XML 32 R20.htm IDEA: XBRL DOCUMENT
v3.23.3

Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net | 9 Months Ended
--- | ---
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net | Deferred Leasing Costs and Intangible Assets, net and Intangible Liabilities, net The following summarizes the Company’s deferred leasing costs and intangibles as of:
| September 30, 2023 |  | December 31, 2022
Deferred leasing costs and in-place lease intangibles | $ | 327,346 |  |  | $ | 328,617 |
Accumulated amortization | (160,163) |  |  | (141,353) |
Deferred leasing costs and in-place lease intangibles, net | 167,183 |  |  | 187,264 |
Below-market ground leases | 79,562 |  |  | 79,562 |
Accumulated amortization | (20,044) |  |  | (17,979) |
Below-market ground leases, net | 59,518 |  |  | 61,583 |
Above-market leases | 673 |  |  | 724 |
Accumulated amortization | (350) |  |  | (324) |
Above-market leases, net | 323 |  |  | 400 |
Customer relationships | 97,900 |  |  | 97,900 |
Accumulated amortization | (22,859) |  |  | (12,346) |
Customer relationships, net | 75,041 |  |  | 85,554 |
Non-competition agreements | 8,200 |  |  | 8,200 |
Accumulated amortization | (2,868) |  |  | (1,632) |
Non-competition agreements, net | 5,332 |  |  | 6,568 |
Trade name | 37,200 |  |  | 37,200 |
Parking easement | 15,273 |  |  | 15,273 |
DEFERRED LEASING COSTS AND INTANGIBLE ASSETS, NET | $ | 359,870 |  |  | $ | 393,842 |
Below-market leases | $ | 59,274 |  |  | $ | 59,540 |
Accumulated amortization | (30,741) |  |  | (26,195) |
Below-market leases, net | 28,533 |  |  | 33,345 |
Above-market ground leases | 1,095 |  |  | 1,095 |
Accumulated amortization | (381) |  |  | (349) |
Above-market ground leases, net | 714 |  |  | 746 |
INTANGIBLE LIABILITIES, NET | $ | 29,247 |  |  | $ | 34,091 |
The Company recognized the following amortization related to deferred leasing costs and intangibles:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Deferred leasing costs and in-place lease intangibles(1) | $ | (9,382) |  |  | $ | (9,450) |  |  | $ | (28,439) |  |  | $ | (29,657) |
Below-market ground leases(2) | $ | (698) |  |  | $ | (698) |  |  | $ | (2,096) |  |  | $ | (2,075) |
Above-market leases(3) | $ | (15) |  |  | $ | (16) |  |  | $ | (47) |  |  | $ | (107) |
Customer relationships(1) | $ | (3,504) |  |  | $ | (2,415) |  |  | $ | (10,512) |  |  | $ | (6,165) |
Non-competition agreements(1) | $ | (412) |  |  | $ | (313) |  |  | $ | (1,235) |  |  | $ | (843) |
Below-market leases(3) | $ | 1,540 |  |  | $ | 1,717 |  |  | $ | 4,811 |  |  | $ | 6,500 |
Above-market ground leases(2) | $ | 11 |  |  | $ | 11 |  |  | $ | 32 |  |  | $ | 33 |
__________________ 1.Amortization is recorded in depreciation and amortization expenses and for lease incentive costs in office rental revenues on the Consolidated Statements of Operations. 2.Amortization is recorded in office operating expenses on the Consolidated Statements of Operations. 3.Amortization is recorded in office rental revenues on the Consolidated Statements of Operations. The Company had no impairments of deferred leasing costs and intangible assets or liabilities during the three and nine months ended ended September 30, 2023. During the nine months ended September 30, 2022, the Company recognized an $8.5 million impairment of the Zio trade name. The impairment was related to the rebranding and integration of the previously acquired Zio brand into the Company’s existing Sunset Studios platform, after which the Company stopped using the Zio trade name. During the nine months ended September 30, 2022, the Company also recognized an impairment loss of $2.4 million related to the below-market ground lease at its Del Amo office property, which was sold in August 2022. The losses are recorded within impairment loss on the Consolidated Statement of Operations.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration