VEREIT Office Assets, Real Estate Investments and Related Intangibles (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Entity Information [Line Items] |
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| Schedule of Finite-Lived Intangible Assets |
Intangible lease assets consisted of the following (in thousands, except weighted-average useful life):
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Weighted-Average Useful Life (Years) |
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December 31, 2022 |
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December 31, 2021 |
| Intangible lease assets: |
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In-place leases, net of accumulated amortization of $144,798 and $65,247, respectively |
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5.4 |
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$ |
177,698 |
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$ |
272,743 |
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Leasing commissions, net of accumulated amortization of $1,553 and $456, respectively |
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12.4 |
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13,614 |
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10,349 |
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Above-market lease assets, net of accumulated amortization of $11,391 and $6,239, respectively |
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5.5 |
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9,826 |
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15,015 |
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Deferred lease incentives, net of accumulated amortization of $116 |
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4.7 |
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1,694 |
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— |
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| Total intangible lease assets, net |
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$ |
202,832 |
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$ |
298,107 |
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| Intangible lease liabilities: |
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Below-market leases, net of accumulated amortization of $17,249 and $14,459, respectively |
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8.4 |
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$ |
14,068 |
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$ |
20,609 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of December 31, 2022 (in thousands):
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2023 |
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2024 |
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2025 |
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2026 |
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2027 |
| In-place leases: |
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| Total projected to be included in amortization expense |
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$ |
73,501 |
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$ |
49,185 |
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$ |
21,652 |
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$ |
15,499 |
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$ |
7,441 |
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| Leasing commissions: |
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| Total projected to be included in amortization expense |
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$ |
1,340 |
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$ |
1,297 |
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$ |
1,229 |
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$ |
1,229 |
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$ |
1,226 |
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| Above-market lease assets: |
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| Total projected to be deducted from rental revenue |
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$ |
4,776 |
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$ |
2,995 |
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$ |
860 |
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$ |
682 |
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$ |
237 |
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| Deferred lease incentives: |
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| Total projected to be deducted from rental revenue |
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$ |
403 |
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$ |
403 |
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$ |
386 |
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$ |
288 |
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$ |
212 |
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| Below-market lease liabilities: |
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| Total projected to be added to rental revenue |
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$ |
5,994 |
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$ |
3,786 |
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$ |
1,036 |
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$ |
817 |
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$ |
655 |
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| VEREIT Office Assets |
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| Entity Information [Line Items] |
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| Schedule of Finite-Lived Intangible Assets |
Intangible lease assets consisted of the following (in thousands, except weighted-average useful life):
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Weighted-Average Useful Life (Years) |
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October 31, 2021 |
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| Intangible lease assets: |
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In-place leases, net of accumulated amortization of $119,604 |
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10.1 |
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$ |
29,091 |
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Leasing commissions, net of accumulated amortization of $5,679 |
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9.1 |
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8,744 |
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Above-market lease assets and deferred lease incentives, net of accumulated amortization of $14,793 |
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9.8 |
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6,649 |
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| Total intangible lease assets, net |
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$ |
44,484 |
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| Intangible lease liabilities: |
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Below-market leases, net of accumulated amortization of $18,504 |
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10.3 |
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$ |
5,308 |
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| Schedule of Finite Lived Intangible Liabilities |
Intangible lease assets consisted of the following (in thousands, except weighted-average useful life):
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Weighted-Average Useful Life (Years) |
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October 31, 2021 |
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| Intangible lease assets: |
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In-place leases, net of accumulated amortization of $119,604 |
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10.1 |
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$ |
29,091 |
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Leasing commissions, net of accumulated amortization of $5,679 |
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9.1 |
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8,744 |
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Above-market lease assets and deferred lease incentives, net of accumulated amortization of $14,793 |
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9.8 |
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6,649 |
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| Total intangible lease assets, net |
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$ |
44,484 |
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| Intangible lease liabilities: |
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Below-market leases, net of accumulated amortization of $18,504 |
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10.3 |
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$ |
5,308 |
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
The following table provides the projected amortization expense and adjustments to rental revenue related to the intangible lease assets and liabilities for the next five years as of October 31, 2021 (in thousands):
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Remainder of 2021 |
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2022 |
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2023 |
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2024 |
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2025 |
| In-place leases: |
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| Total projected to be included in amortization expense |
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$ |
2,191 |
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$ |
10,475 |
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$ |
9,142 |
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$ |
5,512 |
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$ |
1,156 |
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| Leasing commissions: |
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| Total projected to be included in amortization expense |
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$ |
288 |
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$ |
1,692 |
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$ |
1,290 |
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$ |
1,201 |
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$ |
1,020 |
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| Above-market lease assets and deferred lease incentives: |
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| Total projected to be deducted from rental revenue |
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$ |
373 |
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$ |
2,223 |
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$ |
2,186 |
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$ |
1,104 |
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$ |
354 |
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| Below-market lease liabilities: |
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| Total projected to be included in rental revenue |
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$ |
345 |
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$ |
2,003 |
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$ |
1,878 |
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$ |
854 |
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$ |
208 |
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