DTLAP Research | Milton Maxwell

DTLAP

Brookfield DTLA Fund Office Trust Investor Inc.

0.0400

+0.0000+0%

Dec 16, 4:00:00 PM EST

Upcoming Earnings

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Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

No earnings call transcript available

Key Stats

Market Cap

P/E (TTM)

Basic EPS (TTM)

Dividend Yield

Recent Filings

10-K

FY2022 results

3/31/23Mar 31, 2023

Brookfield DTLA's FY2022 revenue rose 4% y/y to $295.9M, driven by 3% higher lease income and 21% parking gains from rising occupancy, yet net loss ballooned to $188.1M after $112.1M impairment on Wells Fargo Center–South Tower. Leasing held steady at 77.3% occupied with $170.6M annualized rent, up from 77.2%, as 648K sq ft new/renewals offset 646K expirations. Q4 showed no acceleration—debt defaults hit 777 Tower ($288.9M) and Gas Company Tower ($465.0M). Total debt hit $2.3B, with $1.1B maturing 2023 amid covenant breaches triggering cash sweeps. Liquidity squeezed to $172M. Debt defaults threaten foreclosures.

8-K

Dual property loan defaults

2/10/23Feb 10, 2023

Brookfield DTLA subsidiaries defaulted on $465M Gas Company Tower loans after missing the February 9, 2023 maturity, triggering lender foreclosure rights. Separately, $288.9M remains outstanding on 777 Tower loans amid an interest rate protection failure, with Wells Fargo poised to accelerate debt. Defaults loom large. Lenders haven't yet seized either property.

8-K

Annual meeting results unanimous

11/10/22Nov 10, 2022

Brookfield DTLA Fund Office Trust Investor Inc. held its 2022 annual meeting on November 8, electing G. Mark Brown, Michelle L. Campbell, Murray Goldfarb, Ian Parker, and Robert L. Stelzl as directors until 2023. Stockholders unanimously ratified Deloitte & Touche LLP as auditors for the year ending December 31, 2022. All 1,000 votes passed without dissent.

10-Q

Q3 FY2022 results

11/10/22Nov 10, 2022

Brookfield DTLA posted Q3 revenue of $74.5M, up 8% y/y from $68.8M, driven by higher lease income and parking from improved occupancy, yet a $95.4M impairment on Wells Fargo Center–South Tower flipped net loss to $116.1M from $14.4M. Interest expense jumped 49% y/y to $28.0M amid rising rates. YTD operating cash flow fell to $49.1M from $66.0M, with FCF negative at $12.0M (derived) after $37.1M capex; cash sits at $33.4M, secured debt $2.3B (80% variable). Debt yields breached on Wells Fargo towers trigger cash sweeps. Portfolio leased 76.9%. Office leasing stays tenant-favorable.

10-Q

Q2 FY2022 results

8/11/22Aug 11, 2022

Brookfield DTLA posted Q2 revenue of $73.7M, up 7% y/y from $69.2M, driven by higher lease income and parking amid LACBD recovery, yet net loss narrowed just 7% to $12.5M as interest jumped 15% to $21.3M from rising rates. Q/q, revenue gained from Q1's $72.0M (derived). Operating cash flow for H1 slowed to $27.7M from $43.1M y/y, with FCF not disclosed in the 10-Q; cash dipped to $26.1M while $2.26B secured debt (3.81% weighted average) looms with $819M due 2023 and Wells Fargo Center loans in cash sweeps for missing debt yield ratios. Leasing ticked up to 78.3% portfolio-wide. Tenant credit risk looms large.