DEI_XBRL_Filing_Information
DEI XBRL Filing Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Douglas Emmett Inc | ' |
Entity Central Index Key | '0001364250 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 142,601,390 |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets | ' | ' | ||
Land | $867,284 | $851,679 | ||
Buildings and improvements | 5,381,017 | 5,244,738 | ||
Tenant improvements and lease intangibles | 745,555 | 690,120 | ||
Investment in real estate, gross | 6,993,856 | 6,786,537 | ||
Less: accumulated depreciation | -1,445,996 | -1,304,468 | ||
Investment in real estate, net | 5,547,860 | 5,482,069 | ||
Cash and cash equivalents | 148,811 | 373,203 | ||
Tenant receivables, net | 1,594 | 1,331 | ||
Deferred rent receivables, net | 67,909 | 63,192 | ||
Acquired lease intangible assets, net | 3,899 | 4,707 | ||
Investment in unconsolidated real estate funds | 186,282 | 149,478 | ||
Other assets | 30,055 | 29,827 | ||
Total assets | 5,986,410 | 6,103,807 | ||
Liabilities | ' | ' | ||
Secured notes payable | 3,351,140 | [1] | 3,441,140 | [1] |
Interest payable, accounts payable and accrued liabilities | 63,402 | 45,171 | ||
Security deposits | 35,410 | 34,284 | ||
Acquired lease intangible liabilities, net | 63,420 | 67,035 | ||
Interest rate contracts | 71,114 | 100,294 | ||
Dividends payable | 25,668 | 25,424 | ||
Total liabilities | 3,610,154 | 3,713,348 | ||
Douglas Emmett, Inc. stockholders' equity: | ' | ' | ||
Common Stock, $0.01 par value 750,000,000 authorized, 142,601,390 and 141,245,896 outstanding at September 30, 2013 and December 31, 2012, respectively | 1,426 | 1,412 | ||
Additional paid-in capital | 2,653,852 | 2,635,408 | ||
Accumulated other comprehensive income (loss) | -57,624 | -82,991 | ||
Accumulated deficit | -614,703 | -574,173 | ||
Total Douglas Emmett, Inc. stockholders' equity | 1,982,951 | 1,979,656 | ||
Noncontrolling interests | 393,305 | 410,803 | ||
Total equity | 2,376,256 | 2,390,459 | ||
Total liabilities and equity | $5,986,410 | $6,103,807 | ||
[1] | See Note 11 for our fair value disclosures. |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets Parenthetical (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 750,000,000 | 750,000,000 |
Common stock, shares outstanding | 142,601,390 | 141,245,896 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Office rental | ' | ' | ' | ' |
Rental revenues | $99,795 | $98,608 | $296,275 | $295,361 |
Tenant recoveries | 11,867 | 11,337 | 34,170 | 33,099 |
Parking and other income | 18,677 | 17,478 | 55,979 | 52,428 |
Total office revenues | 130,339 | 127,423 | 386,424 | 380,888 |
Multifamily rental | ' | ' | ' | ' |
Rental revenues | 17,929 | 17,165 | 53,146 | 50,865 |
Parking and other income | 1,418 | 1,405 | 4,290 | 4,096 |
Total multifamily revenues | 19,347 | 18,570 | 57,436 | 54,961 |
Total revenues | 149,686 | 145,993 | 443,860 | 435,849 |
Operating Expenses | ' | ' | ' | ' |
Office expense | 46,494 | 44,293 | 130,525 | 127,684 |
Multifamily expense | 5,157 | 4,999 | 15,108 | 14,860 |
General and administrative | 6,546 | 6,610 | 20,724 | 20,051 |
Depreciation and amortization | 47,402 | 46,546 | 141,528 | 139,071 |
Total operating expenses | 105,599 | 102,448 | 307,885 | 301,666 |
Operating income | 44,087 | 43,545 | 135,975 | 134,183 |
Other income | 2,138 | 626 | 4,165 | 2,027 |
Other expenses | -1,402 | -436 | -2,777 | -1,445 |
Income (loss) including depreciation, from unconsolidated real estate funds | 811 | -663 | 3,335 | -2,764 |
Interest expense | -32,601 | -36,844 | -97,832 | -110,996 |
Acquisition-related expenses | -290 | 0 | -533 | 0 |
Net income | 12,743 | 6,228 | 42,333 | 21,005 |
Less: Net income attributable to noncontrolling interests | -1,992 | -1,173 | -5,865 | -4,037 |
Net income attributable to common stockholders | $10,751 | $5,055 | $36,468 | $16,968 |
Net income attributable to common stockholders per share b basic | $0.08 | $0.04 | $0.26 | $0.12 |
Net income attributable to common stockholders per share b diluted | $0.07 | $0.04 | $0.25 | $0.12 |
Dividends declared per common share | $0.18 | $0.15 | $0.54 | $0.45 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $12,743 | $6,228 | $42,333 | $21,005 |
Other comprehensive income (loss): cash flow hedges | -1,060 | -827 | 31,359 | -230 |
Comprehensive income | 11,683 | 5,401 | 73,692 | 20,775 |
Less comprehensive income attributable to noncontrolling interests | -1,818 | -1,685 | -11,857 | -6,536 |
Comprehensive income attributable to common stockholders | $9,865 | $3,716 | $61,835 | $14,239 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $42,333 | $21,005 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
(Income) loss, including depreciation, from unconsolidated real estate funds | -3,335 | 2,764 |
Depreciation and amortization | 141,528 | 139,071 |
Net accretion of acquired lease intangibles | -11,970 | -13,963 |
Amortization of deferred loan costs | 2,972 | 3,289 |
Amortization of loan premium | 0 | -1,060 |
Non-cash market value adjustments on interest rate contracts | 67 | 8,930 |
Non-cash amortization of stock-based compensation | 4,560 | 4,624 |
Operating distributions received from unconsolidated real estate funds | 558 | 580 |
Change in working capital components: | ' | ' |
Tenant receivables | -263 | 366 |
Deferred rent receivables | -4,717 | -4,284 |
Interest payable, accounts payable and accrued liabilities | 20,288 | 6,907 |
Security deposits | 1,126 | 268 |
Other | -2,423 | -2,515 |
Net cash provided by operating activities | 190,724 | 165,982 |
Investing Activities | ' | ' |
Capital expenditures for improvements to real estate | -49,908 | -44,363 |
Property acquisitions | -150,000 | 0 |
Loan to related party | -2,882 | 0 |
Contributions to unconsolidated real estate funds | -26,405 | -2,604 |
Acquisitions of additional interests in unconsolidated real estate funds | -8,004 | -33,454 |
Capital distributions received from unconsolidated real estate funds | 4,755 | 3,453 |
Net cash used in investing activities | -232,444 | -76,968 |
Financing Activities | ' | ' |
Proceeds from long-term borrowings | 0 | 440,000 |
Deferred loan cost payments | -157 | -2,122 |
Refund of loan deposit | 0 | 1,575 |
Repayment of borrowings | -90,000 | -621,956 |
Contributions by noncontrolling interests | 584 | 0 |
Distributions to noncontrolling interests | -15,993 | -13,768 |
Distributions of capital to noncontrolling interests | 0 | -10 |
Repurchase of operating partnership units | -352 | 0 |
Cash dividends to common stockholders | -76,754 | -58,943 |
Issuance of common stock, net | 0 | 128,257 |
Net cash used in financing activities | -182,672 | -126,967 |
Decrease in cash and cash equivalents | -224,392 | -37,953 |
Cash and cash equivalents at beginning of period | 373,203 | 406,977 |
Cash and cash equivalents at end of period | $148,811 | $369,024 |
Overview
Overview | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Overview | ' |
Overview | |
Organization and Description of Business | |
Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed Real Estate Investment Trust (REIT). We are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. We focus on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. | |
Through our interest in Douglas Emmett Properties, LP (our operating partnership) and its subsidiaries, as well as our investment in our institutional unconsolidated real estate funds (Funds), we own or partially own, manage, lease, acquire and develop real estate, consisting primarily of office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. As of September 30, 2013, we owned a consolidated portfolio of fifty-two office properties (including ancillary retail space) and nine multifamily properties, as well as the fee interests in two parcels of land subject to ground leases. Alongside our consolidated portfolio, we also manage and own equity interests in our Funds which, at September 30, 2013, owned eight additional office properties, for a combined sixty office properties in our total portfolio. | |
The terms "us," "we" and "our" as used in these financial statements refer to Douglas Emmett, Inc. and its subsidiaries. | |
Basis of Presentation | |
The accompanying consolidated financial statements as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012 are the consolidated financial statements of Douglas Emmett, Inc. and our subsidiaries, including our operating partnership.  All significant intercompany balances and transactions have been eliminated in our consolidated financial statements, and certain prior period amounts have been reclassified to conform with the current period presentation. | |
The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC).  Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading.  The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein.  The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ended December 31, 2013.  The interim financial statements should be read in conjunction with the consolidated financial statements in our 2012 Annual Report on Form 10-K and the notes thereto.  Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. | |
The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions, including, for example, with respect to the allocation of the purchase price of acquisitions among land, buildings, improvements, equipment and any related intangible assets and liabilities.  These estimates and assumptions are subjective and affect the reported amounts in the consolidated financial statements and accompanying notes.  Actual results could differ materially from those estimates. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Summary Of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
During the period covered by this report, we have not made any material changes to our significant accounting policies included in our 2012 Annual Report on Form 10-K. | |
Income Taxes | |
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level tax on the earnings that we derive through our taxable REIT subsidiaries (TRS). | |
Recently Issued Accounting Literature | |
Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standard Updates (ASUs).  We consider the applicability and impact of all ASUs. | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (Topic 405), which provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. ASU No. 2013-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, which for us means the first quarter of 2014. When adopted, ASU 2013-04 applies retroactively for existing joint and several liability arrangements within the scope of Subtopic 405-40. Although earlier application is permitted, we do not intend to adopt the ASU before the effective date. We do not expect this ASU to have a material impact on our financial position or results of operations, as we do not currently have any obligations within the scope of this ASU. | |
In July 2013, the FASB issued ASU No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (Topic 815), which permits for the inclusion of the Fed Funds Effective Swap Rate (OIS) as a U.S. benchmark interest rate for hedge accounting purposes, in addition to interest rates on direct Treasury obligations of the U.S. government (UST), and the London Interbank Offered Rate (LIBOR). The ASU amendments also remove the restriction on using different benchmark interest rates for similar hedges. ASU No. 2013-10 is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We do not expect this ASU to have a material impact on our financial position or results of operations. | |
The FASB has not issued any other ASUs during 2013 that we expect to be applicable and have a material impact on our future financial position or results of operations. |
Investment_in_Real_Estate_Note
Investment in Real Estate (Notes) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Investment In Real Estate [Abstract] | ' | |||
Investment in Real Estate | ' | |||
Investment in Real Estate | ||||
On May 15, 2013, we used a portion of our cash on hand to purchase a 225,000 square foot Class A office building located at 8484 Wilshire Blvd. in Beverly Hills for a contract price of $89.0 million, or approximately $395 per square foot. On August 15, 2013, we purchased a 191,000 square foot Class A office building located at 16501 Ventura Blvd. in Encino for a contract price of $61.0 million, or approximately $319 per square foot. The results of operations for these properties after the date of acquisition are included in our consolidated statements of operations. We did not acquire any properties during the nine months ended September 30, 2012. | ||||
The tables below (in thousands) summarize our preliminary purchase price allocations for the acquired properties (these allocations are subject to adjustment within twelve months of the acquisition date): | ||||
8484 Wilshire | ||||
Investment in real estate: | ||||
Land | $ | 8,847 | ||
Buildings and improvements | 77,158 | |||
Tenant improvements and other in-place lease assets | 6,485 | |||
Acquired lease intangibles, net | (3,490 | ) | ||
Net assets and liabilities acquired | $ | 89,000 | ||
16501 Ventura | ||||
Investment in real estate: | ||||
Land | $ | 6,759 | ||
Buildings and improvements | 55,179 | |||
Tenant improvements and other in-place lease assets | 4,736 | |||
Acquired lease intangibles, net | (5,674 | ) | ||
Net assets and liabilities acquired | $ | 61,000 | ||
Acquired_Lease_Intangibles
Acquired Lease Intangibles | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Acquired Lease Intangibles [Abstract] | ' | |||||||
