SKADDEN, ARPS, SLATE, MEAGHER & FLOM LLP 300 SOUTH GRAND AVENUE LOS ANGELES, CALIFORNIA 90071-3144 TEL: (213) 687-5000 FAX: (213) 687-5600 www.skadden.com | FIRM/AFFILIATE OFFICES BOSTON CHICAGO HOUSTON NEW YORK SAN FRANCISCO WASHINGTON, D.C. WILMINGTON | |||
October 6, 2006 | BEIJING BRUSSELS FRANKFURT HONG KONG LONDON MOSCOW MUNICH PARIS SINGAPORE SYDNEY TOKYO TORONTO VIENNA |
VIA EDGAR AND COURIER
Ms. Elaine Wolff, Esq.
Branch Chief
Office of Real Estate and Business Services
Division of Corporation Finance
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
- Re:
- Douglas Emmett, Inc.
Registration Statement on Form S-11
Registration No. 333-135082
Dear Ms. Wolff:
On behalf of Douglas Emmett, Inc. ("Douglas Emmett"), in connection with the proposed initial public offering (the "IPO") of Douglas Emmett's common stock, we have electronically transmitted under separate cover Amendment No. 4 to the Registration Statement on Form S-11 (File No. 333-135082), including exhibits (the "Registration Statement"), for filing under the Securities Act of 1933, as amended.
We hereby supplementally provide to you a detailed calculation of net tangible book value per share before the formation and refinancing transactions and the IPO.
Please contact me at (213) 687-5234 or Jennifer Bensch at (212) 735-2950 should you require further information.
Very truly yours, | ||
/s/ GREGG A. NOEL Gregg A. Noel |
- cc:
- Securities and Exchange Commission
Steve Jacobs
Howard Efron
Douglas Emmett, Inc.
Amendment No. 4 to Form S-11 (No. 333-135082)
Dilution Caculation (page 52)
(in thousands except share amounts)
| | Historical Cost | Ref | Pro Forma | Ref | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Total assets, 6/30/06 | 3,056,568 | DERA 6-30 BS | 6,084,744 | DERA 6-30 Pro-Forma BS | |||||||
Less: | |||||||||||
Loan fees | 16,139 | ||||||||||
Accum. amort. | (2,174 | ) | (13,965 | ) | DERA 6-30 FN4 | (4,430 | ) | DERA 6-30 FN G | |||
Acquired above-market tenant leases, net | (4,797 | ) | DERA 6-30 FN4 | (42,747 | ) | DERA Pro-Forma worksheets | |||||
Acquired in-place lease value, net | (27,558 | ) | DERA TB | (316,912 | ) | DERA Pro-Forma worksheets | |||||
Deferred leasing costs | (89,294 | ) | DERA TB | (79,294 | ) | DERA Pro-Forma worksheets | |||||
Deferred rent receivables | (66,086 | ) | DERA 6-30 BS | (320 | ) | DERA 6-30 Pro-Forma BS | |||||
In-place workforce intangible | — | (1,953 | ) | DERA 6-30 FN E | |||||||
(201,700 | ) | (445,656 | ) | ||||||||
2,854,868 | 5,639,088 | ||||||||||
Total liabilities, 6/30/06 | 2,401,940 | 3,112,013 | |||||||||
Less: | |||||||||||
Acquired below-market tenant leases, net | (8,495 | ) | DERA 6-30 FN7 | (257,392 | ) | DERA 6-30 FN7 | |||||
Acquired above-market ground leases, net | (16,939 | ) | DERA 6-30 FN7 | — | |||||||
(25,434 | ) | (257,392 | ) | ||||||||
2,376,506 | 2,854,621 | ||||||||||
Net tangible assets | 478,362 | 2,784,467 | |||||||||
Number of shares | 102,517,561 | (1) | 165,000,000 | (2) | |||||||
4.67 | 16.88 | ||||||||||
12.21 | (3) | 3.12 | Dilution |
- (1)
- Net tangible book value per share before the formation and refinancing transactions and this offering
- (2)
- Pro form net tangible book value per share after the formation and refinancing transactions and this offering
- (3)
- Net increase in pro-forma net tangible book value per share attributable to the formation and refinancing transactions and this offering
Shares to Prior Owners Summary | OP Units | REIT Shares | Total Shares/Units | |||
---|---|---|---|---|---|---|
DERA and subsidiaries | 44,011,442 | 58,506,119 | 102,517,561 | |||
DECO, PLE and SAEs | 6,500,985 | 111,454 | 6,612,439 | |||
Total shares to prior owners | 50,512,427 | 58,617,573 | 109,130,000 | |||