Douglas Emmett Inc
For the period ended Sep 30, 2024. Filed Nov 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Segment Reporting
- Segment Reporting
Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate intwo business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate. The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level.
The table below presents the operating activity of our reportable segments:
| (In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Office Segment | ||||
| Total office revenues | $202,661 | $208,823 | $599,838 | $617,614 |
| Office expenses | (78,026) | (74,631) | (212,387) | (220,261) |
| Office segment profit | 124,635 | 134,192 | 387,451 | 397,353 |
| Multifamily Segment | ||||
| Total multifamily revenues | 48,092 | 46,586 | 141,661 | 143,595 |
| Multifamily expenses | (16,740) | (17,256) | (48,557) | (50,470) |
| Multifamily segment profit | 31,352 | 29,330 | 93,104 | 93,125 |
| Total profit from all segments | $155,987 | $163,522 | $480,555 | $490,478 |
The table below presents a reconciliation of the net income (loss) attributable to common stockholders to the total profit from all segments:
| (In thousands) | Three Months Ended September 30, | Nine Months Ended September 30, | ||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income (loss) attributable to common stockholders | $4,618 | $(13,362) | $24,405 | $(2,251) |
| Net loss attributable to noncontrolling interests | (4,878) | (7,663) | (9,303) | (17,681) |
| Net (loss) income | (260) | (21,025) | 15,102 | (19,932) |
| General and administrative expenses | 10,109 | 12,826 | 33,168 | 34,698 |
| Depreciation and amortization | 97,180 | 122,022 | 288,441 | 336,771 |
| Other income | (7,298) | (6,229) | (21,772) | (12,561) |
| Other expenses | 96 | 175 | 290 | 820 |
| Income from unconsolidated Fund | (664) | (290) | (1,785) | (1,177) |
| Interest expense | 56,824 | 56,043 | 167,111 | 151,859 |
| Total profit from all segments | $155,987 | $163,522 | $480,555 | $490,478 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.