Acquired Lease Intangibles | ' | |||||||
Acquired Lease Intangibles | ||||||||
The table below (in thousands) summarizes our acquired lease intangibles related to above/below-market leases: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Above-market tenant leases | $ | 34,998 | $ | 34,968 | ||||
Accumulated amortization | (33,764 | ) | (32,985 | ) | ||||
Below-market ground leases | 3,198 | 3,198 | ||||||
Accumulated amortization | (533 | ) | (474 | ) | ||||
Acquired lease intangible assets, net | $ | 3,899 | $ | 4,707 | ||||
Below-market tenant leases | $ | 272,412 | $ | 263,220 | ||||
Accumulated accretion | (221,597 | ) | (208,939 | ) | ||||
Above-market ground leases | 16,200 | 16,200 | ||||||
Accumulated accretion | (3,595 | ) | (3,446 | ) | ||||
Acquired lease intangible liabilities, net | $ | 63,420 | $ | 67,035 | ||||
Other_Assets
Other Assets | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Deferred loan costs, net of accumulated amortization of $11,217 and $8,245 at September 30, 2013 and December 31, 2012, respectively | $ | 16,547 | $ | 19,362 | ||||
Restricted cash | 194 | 2,379 | ||||||
Prepaid expenses | 8,433 | 4,049 | ||||||
Other indefinite-lived intangible | 1,988 | 1,988 | ||||||
Other | 2,893 | 2,049 | ||||||
Total other assets | $ | 30,055 | $ | 29,827 | ||||
We incurred deferred loan cost amortization expense of $913 thousand and $1.2 million for the three months ended September 30, 2013 and 2012, respectively, and $3.0 million and $3.3 million for the nine months ended September 30, 2013 and 2012, respectively.  Deferred loan cost amortization is included as a component of interest expense in the consolidated statements of operations. |
Secured_Notes_Payable
Secured Notes Payable | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Secured Debt [Abstract] | ' | |||||||||||||||
Secured Notes Payable | ' | |||||||||||||||
Secured Notes Payable | ||||||||||||||||
The following table (in thousands) summarizes our secured notes payable: | ||||||||||||||||
Description (1) | Maturity | Outstanding Principal Balance as of September 30, 2013 | Outstanding Principal Balance as of December 31, 2012 | Variable Interest Rate | Effective | Swap Maturity Date | ||||||||||
Date | Annual | |||||||||||||||
Fixed Interest | ||||||||||||||||
Rate (2) | ||||||||||||||||
Term Loan (3) | 3/3/14 | $ | 16,140 | $ | 16,140 | LIBOR + 1.85% | Â N/A | Â -- | ||||||||
Fannie Mae Loan (4) | 2/1/15 | 111,920 | 111,920 | DMBS + 0.707% | Â N/A | Â -- | ||||||||||
Term Loan | 4/1/15 | 150,000 | 240,000 | LIBOR +1.50% | Â N/A | Â -- | ||||||||||
Fannie Mae Loan | 3/1/16 | 82,000 | 82,000 | LIBOR + 0.62% | Â N/A | Â -- | ||||||||||
Fannie Mae Loan | 6/1/17 | 18,000 | 18,000 | LIBOR + 0.62% | Â N/A | Â -- | ||||||||||
Term Loan | 10/2/17 | 400,000 | 400,000 | LIBOR + 2.00% | 4.45% | 7/1/15 | ||||||||||
Term Loan | 4/2/18 | 510,000 | 510,000 | LIBOR + 2.00% | 4.12% | 4/1/16 | ||||||||||
Term Loan | 8/1/18 | 530,000 | 530,000 | LIBOR + 1.70% | 3.74% | 8/1/16 | ||||||||||
Term Loan (5) | 8/5/18 | 355,000 | 355,000 | Â N/A | 4.14% | Â -- | ||||||||||
Term Loan (6) | 2/1/19 | 155,000 | 155,000 | Â N/A | 4.00% | Â -- | ||||||||||
Term Loan (7) | 6/5/19 | 285,000 | 285,000 | N/A | 3.85% | Â -- | ||||||||||
Term Loan (8) | 3/1/20 | (9)Â | 350,000 | 350,000 | Â N/A | 4.46% | Â -- | |||||||||
Fannie Mae Loans | 11/2/20 | 388,080 | 388,080 | LIBOR + 1.65% | 3.65% | 11/1/17 | ||||||||||
Aggregate loan principal (10) | $ | 3,351,140 | $ | 3,441,140 | ||||||||||||
Aggregate amount of swapped to fixed rate loans | $ | 1,828,080 | $ | 2,168,080 | 3.98% | |||||||||||
Aggregate amount of fixed rate loans | 1,145,000 | 1,145,000 | 4.15% | |||||||||||||
Aggregate amount of variable rate loans | 378,060 | 128,060 | Â N/A | |||||||||||||
Aggregate loan principal (10) | $ | 3,351,140 | $ | 3,441,140 | ||||||||||||
____________________________________________________ | ||||||||||||||||
-1 | As of September 30, 2013, (i) the weighted average remaining life of our outstanding debt was 4.9 years; (ii) of the $2.97 billion of debt on which the interest rate was fixed under the terms of the loan or a swap, the weighted average remaining life was 5.3 years , the weighted average remaining period during which interest was fixed was 3.6 years and the weighted average annual interest rate was 4.05%; and (iii) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.17%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. | |||||||||||||||
-2 | Includes the effect of interest rate contracts as of September 30, 2013, and excludes amortization of loan fees, all shown on an actual/360-day basis. | |||||||||||||||
-3 | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. | |||||||||||||||
-4 | The loan has a $75.0Â million tranche bearing interest at DMBS + 0.76% and a $36.9Â million tranche bearing interest at DMBS + 0.60%. | |||||||||||||||
-5 | Interest-only until February 2016, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-6 | Interest-only until February 2015, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-7 | Interest only until February 2017, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-8 | Interest at a fixed interest rate until March 1, 2018 and a floating rate thereafter, with interest-only payments until March 2014 and with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-9 | We have two one-year extension options which would extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions. | |||||||||||||||
-10 | See Note 11 for our fair value disclosures. | |||||||||||||||
The table below (in thousands) presents the minimum future principal payments due (excluding any available extension options) on our secured notes payable at September 30, 2013: | ||||||||||||||||
Twelve months ending September 30: | ||||||||||||||||
2014 | $ | 18,951 | ||||||||||||||
2015 | 269,542 | |||||||||||||||
2016 | 94,411 | |||||||||||||||
2017 | 36,504 | |||||||||||||||
2018 | 2,122,465 | |||||||||||||||
Thereafter | 809,267 | |||||||||||||||
Total future principal payments | $ | 3,351,140 | ||||||||||||||
Interest_Payable_Accounts_Paya
Interest Payable, Accounts Payable And Accrued Liabilities | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Interest Payable, Accounts Payable and Accrued Liabilities | ' | |||||||
Interest Payable, Accounts Payable and Accrued Liabilities | ||||||||
Interest payable, accounts payable and accrued liabilities consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Interest payable | $ | 9,093 | $ | 10,203 | ||||
Accounts payable and accrued liabilities | 37,516 | 19,168 | ||||||
Deferred revenue | 16,793 | 15,800 | ||||||
Total interest payable, accounts payable and accrued liabilities | $ | 63,402 | $ | 45,171 | ||||
Interest_Rate_Contracts
Interest Rate Contracts | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Interest Rate Contracts | ' | |||||||
Interest Rate Contracts | ||||||||
Cash Flow Hedges of Interest Rate Risk | ||||||||
We make use of interest rate swap and interest rate cap contracts to manage the risk associated with changes in the interest rates on our floating-rate borrowings. When we enter into a floating-rate term loan, we generally enter into an interest rate swap agreement for the equivalent principal amount, for a period covering the majority of the loan term, which effectively converts our floating-rate debt to a fixed-rate basis during that time. In limited instances, we make use of interest rate caps to limit our exposure to interest rate increases on underlying floating-rate debt. | ||||||||
We may enter into derivative contracts that are intended to hedge certain economic risks, even though hedge accounting does not apply, or for which we elect to not apply hedge accounting. We do not use any other derivative instruments. | ||||||||
As of September 30, 2013, the totals of our existing swaps and caps that qualified as highly effective cash flow hedges were as follows: | ||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||
Interest Rate Swaps | 7 | $1,828,080 | ||||||
Interest Rate Caps | 2 | $111,920 | ||||||
Non-designated Hedges | ||||||||
Derivatives not designated as hedges are not speculative. As of September 30, 2013, we had the following outstanding interest rate derivatives that were not designated for accounting purposes as hedging instruments, but were used to hedge our economic exposure to interest rate risk: | ||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||
Purchased Caps | 4 | $100,000 | ||||||
Credit-risk-related Contingent Features | ||||||||
We have agreements with each of our derivative counterparties that contain a provision under which we could also be declared in default on our derivative obligations if we default on the underlying indebtedness that we are hedging, including any default where repayment of the indebtedness has not been accelerated by the lender. There have been no events of default with respect to any of our derivatives. | ||||||||
As of September 30, 2013 and December 31, 2012, the fair value of derivatives in a net liability position, when aggregated by counterparty, was $75.3 million and $107.4 million, respectively, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements. | ||||||||
Accounting for Interest Rate Contracts | ||||||||
For hedging instruments designated as cash flow hedges, gain or loss recognition are generally matched to the earnings effect of the related hedged item or transaction, with any resulting hedge ineffectiveness recorded as interest expense. Hedge ineffectiveness is determined by comparing the changes in the fair value or cash flows of the hedge to the changes in the fair value or cash flows of the related hedged item or transaction. All other changes in the fair value of these hedges are recorded in accumulated other comprehensive income (loss) (AOCI), which is a component of equity outside of earnings. Amounts reported in AOCI related to our hedges are then reclassified to interest expense as interest payments are made on the hedged item or transaction. Amounts reported in AOCI related to our Funds' hedges are reclassified to income including depreciation, from unconsolidated real estate funds as interest payments are made by our Funds on their hedged items or transactions. We estimate that $35.3Â million of our AOCI related to our derivatives designated as cash flow hedges will be reclassified as an increase to interest expense during the next twelve months, and $846Â thousand of our AOCI related to our Funds derivatives designated as cash flow hedges will be reclassified as a decrease to income (loss) including depreciation, from unconsolidated real estate funds during the next twelve months. Changes in fair value of derivatives not designated as hedges are recognized as interest expense. | ||||||||
The table below (in thousands) presents the effect of our derivative instruments on our consolidated statements of operations for the nine months ended September 30: | ||||||||
2013 | 2012 | |||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||
Gain (loss) recognized in other comprehensive income (OCI) (effective portion) | $ | 2,151 | $ | (48,450 | ) | |||
Gain (loss) from unconsolidated investment in real estate funds | $ | 1,810 | $ | (1,356 | ) | |||
recognized in other comprehensive income (OCI) (effective portion) | ||||||||
Gain (loss) reclassified from AOCI into interest expense (effective portion) ¹ | $ | (27,093 | ) | $ | (44,066 | ) | ||
Gain (loss) from unconsolidated investment in real estate funds reclassified from AOCI into Income (loss), including depreciation, from unconsolidated real estate funds (effective portion) | $ | (305 | ) | $ | (5,535 | ) | ||
Gain (loss) reclassified from AOCI into interest expense (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | 25 | ||||
Amount of gain (loss) on derivatives recognized in earnings under "interest expense" (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | (64 | ) | |||
Derivatives Not Designated as Cash Flow Hedges: | ||||||||
Realized and unrealized gain (loss) recognized in interest expense | $ | (3 | ) | $ | (37 | ) | ||
__________________________________________________ | ||||||||
-1 | The nine months ended September 30, 2012 includes a non-cash expense of $8.8 million related to the amortization of accumulated other comprehensive income balances on previously terminated swaps. | |||||||
Fair Value Measurement | ||||||||
We record all derivatives on the balance sheet at fair value using the framework for measuring fair value established by the FASB.  The fair value of these hedges is obtained through independent third-party valuation sources that use conventional valuation algorithms. All of our derivative contracts are subject to enforceable master netting arrangements, and we have elected to present the fair value of our derivatives on a gross basis. See Note 11 for our fair value disclosures. | ||||||||
The table below (in thousands) presents the fair values of derivative instruments: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Derivative assets disclosed within "Other Assets" (1): | ||||||||
Derivatives designated as accounting hedges | $ | — | $ | — | ||||
Derivatives not designated as accounting hedges | 1 | 4 | ||||||
Total derivative assets | $ | 1 | $ | 4 | ||||
Derivative liabilities disclosed as "Interest Rate Contracts": | ||||||||
Derivatives designated as accounting hedges | $ | 71,114 | $ | 100,294 | ||||
Derivatives not designated as accounting hedges | — | — | ||||||
