Douglas Emmett (DEI) Q2 2026 earnings summary

Executive summary

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

• Achieved strong leasing momentum with 960,000 sq ft of office leases signed, resulting in positive absorption and new leases 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 in Beverly Hills for $260 million via joint venture (13.3% interest).

• Apartment portfolio remains fully leased with increasing rents, and redevelopment pipeline includes over 1,000 new units and potential for 8,000–10,000 more due to zoning changes.

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

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 $(3) million for Q2 2026, improved from $(6) million year-over-year.

• FFO per share remained at $0.37 for Q2 2026; AFFO increased to $56 million from $54 million.

• Same property cash NOI was $152 million for Q2 2026, slightly down from $154 million year-over-year.

• Dividend declared per share was $0.19 for Q2 and $0.38 for the six months.

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 market interest rates expected to offset gains.

• Leases benefit from 3% to 5% annual rent increases, supporting stable and growing cash flows.

• Guidance excludes impacts from future acquisitions, dispositions, or capital market activities.