Emmett REIT Targets $250M At-The-Market Stock

SANTA MONICA, CA-Douglas Emmett Inc. expects to sell up to $250 million of its common stock over the next three years under an at-the-market program that the locally based company has established. The REIT said that, although it has no immediate plans to initiate sales through this ATM program, it believes that the establishment of the program "expands the company’s future funding options."

Emmett has named Citi, Goldman Sachs & Co. and Morgan Stanley to act as its sales agents in the event that it offers to sell stock under the ATM program. Proceeds will go for general corporate purposes, including acquisitions, investment in existing properties or debt repayment.

Emmett owns and operates office and multifamily properties in Southern California and Hawaii in 10 submarkets: Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, Burbank and Honolulu.

Emmett recently acquired the 310,000-square-foot Wilshire Bundy Plaza office building in the Brentwood section of West Los Angeles for $111 million in a bankruptcy proceeding. The 14-story office tower, which is situated on 1.02 acres of land at 12121 Wilshire Blvd., was 85% occupied at closing and was sold in a bankruptcy involving Namco Capital Group of Los Angeles.