Total derivative liabilities | $ | 71,114 | $ | 100,294 | ||||
_________________________________________________________ | ||||||||
(1) Included in the "other" line item of other assets. See Note 5. |
Equity
Equity | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Equity | ' | |||||||||||||||
Equity | ||||||||||||||||
Noncontrolling Interests | ||||||||||||||||
Noncontrolling interests in our operating partnership relate to interests that are not owned by us.  Noncontrolling interests represented approximately 17% of our operating partnership at September 30, 2013. A unit in our operating partnership and a share of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our operating partnership.  Investors who own units in our operating partnership have the right to cause our operating partnership to redeem any or all of their units in our operating partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. Noncontrolling interests also include a one-third interest of a minority partner in a consolidated joint venture which owns an office building in Honolulu, Hawaii. | ||||||||||||||||
The tables below (in thousands) present our condensed consolidated statements of equity: | ||||||||||||||||
Douglas Emmett, Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance as of January 1, 2013 | $ | 1,979,656 | $ | 410,803 | $ | 2,390,459 | ||||||||||
Net income | 36,468 | 5,865 | 42,333 | |||||||||||||
Cash flow hedge adjustment | 25,367 | 5,992 | 31,359 | |||||||||||||
Contributions | — | 584 | 584 | |||||||||||||
Dividends and distributions | (76,998 | ) | (15,993 | ) | (92,991 | ) | ||||||||||
Conversion of operating partnership units | 18,630 | (18,630 | ) | — | ||||||||||||
Repurchase of operating partnership units | (172 | ) | (180 | ) | (352 | ) | ||||||||||
Stock compensation | — | 4,864 | 4,864 | |||||||||||||
Balance as of September 30, 2013 | $ | 1,982,951 | $ | 393,305 | $ | 2,376,256 | ||||||||||
Douglas Emmett, Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance as of January 1, 2012 | $ | 1,865,106 | $ | 450,849 | $ | 2,315,955 | ||||||||||
Net income | 16,968 | 4,037 | 21,005 | |||||||||||||
Cash flow hedge adjustment | (2,729 | ) | 2,499 | (230 | ) | |||||||||||
Dividends and distributions | (63,017 | ) | (13,768 | ) | (76,785 | ) | ||||||||||
Conversion of operating partnership units | 38,060 | (38,060 | ) | — | ||||||||||||
Stock compensation | 521 | 7,526 | 8,047 | |||||||||||||
Sale of common stock, net of offering costs | 128,257 | — | 128,257 | |||||||||||||
Other | — | (10 | ) | (10 | ) | |||||||||||
Balance as of September 30, 2012 | $ | 1,983,166 | $ | 413,073 | $ | 2,396,239 | ||||||||||
The table below (in thousands) presents the changes in our AOCI balance, which consists solely of adjustments related to our cash flow hedges and the cash flow hedges of our unconsolidated Funds: | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of period | $ | (82,991 | ) | $ | (89,180 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications 1 | 3,961 | (49,806 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income 2 | 27,398 | 49,576 | ||||||||||||||
Net current period other comprehensive income (loss) | 31,359 | (230 | ) | |||||||||||||
Less other comprehensive (income) loss attributable to noncontrolling interests | (5,992 | ) | (2,499 | ) | ||||||||||||
Other comprehensive income (loss) attributable to common stockholders | 25,367 | (2,729 | ) | |||||||||||||
Balance at end of period | $ | (57,624 | ) | $ | (91,909 | ) | ||||||||||
___________________________________________________ | ||||||||||||||||
-1 | Includes (i) fair value adjustments to our derivatives designated as cash flow hedges of $2.2 million and $(48.5) million for the nine months ended September 30, 2013 and 2012, respectively, as well as (ii) our share of the fair value adjustments to derivatives designated as cash flow hedges of our unconsolidated Funds of $1.8 million and $(1.4) million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
-2 | Includes (i) a reclassification from AOCI to interest expense of $27.1 million and $44.1 million for the nine months ended September 30, 2013 and 2012, respectively, of our derivatives designated as cash flow hedges, as well as (ii) a reclassification from AOCI to income (loss) including depreciation of our unconsolidated real estate funds of $305 thousand and $5.5 million for the nine months ended September 30, 2013 and 2012, respectively, related to derivatives designated as cash flow hedges of our unconsolidated Funds. | |||||||||||||||
Equity Sales, Conversions and Repurchases | ||||||||||||||||
During the nine months ended September 30, 2013, approximately 1.4 million units in our operating partnership were exchanged for shares of our common stock, and approximately 13 thousand units were redeemed for cash. We did not sell shares or share equivalents during the nine months ended September 30, 2013. During the nine months ended September 30, 2012, approximately 2.7 million units in our operating partnership were exchanged for shares of our common stock, and we sold 6.9 million shares of our common stock in open market transactions under our "at the market" (ATM) stock offering program for net proceeds of approximately $128.3 million. We did not repurchase shares or share equivalents during the nine months ended September 30, 2012 or September 30, 2013. The table below (in thousands) presents the net income attributable to common stockholders and transfers (to) from the noncontrolling interests: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common stockholders | $ | 10,751 | $ | 5,055 | $ | 36,468 | $ | 16,968 | ||||||||
Transfers from the noncontrolling interests: | ||||||||||||||||
Increase in common stockholders paid-in capital for redemption of operating partnership units | 100 | 14,100 | 18,616 | 38,033 | ||||||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interest | $ | 10,851 | $ | 19,155 | $ | 55,084 | $ | 55,001 | ||||||||
Stock-Based Compensation | ||||||||||||||||
The Douglas Emmett, Inc. 2006 Omnibus Stock Incentive Plan is administered by the compensation committee of our board of directors.  All officers, employees, directors and consultants are eligible to participate in our stock incentive plan.  For more information on our stock incentive plan, please refer to the notes to the consolidated financial statements in our 2012 Annual Report on Form 10-K, which was filed with the SEC on February 27, 2013. | ||||||||||||||||
Total net equity compensation expense for equity grants was $1.5 million and $1.6 million for the three months ended September 30, 2013 and 2012, respectively, and $4.6 million for the nine months ended September 30, 2013 and 2012. These amounts do not include (i) capitalized equity compensation totaling $97 thousand and $133 thousand for the three months ended September 30, 2013 and 2012, respectively, and $304 thousand and $387 thousand for the nine months ended September 30, 2013 and 2012, respectively, and (ii) $3.0 million in immediately vested equity grants issued during the nine months ended September 30, 2012 to satisfy a portion of the annual bonuses that were accrued during the prior year. Compensation expense for our long term incentive plan units which are not immediately vested is recognized using the accelerated recognition method.  Compensation expense for options which are not immediately vested is recognized on a straight-line basis over the requisite service period which is equal to the vesting period.  Certain amounts of equity compensation expense are capitalized for employees who provide leasing and construction services. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share (EPS) | ' | |||||||||||||||
Earnings Per Share (EPS) | ||||||||||||||||
We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders and holders of equity in our consolidated operating partnership for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. The table below presents the calculation of basic and diluted EPS: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator (in thousands): | ||||||||||||||||
Net income attributable to common stockholders | $ | 10,751 | $ | 5,055 | $ | 36,468 | $ | 16,968 | ||||||||
Add back: Net income attributable to noncontrolling interests in our Operating Partnership | 2,134 | 1,072 | 7,261 | 3,713 | ||||||||||||
Numerator for diluted net income attributable to all equity holders | $ | 12,885 | $ | 6,127 | $ | 43,729 | $ | 20,681 | ||||||||
Denominator (in thousands): | ||||||||||||||||
Weighted average shares of common stock outstanding - basic | 142,598 | 140,301 | 142,540 | 139,453 | ||||||||||||
Effect of dilutive securities (1)Â : | ||||||||||||||||
Operating partnership units and vested long term incentive plan (LTIP) units | 28,323 | 29,908 | 28,382 | 30,517 | ||||||||||||
Stock options | 3,205 | 2,942 | 3,375 | 2,396 | ||||||||||||
Unvested LTIP units | 630 | 674 | 577 | 576 | ||||||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted | 174,756 | 173,825 | 174,874 | 172,942 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income attributable to common stockholders per share | $ | 0.08 | $ | 0.04 | $ | 0.26 | $ | 0.12 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Net income attributable to common stockholders per share | $ | 0.07 | $ | 0.04 | $ | 0.25 | $ | 0.12 | ||||||||
____________________________________________________ | ||||||||||||||||
-1 | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership, and other convertible equity instruments. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Fair Value of Financial Instruments | ' | |||||||
Fair Value of Financial Instruments | ||||||||
Our estimates of the fair value of financial instruments at September 30, 2013 were determined using available market information and appropriate valuation methods.  Considerable judgment is necessary to interpret market data and develop an estimated fair value.  The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. | ||||||||
The FASB fair value framework includes a hierarchy that distinguishes between assumptions based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market-based inputs.  Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities.  Level 2 inputs are observable either directly or indirectly for similar assets and liabilities in active markets.  Level 3 inputs are unobservable assumptions generated by the reporting entity. | ||||||||
The carrying amounts for cash and cash equivalents, rents and other receivables, interest payable, accounts payable and accrued liabilities, security deposits, and dividends payable approximate their fair values because of the short-term nature of these instruments.  | ||||||||
We have typically financed our capital needs through short-term lines of credit and long-term secured mortgages.  See Note 6. We calculate the fair value of our secured notes payable by adjusting their face value for current market interest rates (assuming the loans are outstanding through maturity) and any changes to underlying collateral.  We have determined that the fair value of our secured notes payable is calculated using Level 2 inputs under the fair value hierarchy. At September 30, 2013, the aggregate fair value of our secured notes payable was estimated to be approximately $3.40 billion, based on a credit-adjusted present value of the future principal and interest payments related to our debt, compared to their carrying value of $3.35 billion.  As of December 31, 2012, the estimated fair value of our secured loans was approximately $3.51 billion compared to their carrying value of $3.44 billion. | ||||||||
We use interest rate swaps and caps to manage interest rate risk resulting from variable interest payments on our floating rate debt. See Note 8. These financial instruments are carried on our balance sheet at fair value based on assumptions used by market participants in pricing the asset or liability. The valuation of our interest rate swaps and caps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative.  This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities.  We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.  In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees.  We have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | ||||||||
We did not have any fair value measurements using significant unobservable inputs (Level 3) as of September 30, 2013. | ||||||||
The table below (in thousands) presents the derivative assets and liabilities presented in our financial statements at their estimated fair value on a gross basis without reflecting any net settlement positions with the same counterparty: | ||||||||
30-Sep-13 | ||||||||
Assets | Liabilities | |||||||
Level 1 - Quoted Prices in Active Markets for Identical Assets and Liabilities | $ | — | $ | — | ||||
Level 2 - Significant Other Observable Inputs | 1 | 71,114 | ||||||
Level 3 - Significant Unobservable Inputs | — | — | ||||||
Fair Value of Derivative Instruments | $ | 1 | $ | 71,114 | ||||
Future_Minimum_Lease_Receipts
Future Minimum Lease Receipts | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | |||
Future Minimum Lease Receipts | ' | |||
Future Minimum Lease Receipts | ||||
We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement for certain operating expenses.  Operating expense reimbursements are reflected in our consolidated statements of operations as tenant recoveries. | ||||
