XML 80 R71.htm IDEA: XBRL DOCUMENT v3.23.3
Related Party Transactions (Narrative) (Details)
$ / shares in Units, $ in Thousands, ft² in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 10, 2022
USD ($)
shares
Sep. 30, 2023
USD ($)
Jul. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
director
Apr. 30, 2022
USD ($)
Mar. 31, 2022
USD ($)
director
lease
property
Feb. 28, 2022
USD ($)
director
shares
Nov. 30, 2021
USD ($)
director
Jun. 30, 2021
USD ($)
ft²
agreement
director
Mar. 31, 2023
USD ($)
employee
$ / shares
shares
Sep. 30, 2022
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Related Party Transaction [Line Items]                          
Financing Receivable, after Allowance for Credit Loss, Related Party, Type   Related party                   Related party  
Management fee expense                       $ 5,199 $ 14,950
Ground lease acquisition purchase price                       170,194 515,618
Future funding obligation, amount   $ 283,600                   283,600  
Number of new Ground Leases entered into | lease           3              
Land                          
Related Party Transaction [Line Items]                          
Payments to acquire land           $ 28,500              
Land and Related Ground Lease                          
Related Party Transaction [Line Items]                          
Leasehold improvement allowance, funded amount   12,700                   12,700  
Office space development property                          
Related Party Transaction [Line Items]                          
Number of square feet | ft²                 1.1        
Proceeds from sale of acquisition right under purchase option agreement   300                      
Purchase price of property under purchase option agreement                 $ 215,000        
Office space development property | Other expense                          
Related Party Transaction [Line Items]                          
Loss on sale of acquisition right under purchase option agreement   $ 1,900                      
Mixed-use property                          
Related Party Transaction [Line Items]                          
Ground lease, additional construction, funding commitment       $ 35,000                  
Caret Units                          
Related Party Transaction [Line Items]                          
Number of units sold | shares             108,571            
Number of shares to be sold under purchase commitment related to merger | shares             28,571            
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            
Period in which the entity is obligated to provide a public market listing             2 years            
Caret Units | MSD Partners                          
Related Party Transaction [Line Items]                          
Number of shares to be sold under purchase commitment related to merger | shares 100,000                        
Expected proceeds from sale of shares under purchase commitment $ 20,000                        
Existing third-party Caret unit                          
Related Party Transaction [Line Items]                          
Number of shares to be sold under purchase commitment related to merger | shares                   22,500      
Expected proceeds from sale of shares under purchase commitment                   $ 4,500      
Affiliated entity | iStar Inc.                          
Related Party Transaction [Line Items]                          
Management fee paid with common stock, period of restriction from selling stock                   2 years      
Management fee, percent, threshold one                   1.00%      
Management fee, percent, threshold two                   1.25%      
Management fee, percent, threshold three                   1.375%      
Management fee, percent, threshold four                   1.50%      
Termination fee, percent of prior years management fee                   3.00%      
Incentive fee                   $ 0      
Ground lease acquisition purchase price     $ 36,400   $ 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              
Affiliated entity | iStar Inc. | General and Administrative Expense                          
Related Party Transaction [Line Items]                          
Management fee expense                     $ 5,300 5,200 15,000
Reimbursed operating and administrative expenses                     $ 3,100 $ 3,100 $ 9,400
Affiliated entity | 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        
Multiple required by seller that may trigger payment of additional consideration               1.25 1.25        
Percentage of required seller return on investment that may trigger payment of additional consideration               12.00% 9.00%        
Future funding obligation, amount               $ 51,800          
Affiliated entity | Minimum | iStar Inc.                          
Related Party Transaction [Line Items]                          
Management fee, shareholders' equity, incremental threshold amount two                   1,500,000      
Management fee, shareholders' equity, incremental threshold amount three                   3,000,000      
Management fee, shareholders' equity, incremental threshold amount four                   5,000,000      
Affiliated entity | Maximum | iStar Inc.                          
Related Party Transaction [Line Items]                          
Management fee, shareholders' equity, incremental threshold amount one                   1,500,000      
Management fee, shareholders' equity, incremental threshold amount two                   3,000,000      
Management fee, shareholders' equity, incremental threshold amount three                   $ 5,000,000      
Affiliated entity | Maximum | iStar Inc. | Land and Related Ground Lease                          
Related Party Transaction [Line Items]                          
Real estate, leasehold improvement allowance                 $ 83,000        
Affiliated entity | IPO | iStar Inc.                          
Related Party Transaction [Line Items]                          
Share price (in dollars per share) | $ / shares                   $ 20.00      
Director                          
Related Party Transaction [Line Items]                          
Number of directors with indirect ownership in Ground lease tenant. | director           1              
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 purchase price     $ 36,400                    
iStar Inc. | Land and Related Ground Lease                          
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 1        
iStar Shareholder Affiliate | Mixed-use property                          
Related Party Transaction [Line Items]                          
Number of directors affiliated with shareholder having indirect ownership in venture | director       1                  
Leasehold Loan Fund                          
Related Party Transaction [Line Items]                          
Ownership percentage   53.00%                   53.00%  
Leasehold Loan Fund | Life Science Office Property Development                          
Related Party Transaction [Line Items]                          
Loan commitment received to fund a recapitalization project             $ 130,000            
Additional consideration paid             $ 9,000            
Leasehold Loan Fund | Mixed-use property                          
Related Party Transaction [Line Items]                          
Loan commitment received to fund a recapitalization project       $ 105,000                  
Additional consideration paid       $ 5,000                  
iStar Inc.                          
Related Party Transaction [Line Items]                          
Number of years as active real estate investor                   20 years      
Number of agreements entered into to acquire land and related Ground Lease | agreement                 2        
iStar Inc. | MSD Partners                          
Related Party Transaction [Line Items]                          
Number of shares to be sold under purchase commitment related to merger | shares 5,405,406                 5,405,406      
Expected proceeds from sale of shares under purchase commitment $ 200,000                        
Safehold, Inc. (Old SAFE)                          
Related Party Transaction [Line Items]                          
Number of employees | employee                   0      
Safehold, Inc. (Old SAFE) | Caret Units                          
Related Party Transaction [Line Items]                          
Number of units sold | shares             108,571            
Percentage of authorized shares sold             1.08%            
Number of shares to be sold under purchase commitment related to merger | 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            
Period in which the entity is obligated to provide a public market listing             2 years            
MSD Partners | Caret Units                          
Related Party Transaction [Line Items]                          
Number of shares to be sold under purchase commitment related to merger | shares                   100,000      
Expected proceeds from sale of shares under purchase commitment                   $ 20,000