2024 Q2 Form 10-Q Financial Statement

#000109565124000016 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $89.90M $93.21M
YoY Change 4.94% 19.0%
Cost Of Revenue $1.041M $1.079M
YoY Change 2.76% -10.53%
Gross Profit $88.85M $92.13M
YoY Change 4.97% 19.46%
Gross Profit Margin 98.84% 98.84%
Selling, General & Admin $12.28M $15.63M
YoY Change -35.05% 51.73%
% of Gross Profit 13.82% 16.96%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.490M $2.487M
YoY Change -0.4% 3.63%
% of Gross Profit 2.8% 2.7%
Operating Expenses $15.75M $18.92M
YoY Change -29.05% 30.45%
Operating Profit $24.00M $24.59M
YoY Change 51.6% 901.96%
Interest Expense $49.11M $48.63M
YoY Change 6.63% 18.98%
% of Operating Profit 204.65% 197.78%
Other Income/Expense, Net $359.0K $91.00K
YoY Change -71.82% -99.35%
Pretax Income $30.47M $31.50M
YoY Change 34.59% 570.21%
Income Tax $910.0K $471.0K
% Of Pretax Income 2.99% 1.5%
Net Earnings $29.67M $30.73M
YoY Change 34.05% 556.3%
Net Earnings / Revenue 33.0% 32.97%
Basic Earnings Per Share $0.42 $0.43
Diluted Earnings Per Share $0.42 $0.43
COMMON SHARES
Basic Shares Outstanding 71.44M 71.08M
Diluted Shares Outstanding 71.46M 71.24M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.42M $11.28M
YoY Change -4.16% -43.58%
Cash & Equivalents $13.42M $11.28M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $9.654M $10.63M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.770B $1.683B
YoY Change 18.05% 15.83%
LONG-TERM ASSETS
Property, Plant & Equipment $801.0K $889.0K
YoY Change -32.52% -32.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $243.3M $275.3M
YoY Change -8.95% 13.06%
Other Assets $231.0M $228.6M
YoY Change -7.98% 7.81%
Total Long-Term Assets $4.999B $4.991B
YoY Change 1.61% 3.16%
TOTAL ASSETS
Total Short-Term Assets $1.770B $1.683B
Total Long-Term Assets $4.999B $4.991B
Total Assets $6.769B $6.674B
YoY Change 5.45% 6.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $105.1M $91.73M
YoY Change 14.22% -4.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $118.2M $104.9M
YoY Change 14.74% -4.66%
LONG-TERM LIABILITIES
Long-Term Debt $4.191B $4.143B
YoY Change 5.24% 6.17%
Other Long-Term Liabilities $77.74M $77.26M
YoY Change -2.83% -3.43%
Total Long-Term Liabilities $4.268B $4.220B
YoY Change 5.08% 5.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $118.2M $104.9M
Total Long-Term Liabilities $4.268B $4.220B
Total Liabilities $4.387B $4.325B
YoY Change 5.29% 5.68%
SHAREHOLDERS EQUITY
Retained Earnings $82.60M $65.63M
YoY Change -46.65% -54.48%
Common Stock $714.0K $714.0K
YoY Change 11.74% 11.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.313B $2.283B
YoY Change
Total Liabilities & Shareholders Equity $6.769B $6.674B
YoY Change 5.45% 6.09%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $29.67M $30.73M
YoY Change 34.05% 556.3%
Depreciation, Depletion And Amortization $2.490M $2.487M
YoY Change -0.4% 3.63%
Cash From Operating Activities $24.76M -$3.064M
YoY Change -1031.84% -55.03%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$62.12M -$3.650M
YoY Change -27.68% 1354.18%
Cash From Investing Activities -$62.12M -$74.70M
YoY Change -27.68% -72.33%
FINANCING ACTIVITIES
Cash Dividend Paid $12.57M
YoY Change -43.23%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.21M 70.20M
YoY Change -75.56% -74.62%
NET CHANGE
Cash From Operating Activities 24.76M -3.064M
Cash From Investing Activities -62.12M -74.70M
Cash From Financing Activities 20.21M 70.20M
Net Change In Cash -17.15M -7.565M
YoY Change 192.51% 7390.1%
FREE CASH FLOW
Cash From Operating Activities $24.76M -$3.064M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 safe Non Cash Interest Income From Sales Type Leases
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CY2024Q1 safe Interest Expense Noncash
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CY2023Q1 safe Interest Expense Noncash
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CY2024Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2023Q1 us-gaap Provision For Loan Lease And Other Losses
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CY2024Q1 us-gaap Income Loss From Equity Method Investments
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CY2023Q1 us-gaap Income Loss From Equity Method Investments
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CY2023Q1 us-gaap Equity Method Investment Dividends Or Distributions
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CY2023Q1 us-gaap Other Operating Activities Cash Flow Statement
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CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 safe Paymentsto Originate Acquire Sales Type Lease
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CY2023Q1 us-gaap Cash Acquired From Acquisition
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CY2023Q1 us-gaap Payments To Acquire Equity Method Investments
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CY2023Q1 safe Proceeds Fundings On Ground Lease Receivables
ProceedsFundingsOnGroundLeaseReceivables
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CY2024Q1 safe Payments For Funding Of Temporary Collateral On Debt
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CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2024Q1 us-gaap Repayments Of Secured Debt
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CY2023Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
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CY2024Q1 us-gaap Payments Of Dividends
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12572000
CY2023Q1 us-gaap Payments Of Dividends
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CY2024Q1 safe Paymentsof Offering Costs
