Douglas Emmett (DEI) Q3 2026 earnings summary

Executive summary

• Office absorption was positive for a fourth straight quarter; occupancy rose more than 1 percentage point to 76.7%, its largest quarterly gain since 2012.

• Portfolio includes 18.2M sq. ft. of office space and 4,410 apartments; 1,035 additional apartments are in active development.

• Management expects office lease-up and residential development to support FFO recovery toward and above 2019 levels, despite elevated interest rates.

Financial highlights

• Q3 revenue was $260.864M vs. $250.580M YoY; FFO was $69.6M vs. $68.5M, while AFFO was $46.8M vs. $52.0M.

• Q3 net loss attributable to common stockholders was $8.785M, or $(0.05) per share; 9M FFO was $221.9M vs. $224.1M.

• Q3 same-property cash NOI declined 3.1% to $148.5M; 9M same-property NOI fell 1.4% to $462.982M.

Outlook and guidance

• FY2026 diluted net loss guidance is $(0.20)–$(0.16) per common share; fully diluted FFO guidance is $1.39–$1.43 per share.

• Guidance assumes average office occupancy of 75.5%–76.5%, residential essentially fully leased, and same-property cash NOI down 2.5%–0.5%.

• Most signed but unoccupied office leases are expected to commence within 1–3 quarters, with nearly all commencing within four quarters.

• New residential project starts are not planned until much of the current construction is completed; planning and architectural work continues at two sites.