DEI Q2 revenue -3.0% to $245.8M, FFO $0.46/sh; FY guidance narrowed

Douglas Emmett Inc

2024-Q2 EPS reported $0.11 revenue$490,746,000

Revenue decreased 3.0% to $245.8M; net income $10.9M ($0.06 diluted) vs prior $3.1M surge due to prior accelerated depreciation.
FFO fell 4.5% to $92.1M ($0.46/sh); AFFO down 0.8% to $74.2M.
Same property Cash NOI declined 0.2% to $146.2M; multifamily 99% leased; office leasing cash rents -12.4%.
Paid Q2 cash dividend $0.19/sh on July 16; annualized $0.76; no change.
Narrowed 2024 guidance: net income $0.05-$0.09/sh, FFO $1.65-$1.69/sh; includes Warner Bros. move-out.

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