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Douglas Emmett (DEI) investor relations material
Douglas Emmett Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Leasing activity in Q3 was below expectations, with a strong July followed by a slowdown in August and September; tenant retention remained above 70%.
Portfolio includes 70 office properties (17.98M sq ft) and 15 multifamily properties (5,445 units) in Los Angeles County and Honolulu as of September 30, 2025.
Multifamily portfolio outperformed, with same-store cash NOI up nearly 7% year-over-year, and overall same-property cash NOI up 3.5%.
Holds dominant market share in Class A office space, with a 39% average share in its regions and is the largest office landlord in Los Angeles and Honolulu.
Focuses on high-quality office and multifamily properties in Los Angeles and Honolulu's premier coastal submarkets.
Financial highlights
Q3 revenue was flat at $251 million compared to the prior year.
Total revenues for the nine months ended September 30, 2025 were $754.5M, up 1.8% year-over-year.
FFO decreased to $0.34 per share in Q3; AFFO fell to $52 million due to higher interest expense.
Q3 2025 FFO was $68.5M, down 20.3% from $86.0M in Q3 2024.
G&A expenses remained low at 4.3% of revenue.
Outlook and guidance
2025 net income per diluted share is expected between $0.07 and $0.11; FFO per fully diluted share is projected between $1.43 and $1.47.
Guidance excludes impacts from future acquisitions, dispositions, financings, and other capital market activities.
Management expects to meet short-term liquidity needs through cash on hand and operations; long-term needs will be met through secured non-recourse debt, equity issuance, and property transactions.
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