Douglas Emmett Inc
For the period ended Mar 31, 2024. Filed May 10, 2024.
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Mar 31, 2024 · Filed May 10, 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 the time.
As of March 31, 2024, 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 $183 thousand for each of the three month periods ended March 31, 2024 and 2023.
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 March 31, 2024:
| Twelve months ending March 31: | (In thousands) |
|---|---|
| 2025 | $733 |
| 2026 | 733 |
| 2027 | 733 |
| 2028 | 733 |
| 2029 | 733 |
| Thereafter | 42,330 |
| Total future minimum lease payments | $45,995 |
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