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Safehold | The Ground Lease Company | October 2024
Income Statement
APPENDIX
Note: Figures in thousands except for per share amounts.
a. For the three and nine months ended September 30, 2024, general and administrative expenses were partially offset by $3.7m and $13.6m of management fees, respectively, which are included in “Other income.”
b. For the three and nine months ended September 30, 2024, provision for (recovery of) credit losses includes $7.1m and $8.4m on consolidated assets, of which $6.6m and $6.6m are general provision for credit losses on prior
period balances.
c. For the three and nine months ended September 30, 2024, earnings from equity method investments includes $0.4m and $0.2m provision for credit losses on unconsolidated assets, of which $0.2m and $0.2m are general
provision for credit losses on prior period balances.
2024 2023 2024 2023
Revenues:
Interest income from sales-type leases $67,120 $59,130 $195,573 $174,350
Operating lease income 16,650 16,715 54,344 54,366
Interest income - related party 2,384 2,381 7,098 4,762
Other income 4,551 7,335 16,798 16,073
Total revenues $90,705 $85,561 $273,813 $249,551
Costs and expenses:
Interest expense $49,961 $46,553 $147,699 $133,482
Real estate expense 1,047 1,001 3,167 3,219
Depreciation and amortization 2,484 2,519 7,461 7,444
General and administrativea 9,649 10,403 30,895 31,716
General and administrative - stock-based compensation 3,467 7,457 10,125 20,127
Impairment of goodwill - 145,365 - 145,365
Provision for (recovery of) credit lossesb 7,112 336 8,447 2,625
Other expense 1,111 2,169 1,561 17,532
Total costs and expenses $74,831 $215,803 $209,355 $361,510
Income (loss) from operations before other items $15,874 ($130,242) $64,458 ($111,959)
Earnings from equity method investmentsc 4,739 7,451 18,120 16,520
Net income (loss) before income taxes $20,613 ($122,791) $82,578 ($95,439)
Income tax expense (660) (55) (2,041) (580)
Net income (loss) $19,953 ($122,846) $80,537 ($96,019)
Net (income) loss attributable to noncontrolling interests (622) (123) (813) (138)
Net income (loss) attributable to Safehold Inc.
common shareholders $19,331 ($122,969) $79,724 ($96,157)
Weighted avg. share count - basic 71,436 67,979 71,347 65,214
Weighted avg. share count - diluted 71,540 67,979 71,414 65,214
Earnings (loss) per share (basic & diluted) $0.27 ($1.81) $1.12 ($1.47)
For the three months ended September 30, For the nine months ended September 30, |