Executive Summary We own and operate 18.0 million square feet of Class A office properties and 4,528 apartment units (excluding our residential development pipeline and the vacated Barrington Plaza units) in the premier coastal submarkets of Los Angeles and Honolulu. Quarterly Results: For the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023: Leasing: During the first quarter, we signed 214 office leases covering 1.2 million square feet, including 202,000 square feet of new leases a ...

SANTA MONICA, Calif.--(BUSINESS WIRE)--Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced today that President and CEO Jordan L. Kaplan will be participating in a roundtable discussion at the 2024 Citi Global Property CEO Conference on Tuesday, March 5, 2024 at 11:00 am Eastern Time. A live webcast of the discussion will be available at: https://kvgo.com/2024-global-property-ceo-conference/douglas-emmett-march A replay of the discussion will be available on the same URL sta ...

kenny hung photography/Moment via Getty Images Douglas Emmett (NYSE:DEI) is a sparingly covered REIT that owns a portfolio of Class-A office space as well as a large complement of multifamily apartment units. The latter exposure provides a notable hedge against the downside risks relating to the company's office holdings. I last covered DEI in late 2022. I viewed shares bullishly due in part to the strong leasing momentum at the time and the defensive nature of their multifamily portfolio. I also cited the ...

(Exact name of registrant as specified in its charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 1-33106 Douglas Emmett, Inc. (State or other jurisdiction of incorporation or or ...

Financial Data and Key Metrics Changes - Revenue increased by 2% compared to Q4 2022, partly due to higher multifamily revenues and ground rent [83] - FFO decreased by 12% to $0.46 per share, primarily due to higher interest expenses [84] - AFFO decreased by 8.1% to $74.6 million [84] - Same-property cash NOI decreased by 1.1%, but adjusting for one-time tax refunds, residential cash same-property NOI would have been positive 3.3% [84] Business Line Data and Key Metrics Changes - In 2023, the company signed 872 office leases totaling 3.2 million square feet, averaging 800,000 square feet per quarter [78] - In Q4, 2023, 202 office leases were signed covering 710,000 square feet, including 243,000 square feet of new leases and 467,000 square feet of renewals [78] - Cash spreads were down 6.1%, reflecting strong annual rent increases built into leases [79] - Residential properties ended the year at 98.5% leased [80] Market Data and Key Metrics Changes - The company noted that remote work has not significantly reduced demand from tenants [72] - The overall leasing environment remains cautious due to recession fears, impacting large tenant commitments [58][60] Company Strategy and Development Direction - The company is focused on finding new opportunities in both residential and office markets, leveraging significant cash on hand and strong JV relationships [76] - The company anticipates lower FFO in 2024 due to the move out of a large tenant and higher interest costs, but sees potential for recovery in leasing demand as tenant confidence increases [72][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term market prospects, citing a strong supply-demand dynamic and the return of office tenants [74][61] - The company expects that as interest rates stabilize, tenant interest will return, leading to improved leasing activity [60][61] Other Important Information - The company completed the lease-up of its 376-unit Landmark L.A. property and is progressing on an office-to-residential conversion in Honolulu [76] - A significant tenant signed an early renewal for 250,000 square feet shortly after the quarter end [72] Q&A Session Summary Question: How are you thinking about interest rates in the next year or two? - Management indicated that they typically do a seven-year loan and swap five years of it, focusing on refinancing as swaps come due [89] Question: Can you provide an update on Barrington Plaza's insurance proceeds and litigation? - Management stated that they feel the property is insured and are dealing with ongoing litigation, which is disruptive but insured [95] Question: What are your thoughts on leasing trends and tenant commitments? - Management noted that large tenants are hesitant to make commitments, while smaller tenants are more active [58][60]

EARNINGS RESULTS & OPERATING INFORMATION FOURTH QUARTER 2023 We own and operate 18.0 million square feet of Class A office properties and 4,576 apartment units (excluding our residential development pipeline and the vacated Barrington Plaza units) in the premier coastal submarkets of Los Angeles and Honolulu. • Our same property Cash NOI decreased by 1.1% to $153.1 million, driven by comparison to a strong prior period that benefited from one-time tax refunds on our residential portfolio. Adjusting for thos ...

Douglas Emmett (DEI) reported $212.33 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 2.2%. EPS of $0.46 for the same period compares to $0.14 a year ago.The reported revenue represents a surprise of -16.24% over the Zacks Consensus Estimate of $253.5 million. With the consensus EPS estimate being $0.44, the EPS surprise was +4.55%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to det ...

United States Securities and Exchange Commission Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission file number: 001-33106 Douglas Emmett, Inc. (Exact name of registrant as specified in its charter) Maryland 20-3073047 (State or other juri ...

Douglas Emmett, Inc. (NYSE:DEI) Q3 2023 Results Conference Call November 1, 2023 2:00 PM ET Company Participants Stuart McElhinney - VP, IR Jordan Kaplan - President, CEO Peter Seymour - CFO Kevin Crummy - CIO Conference Call Participants Alexander Goldfarb - Piper Sandler Blaine Heck - Wells Fargo Dylan Burzinski - Green Street Camille Bonnel - Bank of America John Kim - BMO Michael Griffin - Citi Steve Sakwa - Evercore Upal Rana - KeyBanc Bill Crow - Raymond James Rich Anderson - Wedbush Operator Ladies ...

