Douglas Emmett Q2 net loss $7.3M, FFO -8.4%; guidance cut $0.07 on Barrington Plaza vacate

Douglas Emmett Inc

2023-Q2 EPS reported $0.06 revenue$505,800,000

Revenue $253.4M (+2.6%); net loss $7.3M ($0.04 loss per diluted share) vs net income a year ago.
FFO $96.4M ($0.48/sh), down 8.4%; AFFO $74.9M, down 16.5% on higher interest and construction costs.
Same property Cash NOI down 0.9% to $150.1M; office leasing 957k sq ft signed, cash rents down 6.6%.
Barrington Plaza vacating 712 units for fire safety upgrades; expected FFO reduction of ~$0.07/sh.
Closed $350M term loan at SOFR+1.37%; repurchased 7.6M shares at avg $12.13 in Q2.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

Douglas Emmett Inc reported the quarter ended June 30, 2023 results: revenue $253.4 million, net income net loss of $7.3 million, or a net loss of $0.04 per diluted share, EPS $0.04 per diluted share. Guidance lowered.

Period: the quarter ended June 30, 2023
Revenue: $253.4 million
Net income: net loss of $7.3 million, or a net loss of $0.04 per diluted share
EPS: $0.04 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

submarkets of Los Angeles and Honolulu. Quarterly Results: For the quarter ended June 30, 2023 compared to the quarter ended June 30, 2022: • Our revenues increased by 2.6% to $253.4 million, primarily as a result of our multifamily portfolio, which now represents approximately 20% of our annual revenue. • Our net income (loss) attributable to common stockholders

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Source: SEC EDGAR

accession 0001364250-23-000047

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