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SAFE • CIK 0001095651
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Sales-type Lease, Interest Income | $235,503 | $264,250 | $286,077 | $297,707 |
| Operating Lease, Lease Income | $71,287 | $71,061 | $72,072 | $69,946 |
| Interest Income, Operating | $7,143 | $9,482 | $11,227 | $12,582 |
| Other Income | $38,645 | $20,892 | $16,176 | $13,497 |
| Operating Income (Loss) | $-77,075 | $87,083 | $100,898 | $105,481 |
| Revenues | $352,578 | $365,685 | $385,552 | $419,533 |
| Gain (Loss) on Extinguishment of Debt | $-216 | — | $-2,224 | $-2,224 |
| Income (Loss) from Equity Method Investments | $24,229 | $22,977 | $18,889 | $16,881 |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $-52,846 | $110,060 | $117,563 | $120,138 |
| Income Tax Expense (Benefit) | $1,719 | $3,445 | $2,933 | $3,267 |
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $-54,565 | $106,615 | $114,630 | $116,871 |
| Net Income (Loss) Attributable to Noncontrolling Interest | $408 | $852 | $161 | $697 |
| Net Income (Loss) Attributable to Parent | $-54,973 | $105,763 | $114,469 | $116,174 |
| InterestExpenseOperating | — | $198,042 | $206,686 | $213,698 |
| Cost of Goods and Services Sold | $4,653 | $4,224 | $4,761 | $4,802 |
| Depreciation, Depletion and Amortization, Nonproduction | $9,936 | $9,947 | $8,546 | $7,920 |
| General and Administrative Expense | $68,569 | $54,917 | $54,337 | $56,897 |
| Goodwill, Impairment Loss | $145,365 | $145,365 | $145,365 | $145,365 |
| Provision for Loan, Lease, and Other Losses | $2,704 | $9,489 | $6,564 | $2,686 |
| Other Expenses | $17,862 | $1,983 | $3,760 | $1,922 |
| Costs and Expenses | $430,100 | $278,602 | $284,654 | $314,052 |
| Weighted Average Number of Shares Outstanding, Basic | 66,690,000 | 71,370,000 | 71,694,000 | 71,696,000 |
| Weighted Average Number of Shares Outstanding, Diluted | 66,690,000 | 71,451,000 | 71,786,000 | 71,845,000 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| SalesTypeLeaseNetInvestmentInLeaseAfterAllowanceForCreditLoss | $3,255,195 | $3,454,953 | $3,563,675 | $3,674,566 |
| Real Estate Investment Property, at Cost | $744,337 | $740,971 | $740,971 | $743,822 |
| Real Estate Investment Property, Accumulated Depreciation | $40,400 | $46,428 | $52,222 | $55,321 |
| Real Estate Investment Property, Net | $703,937 | $694,543 | $688,749 | $688,501 |
| Finite-Lived Intangible Assets, Net | $211,113 | $208,731 | $204,016 | $202,247 |
| Real Estate Held-for-sale | $9,711 | $7,233 | $2,028 | $836 |
| Financing Receivable, after Allowance for Credit Loss | $112,111 | $112,359 | — | $112,520 |
| Equity Method Investments | $310,320 | $250,034 | $280,850 | $291,766 |
| Cash and Cash Equivalents, at Carrying Value | $18,761 | $8,346 | $21,705 | $15,922 |
| Restricted Cash | $27,979 | $8,772 | $9,031 | $10,182 |
| Deferred Income Tax Assets, Net | $7,619 | $5,222 | $3,516 | $3,271 |
| Deferred Rent Receivables, Net | $180,032 | $210,773 | $241,100 | $256,107 |
| Deferred Costs and Other Assets | $89,238 | $105,015 | $72,030 | $68,927 |
| Assets | $6,548,314 | $6,899,379 | $7,249,275 | $7,520,024 |
| Stockholders' Equity Attributable to Noncontrolling Interest | $45,412 | $30,009 | $31,568 | $193,101 |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $2,276,665 | $2,374,027 | $2,439,879 | $2,632,247 |
| Accounts Payable and Accrued Liabilities | $134,518 | $144,991 | $161,420 | $171,591 |
| Below Market Lease, Net | $63,755 | $62,922 | $62,089 | $61,673 |
| Long-term Debt | $4,054,365 | $4,317,439 | $4,585,887 | $4,653,713 |
| Liabilities | $4,252,638 | $4,525,352 | $4,809,396 | $4,886,977 |
| Common Stock, Value, Issued | $711 | $714 | $717 | $711 |
| Additional Paid in Capital | $2,184,299 | $2,191,840 | $2,199,265 | $2,187,162 |
| Retained Earnings (Accumulated Deficit) | $47,580 | $102,472 | $165,737 | $199,294 |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $-1,337 | $48,992 | $42,592 | $51,979 |
| Stockholders' Equity Attributable to Parent | $2,231,253 | $2,344,018 | $2,408,311 | $2,439,146 |
| Sales-type Lease, Net Investment in Lease, Allowance for Credit Loss | $465 | $6,821 | $10,750 | $11,138 |
| Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 |
