Douglas Emmett (DEI) Q2 2026 earnings summary

Executive summary

• Portfolio includes 75 office properties (18.2M sq ft) and 13–15 multifamily properties (4,410–5,445 units, including 1,035 under development) in Los Angeles and Honolulu, with new acquisitions in Beverly Hills and ongoing redevelopment projects.

• Signed 960,000 sq ft of office leases, achieving positive net absorption and new leases 3–3.2% more valuable than expiring ones; multifamily segment saw full occupancy and 2% higher same property cash NOI year-over-year.

• Acquired The Bedford Collection, a 246,000 sq ft medical office portfolio, via joint venture for $260 million (13.3% equity stake).

• Operates a fully integrated platform with in-house leasing, legal, construction, and design, focusing on high-barrier Los Angeles and Honolulu markets.

• Holds dominant market share in Class A office space, with a diversified tenant base and strong internal/external growth since IPO.

Financial highlights

• Q2 2026 revenues were $257 million, up from $252 million in Q2 2025; six-month revenues were $507.5 million, up 0.7% year-over-year.

• Net loss attributable to common stockholders was $(2.7) million for Q2 2026 and $(5.2) million for the six months, improved from prior year periods.

• FFO for Q2 2026 was $76.3 million (up 2.4% YoY); FFO per share remained at $0.37; AFFO increased to $56 million from $54 million.

• Same property cash NOI was $152 million for Q2 2026, down 0.6% year-over-year.

• Dividend declared per share was $0.19 for Q2 ($0.76 annualized).

Outlook and guidance

• Office occupancy guidance for 2026 lowered to 75–77% due to inclusion of Studio Plaza.

• Net loss per common share (diluted) expected between $(0.20) and $(0.16); FFO per fully diluted share projected at $1.39–$1.43.

• Operating income expectations improved, but higher interest rates expected to offset gains.

• Guidance excludes impacts from future acquisitions, dispositions, financings, insurance recoveries, or impairment charges.

• Management expects to meet short-term liquidity needs through cash on hand and operations; long-term needs to be met via secured non-recourse debt, equity issuance, and JV transactions.