undiscounted cash flows	595,752
Fixed Bumps with Percentage Rent
Lessee, Lease, Description [Line Items]
2022 (remaining six months)	270
2023	586
2024	586
2025	586
2026	586
Thereafter	100,661
Total undiscounted cash flows	$ 103,275

Net Investment In Sales-type _7

Net Investment In Sales-type Leases and Ground Lease Receivables (Interest Income) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	$ 48,247	$ 27,126	$ 91,278	$ 53,100
Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	30,436	17,138	57,619	33,623
Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	17,811	9,988	33,659	19,477
Net Investment in Sales-type Leases
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	34,914	18,237	66,445	35,854
Net Investment in Sales-type Leases | Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	21,935	11,466	41,761	22,581
Net Investment in Sales-type Leases | Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	12,979	6,771	24,684	13,273
Ground Lease Receivables
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	13,333	8,889	24,833	17,246
Ground Lease Receivables | Cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	8,501	5,672	15,858	11,042
Ground Lease Receivables | Non-cash
Lessor, Lease, Description [Line Items]
Interest income from sales-type leases	$ 4,832	$ 3,217	$ 8,975	$ 6,204

Real Estate and Real Estate-R_3

Real Estate and Real Estate-Related Intangibles (Real Estate Assets) (Details) - USD ($) $ in Thousands		Jun. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land and land improvements, at cost		$ 547,739	$ 547,739
Buildings and improvements, at cost		193,232	193,232
Less: accumulated depreciation	[1]	(31,357)	(28,343)
Real estate, net	[1]	709,614	712,628
Real estate-related intangible assets, net	[1]	223,304	224,182
Total real estate, net and real estate-related intangible assets, net	[1]	$ 932,918	$ 936,810
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate and Real Estate-R_4

Real Estate and Real Estate-Related Intangibles (Intangibles) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		$ 254,336		$ 254,336		$ 251,854
Accumulated Amortization		(31,032)		(31,032)		(27,672)
Carrying Value	[1]	223,304		223,304		224,182
Below-market lease liabilities - Gross Intangible		68,618		68,618		68,618
Below-market lease liabilities - Accumulated Amortization		(3,608)		(3,608)		(3,189)
Below-market lease liabilities - Carrying Value	[1]	65,010		65,010		65,429
Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
Amortization of real estate related intangible liabilities				419	$ 419
Above-market lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		186,002		186,002		186,002
Accumulated Amortization		(13,687)		(13,687)		(12,119)
Carrying Value		172,315		172,315		173,883
Above-market lease assets, net | Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		784	$ 829	1,567	1,657
In-place lease assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		67,584		67,584		65,102
Accumulated Amortization		(17,312)		(17,312)		(15,523)
Carrying Value		50,272		50,272		49,579
In-place lease assets, net | Depreciation and amortization
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		897	876	1,789	1,752
Below-market lease | Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
Amortization of real estate related intangible liabilities		209	209
Other intangible assets, net
Finite-Lived Intangible Assets [Line Items]
Gross Intangible		750		750		750
Accumulated Amortization		(33)		(33)		(30)
Carrying Value		717		717		$ 720
Other intangible assets, net | Operating Lease Income
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets		$ 2	$ 2	$ 4	$ 4
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Real Estate and Real Estate-R_5

Real Estate and Real Estate-Related Intangibles (Intangible Asset Future Amortization Expense) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Real Estate [Abstract]
2022 (remaining six months)	$ 3,370
2023	6,724
2024	6,676
2025	6,676
2026	$ 3,767
Weighted average useful life	79 years 4 months 24 days

