Douglas Emmett Q1 revenue $238.9M (+10.4% YoY); raises FFO guidance; acquires Santa Monica apartment for $330M

Douglas Emmett Inc

2022-Q1 EPS reported $0.14 revenue$238,882,000

Revenue $238.9M (+10.4% YoY); net income $25.5M ($0.14 diluted EPS) vs $11.6M prior year.
FFO $0.50 per diluted share (+15.4%); raises 2022 FFO guidance to $2.02–$2.08 per share.
Acquired 1221 Ocean Ave, Santa Monica (120 units) for $330M via JV (55% owned); $175M loan fixed at 3.90%.
Office leased rate 87.7%, occupancy 84.6%; multifamily 99.7% leased with 9% rent roll-up.
Paid Q2 dividend $0.28/share ($1.12 annualized); same property Cash NOI up 10.7% to $151.1M.

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