DEI

Image source: The Motley Fool. Wednesday, August 5, 2026 at 2:00 p.m. ET Vice President of Investor Relations - Stuart McElhinney Chairman and CEO - Jordan L. Kaplan CIO - Kevin Andrew Crummy CFO - Peter D. Seymour Operator: Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett Quarterly Earnings Call. Today's call is being recorded. At this time, all participants are in listen only mode. After management's prepared remarks, you will receive instructions for participating in the question and answer session. I will now turn the conference over to Stuart McElhinney, Vice President of Investor Relations for Douglas Emmett. Stuart McElhinney: Thank you. Joining us today on the call are Jordan L. Kaplan, our Chairman and CEO Kevin Andrew Crummy, our CIO and Peter D. Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the Investor Relations section of our website. You can find reconciliations of non GAAP financial measures discussed during today's call in the earnings package. During this call, we will make forward looking statements. These forward looking statements are based on the beliefs of assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings which can be found in the Investor Relations section of our website. When we reach the question and answer portion in consideration of others, please limit yourself to 1 question and 1 follow-up. Thank you. Will now turn the call over to Jordan. Jordan L. Kaplan: Good morning and thank you for joining us. We had a very active quarter and made real progress on all 4 of our strategic priorities. Our leasing up our office portfolio, acquiring properties at attractive pricing, redeveloping properties to maximize value and refinancing upcoming debt maturities. We signed 960 thousand square feet of office leases. With a good mix of new and renewal deals. And achieved positive absorption of approximately 60 thousand square feet. Healthy office rents and low concessions helped us sign new leases that were 3% more valuable than the expiring leases they replaced. Of course, most of the positive impact of this leasing will occur over the next 12 months. Our apartment portfolio remains fully leased increasing rents. On the acquisition front, we and a few of our joint venture partners acquired an extremely well leased block of prime Beverly Hills medical office properties. Our redevelopment efforts are exceeding expectations Studio Plaza in Burbank, is now leased well over 50% So we have moved it from development to in service. Our apartment redevelopment projects are on track to add over 1 thousand new units. Finally, we refinanced over $800 million of debt this quarter. So with that, I will turn the call over to Kevin. Kevin Andrew Crummy: Thanks, Jordan, and good morning. As Jordan mentioned, in April, we and our joint venture partners acquired the Bedford Collection a 5-building 246 thousand square foot medical office portfolio in the Beverly Hills Golden Triangle, for $260 million We managed the joint venture and hold a 13.3% equity stake. The entity was capitalized with $150 million of equity and $130 million of debt. In addition, during the quarter, we refinanced 2 office loans scheduled to mature later this year. In May, we refinanced a $400 million loan for 4 years and effectively fixed the interest at 6.15% until June 2029. And in June, we refinanced a $415 million loan for 4 years, and effectively fixed the interest at 6.18% until July 2029. With that, I will turn the call over to Stuart. Stuart McElhinney: Thanks, Kevin. Good morning, everyone. During the second quarter, we signed 34 office leases totaling just under 960 thousand square feet. Including 90-3 new leases totaling over 375 thousand square feet and 1 hundred 40-1 renewal leases totaling over 584 thousand square feet. A healthy leasing volume for us and it builds on the momentum we have been seeing over the past few quarters. On rental rates, the straight line value of leases we executed in the quarter increased by 3.2% compared to the prior leases for the same space. With our typical 3% to 5% annual fixed rent bumps continuing to more than offset the impact of lower beginning cash rents. As Jordan mentioned, we have now moved Studio Plaza to our in service portfolio. Since the first generation leases at Studio Plaza take longer to build out, this will have the effect of widening our lease to occupied spread for the next few quarters. In addition, while the lease rate at Studio Plaza is now well over 50%, its inclusion will mean lower reported leased and occupied percentages for our office portfolio until occupancy at Studio Plaza equals or exceeds our average office occupancy. Our lease transaction costs averaged $5.35 per square foot per year. Well below the benchmark for other office REITs. Our residential portfolio continues to perform well, with cash same property NOI up 2% compared to the second quarter of last year. Demand remains very strong across our markets with our portfolio still over 99% leased. With that, I will turn the call over to Peter to discuss our financial results. Peter D. Seymour: Thanks, Stuart. Good morning, everyone. Compared to the second quarter of 25, revenue increased from $252 million to $257 million FFO increased but still rounded to $0.37 per share and AFFO increased from $54 million to $56 million Same property cash NOI decreased 1.2% for the quarter. At approximately 4.9% of revenue, our G&A remains the lowest among our benchmark group. We are now including Studio Plaza in our occupancy assumption for the full year. Despite being leased well over 50%, its occupancy has not yet reached the average for our portfolio. Solely as the result of including Studio Plaza for the full year, we are lowering our office occupancy guidance range to between 75% to 77%. Our operating income expectations have improved from our prior projections, but we anticipate that this improvement will be more than offset by the impact of higher market interest rates. Therefore, we now expect our 2026 diluted net income per common share to be between -$0.20 and -$0.16 and our fully diluted FFO per share to be between $1.39 and $1.43 For information on assumptions underlying our guidance, please refer to the schedule in the earnings package. As usual, our guidance does not assume the impact of future property acquisitions or dispositions common stock sales or repurchases financings, property damage insurance recoveries, impairment charges or other possible capital markets activities. I will now turn the call over to the operator so we can take your questions. Operator: We will now begin the question and answer session. You are using a speakerphone, please pick up your handset before pressing the keys. Again, in consideration of other participants, please limit your queries to 1 question and 1 follow-up. At this time, we will pause momentarily to assemble our roster. Our first question comes from Steve Sakwa with Evercore. Please go ahead. Steve Sakwa: Thanks. Good morning. Maybe Jordan or Stuart, could you maybe just comment a little bit more on the leasing activity? You have obviously now had 2 pretty solid quarters on the new lease side. And I am just curious if there is any sort of larger deals that may be influencing that trend? And what is your expectation for new leasing volume moving into the back half of the year? Stuart McElhinney: I mean, we can both answer that. Yes. Look, I will jump in. I would say we have had 3 really good quarters actually, if you go 3 pretty good quarters in a row. We are building on the momentum here, so we are excited about what is going on in leasing. Now they are another great quarter with 960 thousand feet. I think the Q1, if you look at Q1 with the record new leasing we did last quarter, that was chunkier as we talked a little bit about that last quarter with some larger deals. This quarter was less so, just we had pretty typical activity from, you know, that larger group that we call over 10 thousand feet this quarter, so not super chunky. And I think we are very optimistic that we are going to have good momentum continue through the second half of the And I agree with all that. Jordan L. Kaplan: I am very happy with what our leasing group is doing. And, you know, I hope that we are getting a little wind in our back and we are going to continue. And it feels that way. But like I keep saying, I do not know if the proof is in 1 quarter, 2 quarters, 3 quarters, 4 quarters, but I look at what we have done, I feel very good. Okay. And then maybe just on the debt, I know you have got a couple of swap maturities coming up over the next kind of 12 months or so. Just kind of remind us your plans for those swaps and is there anything you can do to sort of help mitigate or offset some of that higher interest expense or kind of it is what it is? I do not want to say it is what it is. that is for sure. When-- look, we do not choose to live in a world where we have a lot floating. Rich? So when you see something go to floating, it is probably during the last bit of the term of that loan, which means we are going to refinance that loan. We have started working on refining that loan and it can get refinanced at the beginning of that time or later in time, we have a window to do it. I do not think we are going to stay floating. I am not thrilled with where interest rates are. But, you know, we were just talking about that, and you know, I needed I am really trying to think of a good way to deal with those interest rates because the rest of the company the rest of what is going on is so good that I feel that the changes in that the increased cost of interest we were low leverage. None of our buildings are jeopardized. None of the ownership is jeopardized. But it is really kind of clouding our performance, and it bothers me as much as it bothers you guys. And we are really thinking about solutions to that. Okay, thanks. that is it for me. Thanks. Operator: Our next question comes from Jamie Feldman with Wells Fargo. Please go ahead. Jamie Feldman: Great. Thanks for taking the question. I am sitting in for Blaine today. So, you know, interesting portfolio transaction in Beverly Hills. Can you just talk more about any other interesting opportunities you are working on or that might be out there you know, whether unique asset types or larger portfolio transactions? And then, you know, with the transaction market improving and investor expectations, you know, and investors may be getting more aggressive, how have return requirements changed? Both in terms of what you are willing to get and what your investors are looking for? Jordan L. Kaplan: Well, I got to tell you because it is funny we are looking at you know, to me, we had a great quarter. I was surprised the stock was off because we were talking about, I am like, it is the best time to be in real estate. We are we are working on a bunch of acquisitions. I will tell you that. Will we make them? I do not know that, but there are definitely some large ones, and it is getting a ton of our focus. And, you know, we have gone through very long periods where we have been accused of some early on after 2009, we only buy, we do not develop. Then as we got later in the term, we were only developing. We never buy anything. Now we are back to buying, which know, we are developing residential, but I love buying deals at good pricing. And I think opportunities extremely good right now. This is like a great time to be other than interest rates are probably playing a part in the opportunity that is created. This is a great time to be in real estate because I believe in the markets I believe in the real estate. And pricing has conspired in the way it since the early nineties to create opportunities to buy fantastic buildings. So we have been after forever. And we are super focused. it is what is driving most of my travel. Okay. Jamie Feldman: So I guess, second part of the question was just return expectations how are yours changing? Given maybe markets are improving? And then how are your investors changing or what they are looking for changing? Jordan L. Kaplan: Well, everybody is looking for better returns. Driven by where interest rates are and the lack of equity and debt that is generally available in the market, which is probably what is creating the opportunity and at the same time you know, it means we are not always in agreement with the seller. But we are obviously making deals. You are watching us do it. And we are making these deals with in a good part, a very good part with our JV partners who seem pretty happy with what is going on because they are continuing to ask what is next. So we have to get the what