Real Estate and Real Estate-R_6

Real Estate and Real Estate-Related Intangibles (Future Minimum Ground Net Lease Payments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	$ 18,067		$ 18,067
2023	36,438		36,438
2024	36,572		36,572
2025	36,965		36,965
2026	27,343		27,343
Thereafter	5,202,641		5,202,641
Operating lease income	16,452	$ 16,964	33,418	$ 34,374
Inflation- Linked
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	2,789		2,789
2023	5,578		5,578
2024	5,578		5,578
2025	5,578		5,578
2026	5,578		5,578
Thereafter	423,391		423,391
Fixed Bumps with Inflation Adjustments
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	8,494		8,494
2023	17,347		17,347
2024	17,677		17,677
2025	18,004		18,004
2026	18,370		18,370
Thereafter	4,326,865		4,326,865
Fixed Bumps
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	1,096		1,096
2023	2,214		2,214
2024	2,248		2,248
2025	2,314		2,314
2026	2,357		2,357
Thereafter	435,496		435,496
Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	5,509		5,509
2023	11,018		11,018
2024	11,018		11,018
2025	11,018		11,018
2026	987		987
Thereafter	16,812		16,812
Operating lease income	200	$ 100	900	$ 100
Fixed Bumps with Percentage Rent
Future Minimum Ground Net Lease Payments to be Collected
2022 (remaining six months)	179		179
2023	281		281
2024	51		51
2025	51		51
2026	51		51
Thereafter	$ 77		$ 77

Equity Investments in Ground _2

Equity Investments in Ground Leases (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Equity investments
Equity investments in Ground Leases	[1]	$ 176,854		$ 176,854		$ 173,374
Earnings from equity method investments		2,252	$ 929	4,528	$ 1,768
Office Property, New York City
Equity investments
Ownership percentage			29.20%		29.20%
Equity investments in Ground Leases		44,700		44,700		42,100
Earnings from equity method investments		$ 1,400	$ 100	$ 2,800	$ 100
425 Park Avenue, New York City | Joint Venture
Equity investments
Ownership percentage		54.80%		54.80%
Equity investments in Ground Leases		$ 132,200		$ 132,200		$ 131,300
Earnings from equity method investments		$ 800	$ 800	$ 1,700	$ 1,700
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Deferred Expenses and Other A_3

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Assets) (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Deferred expenses and other assets
Operating lease, right-of-use asset		$ 26,875		$ 26,875		$ 27,435
Deferred finance costs, net		6,162		6,162		7,875
Other assets		2,766		2,766		2,898
Purchase deposits		4,333		4,333		2,083
Leasing costs, net		452		452		456
Deferred expenses and other assets, net	[1]	$ 40,588		$ 40,588		40,747
Lease discount rate		5.50%		5.50%
Operating lease income		$ 16,452	$ 16,964	$ 33,418	$ 34,374
Accumulated amortization of deferred finance costs		3,900		3,900		2,200
Below-market lease
Deferred expenses and other assets
Annual lease fee		400		400		$ 400
Real estate expense
Deferred expenses and other assets
Operating lease expense		100	100	200	200
Other Income
Deferred expenses and other assets
Operating lease expense		$ 100	$ 100	$ 200	$ 200
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Deferred Expenses and Other A_4

Deferred Expenses and Other Assets, Net and Accounts Payable, Accrued Expenses and Other Liabilities (Schedule of Other Liabilities) (Details) - USD ($) $ in Thousands		Jun. 30, 2022		Dec. 31, 2021		Jun. 30, 2021
Accounts payable, accrued expenses and other liabilities
Other liabilities		$ 76,149		$ 14,998
Interest payable		47,852		31,601
Dividends declared and payable		11,003		9,690
Operating lease liability		5,539		5,605
Management fee payable		5,209		4,271
Accrued expenses		2,023		1,427
Accounts payable, accrued expenses and other liabilities	[1],[2]	147,775		67,592
Restricted cash		86,623	[2]	8,897	[2]	$ 3,784
Other liabilities
Accounts payable, accrued expenses and other liabilities
Payable to the Manager for costs it paid on the Company's behalf		3,300		$ 1,900
Life Science Office Property Development
Accounts payable, accrued expenses and other liabilities
Other liabilities		58,800
Restricted cash		$ 58,800
[1] As of June 30, 2022 and December 31, 2021, includes $8.6 million and $6.2 million, respectively, due to related parties. Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Schedule

