New Threads Only:  Add to Google Reader or Homepage
New Threads & Replies:  Add to Google Reader or Homepage
Forums are for serious investors only. GuruFocus Forum Rules.

Forum List » Business News and Headlines
SEC Filings, Earing Reports, Press Releases
New Topic Search
Goto Thread: PreviousNext
Goto: Forum ListMessage ListNew TopicSearchLog In
Douglas Emmett Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 7, 2012 04:33PM

Douglas Emmett Inc. (DEI) filed Quarterly Report for the period ended 2012-06-30. Douglas Emmett, Inc. has a market cap of $3.33 billion; its shares were traded at around $23.76 with a P/E ratio of 18.1 and P/S ratio of 6.6. The dividend yield of Douglas Emmett, Inc. stocks is 2.5%. Douglas Emmett, Inc. 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 increased by $414 thousand, or 0.4%, to $98.5 million for the three months ended June 30, 2012, compared to $98.1 million for the three months ended June 30, 2011. The increase primarily reflects higher cash revenues partly offset by lower non-cash revenue from straight line and below-market leases. Net accretion from above- and below- market leases declined by $842 thousand to $3.6 million for the three months ended June 30, 2012, compared to $4.4 million for the three months ended June 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 $764 thousand, or 4.4%, to $18.3 million for the three months ended June 30, 2012, compared to $17.5 million for the three months ended June 30, 2011. The increase is primarily due to increases in rental rates.

Office Rental Revenue: Total office rental revenue decreased by $758 thousand, or 0.4%, to $196.6 million for the six months ended June 30, 2012, compared to $197.3 million for the six months ended June 30, 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 $1.3 million to $7.6 million for the six months ended June 30, 2012, compared to $8.9 million for the six months ended June 30, 2011, largely as the result of the ongoing expiration of leases in place at the time of our IPO.

Total Multifamily Revenue: Total multifamily revenue increased by $1.7 million, or 4.9%, to $36.4 million for the six months ended June 30, 2012, compared to $34.7 million for the six months ended June 30, 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 June 30, 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 June 30, 2012, approximately $3.03 billion, or 93%, of our debt had an annual interest rate that was effectively fixed, with an average rate of 4.15% per annum (on an actual / 360-day basis). As of June 30, 2012, none of our long-term debt 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, "

Read the The complete Report



Stocks Discussed: DEI,
Rate this post:




Sorry, only registered users may post in this forum.

Please Login if you have an account or Create a Free Account if you don't




Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial