Douglas Emmett, Inc. (NYSE:DEI) Q2 2023 Results Conference Call August 2, 2023 2:00 PM ET Company Participants Stuart McElhinney - Vice President of Investor Relations Jordan Kaplan - President and CEO Kevin Crummy - CIO Peter Seymour - CFO Conference Call Participants Steve Sakwa - Evercore Alexander Goldfarb - Piper Sandler Blaine Heck - Wells Fargo Michael Griffin - Citi John Kim - BMO Capital Markets Camille Bonnel - Bank of America Dylan Burzinski - Green Street Bill Crow - Raymond James Operator Ladi ...

Douglas Emmett, Inc. (NYSE:DEI) Q1 2023 Earnings Conference Call May 3, 2023 2:00 PM ET Company Participants Stuart McElhinney - Vice President of Investor Relations Jordan Kaplan - President & Chief Executive Officer Kevin Crummy - Chief Investment Officer Peter Seymour - Chief Financial Officer Conference Call Participants Alexander Goldfarb - Piper Sandler Blaine Heck - Wells Fargo Michael Griffin - Citi Steve Sakwa - Evercore ISI Dylan Burzinski - Green Street Omotayo Okusanya - Credit Suisse Operator L ...

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 March 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: 001-33106 Douglas Emmett, Inc. (Exact name of registrant as specified in its charter) Maryland 20-3073047 (State or other jurisdic ...

