Douglas Emmett Q2 FFO $0.47, net income up 698% to $16.2M, record leasing 1.3M sq ft

Douglas Emmett Inc

2021-Q2 EPS reported $0.16 revenue$441,301,000

Revenue $225M (+8.3% YoY); net income $16.2M (+698% YoY); FFO $96.5M ($0.47/share).
Signed record 1.3M sq ft office leases; leased rate 87.3% (down 0.4%); cash rents on new leases down 6.6% vs expiring.
Closed $300M secured term loan at LIBOR+1.40% (fixed at 2.21% via swaps); used $175M to cut revolver balance.
Multifamily 99.4% leased; Bishop tower 100% leased on 174 units; Brentwood high-rise first deliveries Q4 2021.
Q3 FFO guidance $0.44-$0.46, net income $0.06-$0.08; no Q4 guidance due to pandemic uncertainty.

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