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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number: 001-37980
DigitalBridge Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland
 
46-4591526
(State or Other Jurisdiction of
Incorporation or Organization)
 
(I.R.S. Employer
Identification No.)
750 Park of Commerce Drive, Suite 210
Boca Raton, Florida 33487
(Address of Principal Executive Offices, Including Zip Code)
(561) 570-4644
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:
Title of Class Trading Symbol(s) Name of Each Exchange on Which Registered
Class A Common Stock, $0.01 par value
DBRG
New York Stock Exchange
Preferred Stock, 7.125% Series H Cumulative Redeemable, $0.01 par value
DBRG.PRH
New York Stock Exchange
Preferred Stock, 7.15% Series I Cumulative Redeemable, $0.01 par value
DBRG.PRI
New York Stock Exchange
Preferred Stock, 7.125% Series J Cumulative Redeemable, $0.01 par value
DBRG.PRJ
New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 





Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Accelerated Filer Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. Yes     No  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of August 1, 2022, 655,593,800 shares of the Registrant's class A common stock and 665,978 shares of class B common stock were outstanding.


DigitalBridge Group, Inc.
Form 10-Q
Table of Contents
PART I. FINANCIAL INFORMATION Page
Item 1.
4
4
5
6
7
9
Item 2.
Item 3.
Item 4.
PART II. OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.


3

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
DigitalBridge Group, Inc.
Consolidated Balance Sheets
(In thousands, except per share data)
June 30, 2022
(Unaudited)
December 31, 2021
Assets
     Cash and cash equivalents
$ 337,150  $ 1,602,102 
     Restricted cash
108,686  99,121 
     Real estate, net
6,047,928  4,972,284 
     Loans receivable (at fair value) 514,163  173,921 
     Equity investments ($202,514 and $201,912 at fair value)
1,080,261  935,153 
     Goodwill
761,368  761,368 
     Deferred leasing costs and intangible assets, net
1,827,960  1,187,627 
Assets held for disposition 156,672  3,676,615 
Other assets ($28,837 and $944 at fair value)
991,382  740,395 
     Due from affiliates
51,718  49,230 
Total assets
$ 11,877,288  $ 14,197,816 
Liabilities
Debt, net
$ 5,539,732  $ 4,860,402 
Accrued and other liabilities ($186,614 and $0 at fair value)
1,624,708  928,042 
Intangible liabilities, net
32,840  33,301 
Liabilities related to assets held for disposition 719  3,088,699 
Dividends and distributions payable
15,759  15,759 
Total liabilities
7,213,758  8,926,203 
Commitments and contingencies (Note 20)
Redeemable noncontrolling interests
102,011  359,223 
Equity
Stockholders’ equity:
Preferred stock, $0.01 par value per share; $883,500 liquidation preference; 250,000 shares authorized; 35,340 shares issued and outstanding
854,232  854,232 
Common stock, $0.01 par value per share
Class A, 949,000 shares authorized; 655,750 and 568,577 shares issued and outstanding
6,557  5,685 
Class B, 1,000 shares authorized; 666 shares issued and outstanding
Additional paid-in capital
7,646,852  7,820,807 
Accumulated deficit
(6,875,817) (6,576,180)
Accumulated other comprehensive income
1,455  42,383 
Total stockholders’ equity 1,633,286  2,146,934 
     Noncontrolling interests in investment entities
2,870,528  2,653,173 
     Noncontrolling interests in Operating Company
57,705  112,283 
Total equity
4,561,519  4,912,390 
Total liabilities, redeemable noncontrolling interests and equity
$ 11,877,288  $ 14,197,816 

The accompanying notes are an integral part of the consolidated financial statements.
4

DigitalBridge Group, Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
  Three Months Ended June 30, Six Months Ended June 30,
  2022 2021 2022 2021
Revenues
Property operating income $ 234,251  $ 188,985  $ 436,762  $ 377,987 
Interest income 8,499  1,319  13,665  2,173 
Fee income ($43,403, $41,141, $85,407 and $70,398 from affiliates)
44,318  45,157  87,155  74,600 
Other income ($788, $908, $4,698 and $1,427 from affiliates)
2,341  1,726  9,286  3,008 
Total revenues 289,409  237,187  546,868  457,768 
Expenses
Property operating expense 97,290  77,140  181,293  157,002 
Interest expense 46,388  37,938  90,418  77,718 
Investment expense 7,187  5,871  16,752  12,764 
Transaction-related costs 2,756  64  2,921  1,682 
Depreciation and amortization 155,352  138,229  283,919  277,654 
Compensation expense—cash and equity-based 52,792  48,199  118,334  126,985 
Compensation expense—incentive fee and carried interest 49,069  8,266  28,717  8,233 
Administrative expenses 26,353  28,505  54,238  46,301 
Total expenses 437,187  344,212  776,592  708,339 
Other income (loss)
Other loss, net (46,256) (27,041) (196,137) (36,391)
Equity method earnings 27,427  51,481  46,634  35,064 
Equity method earnings—carried interest 110,779  11,169  79,700  10,947 
Loss from continuing operations before income taxes
(55,828) (71,416) (299,527) (240,951)
Income tax benefit 2,518  75,239  9,931  98,435 
Income (loss) from continuing operations (53,310) 3,823  (289,596) (142,516)
Loss from discontinued operations (14,771) (98,906) (122,169) (580,166)
Net loss (68,081) (95,083) (411,765) (722,682)
Net income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests (14,327) 6,025  (25,547) 8,474 
Investment entities (29,102) 36,616  (92,147) (319,246)
Operating Company (3,090) (14,980) (25,952) (42,876)
Net loss attributable to DigitalBridge Group, Inc. (21,562) (122,744) (268,119) (369,034)
Preferred stock dividends 15,759  18,516  31,518  37,032 
Net loss attributable to common stockholders $ (37,321) $ (141,260) $ (299,637) $ (406,066)
Loss per share—basic
Loss from continuing operations per common share—basic $ (0.04) $ (0.02) $ (0.33) $ (0.24)
Net loss attributable to common stockholders per common share—basic $ (0.06) $ (0.29) $ (0.51) $ (0.85)
Loss per share—diluted
Loss from continuing operations per common share—diluted $ (0.04) $ (0.02) $ (0.33) $ (0.24)
Net loss attributable to common stockholders per common share—diluted $ (0.06) $ (0.29) $ (0.51) $ (0.85)
Weighted average number of shares
Basic 615,932  479,643  593,063  477,284 
Diluted 615,932  479,643  593,063  477,284 
The accompanying notes are an integral part of the consolidated financial statements.
5

DigitalBridge Group, Inc.
Consolidated Statements of Comprehensive Income (Loss)
(In thousands)
(Unaudited)

