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 million square feet of Class A office space and 4,576 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 37% of the Class A office space (weighted by our square feet of exposure in each submarket); in Honolulu, we own and operate about 22% 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.