Debt Obligations, net (Schedule of Debt) (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended	12 Months Ended
		Mar. 31, 2021	Jun. 30, 2022	Dec. 31, 2021	May 31, 2022	Jan. 31, 2022	Nov. 30, 2021	Jun. 30, 2021	May 31, 2021
Debt Instrument [Line Items]
Total debt obligations			$ 3,318,113	$ 2,738,113
Debt premium, net			(44,694)	(40,610)
Total debt obligations, net	[1]		3,273,419	2,697,503
Secured Debt
Debt Instrument [Line Items]
Total debt obligations			1,498,113	1,498,113
Debt premium, net			(27,417)
Total debt obligations, net			1,470,696
Real estate pledged as collateral on debt obligations			2,000,000
Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations			1,820,000	1,240,000
Debt premium, net			(17,277)
Total debt obligations, net			1,802,723
Mortgages | Secured Debt
Debt Instrument [Line Items]
Total debt obligations			$ 1,498,113	$ 1,498,113
Weighted average interest rate			3.99%	3.99%
Cash interest rate			3.25%
Consolidated Mortgage Debt, Unconsolidated Mortgage Debt and Unsecured Senior Notes
Debt Instrument [Line Items]
Weighted average interest rate			3.74%
Cash interest rate			3.18%
2.80% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations, net			$ 400,000	$ 400,000
Stated interest rate			2.80%	2.80%				2.80%	2.80%
2.85% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations, net			$ 350,000	$ 350,000
Stated interest rate			2.85%	2.85%			2.85%	2.85%
3.980% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations			$ 475,000
Stated interest rate			3.98%			3.98%
5.15% Senior Notes | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations			$ 150,000
Stated interest rate			5.15%		5.15%
2017 Revolver | Unsecured Debt
Debt Instrument [Line Items]
Total debt obligations			$ 445,000	$ 490,000
2017 Revolver | Unsecured Debt | LIBOR
Debt Instrument [Line Items]
Basis point spread on variable interest rate (percent)		1%	1%	1%
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Debt Obligations, net (Narrativ

Debt Obligations, net (Narrative) (Details)	1 Months Ended					6 Months Ended		12 Months Ended
	May 31, 2022 USD ($)	Jan. 31, 2022 USD ($)	Nov. 30, 2021 USD ($)	May 31, 2021 USD ($)	Mar. 31, 2021 USD ($) item	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Loss on early extinguishment of debt							$ 216,000
Secured Debt | Mortgages
Line of Credit Facility [Line Items]
Weighted average interest rate						3.99%		3.99%
Unsecured Debt | 2.80% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount				$ 400,000,000
Stated interest rate				2.80%		2.80%	2.80%	2.80%
Percent of par value at which the notes were issued				99.127%
Percentage of principal amount of debt at which debt can be redeemed				100%
Unsecured Debt | 2.85% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 350,000,000
Stated interest rate			2.85%			2.85%	2.85%	2.85%
Percent of par value at which the notes were issued			99.123%
Percentage of principal amount of debt at which debt can be redeemed			100%
Unsecured Debt | 3.980% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount		$ 475,000,000
Stated interest rate		3.98%				3.98%
Minimum percentage of aggregate principal amount that can be repaid at any time at the Company's discretion		5%
Percentage of principal amount of debt at which debt can be redeemed		100%
Unsecured Debt | 5.15% Senior Notes
Line of Credit Facility [Line Items]
Aggregate principal amount	$ 150,000,000
Stated interest rate	5.15%					5.15%
Staristep interest rate, Years 1 through 10	2.50%
Staristep interest rate, Years 11 through 20	3.75%
Staristep interest rate, Years 21 through 30	5.15%
Minimum percentage of aggregate principal amount that can be repaid at any time at the Company's discretion	5%
Percentage of principal amount of debt at which debt can be redeemed	100%
Unsecured Debt | 2017 Revolver
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 1,000,000,000			$ 1,350,000,000
Number of extension options available | item					2
Debt extension term					12 months
Line of credit facility fee, percent					0.125%
Remaining borrowing capacity						$ 900,000,000
Unsecured Debt | LIBOR | 2017 Revolver
Line of Credit Facility [Line Items]
Basis point spread on variable interest rate (percent)					1%	1%		1%
Minimum | Unsecured Debt | Unsecured Senior Notes
Line of Credit Facility [Line Items]
Unencumbered assets to unsecured debt ration						1.25
Minimum | Unsecured Debt | 2017 Revolver
Line of Credit Facility [Line Items]
Unencumbered assets to unsecured debt ration						1.33
Debt instrument covenant multiple of minimum fixed charges on outstanding borrowings						1.15