  Three Months Ended June 30, Six Months Ended June 30,
  2022 2021 2022 2021
Net loss $ (68,081) $ (95,083) $ (411,765) $ (722,682)
Changes in accumulated other comprehensive income (loss) related to:
Equity method investments (2,688) 521  (2,686) (2,187)
Available-for-sale debt securities —  1,363  (6,373) (1,946)
Cash flow hedges —  —  —  1,285 
Foreign currency translation (24,340) (17,185) (62,281) (76,803)
Net investment hedges 6,984  (4,202) 6,984  (84)
Other comprehensive loss (20,044) (19,503) (64,356) (79,735)
Comprehensive loss (88,125) (114,586) (476,121) (802,417)
Comprehensive income (loss) attributable to noncontrolling interests:
Redeemable noncontrolling interests (14,327) 6,025  (25,547) 8,474 
Investment entities (36,874) 36,038  (111,930) (356,480)
Operating Company (4,016) (16,605) (29,474) (46,934)
Comprehensive loss attributable to stockholders $ (32,908) $ (140,044) $ (309,170) $ (407,477)

The accompanying notes are an integral part of the consolidated financial statements.
6

DigitalBridge Group, Inc.
Consolidated Statements of Equity
(In thousands, except per share data)
(Unaudited)
  Preferred Stock Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity Noncontrolling Interests in Investment Entities Noncontrolling Interests in Operating Company Total Equity
 
Balance at December 31, 2020 $ 999,490  $ 4,841  $ 7,570,473  $ (6,195,456) $ 122,123  $ 2,501,471  $ 4,327,372  $ 155,747  $ 6,984,590 
Net loss —  —  —  (246,290) —  (246,290) (355,862) (27,896) (630,048)
Other comprehensive loss —  —  —  —  (21,143) (21,143) (36,656) (2,433) (60,232)
Deconsolidation of investment entities (Note 21)
—  —  —  —  —  —  (22,413) —  (22,413)
Redemption of OP Units for class A common stock —  —  16  —  —  16  —  (16) — 
Equity awards issued, net of forfeitures —  48  16,536  —  —  16,584  308  1,308  18,200 
Shares canceled for tax withholdings on vested equity awards —  (11) (7,707) —  —  (7,718) —  —  (7,718)
Contributions from noncontrolling interests
—  —  —  —  —  —  113,213  —  113,213 
Distributions to noncontrolling interests
—  —  —  —  —  —  (26,739) —  (26,739)
Preferred stock dividends
—  —  —  (18,516) —  (18,516) —  —  (18,516)
Reallocation of equity (Notes 2 and 10)
—  —  (2,445) —  76  (2,369) 4,682  (2,313) — 
Balance at March 31, 2021 999,490  4,878  7,576,873  (6,460,262) 101,056  2,222,035  4,003,905  124,397  6,350,337 
Net loss
—  —  —  (122,744) —  (122,744) 36,616  (14,980) (101,108)
Other comprehensive income (loss) —  —  —  —  (15,818) (15,818) 7,805  (1,625) (9,638)
Shares issued pursuant to settlement liability
—  60  46,982  —  —  47,042  —  —  47,042 
Deconsolidation of investment entities (Note 21)
—  —  2,028  —  (1,482) 546  (202,887) —  (202,341)
Redemption of OP Units for class A common stock
—  —  —  —  —  (1) — 
Equity awards issued, net of forfeitures —  10,194  —  —  10,196  308  1,067  11,571 
Shares canceled for tax withholdings on vested equity awards —  (13) (9,166) —  —  (9,179) —  —  (9,179)
Contributions from noncontrolling interests
—  —  —  —  —  —  24,540  —  24,540 
Distributions to noncontrolling interests
—  —  —  —  —  —  (33,678) —  (33,678)
Preferred stock dividends
—  —  —  (18,516) —  (18,516) —  —  (18,516)
Reallocation of equity (Notes 2 and 10))
—  —  (4,530) —  (81) (4,611) —  4,611  — 
Balance at June 30, 2021 $ 999,490  $ 4,927  $ 7,622,382  $ (6,601,522) $ 83,675  $ 2,108,952  $ 3,836,609  $ 113,469  $ 6,059,030 
The accompanying notes are an integral part of the consolidated financial statements.


7

DigitalBridge Group, Inc.
Consolidated Statements of Equity (Continued)
(In thousands, except per share data)
(Unaudited)
  Preferred Stock Common Stock Additional Paid-in Capital Accumulated Deficit Accumulated Other Comprehensive Income (Loss) Total Stockholders’ Equity Noncontrolling Interests in Investment Entities Noncontrolling Interests in Operating Company Total Equity
 
Balance at December 31, 2021 $ 854,232  $ 5,692  $ 7,820,807  $ (6,576,180) $ 42,383  $ 2,146,934  $ 2,653,173  $ 112,283  $ 4,912,390 
Net loss —  —  —  (246,557) —  (246,557) (63,045) (22,862) (332,464)
Other comprehensive loss —  —  —  —  (29,705) (29,705) (12,011) (2,596) (44,312)
Exchange of notes for common stock (Note 8)
—  256  177,562  —  —  177,818  —  —  177,818 
Adjustment of redeemable noncontrolling interest to fair value (Note 10)
—  —  (690,000) —  —  (690,000) —  —  (690,000)
Deconsolidation of investment entities (Note 21)
—  —  —  —  —  —  (176,856) —  (176,856)
Redemption of OP Units for class A common stock —  —  —  —  —  (2) — 
Equity awards issued, net of forfeitures —  50  14,286  —  —  14,336  2,734  1,555  18,625 
Shares canceled for tax withholdings on vested equity awards —  (17) (11,393) —  —  (11,410) —  —  (11,410)
Acquisition of noncontrolling interest (Note 10)
—  —  —  —  —  —  (32,076) —  (32,076)
Contributions from noncontrolling interests —  —  —  —  —  —  343,006  —  343,006 
Distributions to noncontrolling interests —  —  —  —  —  —  (26,018) —  (26,018)
Preferred stock dividends —  —  —  (15,760) —  (15,760) —  —  (15,760)
Reallocation of equity (Notes 2 and 10)
—  —  45,099  —  75  45,174  —  (45,174) — 
Balance at March 31, 2022 854,232  5,981  7,356,363  (6,838,497) 12,753  1,390,832  2,688,907  43,204  4,122,943 
Net loss —  —  —  (21,562) —  (21,562) (29,102) (3,090) (53,754)
Other comprehensive loss —  —  —  —  (11,346) (11,346) (7,772) (926) (20,044)
Adjustment of redeemable noncontrolling interest and warrants to fair value (Note 10)
—  —  (35,026) —  —  (35,026) —  —  (35,026)
Shares issued for redemption of redeemable noncontrolling interest (Note 10)
—  577  348,182  —  —  348,759  —  —  348,759 
Transaction costs incurred in connection with redemption of redeemable noncontrolling interest —  —  (7,137) —  —  (7,137) —  —  (7,137)
Reclassification of carried interest allocated to redeemable noncontrolling interest to noncontrolling interest in investment entities (Note 10)
—  —  —  —  —  —  4,087  —  4,087 
Deconsolidation of investment entities (Note 21)
—  —  —  —  —  —  11,047  —  11,047 
Redemption of OP Units for class A common stock
—  335  —  —  339  (339) — 
Equity awards issued, net of forfeitures —  7,508  —  —  7,517  1,061  591  9,169 
Shares canceled for tax withholdings on vested equity awards —  (7) (5,060) —  —  (5,067) —  —  (5,067)
Contributions from noncontrolling interests —  —  —  —  —  —  215,790  —  215,790 
Distributions to noncontrolling interests —  —  —  —  —  —  (13,490) —  (13,490)
Preferred stock dividends —  —  —  (15,758) —  (15,758) —  —  (15,758)
Reallocation of equity (Notes 2 and 10)
—  —  (18,313) —  48  (18,265) —  18,265  — 
Balance at June 30, 2022 $ 854,232  $ 6,564  $ 7,646,852  $ (6,875,817) $ 1,455  $ 1,633,286  $ 2,870,528  $ 57,705  $ 4,561,519 
The accompanying notes are an integral part of the consolidated financial statements.
8