PaymentsofOfferingCosts
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CY2024Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2024Q1 us-gaap Payments To Minority Shareholders
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CY2023Q1 us-gaap Payments To Minority Shareholders
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2024Q1 us-gaap Restricted Cash
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CY2023Q1 us-gaap Restricted Cash
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
39175000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48289000
CY2023Q1 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
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CY2023Q1 us-gaap Stock Issued1
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CY2024Q1 us-gaap Dividends Cash
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CY2023Q1 us-gaap Dividends Cash
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CY2024Q1 safe Accrual Tax Withholding Share Based Payment Arrangement
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1465000
CY2024Q1 safe Financing Costs Incurred But Not Yet Paid
FinancingCostsIncurredButNotYetPaid
326000
CY2023Q1 safe Offering Costs Incurred But Not Yet Paid
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1443000
CY2024Q1 us-gaap Number Of Reportable Segments
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1
CY2023Q1 safe Number Of Directors From Old Safe Entity On New Board
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3
CY2023Q1 safe Number Of Directors From Istar Entity On New Board
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2
CY2023Q1 safe Number Of Management Members From Both Old Safe Entity And Istar On New Board
NumberOfManagementMembersFromBothOldSafeEntityAndIstarOnNewBoard
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CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
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CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
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CY2024Q1 us-gaap Sales Type Lease Unguaranteed Residual Asset
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CY2023Q4 us-gaap Sales Type Lease Unguaranteed Residual Asset
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CY2024Q1 safe Presentvaluediscountonsalestypeleases
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CY2023Q4 safe Presentvaluediscountonsalestypeleases
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CY2024Q1 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss
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CY2023Q4 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLoss
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CY2024Q1 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
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CY2023Q4 us-gaap Sales Type Lease Net Investment In Lease
SalesTypeLeaseNetInvestmentInLease
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CY2024Q1 safe Sales Type Lease Net Investment In Lease Discounted
SalesTypeLeaseNetInvestmentInLeaseDiscounted
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CY2024Q1 safe Sales Type Lease Discounted Unguaranteed Residual Asset
SalesTypeLeaseDiscountedUnguaranteedResidualAsset
30800000
CY2023Q4 safe Sales Type Lease Net Investment In Lease Discounted
SalesTypeLeaseNetInvestmentInLeaseDiscounted
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CY2023Q4 safe Sales Type Lease Discounted Unguaranteed Residual Asset
SalesTypeLeaseDiscountedUnguaranteedResidualAsset
30400000
CY2023Q4 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
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CY2023Q4 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
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CY2023Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
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CY2024Q1 us-gaap Sales Type Lease Net Investment In Lease Purchase
SalesTypeLeaseNetInvestmentInLeasePurchase
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CY2024Q1 safe Ground Lease Acquisition
GroundLeaseAcquisition
32158000
CY2024Q1 safe Origination And Acquisition Of Leaseand Lease Receivables During Period
OriginationAndAcquisitionOfLeaseandLeaseReceivablesDuringPeriod
104136000
CY2024Q1 safe Salestype Lease Net Investmentin Lease Non Cash Interest Income
SalestypeLeaseNetInvestmentinLeaseNonCashInterestIncome
14927000
CY2024Q1 safe Ground Lease Non Cash Interest Income
GroundLeaseNonCashInterestIncome
6930000
CY2024Q1 safe Noncash Accretion Amortizationof Interest Incomeon Leasesand Leases Receivable During Period
NoncashAccretionAmortizationofInterestIncomeonLeasesandLeasesReceivableDuringPeriod
21857000
CY2024Q1 us-gaap Sales Type Lease Impairment Loss
SalesTypeLeaseImpairmentLoss
442000
CY2024Q1 safe Ground Lease Receivable Allowance For Credit Loss Expense Reversal Of Expense
GroundLeaseReceivableAllowanceForCreditLossExpenseReversalOfExpense
323000
CY2024Q1 safe Sales Type And Direct Financing Leases Lease Receivable Credit Loss Expense Reversal
SalesTypeAndDirectFinancingLeasesLeaseReceivableCreditLossExpenseReversal
765000
CY2024Q1 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
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CY2024Q1 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
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CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
5002721000
CY2022Q4 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
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CY2022Q4 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