is next and get it organized and get it in front of them correctly. Because there is definitely an appetite now, we are seeing even for office in our markets. Jamie Feldman: Okay. Thank you for that. And then I guess for my follow-up, it looks like there were some adjustments in the UCLA tenancy this quarter. have 2 more leases with them and 1 additional property and some expirations were shifted. Can you give us a general idea of how your conversations with them are going? How committed to their space in your portfolio they seem to be? And then can you also comment on the 77 thousand square foot Stanley expiration in 2027? Thank you. Stuart McElhinney: Sure. Yeah. Sure, Jamie. So I think we are in good conversations with UCLA about the remaining expirations this year. We feel good about that. They do not act like a single large tenant. They have a bunch of leases with us. And, literally, we have had it in 1 quarter where they have given back space and leased space the in the same quarter because they have a bunch of different apartments departments that are kind of acting independently. But we feel good about the space that is coming up. Same with Jordan Stanley next year, I think there is productive conversations happening. We are feeling good about the expirations, that are next year for Jordan Stanley. Jamie Feldman: Okay. Do you have a sense of when you might have an answer on Jordan Stanley? Like how early they tend to lock things in? Stuart McElhinney: Well, we generally, we are not in the business of giving you guys details on individual tenants. I know they are on our big tenant list. I understand why you are asking. I will also mention that is more than 1 lease with Jordan Stanley. Not 1 large lease. They also have multiple leases with us, which is multiple leases in that 77 thousand feet. Jamie Feldman: Okay. Alright. Great. Thank you. Operator: Our next question comes from Alexander Goldfarb with Piper Sandler. Please go ahead. Alexander Goldfarb: Hey, morning out there. Jordan, on your debt comment and where interest rates are, As you think about the company, clearly, you guys run it on a pretty lowly levered overall perspective. But if you think about the individual asset financing that you do and the JV structures, are you thinking that you and your partners would run the buildings with lower leverage So meaning as loans are maturing, you guys would either pay them off entirely or refinance them at lower LTVs. In that way, you cannot do anything about interest rates, but you can do something about where the loan balances are. I am just trying to think if you are thinking along those lines. Jordan L. Kaplan: it is a little more complicated than that. But you are right. There might be ways especially with the fact that we are buying at same time and bringing in partners to reduce our exposure to the, you know, fluctuations in interest rate or into to this higher level interest. We do not really have high level debt. I mean, know, I think unlike many, many, many of my peers, especially ones that have nonrecourse debt, we have not been in a position of giving anything back. We have equity across the board. We are in good shape there. But, obviously, interest has moved against us, and it is a cost that is hitting us now. I mean, it is funny because the great news is interest rates will go up and they will go down when they are dropping. it is going to be great because if you really look at our NOI, the way we maintained our NOI and cash flow coming off the properties before interest, it is been outstanding. I mean, beyond outstanding. And so as the properties lease up, you are looking at a lot of NOI and a lot of income. But interest obviously has been taken the cream off of that. And then the question is, we want to do, like, some more permanent things and try and really just reduce our exposure to it, Or do we go, hey. it is a time it is a moment in time. We are making acquisitions. it is helping us get those done at great pricing, and it will not always sit this way. So we will, like, take something. it is better than buying a building at a super high price, which you live with for the rest of your life. Rich? And so just thinking through all of that, I think it is really getting in the way of people realizing how well our markets and how well the company is doing operationally. Alexander Goldfarb: Okay. And then the second question is, you know, if you look at what is going on with Paramount and the state attorney general, on that debate and whether, you know, maybe they do relocate or not. Is there any concern in LA that, you know, maybe the environment there is not even as amenable to corporate Hollywood staying and maybe that industry will start to morph to other markets? Or is the view that, no, this is just headline noise, nothing is going to change And therefore, all the Hollywood, you know, all the office users, you know, there is no disruption to that market. I am just trying to think about how this plays out and obviously the saber rattling that is going on. Jordan L. Kaplan: Well, I think the deal is going to close. I will admit I am at a little bit of a loss why our state government is against 2 California companies being here and merging. But putting that to the side, I think, overall, it is healthy for the people here. I think you have seen stuff from whether it be David or his father. They are pretty committed to California. I you know, the talent is here. The directors are here. You know, they are frankly, they are they have giant capital commitments to facilities here. So I think it is been running at a low-- I you know, now you are starting to see big movies come out. You know, the I am not sure what is going on there. Unfortunately or fortunately, ever really impact us a lot because the tenants we have are definitely living here, like, literally in our neighborhood, and they are renting from us. Because they are living here. Now when you talk about the studios, we do not own any of that. And so I want California to do well and I want you know, all the industries to be able to be here, but I am not sure it impacts us that much. Though I do hope that the state gets out of the way and lets them merge I think that the new company is going to be-- you know, produce even more and I think they are going to lean into those big movies. Thank you, Jordan. Alexander Goldfarb: Thanks. Operator: Our next question comes from Rich Anderson with Cantor Fitzgerald. Please go ahead. Rich Anderson: Thanks. Good morning out there. So on Plaza moving into the operating portfolio, What besides it making the marquee of your occupancy guidance now going forward, what was the impact from that on guidance, if anything? Is there a cap interest burn off as a result? Like, what besides higher interest expense that you point out, what role did Studio Plaza play in the guidance? If any? Peter D. Seymour: So it is Studio Plaza had debt, it would have been included already, but it does not have any debt. So start with that. And most of the steps for Studio Plaza have been included forever. it is only the leasing or maybe some type of same store stats. That you know so I mean, you know, we have we have really said it. Jordan L. Kaplan: I mean, the impact is on leasing. I mean, we-- you know, it had it had a slightly negative impact on leasing simply because it is obviously not leased as well as the rest of the portfolio. But it is it is been extremely well leased and what I think has been a pretty good we redid the building and have leased it up to this point. In what I think has been a pretty rapid fashion. it is moving along the clip. We were asked to include it. People did not like it being on the outside, so we included it. Yeah. Peter D. Seymour: And I think that, you know, part of the operational improvement we mentioned is offsetting some of the interest is including Studio Plaza. it is going well there. And that is part of that. Rich Anderson: Okay. Outside of Studio Plaza, redev being among your 4 priorities, know, you were once upon a time making 30% on your money on sort of repositioning activities around the portfolio. Can you talk about and provide some color about that business again, outside of Studio Plaza, where it is happening, if you can provide that and what types of returns you are seeing today? Jordan L. Kaplan: Sure. I think we I do not know 30 percent or whatever percent but we have done a very good job over time. You know, there is a market where they do not really let you build new office buildings, and it is extremely difficult to build off apartment buildings. Now, we are talking about repositioning, not new. We are doing a lot putting a lot of capital into building new apartments. But in terms of repositioning, there is repositioning being done on our resi portfolio. And there is also always repositioning or worked on if we are always doing a certain number of lobbies. We are always doing a certain number of elevators. Because we want all our buildings to stay at the top of the market. In terms of perception, like a top 10, 20% of the market. And there is a huge ranking process for that. So we are constantly doing work. I mean, if you follow the portfolio for a while, things that people do not even expect, like, 4 you know, it is got a whole new skin now. Rich? We redid the lobby at 100 Wilshire, which was I mean, all these buildings were getting great rents before too, by the way. But it keeps the building at the top of the market. And you get even more out of it because it, you know, it takes what is at our bottom and moves it back up. And so we have been spending that capital for probably mine and Kenneth's whole career. Although, I will admit, we amped it up Over the last 5, 6, 7 years, something in that range, and it has paid very good dividends for us to push up into that you know, top, like I keep saying, 20% range. Rich Anderson: Okay. Great. Thanks very much. Thanks. Operator: Our next question comes from Upal Rana with KeyBanc Capital Markets. Please go ahead. Upal Rana: Great. Thank you. Jordan, you talked about, you know, lease activity over the past 3 quarters. Could you comment on where some of that tenant demand has changed the most over the past few quarters? Any industries that may have surprised you or either positively or negatively? Jordan L. Kaplan: Surprise would not be the word. Now, I am happy. That the larger tenants have come back and they came back probably even a little more than a quarter ago, but you have really seen it reflected in our in our numbers. The small tenants were always kind of rolling along at a good clip, but it was still back. Like, when a large guy does not renew, it takes many small tenants to fill in the space. And so now that we are getting like a good dose of large guys and small guys, we are not being left with such visible holes that we have to plug. But I-- I am-- I will not say I am surprised because I have as I have said many times, I believed in the market, but I am really happy that it is moving along much better now than it certainly did during COVID, and then it kind of had another little drag and started recovering, then had a little drag down when the Fed came out and said, okay, inflation is real, and we are going to start raising rates. And now, you know, it feels like we saw a 2020 late 24, early 25, bottom, and it feels like we are on a good clip right now. Stuart McElhinney: You want to say something? Go ahead. Yes. Just on the industries, Upal, if you look at our pie chart of our industries, those top 6 categories that are probably largest have all had very good demand. it is remained very diverse across those industries. Legal, financial services, real estate, still all good and active and entertainment has been very strong despite, you know, the headlines. We have been doing good entertainment leasing as well. Jordan L. Kaplan: Yes. I have got to say we keep getting asked about entertainment, I guess, vis a vis studios. We are actually doing a lot of leasing to entertainment. I mean, you know, that is that is that was the solid tailwind between where studio Plaza is today. But, no, I mean, I realized that probably they are not using as much studio space. Great. Upal Rana: That was helpful. And then, you know, you mentioned the benefit from this quarter's leasing will not be realized until the next 12 months. Your leased not occupied spread is now almost sitting at 500 basis points. So maybe you can quantify how much of the annualized NOI is embedded in these leases? And have those already been signed, but you know, are you just, like, just kind of curious how are we should we be thinking about this