[Part I](index=8&type=section&id=PART%20I) [Business](index=8&type=section&id=Item%201%2E%20Business) Douglas Emmett, Inc. is a REIT specializing in high-quality office and multifamily properties in premier Los Angeles and Honolulu submarkets Portfolio Summary as of December 31, 2022 | Portfolio Type | Consolidated | Total (incl. Unconsolidated Fund) | | :--- | :--- | :--- | | **Office Properties** | 69 | 71 | | - Wholly-owned | 53 | 53 | | - Consolidated JV | 16 | 16 | | - Unconsolidated Fund | — | 2 | | **Multifamily Properties** | 14 | 14 | | - Wholly-owned | 12 | 12 | | - Consolidated JV | 2 | 2 | - The company's business strategy focuses on concentrating high-quality office and multifamily properties in supply-constrained submarkets, achieving an average market share of Class A office space of approximately **37%** as of year-end 2022[20](index=20&type=chunk)[21](index=21&type=chunk) - The company operates through two primary segments: office and multifamily, encompassing acquisition, development, ownership, and management of real estate[25](index=25&type=chunk) - As of December 31, 2022, the company employed approximately 750 people, emphasizing a strong company culture, competitive compensation, and employee health and safety[47](index=47&type=chunk)[50](index=50&type=chunk) [Risk Factors](index=15&type=section&id=Item%201A%2E%20Risk%20Factors) The company faces significant risks from the COVID-19 pandemic, high inflation, geographic concentration, substantial debt, and regulatory compliance, impacting its operations and REIT status - The company's business is significantly exposed to risks from the COVID-19 pandemic and persistent high inflation, which could adversely affect operations, cash flows, and financial position[63](index=63&type=chunk)[64](index=64&type=chunk) - All properties are located in Los Angeles County, CA, and Honolulu, HI, creating susceptibility to adverse local economic conditions, regulatory changes, and natural disasters like earthquakes and wildfires[65](index=65&type=chunk) - The company has substantial debt, exposing it to interest rate fluctuations and refinancing risks, with most floating-rate debt transitioning from USD-LIBOR to SOFR[66](index=66&type=chunk)[69](index=69&type=chunk) - Failure to maintain REIT qualification would lead to higher taxes and reduced cash for distributions, requiring satisfaction of complex income, asset, and distribution requirements[121](index=121&type=chunk)[122](index=122&type=chunk) [Unresolved Staff Comments](index=33&type=section&id=Item%201B%2E%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are no unresolved staff comments[139](index=139&type=chunk) [Properties](index=34&type=section&id=Item%202%2E%20Properties) As of December 31, 2022, the company's portfolio included 71 office properties (18.1 million sq. ft., 87.0% leased) and 14 multifamily properties (5,013 units, 99.4% leased), with significant office lease expirations in 2023 Total Office Portfolio Summary (as of Dec 31, 2022) | Region | Number of Properties | Rentable Square Feet (sq. ft.) | Average Market Share | | :--- | :--- | :--- | :--- | | Los Angeles (Westside) | 52 | 9,998,784 | 34.7% | | Los Angeles (Valley) | 16 | 6,790,777 | 43.6% | | Honolulu | 3 | 1,277,664 | 24.7% | | **Total / Average** | **71** | **18,067,225** | **37.4%** | Office Portfolio Percentage Leased and Rents (as of Dec 31, 2022) | Region | Percent Leased | Annualized Rent ($) | Monthly Rent Per Leased Sq. Ft. ($) | | :--- | :--- | :--- | :--- | | Los Angeles (Westside) | 87.1% | $465,109,266 | $4.73 | | Los Angeles (Valley) | 86.2% | $203,666,873 | $3.03 | | Honolulu | 91.3% | $38,029,901 | $2.86 | | **Total / Weighted Avg.** | **87.0%** | **$706,806,040** | **$3.95** | - The office portfolio has a diversified tenant base by industry, with the top three being Legal (**18.4%** of annualized rent), Financial Services (**15.6%**), and Entertainment (**14.5%**)[150](index=150&type=chunk) - In 2023, **13.8%** of the total office portfolio's rentable square feet is scheduled to expire, representing **16.0%** of annualized rent[152](index=152&type=chunk)[153](index=153&type=chunk) Multifamily Portfolio Summary (as of Dec 31, 2022) | Submarket | Number of Properties | Number of Units | Percent Leased | Monthly Rent Per Leased Unit ($) | | :--- | :--- | :--- | :--- | :--- | | Los Angeles (Santa Monica) | 3 | 940 | 99.0% | $4,372 | | Los Angeles (West LA) | 7 | 1,676 | 99.0% | $3,133 | | Honolulu | 4 | 2,397 | 99.8% | $2,151 | | **Total / Weighted Avg.** | **14** | **5,013** | **99.4%** | **$2,869** | [Legal Proceedings](index=40&type=section&id=Item%203%2E%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a materially adverse effect on its business or financial condition - The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business[165](index=165&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204%2E%20Mine%20Safety%20Disclosures) This item is not applicable to the company - No mine safety disclosures are reported[166](index=166&type=chunk) [Part II](index=40&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=40&type=section&id=Item%205%2E%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Douglas Emmett's common stock (DEI) trades on NYSE; 2022 dividends totaled $1.03 per share, and its 5-year cumulative return was -54.52%, underperforming benchmarks Dividends Declared Per Common Share | Year | Q1 | Q2 | Q3 | Q4 | Total ($) | | :--- | :--- | :--- | :--- | :--- | :--- | | **2022** | $0.28 | $0.28 | $0.28 | $0.19 | **$1.03** | | **2021** | $0.28 | $0.28 | $0.28 | $0.28 | **$1.12** | 5-Year Cumulative Total Return Comparison (2017-2022) | Index | 12/31/17 | 12/31/22 | % Change | | :--- | :--- | :--- | :--- | | **DEI** | $100.00 | $45.48 | -54.52% | | **S&P 500** | $100.00 | $156.88 | +56.88% | | **NAREIT Equity** | $100.00 | $119.77 | +19.77% | | **Peer group** | $100.00 | $50.01 | -49.99% | - The company made no repurchases of its equity securities during the period[172](index=172&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%207%2E%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2022, Douglas Emmett's revenues increased to **$993.7 million**, net income to **$96.5 million**, and FFO rose **9.4%** to **$419.7 million**, driven by pandemic recovery and multifamily growth, despite inflation and rising interest rates Comparison of Operations (2022 vs. 2021) | (In thousands of dollars) | 2022 | 2021 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total revenues | $993,652 | $918,397 | $75,255 | 8.2% | | Total operating expenses | $752,024 | $717,244 | $34,780 | 4.9% | | Net income | $96,540 | $56,131 | $40,409 | 72.0% | | FFO | $419,683 | $383,456 | $36,227 | 9.4% | | Same Property