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Douglas Emmett Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 8, 2012 04:36PM
Douglas Emmett Inc. (DEI) filed Quarterly Report for the period ended 2012-05-08. Douglas Emmett has a market cap of $3.27 billion; its shares were traded at around $23.27 with a P/E ratio of 16.9 and P/S ratio of 6.5. The dividend yield of Douglas Emmett stocks is 2.6%. 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 office properties and lease termination income. Total office rental revenue decreased by $1.2 million, or 1%, to $98.0 million for the three months ended March 31, 2012, compared to $99.2 million for the three months ended March 31, 2011. The decrease primarily reflects lower non-cash revenue from straight line and below-market leases, partly offset by higher cash revenues. Net accretion from above- and below- market leases declined by $464 thousand to $4.0 million for the three months ended March 31, 2012, compared to $4.5 million for the three months ended March 30, 2011, largely as the result of the ongoing expiration of leases in place at the time of our initial public offering (IPO).
Total Multifamily Revenue: Total multifamily revenue consists of rent, parking income and other income. Total multifamily revenue increased by $922 thousand, or 5%, to $18.1 million for the three months ended March 31, 2012, compared to $17.2 million for the three months ended March 31, 2011. The increase is primarily due to increases in rental rates.
We have typically financed our capital needs through short-term lines of credit and long-term secured mortgages. We had total indebtedness of $3.26 billion at March 31, 2012. See Note 7 to our consolidated financial statements in Item 1 of this Report. To mitigate the impact of fluctuations in short-term interest rates on our cash flows from operations, some of our long-term secured mortgages carry fixed interest rates, and we generally enter into interest rate swap or interest rate cap agreements with respect to our mortgages with floating interest rates. As of March 31, 2012, approximately $3.05 billion, or 94%, of our debt had an annual interest rate that was effectively fixed, with an average rate of 4.16% per annum (on an actual / 360-day basis). As of March 31, 2012, none of our long-term debt that matures in 12 months or less. For information concerning the estimated impact of changes in market interest rates on our annual earnings, please see Item 3, “
Stocks Discussed: DEI,