The following is a summary of the Douglas Emmett, Inc. (DEI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Douglas Emmett's revenue increased by 2% compared to Q4 of 2022 due to higher multifamily revenues and ground rent, including a one-time payment of $5.5 million from accumulated back rent.

• Funds from operations (FFO) decreased by 12% or $0.46 per share, primarily due to higher interest expenses while adjusted funds from operations (AFFO) declined 8.1% to $74.6 million.

• The same-property Net Operating Income (NOI) decreased by 1.1% compared to a strong prior period that benefited from one-time tax refunds on a residential portfolio.

• General & Administrative expense was 5.6% of revenue, which is relatively low.

• The company expects FFO per share in 2024 to be between $1.64 and $1.70. This projection reflects the expected move-out of a large tenant in Burbank, the removal of Barrington Plaza from the rental market, higher interest costs, and moderate leasing assumptions.

Business Progress:

• In 2023, Douglas Emmett signed 872 office leases totaling 3.2 million square feet including 710,000 square feet in Q4, indicating active business progress.

• The company signed a significant renewal in Beverly Hills for 250,000 square feet which extends until 2037.

• They have expanded their residential portfolio over the last five years, adding nearly 1,300 apartments in its strongest markets.

• Current market conditions are being viewed as an excellent opportunity for acquisitions, and the company is actively looking for deals.

• Completion of lease-up of its 376-unit Landmark L.A. property in Brentwood and progress in its office-to-residential conversion project in Honolulu is being made, suggesting expansion in residential space.

• There will be an impact in 2024 due to the Warner Discovery move-out, which represents 2.5% of the company's square footage. However, this anticipated occupancy drag is already included in the provided financial guidance.

More details: Douglas Emmett Inc IR

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