Safehold Inc. Files 8-K
Ticker: SAFE · Form: 8-K · Filed: Jul 29, 2024 · CIK: 1095651
| Field | Detail |
|---|---|
| Company | Safehold INC. (SAFE) |
| Form Type | 8-K |
| Filed Date | Jul 29, 2024 |
| Risk Level | low |
| Pages | 12 |
| Reading Time | 15 min |
| Key Dollar Amounts | $9,085 million, $1,142.9 million, $50.6 million, $60.00, $20.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-K, real-estate, reporting
TL;DR
Safehold Inc. filed an 8-K on 7/29/24. Standard reporting.
AI Summary
Safehold Inc. filed an 8-K on July 29, 2024, reporting other events and financial statements. The company, formerly known as iStar Inc., is a real estate investment trust based in New York.
Why It Matters
This filing indicates ongoing corporate reporting and potential updates regarding Safehold Inc.'s financial status and operational events.
Risk Assessment
Risk Level: low — This is a routine filing of an 8-K, which typically reports significant corporate events but doesn't inherently signal high risk.
Key Numbers
- 001-15371 — SEC File Number (Identifies the company's filing with the SEC.)
- 95-6881527 — IRS Employer Identification Number (Tax identification number for the company.)
Key Players & Entities
- Safehold Inc. (company) — Registrant
- iStar Inc. (company) — Former company name
- July 29, 2024 (date) — Date of report
- 1114 Avenue of the Americas (location) — Principal business address
- New York, NY (location) — Principal business address city and state
FAQ
What specific 'Other Events' are being reported by Safehold Inc. in this 8-K filing?
The filing indicates 'Other Events' as an item information, but the specific details of these events are not provided in the excerpt.
When was Safehold Inc. previously known as iStar Inc.?
The filing states the date of name change from iStar Inc. to Safehold Inc. was August 25, 2015.
What is Safehold Inc.'s primary business classification?
Safehold Inc. is classified under Standard Industrial Classification code 6798 as a Real Estate Investment Trusts.
Where is Safehold Inc.'s principal business address?
Safehold Inc.'s principal business address is 1114 Avenue of the Americas, 39th Floor, New York, NY 10036.
What is the filing date for this 8-K report?
The report was filed on July 29, 2024.
Filing Stats: 3,689 words · 15 min read · ~12 pages · Grade level 14.1 · Accepted 2024-07-29 16:18:07
Key Financial Figures
- $9,085 million — UCA in our owned residual portfolio is $9,085 million in the aggregate. The following is a s
- $1,142.9 million — nconsolidated Ground Lease ventures and $1,142.9 million related to transactions with remaining
- $50.6 million — nconsolidated Ground Lease ventures and $50.6 million of unfunded commitments. Ground Lease C
- $60.00 — stock has traded at an average price of $60.00 or more for at least 30 consecutive tra
- $20.0 million — ners for an aggregate purchase price of $20.0 million and sold an aggregate of 22,500 Caret u
- $4.5 m — third-party investors for an aggregate $4.5 million, in each case with no redemption
Filing Documents
- safe-20240729x8k.htm (8-K) — 97KB
- safe-20240729xex99d1.htm (EX-99.1) — 10KB
- safe-20240729xex99d1001.jpg (GRAPHIC) — 6KB
- 0001095651-24-000020.txt ( ) — 246KB
- safe-20240729.xsd (EX-101.SCH) — 3KB
- safe-20240729_lab.xml (EX-101.LAB) — 16KB
- safe-20240729_pre.xml (EX-101.PRE) — 10KB
- safe-20240729x8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events On March 31, 2023, Safehold Inc. ("Old SAFE") merged with and into iStar Inc. ("iStar"), at which time Old SAFE ceased to exist, and iStar continued as the surviving corporation and changed its name to "Safehold" (the "Merger"). Unless context otherwise requires, "we" and "our" refers to Old SAFE prior to the merger and to Safehold Inc. (formerly known as iStar Inc.) and its consolidated subsidiaries following the consummation of the merger. Safehold Inc. has a policy and process pursuant to which we intend to periodically determine an estimate of the unrealized capital appreciation ("UCA") in the real properties that we have the right to acquire pursuant to the residual provisions in our ground lease investments, or Ground Leases. The UCA is the aggregate "Combined Property Value" associated with our portfolio of Ground Leases in excess of the aggregate cost basis of our Ground Lease portfolio. The "Combined Property Value" means the combined value of the land, buildings and improvements relating to the commercial properties subject to our Ground Leases, as if our Ground Leases did not exist. We announced today that, as of June 30, 2024, the estimated UCA in our owned residual portfolio is $9,085 million in the aggregate. The following is a summary of our policy and the process we currently follow with respect to our determination of the estimated UCA in our owned residual portfolio. What is the Owned Residual Portfolio? Our Ground Leases typically contain residual rights providing that following the expiration or earlier termination of the lease (e.g. due to an uncured tenant default), we have the right to own the combined property associated with the lease because we regain possession of the land underlying the Ground Lease and receive title to the buildings and other improvements thereon for no additional consideration. We track the unrealized appreciation in the value of the owned residual portfolio over our basis in the Ground Lea
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit 99.1 Consent of Independent Valuation Firm . Exhibit 104 Inline XBRL for the cover page of this Current Report on Form 8-K. 5 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Safehold Inc. Date: July 29, 2024 By: /s/ BRETT ASNAS Brett Asnas Chief Financial Officer 6