Douglas Emmett Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Acquired Lease Intangibles
- Acquired Lease Intangibles
Summary of our Acquired Lease Intangibles
| (In thousands) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Above-market tenant leases | $4,541 | $4,968 |
| Above-market tenant leases - accumulated amortization | (2,430) | (2,309) |
| Above-market ground lease where we are the lessor | 1,152 | 1,152 |
| Above-market ground lease - accumulated amortization | (292) | (275) |
| Acquired lease intangible assets, net | $2,971 | $3,536 |
| Below-market tenant leases | $48,008 | $64,851 |
| Below-market tenant leases - accumulated accretion | (28,170) | (33,487) |
| Acquired lease intangible liabilities, net | $19,838 | $31,364 |
Impact on the Consolidated Statements of Operations
The table below summarizes the net amortization/accretion related to our above- and below-market leases:
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Net accretion of above- and below-market tenant lease assets and liabilities(1) | $10,978 | $11,272 | $9,558 |
| Amortization of an above-market ground lease asset(2) | (17) | (17) | (17) |
| Total | $10,961 | $11,255 | $9,541 |
(1) Recorded as a net increase to office and multifamily rental revenues.
(2) Recorded as a decrease to office parking and other income.
The table below presents the future net accretion related to our above- and below-market leases at December 31, 2023.
| Year ending December 31: | Net increase to revenues |
|---|---|
| (In thousands) | |
| 2024 | $7,914 |
| 2025 | 5,359 |
| 2026 | 2,574 |
| 2027 | 1,323 |
| 2028 | 769 |
| Thereafter | (1,072) |
| Total | $16,867 |
F- 21
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