Investments In Unconsolidated Real Estate Funds

3 Months Ended

Mar. 31, 2013

Investments In Unconsolidated Real Estate Funds

Investments in Unconsolidated Real Estate Funds

We manage and own an equity interest in two Funds through which institutional investors provided capital commitments for acquisition of properties. The Investment Period for these Funds ended on October 7, 2012, and no further properties will be purchased by them. During the first quarter of 2013, we purchased an additional 3.3% interest in Douglas Emmett Fund X, LLC and an additional 0.9% interest in Douglas Emmett Partnership X, LP, for an aggregate of approximately $8.0 million in cash and the assumption of approximately $1.4 million in undrawn commitments. During the first quarter of 2012, we acquired 16.3% interest in Douglas Emmett Fund X, LLC for approximately $33.4 million in cash, and the assumption of approximately $3.2 million in undrawn commitments. The table below reflects selected financial information for our Funds. The amounts represent 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value (in thousands):



	Three Months Ended March 31,
	2013		2012
Total revenues	$	15,382	$	15,116
Operating income	2,850		2,441
Net income (loss)	342		(3,482		)



	March 31, 2013		December 31, 2012
Total assets	$	740,486	$	741,490
Total liabilities	431,746		431,817
Total equity	308,740		309,673

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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