[PART I. FINANCIAL INFORMATION](index=9&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=9&type=section&id=Item%201.%20Financial%20Statements) Unaudited consolidated financial statements for Q2 2023 reflect a decrease in total assets, a net loss of $15.1 million, and reduced operating cash flow [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) Total assets decreased to $9.61 billion, driven by reduced real estate investment, while liabilities slightly increased and equity declined | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$9,614,864** | **$9,747,446** | | Investment in real estate, net | $8,892,889 | $8,993,608 | | Cash and cash equivalents | $263,184 | $268,837 | | **Total Liabilities** | **$5,540,546** | **$5,471,663** | | Secured notes payable and revolving credit facility, net | $5,264,652 | $5,191,893 | | **Total Equity** | **$4,074,318** | **$4,275,783** | [Consolidated Statements of Operations](index=10&type=section&id=Consolidated%20Statements%20of%20Operations) Q2 2023 revenues increased to $253.4 million, but higher operating and interest expenses resulted in a net loss of $15.1 million Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $253,407 | $246,970 | $505,800 | $485,852 | | Total operating expenses | $221,693 | $187,482 | $415,465 | $365,634 | | Interest expense | ($50,305) | ($36,264) | ($95,816) | ($71,166) | | Net (loss) income | ($15,069) | $23,837 | $1,093 | $50,096 | | Net (loss) income per share | ($0.04) | $0.14 | $0.06 | $0.28 | - The significant increase in depreciation and amortization for Q2 2023 was primarily due to an accelerated depreciation expense of **$27.4 million** related to the removal of the Barrington Plaza Apartments property from the rental market[57](index=57&type=chunk) [Consolidated Statements of Cash Flows](index=15&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to $241.7 million, while investing activities used less cash, and financing activities shifted to a net use due to share repurchases Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $241,723 | $255,490 | | Net cash used in investing activities | ($119,934) | ($444,813) | | Net cash (used in) provided by financing activities | ($127,442) | $124,461 | | **Decrease in cash and cash equivalents** | **($5,653)** | **($64,862)** | [Notes to Consolidated Financial Statements](index=17&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail portfolio, accounting policies, and financial components, highlighting accelerated depreciation, consolidated debt, and a new $350 million term loan - As of June 30, 2023, the company's consolidated portfolio consisted of **68 office properties** (**17.6 million sq. ft.**) and **14 multifamily properties** (**4,809 units**)[38](index=38&type=chunk) - In Q2 2023, the company recorded an additional **$27.4 million** in depreciation expense due to accelerating the removal of its Barrington Plaza Apartments property from the rental market for safety improvements[57](index=57&type=chunk) Consolidated Debt Summary (as of June 30, 2023) | Debt Type | Principal Balance (in thousands) | | :--- | :--- | | Aggregate swapped to fixed rate loans | $3,805,000 | | Aggregate fixed rate loans | $28,076 | | Aggregate floating rate loans | $1,457,400 | | **Total Debt** | **$5,290,476** | - In July 2023, the company closed a new **$350 million** secured, non-recourse term loan maturing in 2033, using part of the proceeds to pay off its revolving credit facility[139](index=139&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2023 net loss drivers, including higher interest rates and accelerated depreciation, noting mixed segment performance and decreased FFO - The company is converting a **493,000 sq. ft.** office tower in Honolulu into **493 rental apartments**, with **85% of units delivered** and **98% of delivered units leased** as of June 30, 2023[145](index=145&type=chunk) - The Barrington Plaza Apartments property is being removed from the rental market for safety upgrades, a multi-year project expected to cost several hundred million dollars, resulting in a **$27.4 million** accelerated depreciation charge in Q2 2023[147](index=147&type=chunk) FFO Reconciliation Summary (in thousands) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net (loss) income attributable to common stockholders | ($7,262) | $24,374 | | Depreciation and amortization of real estate assets | $121,573 | $93,947 | | Other adjustments | ($17,879) | ($12,997) | | **FFO** | **$96,432** | **$105,224** | Same Property NOI Change (Q2 2023 vs Q2 2022) | Segment | Q2 2023 NOI (in thousands) | Q2 2022 NOI (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Office | $131,639 | $134,192 | (1.9)% | | Multifamily | $20,542 | $19,777 | 3.9% | | **Total** | **$152,181** | **$153,969** | **(1.2)%** | [Quantitative and Qualitative Disclosures About Market Risk](index=60&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate volatility, with 72% of debt fixed or swap-fixed, and ongoing LIBOR to SOFR transition - A **100 basis point** increase in interest rates would increase annual interest expense on unhedged floating-rate debt by **$14.8 million**[188](index=188&type=chunk) - The company is in the process of transitioning its debt and derivative contracts from **LIBOR to SOFR**, expecting to complete the process in the **third quarter of 2023**[189](index=189&type=chunk) [Controls and Procedures](index=60&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2023[190](index=190&type=chunk) [PART II. OTHER INFORMATION](index=61&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=61&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a materially adverse effect on its operations - Excluding ordinary routine litigation, the company reports **no material legal proceedings**[191](index=191&type=chunk) [Risk Factors](index=61&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported compared to the company's 2022 Annual Report on Form 10-K - **No material changes** to risk factors from the 2022 Form 10-K were reported[192](index=192&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=61&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 7.64 million shares for $92.6 million in Q2 2023 under its $300 million program, with $190.9 million remaining Common Stock Repurchases (Q2 2023) | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2023 | 4,564,811 | $12.57 | | May 2023 | 1,770,961 | $11.37 | | June 2023 | 1,300,991 | $11.61 | | **Total Q2** | **7,636,763** | **N/A** | - As of June 30, 2023, **$190.9 million** remained available under the company's share repurchase program[194](index=194&type=chunk) [Exhibits](index=63&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and CEO/CFO certifications