REIT sees busy first day on Wall Street
The stock price of the real estate investment trust that owns two downtown Honolulu office buildings jumped 13 percent during its first day of trading on the New York Stock Exchange.
Douglas Emmett, Inc., offered 66 million shares priced at $21 to raise $1.39 billion in its initial public offering. The stock closed Tuesday at $23.65.
The investment trust owns Harbor Court and Bishop Place at 1132 Bishop St., and also the Moanalua Hillside Apartments and the Villas at Royal Kunia.
Chairman Dan Emmett and Jordan Kaplan, president and chief executive officer of Douglas Emmett, rang the opening bell at the exchange as trading started.
Douglas Emmett, Inc. (NYSE: DEI), based in Santa Monica, Calif., owns and operates 46 office properties in Honolulu and Southern California with approximately 11.6 million rentable square feet, and nine multifamily properties aggregating 2,868 apartment units.