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Douglas Emmett Inc. Reports Operating Results (10-K)
Posted by: gurufocus (IP Logged)
Date: February 24, 2012 04:40PM

Douglas Emmett Inc. (DEI) filed Annual Report for the period ended 2011-12-31. Douglas Emmett has a market cap of $2.74 billion; its shares were traded at around $21.18 with a P/E ratio of 15.4 and P/S ratio of 5.4. The dividend yield of Douglas Emmett stocks is 2.4%. Douglas Emmett had an annual average earning growth of 3.5% over the past 5 years.



Highlight of Business Operations:

Office Rental Revenue: Rental revenue includes rental revenues from our office properties, percentage rent on the retail space contained within our office properties, and lease termination income. Total office rental revenue decreased by $5.8 million, or 1.4%, to $393.4 million for 2011 compared to $399.2 million for 2010. The decrease was primarily due to $12.7 million lower revenue from the 49 office properties we owned during both comparable periods, partially offset by $6.9 million of incremental rent from the property we acquired at the end of the second quarter of 2010. The decrease for the 49 office properties owned during both periods was primarily due to decreases in occupancy and lower accretion from below-market leases in place at the time of our initial public offering (IPO) as the result of the ongoing expiration of these leases.

Office Parking and Other Income: Total office parking and other income increased by $1.6 million, or 2.4%, to $67.7 million for 2011 compared to $66.1 million for 2010. The increase was primarily due to $3.4 million of additional revenue from the property we acquired at the end of the second quarter of 2010, partly offset by a decrease of $1.7 million for the 49 office properties owned during both periods as a result of lower occupancy.

Office Rental Revenue: Total office rental revenue decreased by $6.9 million, or 1.7%, to $399.2 million for 2010 compared to $406.1 million for 2009. The decrease was primarily due to $7.6 million of rent reflected in our 2009 consolidated results from the 6 properties owned by the Fund that was deconsolidated at the end of February 2009, as well as a decrease of $7.3 million for the remainder of our portfolio, partially offset by $8.0 million of incremental rent from the property we acquired during the second quarter of 2010. The $7.3 million decrease for the remainder of our portfolio was primarily due to lower accretion of net below-market rents and decreases in occupancy and rental rates.

Office Tenant Recoveries: Total office tenant recoveries increased by $6.0 million, or 19.1%, to $37.4 million for 2010 compared to $31.4 million for 2009. The increase was primarily due to $6.2 million of additional revenue from the property we acquired during 2010 and $520 thousand from the remainder of our office portfolio, partially offset by $710 thousand of recoveries in 2009 from the 6 properties owned by the Fund that was deconsolidated at the end of February 2009. The increase for the remainder of our portfolio was primarily due to the completion of 2009 common area management (CAM) reconciliations during 2010 and the corresponding recognition of incremental amounts due.

Office Parking and Other Income: Total office parking and other income increased by $867 thousand, or 1.3%, to $66.1 million for 2010 compared to $65.2 million for 2009. The increase was primarily due to $3.2 million of additional revenue from the property we acquired during 2010, partially offset by $1.2 million of parking income in 2009 from the 6 properties owned by the Fund that was deconsolidated at the end of February 2009, as well as decreases in parking and other income of $1.1 million for the remainder of our portfolio as a result of lower occupancy and usage.

Read the The complete Report



Stocks Discussed: DEI,
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