DigitalBridge Group, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
  Six Months Ended June 30,
  2022 2021
Cash Flows from Operating Activities
Net loss $ (411,765) $ (722,682)
Adjustments to reconcile net loss to net cash provided by operating activities:
Paid-in-kind interest added to loan principal, net of interest received (2,777) (5,858)
Straight-line rent income (5,264) 11,982 
Amortization of above- and below-market lease values, net (141) 5,310 
Amortization of deferred financing costs and debt discount and premium, net 99,448  51,371 
Equity method (gains) losses (153,019) 18,248 
Distributions of income from equity method investments —  1,269 
Allowance for doubtful accounts —  222 
Impairment of real estate and related intangibles and right-of-use asset 35,985  366,347 
Depreciation and amortization 286,258  360,418 
Equity-based compensation 28,064  30,961 
Gain on sales of real estate, net —  (48,718)
Deferred income tax benefit (15,645) (85,458)
Loss on extinguishment of exchangeable notes 133,173  — 
Other loss, net 64,035  202,573 
(Increase) decrease in other assets and due from affiliates 12,511  (57,321)
Increase (decrease) in accrued and other liabilities and due to affiliates (2,797) (20,692)
Other adjustments, net (763) (3,076)
Net cash provided by operating activities 67,303  104,896 
Cash Flows from Investing Activities
Contributions to and acquisition of equity investments (298,526) (296,998)
Return of capital from equity method investments 25,652  15,033 
Acquisition of loans receivable and debt securities (156,949) (24,971)
Net disbursements on originated loans (215,918) (17,986)
Repayments of loans receivable 19,205  363,686 
Proceeds from sales of loans receivable and debt securities 126,644  — 
Acquisition of and additions to real estate, related intangibles and leasing commissions (1,729,766) (156,944)
Proceeds from sales of real estate 96,660  333,730 
Cash and restricted cash assumed by buyer in sales of real estate investment holding entities (189,453) — 
Proceeds from paydown and maturity of debt securities 566  182 
Proceeds from sale of equity investments 239,563  161,222 
Investment deposits (50,552) (343)
Proceeds from sale of corporate fixed assets —  14,946 
Net (payments) receipts on settlement of derivatives (11,893) 17,123 
Other investing activities, net (875) (84)
Net cash (used in) provided by investing activities (2,145,642) 408,596 












9

DigitalBridge Group, Inc.
Consolidated Statements of Cash Flows (Continued)
(In thousands)
(Unaudited)
  Six Months Ended June 30,
  2022 2021
Cash Flows from Financing Activities
Dividends paid to preferred stockholders $ (31,518) $ (37,032)
Repayment or repurchase of senior notes (14,237) (31,502)
Borrowings from corporate credit facility and securitized financing facility 270,000  45,000 
Repayment of borrowings from corporate credit facility securitized financing facility (200,000) — 
Borrowings from secured debt 690,082  698,135 
Repayment of secured debt (5,452) (1,053,528)
Payment of deferred financing costs (18,586) (19,029)
Contributions from noncontrolling interests 568,946  178,767 
Distributions to and redemptions of noncontrolling interests (450,337) (72,596)
Shares canceled for tax withholdings on vested equity awards (16,477) (16,897)
Acquisition of noncontrolling interest (32,076) — 
Net cash provided by (used in) financing activities 760,345  (308,682)
Effect of exchange rates on cash, cash equivalents and restricted cash (2,415) 6,305 
Net (decrease) increase in cash, cash equivalents and restricted cash (1,320,409) 211,115 
Cash, cash equivalents and restricted cash, beginning of period 1,766,245  963,008 
Cash, cash equivalents and restricted cash, end of period $ 445,836  $ 1,174,123 
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets
Six Months Ended June 30,
2022 2021
Beginning of the period
Cash and cash equivalents $ 1,602,102  $ 703,544 
Restricted cash 99,121  67,772 
Restricted cash included in assets held for disposition 65,022  191,692 
Total cash, cash equivalents and restricted cash, beginning of period $ 1,766,245  $ 963,008 
End of the period
Cash and cash equivalents $ 337,150  $ 1,006,195 
Restricted cash 108,686  91,144 
Restricted cash included in assets held for disposition —  76,784 
Total cash, cash equivalents and restricted cash, end of period $ 445,836  $ 1,174,123 
The accompanying notes are an integral part of the consolidated financial statements.
10