We also lease space to certain tenants under non-cancelable leases that provide for percentage rents based upon tenant revenues.  Percentage rental income totaled $162 thousand and $158 thousand for the three months ended September 30, 2013 and 2012, respectively, and $432 thousand and $457 thousand for the nine months ended September 30, 2013 and 2012, respectively. | ||||
Future minimum base rentals on our non-cancelable office and ground operating leases as of September 30, 2013 were as follows (in thousands): | ||||
Twelve months ending September 30: | ||||
2014 | $ | 362,425 | ||
2015 | 316,703 | |||
2016 | 266,858 | |||
2017 | 215,891 | |||
2018 | 166,553 | |||
Thereafter | 415,303 | |||
Total future minimum base rentals | $ | 1,743,733 | ||
The above future minimum lease receipts exclude residential leases, which typically have a term of one year or less, as well as tenant reimbursements, amortization of deferred rent receivables, and amortization of acquired above/below-market lease intangibles.  Some leases are subject to termination options, generally upon payment of a termination fee.  The preceding table assumes that these termination options are not exercised. |
Future_Minimum_Lease_Payments
Future Minimum Lease Payments | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | |||
Future Minimum Lease Payments | ' | |||
Future Minimum Lease Payments | ||||
We currently lease portions of the land underlying two of our office properties. We expensed ground lease payments of $547 thousand for the three months ended September 30, 2013 and 2012, and $1.6 million for the nine months ended September 30, 2013 and 2012. We have a purchase option in one of these two leases, which we may exercise at any time prior to May 31, 2014 for a purchase price of $27.5 million.  Because we have the ability and the intent to exercise this option, we have excluded payments under this lease from the future minimum rent payments in the table below.  The following is a schedule (in thousands) of our future minimum ground lease payments as of September 30, 2013: | ||||
Twelve months ending September 30: | ||||
2014 | $ | 733 | ||
2015 | 733 | |||
2016 | 733 | |||
2017 | 733 | |||
2018 | 733 | |||
Thereafter | 50,026 | |||
Total future minimum lease payments | $ | 53,691 | ||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Proceedings | |
We are subject to various legal proceedings and claims that arise in the ordinary course of business.  Excluding ordinary routine litigation incidental to our business, we are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations. | |
Concentration of Credit Risk | |
Our properties are located in Los Angeles County, California and Honolulu, Hawaii.  The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate.  We perform ongoing credit evaluations of our tenants for potential credit losses.  In addition, we have financial instruments that subject us to credit risk, which consist primarily of accounts receivable, deferred rents receivable and interest rate contracts.  We maintain our cash and cash equivalents at high quality financial institutions with investment grade ratings.  Interest bearing accounts at each U.S. banking institution are insured by the Federal Deposit Insurance Corporation up to $250 thousand. We have not experienced any losses to date on our deposited cash. | |
Asset Retirement Obligations | |
Conditional asset retirement obligations represent a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within our control.  A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated.  Environmental site assessments and investigations have identified twenty properties in our consolidated portfolio containing asbestos, which would have to be removed in compliance with applicable environmental regulations if these properties undergo major renovations or are demolished.  As of September 30, 2013, the obligations to remove the asbestos from these properties have indeterminable settlement dates, and we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligation. | |
Guarantees | |
On April 30, 2013, one of our Funds closed a $325.0 million loan to refinance an existing loan. The new loan matures on May 1, 2018, and carries interest that is effectively fixed by an interest rate swap which matures on May 1, 2017. We made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve outs under this loan, and guaranteed the related swap, although we have an indemnity from the Fund for any amounts that we would be required to pay under these agreements. As of September 30, 2013 the maximum future payments under the swap agreement were approximately $7.1 million.  As of September 30, 2013, all obligations under the loan and swap agreements have been performed by the Fund in accordance with the terms of those agreements. | |
Tenant Concentrations | |
For the three and nine months ended September 30, 2013 and 2012, no tenant accounted for more than 10% of our total rental revenue and tenant recoveries. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
Segment information is prepared on the same basis that we review information for operational decision-making purposes.  We operate in two business segments: (i) the acquisition, redevelopment, ownership and management of office real estate and (ii) the acquisition, redevelopment, 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. | ||||||||||||||||
Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity.  Not all companies may calculate segment profit in the same manner.  We consider segment profit to be an appropriate supplemental measure to net income because it can assist both investors and management in understanding the core operations of our properties. | ||||||||||||||||
The table below (in thousands) presents the operating activity of our reportable segments: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Office Segment | ||||||||||||||||
Rental revenue | $ | 130,339 | $ | 127,423 | $ | 386,424 | $ | 380,888 | ||||||||
Rental expense | (46,494 | ) | (44,293 | ) | (130,525 | ) | (127,684 | ) | ||||||||
Segment profit | 83,845 | 83,130 | 255,899 | 253,204 | ||||||||||||
Multifamily Segment | ||||||||||||||||
Rental revenue | 19,347 | 18,570 | 57,436 | 54,961 | ||||||||||||
Rental expense | (5,157 | ) | (4,999 | ) | (15,108 | ) | (14,860 | ) | ||||||||
Segment profit | 14,190 | 13,571 | 42,328 | 40,101 | ||||||||||||
Total profit from all segments | $ | 98,035 | $ | 96,701 | $ | 298,227 | $ | 293,305 | ||||||||
The table below (in thousands) is a reconciliation of the total profit from all segments to net income attributable to common stockholders: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total profit from all segments | $ | 98,035 | $ | 96,701 | $ | 298,227 | $ | 293,305 | ||||||||
General and administrative expense | (6,546 | ) | (6,610 | ) | (20,724 | ) | (20,051 | ) | ||||||||
Depreciation and amortization | (47,402 | ) | (46,546 | ) | (141,528 | ) | (139,071 | ) | ||||||||
Other income | 2,138 | 626 | 4,165 | 2,027 | ||||||||||||
Other expenses | (1,402 | ) | (436 | ) | (2,777 | ) | (1,445 | ) | ||||||||
Income (loss), including depreciation, from unconsolidated real estate funds | 811 | (663 | ) | 3,335 | (2,764 | ) | ||||||||||
Interest expense | (32,601 | ) | (36,844 | ) | (97,832 | ) | (110,996 | ) | ||||||||
Acquisition-related expenses | (290 | ) | — | (533 | ) | — | ||||||||||
Net income | 12,743 | 6,228 | 42,333 | 21,005 | ||||||||||||
Less: Net income attributable to noncontrolling interests | (1,992 | ) | (1,173 | ) | (5,865 | ) | (4,037 | ) | ||||||||
Net income attributable to common stockholders | $ | 10,751 | $ | 5,055 | $ | 36,468 | $ | 16,968 | ||||||||
Investments_In_Unconsolidated_
Investments In Unconsolidated Real Estate Funds | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate Investments, Net [Abstract] | ' | |||||||
Investments In Unconsolidated Real Estate Funds | ' | |||||||
Investments in Unconsolidated Real Estate Funds | ||||||||
We manage and own equity interests in two Funds, Douglas Emmett Fund X, LLC (Fund X), and Douglas Emmett Partnership X, LP (Partnership X), through which institutional investors own 8 buildings totaling 1.8Â million square feet in our core markets. Â On a weighted average square footage basis, we own almost 60% of these Funds. | ||||||||
During the first quarter of 2013, we acquired an additional 3.3% interest in Fund X, and an additional 0.9% interest in Partnership X, from an existing investor for an aggregate of approximately $8.0 million in cash. During the first quarter of 2012, we acquired a 16.3% interest in Fund X from existing investors for approximately $33.4 million in cash. | ||||||||
On April 3, 2013, we loaned $2.9 million to a related party investor in connection with a capital call made by Fund X. The loan carries interest at one month LIBOR plus 2.5%, and is due and payable no later than April 1, 2017, with mandatory prepayments equal to any distributions with respect the related party's interest in Fund X. | ||||||||
The table below (in thousands) presents selected financial information for the Funds. The amounts represent 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Total revenues | $ | 47,627 | $ | 45,928 | ||||
Operating income | 8,797 | 7,787 | ||||||
Net income (loss) | 748 | (9,048 | ) | |||||
September 30, 2013 | December 31, 2012 | |||||||
Total assets | $ | 737,074 | $ | 741,490 | ||||
Total liabilities | 392,041 | 431,817 | ||||||
Total equity | 345,033 | 309,673 | ||||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Subsequent Event | |
In October 2013, there was a fire in a unit in one building at our Barrington Plaza apartment property. With the exception of two floors damaged by the fire (mostly from water and smoke), we reopened all of that building within a few days. We currently expect that the remaining 20 units will be fully restored within a few months, and we do not currently expect a material impact after application of available insurance proceeds. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level tax on the earnings that we derive through our taxable REIT subsidiaries (TRS). | |
Recently Issued Accounting Literature | ' |
Recently Issued Accounting Literature | |
Changes to GAAP are established by the Financial Accounting Standards Board (FASB) in the form of Accounting Standard Updates (ASUs).  We consider the applicability and impact of all ASUs. | |
In February 2013, the FASB issued ASU No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date (Topic 405), which provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this ASU is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. ASU No. 2013-04 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013, which for us means the first quarter of 2014. When adopted, ASU 2013-04 applies retroactively for existing joint and several liability arrangements within the scope of Subtopic 405-40. Although earlier application is permitted, we do not intend to adopt the ASU before the effective date. We do not expect this ASU to have a material impact on our financial position or results of operations, as we do not currently have any obligations within the scope of this ASU. | |
In July 2013, the FASB issued ASU No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (Topic 815), which permits for the inclusion of the Fed Funds Effective Swap Rate (OIS) as a U.S. benchmark interest rate for hedge accounting purposes, in addition to interest rates on direct Treasury obligations of the U.S. government (UST), and the London Interbank Offered Rate (LIBOR). The ASU amendments also remove the restriction on using different benchmark interest rates for similar hedges. ASU No. 2013-10 is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. We do not expect this ASU to have a material impact on our financial position or results of operations. | |
The FASB has not issued any other ASUs during 2013 that we expect to be applicable and have a material impact on our future financial position or results of operations. |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Investment In Real Estate [Abstract] | ' | |||
Purchase price allocation for the acquired property | ' | |||
The tables below (in thousands) summarize our preliminary purchase price allocations for the acquired properties (these allocations are subject to adjustment within twelve months of the acquisition date): | ||||
8484 Wilshire | ||||
Investment in real estate: | ||||
Land | $ | 8,847 | ||
Buildings and improvements | 77,158 | |||
Tenant improvements and other in-place lease assets | 6,485 | |||
Acquired lease intangibles, net | (3,490 | ) | ||
Net assets and liabilities acquired | $ | 89,000 | ||
16501 Ventura | ||||
Investment in real estate: | ||||
Land | $ | 6,759 | ||
Buildings and improvements | 55,179 | |||
Tenant improvements and other in-place lease assets | 4,736 | |||
Acquired lease intangibles, net | (5,674 | ) | ||
Net assets and liabilities acquired | $ | 61,000 | ||
Acquired_Lease_Intangibles_Tab
Acquired Lease Intangibles (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Acquired Lease Intangibles [Abstract] | ' | |||||||
Summary Of Acquired Lease Intangibles | ' | |||||||
The table below (in thousands) summarizes our acquired lease intangibles related to above/below-market leases: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Above-market tenant leases | $ | 34,998 | $ | 34,968 | ||||
Accumulated amortization | (33,764 | ) | (32,985 | ) | ||||
Below-market ground leases | 3,198 | 3,198 | ||||||
Accumulated amortization | (533 | ) | (474 | ) | ||||
Acquired lease intangible assets, net | $ | 3,899 | $ | 4,707 | ||||
