Safehold Inc. (SAFE) [Rocket]

In millions, except per share items	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-15
	10-K	10-K	10-K	10-K	10-K/A
Revenues:
Ground and other lease income					18.6
Total revenues [+]	187.0	155.4	93.4	49.7	18.6
Lease / rental					18.6
Other income	0.5	1.2	2.8	2.3	0.0
Revenue growth	20.3%	66.4%	87.8%
Cost of goods sold	2.7	2.5	2.7	1.6	7.4
Gross profit	184.4	152.9	90.7	48.1	11.1
Gross margin	98.6%	98.4%	97.1%	96.8%	59.9%
Selling, general and administrative [+]	28.8	22.7	14.4	10.7	2.3
General and administrative	28.8	22.7	14.4	10.7	2.3
Equity in earnings	6.3	3.3	-0.4
Other operating expenses	80.6	64.6	30.8	16.4	-7.2
EBITDA [+]	81.3	68.9	45.1	21.1	16.1
EBITDA growth	18.0%	52.8%	114.1%
EBITDA margin	43.5%	44.3%	48.3%	42.4%	86.6%
Depreciation and amortization	9.6	9.4	9.4	9.1	3.1
EBIT [+]	71.7	59.5	35.7	11.9	12.9
EBIT growth	20.6%	66.5%	199.4%
EBIT margin	38.4%	38.3%	38.3%	24.0%	69.7%
Interest expense	79.7	64.4	29.9	15.4	7.2
Interest expense	79.7	64.4	29.9	15.4	7.2
Other income (expense), net [+]	81.3	64.4	27.9	15.4
Gain (loss) on debt retirement	-0.2		-2.0
Pre-tax income	73.4	59.5	33.7	11.9	5.7
Income taxes	0.2	0.2	6.0	0.2	0.4
Tax rate	0.3%	0.3%	17.9%	1.6%	6.4%
Minority interest	0.2	0.2	6.0	0.2	0.4
Net income	73.1	59.3	27.7	11.7	5.3
Net margin	39.1%	38.1%	29.7%	23.6%	28.8%

Basic EPS [+]	$1.35	$1.17	$0.89	$0.64
Growth	15.4%	31.0%	38.6%
Diluted EPS [+]	$1.35	$1.17	$0.89	$0.64
Growth	15.4%	31.0%	38.6%

Dividends per share [+]	$0.67	$0.64	$0.62	$0.60
Growth	4.6%	4.0%	3.0%

Shares outstanding (basic) [+]	54.2	50.7	31.0	18.2
Growth	6.9%	63.5%	70.2%
Shares outstanding (diluted) [+]	54.2	50.7	31.0	18.2
Growth	6.9%	63.5%	70.2%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.