DigitalBridge Group, Inc.
Notes to Consolidated Financial Statements
June 30, 2022
(Unaudited)
1. Business and Organization
DigitalBridge Group, Inc. or DBRG (together with its consolidated subsidiaries, the "Company") is a leading global-scale digital infrastructure firm. The Company invests, directly and through its portfolio companies, across the digital ecosystem, including data centers, cell towers, fiber networks, small cells, and edge infrastructure, and manages digital infrastructure assets on behalf of its limited partners and shareholders.
Organization
The Company conducts all of its activities and holds substantially all of its assets and liabilities through its operating subsidiary, DigitalBridge Operating Company, LLC (the "Operating Company" or the "OP"). At June 30, 2022, the Company owned 93% of the OP, as its sole managing member. The remaining 7% is owned primarily by certain current and former employees of the Company as noncontrolling interests.
Transition to C-Corporation
Prior to January 1, 2022, the Company elected to be taxed as a real estate investment trust ("REIT") for U.S. federal income tax purposes, which generally provided that the Company was not subject to U.S. federal and state income taxes on its taxable income to the extent that it annually distributed such income to stockholders. The income earned through the Company’s underlying taxable REIT subsidiaries ("TRS"), primarily the investment management earnings, however, was subject to U.S. federal and state income tax.
In the first quarter of 2022, the Company completed the disposition of substantially all of its non-digital assets, as described below, and in connection with its digital transformation, has recorded significant growth in its Digital Investment Management ("Digital IM") business.
Due to the pace of growth of the Company's Digital IM business and other strategic transactions that the Company may pursue, the Company’s Board of Directors and management agreed to discontinue actions necessary to maintain qualification as a REIT for 2022. Commencing with the taxable year ending December 31, 2022, all of the Company’s taxable income, except for income generated by subsidiaries that have elected or anticipate electing REIT status, is subject to U.S. federal and state income tax at the applicable corporate tax rate. Any dividends paid to stockholders will no longer be tax deductible. The Company is also no longer subject to the REIT requirement for distributions to stockholders when the Company has taxable income.
The Company anticipates that operating as a C-Corporation will provide the Company with flexibility to execute various strategic initiatives without the constraints of complying with REIT requirements. This includes the intended deployment of capital to redeem third party interest in the Company’s Digital IM business, retaining and reinvesting earnings in other new initiatives in the Digital IM business, and warehousing digital infrastructure investments in the future that may be non-REIT qualified assets.
The Company’s transition to a C-Corporation is not expected to result in significant incremental current income tax expense in the near term due to the availability of significant capital loss and net operating loss (“NOL”) carryforwards. See Note 7 for additional information.
Digital Transformation
In February 2022, the Company completed its digital transformation that commenced in the second quarter of 2020. The Company's completed disposition of its hotel business (March 2021), Other Equity and Debt ("OED") investments and non-digital investment management ("Other IM") business (December 2021), and its Wellness Infrastructure business (February 2022) each represented a strategic shift in the Company's business that had a significant effect on the Company’s operations and financial results, and accordingly, had met the criteria as discontinued operations. For all current and prior periods presented, the related assets and liabilities, to the extent they have not been disposed at the respective balance sheet dates, are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 11) and the related operating results are presented as discontinued operations on the consolidated statements of operations (Note 12).
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2. Summary of Significant Accounting Policies
The significant accounting policies of the Company are described below. The accounting policies of the Company's unconsolidated ventures are substantially similar to those of the Company.
Basis of Presentation
The accompanying unaudited interim financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. However, the results of operations for the interim period presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any other future period. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in, or presented as exhibits to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
The accompanying consolidated financial statements include the accounts of the Company and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated. The portions of equity, net income and other comprehensive income of consolidated subsidiaries that are not attributable to the parent are presented separately as amounts attributable to noncontrolling interests in the consolidated financial statements. A substantial portion of noncontrolling interests represents interests held by private investment funds or other investment vehicles managed by the Company and which invest alongside the Company and membership interests in OP primarily held by certain employees of the Company.
To the extent the Company consolidates a subsidiary that is subject to industry-specific guidance, the Company retains the industry-specific guidance applied by that subsidiary in its consolidated financial statements.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates and assumptions.
Principles of Consolidation
The Company consolidates entities in which it has a controlling financial interest by first considering if an entity meets the definition of a variable interest entity ("VIE") for which the Company is deemed to be the primary beneficiary, or if the Company has the power to control an entity through a majority of voting interest or through other arrangements.
Variable Interest Entities—A VIE is an entity that either (i) lacks sufficient equity to finance its activities without additional subordinated financial support from other parties; (ii) whose equity holders lack the characteristics of a controlling financial interest; and/or (iii) is established with non-substantive voting rights. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. This assessment may involve subjectivity in the determination of which activities most significantly affect the VIE’s performance, and estimates about current and future fair value of the assets held by the VIE and financial performance of the VIE. In assessing its interests in the VIE, the Company also considers interests held by its related parties, including de facto agents. Additionally, the Company assesses whether it is a member of a related party group that collectively meets the power and benefits criteria and, if so, whether the Company is most closely associated with the VIE. In performing the related party analysis, the Company considers both qualitative and quantitative factors, including, but not limited to: the characteristics and size of its investment relative to the related party; the Company’s and the related party's ability to control or significantly influence key decisions of the VIE including consideration of involvement by de facto agents; the obligation or likelihood for the Company or the related party to fund operating losses of the VIE; and the similarity and significance of the VIE’s business activities to those of the Company and the related party. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, and depends upon facts and circumstances specific to an entity at the time of the assessment.
Voting Interest Entities—Unlike VIEs, voting interest entities have sufficient equity to finance their activities and equity investors exhibit the characteristics of a controlling financial interest through their voting rights. The Company consolidates such entities when it has the power to control these entities through ownership of a majority of the entities' voting interests or through other arrangements.
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At each reporting period, the Company reassesses whether changes in facts and circumstances cause a change in the status of an entity as a VIE or voting interest entity, and/or a change in the Company's consolidation assessment. Changes in consolidation status are applied prospectively. An entity may be consolidated as a result of this reassessment, in which case, the assets, liabilities and noncontrolling interest in the entity are recorded at fair value upon initial consolidation. Any existing equity interest held by the Company in the entity prior to the Company obtaining control will be remeasured at fair value, which may result in a gain or loss recognized upon initial consolidation. However, if the consolidation represents an asset acquisition of a voting interest entity, the Company's existing interest in the acquired assets, if any, is not remeasured to fair value but continues to be carried at historical cost. The Company may also deconsolidate a subsidiary as a result of this reassessment, which may result in a gain or loss recognized upon deconsolidation depending on the carrying values of deconsolidated assets and liabilities compared to the fair value of any interests retained.
Noncontrolling Interests
Redeemable Noncontrolling Interests—This represents noncontrolling interests in the Company's digital investment management business and in consolidated open-end funds sponsored by the Company. The noncontrolling interests either have redemption rights that will be triggered upon the occurrence of certain events (Note 10) or have the ability to withdraw all or a portion of their interests from the consolidated open-end funds in cash with advance notice.
Redeemable noncontrolling interests is presented outside of permanent equity. Allocation of net income or loss to redeemable noncontrolling interests is based upon their ownership percentage during the period. The carrying amount of redeemable noncontrolling interests is adjusted to its redemption value at the end of each reporting period to an amount not less than its initial carrying value, except for amounts contingently redeemable which will be adjusted to redemption value only when redemption is probable. Such adjustments will be recognized in additional paid-in capital.
Noncontrolling Interests in Investment Entities—This represents predominantly interests in consolidated investment entities held by co-investors through investment vehicles managed by the Company or held by third party joint venture partners. Allocation of net income or loss is generally based upon relative ownership interests held by equity owners in each investment entity, or based upon contractual arrangements that may provide for disproportionate allocation of economic returns among equity interests, including using a hypothetical liquidation at book value basis, where applicable and substantive.
Noncontrolling Interests in Operating Company—This represents membership interests in OP held primarily by certain employees of the Company. Noncontrolling interests in OP are allocated a share of net income or loss in OP based on their weighted average ownership interest in OP during the period. Noncontrolling interests in OP have the right to require OP to redeem part or all of such member’s membership units in OP ("OP Units") for cash based on the market value of an equivalent number of shares of class A common stock at the time of redemption, or at the Company's election as managing member of OP, through issuance of shares of class A common stock (registered or unregistered) on a one-for-one basis. At the end of each reporting period, noncontrolling interests in OP is adjusted to reflect their ownership percentage in OP at the end of the period, through a reallocation between controlling and noncontrolling interests in OP, as applicable.
Business Combinations
Definition of a Business—The Company evaluates each purchase transaction to determine whether the acquired assets meet the definition of a business. If substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, then the set of transferred assets and activities is not a business. If not, for an acquisition to be considered a business, it would have to include an input and a substantive process that together significantly contribute to the ability to create outputs (i.e., there is a continuation of revenue before and after the transaction). A substantive process is not ancillary or minor, cannot be replaced without significant costs, effort or delay or is otherwise considered unique or scarce. To qualify as a business without outputs, the acquired assets would require an organized workforce with the necessary skills, knowledge and experience to perform a substantive process.
Asset Acquisitions—For acquisitions that are not deemed to be businesses, the assets acquired are recognized based on their cost to the Company as the acquirer and no gain or loss is recognized. The cost of assets acquired in a group is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill. Transaction costs related to acquisition of assets are included in the cost basis of the assets acquired.
Business Combinations—The Company accounts for acquisitions that qualify as business combinations by applying the acquisition method. Transaction costs related to acquisition of a business are expensed as incurred and excluded from the fair value of consideration transferred. The identifiable assets acquired, liabilities assumed and noncontrolling interests
13

