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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Ground Lease
- Ground Lease
We pay rent under a ground lease located in Honolulu, Hawaii, which expires on December 31, 2086. The rent is fixed at $733 thousand per year until February 28, 2029, after which it will reset to the greater of the existing ground rent or the market rent at that time.
As of December 31, 2023, the ground lease right-of-use asset carrying value was $7.4 million, and the ground lease liability was $10.8 million. Ground rent expense, which is included in Office expenses on our consolidated statements of operations, was $733 thousand during 2023, 2022 and 2021.
The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029, presents the future minimum ground lease payments as of December 31, 2023:
| Year ending December 31: | (In thousands) |
|---|---|
| 2024 | $733 |
| 2025 | 733 |
| 2026 | 733 |
| 2027 | 733 |
| 2028 | 733 |
| Thereafter | 42,513 |
| Total future minimum lease payments | $46,178 |
F- 20
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