as we roll into 2027? Peter D. Seymour: I do not I will let maybe Peter has some kind of idea. Look, you have got a sense of our average lease rate and you know how much space it is. And if it moves in over the course of 12 months, you can kind of do that math. it is a very meaningful number. And we are we are very pleased with that trajectory. And we expect to continue to add that as we continue to maintain high leasing volume over the next few quarters. Jordan L. Kaplan: I have to say I saw that 470 basis point spread-- over 470, yes. And I mean, you cannot get better news than that. I would tell you, when that spreads wide, we are leasing a lot. And when that spread narrows to below 200, you go, well, there is not a lot of leasing going on because more and faster aggressive leasing creates the spread. And so almost more than the fact that we are we are reporting a very meaningful positive absorption is that spread capping out that wide, which might be 1 of the widest I have ever seen, is an extremely good sign. Upal Rana: Okay. Great. Thank you. Operator: Our next question comes from Dylan Przybylinski with Green Street. Please go ahead. Dylan Przybylinski: Hi, guys. Good afternoon. Thanks for taking the question. Maybe Jordan, just going back to your comments around the team being sort of active on working on a number of acquisitions. Have you sort of seen pricing change at all in the last, call it, 6 to 9 months? And I guess as you guys are sort of underwriting opportunities, are you able to share sort of the yield on cost you guys are sort of targeting So we are able to get deals done now. Jordan L. Kaplan: I mean, Pricing is down from, we will call, whatever, 2017, 2018, 2019, okay? And probably even 2020, 2021, 2022. So pricing is down from that. What and it is it is 1 I will I will say, I mean, in my life of this is my 40th year. I have only seen a guy selling a building for less than they bought it for twice, and 1 was in their early nineties, and this is the second time. So that by itself, if you stand back, you go, this incredible opportunity. Now separately, what is creating more of an opportunity is the fact that it is kind of wherever the beating's been long enough, rates have been high for long enough, whatever you wanna call it, they are starting to be a meeting, you know, we are we are getting some people to trade. At numbers that work for us, our investor and then, and they are like, fine. I am out. Okay? And that is the biggest thing. Rich? Because we lived through that 2008-2010. Was hard to buy stuff because rates were very low. And people were just were not willing to meet, let's say, the pricing that a bunch of you know, grave dancers were sitting around and expecting in terms of equity yields. So not a lot of buildings traded. Now, You know, what traded was debt pieces. Okay? Now I actually think some really high quality real estate's gonna trade. You are seeing it happen because we are doing it. We have already done 2 deals. And so I am thinking this is a very good opportunity because separate from, like, getting someone to do something, kinda out of whack with what the market is doing, there is a real meeting at a good price point, a good cost per foot, and with a good yield, And so I go, okay. that is everything good, so do not waste this. And we are out working to make sure we do not. Dylan Przybylinski: And when you say good yield, are you able to sort of share what you guys are sort of underwriting to? At all? Jordan L. Kaplan: Well, I think our all cash IRRs on a 10-year look. Are probably coming in 10% or better. that is that is we have not seen that for a long time. Dylan Przybylinski: On sort of being some of the insurance stuff going on when at, at Barrington Plaza. Jordan L. Kaplan: Well, I do not have a update you guys would care about. there is an off lot of paper movement, could tell you that. I mean, everyone's asking for more and more and We are gonna have it. it is getting a lot of attention. Now. Great. Dylan Przybylinski: Thank you. Thanks. Operator: The next question comes from John Kim with BMO Capital Markets. Please go ahead. John Kim: Thank you. Just given the opportunities you are seeing in the office on the acquisition side, are you putting some of the residential developments, say, the 10 thousand units, sort of on the back burner for now? And in particular, I wanted to ask about 10.9 thousand Wilshire, which is 1 of the redevelopment projects. I think you said last quarter that was gonna start this year. And then I am not sure that is still in the works. Wanted to get an update on that. Redevelopment as well. Jordan L. Kaplan: I still think it is possible for it to start this year. I will tell you, honestly, we purposely slowed it down. Because we have got some indications that the office, there is some real interest from some large tenants. Look, 1 way or another, that thing will have residential. Okay? But I do not want to walk away from opportunity to have a mixed use project and the office can be more profitable, especially if some big tenants say, I am gonna take this for a while. So I do not want to-- so, you know, it we need to give a little time, let it mature. So I said, slow it down. Let's just make sure we are not, like, doing something that we lose our ability to accommodate some larger leases that could be in there, and then we would have res and large leases. You know, people a lot of time we saw this in Hawaii that as people start seeing what we are gonna do and the amenities, they are like, well, I do not mind having my office building in that because look at these crazy amenities, whether it be gym and a club on the top and a pool and whatnot. So we have to we have to let that play out a little bit. it is not that we are not ready. All the money funded. Everything's good to go on it. We just wanna watch a little bit. For a while. that is why we kind of slowed down our language on it. John Kim: Okay. And given the opportunities you are seeing for investments, and banks no longer redlining office as an asset class, have you thought about reestablishing credit facility? I realize you have $3.155 billion of cash. The balance sheet, but just to give you some additional flexibility. Jordan L. Kaplan: I do think about that I am gonna tell you something. Every time I think about doing that