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For more information, see Item 2 “Properties” of this Report.
−Removed: As of December 31, 2021, our portfolio consisted of the following (including ancillary retail space and excluding the two parcels of land from which we receive rent under ground leases):
+Added: As of December 31, 2022, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases):
Consolidated Portfolio Total
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Our fully integrated and focused operating platform provides the unsurpassed tenant service demanded in our submarkets, with in-house leasing, proactive asset and property management and internal design and construction services, which we believe provides us with a competitive advantage in managing our property portfolio.
−Removed: Our in-house leasing agents and legal specialists allow us to lease a large property portfolio with a diverse group of smaller tenants, closing an average of approximately three office leases each business day, and our in-house construction company allows us to compress the time required for building out many smaller spaces, resulting in reduced vacancy periods.
+Added: Our in-house leasing agents and legal specialists allow us to lease a large property portfolio with a diverse group of smaller tenants, closing an average of approximately four office leases each business day, and our in-house construction company allows us to compress the time required for building out many smaller spaces, resulting in reduced vacancy periods.
Our property management group oversees day-to-day property management of both our office and multifamily portfolios, allowing us to benefit from the operational efficiencies permitted by our submarket concentration.
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Our interest in our Operating Partnership entitles us to share in the profits and losses and cash distributions in proportion to our percentage ownership.
−Removed: At December 31, 2021, in addition to fifty-three office properties and eleven residential properties wholly-owned by our Operating Partnership, we manage and own equity interests in:
−Removed: • three consolidated JVs, through which we and institutional investors own sixteen office properties in our core markets totaling 4.2 million square feet and one residential property with 350 apartments, and in which we own a weighted average of 46% at December 31, 2021 based on square footage.
+Added: At December 31, 2022, in addition to fifty-three office properties and twelve residential properties wholly-owned by our Operating Partnership, we manage and own equity interests in:
+Added: • four consolidated JVs, through which we and institutional investors own sixteen office properties in our core markets totaling 4.2 million square feet and two residential properties with 470 apartments, and in which we own a weighted average of 46% at December 31, 2022 based on square footage.
We are entitled to (i) distributions based on invested capital as well as additional distributions based on cash net operating income, (ii) fees for property management and other services and (iii) reimbursement of certain acquisition-related expenses and certain other costs.
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We are entitled to (i) priority distributions, (ii) distributions based on invested capital, (iii) a carried interest if the investors’ distributions exceed a hurdle rate, (iv) fees for property management and other services and (v) reimbursement of certain costs.
−Removed: The financial data in this Report presents our JVs on a consolidated basis and our Funds on an unconsolidated basis in accordance with GAAP.
+Added: The financial data in this Report presents our JVs on a consolidated basis and our Fund on an unconsolidated basis in accordance with GAAP.
See "Basis of Presentation" in Note 1 to our consolidated financial statements in Item 15 of this Report for more information regarding the consolidation of our JVs.
−Removed: On November 21, 2019, we restructured one of our previously unconsolidated Funds, after which it is treated as a consolidated JV in our financial statements.
−Removed: The results of the consolidated JV are included in our operating results from November 21, 2019 (before November 21, 2019, our share of the Fund's net income was included in our statements of operations in Income from unconsolidated Funds).
−Removed: In December 2020, we sold an 80 thousand square foot office property in Honolulu, which was held by one of our consolidated JVs in which we owned a two-thirds capital interest.
−Removed: The JV was subsequently dissolved before December 31, 2020 (and is therefore not included in the JV statistics disclosed above).
−Removed: The results of the consolidated JV are included in our operating results until it was dissolved in December 2020.
−Removed: See Note 3 and Note 6 to our consolidated financial statements in Item 15 of this Report for more information regarding these transactions.
−Removed: Most of the property data in this Report is presented for our Total Portfolio, which includes the properties owned by our JVs and our Funds, as we believe this presentation assists in understanding our business.
+Added: Most of the property data in this Report is presented for our Total Portfolio, which includes the properties owned by our JVs and our Fund, as we believe this presentation assists in understanding our business.
+Added: See Note 3 to our consolidated financial statements in Item 15 of this Report for more information regarding our JV transactions.
We operate two business segments, our office segment and our multifamily segment.
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We have integrated sustainability into our property management practices, tenant improvement build-outs and meetings with existing and prospective tenants.
−Removed: Our sustainability program covers five key areas:
+Added: Our sustainability program covers four key areas:
• Energy Usage
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Some of our initiatives to reduce our consumption include items such as real time energy monitoring software, LED lighting retrofitting, and new energy management systems.
−Removed: As a result of our efforts, 88% of our eligible office space in 2020 qualified for "ENERGY STAR Certification" by the EPA as having energy efficiency in the top 25% of buildings nationwide (our 2021 ENERGY STAR scores were not yet available as of the date of this Report).
+Added: As a result of our efforts, 89% of our stabilized eligible office space as of December 31, 2021 qualified for "ENERGY STAR Certification" by the EPA as having energy efficiency in the top 25% of buildings nationwide (our 2022 ENERGY STAR scores were not yet available as of the date of this Report).
Our energy and electricity are provided by utility providers through the grid (LA Department of Water and Power, Southern California Edison, and Hawaii Electric Company).
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In a few of our buildings where groundwater naturally seeps into our subterranean parking garages, we treat the water before pumping it back into the ground.
