Douglas Emmett Inc
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Acquired Lease Intangibles
- Acquired Lease Intangibles
Summary of our Acquired Lease Intangibles
| (In thousands) | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Above-market tenant leases | $4,442 | $4,541 |
| Above-market tenant leases - accumulated amortization | (2,683) | (2,430) |
| Above-market ground lease where we are the lessor | 1,152 | 1,152 |
| Above-market ground lease - accumulated amortization | (304) | (292) |
| Acquired lease intangible assets, net | $2,607 | $2,971 |
| Below-market tenant leases | $38,116 | $48,008 |
| Below-market tenant leases - accumulated accretion | (24,904) | (28,170) |
| Acquired lease intangible liabilities, net | $13,212 | $19,838 |
Impact on the Consolidated Statements of Operations
The table below summarizes the net amortization/accretion related to our above- and below-market leases:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2024 | 2023 |
| Net accretion of above- and below-market tenant lease assets and liabilities(1) | $1,941 | $2,466 | $6,275 | $8,169 |
| Amortization of an above-market ground lease asset(2) | (5) | (5) | (13) | (13) |
| Total | $1,936 | $2,461 | $6,262 | $8,156 |
(1) Recorded as a net increase to office and multifamily rental revenues.
(2) Recorded as a decrease to office parking and other income.
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