BrightSpire Capital Inc
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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FY2023 · Filed Feb 21, 2024
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6. Deferred Leasing Costs and Other Intangibles
- Deferred Leasing Costs and Other Intangibles
The Company’s deferred leasing costs, other intangible assets and intangible liabilities, excluding those related to assets held for sale, at December 31, 2023 and December 31, 2022 are as follows (dollars in thousands):
| Carrying Amount | Accumulated Amortization | Net Carrying Amount | |
|---|---|---|---|
| Deferred Leasing Costs and Intangible Assets | |||
| In-place lease values | $82,604 | $(41,509) | $41,095 |
| Deferred leasing costs | 31,004 | (18,571) | 12,433 |
| Above-market lease values | 13,617 | (8,174) | 5,443 |
| $127,225 | $(68,254) | $58,971 | |
| Intangible Liabilities | |||
| Below-market lease values | $16,798 | $(12,660) | $4,138 |
| Carrying Amount | Accumulated Amortization | Net Carrying Amount | |
|---|---|---|---|
| Deferred Leasing Costs and Intangible Assets | |||
| In-place lease values | $75,503 | $(35,805) | $39,698 |
| Deferred leasing costs | 28,641 | (15,843) | 12,798 |
| Above-market lease values | 8,359 | (6,875) | 1,484 |
| $112,503 | $(58,523) | $53,980 | |
| Intangible Liabilities | |||
| Below-market lease values | $16,074 | $(11,235) | $4,839 |
The following table summarizes the amortization of deferred leasing costs, intangible assets and intangible liabilities for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Above-market lease values | $(1,291) | $(1,003) | $(1,271) |
| Below-market lease values | 1,418 | 1,367 | 1,369 |
| Net increase (decrease) to property operating income | $127 | $364 | $98 |
| In-place lease values | $5,876 | $5,976 | $6,910 |
| Deferred leasing costs | 2,748 | 3,008 | 3,104 |
| Other intangibles | — | — | 172 |
| Amortization expense | $8,624 | $8,984 | $10,186 |
The following table presents the amortization of deferred leasing costs, intangible assets and intangible liabilities, for each of the next five years and thereafter as of December 31, 2023 (dollars in thousands):
| 2023 | 2024 | 2025 | 2026 | 2027 | 2028 and thereafter | Total | |
|---|---|---|---|---|---|---|---|
| Above-market lease values | $(1,816) | $(1,590) | $(975) | $(368) | $(315) | $(379) | $(5,443) |
| Below-market lease values | 1,459 | 1,458 | 785 | 81 | 81 | 274 | 4,138 |
| Net increase (decrease) to property operating income | $(357) | $(132) | $(190) | $(287) | $(234) | $(105) | $(1,305) |
| In-place lease values | $7,689 | $5,514 | $4,178 | $3,465 | $3,326 | $16,923 | $41,095 |
| Deferred leasing costs | 2,684 | 2,423 | 1,313 | 1,109 | 923 | 3,981 | 12,433 |
| Amortization expense | $10,373 | $7,937 | $5,491 | $4,574 | $4,249 | $20,904 | $53,528 |
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