1374716000
CY2022Q4 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
4481315000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease Purchase
SalesTypeLeaseNetInvestmentInLeasePurchase
19331000
CY2023Q1 safe Ground Lease Acquisition
GroundLeaseAcquisition
50803000
CY2023Q1 safe Origination And Acquisition Of Leaseand Lease Receivables During Period
OriginationAndAcquisitionOfLeaseandLeaseReceivablesDuringPeriod
70134000
CY2023Q1 safe Salestype Lease Net Investmentin Lease Non Cash Interest Income
SalestypeLeaseNetInvestmentinLeaseNonCashInterestIncome
14226000
CY2023Q1 safe Ground Lease Non Cash Interest Income
GroundLeaseNonCashInterestIncome
6154000
CY2023Q1 safe Noncash Accretion Amortizationof Interest Incomeon Leasesand Leases Receivable During Period
NoncashAccretionAmortizationofInterestIncomeonLeasesandLeasesReceivableDuringPeriod
20380000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease Allowance For Credit Loss Recovery
SalesTypeLeaseNetInvestmentInLeaseAllowanceForCreditLossRecovery
26000
CY2023Q1 safe Ground Lease Receivable Allowance For Credit Loss Recovery
GroundLeaseReceivableAllowanceForCreditLossRecovery
4000
CY2023Q1 safe Sales Type And Direct Financing Leases Lease Receivable Allowance For Credit Loss Recovery
SalesTypeAndDirectFinancingLeasesLeaseReceivableAllowanceForCreditLossRecovery
30000
CY2023Q1 us-gaap Sales Type Lease Net Investment In Lease After Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss
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CY2023Q1 safe Ground Lease Receivable Net
GroundLeaseReceivableNet
1431478000
CY2023Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable
SalesTypeAndDirectFinancingLeasesLeaseReceivable
4571309000
CY2024Q1 safe Lease Receivable Weighted Average Accrual Rate Net Investmentin Salestype Lease
LeaseReceivableWeightedAverageAccrualRateNetInvestmentinSalestypeLease
0.052
CY2024Q1 safe Lease Receivable Weighted Average Accrual Rate Net Investmentin Ground Lease
LeaseReceivableWeightedAverageAccrualRateNetInvestmentinGroundLease
0.054
CY2024Q1 safe Numberof Ground Leasereceivables
NumberofGroundLeasereceivables
34
CY2023Q4 safe Sales Type Lease Net Investment In Lease Including Unfunded Commitments Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseIncludingUnfundedCommitmentsAllowanceForCreditLoss
465000
CY2024Q1 safe Sales Type Lease Net Investment In Lease Credit Loss Expense Reversal
SalesTypeLeaseNetInvestmentInLeaseCreditLossExpenseReversal
453000
CY2024Q1 safe Sales Type Lease Net Investment In Lease Including Unfunded Commitments Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseIncludingUnfundedCommitmentsAllowanceForCreditLoss
918000
CY2023Q4 safe Ground Lease Receivable Including Unfunded Commitments Allowance For Credit Loss
GroundLeaseReceivableIncludingUnfundedCommitmentsAllowanceForCreditLoss
406000
CY2024Q1 safe Ground Lease Receivable Credit Loss Expense Reversal
GroundLeaseReceivableCreditLossExpenseReversal
324000
CY2024Q1 safe Ground Lease Receivable Including Unfunded Commitments Allowance For Credit Loss
GroundLeaseReceivableIncludingUnfundedCommitmentsAllowanceForCreditLoss
730000
CY2023Q1 safe Sales Type Lease Net Investment In Lease Credit Loss Expense Reversal
SalesTypeLeaseNetInvestmentInLeaseCreditLossExpenseReversal
-31000
CY2023Q1 safe Sales Type Lease Net Investment In Lease Including Unfunded Commitments Allowance For Credit Loss
SalesTypeLeaseNetInvestmentInLeaseIncludingUnfundedCommitmentsAllowanceForCreditLoss
326000
CY2023Q1 safe Ground Lease Receivable Credit Loss Expense Reversal
GroundLeaseReceivableCreditLossExpenseReversal
-25000
CY2023Q1 safe Allowance For Credit Losses On Ground Lease Receivables
AllowanceForCreditLossesOnGroundLeaseReceivables
258000
CY2024Q1 safe Sales Type Lease Net Investment In Lease Credit Loss Expense Reversal
SalesTypeLeaseNetInvestmentInLeaseCreditLossExpenseReversal
500000
CY2024Q1 safe Ground Lease Receivable Credit Loss Expense Reversal
GroundLeaseReceivableCreditLossExpenseReversal
300000
CY2023Q1 safe Sales Type Lease Net Investment In Lease Credit Loss Expense Reversal
SalesTypeLeaseNetInvestmentInLeaseCreditLossExpenseReversal
-31000
CY2023Q1 safe Ground Lease Receivable Credit Loss Expense Reversal
GroundLeaseReceivableCreditLossExpenseReversal
-25000
CY2024Q1 safe Ground Lease Receivable Year Two Originated Fiscal Year Before Current Fiscal Year
GroundLeaseReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
19351000
CY2024Q1 safe Ground Lease Receivable Year Three Originated Two Years Before Current Fiscal Year
GroundLeaseReceivableYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
732955000
CY2024Q1 safe Ground Lease Receivable Year Four Originated Three Years Before Current Fiscal Year
GroundLeaseReceivableYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
275579000
CY2024Q1 safe Ground Lease Receivable Year Five Originated Four Years Before Current Fiscal Year
GroundLeaseReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
181567000
CY2024Q1 safe Ground Lease Receivable Originated More Than Five Years Before Current Fiscal Year
GroundLeaseReceivableOriginatedMoreThanFiveYearsBeforeCurrentFiscalYear
452303000
CY2024Q1 safe Ground Lease Receivable
GroundLeaseReceivable
1661755000
CY2023Q4 safe Ground Lease Receivable Year One Originated Current Fiscal Year
GroundLeaseReceivableYearOneOriginatedCurrentFiscalYear
19245000
CY2023Q4 safe Ground Lease Receivable Year Two Originated Fiscal Year Before Current Fiscal Year
GroundLeaseReceivableYearTwoOriginatedFiscalYearBeforeCurrentFiscalYear
698475000
