Douglas Emmett Inc
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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Jun 30, 2024 · Filed Aug 9, 2024
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Investment in Real Estate
- Investment in Real Estate
The table below summarizes our investment in real estate:
| (In thousands) | June 30, 2024 | December 31, 2023 |
|---|---|---|
| Land | $1,185,977 | $1,185,977 |
| Buildings and improvements(1) | 10,174,128 | 10,142,410 |
| Tenant improvements and lease intangibles | 1,034,695 | 1,020,988 |
| Property under development(1) | 63,971 | 56,439 |
| Investment in real estate, gross | $12,458,771 | $12,405,814 |
(1) During the six months ended June 30, 2024, Property under development balances transferred to Building and improvements for real estate placed into service was $13.4 million.
Property to be Removed from Service
During the second quarter of 2023, we removed our Barrington Plaza Apartments property in Los Angeles from the rental market. In connection with the removal of the aforementioned property from the rental market, we accelerated and recorded additional depreciation expense of $27.4 million for the three months ended June 30, 2023, which is included in Depreciation and amortization on our consolidated statements of operations.
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