Below-market tenant leases | $ | 272,412 | $ | 263,220 | ||||
Accumulated accretion | (221,597 | ) | (208,939 | ) | ||||
Above-market ground leases | 16,200 | 16,200 | ||||||
Accumulated accretion | (3,595 | ) | (3,446 | ) | ||||
Acquired lease intangible liabilities, net | $ | 63,420 | $ | 67,035 | ||||
Other_Assets_Tables
Other Assets (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Other Assets [Abstract] | ' | |||||||
Schedule Of Other Assets | ' | |||||||
Other assets consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Deferred loan costs, net of accumulated amortization of $11,217 and $8,245 at September 30, 2013 and December 31, 2012, respectively | $ | 16,547 | $ | 19,362 | ||||
Restricted cash | 194 | 2,379 | ||||||
Prepaid expenses | 8,433 | 4,049 | ||||||
Other indefinite-lived intangible | 1,988 | 1,988 | ||||||
Other | 2,893 | 2,049 | ||||||
Total other assets | $ | 30,055 | $ | 29,827 | ||||
Secured_Notes_Payable_Tables
Secured Notes Payable (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Secured Debt [Abstract] | ' | |||||||||||||||
Schedule Of Secured Notes Payable | ' | |||||||||||||||
The following table (in thousands) summarizes our secured notes payable: | ||||||||||||||||
Description (1) | Maturity | Outstanding Principal Balance as of September 30, 2013 | Outstanding Principal Balance as of December 31, 2012 | Variable Interest Rate | Effective | Swap Maturity Date | ||||||||||
Date | Annual | |||||||||||||||
Fixed Interest | ||||||||||||||||
Rate (2) | ||||||||||||||||
Term Loan (3) | 3/3/14 | $ | 16,140 | $ | 16,140 | LIBOR + 1.85% | Â N/A | Â -- | ||||||||
Fannie Mae Loan (4) | 2/1/15 | 111,920 | 111,920 | DMBS + 0.707% | Â N/A | Â -- | ||||||||||
Term Loan | 4/1/15 | 150,000 | 240,000 | LIBOR +1.50% | Â N/A | Â -- | ||||||||||
Fannie Mae Loan | 3/1/16 | 82,000 | 82,000 | LIBOR + 0.62% | Â N/A | Â -- | ||||||||||
Fannie Mae Loan | 6/1/17 | 18,000 | 18,000 | LIBOR + 0.62% | Â N/A | Â -- | ||||||||||
Term Loan | 10/2/17 | 400,000 | 400,000 | LIBOR + 2.00% | 4.45% | 7/1/15 | ||||||||||
Term Loan | 4/2/18 | 510,000 | 510,000 | LIBOR + 2.00% | 4.12% | 4/1/16 | ||||||||||
Term Loan | 8/1/18 | 530,000 | 530,000 | LIBOR + 1.70% | 3.74% | 8/1/16 | ||||||||||
Term Loan (5) | 8/5/18 | 355,000 | 355,000 | Â N/A | 4.14% | Â -- | ||||||||||
Term Loan (6) | 2/1/19 | 155,000 | 155,000 | Â N/A | 4.00% | Â -- | ||||||||||
Term Loan (7) | 6/5/19 | 285,000 | 285,000 | N/A | 3.85% | Â -- | ||||||||||
Term Loan (8) | 3/1/20 | (9)Â | 350,000 | 350,000 | Â N/A | 4.46% | Â -- | |||||||||
Fannie Mae Loans | 11/2/20 | 388,080 | 388,080 | LIBOR + 1.65% | 3.65% | 11/1/17 | ||||||||||
Aggregate loan principal (10) | $ | 3,351,140 | $ | 3,441,140 | ||||||||||||
Aggregate amount of swapped to fixed rate loans | $ | 1,828,080 | $ | 2,168,080 | 3.98% | |||||||||||
Aggregate amount of fixed rate loans | 1,145,000 | 1,145,000 | 4.15% | |||||||||||||
Aggregate amount of variable rate loans | 378,060 | 128,060 | Â N/A | |||||||||||||
Aggregate loan principal (10) | $ | 3,351,140 | $ | 3,441,140 | ||||||||||||
____________________________________________________ | ||||||||||||||||
-1 | As of September 30, 2013, (i) the weighted average remaining life of our outstanding debt was 4.9 years; (ii) of the $2.97 billion of debt on which the interest rate was fixed under the terms of the loan or a swap, the weighted average remaining life was 5.3 years , the weighted average remaining period during which interest was fixed was 3.6 years and the weighted average annual interest rate was 4.05%; and (iii) including the non-cash amortization of prepaid loan fees, the effective weighted average interest rate was 4.17%. Except as otherwise noted below, each loan is secured by a separate collateral pool consisting of one or more properties, requiring monthly payments of interest only, with the outstanding principal due upon maturity. | |||||||||||||||
-2 | Includes the effect of interest rate contracts as of September 30, 2013, and excludes amortization of loan fees, all shown on an actual/360-day basis. | |||||||||||||||
-3 | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. | |||||||||||||||
-4 | The loan has a $75.0Â million tranche bearing interest at DMBS + 0.76% and a $36.9Â million tranche bearing interest at DMBS + 0.60%. | |||||||||||||||
-5 | Interest-only until February 2016, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-6 | Interest-only until February 2015, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-7 | Interest only until February 2017, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-8 | Interest at a fixed interest rate until March 1, 2018 and a floating rate thereafter, with interest-only payments until March 2014 and with principal amortization thereafter based upon a thirty-year amortization schedule. | |||||||||||||||
-9 | We have two one-year extension options which would extend the maturity to March 1, 2020 from March 1, 2018, subject to meeting certain conditions. | |||||||||||||||
-10 | See Note 11 for our fair value disclosures. | |||||||||||||||
Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable | ' | |||||||||||||||
The table below (in thousands) presents the minimum future principal payments due (excluding any available extension options) on our secured notes payable at September 30, 2013: | ||||||||||||||||
Twelve months ending September 30: | ||||||||||||||||
2014 | $ | 18,951 | ||||||||||||||
2015 | 269,542 | |||||||||||||||
2016 | 94,411 | |||||||||||||||
2017 | 36,504 | |||||||||||||||
2018 | 2,122,465 | |||||||||||||||
Thereafter | 809,267 | |||||||||||||||
Total future principal payments | $ | 3,351,140 | ||||||||||||||
Interest_Payable_Accounts_Paya1
Interest Payable, Accounts Payable And Accrued Liabilities (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ' | |||||||
Schedule Of Accounts Payable And Accrued Liabilities | ' | |||||||
Interest payable, accounts payable and accrued liabilities consist of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Interest payable | $ | 9,093 | $ | 10,203 | ||||
Accounts payable and accrued liabilities | 37,516 | 19,168 | ||||||
Deferred revenue | 16,793 | 15,800 | ||||||
Total interest payable, accounts payable and accrued liabilities | $ | 63,402 | $ | 45,171 | ||||
Interest_Rate_Contracts_Tables
Interest Rate Contracts (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | |||||||
As of September 30, 2013, the totals of our existing swaps and caps that qualified as highly effective cash flow hedges were as follows: | ||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||
Interest Rate Swaps | 7 | $1,828,080 | ||||||
Interest Rate Caps | 2 | $111,920 | ||||||
Non-designated Hedges | ||||||||
Derivatives not designated as hedges are not speculative. As of September 30, 2013, we had the following outstanding interest rate derivatives that were not designated for accounting purposes as hedging instruments, but were used to hedge our economic exposure to interest rate risk: | ||||||||
Interest Rate Derivative | Number of Instruments | Notional (in thousands) | ||||||
Purchased Caps | 4 | $100,000 | ||||||
Effect Of Derivative Instruments On Consolidated Statements Of Operations | ' | |||||||
The table below (in thousands) presents the effect of our derivative instruments on our consolidated statements of operations for the nine months ended September 30: | ||||||||
2013 | 2012 | |||||||
Derivatives Designated as Cash Flow Hedges: | ||||||||
Gain (loss) recognized in other comprehensive income (OCI) (effective portion) | $ | 2,151 | $ | (48,450 | ) | |||
Gain (loss) from unconsolidated investment in real estate funds | $ | 1,810 | $ | (1,356 | ) | |||
recognized in other comprehensive income (OCI) (effective portion) | ||||||||
Gain (loss) reclassified from AOCI into interest expense (effective portion) ¹ | $ | (27,093 | ) | $ | (44,066 | ) | ||
Gain (loss) from unconsolidated investment in real estate funds reclassified from AOCI into Income (loss), including depreciation, from unconsolidated real estate funds (effective portion) | $ | (305 | ) | $ | (5,535 | ) | ||
Gain (loss) reclassified from AOCI into interest expense (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | 25 | ||||
Amount of gain (loss) on derivatives recognized in earnings under "interest expense" (ineffective portion and amount excluded from effectiveness testing) | $ | — | $ | (64 | ) | |||
Derivatives Not Designated as Cash Flow Hedges: | ||||||||
Realized and unrealized gain (loss) recognized in interest expense | $ | (3 | ) | $ | (37 | ) | ||
__________________________________________________ | ||||||||
-1 | The nine months ended September 30, 2012 includes a non-cash expense of $8.8 million related to the amortization of accumulated other comprehensive income balances on previously terminated swaps. | |||||||
Schedule Of Fair Values Of Derivative Instruments | ' | |||||||
The table below (in thousands) presents the fair values of derivative instruments: | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Derivative assets disclosed within "Other Assets" (1): | ||||||||
Derivatives designated as accounting hedges | $ | — | $ | — | ||||
Derivatives not designated as accounting hedges | 1 | 4 | ||||||
Total derivative assets | $ | 1 | $ | 4 | ||||
Derivative liabilities disclosed as "Interest Rate Contracts": | ||||||||
Derivatives designated as accounting hedges | $ | 71,114 | $ | 100,294 | ||||
Derivatives not designated as accounting hedges | — | — | ||||||
Total derivative liabilities | $ | 71,114 | $ | 100,294 | ||||
_________________________________________________________ | ||||||||
(1) Included in the "other" line item of other assets. See Note 5. |
Equity_Tables
Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||
Condensed Consolidated Statements Of Equity | ' | |||||||||||||||
The tables below (in thousands) present our condensed consolidated statements of equity: | ||||||||||||||||
Douglas Emmett, Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance as of January 1, 2013 | $ | 1,979,656 | $ | 410,803 | $ | 2,390,459 | ||||||||||
Net income | 36,468 | 5,865 | 42,333 | |||||||||||||
Cash flow hedge adjustment | 25,367 | 5,992 | 31,359 | |||||||||||||
Contributions | — | 584 | 584 | |||||||||||||
Dividends and distributions | (76,998 | ) | (15,993 | ) | (92,991 | ) | ||||||||||
Conversion of operating partnership units | 18,630 | (18,630 | ) | — | ||||||||||||
Repurchase of operating partnership units | (172 | ) | (180 | ) | (352 | ) | ||||||||||
Stock compensation | — | 4,864 | 4,864 | |||||||||||||
Balance as of September 30, 2013 | $ | 1,982,951 | $ | 393,305 | $ | 2,376,256 | ||||||||||
Douglas Emmett, Inc. Stockholders' Equity | Noncontrolling Interests | Total Equity | ||||||||||||||
Balance as of January 1, 2012 | $ | 1,865,106 | $ | 450,849 | $ | 2,315,955 | ||||||||||
Net income | 16,968 | 4,037 | 21,005 | |||||||||||||
Cash flow hedge adjustment | (2,729 | ) | 2,499 | (230 | ) | |||||||||||
Dividends and distributions | (63,017 | ) | (13,768 | ) | (76,785 | ) | ||||||||||
Conversion of operating partnership units | 38,060 | (38,060 | ) | — | ||||||||||||
Stock compensation | 521 | 7,526 | 8,047 | |||||||||||||
Sale of common stock, net of offering costs | 128,257 | — | 128,257 | |||||||||||||
Other | — | (10 | ) | (10 | ) | |||||||||||
Balance as of September 30, 2012 | $ | 1,983,166 | $ | 413,073 | $ | 2,396,239 | ||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||
The table below (in thousands) presents the changes in our AOCI balance, which consists solely of adjustments related to our cash flow hedges and the cash flow hedges of our unconsolidated Funds: | ||||||||||||||||
Nine Months Ended September 30, | ||||||||||||||||
2013 | 2012 | |||||||||||||||
Balance at beginning of period | $ | (82,991 | ) | $ | (89,180 | ) | ||||||||||
Other comprehensive income (loss) before reclassifications 1 | 3,961 | (49,806 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income 2 | 27,398 | 49,576 | ||||||||||||||
Net current period other comprehensive income (loss) | 31,359 | (230 | ) | |||||||||||||
Less other comprehensive (income) loss attributable to noncontrolling interests | (5,992 | ) | (2,499 | ) | ||||||||||||
Other comprehensive income (loss) attributable to common stockholders | 25,367 | (2,729 | ) | |||||||||||||
Balance at end of period | $ | (57,624 | ) | $ | (91,909 | ) | ||||||||||
___________________________________________________ | ||||||||||||||||
-1 | Includes (i) fair value adjustments to our derivatives designated as cash flow hedges of $2.2 million and $(48.5) million for the nine months ended September 30, 2013 and 2012, respectively, as well as (ii) our share of the fair value adjustments to derivatives designated as cash flow hedges of our unconsolidated Funds of $1.8 million and $(1.4) million for the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||
-2 | Includes (i) a reclassification from AOCI to interest expense of $27.1 million and $44.1 million for the nine months ended September 30, 2013 and 2012, respectively, of our derivatives designated as cash flow hedges, as well as (ii) a reclassification from AOCI to income (loss) including depreciation of our unconsolidated real estate funds of $305 thousand and $5.5 million for the nine months ended September 30, 2013 and 2012, respectively, related to derivatives designated as cash flow hedges of our unconsolidated Funds. | |||||||||||||||
Net Income Attributable To Common Stockholders And Transfers (To) From Noncontrolling Interests | ' | |||||||||||||||