and you know, we have a lot of buildings that do not even have loans on them, right? So I always have to compare borrowing cash on a credit line to just borrowing the money and then, like, arbitraging it into an interest bearing account till I need it and looking at that cost. And for better or probably it is worse, but for whatever, that calculation does not tell you to have a credit line. That calculation just says borrow the money, and arbitrage it into an interest bearing account because it is it is a lower cost. Banks and people that are lending are still charging a lot for unused fees and a lot of fees around that because they really want their you know, they wanna have outstandings And just click it off, Kenneth. Kenneth Panzer: Sorry about that. Alright. Sorry. Jordan L. Kaplan: Well, that was actually my phone. That and I forgot to turn it off for this call. So, Stuart, took it from Kenneth and shut it off. Okay. So, I just it is just a calculation. And if we wanted more capital, we would be better off just borrowing it. At the moment because of where the credit line market is. Got it. John Kim: Okay. Thank you. Thanks. Operator: Our next question comes from Seth Bergey with Citi. Please go ahead. Seth Bergey: Hey, thanks for taking my question and good morning out there. Guess just going back to some of the acquisitions commentary, you mentioned it is a good time to be in real estate. And your last acquisition was kind of an outpatient medical. Are we thinking about that all as office? Are there is there anything interesting in residential or other asset classes that you are focused on? And then just on the office piece, how many high quality buildings are kind of out there that cater to those smaller tenants similar to how your office portfolio is currently constructed? Jordan L. Kaplan: I think there is going to be sizable real opportunities coming up or they are coming up right now. And I want to have the so first of all, okay, we have been we have been looking for office. I always loved medical office, and that medical office came up, and we did it. Okay? We also did a large office building. Which had an opportunity to be both resi and office. Actually, Plan A was office, and then we said we will flip to resi because we had them both built into our analysis. There are some To buy apartments-- apartments are still trading relative to the rest of the real estate in the world. At very low cap rates at pretty good pricing. Now there is a lot of new stuff trading because they might have financed it with construction loans that were relying on very low cap rates, that now they cannot get out of their construction debt, so it is selling. In terms of, like, making their hurdles in terms of, like, rental rate oh, you see it in our portfolio. I mean, the resi has gone kind of where and better where people thought they would go. And the in general, things are extremely well leased up. So those are-- those are debt. You just look at the deal like we would buy because we do not use a lot of debt. You would go, well, the pricing is not necessarily that denuded compared to what it was in 2018-2020, whatever. So I just do not feel acquisition is as good an opportunity. Office like I said, I think a guy that bought an office building in 17, 18, 19, is selling it today. If he does, for less, he is gotten used to the fact of where rates are, where yields are. And therefore, I go, great deal. But we are not seeing that in apartments. Seth Bergey: And then just a quick follow-up on some of your return comments. Does that include kind of the economics of doing that in the JV structure? Jordan L. Kaplan: No. That was a simple question and simple answer. Do you have anything else? All right, move on. Operator: The next question comes from Jana Galan with Bank of America. Please go ahead. Jana Galan: Thank you. Thanks for taking the question. Maybe following up on the apartments and your multifamily portfolio specifically, can you talk to rent growth expectations for the second half of the year? Given your high occupancies? Jordan L. Kaplan: So I do not know if you remember, but if you go back and rents and our revenue was moving at a clip that I said every quarter, this is unsustainable. We have never seen anything like this. it is unsustainable. The long term trend has been significantly less than what you saw the last couple of years. I would expect to go to the long term trend. I and that trend is a trend that you can calculate 100 different ways going all the way back to like the 1.99 thousands in terms of growth of apartment rents. And I do not know why we will be so dramatically off track of well, I do know why, but we have been very off track in terms of growth. The last couple of years, which has been much higher than normal. And I would always expect it to go to normal. Jana Galan: Thank you. Operator: This concludes our question and answer session. I would like to turn the conference back over to Jordan L. Kaplan for any closing remarks. Jordan L. Kaplan: Well, thank you, everybody, for joining us. And we look forward to speaking with you again soon. Goodbye. Operator: The conference has now concluded. Thank you for attending today's presentation. You may now disconnect. Before you buy stock in Douglas Emmett, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Douglas Emmett wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Douglas Emmett (DEI) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. Douglas Emmett (DEI) stock is in focus after the company reported second quarter 2026 results with modestly higher revenue, a smaller net loss and updated guidance shaped by leasing activity, acquisitions and debt refinancing. See our latest analysis for Douglas Emmett. At a share price of $11.69, Douglas Emmett has a 1 day share price return of 1.65%, while the year to date share price return of 5.6% contrasts with a 1 year total shareholder return that has declined 13.45%. This suggests recent momentum has not yet reversed longer term underperformance as investors weigh the latest leasing gains and higher interest costs. If Douglas Emmett's earnings update has you rethinking income focused ideas, it can help to widen the lens and review opportunities in resilient infrastructure and utilities. To see what else fits that theme, take a look at the 