| Common Stock, Shares, Issued | 71,077,000 | 71,440,000 | 71,756,000 | 71,057,000 |
| Common Stock, Shares, Outstanding | 71,066,000 | 71,440,000 | 71,756,000 | 71,057,000 |
| (in thousands, except per share data) | FY 2023 | FY 2024 | FY 2025 | TTM |
|---|---|---|---|---|
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $-54,565 | $106,615 | $114,630 | $116,871 |
| Net Cash Provided by (Used in) Operating Activities | $15,391 | $37,855 | $47,814 | $36,947 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $-1,650 | $-29,622 | $13,618 | $3,167 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $46,740 | $17,118 | $30,736 | $32,874 |
| Depreciation, Depletion and Amortization, Nonproduction | $9,936 | $9,947 | $8,546 | $7,920 |
| Payments to Acquire Real Estate | $13,078 | $13,078 | $13,078 | $13,078 |
| Share-based Payment Arrangement, Noncash Expense | $23,230 | $13,757 | $12,549 | $13,149 |
| Straight Line Rent | $31,163 | $30,740 | $30,330 | $30,129 |
| Payments to Acquire Notes Receivable | $114,450 | $114,450 | $46,279 | $23,112 |
| Payments to Acquire Businesses, Gross | $88,685 | $88,685 | $88,685 | $88,685 |
| Cash Acquired from Acquisition | $3,213 | $3,213 | $3,213 | $3,213 |
| Amortization of above and below Market Leases | $2,306 | $2,310 | $2,310 | $2,083 |
| Payments to Acquire Equity Method Investments | $52,479 | $10,049 | $28,879 | $19,621 |
| Proceeds from Equity Method Investment, Distribution, Return of Capital | — | $52,425 | $9,528 | $9,528 |
| Goodwill, Impairment Loss | $145,365 | $145,365 | $145,365 | $145,365 |
| Provision for Loan, Lease, and Other Losses | $2,704 | $9,489 | $6,564 | $2,686 |
| Proceeds from Leases Held-for-investment | $4,200 | $4,200 | $4,200 | $4,200 |
| Gain (Loss) on Extinguishment of Debt | $-216 | — | $-2,224 | $-2,224 |
| Proceeds from Sale of Real Estate Held-for-investment | $1,631 | $5,764 | $4,107 | $3,700 |
| Income (Loss) from Equity Method Investments | $24,229 | $22,977 | $18,889 | $16,881 |
| Proceeds from Equity Method Investment, Distribution | $8,003 | $12,870 | $7,424 | $5,738 |
| Amortization of Debt Issuance Costs and Discounts | $7,288 | $7,426 | $8,281 | $8,648 |
| Payments for Derivative Instrument, Investing Activities | — | $8,780 | $8,780 | $8,780 |
| Management Fee Expense | $5,199 | $5,199 | $5,199 | $5,199 |
| Proceeds from Derivative Instrument, Investing Activities | — | $11,067 | $6,337 | $4,664 |
| Payments for (Proceeds from) Other Investing Activities | $1,043 | $1,395 | $-539 | $1,349 |
| Other Operating Activities, Cash Flow Statement | $-1,448 | $-7,021 | $-3,510 | $-781 |
| Net Cash Provided by (Used in) Investing Activities | $-576,572 | $-212,370 | $-237,178 | $-321,813 |
| Increase (Decrease) in Prepaid Expense and Other Assets | $-13,080 | $-5,263 | $-2,403 | $17,684 |
| Proceeds from Issuance of Common Stock | $151,940 | $0 | $0 | $0 |
| Increase (Decrease) in Accounts Payable and Accrued Liabilities | $-5,967 | $8,070 | $8,058 | $3,935 |
| Proceeds from Issuance of Long-term Debt | $577,000 | $2,271,584 | $2,011,335 | $3,090,335 |
| Repayments of Secured Debt | $150,000 | $2,008,000 | $1,523,000 | $2,659,000 |
| Payment for Debt Extinguishment or Debt Prepayment Cost | — | — | $407 | $407 |
| Payments of Financing Costs | $4,615 | $24,192 | $967 | $2,995 |
| Payments of Dividends | $46,039 | $50,589 | $50,924 | $51,175 |
| Payment, Tax Withholding, Share-based Payment Arrangement | $970 | $5,102 | $3,975 | $3,465 |
| Proceeds from Noncontrolling Interests | $40,132 | $29,002 | $29,002 | — |
| Proceeds from (Payments for) Other Financing Activities | $-137 | $-137 | $-137 | — |
| Net Cash Provided by (Used in) Financing Activities | $559,531 | $144,893 | $202,982 | $288,033 |
| Cash and Cash Equivalents, at Carrying Value | $18,761 | $8,346 | $21,705 | $23,713 |
| Restricted Cash | $27,979 | $8,772 | $9,031 | $9,161 |
| Interest Paid, Excluding Capitalized Interest, Operating Activities | $151,263 | $162,375 | $173,749 | $173,749 |
| Noncash or Part Noncash Acquisition, Debt Assumed | $99,995 | $99,995 | $99,995 | $99,995 |
| Stock Issued | $35,588 | $35,588 | $35,588 | $35,588 |
| Dividends, Cash | $13,033 | $12,954 | $13,118 | $13,083 |