in an acquired entity are recognized and measured at their estimated fair values. The excess of the fair value of consideration transferred over the fair values of identifiable assets acquired, liabilities assumed and noncontrolling interests in an acquired entity, net of fair value of any previously held interest in the acquired entity, is recorded as goodwill. Such valuations require management to make significant estimates and assumptions.
Contingent Consideration—Contingent consideration is classified as a liability or equity, as applicable. Contingent consideration in connection with the acquisition of a business or a VIE is measured at fair value on acquisition date, and unless classified as equity, is remeasured at fair value each reporting period thereafter until the consideration is settled, with changes in fair value included in net income. Contingent consideration in connection with the acquisition of assets (and that is not a VIE) is generally recognized when the liability is considered both probable and reasonably estimable, as part of the basis of the acquired assets.
Discontinued Operations
If the disposition of a component, being an operating or reportable segment, business unit, subsidiary or asset group, represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, the operating profits or losses of the component when classified as held for sale, and the gain or loss upon disposition of the component, are presented as discontinued operations in the statements of operations.
A business or asset group acquired in connection with a business combination that meets the criteria to be accounted for as held for sale at the date of acquisition is reported as discontinued operations, regardless of whether it meets the strategic shift criterion.
The disposition of (i) NRF Holdco, LLC ("NRF Holdco"), a former subsidiary of the Company that held the Wellness Infrastructure business, in February 2022, (ii) a substantial majority of the OED investments and Other IM business in December 2021, and (iii) the hotel business, composed of the Hospitality segment and the THL Hotel Portfolio in March 2021, all represent strategic shifts that have or are expected to have major effects on the Company’s operations and financial results, and have met the criteria as discontinued operations as of June 2021, March 2021, and September 2020, respectively. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities held for disposition on the consolidated balance sheets (Note 11) and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (Note 12). Discontinued operations in prior periods include investments in the respective segments that have been disposed or otherwise resolved in those periods.
Accounting Standards Adopted in 2022
Amendment to Lessor Accounting
In July 2021, the FASB issued ASU No. 2021-5, Lessors—Certain Leases with Variable Lease Payments, which amends existing lease classification guidance for lessors to better reflect the economics of certain lease arrangements. The ASU requires a lease with variable lease payments that are not based upon a rate or index to be classified as an operating lease if classification as a direct financing lease or sales-type lease would have resulted in a loss to the lessor at lease commencement. A loss could have otherwise arisen even if the lease is expected to be profitable as the exclusion of these variable lease payments result in the recognition of a lower net investment in a lease relative to the carrying value of the underlying asset that is derecognized at the commencement of a direct financing or sales-type lease. Under the amended guidance, this uneconomic outcome is avoided because the classification as an operating lease does not result in a derecognition of the underlying asset by the lessor, and the recognition of variable lease payments earned and depreciation expense on the underlying asset will partially offset in earnings over time. The Company adopted the ASU on its effective date of January 1, 2022. At the time of adoption, the Company, as lessor, did not have any leases that would have been subject to this amendment.
Acquired Contracts with Customers
In October 2021, the FASB issued ASU No. 2021-8, Accounting for Contract Assets and Contract Liabilities From Contracts With Customers, which applies the principles of ASC 606, Revenue from Contracts with Customers, rather than a fair value basis under ASC 805, Business Combinations, in the recognition of contract assets and contract liabilities acquired in a business combination. The ASU addresses the following inconsistencies: (1) measurement of contract liability or deferred revenue at fair value that is typically lower than carrying value, reducing post-acquisition revenues; and (2) timing of contractual payments affecting the fair value of deferred revenue and the amount of post-acquisition revenue in otherwise similar contracts. Under the new guidance, an acquirer records a contract asset or contract liability as if it had originated the acquired revenue contract, which requires the acquirer to evaluate performance obligations, transaction price and relative stand-alone selling price at the original contract inception date or subsequent modification dates. This
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will generally result in the recognition and measurement of a contract asset and contract liability that will likely be more comparable to the books of the acquiree at acquisition date. In circumstances where an acquirer is unable to assess or rely on the acquiree's accounting under ASC 606, the ASU provides a practical expedient that allows an acquirer to determine the stand-alone selling price of each performance obligation in the contract as of acquisition date, instead of contract inception date, for purposes of allocating the transaction price.
The amendments also apply to contract assets and contract liabilities from other contracts to which the provisions of ASC 606 apply, such as contracts within the scope of ASC 610-20, Other Income—Gains and Losses from Derecognition of Nonfinancial Assets, but the amendments do not affect the accounting for other assets or liabilities that may arise from acquired customer contracts such as refund liabilities that do not meet the definition of contract liabilities and continue to be recorded at fair value.
The ASU is effective January 1, 2023 and is to be applied prospectively. Early adoption is permitted with retrospective application to all business combinations that occurred during the fiscal year of early adoption. The Company early adopted the ASU on January 1, 2022.
Future Accounting Standards
Contractual Sale Restriction on Equity Securities
In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which amends Topic 820 Fair Value to clarify that a contractual sale restriction that is entity-specific is not part of the unit of account of an equity security and is therefore not considered in measuring the fair value of an equity security, in which case, a discount should not be applied. The amendment further prohibits recognizing the contractual sale restriction as a separate unit of account, that is, as a contra asset or liability. Sale restrictions that are characteristics of the holder of an equity security include, but are not limited to, lock-up agreements, market stand-off agreements, or specific provisions in agreements between shareholders. In contrast, a legal restriction preventing a security from being sold on a national securities exchange or an over-the-counter market is a security-specific characteristic as the restriction would similarly apply to a market participant buyer in an assumed sale of the security. This guidance also applies to issuers of equity securities that are subject to contractual sale restrictions, for example, equity securities issued as consideration in a business combination. The ASU requires additional disclosures related to equity securities that are subject to contractual sale restrictions, specifically (1) the fair value of such equity securities, (2) the nature and remaining duration of the restrictions, and (3) any circumstances that could cause a lapse in restrictions. The ASU is effective January 1, 2024, with early adoption permitted in the interim periods. Transition is prospective with any fair value adjustments resulting from adoption recognized in earnings and the amount adjusted disclosed in the period of adoption.