Debt Obligations, net (Schedu_2

Debt Obligations, net (Schedule of Debt Maturities) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
2022 (remaining six months)		$ 0
2023		0
2024		0
2025		0
2026		445,000
Thereafter		2,873,113
Total principal maturities		3,318,113	$ 2,738,113
Debt premium, discount and deferred financing costs, net		(44,694)	(40,610)
Total debt obligations, net	[1]	3,273,419	2,697,503
Secured Debt
Debt Instrument [Line Items]
2022 (remaining six months)		0
2023		0
2024		0
2025		0
2026		0
Thereafter		1,498,113
Total principal maturities		1,498,113	1,498,113
Debt premium, discount and deferred financing costs, net		(27,417)
Total debt obligations, net		1,470,696
Unsecured Debt
Debt Instrument [Line Items]
2022 (remaining six months)		0
2023		0
2024		0
2025		0
2026		445,000
Thereafter		1,375,000
Total principal maturities		1,820,000	1,240,000
Debt premium, discount and deferred financing costs, net		(17,277)
Total debt obligations, net		1,802,723
Mortgages | Secured Debt
Debt Instrument [Line Items]
Total principal maturities		$ 1,498,113	$ 1,498,113
Weighted average maturity of mortgages		29 years
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2022 USD ($)
Unfunded commitments
Leasehold improvement allowance, unfunded, pending milestone achievement	$ 316.5
Future funding obligation, amount	$ 436.7

Risk Management and Derivativ_3

Risk Management and Derivatives (Derivative Instruments) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 3.8
Designated as Hedging Instrument | Interest rate swap | Accounts payable, accrued expenses and other liabilities
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest rate hedges terminated		$ 19.9

Risk Management and Derivativ_4

Risk Management and Derivatives (Derivative Instrument Gain (Loss)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	$ 6,772		$ 11,028	$ 13,290
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	(969)	$ (764)	(2,002)	(1,122)
Designated as Hedging Instrument | Interest Expense | Interest rate swap
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain (Loss) Recognized in Accumulated Other Comprehensive Income	6,772		11,028	13,290
Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings	$ (969)	$ (764)	$ (2,002)	$ (1,122)

Equity (Narrative) (Details)

