Douglas Emmett Q1 revenue -2.9% to $245M; net income down 51.5% to $8.9M

Douglas Emmett Inc

2024-Q1 EPS reported $0.05 revenue$244,969,000

Net income $8.9M ($0.05 diluted EPS) vs prior year $18.4M ($0.11); FFO down 8.7% to $90.1M ($0.45).
Same property Cash NOI rose 0.7% to $146.1M, helped by property tax refunds and lower expenses.
Signed 214 office leases (1.2M sq ft); 250K sq ft renewal in Beverly Hills extends term to 2037.
Full-year FFO guidance unchanged at $1.64-$1.70 per share; net income guidance $0.04-$0.10.
Cash and equivalents $556.7M; quarterly dividend maintained at $0.19 per share.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Douglas Emmett Inc reported the quarter ended March 31, 2024 results: revenue $245.0 million, net income $8.9 million, or net income of $0.05 per diluted share. Guidance reaffirmed.

Period: the quarter ended March 31, 2024
Revenue: $245.0 million
Net income: $8.9 million, or net income of $0.05 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

submarkets of Los Angeles and Honolulu. Quarterly Results: For the quarter ended March 31, 2024 compared to the quarter ended March 31, 2023: • Our revenues decreased by 2.9% to $245.0 million, as increased revenue from new residential units, higher in-place office rents and increased parking revenue were more than offset by lower office occupancy, lower tenant

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Source: SEC EDGAR

accession 0001364250-24-000023

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