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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues:        
Interest income from sales-type leases [1] $ 58,158 $ 48,247 $ 115,220 $ 91,278
Operating lease income 16,750 16,452 37,651 33,418
Interest income - related party [2] 2,381   2,381  
Other income [3] 8,372 185 8,738 551
Total revenues 85,661 64,884 163,990 125,247
Costs and expenses:        
Interest expense 46,055 30,266 86,929 55,586
Real estate expense 1,013 699 2,218 1,407
Depreciation and amortization 2,527 2,406 4,925 4,808
General and administrative [4] 18,916 10,458 33,983 19,651
Provision for credit losses 47   2,289  
Other expense 1,274 596 15,363 705
Total costs and expenses 69,832 44,425 145,707 82,157
Income from operations before other items 15,829 20,459 18,283 43,090
Earnings from equity method investments 6,807 2,252 9,069 4,528
Net income before income taxes 22,636 22,711 27,352 47,618
Income tax expense (525)   (525)  
Net income 22,111 22,711 26,827 47,618
Net (income) attributable to noncontrolling interests 19 (33) (15) (67)
Net income attributable to Safehold Inc. common shareholders $ 22,130 $ 22,678 $ 26,812 $ 47,551
Net income        
Basic (dollars per share) $ 0.35 $ 0.36 $ 0.42 $ 0.78
Diluted (dollars per shares) $ 0.35 $ 0.36 $ 0.42 $ 0.78
Weighted average number of common shares:        
Basic (in shares) 63,944 63,252 63,809 61,279
Diluted (in shares) 63,944 63,252 63,809 61,279
[1] For the six months ended June 30, 2022, the Company recorded $2.1 million of “Interest income from sales-type leases” in its consolidated statements of operations from Ground Leases with iStar Inc. (“iStar”).
[2] Refer to Note 3.
[3] For the three and six months ended June 30, 2023, includes $7.2 million of management fees from related parties.
[4] For the three months ended June 30, 2023 and 2022, includes $8.0 million and $9.5 million, respectively, of general and administrative expenses incurred to related parties that includes management fees, expense reimbursements to the Former Manager (refer to Note 1) and equity-based compensation (including equity-based compensation to employees). For the six months ended June 30, 2023 and 2022, includes $21.0 million and $17.4 million, respectively, of general and administrative expenses incurred to related parties that includes management fees, expense reimbursements to the Former Manager (refer to Note 1) and equity-based compensation (including equity-based compensation to employees).