36 power grid technology and infrastructure stocks The recent move in Douglas Emmett stock leaves a clear gap between the current US$11.69 price, analyst targets and intrinsic value estimates. Does that discount still look justified once the cash flows and balance sheet are unpacked? At a last close of $11.69, the most followed narrative on Douglas Emmett points to a fair value of $13.20, which implies a modest undervaluation that rests heavily on how leasing projects and redevelopment feed into future earnings power. Read the complete narrative. Want to see what underpins that higher fair value for Douglas Emmett? The core of this narrative is how steady top line growth, a shift in margins and a richer future earnings multiple all work together in the cash flow model. Result: Fair Value of $13.20 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Douglas Emmett story still carries real risk, including pressure from higher interest costs and softer office occupancy, which could weigh on funds from operations. Find out about the key risks to this Douglas Emmett narrative. Given the mix of concerns and optimism around Douglas Emmett, it makes sense to look at the full picture of both risks and rewards. To stress test your own thesis before acting quickly, review the 2 key rewards and 2 important warning signs Do not stop with Douglas Emmett. Use the Simply Wall Street screener to quickly surface fresh stock ideas that match the way you like to invest. Target dependable cash generators by focusing on companies with strong financial footing through the solid balance sheet and fundamentals stocks screener (49 results). Hunt for value opportunities where quality and price line up attractively using the 51 high quality undervalued stocks. Spot under followed opportunities before they become crowded by working through the screener containing 19 high quality undiscovered gems. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include DEI. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

This article first appeared on GuruFocus. Revenue: Increased from $252 million to $257 million in Q2 2026 compared to Q2 2025. FFO per Share: Increased but rounded to $0.37 per share. AFFO: Increased from $54 million to $56 million. Same-Property Cash NOI: Decreased 1.2% for the quarter. Office Leasing Volume: Signed 234 office leases totaling just under 960,000 square feet, including 93 new leases (over 375,000 sq ft) and 141 renewal leases (over 584,000 sq ft). Office Rental Rates: Straight-line value of executed leases increased by 3.2% compared to prior leases for the same space. Office Absorption: Achieved positive absorption of approximately 60,000 square feet. Lease Transaction Costs: Averaged $5.35 per square foot per year. Residential Same-Property NOI: Cash same-property NOI up 2% compared to Q2 2025; portfolio over 99% leased. G&A Expense: Approximately 4.9% of revenue. 2026 Guidance: Diluted net income per common share expected between negative $0.20 and negative $0.16; fully diluted FFO per share expected between $1.39 and $1.43. Office Occupancy Guidance: Lowered to between 75% and 77% for the full year due to Studio Plaza inclusion. Warning! GuruFocus has detected 8 Warning Signs with DEI. Is DEI fairly valued? Test your thesis with our free DCF calculator. Release Date: August 05, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Signed 960,000 square feet of office leases with positive absorption of 60,000 square feet, marking three consecutive strong quarters. New leases were 3% more valuable than expiring leases, with low concessions and healthy rent bumps. Acquired the Bedford Collection, a well-leased medical office portfolio in Beverly Hills, at attractive pricing. Refinanced over $800 million of debt, fixing interest rates at 6.15% and 6.18% for four years. Residential portfolio remains over 99% leased with cash same-property NOI up 2% year-over-year. Same-property cash NOI decreased 1.2% for the quarter. Higher market interest rates are expected to offset operational improvements, lowering 2026 FFO guidance to $1.39-$1.43 per share. Including Studio Plaza in the operating portfolio reduces reported office occupancy guidance to 75%-77%. Net income guidance remains negative, projected between -$0.20 and -$0.16 per share. Lease-to-occupied spread widened to 470 basis points, indicating significant space leased but not yet occupied, delaying revenue recognition. Q: Can you quantify the annualized NOI embedded in the current leased-but-occupied spread, which is now nearly 500 basis points?A: CFO Peter Seymour noted that with the average lease rate and the amount of space involved, the potential NOI is very meaningful as it moves in over the next 12 months. CEO Jordan Kaplan emphasized that a wide spread of 470 basis points is an extremely good sign, as fast and aggressive leasing creates this gap, indicating strong future revenue growth. Q: What is your strategy regarding upcoming debt maturities and the impact of higher interest rates on the company's performance?A: CEO Jordan Kaplan stated that the company does not choose to live in a world with a lot of floating-rate debt and plans to refinance loans before they float. He acknowledged that higher interest costs are "clouding our performance" and that the team is actively thinking about solutions to mitigate this, given the company's low leverage and strong operational performance. Q: Can you provide more color on the acquisition opportunities you are seeing, and what are your return requirements?A: CEO Jordan Kaplan described the current market as a "great time to be in real estate," with pricing creating opportunities not seen since the early '90s. He noted that all-cash IRRs on a 10-year look are coming in at 10% or better, a level not seen for a long time. The company is focused on large, high-quality office acquisitions and is working with JV partners who are eager for more deals. Q: How are conversations going with UCLA and Morgan Stanley regarding their upcoming lease expirations?A: Stuart McElhinney, IRO, stated that conversations with UCLA about remaining expirations this year are going well, noting they act as multiple independent departments rather than a single large tenant. Regarding the 77,000 square feet of Morgan Stanley expirations in 2027, he confirmed productive conversations