For subsidiaries of the Company that are investment companies as defined in ASC 946, the ASU is applied prospectively to equity securities with contractual sale restrictions entered into or modified on or after the adoption date. For equity securities with contractual sale restrictions entered into or modified before the adoption date, the existing accounting policy continues to be applied until the restrictions expire or are modified, and if the existing accounting policy differs from the amended guidance, the additional disclosure requirements under the ASU would be applicable.
The Company and its investment company subsidiaries do not currently have equity securities subject to contractual sale restrictions.
3. Acquisitions
Asset Acquisitions
Vantage SDC Hyperscale Data Centers
In connection with the Company's acquisition of Vantage Data Centers Holdings, LLC's ("Vantage") portfolio of stabilized hyperscale data centers (“Vantage SDC”) in July 2020, the Company had an option to purchase an additional data center in Santa Clara, California. In September 2021, the Company exercised the option and purchased the data center for $404.5 million in cash, funded through borrowings by Vantage SDC, with a deferred amount of $56.9 million to be paid upon future lease-up, and additional consideration contingent on lease-up of the remaining capacity.
The Company and its co-investors also committed to acquire the future build-out of expansion capacity, along with lease-up of the expanded capacity and existing inventory, the costs of which are borne by the previous owners of Vantage SDC. As of June 30, 2022, the remaining consideration for the incremental lease-up acquisitions is estimated to be approximately $245 million. Most, if not all, of the cost of the expansion capacity has been or will be funded by Vantage SDC from borrowings under its credit facilities and/or cash from operations. Pursuant to this arrangement, Vantage SDC
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had 8 new tenant leases that commenced in the six months ended June 30, 2022, and 11 new tenant leases that commenced in 2021 related to a portion of the expansion capacity, for aggregate consideration of $67.8 million and $100.8 million, respectively.
All of these payments were made to the previous owners of Vantage SDC and are treated as asset acquisitions.
Acquisitions by DataBank
2022
In May 2022, the Company's subsidiary, DataBank, acquired a data center in Atlanta, Georgia for $10.9 million.
In March 2022, DataBank acquired four colocation data centers in Houston, Texas for $670 million. The acquisition was funded by a combination of $262.5 million of debt and $407.5 million of equity, of which the Company's share was $87.0 million.
In February 2022, DataBank acquired a data center in Denver that was previously leased by its zColo subsidiary for $17.6 million.
2021
In February 2021, DataBank acquired five data centers in its zColo portfolio in France for $33.0 million.
In the third quarter of 2021, DataBank and its zColo subsidiary each acquired a building in the U.S. for a combined $38.5 million, to be redeveloped into data centers.
Tower Assets
In June 2022, the Company acquired the mobile telecommunications tower business (“TowerCo”) of Telenet Group Holding NV (Euronext Brussels: TNET) for €740.1 million or $791.3 million (including transaction costs). The assets acquired included owned tower sites, tower sites subject to third party leases, equipment, and customer relationships. The third party leases give rise to right-of-use lease assets and corresponding lease liabilities. The customer relationships intangible primarily relates to a master lease agreement with Telenet as lessee. The acquisition was funded through $326.1 million of debt, $278.1 million of equity from the Company, and $213.8 million in third party equity. In addition to the purchase price, the funds were used to finance transaction costs, debt issuance costs, working capital and as operating cash. This investment is intended to be transferred to a new investment vehicle to be sponsored by the Company and is presented within Corporate and Other in Note 19.
Allocation of Consideration Transferred
The following table summarizes the consideration and allocation to assets acquired, liabilities assumed and noncontrolling interests at acquisition. In an asset acquisition, the cost of assets acquired, which includes capitalized transaction costs, is allocated to individual assets within the group based on their relative fair values and does not give rise to goodwill.
Asset Acquisitions
2022 2021
(In thousands) TowerCo Acquisitions by DataBank / zColo US Vantage SDC Expansion Capacity Vantage SDC Expansion Capacity and Add-On Acquisition Acquisitions by DataBank / zColo US zColo France
Assets acquired and liabilities assumed
Real estate $ 363,121  $ 627,474  $ 57,344  $ 479,587  $ 38,500  $ 26,083 
Intangible assets 673,218  77,885  10,407  82,603  —  8,702 
ROU and other assets 234,462  3,994  —  —  —  9,536 
Deferred tax liabilities (243,223) —  —  —  —  — 
Intangible, lease and other liabilities (236,324) (2,839) —  (56,889) —  (11,303)
Fair value of net assets acquired $ 791,254  $ 706,514  $ 67,751  $ 505,301  $ 38,500  $ 33,018 
Real estate was valued based upon (i) current replacement cost for buildings in an as-vacant state and improvements, estimated using construction cost guidelines; (ii) current replacement cost for data center infrastructure by applying an estimated cost per kilowatt based upon current capacity of each location and also considering the associated indirect costs such as design, engineering, construction and installation; (iii) current replacement cost for towers in consideration of their remaining economic life; and (iv) recent comparable sales or
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current listings for land. Useful lives of real estate acquired range from 35 to 50 years for buildings and improvements, 15 to 20 years for site improvements, 11 to 71 years for towers and related equipment, and 11 to 20 years for data center infrastructure.
Lease-related intangibles for real estate acquisitions were composed of the following:
In-place leases reflect the value of rental income forgone if the properties had been acquired vacant, and the leasing commissions, legal and marketing costs that would have been incurred to lease up the properties, discounted at 6.8%, with remaining lease terms ranging between 1 and 15 years.
Above- and below-market leases represent the rent differential for the remaining lease term between contractual rents of acquired leases and market rents at the time of acquisition, discounted at rates between 5.5% and 11.25% with remaining lease terms ranging between 1 and 4 years.
Tenant relationships represent the estimated net cash flows attributable to the likelihood of lease renewal by an existing tenant relative to the cost of obtaining a new lease, taking into consideration the estimated time it would require to execute a new lease or backfill a vacant space, discounted at rates between 5.5% and 11.5%, with estimated useful lives between 5 and 15 years.