NOI | $614,486 | $592,257 | $22,229 | 3.8% | - The company's 2022 results were favorably impacted by a gradual recovery from the pandemic, better tenant collections, lower write-offs of uncollectible receivables, and higher multifamily rental rates, partially offset by inflation on rental expenses[184](index=184&type=chunk)[204](index=204&type=chunk) - On April 26, 2022, the company acquired a 120-unit luxury multifamily building in Santa Monica for **$330.0 million** through a new **55%**-owned consolidated joint venture[187](index=187&type=chunk) - The company is converting a 25-story office tower in Honolulu into 493 rental apartments, with **72%** of units delivered and leased as of year-end 2022, with the project continuing in phases through 2025[191](index=191&type=chunk) - As of December 31, 2022, the company had **$268.8 million** in cash and no balance outstanding on its **$400.0 million** revolving credit facility, indicating strong short-term liquidity[220](index=220&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=57&type=section&id=Item%207A%2E%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate volatility on its floating-rate debt, with **89%** fixed or swap-fixed, and is managing the transition from LIBOR to SOFR - As of December 31, 2022, **89%** of the company's consolidated borrowings were fixed or swap-fixed; a **100 basis point** increase in interest rates would increase annual interest expense on unhedged floating-rate debt by **$5.6 million**[240](index=240&type=chunk) - The company is transitioning its floating-rate borrowings and interest rate swaps from USD-LIBOR to SOFR, with the process expected to be complete by July 1, 2023, which could impact borrowing costs[241](index=241&type=chunk) [Financial Statements and Supplementary Data](index=57&type=section&id=Item%208%2E%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal year 2022, including Balance Sheets, Statements of Operations, Comprehensive Income, Equity, and Cash Flows Key Financial Statement Data (as of or for the year ended Dec 31, 2022) | Metric | Amount (in thousands of dollars) | | :--- | :--- | | **Balance Sheet** | | | Total Assets | $9,747,446 | | Total Liabilities | $5,471,663 | | Total Equity | $4,275,783 | | **Statement of Operations** | | | Total Revenues | $993,652 | | Net Income | $96,540 | | Net Income Attributable to Common Stockholders | $97,145 | | **Statement of Cash Flows** | | | Net Cash Provided by Operating Activities | $496,888 | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=57&type=section&id=Item%209%2E%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants regarding accounting principles or financial disclosure - There were no changes in or disagreements with accountants on accounting and financial disclosure[244](index=244&type=chunk) [Controls and Procedures](index=58&type=section&id=Item%209A%2E%20Controls%20and%20Procedures) Management concluded the company's disclosure controls and procedures were effective as of December 31, 2022, with no material changes to internal control over financial reporting in Q4 2022 - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[245](index=245&type=chunk) - No changes in internal control over financial reporting occurred during the fourth quarter of 2022 that have materially affected, or are reasonably likely to materially affect, these controls[246](index=246&type=chunk) [Other Information](index=58&type=section&id=Item%209B%2E%20Other%20Information) The company reports no other information for this item - None[247](index=247&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.](index=58&type=section&id=Item%209C%2E%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections%2E) This item is not applicable to the company - Not applicable[248](index=248&type=chunk) [Part III](index=59&type=section&id=PART%20III) [Directors, Executive Officers and Corporate Governance](index=59&type=section&id=Item%2010%2E%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 Proxy Statement - Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2023 Proxy Statement[251](index=251&type=chunk) [Executive Compensation](index=59&type=section&id=Item%2011%2E%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the 2023 Proxy Statement - Information regarding executive compensation is incorporated by reference from the 2023 Proxy Statement[252](index=252&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=59&type=section&id=Item%2012%2E%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section details securities authorized under equity compensation plans, with **3.961 million** shares for outstanding rights and **2.276 million** shares available for future issuance as of December 31, 2022 Securities Authorized for Issuance Under Equity Compensation Plans (as of Dec 31, 2022) | Plan Category | Shares to be Issued Upon Exercise (in thousands of shares) | Shares Remaining for Future Issuance (in thousands of shares) | | :--- | :--- | :--- | | Stock-based compensation plans approved by stockholders | 3,961 | 2,276 | - The shares to be issued consist of **2.4 million** vested and **1.6 million** unvested LTIP Units; there are no outstanding options[254](index=254&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=59&type=section&id=Item%2013%2E%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information on related party transactions and director independence is incorporated by reference from the 2023 Proxy Statement - Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the 2023 Proxy Statement[256](index=256&type=chunk) [Principal Accounting Fees and Services](index=59&type=section&id=Item%2014%2E%20Principal%20Accounting%20Fees%20and%20Services) The company's independent auditor is Ernst & Young LLP; details on fees and services are incorporated by reference from the 2023 Proxy Statement - The company's independent auditor is Ernst & Young LLP; details on fees and services are incorporated by reference from the 2023 Proxy Statement[257](index=257&type=chunk) [Part IV](index=60&type=section&id=PART%20IV) [Exhibits and Financial Statement Schedule](index=60&type=section&id=Item%2015%2E%20Exhibits%20and%20Financial%20Statement%20Schedule) This section lists all exhibits filed with the Form 10-K and serves as an index to the company's audited financial statements and related reports - This section provides an index to the company's financial statements, financial statement schedule, and a list of all exhibits filed with the report[259](index=259&type=chunk)[260](index=260&type=chunk) [Form 10-K Summary](index=62&type=section&id=Item%2016%2E%20Form%2010-K%20Summary) The company did not provide a summary for this item - None[262](index=262&type=chunk)

