Douglas Emmett Inc. (DEI) announced that its board has approved a 15% increase in its quarterly cash dividend to $0.15 per share, or $0.60 per common share on an annualized basis. The dividend will be paid on April 13, 2012 to shareholders of record as of March 30, 2012.
In addition, Douglas Emmett announced that its Annual Meeting of Shareholders will be held on May 24, 2012 at the Sheraton Delfina Hotel, located at 530 West Pico Blvd., Santa Monica, California 90405. Shareholders of record as of March 30, 2012 will be entitled to vote in person or by proxy at the meeting.
In a separate press release, Douglas Emmett said that it has completed the previously announced acquisition of an additional 16.3% interest in one of its unconsolidated institutional funds for a purchase price of $33.4 million.
Following this transaction, Douglas Emmett owns an aggregate 65.1% of the fund, which owns six Class A office properties, totaling over 1.4 million square feet of office space, in Douglas Emmett's core submarkets.
by RTT Staff Writer
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