Equity (Narrative) (Details)		1 Months Ended				3 Months Ended			6 Months Ended		17 Months Ended
	Dec. 01, 2021 shares	Mar. 31, 2022 USD ($) shares	Aug. 31, 2021 director shares	Feb. 28, 2021 USD ($)	Mar. 31, 2020 USD ($) employee	Jun. 30, 2022 USD ($) item $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Mar. 31, 2019 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) item $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2022 USD ($) item $ / shares shares	Feb. 29, 2020 USD ($)	Sep. 30, 2018 USD ($)
Class of Stock [Line Items]
Number of classes of common stock | item						1			1		1
Percentage of taxable income including capital gains to be distributed to qualify as REIT									100%
Minimum percentage of taxable income excluding capital gains to be distributed to qualify as REIT									90%
Cash dividends declared									$ 21,500,000	$ 17,700,000
Dividends declared, per share (usd per share) | $ / shares						$ 0.177	$ 0.17		$ 0.347	$ 0.33224
Number of directors with affiliated trusts which hold CARET Units | director			2
Number of common shares issued in exchange for Caret Units | shares	2,546		2,546
ATM
Class of Stock [Line Items]
Number of shares issued in transaction | shares											12,881
Sale of stock, share price (in dollars per share) | $ / shares						$ 81.45			$ 81.45		$ 81.45
Payments of stock issuance costs											$ 15,977
Consideration received, net of issuance costs											1,000,000
Aggregate purchase price remaining						$ 248,900,000			$ 248,900,000		$ 248,900,000
Public Offering and Private Placement
Class of Stock [Line Items]
Payments of stock issuance costs		$ 5,100,000
Public Offering
Class of Stock [Line Items]
Proceeds from stock transaction		$ 118,000,000
Number of shares issued in transaction | shares		2,000,000
iStar Inc. | Private Placement
Class of Stock [Line Items]
Issuance of common stock, net of amortization		$ 191,200,000
Number of shares issued in transaction | shares		3,240,000
Maximum | ATM
Class of Stock [Line Items]
Common stock offering amount				$ 250,000,000
Maximum | iStar Inc.
Class of Stock [Line Items]
Voting interest of shareholder agreement						41.90%			41.90%		41.90%
Equity Plan
Class of Stock [Line Items]
Amortization period									4 years
Caret Units
Class of Stock [Line Items]
Ownership percentage after transaction									84%
Number of CARET Units exchanged for common shares | shares	3,750		3,750
Caret Units | Equity Plan
Class of Stock [Line Items]
Awards with aggregate intrinsic value													$ 1,400,000
Caret Units | Equity Plan | Maximum
Class of Stock [Line Items]
Capital appreciation aggregate distribution, percent						15%			15%		15%
Employee of Manager | Caret Units | Equity Plan
Class of Stock [Line Items]
Awards with aggregate intrinsic value					$ 100,000							$ 500,000
Number of individuals receiving award grants | employee					1
Award vesting period					3 years
Percentage of awards vested									12%
Percentage of awards forfeited									88%
General and Administrative Expense | Caret Units | Equity Plan
Class of Stock [Line Items]
Share-based payment arrangement, expense									$ 300,000	$ 200,000
General and Administrative Expense | Restricted Stock Units (RSUs) | 2017 Equity Incentive Plan
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares) | shares						698,500			698,500		698,500
General and Administrative Expense | Employee of Manager | Restricted Stock Units (RSUs) | 2017 Equity Incentive Plan
Class of Stock [Line Items]
Issuance of common stock, net of amortization								$ 500,000
Share price (in dollars per share) | $ / shares								$ 19.15
Stock issued (in shares) | shares								25,000
General and Administrative Expense | Director | 2017 Equity Incentive Plan
Class of Stock [Line Items]
Issuance of common stock, net of amortization						$ 1,100,000	$ 1,100,000
Share price (in dollars per share) | $ / shares						$ 43.51	$ 69.86		$ 43.51	$ 69.86	$ 43.51
Stock issued (in shares) | shares						26,000	16,000
iStar Inc.
Class of Stock [Line Items]
Common stock purchase plan, shares, purchased in period | shares									200,000
Common stock purchase plan, amount purchased in period									$ 10,500,000
Common Stock purchase plan, average share price (in dollars per share) | $ / shares									$ 66.83
iStar Inc. | SAFE
Class of Stock [Line Items]
Percentage of ownership						64.70%			64.70%		64.70%

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Earnings Per Share) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share [Abstract]
Net income	$ 22,711	$ 14,780	$ 47,618	$ 31,736
Net income attributable to noncontrolling interests	(33)	(48)	(67)	(96)
Net income attributable to Safehold Inc. common shareholders for basic earnings per share	22,678	14,732	47,551	31,640
Net income attributable to Safehold Inc. common shareholders - diluted	$ 22,678	$ 14,732	$ 47,551	$ 31,640

Earnings Per Share (Earnings Al

Earnings Per Share (Earnings Allocable to Common Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator for basic and diluted earnings per share:
Net income attributable to Safehold Inc. common shareholders - basic	$ 22,678	$ 14,732	$ 47,551	$ 31,640
Net income attributable to Safehold Inc. common shareholders - diluted	$ 22,678	$ 14,732	$ 47,551	$ 31,640
Denominator for basic and diluted earnings per share:
Weighted average common shares outstanding for basic earnings (in shares)	62,011	53,309	60,077	53,271
Add: Effect of assumed shares under treasury stock method for restricted stock units	0	12	0	12
Weighted average common shares outstanding for diluted earnings per common share (in shares)	62,011	53,321	60,077	53,283
Basic and diluted earnings per common share:
Net income attributable to Safehold Inc. common shareholders - basic	$ 0.37	$ 0.28	$ 0.79	$ 0.59
Net income attributable to Safehold Inc. common shareholders - diluted	$ 0.37	$ 0.28	$ 0.79	$ 0.59

