Douglas Emmett Inc
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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Acquired Lease Intangibles
- Acquired Lease Intangibles
Summary of our Acquired Lease Intangibles
| (In thousands) | December 31, 2024 | December 31, 2023 |
|---|---|---|
| Above-market tenant leases | $4,338 | $4,541 |
| Above-market tenant leases - accumulated amortization | (2,694) | (2,430) |
| Above-market ground lease where we are the lessor | 1,152 | 1,152 |
| Above-market ground lease - accumulated amortization | (309) | (292) |
| Acquired lease intangible assets, net | $2,487 | $2,971 |
| Below-market tenant leases | $34,704 | $48,008 |
| Below-market tenant leases - accumulated accretion | (23,373) | (28,170) |
| Acquired lease intangible liabilities, net | $11,331 | $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:
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2024 | 2023 | 2022 |
| Net accretion of above- and below-market tenant lease assets and liabilities(1) | $8,040 | $10,978 | $11,272 |
| Amortization of an above-market ground lease asset(2) | (17) | (17) | (17) |
| Total | $8,023 | $10,961 | $11,255 |
(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, 2024.
| Year ending December 31, | Net increase (decrease) to revenues |
|---|---|
| (In thousands) | |
| 2025 | $5,331 |
| 2026 | 2,547 |
| 2027 | 1,295 |
| 2028 | 743 |
| 2029 | 184 |
| Thereafter | (1,256) |
| Total | $8,844 |
F- 21
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