CY2023Q4 safe Ground Lease Receivable Year Three Originated Two Years Before Current Fiscal Year
GroundLeaseReceivableYearThreeOriginatedTwoYearsBeforeCurrentFiscalYear
274085000
CY2023Q4 safe Ground Lease Receivable Year Four Originated Three Years Before Current Fiscal Year
GroundLeaseReceivableYearFourOriginatedThreeYearsBeforeCurrentFiscalYear
180739000
CY2023Q4 safe Ground Lease Receivable Year Five Originated Four Years Before Current Fiscal Year
GroundLeaseReceivableYearFiveOriginatedFourYearsBeforeCurrentFiscalYear
450123000
CY2023Q4 safe Ground Lease Receivable
GroundLeaseReceivable
1622667000
CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
89951000
CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
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CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
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CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
118052000
CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
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120286000
CY2024Q1 safe Sales Type And Direct Financing Leases Lease Receivable To Be Received After Year Four
SalesTypeAndDirectFinancingLeasesLeaseReceivableToBeReceivedAfterYearFour
31320996000
CY2024Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
31878760000
CY2024Q1 us-gaap Sales Type Lease Interest Income
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63218000
CY2023Q1 us-gaap Sales Type Lease Interest Income
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57062000
CY2024Q1 us-gaap Land And Land Improvements
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CY2023Q4 us-gaap Land And Land Improvements
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551105000
CY2024Q1 us-gaap Investment Building And Building Improvements
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193232000
CY2023Q4 us-gaap Investment Building And Building Improvements
InvestmentBuildingAndBuildingImprovements
193232000
CY2024Q1 us-gaap Real Estate Investment Property Accumulated Depreciation
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41907000
CY2023Q4 us-gaap Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
40400000
CY2024Q1 us-gaap Real Estate Investment Property Net
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CY2023Q4 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
211113000
CY2024Q1 us-gaap Real Estate Heldforsale
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10625000
CY2023Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
9711000
CY2024Q1 safe Real Estate Investment Property Including Finite Lived Intangible Assets Net
RealEstateInvestmentPropertyIncludingFiniteLivedIntangibleAssetsNet
924798000
CY2023Q4 safe Real Estate Investment Property Including Finite Lived Intangible Assets Net
RealEstateInvestmentPropertyIncludingFiniteLivedIntangibleAssetsNet
924761000
CY2024Q1 safe Real Estate Transfer To Available For Sale
RealEstateTransferToAvailableForSale
900000
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
255303000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
42646000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
212657000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
252097000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
40984000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
211113000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
5000000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6667000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
3288000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3288000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3280000
CY2024Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P80Y8M12D
CY2024Q1 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
68618000
CY2024Q1 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
5072000
CY2024Q1 us-gaap Below Market Lease Net
BelowMarketLeaseNet
63546000
CY2023Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
68618000
CY2023Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
4863000
CY2023Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
63755000
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
27907000
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
37563000
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
27941000
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
28357000
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
28619000
CY2024Q1 safe Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
5163663000
CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
275295000
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
310320000
CY2024Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6912000
CY2023Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2262000
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
32929000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
33964000
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
49036000
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
34864000
CY2024Q1 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
4078000
CY2023Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
3692000
CY2024Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
35418000
CY2023Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
13210000
CY2024Q1 us-gaap Deposit Assets
DepositAssets
2090000
CY2023Q4 us-gaap Deposit Assets
DepositAssets
2090000
CY2024Q1 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
437000
CY2023Q4 us-gaap Deferred Costs Leasing Net
DeferredCostsLeasingNet
439000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