The table below (in thousands) presents the net income attributable to common stockholders and transfers (to) from the noncontrolling interests: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income attributable to common stockholders | $ | 10,751 | $ | 5,055 | $ | 36,468 | $ | 16,968 | ||||||||
Transfers from the noncontrolling interests: | ||||||||||||||||
Increase in common stockholders paid-in capital for redemption of operating partnership units | 100 | 14,100 | 18,616 | 38,033 | ||||||||||||
Change from net income attributable to common stockholders and transfers from noncontrolling interest | $ | 10,851 | $ | 19,155 | $ | 55,084 | $ | 55,001 | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
The table below presents the calculation of basic and diluted EPS: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator (in thousands): | ||||||||||||||||
Net income attributable to common stockholders | $ | 10,751 | $ | 5,055 | $ | 36,468 | $ | 16,968 | ||||||||
Add back: Net income attributable to noncontrolling interests in our Operating Partnership | 2,134 | 1,072 | 7,261 | 3,713 | ||||||||||||
Numerator for diluted net income attributable to all equity holders | $ | 12,885 | $ | 6,127 | $ | 43,729 | $ | 20,681 | ||||||||
Denominator (in thousands): | ||||||||||||||||
Weighted average shares of common stock outstanding - basic | 142,598 | 140,301 | 142,540 | 139,453 | ||||||||||||
Effect of dilutive securities (1)Â : | ||||||||||||||||
Operating partnership units and vested long term incentive plan (LTIP) units | 28,323 | 29,908 | 28,382 | 30,517 | ||||||||||||
Stock options | 3,205 | 2,942 | 3,375 | 2,396 | ||||||||||||
Unvested LTIP units | 630 | 674 | 577 | 576 | ||||||||||||
Weighted average shares of common stock and common stock equivalents outstanding - diluted | 174,756 | 173,825 | 174,874 | 172,942 | ||||||||||||
Basic earnings per share: | ||||||||||||||||
Net income attributable to common stockholders per share | $ | 0.08 | $ | 0.04 | $ | 0.26 | $ | 0.12 | ||||||||
Diluted earnings per share: | ||||||||||||||||
Net income attributable to common stockholders per share | $ | 0.07 | $ | 0.04 | $ | 0.25 | $ | 0.12 | ||||||||
____________________________________________________ | ||||||||||||||||
-1 | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership, and other convertible equity instruments. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments Schedule of Derivative Instruments Fair Value (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Fair Value Disclosures [Abstract] | ' | |||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | |||||||
The table below (in thousands) presents the derivative assets and liabilities presented in our financial statements at their estimated fair value on a gross basis without reflecting any net settlement positions with the same counterparty: | ||||||||
30-Sep-13 | ||||||||
Assets | Liabilities | |||||||
Level 1 - Quoted Prices in Active Markets for Identical Assets and Liabilities | $ | — | $ | — | ||||
Level 2 - Significant Other Observable Inputs | 1 | 71,114 | ||||||
Level 3 - Significant Unobservable Inputs | — | — | ||||||
Fair Value of Derivative Instruments | $ | 1 | $ | 71,114 | ||||
Future_Minimum_Lease_Receipts_
Future Minimum Lease Receipts (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | |||
Schedule Of Future Minimum Base Rentals On Non-Cancelable Office And Ground Operating Leases | ' | |||
Future minimum base rentals on our non-cancelable office and ground operating leases as of September 30, 2013 were as follows (in thousands): | ||||
Twelve months ending September 30: | ||||
2014 | $ | 362,425 | ||
2015 | 316,703 | |||
2016 | 266,858 | |||
2017 | 215,891 | |||
2018 | 166,553 | |||
Thereafter | 415,303 | |||
Total future minimum base rentals | $ | 1,743,733 | ||
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | |||
Future Minimum Ground Lease Payments | ' | |||
The following is a schedule (in thousands) of our future minimum ground lease payments as of September 30, 2013: | ||||
Twelve months ending September 30: | ||||
2014 | $ | 733 | ||
2015 | 733 | |||
2016 | 733 | |||
2017 | 733 | |||
2018 | 733 | |||
Thereafter | 50,026 | |||
Total future minimum lease payments | $ | 53,691 | ||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Operating Activity Within Reportable Segments | ' | |||||||||||||||
The table below (in thousands) presents the operating activity of our reportable segments: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Office Segment | ||||||||||||||||
Rental revenue | $ | 130,339 | $ | 127,423 | $ | 386,424 | $ | 380,888 | ||||||||
Rental expense | (46,494 | ) | (44,293 | ) | (130,525 | ) | (127,684 | ) | ||||||||
Segment profit | 83,845 | 83,130 | 255,899 | 253,204 | ||||||||||||
Multifamily Segment | ||||||||||||||||
Rental revenue | 19,347 | 18,570 | 57,436 | 54,961 | ||||||||||||
Rental expense | (5,157 | ) | (4,999 | ) | (15,108 | ) | (14,860 | ) | ||||||||
Segment profit | 14,190 | 13,571 | 42,328 | 40,101 | ||||||||||||
Total profit from all segments | $ | 98,035 | $ | 96,701 | $ | 298,227 | $ | 293,305 | ||||||||
Reconciliation Of Segment Profit To Net Income Attributable To Common Stockholders | ' | |||||||||||||||
The table below (in thousands) is a reconciliation of the total profit from all segments to net income attributable to common stockholders: | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Total profit from all segments | $ | 98,035 | $ | 96,701 | $ | 298,227 | $ | 293,305 | ||||||||
General and administrative expense | (6,546 | ) | (6,610 | ) | (20,724 | ) | (20,051 | ) | ||||||||
Depreciation and amortization | (47,402 | ) | (46,546 | ) | (141,528 | ) | (139,071 | ) | ||||||||
Other income | 2,138 | 626 | 4,165 | 2,027 | ||||||||||||
Other expenses | (1,402 | ) | (436 | ) | (2,777 | ) | (1,445 | ) | ||||||||
Income (loss), including depreciation, from unconsolidated real estate funds | 811 | (663 | ) | 3,335 | (2,764 | ) | ||||||||||
Interest expense | (32,601 | ) | (36,844 | ) | (97,832 | ) | (110,996 | ) | ||||||||
Acquisition-related expenses | (290 | ) | — | (533 | ) | — | ||||||||||
Net income | 12,743 | 6,228 | 42,333 | 21,005 | ||||||||||||
Less: Net income attributable to noncontrolling interests | (1,992 | ) | (1,173 | ) | (5,865 | ) | (4,037 | ) | ||||||||
Net income attributable to common stockholders | $ | 10,751 | $ | 5,055 | $ | 36,468 | $ | 16,968 | ||||||||
Investments_In_Unconsolidated_1
Investments In Unconsolidated Real Estate Funds (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Real Estate Investments, Net [Abstract] | ' | |||||||
Summary Of Statement Of Operations For Investments In Unconsolidated Real Estate Funds | ' | |||||||
The table below (in thousands) presents selected financial information for the Funds. The amounts represent 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: | ||||||||
Nine Months Ended September 30, | ||||||||
2013 | 2012 | |||||||
Total revenues | $ | 47,627 | $ | 45,928 | ||||
Operating income | 8,797 | 7,787 | ||||||
Net income (loss) | 748 | (9,048 | ) | |||||
September 30, 2013 | December 31, 2012 | |||||||
Total assets | $ | 737,074 | $ | 741,490 | ||||
Total liabilities | 392,041 | 431,817 | ||||||
Total equity | 345,033 | 309,673 | ||||||
Overview_Details
Overview (Details) | Sep. 30, 2013 |
Number_of_Properties | |
Overview [Line Items] | ' |
Number of office properties owned | 60 |
Wholly Owned Consolidated Properties [Member] | ' |
Overview [Line Items] | ' |
Number of office properties owned | 52 |
Number of multifamily properties owned | 9 |
Number of land parcels | 2 |
Partially Owned Properties [Member] | ' |
Overview [Line Items] | ' |
Number of office properties owned | 8 |
Investment_in_Real_Estate_Inve
Investment in Real Estate Investment in Real Estate (Narrative) (Details) (USD $) | 15-May-13 | Aug. 15, 2013 |
In Millions, unless otherwise specified | 8484 Wilshire [Member] | 16501 Ventura [Member] |
sqft | sqft | |
Business Acquisition [Line Items] | ' | ' |
Area of Real Estate Property Acquired | 225,000 | 191,000 |
Contract Price of Acquisition | $89 | $61 |
Price paid for real estate acquired per square foot | 395 | 319 |
Investment_in_Real_Estate_Deta
Investment in Real Estate (Details) (USD $) | 15-May-13 | Aug. 15, 2013 |
In Thousands, unless otherwise specified | 8484 Wilshire [Member] | 16501 Ventura [Member] |
Business Acquisition [Line Items] | ' | ' |
Land | $8,847 | $6,759 |
Buildings and improvements | 77,158 | 55,179 |
Tenant improvements and other in-place lease assets | 6,485 | 4,736 |
Acquired lease intangibles, net | -3,490 | -5,674 |
Net assets and liabilities acquired | $89,000 | $61,000 |
Acquired_Lease_Intangibles_Sum
Acquired Lease Intangibles (Summary Of Acquired Lease Intangibles) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired lease intangible assets, net | $3,899 | $4,707 |
Acquired lease intangible liabilities, net | 63,420 | 67,035 |
Above-Market Tenant Leases [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 34,998 | 34,968 |
Finite-Lived Intangible Assets, Accumulated Amortization | -33,764 | -32,985 |
Below-Market Ground Leases [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | 3,198 | 3,198 |
Finite-Lived Intangible Assets, Accumulated Amortization | -533 | -474 |
Below-Market Tenant Leases [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired In Place Leases, Off Market Leases, Unfavorable Gross | 272,412 | 263,220 |
Acquired in Place Leases Off Market Leases Unfavorable Accumulated Accretion | -221,597 | -208,939 |
Above-Market Ground Leases [Member] | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Acquired In Place Leases, Off Market Leases, Unfavorable Gross | 16,200 | 16,200 |
Acquired in Place Leases Off Market Leases Unfavorable Accumulated Accretion | ($3,595) | ($3,446) |
Other_Assets_Schedule_Of_Other
Other Assets (Schedule Of Other Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Deferred loan costs, net of accumulated amortization of $11,217 and $8,245 at September 30, 2013 and December 31, 2012, respectively | $16,547 | $19,362 |
Restricted cash | 194 | 2,379 |
Prepaid expenses | 8,433 | 4,049 |
Other indefinite-lived intangible | 1,988 | 1,988 |
Other | 2,893 | 2,049 |
Total other assets | $30,055 | $29,827 |
Other_Assets_Narrative_Details
Other Assets (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Assets [Abstract] | ' | ' | ' | ' |
Amortization of deferred loan costs | $913 | $1,200 | $2,972 | $3,289 |
Other_Assets_Other_Assets_Pare
Other Assets Other Assets- Parenthetical (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets [Abstract] | ' | ' |
Accumulated amortization of deferred loan costs | $11,217 | $8,245 |
Secured_Notes_Payable_Schedule
Secured Notes Payable (Schedule Of Secured Notes Payable) (Details) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Dec. 31, 2012 | |||
Y | ||||
Debt Instrument [Line Items] | ' | ' | ||
Total future principal payments | $3,351,140,000 | [1] | $3,441,140,000 | [1] |
Weighted average remaining life of total outstanding debt (in years) | 4.9 | ' | ||
Debt at fixed interest rate | 2,970,000,000 | ' | ||
Weighted average remaining life of interest rate swaps and fixed rate debt (in years) | '5 years 3 months | ' | ||
Weighted average remaining period for fixed & effecitvely fixed rate debt (in years) | '3 years 7 months 9 days | ' | ||
Weighted average interest rate for fixed & effectively fixed rate debt | 4.05% | ' | ||
Effective weighted average interest rate for fixed & effectively fixed rate debt | 4.17% | ' | ||
Effective Fixed Rate Loans [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured loan amount | 1,828,080,000 | 2,168,080,000 | ||
Effective Annual Fixed Interest Rate | 3.98% | [2] | ' | |
Fixed Rate Loans [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured loan amount | 1,145,000,000 | 1,145,000,000 | ||
Effective Annual Fixed Interest Rate | 4.15% | [2] | ' | |
Variable Rate Loans [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured loan amount | 378,060,000 | 128,060,000 | ||
Term Loan With Maturity Date 3/3/2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 3-Mar-14 | [3] | ' | |
Secured loan amount | 16,140,000 | [3] | 16,140,000 | [3] |
Variable Interest Rate | 'LIBOR + 1.85% | [3] | ' | |
Fannie Mae Loan With Interest Rate At 0.707% BPS Over DMBS [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Feb-15 | [4] | ' | |
Secured loan amount | 111,920,000 | [4] | 111,920,000 | [4] |
Variable Interest Rate | 'DMBS + 0.707% | [4] | ' | |
Fannie Mae Loan With Interest Rate At 0.76% Over DMBS [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured loan amount | 75,000,000 | ' | ||
Variable Interest Rate | 'DMBS + 0.76% | ' | ||
Fannie Mae Loan With Interest Rate At 0.60% Over DMBS [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Secured loan amount | 36,900,000 | ' | ||
Variable Interest Rate | 'DMBS + 0.60% | ' | ||
Term Loan With Maturity Date 4/1/2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Apr-15 | ' | ||
Secured loan amount | 150,000,000 | 240,000,000 | ||
Variable Interest Rate | 'LIBOR +1.50% | ' | ||
Term Loan With Maturity Date 3/1/2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Mar-16 | ' | ||
Secured loan amount | 82,000,000 | 82,000,000 | ||
Variable Interest Rate | 'LIBOR + 0.62% | ' | ||
Term Loan With Maturity Date 6/1/2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Jun-17 | ' | ||
Secured loan amount | 18,000,000 | 18,000,000 | ||
