Douglas Emmett Inc
For the period ended Dec 31, 2024. Filed Feb 14, 2025.
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FY2024 · Filed Feb 14, 2025
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Investment in Real Estate
- Investment in Real Estate
The table below summarizes our investment in real estate:
| (In thousands) | December 31, 2024 | December 31, 2023 |
|---|---|---|
| Land | $1,185,977 | $1,185,977 |
| Buildings and improvements(1) | 10,190,502 | 10,142,410 |
| Tenant improvements and lease intangibles | 1,032,373 | 1,020,988 |
| Property under development(1) | 86,400 | 56,439 |
| Investment in real estate, gross | $12,495,252 | $12,405,814 |
(1)Property under development balances transferred to Building and improvements for real estate placed into service were $13.3 million and $51.6 million during 2024 and 2023, respectively.
2022 Property Acquisition
Acquisition of 1221 Ocean Avenue
On April 26, 2022, we paid $330 million, excluding acquisition costs, to acquire a luxury multifamily apartment building with 120 units, located at 1221 Ocean Avenue in Santa Monica. We acquired the property through a new consolidated JV that we manage and in which we own a 55% interest. We accounted for the acquisition as an asset acquisition and the acquired property's operating results are included in our consolidated operating results from the date of acquisition. The table below summarizes the purchase price allocation for the acquisition. The contract price and the purchase price allocation total in the table below differ due to acquisition costs, prorations and similar adjustments:
| (In thousands) | Purchase Price Allocation |
|---|---|
| Land | $22,086 |
| Buildings and improvements | 319,666 |
| Tenant improvements and lease intangibles | 8,879 |
| Acquired below-market leases | (18,542) |
| Other liabilities assumed | (1,619) |
| Net assets and liabilities acquired | $330,470 |
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 $82.1 million during 2023, which is included in Depreciation and amortization on our consolidated statements of operations.
F- 19
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