Douglas Emmett Inc
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 16, 2024
DEI$10.00-3.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Operating Activities | |||
| Net (loss) income | $(75,840) | $96,540 | $56,131 |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| Loss (income) from unconsolidated Fund | 34,643 | (1,224) | (946) |
| Depreciation and amortization | 459,949 | 372,798 | 371,289 |
| Net accretion of acquired lease intangibles | (10,961) | (11,255) | (9,541) |
| Straight-line rent | (342) | 169 | 1,051 |
| Loan premium amortized and written off | (460) | (460) | (460) |
| Deferred loan costs amortized and written off | 8,858 | 7,943 | 10,902 |
| Amortization of stock-based compensation | 19,834 | 21,025 | 20,887 |
| Operating distributions from unconsolidated Fund | 1,288 | 1,224 | 943 |
| Purchase of interest rate caps | (1,622) | — | — |
| Change in working capital components: | |||
| Tenant receivables | 783 | 6,248 | 5,099 |
| Interest payable, accounts payable and deferred revenue | 6,248 | (1,399) | (2,842) |
| Security deposits | 529 | 4,832 | (962) |
| Other assets | (15,943) | 447 | (4,600) |
| Net cash provided by operating activities | 426,964 | 496,888 | 446,951 |
| Investing Activities | |||
| Capital expenditures for improvements to real estate | (189,157) | (162,364) | (108,499) |
| Capital expenditures for developments | (41,480) | (75,754) | (184,592) |
| Insurance recoveries for damage to real estate | 2,181 | 5,716 | 3,041 |
| Property acquisition | — | (330,470) | — |
| Acquisition of additional interest in unconsolidated Fund | (5,214) | — | — |
| Capital distributions from unconsolidated Fund | 80 | 1,919 | 1,342 |
| Net cash used in investing activities | (233,590) | (560,953) | (288,708) |
| Financing Activities | |||
| Proceeds from borrowings | 505,000 | 245,000 | 1,345,000 |
| Repayment of borrowings | (155,862) | (70,823) | (1,075,787) |
| Loan cost payments | (6,269) | (2,032) | (12,397) |
| Purchase of interest rate caps | — | (481) | — |
| Proceeds from sale of interest rate cap | — | 444 | — |
| Contributions from noncontrolling interests in consolidated JVs | 125 | 81,000 | — |
| Distributions paid to noncontrolling interests | (40,589) | (58,969) | (54,919) |
| Dividends paid to common stockholders | (129,895) | (196,805) | (196,529) |
| Repurchases of OP Units | (2,406) | (337) | (122) |
| Repurchases of common stock | (109,233) | — | — |
| Net cash provided by (used in) financing activities | 60,871 | (3,003) | 5,246 |
| Increase (decrease) in cash and cash equivalents and restricted cash | 254,245 | (67,068) | 163,489 |
| Cash and cash equivalents and restricted cash - beginning balance | 268,938 | 336,006 | 172,517 |
| Cash and cash equivalents and restricted cash - ending balance | $523,183 | $268,938 | $336,006 |
| Reconciliation of Ending Cash Balance | |||
| Year Ended December 31, | |||
| 2023 | 2022 | 2021 | |
| Cash and cash equivalents | $523,082 | $268,837 | $335,905 |
| Restricted cash (included in Other assets on our consolidated balance sheets) | 101 | 101 | 101 |
| Cash and cash equivalents and restricted cash | $523,183 | $268,938 | $336,006 |
Supplemental Cash Flows Information
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash paid for interest, net of capitalized interest | $195,952 | $141,427 | $136,999 |
| Capitalized interest paid | $1,474 | $9,101 | $8,814 |
| Non-cash Investing Transactions | |||
| Accrual for real estate and development capital expenditures | $16,540 | $33,783 | $38,101 |
| Capitalized stock-based compensation for improvements to real estate and developments | $6,016 | $5,479 | $6,183 |
| Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles | $102,114 | $100,050 | $157,325 |
| Removal of fully amortized acquired lease intangible assets | $427 | $1,438 | $442 |
| Removal of fully accreted acquired lease intangible liabilities | $16,843 | $11,900 | $23,725 |
| Non-cash Financing Transactions | |||
| Gain recorded in AOCI - consolidated derivatives | $45,364 | $326,396 | $82,876 |
| Gain recorded in AOCI - unconsolidated Fund's derivatives (our share) | $585 | $3,780 | $569 |
| Dividends declared | $128,262 | $181,061 | $196,549 |
| Exchange of OP Units for common stock | $7,741 | $4,600 | $1,056 |
F- 10
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.