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) $ / shares in Units, $ in Thousands, ft² in Millions			1 Months Ended												3 Months Ended		6 Months Ended		16 Months Ended
		Dec. 01, 2021 shares	Jun. 30, 2022 USD ($) employee lease director $ / shares	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) director lease property	Feb. 28, 2022 USD ($) director shares	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($) director	Sep. 30, 2021 USD ($)	Aug. 31, 2021 director shares	Jun. 30, 2021 USD ($) ft² director agreement	Mar. 31, 2021 USD ($) director	Feb. 28, 2021 USD ($)	Jun. 30, 2022 USD ($) employee lease $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) employee lease $ / shares	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) employee lease $ / shares
Related Party Transaction [Line Items]
Number of employees | employee			0												0		0		0
Management fee paid with common stock, period of restriction from selling stock																	2 years
Management fee, percent, threshold one																	1%
Management fee, percent, threshold two																	1.25%
Management fee, percent, threshold three																	1.375%
Management fee, percent, threshold four																	1.50%
Management fee expense																	$ 9,666	$ 6,996
Termination fee, percent of prior years management fee			300%												300%		300%		300%
Ground lease acquisition																	$ 430,517	95,985
Long-term debt, gross			$ 3,318,113					$ 2,738,113							$ 3,318,113		3,318,113		$ 3,318,113
Future funding obligation, amount			436,700												436,700		436,700		436,700
Leasehold improvement allowance, unfunded, pending milestone achievement			316,500												316,500		316,500		316,500
Assets	[1]		$ 5,542,533					4,515,726							$ 5,542,533		$ 5,542,533		$ 5,542,533
Number of new Ground Leases entered into | lease					3
Number of ground leases | lease			29												29		29		29
Number of directors with affiliated trusts which hold CARET Units | director											2
Number of common shares issued in exchange for Caret Units | shares		2,546									2,546
General and Administrative Expense
Related Party Transaction [Line Items]
Management fee expense															$ 5,200	$ 3,500	$ 9,700	7,000
Land
Related Party Transaction [Line Items]
Payments to acquire land					$ 28,500			56,500
iStar Inc.
Related Party Transaction [Line Items]
Number of years as active real estate investor																	20 years
iStar Inc. | General and Administrative Expense
Related Party Transaction [Line Items]
Expenses from transactions with related party															3,100	1,900	$ 6,200	3,800
Manager | General and Administrative Expense | Incentive Fee
Related Party Transaction [Line Items]
Expenses from transactions with related party																	0
Office space development property
Related Party Transaction [Line Items]
Number of square feet | ft²												1.1
Purchase price of property under purchase option agreement												$ 215,000				215,000		215,000
Mixed-use property
Related Party Transaction [Line Items]
Ground lease, additional construction, funding commitment			$ 35,000
Minimum
Related Party Transaction [Line Items]
Management fee, shareholders' equity, incremental threshold amount two			1,500,000												1,500,000		1,500,000		$ 1,500,000
Management fee, shareholders' equity, incremental threshold amount three			3,000,000												3,000,000		3,000,000		3,000,000
Management fee, shareholders' equity, incremental threshold amount four			5,000,000												5,000,000		$ 5,000,000		5,000,000
Ground leases term																	30 years
Maximum
Related Party Transaction [Line Items]
Management fee, shareholders' equity, incremental threshold amount one			1,500,000												1,500,000		$ 1,500,000		1,500,000
Management fee, shareholders' equity, incremental threshold amount two			3,000,000												3,000,000		3,000,000		3,000,000
Management fee, shareholders' equity, incremental threshold amount three			$ 5,000,000												$ 5,000,000		$ 5,000,000		$ 5,000,000
Ground leases term																	99 years
IPO
Related Party Transaction [Line Items]
Share price (in dollars per share) | $ / shares			$ 20												$ 20		$ 20		$ 20
Caret Units
Related Party Transaction [Line Items]
Number of units sold | shares						108,571
Percentage of authorized shares sold						1.08%
Number of additional shares to be sold under binding purchase commitment | shares						28,571
Percentage of authorized shares under commitment to be purchased						0.29%
Expected proceeds from sale of shares under purchase commitment						$ 5,000
Number of independent directors affiliated with an existing shareholder investing in redeemable noncontrolling interest | director						1
Proceeds from stock transaction						$ 19,000
Period in which the entity is obligated to provide a public market listing						2 years
Multi-family Project Under Construction | iStar Inc.
Related Party Transaction [Line Items]
Ground lease, additional construction, funding commitment													$ 75,000
Multi-family Project Under Construction | iStar Inc. | Land
Related Party Transaction [Line Items]
Future funding obligation, amount													11,900
Leasehold improvement allowance, unfunded, pending milestone achievement													52,000
Payment of deferred purchase price obligation																			$ 6,000
Multi-family Project Under Construction | iStar Inc. | Land
Related Party Transaction [Line Items]
Payments to acquire productive assets													$ 16,100
Number of independent directors affiliated with an existing shareholder participating in or related to a particular project or transaction | director													1
iStar Inc.
Related Party Transaction [Line Items]
Ground lease acquisition				$ 9,000
Payment to acquire purchase option agreement												$ 1,200
Payments to acquire land					$ 122,000
Number of land properties acquired | property					3
Payment to terminate a real estate purchase option					$ 300
iStar Inc. | Land and Related Ground Lease
Related Party Transaction [Line Items]
Number of agreements entered into to acquire land and related ground lease | agreement												2
Purchase price per agreement for acquisition of land and related Ground Lease, subject to certain conditions being met									$ 33,300			$ 42,000				$ 42,000		$ 42,000
Multiple required by seller that may trigger payment of additional consideration							1.05		1.25			1.25				1.25		1.25
Percentage of required seller return on investment that may trigger payment of additional consideration							10%		12%			9%
Future funding obligation, amount									$ 51,800
Number of independent directors affiliated with an existing shareholder participating in or related to a particular project or transaction | director									1			1
iStar Inc. | Maximum | Land and Related Ground Lease
Related Party Transaction [Line Items]
Real estate, leasehold improvement allowance												$ 83,000				$ 83,000		$ 83,000
Purchase price per agreement for acquisition of land and related Ground Lease, subject to certain conditions being met							$ 36,000
iStar Inc. | Multi-family Project Under Construction | Land
Related Party Transaction [Line Items]
Pending ownership interests acquired, subject to conditions being met													100%
iStar Inc. | Multi-family Project Under Construction | Multi-family
Related Party Transaction [Line Items]
Payments to acquire productive assets										$ 24,800
Director
Related Party Transaction [Line Items]
Number of directors with indirect ownership in Ground lease tenant. | director					1
iStar Affiliate
Related Party Transaction [Line Items]
Number of independent directors affiliated with an existing shareholder participating in or related to a particular project or transaction | director						1
iStar Affiliate | Life Science Office Property Development
Related Party Transaction [Line Items]
Additional consideration paid						$ 9,000
iStar Affiliate | Life Science Office Property Development | Ground Lease tenant
Related Party Transaction [Line Items]
Loan commitment received to fund a recapitalization project						$ 130,000
iStar Affiliate | Mixed-use property
Related Party Transaction [Line Items]
Additional consideration paid			$ 5,000
iStar Affiliate | Mixed-use property | Venture in which iStar and an affiliate of an existing shareholder own noncontrolling interest
Related Party Transaction [Line Items]
Loan commitment received to fund a recapitalization project			$ 105,000												$ 105,000		$ 105,000		105,000
iStar Shareholder Affiliate | Mixed-use property
Related Party Transaction [Line Items]
Number of directors affiliated with shareholder having indirect ownership in venture | director			1
Secured Debt
Related Party Transaction [Line Items]
Long-term debt, gross			$ 1,498,113					$ 1,498,113							$ 1,498,113		$ 1,498,113		$ 1,498,113
iStar Inc. | Ground Lease Tenant for Recapitalization of an Existing Hotel Property | Hotel
Related Party Transaction [Line Items]
Expenses from transactions with related party														$ 1,900
Ground lease, additional construction, funding commitment														$ 50,000
Caret Units
Related Party Transaction [Line Items]
Number of CARET Units exchanged for common shares | shares		3,750									3,750
[1] Refer to Note 2 for details on the Company’s consolidated variable interest entities (“VIEs”).

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Jul. 31, 2022	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Subsequent events
Ground lease acquisition			$ 430,517	$ 95,985
iStar Inc.
Subsequent events
Ground lease acquisition		$ 9,000
Subsequent Events | iStar Inc.
Subsequent events
Ground lease acquisition	$ 36,400