Customer service contracts were valued based upon estimated net cash flows generated from the zColo customer service contracts that would have been forgone if such contracts were not in place, taking into consideration the time it would require to execute a new contract, with remaining term of the contracts ranging between 1 and 15 years.
Customer relationship intangible assets for towers were valued as the estimated future cash flows to be generated over the life of the tenant relationships based upon rental rates, operating costs, expected renewal terms and attrition, discounted at 6.8%, with estimated useful lives between 19 and 45 years.
Deferred tax liabilities were recognized for the book-to-tax basis difference associated with the TowerCo acquisition.
Other assets acquired and liabilities assumed include primarily lease ROU assets associated with leasehold data centers and ground space hosting tower communication sites, along with corresponding lease liabilities. Lease liabilities were measured based upon the present value of future lease payments over the lease term, discounted at the incremental borrowing rate of the respective acquiree entities. Other liabilities in 2021 also included a deferred purchase consideration associated with the Vantage SDC add-on acquisition.
Purchase Commitment
Infrastructure Investment Management Platform
In April 2022, the Company entered into a definitive agreement to acquire the global infrastructure equity investment management business of AMP Capital Investors International Holdings Limited ("AMP Capital"). Consideration for the acquisition consists of: (i) an upfront amount of A$458 million (approximately $327 million), subject to certain customary adjustments; and (ii) a contingent amount of up to A$180 million (approximately $128 million), primarily based upon future fundraising for AMP Capital's global infrastructure funds. The transaction is expected to close in the fourth quarter of 2022, subject to customary closing conditions, including regulatory approvals. There is no assurance that the acquisition will close in the timeframe contemplated or on the terms anticipated, if at all.
4. Real Estate
The following table summarizes the Company's real estate held for investment.
(In thousands) June 30, 2022 December 31, 2021
Land $ 256,798  $ 206,588 
Buildings and improvements 1,534,005  1,295,204 
Data center infrastructure 4,251,968  3,785,561 
Towers and equipment 354,938  — 
Construction in progress 208,233  77,014 
6,605,942  5,364,367 
Less: Accumulated depreciation (558,014) (392,083)
Real estate assets, net $ 6,047,928  $ 4,972,284 
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Real Estate Depreciation
Depreciation of real estate held for investment was $87.3 million and $67.6 million for the three months ended June 30, 2022 and 2021, respectively, and $166.4 million and $135.7 million for the six months ended June 30, 2022 and 2021, respectively.
Property Operating Income
Components of property operating income are as follows.
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2022 2021 2022 2021
Lease income:
Fixed lease income
$ 181,188  $ 150,958  $ 341,512  $ 301,387 
Variable lease income
33,368  22,901  57,215  46,087 
214,556  173,859  398,727  347,474 
Data center service revenue 19,695  15,126  38,035  30,513 
$ 234,251  $ 188,985  $ 436,762  $ 377,987 
For the six months ended June 30, 2022 and 2021, property operating income from a single customer accounted for approximately 18% and 17%, respectively, of the Company's total revenues from continuing operations, or approximately 8% and 9%, respectively, of the Company's share of total revenues from continuing operations, net of amounts attributable to noncontrolling interests in investment entities.
5. Equity Investments
The Company's equity investments, excluding investments held for disposition (Note 11), are represented by the following:
(In thousands) June 30, 2022 December 31, 2021
Equity method investments
BrightSpire Capital, Inc. (BRSP) (1)
$ 293,362  $ 284,985 
Company-sponsored private funds (2)
515,566  382,694 
Other 4,175  5,417 
813,103  673,096 
Other equity investments
Marketable securities (Note 13)
156,812  201,912 
Private funds and non-traded REIT 47,269  49,575 
Other 63,077  10,570 
$ 1,080,261  $ 935,153 
__________
(1)    At December 31, 2021, excluded approximately 461,000 shares and 3.1 million units in BRSP held by NRF Holdco that were included in assets held for disposition (Note 11). NRF Holdco was sold in February 2022.
(2)    Includes unrealized carried interest of $195.5 million at June 30, 2022 and $112.0 million at December 31, 2021 in connection with sponsored investment vehicles that are in the early stage of their lifecycle, of which a substantial portion is shared with certain employees.
The Company's equity investments represent noncontrolling equity interests in various entities, primarily BRSP, interests in the Company's sponsored digital investment vehicles, and marketable securities held largely by private open-end liquid funds sponsored and consolidated by the Company.
For equity method investments, the liabilities of the investment entities may only be settled using the assets of these entities and there is no recourse to the general credit of the Company for the obligations of these entities. The Company is not required to provide financial or other support in excess of its capital commitments, where applicable, and its exposure is limited to its investment balance.
The Company evaluates its equity method investments for other-than-temporary impairment ("OTTI") at each reporting period. OTTI was recorded only on equity method investments held for disposition, as discussed in Note 11.
BrightSpire Capital, Inc. (NYSE: BRSP)
At June 30, 2022, the Company owned approximately 35.0 million shares in BRSP for a 27.1% interest in BRSP (29.0% at December 31, 2021, including BRSP shares and units held by NRF Holdco that were disposed in February
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2022), accounted for under the equity method as it exercises significant influence over BRSP's operating and financial policies through its substantial ownership interest. In connection with the internalization of BRSP in April 2021, the Company had entered into a stockholders agreement with BRSP, pursuant to which the Company agreed, for so long as the Company owns at least 10% of BRSP's outstanding common shares, to vote in BRSP director elections as recommended by BRSP’s board of directors at any stockholders' meeting that occurs prior to BRSP's 2023 annual stockholders' meeting. In addition, the Company is subject to customary standstill restrictions, including an obligation not to initiate or make stockholder proposals, nominate directors or participate in proxy solicitations, until the beginning of the advance notice window for BRSP's 2023 annual meeting. Except as aforementioned, the Company may vote its shares in its sole discretion in any votes of BRSP’s stockholders and is prohibited from acquiring additional BRSP shares.
Disposition—In August 2021, the Company sold 9,487,500 BRSP shares through a secondary offering by BRSP for net proceeds of approximately $81.8 million, after underwriting discounts. A net gain was recognized in equity method earnings within continuing operations of $7.6 million (including a proportion of basis difference associated with the BRSP shares disposed, as discussed below).
OTTI—In the second quarter of 2022, the Company determined that the deficit between fair value of the Company's investment in BRSP, based upon BRSP's closing stock price at June 30, 2022, and its carrying value did not represent OTTI of its investment in BRSP as the Company has the intent and ability to hold its investment in BRSP to recovery. Throughout 2021, the fair value of the Company's investment in BRSP was in excess of its carrying value.
