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Douglas Emmett, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenues to $250,753,000 from $255,409,000 in the same quarter the previous year. The decrease is attributed to lower occupancy and tenant recoveries in the office segment.
Operating expenses for the quarter were $202,055,000, compared to $226,735,000 in the same quarter of the previous year. The decrease is primarily due to lower depreciation and amortization expenses.
The company reported a net loss of $260,000 for the quarter, compared to a net loss of $21,025,000 in the previous year. The improvement is attributed to lower depreciation expenses.
Douglas Emmett's office segment reported revenues of $202,661,000, down from $208,823,000 in the previous year, due to decreased occupancy rates.
Multifamily segment revenues increased to $48,092,000 from $46,586,000, driven by higher rental rates and new units from development projects.
Interest expense for the quarter was $56,824,000, slightly higher than $56,043,000 in the previous year, reflecting higher debt levels.
Cash provided by operating activities was $334,590,000 for the nine months ended September 30, 2024, compared to $332,209,000 in the previous year.
Douglas Emmett had a working capital of $544,227,000 as of September 30, 2024. The company continues to focus on managing its office and multifamily portfolios.
The filing also details the company's development projects, including the conversion of an office tower in Honolulu into rental apartments.
Douglas Emmett does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting during the quarter.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Douglas Emmett Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.