Variable Interest Rate | 'LIBOR + 0.62% | ' | ||
Term Loan With Maturity Date 10/2/2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 2-Oct-17 | ' | ||
Secured loan amount | 400,000,000 | 400,000,000 | ||
Variable Interest Rate | 'LIBOR + 2.00% | ' | ||
Derivative, Fixed Interest Rate | 4.45% | [2] | ' | |
Swap Maturity Date | 1-Jul-15 | ' | ||
Term Loan With Maturity Date 4/2/2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 2-Apr-18 | ' | ||
Secured loan amount | 510,000,000 | 510,000,000 | ||
Variable Interest Rate | 'LIBOR + 2.00% | ' | ||
Derivative, Fixed Interest Rate | 4.12% | [2] | ' | |
Swap Maturity Date | 1-Apr-16 | ' | ||
Term Loan With Maturity Date 8/1/2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Aug-18 | ' | ||
Secured loan amount | 530,000,000 | 530,000,000 | ||
Variable Interest Rate | 'LIBOR + 1.70% | ' | ||
Derivative, Fixed Interest Rate | 3.74% | [2] | ' | |
Swap Maturity Date | 1-Aug-16 | ' | ||
Term Loan With Maturity Date 8/5/2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 5-Aug-18 | [5] | ' | |
Secured loan amount | 355,000,000 | [5] | 355,000,000 | [5] |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.14% | [2],[5] | ' | |
Debt instrument period of monthly interest-only payments end date | 5-Feb-16 | ' | ||
Amortization period, (in years) | 30 | ' | ||
Term Loan With Maturity Date 2/1/2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Feb-19 | [6] | ' | |
Secured loan amount | 155,000,000 | [6] | 155,000,000 | [6] |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.00% | [2],[6] | ' | |
Debt instrument period of monthly interest-only payments end date | 1-Feb-15 | ' | ||
Amortization period, (in years) | 30 | ' | ||
Term Loan With Maturity Date 6/5/2019 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 5-Jun-19 | [7] | ' | |
Secured loan amount | 285,000,000 | [7] | 285,000,000 | [7] |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.85% | [2],[7] | ' | |
Debt instrument period of monthly interest-only payments end date | 5-Feb-17 | ' | ||
Amortization period, (in years) | 30 | ' | ||
Term Loan With Maturity Date 3/1/2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 1-Mar-20 | [8],[9] | ' | |
Secured loan amount | 350,000,000 | [9] | 350,000,000 | [9] |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.46% | [2],[9] | ' | |
Debt instrument period of monthly interest-only payments end date | 1-Mar-14 | ' | ||
Amortization period, (in years) | 30 | ' | ||
Number Of One-Year Extension Options Available | 2 | ' | ||
Debt instrument period of fixed interest end date | 1-Mar-18 | ' | ||
Term Loan With Maturity Date 11/2/2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Maturity Date | 2-Nov-20 | ' | ||
Secured loan amount | $388,080,000 | $388,080,000 | ||
Variable Interest Rate | 'LIBOR + 1.65% | ' | ||
Derivative, Fixed Interest Rate | 3.65% | [2] | ' | |
Swap Maturity Date | 1-Nov-17 | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 3/3/2014 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 1.85% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 4/1/2015 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 1.50% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 3/1/2016 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 0.62% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 6/1/2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 0.62% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 10/2/2017 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 2.00% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 4/2/2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 2.00% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 8/1/2018 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 1.70% | ' | ||
London Interbank Offered Rate (LIBOR) [Member] | Term Loan With Maturity Date 11/2/2020 [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 1.65% | ' | ||
DMBS [Member] | Fannie Mae Loan With Interest Rate At 0.707% BPS Over DMBS [Member] | ' | ' | ||
Debt Instrument [Line Items] | ' | ' | ||
Basis spread on variable rate | 0.71% | ' | ||
[1] | See Note 11 for our fair value disclosures. | |||
[2] | Includes the effect of interest rate contracts as of SeptemberB 30, 2013, and excludes amortization of loan fees, all shown on an actual/360-day basis. | |||
[3] | The borrower is a consolidated entity in which our operating partnership owns a two-thirds interest. | |||
[4] | The loan has a $75.0B million tranche bearing interest at DMBS + 0.76% and a $36.9B million tranche bearing interest at DMBS + 0.60%. | |||
[5] | Interest-only until February 2016, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||
[6] | Interest-only until February 2015, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||
[7] | Interest only until February 2017, with principal amortization thereafter based upon a thirty-year amortization schedule. | |||
[8] | We have two one-year extension options which would extend the maturity to MarchB 1, 2020 from MarchB 1, 2018, subject to meeting certain conditions. | |||
[9] | Interest at a fixed interest rate until MarchB 1, 2018 and a floating rate thereafter, with interest-only payments until March 2014 and with principal amortization thereafter based upon a thirty-year amortization schedule. |
Secured_Notes_Payable_Secured_
Secured Notes Payable Secured Notes Payable- Parenthetical (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' |
Joint Venture, Ownership Percentage | 66.67% |
Term Loan With Maturity Date 3/3/2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Joint Venture, Ownership Percentage | 66.67% |
Secured_Notes_Payable_Schedule1
Secured Notes Payable (Schedule Of Minimum Future Principal Payments Due On Secured Notes Payable) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Secured Debt [Abstract] | ' | ' | ||
2014 | $18,951 | ' | ||
2015 | 269,542 | ' | ||
2016 | 94,411 | ' | ||
2017 | 36,504 | ' | ||
2018 | 2,122,465 | ' | ||
Thereafter | 809,267 | ' | ||
Total future principal payments | $3,351,140 | [1] | $3,441,140 | [1] |
[1] | See Note 11 for our fair value disclosures. |
Interest_Payable_Accounts_Paya2
Interest Payable , Accounts Payable And Accrued Liabilities (Schedule Of Accounts Payable And Accrued Liabilities) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Payable and Accrued Liabilities [Abstract] | ' | ' |
Interest payable | $9,093 | $10,203 |
Accounts payable and accrued liabilities | 37,516 | 19,168 |
Deferred revenue | 16,793 | 15,800 |
Total interest payable, accounts payable and accrued liabilities | $63,402 | $45,171 |
Interest_Rate_Contracts_Intere
Interest Rate Contracts (Interest Rate Derivatives Designated As Hedging Instruments) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Instruments |
Interest Rate Swaps | ' |
Derivative [Line Items] | ' |
Number of Instruments | 7 |
Notional (in thousands) | $1,828,080 |
Interest Rate Caps | ' |
Derivative [Line Items] | ' |
Number of Instruments | 2 |
Notional (in thousands) | $111,920 |
Interest_Rate_Contracts_Intere1
Interest Rate Contracts (Interest Rate Derivatives Non-Designated As Hedging Instruments) (Details) (Purchased Caps, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Instruments |
Purchased Caps | ' |
Derivative [Line Items] | ' |
Number of Instruments | 4 |
Notional (in thousands) | $100,000 |
Interest_Rate_Contracts_Narrat
Interest Rate Contracts (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value derivatives, net liability position | $75,300,000 | $107,400,000 |
Parent [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 35,300,000 | ' |
Fund X [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $846,000 | ' |
Interest_Rate_Contracts_Effect
Interest Rate Contracts (Effect Of Derivative Instruments On Consolidated Statements Of Operations) (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | ||
Derivative [Line Items] | ' | ' | |
Realized and unrealized gain (loss) recognized in interest expense | ($67,000) | ($8,930,000) | |
Terminated in 2011 [Member] | ' | ' | |
Derivative [Line Items] | ' | ' | |
Amortization of accumulated other comprehensive income balances on previously terminated swaps | ' | 8,800,000 | |
Parent [Member] | Cash Flow Hedging [Member] | Derivatives Designated as Cash Flow Hedges: | ' | ' | |
Derivative [Line Items] | ' | ' | |
Gain (loss) recognized in other comprehensive income (OCI) (effective portion) | 2,151,000 | -48,450,000 | |
Amount of gain (loss) reclassified from AOCI into earnings under interest expense (effective portion) | -27,093,000 | -44,066,000 | [1] |
Parent [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Derivatives Designated as Cash Flow Hedges: | ' | ' | |
Derivative [Line Items] | ' | ' | |
Amount of gain (loss) on derivatives recognized in earnings under interest expense (ineffective portion and amount excluded from effectiveness testing) | 0 | 25,000 | |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | -64,000 | |
Parent [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | Derivatives Not Designated as Cash Flow Hedges: | ' | ' | |
Derivative [Line Items] | ' | ' | |
Realized and unrealized gain (loss) recognized in interest expense | -3,000 | -37,000 | |
Fund X [Member] | Cash Flow Hedging [Member] | Derivatives Designated as Cash Flow Hedges: | ' | ' | |
Derivative [Line Items] | ' | ' | |
Gain (loss) recognized in other comprehensive income (OCI) (effective portion) | 1,810,000 | -1,356,000 | |
Amount of gain (loss) reclassified from AOCI into earnings under interest expense (effective portion) | ($305,000) | ($5,535,000) | |
[1] | The nine months ended SeptemberB 30, 2012 includes a non-cash expense of $8.8B million related to the amortization of accumulated other comprehensive income balances on previously terminated swaps. |
Interest_Rate_Contracts_Schedu
Interest Rate Contracts (Schedule Of Fair Values Of Derivative Instruments) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Derivative [Line Items] | ' | ' | ||
Derivative asset, fair value | $1 | ' | ||
Derivative liability, fair value | 71,114 | 100,294 | ||
Derivatives designated as accounting hedges | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative asset, fair value | 0 | [1] | 0 | [1] |
Derivative liability, fair value | 71,114 | 100,294 | ||
Derivatives not designated as accounting hedges | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative asset, fair value | 1 | [1] | 4 | [1] |
Derivative liability, fair value | 0 | 0 | ||
Interest Rate Contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative asset, fair value | 1 | [1] | 4 | [1] |
Derivative liability, fair value | $71,114 | $100,294 | ||
[1] | (1) Included in the "other" line item of other assets. See Note 5. |
Equity_Narrative_Details
Equity (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Noncontrolling interest, ownership percentage by noncontrolling owners | 17.00% | ' | 17.00% | ' |
Number of operating partnership units converted to shares of common stock | ' | ' | 1,400,000 | 2,700,000 |
Number of operating partnership units redeemed for cash | ' | ' | 13,000 | ' |
Number of common shares issued | ' | ' | 0 | 6,900,000 |
Issuance of common stock, net | ' | ' | $0 | $128,257,000 |
Non-cash amortization of stock-based compensation | 1,500,000 | 1,600,000 | 4,560,000 | 4,624,000 |
Capitalized equity compensation | 97,000 | 133,000 | 304,000 | 387,000 |
Immediately vested equity grants | ' | ' | ' | $3,000,000 |
Equity_Equity_OP_unit_conversi
Equity Equity- OP unit conversion rate- Parenthetical (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Number of Shares of Common Stock issued upon redemption of one OP unit | 1 |
Equity_Equity_JV_Ownership_Per
Equity Equity- JV Ownership Percentage - Parenthetical (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Stockholders' Equity Note [Abstract] | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | 0 |
Joint Venture, Ownership Percentage | ' | ' | 66.67% | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 0 | 6,900 |
Non-cash amortization of stock-based compensation | $1,500 | $1,600 | $4,560 | $4,624 |
Equity_Condensed_Consolidated_
Equity (Condensed Consolidated Statements Of Equity) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Line Items] | ' | ' | ' | ' |
Douglas Emmett, Inc. Stockholders' Equity, Beginning Balance | ' | ' | $1,979,656 | ' |
Noncontrolling Interests, Beginning Balance | ' | ' | 410,803 | ' |
Total Equity, Beginning Balance | ' | ' | 2,390,459 | 2,315,955 |
Net income attributable to common stockholders | 10,751 | 5,055 | 36,468 | 16,968 |
Noncontrolling Interests, Net Income | 1,992 | 1,173 | 5,865 | 4,037 |
Net income | 12,743 | 6,228 | 42,333 | 21,005 |
Cash flow hedge adjustment | -1,060 | -827 | 31,359 | -230 |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | ' | ' | 584 | ' |
Dividends and distributions | ' | ' | -92,991 | -76,785 |
Conversion of operating partnership units | ' | ' | 0 | 0 |
Repurchase of operating partnership units | ' | ' | -352 | ' |
Stock compensation | ' | ' | -4,864 | -8,047 |
Issuance of common stock, net | ' | ' | 0 | 128,257 |
Other | ' | ' | ' | -10 |
Douglas Emmett, Inc. Stockholders' Equity, Ending Balance | 1,982,951 | ' | 1,982,951 | ' |
Noncontrolling Interests, Ending Balance | 393,305 | ' | 393,305 | ' |
Total Equity, Ending Balance | 2,376,256 | 2,396,239 | 2,376,256 | 2,396,239 |
Douglas Emmett, Inc. Stockholders' Equity | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Douglas Emmett, Inc. Stockholders' Equity, Beginning Balance | ' | ' | 1,979,656 | 1,865,106 |