889000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
979000
CY2024Q1 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
124877000
CY2023Q4 us-gaap Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
89238000
CY2024Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.055
CY2024Q1 us-gaap Accumulated Amortization Of Current Deferred Finance Costs
AccumulatedAmortizationOfCurrentDeferredFinanceCosts
12300000
CY2023Q4 us-gaap Accumulated Amortization Of Current Deferred Finance Costs
AccumulatedAmortizationOfCurrentDeferredFinanceCosts
11000000.0
CY2024Q1 safe Debt Instrument Collateral Amount Temporary Replacement Collateral
DebtInstrumentCollateralAmountTemporaryReplacementCollateral
19100000
CY2024Q1 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
69884000
CY2023Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
68821000
CY2024Q1 us-gaap Other Liabilities
OtherLiabilities
13714000
CY2023Q4 us-gaap Other Liabilities
OtherLiabilities
17626000
CY2024Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
13149000
CY2023Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
13049000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14437000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
15751000
CY2024Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
7409000
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
19271000
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
118593000
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
134518000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4190155000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4096155000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
47277000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
41790000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
4142878000
CY2023Q4 us-gaap Long Term Debt
LongTermDebt
4054365000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
911000000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
237000000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
79193000
CY2024Q1 safe Long Term Debt Maturities Repayments Of Principal After Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFour
2962962000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4190155000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
47277000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
4142878000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4677000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6223000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
543000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
543000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
543000
CY2024Q1 safe Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
8192000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
20721000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6284000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
14437000
CY2024Q1 safe Lessee Operating Lease Liability Other Adjustments Annual Amount Due Lessor
LesseeOperatingLeaseLiabilityOtherAdjustmentsAnnualAmountDueLessor
500000
CY2024Q1 safe Lessee Operating Lease Discount Rate Office Leases
LesseeOperatingLeaseDiscountRateOfficeLeases
0.057
CY2024Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P8Y9M18D
CY2024Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
1400000
CY2024Q1 safe Real Estate Leasehold Improvement Allowance Unfunded Pending Milestone Achievement
RealEstateLeaseholdImprovementAllowanceUnfundedPendingMilestoneAchievement
70200000
CY2024Q1 safe Long Term Purchase Commitment Future Funding Obligation Amount
LongTermPurchaseCommitmentFutureFundingObligationAmount
262500000
CY2024Q1 safe Performance Based Commitments
PerformanceBasedCommitments
105900000
CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
49036000
CY2023Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
34864000
CY2024Q1 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
4400000
CY2024Q1 safe Number Of Classes Of Common Stock
NumberOfClassesOfCommonStock
1
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2024Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
400000
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
12700000
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.177
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
11100000
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.177
CY2024Q1 us-gaap Profit Loss
ProfitLoss
31029000
CY2023Q1 us-gaap Profit Loss
ProfitLoss
4716000
CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
301000
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
34000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
30728000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
30728000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
4682000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4682000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
30728000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
4682000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
30728000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4682000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
71170000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63672000
CY2024Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
70000
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
71240000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63672000
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21792
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4650
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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safe-20240331x10q_htm.xml Edgar Link completed