As the year draws to a close, I reflected on the growth of my business, and took a look back to last December. At that time, which was about 3 months before I went public on the WSE, I owned about 2 1/2 mainland sims, which at the time I was partially renting and partially using to run a few malls, and had yet to purchase my first island. I had bought two mainland sims at auction, the second one about this time a year ago. All told, I had net assets of about 2m Lindens, and monthly revenues of about 200,000L.
Since that time, DDE has bought and sold about 2,000,000 square meters of mainland (about 30 sims), and has bought 22 island estates. We have distributed 1,600,000 Lindens in dividends since going public in March 2006 - almost 1L per share over that time. We currently have net assets of about $16,000,000L, and a monthly revenue stream of about $3,000,000L. Every month, we pay Linden Labs about $7,000 USD in tier payments, and hope to have profits close to 1,000,000L every month by the end of Q1 next year.
In November and December of this year, we filled a very successful secondary offer, that has allowed DDE to expand significantly, and we still maintain very high occupancy. Of the sims that are up and running, we are running at about 95% occupancy, with a few islands still being filled after coming online in the last couple of weeks.
DDE entered into a profitable joint venture with Sienkiewicz Investment Management (SIM) - buying three island estates run jointly. The joint venture now includes some of the most profitable islands in DDE's history, and is benefiting both companies tremendously.
It has not all been good news. DDE has lost money on some investments made in companies that have gone bankrupt, and on a couple of land deals that went sour. However, other stock investments have done extremely well, and overall, the investment portfolio of DDE has increased in value over time.
So, it is with some pride that I look back on the success of DDE - it's growth has been an astounding 800% on net assets, and 1500% on revenues in one year. The next year will not see growth near that level, as i will be scaling back expansion considerably, and will work on solidifying the existing land assets, and DDE will focus attention on new business possibilities in Second Life. But the fundamentals of DDE are already very solid - we have a proven formula for real estate, and will be leveraging the experience gained over the last year to move into new lines of business.
I would like to send a sincere and heartfelt thank you! to all of the people that have showed faith in DDE by investing their Lindens, and by providing valuable feedback and advice as we have navigated the stormy waters of SL through the massive growth in new accounts, financial scandals in SL, the gambling ban, the VAT, and the various and sundry other challenges that present themselves on a daily basis in the metaverse.
Without you, DDE would be a very different and poorer company. With you, we have realized tremendous success and profitability. I am truly humbled by and grateful for the support and faith you have shown, and I renew my pledge to you all to continue to hold DDE in your name, to work even harder to make it prosper, and to share the success it has with you tangibly in the form of dividends and a healthy share price.