Douglas Emmett Inc. is a New York Stock Exchange listed company (ticker symbol “DEI”). Through our interest in our Operating Partnership and its subsidiaries, consolidated JVs and unconsolidated Funds we own and operate approximately 18.2 million square feet of Class A office space and over 4,200 apartment units within the premier coastal submarkets of Los Angeles and Honolulu. We rely on a focused business strategy that we developed over almost five decades:
First, we select submarkets that are supply constrained, with high barriers to entry, key lifestyle amenities, proximity to high-end executive housing and a strong, diverse economic base. Our submarkets are dominated by small, affluent tenants, whose rent can be a small portion of their revenues and thus not the paramount factor in their leasing decision.
Once we select a submarket, we follow a disciplined acquisition strategy of gaining substantial market share to provide us with extensive local market information, pricing power in lease and vendor negotiations, economies of scale in property management, and an enhanced ability to identify and negotiate investment opportunities. In our target Los Angeles submarkets, we own on average about 41% of the Class A office space (weighted by our square feet of exposure in each submarket); in Honolulu, we own and operate about 30% of the Central Business District Class A office space.
Finally, our fully integrated 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.
Between 1971 and 1991, Dan Emmett and partners formed three real estate companies, which collaboratively engaged in the acquisition, development, redevelopment, operation and management of high-quality real estate assets within supply-constrained markets in Los Angeles County. While the early focus was on multifamily properties, the Company's investment focus evolved to include high-quality office properties and complementary retail space in California and Honolulu, Hawaii. Between 1993 and 2006, Douglas Emmett acquired a substantial majority of its portfolio through nine institutional funds.
In 2006, Douglas Emmett went public in what was then the largest ever IPO for a REIT.
Today, Douglas Emmett, through our interest in our Operating Partnership and its subsidiaries, consolidated JVs and unconsolidated Funds owns and operates approximately 18.2 million square feet of Class A office space and over 4,200 luxury apartment units in nine highly desirable submarkets in Los Angeles County, six of which are located in Los Angeles' Westside - Brentwood, Century City, Santa Monica, Beverly Hills, the Olympic Corridor, and Westwood - and three submarkets in the San Fernando Valley - Sherman Oaks/Encino, Warner Center/Woodland Hills, and Burbank. The Company's Honolulu office portfolio is located in the downtown central business district with multifamily properties in nearby suburban communities.
The Company utilizes the same focused business strategy that was implemented by its founding principals - managing, developing, redeveloping and acquiring multifamily and commercial real estate in high barrier-to-entry submarkets that exhibit strong economic characteristics such as population and job growth, as well as inherent supply constraints, such as limited developable land due to natural and political barriers. The Company strives to capitalize on the experience of its seasoned management team to create continued value.
The Company is headquartered in Santa Monica, California.