Douglas Emmett Inc. (DEI, Financial) filed Quarterly Report for the period ended 2010-08-05.
Douglas Emmett Inc. has a market cap of $2.02 billion; its shares were traded at around $16.51 with a P/E ratio of 12.3 and P/S ratio of 3.5. The dividend yield of Douglas Emmett Inc. stocks is 2.4%.DEI is in the portfolios of Ron Baron of Baron Funds, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Pioneer Investments, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Office Rental Expenses. Total office rental expense decreased by $3.7 million, or 4.8%, to $73.3 million for the six months ended June 30, 2010, compared to $77.0 million for the six months ended June 30, 2009. The decrease is primarily due to $3.2 million in office rental expenses reflected in our 2009 consolidated results from the six properties we contributed to the institutional fund that was deconsolidated at the end of February 2009. The decrease is also a result of a decrease in electricity rates, partially offset by higher tax expense due to higher taxable values for the majority of our properties.
Depreciation and Amortization. Depreciation and amortization expense decreased $6.6 million, or 5.6%, to $110.3 million for the six months ended June 30, 2010, compared to $116.8 million for the six months ended June 30, 2009. The decrease is primarily due to $4.9 million in depreciation and amortization reflected in our 2009 consolidated results from the six properties in the institutional fund that was deconsolidated at the end of February 2009.
(Loss) Gain, including Depreciation, from Unconsolidated Real Estate Funds. The (loss) gain, including depreciation, from unconsolidated real estate funds totaled a net loss of $3.7 million for the six months ended June 30, 2010. This amount represents our equity interest in the operating results from our institutional funds, including the operating income net of historical cost-basis depreciation, for the full six-month period. For the six months ended June 30, 2009, the (loss) gain, including depreciation, from unconsolidated real estate funds totaled a net gain of $0.7 million, representing $3.5 million of income relating to the contribution of properties, partially offset by a loss of $2.8 million from our equity interest in the net operating results of the funds subsequent to the deconsolidation in February 2009 described in Note 2 to our consolidated financial statements in Item 1 of this Report.
At June 30, 2010, our institutional funds had capital commitments of $549.3 million, of which $285.0 million remained undrawn. This amount included commitments from us of $191.0 million, of which $62.0 million remained undrawn.
At June 30, 2010, approximately $3.2 billion, or 95%, of our debt was hedged with derivative instruments. Based on the level of variable rate debt outstanding at June 30, 2010, by virtue of the mitigating effect of our interest rate contracts, a 50 basis point change in LIBOR would result in an annual impact to earnings of approximately $863 thousand. However, of the $3.24 billion of variable-rate debt swapped to fixed rates, certain underlying swaps totaling $1.11 billion matured on August 1, 2010 and certain other underlying swaps totaling $545 million are scheduled to mature on December 1, 2010. If we chose not to enter into new swaps covering the remaining term of the hedged debt, the potential impact to earnings of a 50 basis point change in LIBOR would be an additional $2.6 million during 2010.
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Douglas Emmett Inc. has a market cap of $2.02 billion; its shares were traded at around $16.51 with a P/E ratio of 12.3 and P/S ratio of 3.5. The dividend yield of Douglas Emmett Inc. stocks is 2.4%.DEI is in the portfolios of Ron Baron of Baron Funds, Chris Davis of Davis Selected Advisers, Jim Simons of Renaissance Technologies LLC, Bruce Kovner of Caxton Associates, Manning & Napier Advisors, Inc, Jeremy Grantham of GMO LLC, Pioneer Investments, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC.
Highlight of Business Operations:
Office Rental Revenue. Total office rental revenue decreased by $10.3 million, or 5.0%, to $197.4 million for the six months ended June 30, 2010, compared to $207.8 million for the six months ended June 30, 2009. The decrease was primarily due to $7.6 million of rent reflected in our 2009 consolidated results from the six properties we contributed to the institutional fund that was deconsolidated at the end of February 2009, as well as a decrease of $2.7 million for the remainder of our portfolio. The $2.7 million decrease is primarily due to lower accretion of net below-market rents.Office Rental Expenses. Total office rental expense decreased by $3.7 million, or 4.8%, to $73.3 million for the six months ended June 30, 2010, compared to $77.0 million for the six months ended June 30, 2009. The decrease is primarily due to $3.2 million in office rental expenses reflected in our 2009 consolidated results from the six properties we contributed to the institutional fund that was deconsolidated at the end of February 2009. The decrease is also a result of a decrease in electricity rates, partially offset by higher tax expense due to higher taxable values for the majority of our properties.
Depreciation and Amortization. Depreciation and amortization expense decreased $6.6 million, or 5.6%, to $110.3 million for the six months ended June 30, 2010, compared to $116.8 million for the six months ended June 30, 2009. The decrease is primarily due to $4.9 million in depreciation and amortization reflected in our 2009 consolidated results from the six properties in the institutional fund that was deconsolidated at the end of February 2009.
(Loss) Gain, including Depreciation, from Unconsolidated Real Estate Funds. The (loss) gain, including depreciation, from unconsolidated real estate funds totaled a net loss of $3.7 million for the six months ended June 30, 2010. This amount represents our equity interest in the operating results from our institutional funds, including the operating income net of historical cost-basis depreciation, for the full six-month period. For the six months ended June 30, 2009, the (loss) gain, including depreciation, from unconsolidated real estate funds totaled a net gain of $0.7 million, representing $3.5 million of income relating to the contribution of properties, partially offset by a loss of $2.8 million from our equity interest in the net operating results of the funds subsequent to the deconsolidation in February 2009 described in Note 2 to our consolidated financial statements in Item 1 of this Report.
At June 30, 2010, our institutional funds had capital commitments of $549.3 million, of which $285.0 million remained undrawn. This amount included commitments from us of $191.0 million, of which $62.0 million remained undrawn.
At June 30, 2010, approximately $3.2 billion, or 95%, of our debt was hedged with derivative instruments. Based on the level of variable rate debt outstanding at June 30, 2010, by virtue of the mitigating effect of our interest rate contracts, a 50 basis point change in LIBOR would result in an annual impact to earnings of approximately $863 thousand. However, of the $3.24 billion of variable-rate debt swapped to fixed rates, certain underlying swaps totaling $1.11 billion matured on August 1, 2010 and certain other underlying swaps totaling $545 million are scheduled to mature on December 1, 2010. If we chose not to enter into new swaps covering the remaining term of the hedged debt, the potential impact to earnings of a 50 basis point change in LIBOR would be an additional $2.6 million during 2010.
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