+Added: • Controlling Waste, including hazardous waste and recycling
In partnership with our vendors and tenants, we have implemented business waste and e-waste recycling programs (we do not generate any production waste or packaging waste) at our properties.
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Similarly, our tenants are almost entirely limited by their leases to general office uses that prohibit the use of additional hazardous wastes and are required by their leases to comply with all applicable waste regulations.
−Removed: • Air Emissions
+Added: • Air Emissions, including transportation
Although our operations do not create significant air emissions such as nitrogen oxides (NOx), sulfur oxides (Sox), volatile organic compounds (VOCs) or particulate matter (PM), our Los Angeles properties produce a small amount of emissions from stationary sources such as natural gas boilers.
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We are committed to selecting development sites that are not in environmentally protected areas or areas of high biodiversity, and strive to use brownfield sites instead of greenfield sites.
−Removed: At one of our current residential development projects in Brentwood we are investing significant additional capital to building a one acre park on Wilshire Boulevard that will be available to the public, providing urban green space as well as a valuable amenity to the surrounding properties and community.
+Added: Community Impact
+Added: We have a long history of providing meaningful, and often transformational, support to the communities in which we operate.
+Added: We also provide charitable support to key industry and professional organizations, often in the form of event sponsorships.
+Added: Part of our business strategy is owning very large concentrations of office buildings and residential communities in our target submarkets.
+Added: Our large ownership share in many of these neighborhoods put us in a unique position to sometimes invest in outdoor enhancement projects that not only improve our properties but also provide a valuable amenity to the surrounding community.
+Added: For example, at our recently completed residential development project in Brentwood we invested significant additional capital to build a one acre park on Wilshire Boulevard that is available to the public, providing urban green space as well as a valuable amenity to the surrounding properties and community.
Human Capital
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As of December 31, 2022, we employed approximately 750 people.
−Removed: We promote an atmosphere of openness, respect and trust and bring a sense of teamwork and inclusion to all we do.
+Added: We promote a culture of openness, respect and trust and bring a sense of teamwork and inclusion to all we do.
We recognize that having a range of experiences, backgrounds and perspectives allows us to find new ways of doing things.
We make sure to walk the talk in fostering a workplace culture that encourages and empowers all our employees to have a voice and fulfill their potential.
+Added: We have programs that actively promote our culture, such as our Daily Exchange program, which provides employees with daily training regarding our vision statement and core values, and our quarterly employee recognition program, the Jane Joyce Award.
We value and advance the diversity and inclusion of the people with whom we work.
−Removed: We are committed to equal opportunity in workplaces that are free from discrimination or harassment on the basis of race, sex, color, ancestry, citizenship, marital status, family status, national or social origin, ethnicity, religion, age, disability, sexual orientation, gender identification or expression, political opinion or any other status protected by applicable law.
+Added: We are committed to equal opportunity in workplaces that are free from discrimination or harassment on the basis of race, sex, color, ancestry, citizenship, marital status, family status, national or social origin, ethnicity, religion, age, disability, sexual orientation, gender identification or expression, medical condition, genetic information, military or veteran status, political opinion or any other status protected by applicable law.
Recruitment, hiring, placement, development, training, compensation and advancement may not be based on any of these factors, but should instead be based on factors such as qualifications, performance, skills and experience.
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We also offer a very generous equity compensation program that empowers our employees to act and feel like owners, not just employees.
−Removed: In 2021, we provided equity compensation to approximately two-thirds of our approximately 700 employees.
+Added: In 2022, we provided equity compensation to approximately half of our approximately 750 employees.
The health and safety of our employees, tenants, and vendors is of the utmost importance to us.
−Removed: We adhere to leading health and safety standards across our portfolio, and each year, we require all our employees to complete safety training and also provide them seminars on various health topics free of charge.
+Added: We adhere to leading health and safety standards across our portfolio, and each year, we require all our employees to complete safety training.
+Added: We have a wellness program that is designed to raise health awareness among our employees.
+Added: Some of the program's activities include biometric screenings, flu shots, healthy snacks and employee walking challenges.
+Added: The program provides many benefits including higher employee satisfaction, reduced healthcare costs, and improved employee performance.
The COVID-19 pandemic had a significant impact on our human capital management during 2020, 2021 and 2022.
We are deemed an essential business and we moved quickly to institute safety protocols and procedures to keep our properties open and to protect our tenants and employees who continued to work on site and at our headquarters.
+Added: These measures included enhanced cleaning/sanitization practices, maximizing fresh air ventilation, and upgrading air filter efficiencies.
+Added: These ventilation and filtration measures will have longer-term beneficial impacts on our indoor air quality well past the pandemic.
+Added: We also implemented employee training and workforce guidelines for preventing the spread of COVID-19 at our properties.
Principal Executive Offices
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We make available on our website at www.douglasemmett.com our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments thereto, free of charge, as soon as reasonably practicable after we file such reports with, or furnish them to, the SEC.
+Added: See "Our Company - Investors - SEC Filings" on our website.
+Added: Also available on our website, free of charge, are our governance documents, which includes our Code of Business Conduct and Ethics, and the charters of our board of directors and its committees.
+Added: See "Our Company - Investors - Management" on our website.
None of the information on or hyperlinked from our website is incorporated into this Report.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.