Safehold Inc. Files 2024 Annual Report

Ticker: SAFE · Form: 10-K · Filed: Feb 6, 2025 · CIK: 1095651

Safehold INC. 10-K Filing Summary
FieldDetail
CompanySafehold INC. (SAFE)
Form Type10-K
Filed DateFeb 6, 2025
Risk Levellow
Pages16
Reading Time19 min
Key Dollar Amounts$0.01, $19.29, $50.0 million, $200 m, $37.00
Sentimentneutral

Sentiment: neutral

Topics: 10-K, real-estate, REIT

TL;DR

Safehold Inc. 10-K filed. Financials for 2024 are in. Check it out.

AI Summary

Safehold Inc. filed its 10-K for the fiscal year ending December 31, 2024. The company, formerly known as iStar Inc., is a Real Estate Investment Trust. Its principal executive offices are located at 1114 Avenue of the Americas in New York, NY.

Why It Matters

This filing provides a comprehensive overview of Safehold Inc.'s financial performance and business operations for the past fiscal year, crucial for investors and stakeholders to assess the company's health and future prospects.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags or urgent disclosures.

Key Numbers

Key Players & Entities

FAQ

What is Safehold Inc.'s primary business activity?

Safehold Inc. is a Real Estate Investment Trust (REIT) as indicated by its SIC code 6798.

When did Safehold Inc. change its name from iStar Inc.?

The company was formerly known as iStar Inc. and changed its name on August 25, 2015.

What is the filing date of this 10-K report?

This 10-K report was filed on February 6, 2025.

What is the fiscal year end for this filing?

The fiscal year end for this filing is December 31, 2024.

Where is Safehold Inc. headquartered?

Safehold Inc.'s business and mail address is 1114 Avenue of the Americas, 39th Floor, New York, NY 10036.

Filing Stats: 4,681 words · 19 min read · ~16 pages · Grade level 14.3 · Accepted 2025-02-06 16:46:21

Key Financial Figures

Filing Documents

Business

Business 9 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II 30 Item 5. Market for Registrant's Equity, Related Stock Matters and Issuer Purchases of Equity Securities 30 Item 6. RESERVED 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 42 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes and Disagreements with Registered Public Accounting Firm on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 95 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 95 PART III 96 Item 10. Directors, Executive Officers and Corporate Governance of the Registrant 96 Item 11.

Executive Compensation

Executive Compensation 96 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96 Item 13. Certain Relationships, Related Transactions and Director Independence 96 Item 14. Principal Accountant Fees and Services 96 PART IV 96 Item 15. Exhibits and Financial Statement Schedules 96 Item 16. Form 10-K Summary 98

SIGNATURES

SIGNATURES 99 Table of Contents PART I

Business

Item 1. Business Explanatory Note for Purposes of the "Safe Harbor Provisions" of Section 21E of the Securities Exchange Act of 1934, as amended Certain statements in this report, other than purely historical information, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements are included with respect to, among other things, our current business plan, business strategy, portfolio management, prospects and liquidity. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties which may cause actual results or outcomes to differ materially from those contained in the forward-looking statements. Important factors that we believe might cause such differences are discussed in the section entitled, "Risk Factors" in Part I, Item 1A of this Form 10-K or otherwise accompany the forward-looking statements contained in this Form 10-K. We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. In assessing all forward-looking statements, readers are urged to read carefully all cautionary statements contained in this Form 10-K. Merger Transaction and Spin-Off On August 10, 2022, Safehold Inc. ("Old SAFE") entered into an Agreement and P

Business

Business We are a publicly-traded company that operates our business through one reportable segment by acquiring, managing and capitalizing ground leases. We believe that our business has characteristics comparable to a high-grade, fixed income investment business, but with certain unique advantages. Relative to alternative fixed income investments generally, our ground leases typically benefit from built-in growth derived from contractual base rent increases (either at a specified percentage or consumer price index ("CPI") based, or both), and the opportunity to realize value from residual rights to take ownership of the buildings and other improvements on our land at no additional cost to us. Our CPI lookbacks are generally capped between 3.0% - 3.5% and generally start between years 11 and 21 of the lease term. In the event cumulative inflation growth for the lookback period exceeds the cap, these rent adjustments may not keep up fully with changes in inflation. We believe that these features offer us the opportunity to realize superior risk-adjusted total returns when compared to certain alternative highly-rated investments. Ground leases generally represent the ownership of land underlying commercial real estate projects that is net leased on a long-term basis (base terms are typically 30 to 99 years, often with tenant renewal options) by the fee owner of the land (landlord) to the owners/operators of the real estate projects built thereon ("Ground Lease"), or what we refer to as a Safehold TM . The property is generally leased on a triple net basis with the tenant generally responsible for taxes, maintenance and insurance as well as all operating costs and capital expenditures. Ground Leases typically provide that at the end of the lease term or upon tenant default and the termination of the Ground Lease upon such default, the land, 2 Table of Contents building and all improvements revert to the landlord. We have become the industry leader in Ground Lea

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