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Mar 31, 2025
Douglas Emmett Q1 2025 Earnings Report
Douglas Emmett reported its first quarter 2025 earnings, highlighting the acquisition of 10900 Wilshire and the consolidation of a previously unconsolidated joint venture.
Key Takeaways
Douglas Emmett reported total revenues of $251.5 million for Q1 2025, with a net income attributable to common stockholders of $39.8 million, resulting in an EPS of $0.24. The company achieved positive absorption in its Total Portfolio with over 300,000 square feet of new leases.
Total revenues for Q1 2025 were $251.5 million, up from $245.0 million in Q1 2024.
Net income attributable to common stockholders significantly increased to $39.8 million in Q1 2025 from $8.9 million in Q1 2024.
FFO per fully diluted share was $0.40, a decrease from $0.45 in the prior year.
The company signed 217 office leases covering 753,000 square feet, with positive absorption of over 300,000 square feet of new leases.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Douglas Emmett expects its 2025 Net Income Per Common Share - Diluted to be between $0.07 and $0.13, and FFO per fully diluted share to be between $1.42 and $1.48. This guidance does not include the impact of future property acquisitions or dispositions, stock sales or repurchases, financings, property damage insurance recoveries, impairment charges or other possible capital markets activities.
Positive Outlook
- Average Office Occupancy is expected to remain unchanged at 78% to 80%.
- Residential Leased Rate is expected to remain essentially fully leased.
- Straight-line Revenue is projected to be between $8 million and $11 million.
- General and Administrative Expenses are expected to be between $46 million and $50 million.
- Weighted average fully diluted shares outstanding are projected to remain unchanged at 204.0 million.
Challenges Ahead
- Same Property Cash NOI is expected to decrease by -2.5% to -0.5%.
- Interest Expense is projected to be between $260 million and $270 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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