Net income attributable to common stockholders | ' | ' | 36,468 | 16,968 |
Cash flow hedge adjustment | ' | ' | 25,367 | -2,729 |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | ' | ' | 0 | ' |
Dividends and distributions | ' | ' | -76,998 | -63,017 |
Conversion of operating partnership units | ' | ' | 18,630 | 38,060 |
Repurchase of operating partnership units | ' | ' | -172 | ' |
Stock compensation | ' | ' | 0 | 521 |
Issuance of common stock, net | ' | ' | ' | 128,257 |
Other | ' | ' | ' | 0 |
Douglas Emmett, Inc. Stockholders' Equity, Ending Balance | 1,982,951 | 1,983,166 | 1,982,951 | 1,983,166 |
Noncontrolling Interests | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Noncontrolling Interests, Beginning Balance | ' | ' | 410,803 | 450,849 |
Noncontrolling Interests, Net Income | ' | ' | 5,865 | 4,037 |
Cash flow hedge adjustment | ' | ' | 5,992 | 2,499 |
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | ' | ' | 584 | ' |
Dividends and distributions | ' | ' | -15,993 | -13,768 |
Conversion of operating partnership units | ' | ' | -18,630 | -38,060 |
Repurchase of operating partnership units | ' | ' | -180 | ' |
Stock compensation | ' | ' | 4,864 | 7,526 |
Issuance of common stock, net | ' | ' | ' | 0 |
Other | ' | ' | ' | -10 |
Noncontrolling Interests, Ending Balance | $393,305 | $413,073 | $393,305 | $413,073 |
Equity_Accumulated_Other_Compr
Equity Accumulated Other Comprehensive Income Schedule (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Balance at beginning of period | ' | ' | ($82,991) | ($89,180) | ||
Other comprehensive income (loss) before reclassifications 1 | ' | ' | 3,961 | [1] | -49,806 | [1] |
Amounts reclassified from accumulated other comprehensive income 2 | ' | ' | 27,398 | [2] | 49,576 | [2] |
Net current period other comprehensive income (loss) | -1,060 | -827 | 31,359 | -230 | ||
Less other comprehensive (income) loss attributable to noncontrolling interests | ' | ' | -5,992 | -2,499 | ||
Other comprehensive income (loss) attributable to common stockholders | ' | ' | 25,367 | -2,729 | ||
Balance at end of period | -57,624 | -91,909 | -57,624 | -91,909 | ||
Parent [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss) before reclassifications 1 | ' | ' | 2,200 | [1] | -48,500 | [1] |
Amounts reclassified from accumulated other comprehensive income 2 | ' | ' | 27,100 | [2] | 44,100 | [2] |
Fund X [Member] | ' | ' | ' | ' | ||
Other comprehensive income (loss) before reclassifications 1 | ' | ' | 1,800 | [1] | -1,400 | [1] |
Amounts reclassified from accumulated other comprehensive income 2 | ' | ' | $305 | [2] | $5,500 | [2] |
[1] | Includes (i) fair value adjustments to our derivatives designated as cash flow hedges of $2.2B million and $(48.5)B million for the nine months ended SeptemberB 30, 2013 and 2012, respectively, as well as (ii) our share of the fair value adjustments to derivatives designated as cash flow hedges of our unconsolidated Funds of $1.8B million and $(1.4)B million for the nine months ended SeptemberB 30, 2013 and 2012, respectively. | |||||
[2] | Includes (i) a reclassification from AOCI to interest expense of $27.1B million and $44.1B million for the nine months ended SeptemberB 30, 2013 and 2012, respectively, of our derivatives designated as cash flow hedges, as well as (ii) a reclassification from AOCI to income (loss) including depreciation of our unconsolidated real estate funds of $305B thousand and $5.5B million for the nine months ended SeptemberB 30, 2013 and 2012, respectively, related to derivatives designated as cash flow hedges of our unconsolidated Funds. |
Equity_Net_Income_Attributable
Equity (Net Income Attributable To Common Stockholders And Transfers (To) From Noncontrolling Interests) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Equity [Line Items] | ' | ' | ' | ' |
Issuance of common stock, net | ' | ' | $0 | $128,257 |
Net income attributable to common stockholders | 10,751 | 5,055 | 36,468 | 16,968 |
Increase in common stockholders paid-in capital for redemption of operating partnership units | 100 | 14,100 | 18,616 | 38,033 |
Change from net income attributable to common stockholders and transfers from noncontrolling interest | 10,851 | 19,155 | 55,084 | 55,001 |
Additional Paid-In Capital [Member] | ' | ' | ' | ' |
Equity [Line Items] | ' | ' | ' | ' |
Net income attributable to common stockholders | $10,751 | $5,055 | $36,468 | $16,968 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Earnings Per Share [Abstract] | ' | ' | ' | ' | ||||
Net income attributable to common stockholders | $10,751 | $5,055 | $36,468 | $16,968 | ||||
Add back: Net income attributable to noncontrolling interests in our Operating Partnership | 2,134 | 1,072 | 7,261 | 3,713 | ||||
Numerator for diluted net income attributable to all equity holders | $12,885 | $6,127 | $43,729 | $20,681 | ||||
Weighted average shares of common stock outstanding - basic | 142,598 | 140,301 | 142,540 | 139,453 | ||||
Operating partnership units and vested long term incentive plan (LTIP) units | 28,323 | [1] | 29,908 | [1] | 28,382 | [1] | 30,517 | [1] |
Stock options | 3,205 | [1] | 2,942 | [1] | 3,375 | [1] | 2,396 | [1] |
Unvested LTIP units | 630 | [1] | 674 | [1] | 577 | [1] | 576 | [1] |
Weighted average shares of common stock and common stock equivalents outstanding - diluted | 174,756 | 173,825 | 174,874 | 172,942 | ||||
Net income attributable to common stockholders per share b basic | $0.08 | $0.04 | $0.26 | $0.12 | ||||
Net income attributable to common stockholders per share b diluted | $0.07 | $0.04 | $0.25 | $0.12 | ||||
[1] | Diluted shares are calculated in accordance with GAAP, and represent ownership in our company through shares of common stock, units in our operating partnership, and other convertible equity instruments. |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments Fair Value of Financial Instruments (Narrative) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value Disclosures [Abstract] | ' | ' | ||
Secured notes payable fair value | $3,400,000,000 | $3,510,000,000 | ||
Secured notes payable | $3,351,140,000 | [1] | $3,441,140,000 | [1] |
[1] | See Note 11 for our fair value disclosures. |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments Fair Value Table (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate contracts | $1 | ' |
Interest rate contracts | 71,114 | 100,294 |
Level 1 - Quoted Prices in Active Markets for Identical Assets and Liabilities | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate contracts | 0 | ' |
Interest rate contracts | 0 | ' |
Level 2 - Significant Other Observable Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate contracts | 1 | ' |
Interest rate contracts | 71,114 | ' |
Level 3 - Significant Unobservable Inputs | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Interest rate contracts | 0 | ' |
Interest rate contracts | $0 | ' |
Future_Minimum_Lease_Receipts_1
Future Minimum Lease Receipts (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' | ' | ' | ' |
Percentage rental income | $162 | $158 | $432 | $457 |
Future_Minimum_Lease_Receipts_2
Future Minimum Lease Receipts (Schedule Of Future Minimum Base Rentals On Non-Cancelable Office And Ground Operating Leases) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Receivable [Abstract] | ' |
2014 | $362,425 |
2015 | 316,703 |
2016 | 266,858 |
2017 | 215,891 |
2018 | 166,553 |
Thereafter | 415,303 |
Total future minimum base rentals | $1,743,733 |
Future_Minimum_Lease_Payments_1
Future Minimum Lease Payments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' |
Operating Leases, Rent Expense, Net | $547,000 | $547,000 | $1,600,000 | $1,633,000 |
Lease purchase option expiration date | ' | ' | 'May 31, 2014 | ' |
Land under Purchase Options, Not Recorded | $27,500,000 | ' | $27,500,000 | ' |
Future_Minimum_Lease_Payments_2
Future Minimum Lease Payments Future Minimum Lease Payments- Parenthetical (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
leases | ||||
Operating Leased Assets [Line Items] | ' | ' | ' | ' |
Number Of Ground Leases With Purchase Options | ' | ' | 1 | ' |
Number of land leases | ' | ' | 2 | ' |
Operating Leases, Rent Expense, Net | $547 | $547 | $1,600 | $1,633 |
Future_Minimum_Lease_Payments_3
Future Minimum Lease Payments (Future Minimum Ground Lease Payments) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ' |
2014 | $733 |
2015 | 733 |
2016 | 733 |
2017 | 733 |
2018 | 733 |
Thereafter | 50,026 |
Total future minimum lease payments | $53,691 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Number_of_Properties | |
Other Commitments [Line Items] | ' |
Amount accounts are insured for by Federal Deposit Insurance Corporation | $250,000 |
Number of consolidated properties containing asbestos | 20 |
Fund X [Member] | ' |
Other Commitments [Line Items] | ' |
Long-term Debt | 325,000,000 |
Debt Instrument, Maturity Date | 1-May-18 |
Derivative, Maturity Date | 1-May-17 |
Guarantor Obligations, Maximum Exposure, Undiscounted | $7,100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments and Contingencies- Parenthetical (Details) | Sep. 30, 2013 | Sep. 30, 2012 |
tenants | tenants | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' |
Number Of Tenants Exceeding Ten Percent Of Our Total Rental Revenue And Tenant Reimbursements | 0 | 0 |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Business_Segments | |
Segment Reporting [Abstract] | ' |
Number of reportable business segments | 2 |
Segment_Reporting_Operating_Ac
Segment Reporting (Operating Activity Within Reportable Segments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | $130,339 | $127,423 | $386,424 | $380,888 |
Rental expense | -46,494 | -44,293 | -130,525 | -127,684 |
Rental revenue | 19,347 | 18,570 | 57,436 | 54,961 |
Rental expense | -5,157 | -4,999 | -15,108 | -14,860 |
Segment profit | 98,035 | 96,701 | 298,227 | 293,305 |
Office Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | 130,339 | 127,423 | 386,424 | 380,888 |
Rental expense | -46,494 | -44,293 | -130,525 | -127,684 |
Segment profit | 83,845 | 83,130 | 255,899 | 253,204 |
Multifamily Segment [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Rental revenue | 19,347 | 18,570 | 57,436 | 54,961 |
Rental expense | -5,157 | -4,999 | -15,108 | -14,860 |
Segment profit | $14,190 | $13,571 | $42,328 | $40,101 |
Segment_Reporting_Reconciliati
Segment Reporting (Reconciliation Of Segment Profit To Net Income Attributable To Common Stockholders) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting [Abstract] | ' | ' | ' | ' |
Total profit from all segments | $98,035 | $96,701 | $298,227 | $293,305 |
General and administrative expense | -6,546 | -6,610 | -20,724 | -20,051 |
Depreciation and amortization | -47,402 | -46,546 | -141,528 | -139,071 |
Other income | 2,138 | 626 | 4,165 | 2,027 |
Other expenses | -1,402 | -436 | -2,777 | -1,445 |
Income (loss), including depreciation, from unconsolidated real estate funds | 811 | -663 | 3,335 | -2,764 |
Interest expense | -32,601 | -36,844 | -97,832 | -110,996 |
Acquisition-related expenses | -290 | 0 | -533 | 0 |
Net income | 12,743 | 6,228 | 42,333 | 21,005 |
Less: Net income attributable to noncontrolling interests | -1,992 | -1,173 | -5,865 | -4,037 |
Net income attributable to common stockholders | $10,751 | $5,055 | $36,468 | $16,968 |
Investments_In_Unconsolidated_2
Investments In Unconsolidated Real Estate Funds Narrative (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Millions, unless otherwise specified | Number_of_Properties | Fund X [Member] | Fund X [Member] | Partnership X [Member] | Partially Owned Properties [Member] | Partially Owned Properties [Member] | Fund X [Member] |
Number_of_funds_managed | |||||||
sqft | |||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Funds owned and managed | ' | ' | ' | ' | ' | 2 | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | 60.00% | ' |
Number of Real Estate Properties | 60 | ' | ' | ' | ' | ' | ' |
Square Footage of Real Estate Property | ' | ' | ' | ' | ' | 1,800,000 | ' |
Additional interest acquired, percent | ' | 16.30% | 3.30% | 0.90% | ' | ' | ' |
Additional interest acquired, value | ' | $33.40 | ' | ' | $8 | ' | ' |
Note receivable from related party | ' | ' | ' | ' | ' | ' | $2.90 |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | 'LIBOR plus 2.5% |
Related Party Transaction Date | ' | ' | ' | ' | ' | ' | 1-Apr-17 |
Percentage of amounts related to the Fund | 100.00% | ' | ' | ' | ' | ' | ' |
Investments_In_Unconsolidated_3
Investments In Unconsolidated Real Estate Funds Investment in Real Estate- Parenthetical (Details) | Sep. 30, 2013 |
Real Estate Investments, Net [Abstract] | ' |
Loans Receivable, Basis Spread on Variable Rate | 2.50% |
Investments_In_Unconsolidated_4
Investments In Unconsolidated Real Estate Funds (Summary Of Statement Of Operations For Investments In Unconsolidated Real Estate Funds) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Real Estate Investments, Net [Abstract] | ' | ' |
Total revenues | $47,627 | $45,928 |
Operating income | 8,797 | 7,787 |
Net income (loss) | $748 | ($9,048) |
Investments_In_Unconsolidated_5
Investments In Unconsolidated Real Estate Funds (Summary Of Statement Of Financial Position For Investments In Unconsolidated Real Estate Funds) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Real Estate Investments, Net [Abstract] | ' | ' |
Total assets | $737,074 | $741,490 |
Total liabilities | 392,041 | 431,817 |
Total equity | $345,033 | $309,673 |