Basis Difference—The impairment charges recorded by the Company on its investment in BRSP in 2020 and 2019 resulted in a basis difference between the Company's carrying value of its investment in BRSP (based upon BRSP's share price at the time of impairment) and the Company's proportionate share of BRSP's book value of equity at the time of impairment. The impairment charges were applied to the Company's investment in BRSP as a whole and were not determined based upon an impairment assessment of individual assets held by BRSP. Therefore, the impairment charges were generally allocated on a relative fair value basis across BRSP's various investments. Accordingly, for any subsequent resolutions or write-downs taken by BRSP on these investments, the Company's share thereof is not recorded as an equity method loss but is applied to reduce the basis difference until such time the basis difference in connection with the respective investments has been fully eliminated. Upon resolution of these investments by BRSP or upon the Company's disposition of its shares in BRSP, the basis difference related to resolved investments or the proportion of basis difference associated with the BRSP shares disposed is applied to calculate the Company's share of net gain or loss resulting from such resolution or disposition. The Company increased its share of net earnings from BRSP by $1.7 million and $34.5 million for the three months ended June 30, 2022 and 2021, respectively, and $15.8 million and $59.2 million for the six months ended June 30, 2022 and 2021, respectively, representing the basis difference allocated to investments that were resolved or impaired by BRSP during these periods. The remaining basis difference at June 30, 2022 was $151.5 million.
Investment and Lending Commitments
Sponsored Funds
At June 30, 2022, the Company had unfunded commitments of $64.5 million, predominantly to the Company's sponsored funds in its flagship digital opportunistic strategy, DigitalBridge Partners, LP ("DBP I") and DigitalBridge Partners II, LP ("DBP II").
Loans Receivable
DataBank—The Company's DataBank subsidiary has a lending commitment to a borrower, the funding of which is contingent on the borrower meeting certain criteria such as agreed upon benchmarks, financial and operating metrics and approved budgets. At June 30, 2022, the unfunded lending commitment was $24.2 million, of which the Company's share was $5.7 million, net of amounts attributable to noncontrolling interests in investment entities.
Warehoused Loans—At June 30, 2022, the Company had $14.3 million of unsettled trades and $9.8 million of unfunded lending commitments on loans receivable that are warehoused for future credit products. Up to 75% of the unsettled trades will be funded through credit facilities that are earmarked to finance the acquisition of such loans.
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6. Goodwill, Deferred Leasing Costs and Other Intangibles
Goodwill
Goodwill balance by reportable segment at both June 30, 2022 and December 31, 2021 is as follows.
(In thousands)
Digital Investment Management (1)
$ 298,248 
Digital Operating 463,120 
Total goodwill $ 761,368 
__________
(1)    Remaining goodwill deductible for income tax purposes was $127.7 million at June 30, 2022 and $133.0 million at December 31, 2021.
Deferred Leasing Costs, Other Intangible Assets and Intangible Liabilities
Deferred leasing costs and identifiable intangible assets and liabilities, excluding those related to assets held for disposition, are as follows.
June 30, 2022 December 31, 2021
(In thousands)
Carrying Amount (Net of Impairment)(1)
Accumulated Amortization(1)
Net Carrying Amount(1)
Carrying Amount (Net of Impairment)(1)
Accumulated Amortization(1)
Net Carrying Amount(1)
Deferred Leasing Costs and Intangible Assets
Deferred leasing costs and lease-related intangible assets (2)
$ 1,288,952  $ (326,508) $ 962,444  $ 1,148,441  $ (256,987) $ 891,454 
Investment management intangibles (3)
164,189  (71,545) 92,644  164,189  (61,435) 102,754 
Customer relationships and service contracts (4)
811,447  (55,272) 756,175  218,064  (44,496) 173,568 
Trade names 26,400  (13,461) 12,939  26,400  (11,266) 15,134 
Other (5)
6,818  (3,060) 3,758  6,818  (2,101) 4,717 
Total deferred leasing costs and intangible assets $ 2,297,806  $ (469,846) $ 1,827,960  $ 1,563,912  $ (376,285) $ 1,187,627 
Intangible Liabilities
Lease intangible liabilities (2)
$ 46,634  $ (13,794) $ 32,840  $ 44,076  $ (10,775) $ 33,301 
__________
(1)    Amounts are presented net of impairments and write-offs.
(2)    Lease intangible assets are composed of in-place leases, above-market leases and tenant relationships. Lease-intangible liabilities are composed of below-market leases.
(3)    Composed of investment management contracts and investor relationships.
(4)    In connection with tower assets and data center services provided in the colocation data center business.
(5)    Represents primarily the value of an acquired domain name and assembled workforce in an asset acquisition.
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Amortization of Intangible Assets and Liabilities
The following table summarizes amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities:
Three Months Ended June 30, Six Months Ended June 30,
(In thousands) 2022 2021 2022 2021
Net increase (decrease) to rental income (1)
$ 306  $ (748) $ 175  $ (1,443)
Amortization expense
Deferred leasing costs and lease-related intangibles $ 50,400  $ 43,682  $ 84,107  $ 86,167 
Investment management intangibles 5,055  6,114  10,110  12,228 
Customer relationships and service contracts 5,886  5,913  10,800  15,750 
Trade name 1,098  6,811  2,196  18,763 
Other 477  464  954  928 
$ 62,916  $ 62,984  $ 108,167  $ 133,836 
__________
(1)    Represents the net effect of amortizing above- and below-market leases.
The following table presents the future amortization of deferred leasing costs and finite-lived intangible assets and intangible liabilities, excluding those related to assets and liabilities held for disposition.
Year Ending December 31,
(In thousands) Remaining 2022 2023 2024 2025 2026 2027 and thereafter Total
Net increase (decrease) to rental income $ (787) $ (777) $ (1,701) $ (1,603) $ (1,719) $ 297  $ (6,290)
Amortization expense 100,783  221,781  133,605  123,172  117,836  1,091,653  1,788,830 
7. Restricted Cash, Other Assets and Other Liabilities
Restricted Cash
Restricted cash represents principally cash reserves that are maintained pursuant to the governing agreements of the various securitized debt of the Company and its subsidiaries.
Other Assets
The following table summarizes the Company's other assets:
(In thousands) June 30, 2022 December 31, 2021
Straight-line rents $ 34,065  $ 25,516 
Investment deposits and pending deal costs 52,307  22,238 
Prefunded capital expenditures for Vantage SDC 8,390  24,293 
Derivative assets 28,837  944 
Prepaid taxes and deferred tax assets, net 40,435  29,347 
Receivables from resolution of investment 7,689  10,463 
Operating lease right-of-use asset, net 550,717  349,509 
Finance lease right-of-use asset, net 126,085  131,909 
Accounts receivable, net (1)
82,478  83,878 
Prepaid expenses 26,837  20,303 
Other assets 17,162  24,835 
Fixed assets, net (2)
16,380  17,160 
Total other assets $ 991,382  $ 740,395 
__________
(1)    Includes primarily receivables from tenants.
(2)    Net of accumulated depreciation of $21.7 million as of June 30, 2022 and $19.2 million as of December 31, 2021.
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Accrued and Other Liabilities
The following table summarizes the Company's accrued and other liabilities:
(In thousands) June 30, 2022 December 31, 2021
Deferred income (1)
$ 55,606  $ 37,143 
Interest payable 10,913  14,870 
Derivative liabilities 5,214  — 
Current and deferred income tax liability
238,186  2,016 
Contingent consideration payable (Note 10)
125,000  —