MFA FINANCIAL INC
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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FY2024 · Filed Feb 20, 2025
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Item 2. Properties
Office Leases
Our primary lease commitment relates to our corporate headquarters. For the year ended December 31, 2024, we recorded an expense of approximately $5.4 million in connection with this lease. The original term specified in this lease is approximately 15 years with a termination date of December 2036, and an option to renew for an additional five years.
Additionally, in December 2024, Lima One executed a lease agreement on new office space in Greenville, South Carolina for an 8.5-year term. The Company expects the average annual lease rental expense to be approximately $2.4 million. Lima One expects to relocate to the office space in the latter half of 2025.
At December 31, 2024, we expect our future rent expense, for all lease commitments, exclusive of possible rent escalation charges and normal recurring charges for maintenance, insurance and taxes, to range between approximately $7.1 million and $8.0 million per year from 2025 to 2032, approximately $6.7 million in 2033 and approximately $5.4 million from 2034 to 2036.
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