Financial Data and Key Metrics Changes - In 2022, revenues increased by 6.4% compared to Q4 2021, while FFO rose by 7.2% to $0.51 per share. However, AFFO decreased by 11.1% to $81.2 million due to higher tenant improvement expenditures [7][8]. - For the full year 2022, FFO increased by 9.4% over the previous year, and same property cash NOI increased by 1.4% primarily due to higher rental revenue [8]. Business Line Data and Key Metrics Changes - The company signed 218 office leases in Q4, covering 772,000 square feet, with a total of 924 office leases for 2022 covering 3.7 million square feet [5][6]. - The leased rate declined by 53 basis points to 87%, and the occupied rate decreased to 83.7% due to a slowdown in activity in Q4 and recapturing space from nonpaying tenants [5][6]. - The multifamily portfolio remains nearly full at 99.4% leased, with an average rent increase of over 5% for new tenants in Q4 [5][6]. Market Data and Key Metrics Changes - The company experienced a slowdown in new and renewal demand from large tenants in Q4, while small tenants continued to show good activity, leasing 770,000 square feet during the quarter [1][5]. - The overall absorption was slightly negative for the year, and the company anticipates no meaningful recovery in office occupancy during 2023 due to the macroeconomic climate [1][8]. Company Strategy and Development Direction - The company is focused on maintaining occupancy and growing occupancy rates, with a strategy to prioritize smaller tenants who have shown resilience during the pandemic [5][6]. - The company is exploring new development projects, particularly at Barrington Plaza, and is optimistic about changes in state law that may facilitate development [12][21]. - The management believes there are more opportunities in the office sector compared to residential, citing a diverse tenant base and strong leasing activity in their markets [67][68]. Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the economic outlook and its impact on leasing activity, noting a significant drop in leasing volume in Q4 [25][70]. - The company remains cautious in its guidance, assuming flat occupancy growth for 2023, while acknowledging the potential for recovery if economic conditions improve [8][70]. - Management is optimistic about the long-term prospects for their office portfolio, citing strong leasing activity prior to the economic downturn [67][68]. Other Important Information - The company has no outstanding debt maturing until December 2024, and nearly half of its office portfolio remains unencumbered [3]. - The company expects interest expenses in 2023 to be between $192 million and $196 million due to increasing interest rates and expiring swaps [8]. Q&A Session Summary Question: Guidance on retention and rent spreads for 2023 - Management does not provide specific guidance on retention rates but historically, they remain in the mid-60s range. Predicting rent spreads has been challenging, and management focuses on retaining and growing occupancy [11]. Question: Updates on new development projects - The next major focus is on construction at Barrington Plaza, with positive changes in state law making development more feasible [12]. Question: Demand for Warner Bros Discovery leases - There is uncertainty regarding the renewal of Warner Bros leases expiring in 2024, with management expressing caution about the economic outlook [14][15]. Question: Capital allocation for 2023 - Management is considering various options for capital allocation, including acquisitions and share buybacks, but emphasizes the importance of finding the right opportunities [16][39]. Question: Changes in leasing terms and tenant decision-making - Smaller tenants are generally opting for shorter lease terms, typically around five years, reflecting their cautious approach in the current economic climate [51]. Question: Impact of state legislation on residential zoning - Management believes the new legislation may not significantly increase supply but enhances the value of their existing land for development [61]. Question: Update on Regal Cinema lease situation - Management refrained from commenting on individual tenants but acknowledged awareness of the situation [63]. Question: Opportunities in office versus residential - Management sees more potential in the office sector due to a diverse tenant base and strong leasing activity, despite the current economic challenges [67][68].

