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Mar 31, 2022
Douglas Emmett Q1 2022 Earnings Report
Reported an increase in revenue, net income, FFO, and AFFO compared to the same quarter last year.
Key Takeaways
Douglas Emmett reported a revenue increase of 10.4% to $238.9 million and a net income increase of 119.9% to $25.5 million, or $0.14 per diluted share, for the quarter ended March 31, 2022, compared to the quarter ended March 31, 2021.
Revenues increased by 10.4% to $238.9 million.
Net income attributable to common stockholders increased by 119.9% to $25.5 million, or $0.14 per diluted share.
FFO increased by 15.4% to $103.8 million, or $0.50 per fully diluted share.
Same property Cash NOI increased by 10.7% to $151.1 million.
Revenue by Segment
Forward Guidance
The company is raising its guidance for 2022 net income per common share diluted to be between $0.53 and $0.59 and FFO per share to be between $2.02 and $2.08.
Positive Outlook
- Net income per common share - diluted guidance: $0.53 to $0.59
- FFO per share - fully diluted guidance: $2.02 to $2.08
- Average Office Occupancy: 84% to 86%
- Residential Leased Rate: Essentially fully leased
- Same Property Cash NOI Growth: 4.5% to 5.5%
Challenges Ahead
- Guidance does not include the impact of any future property acquisitions or dispositions.
- Guidance does not include the impact of financings.
- Guidance does not include the impact of property damage insurance recoveries.
- Guidance does not include the impact of other possible capital markets activities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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