Douglas Emmett Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Investments in Unconsolidated Fund
- Investment in Unconsolidated Fund
Description of our Fund
As of December 31, 2023, we managed and owned an equity interest of 53.8% in an unconsolidated Fund, Partnership X, through which we and other investors in the Fund ownedtwo office properties totaling 0.4 million square feet. During 2021, 2022 and 2023, we owned an interest of approximately 33.5% in Partnership X. On December 31, 2023, we purchased an additional 20.2% equity interest in the Fund.
Partnership X pays us fees and reimburses us for certain expenses related to property management and other services we provide, which are included in Other income on our consolidated statements of operations. We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. The table below presents the cash distributions we received from Partnership X:
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Operating distributions received | $1,288 | $1,224 | $943 |
| Capital distributions received | 80 | 1,919 | 1,342 |
| Total distributions received | $1,368 | $3,143 | $2,285 |
Summarized Financial Information for Partnership X
The tables below present selected financial information for Partnership X. The amounts presented reflect 100% (not our pro-rata share) of the amounts related to the Fund, and are based upon historical book value:
| (In thousands) | December 31, 2023 | December 31, 2022 |
|---|---|---|
| Total assets | $146,945 | $147,853 |
| Total liabilities | $118,822 | $119,038 |
| Total equity | $28,123 | $28,815 |
| Year Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2023 | 2022 | 2021 |
| Total revenues | $19,879 | $18,561 | $17,185 |
| Operating income | $6,224 | $5,722 | $4,921 |
| Net income | $4,190 | $3,158 | $2,333 |
F- 22
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