Douglas Emmett, Inc. (NYSE:DEI) Q3 2022 Results Conference Call November 4, 2022 2:00 PM ET Company Participants Stuart McElhinney - Vice President of Investor Relations Jordan Kaplan - President and CEO Kevin Crummy - CIO Peter Seymour - CFO Conference Call Participants Michael Griffin - Citi Blaine Heck - Wells Fargo Nick Yulico - Scotiabank Steve Sakwa - Evercore Alexander Goldfarb - Piper Sandler Rich Anderson - SMBC Dave Rogers - Baird John Kim - BMO Daniel Ismail - Green Street Advisors Operator Ladie ...

United States Securities and Exchange Commission Washington, D.C. 20549 Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, $0.01 par value per share DEI New York Stock Exchange Class Outstanding at October 28, 2022 Common Stock, $0.01 par value per share 175,788,905 shares 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, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

United States Securities and Exchange Commission Washington, D.C. 20549 Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, $0.01 par value per share DEI New York Stock Exchange Class Outstanding at July 29, 2022 Common Stock, $0.01 par value per share 175,784,137 shares FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) O ...

Summary of Douglas Emmett, Inc. (NYSE:DEI) Q2 Results Conference Call Company Overview - **Company**: Douglas Emmett, Inc. (DEI) - **Date of Call**: August 2, 2022 - **Participants**: - Stuart McElhinney - VP of IR - Jordan Kaplan - President and CEO - Kevin Crummy - CIO - Peter Seymour - CFO Key Industry Insights - **Office Market Recovery**: Strong tenant demand observed as pandemic concerns subside, with over 1 million square feet leased in Q2, including 355,000 square feet of new deals [7][11] - **Utilization Rates**: Office utilization has improved to over 80% of pre-pandemic levels, indicating a recovery in demand [7][27] - **Net Absorption**: Despite leasing activity, net absorption was slightly negative due to the expiration of eviction moratoriums, allowing the company to replace non-paying tenants [7][8] Financial Performance - **Revenue Growth**: Revenues increased by 9.8% compared to Q2 2021, with same-property cash NOI up by 5.1% [13] - **Funds from Operations (FFO)**: Increased by 9% to $0.51 per share, driven by higher office and residential revenue [13] - **Adjusted Funds from Operations (AFFO)**: Increased by 15% to $89.6 million [13] - **Guidance**: Full-year FFO guidance narrowed to between $2.03 and $2.07 per share [14] Leasing Activity - **Leasing Success**: 261 leases signed covering over 1 million square feet, with a lease rate of 87.5% [11][12] - **Residential Portfolio**: The residential portfolio remains fully leased, with strong rent increases on new leases [8][12] - **Leasing Spreads**: Positive 3.5% for straight-line rents and negative 7.4% for cash rents, indicating variability in leasing conditions [12] Acquisitions and Developments - **Recent Acquisition**: Acquired 1221 Ocean Avenue, a 120-unit apartment property in Santa Monica, which is nearly fully leased [10] - **Development Projects**: Ongoing projects at 1132 Bishop and The Landmark Los Angeles are progressing well, with positive leasing activity reported [10][22] Market Challenges - **Recession Concerns**: The company is monitoring macroeconomic conditions for potential recession impacts, although no immediate effects have been observed [9][28] - **Inflation Impact**: Inflation is being adapted to, with rising costs affecting operations, but long-term effects on real estate are generally positive [30] Tenant Management - **Non-Paying Tenants**: Approximately 100,000 square feet occupied by non-paying tenants is expected to be addressed by year-end, which will positively impact financial results as revenue from these tenants has not been recognized [8][73] - **Collection Efforts**: The company has been actively pursuing collections from tenants, with a focus on mitigating losses and negotiating new lease terms [76][73] Future Outlook - **Occupancy Guidance**: The company maintains its occupancy guidance, expecting to see improvements as more tenants move in [49][48] - **Market Position**: The diverse tenant base and strong leasing activity are seen as positive indicators for future performance, despite potential economic headwinds [52][51] Additional Insights - **Interest Rate Management**: The company has successfully refinanced $1.3 billion in debt, locking in favorable rates, and is cautious about floating rate debt in the current market environment [10][39] - **Utilization as a Predictor**: Higher utilization rates are viewed as a positive sign for future leasing activity, although recession discussions could dampen tenant confidence [64][65] This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market conditions, and strategic outlook.

Douglas Emmett, Inc. (NYSE:DEI) Q1 2022 Earnings Conference Call May 4, 2022 2:00 PM ET Company Participants Stuart McElhinney - VP, IR Jordan Kaplan - President, CEO & Director Kevin Crummy - CIO Kenneth Panzer - COO & Director Peter Seymour - CFO Conference Call Participants James Feldman - Bank of America Merrill Lynch John Kim - BMO Capital Markets Emmanuel Korchman - Citigroup William Crow - Raymond James & Associates Connor Mitchell - Piper Sandler & Co. Richard Anderson - SMBC Stephen Sakwa - Evercor ...