are happening and that the space comprises multiple leases, not one large one. Q: Given the acquisition opportunities, are you considering reestablishing a credit facility for additional flexibility?A: CEO Jordan Kaplan explained that the calculation currently does not favor a credit line due to high unused fees. He noted that borrowing money directly and arbitraging it into an interest-bearing account is a lower-cost alternative, so the company would likely pursue that route if it needed more capital. Q: What is the status of the 10900 Wilshire redevelopment project, and are you prioritizing acquisitions over residential development?A: CEO Jordan Kaplan stated that the project could still start this year, but they have purposely slowed it down to explore potential large office leases that could make a mixed-use project more profitable. He emphasized that residential is still part of the plan, but they want to accommodate any large office tenants first. He also noted that office acquisitions are a better opportunity than apartments, which are still trading at low cap rates. Q: What are your expectations for rent growth in the multifamily portfolio for the second half of the year?A: CEO Jordan Kaplan stated that while the portfolio remains over 99% leased, he expects rent growth to revert to its long-term trend, which is significantly lower than the unsustainable growth seen in the last couple of years. He indicated that the recent high growth rates were an anomaly and that normalization is expected. Q: Can you comment on the strength of leasing activity and whether larger deals are influencing the trend?A: Stuart McElhinney, IRO, noted that the company has had three good quarters in a row, with Q2 being less reliant on "chunky" larger deals than Q1. He expressed optimism that momentum will continue through the second half of the year. CEO Jordan Kaplan added that he is "very happy" with the leasing group's performance and feels the company is getting a "wind in our back." Q: How are you thinking about the impact of the Paramount merger and potential industry shifts on your Hollywood-adjacent portfolio?A: CEO Jordan Kaplan stated that the merger is likely to close and is healthy for California. He noted that the company's tenants are local and committed to the area, and that the studio space itself is not a significant part of their portfolio. He expressed hope that the state will allow the merger, as the new company could produce even more content. Q: What is the impact of moving Studio Plaza into the in-service portfolio on guidance and financials?A: CEO Jordan Kaplan clarified that Studio Plaza has no debt, so there is no cap interest burn-off. The main impact is on reported occupancy and leasing statistics, as the building is leased well over 50% but not yet at the portfolio average. CFO Peter Seymour added that the operational improvement from Studio Plaza is part of what is offsetting some of the higher interest expense. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Douglas Emmett, Inc.? Here are five stocks we like better. Office leasing momentum strengthened: Douglas Emmett signed approximately 960,000 square feet of leases in Q2, with lease values 3.2% above expiring contracts and about 60,000 square feet of positive absorption. Management said demand improved among larger tenants and has remained diversified across key industries. Portfolio growth and redevelopment advanced: The company acquired a 13.3% stake in the $260 million Bedford Collection medical-office portfolio in Beverly Hills, moved its Studio Plaza project into service after leasing it above 50%, and remains on track to add more than 1,000 apartment units through redevelopment. Debt refinancing and guidance reflect higher rates: Douglas Emmett refinanced $815 million of office debt at effective fixed rates of 6.15% and 6.18% through 2029. Despite improved operating-income expectations, higher interest costs led the company to forecast 2026 FFO of $1.39–$1.43 per share and net loss of $0.20–$0.16 per share. Douglas Emmett (NYSE:DEI) reported a busy second quarter marked by stronger office leasing, a Beverly Hills medical-office acquisition, progress on redevelopment projects and more than $800 million of debt refinancing. Chairman and CEO Jordan Kaplan said the company advanced each of its four strategic priorities: leasing office space, acquiring properties at attractive prices, redeveloping assets and refinancing debt maturities. Douglas Emmett signed approximately 960,000 square feet of office leases during the quarter and generated roughly 60,000 square feet of positive absorption. → 3 Drone Stocks That Should Soar After the Summer Slump “Healthy office rents and low concessions” helped the company execute new leases that were 3% more valuable than the expiring leases they replaced, Kaplan said. He added that most of the benefit from the quarter’s leasing activity will be realized over the next 12 months. Vice President of Investor Relations Stuart McElhinney said Douglas Emmett completed 234 office leases totaling just under 960,000 square feet in the second quarter. The activity included 93 new leases spanning more than 375,000 square feet and 141 renewal leases covering more than 584,000 square feet. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth The straight-line value of leases signed during the quarter increased 3.2% from the prior leases for the same space. The company’s typical fixed annual rent escalations of 3% to 5% continued to offset lower initial cash rents, McElhinney said. Lease transaction costs averaged $5.35 per square foot per year, which he described as well below office-sector benchmarks. Management said leasing momentum has now continued for three consecutive quarters. McElhinney characterized the first quarter as more influenced by larger transactions, while the second quarter reflected more typical activity among tenants leasing more than 10,000 square feet. Kaplan said he was encouraged by the company’s leasing performance and by what he described as favorable momentum heading into the second half of the year. → Jersey Mike's Serves Fresh Gains After IPO Stumble During the question-and-answer session, Kaplan said demand has improved among larger tenants, while smaller tenants had continued leasing at a relatively consistent pace. McElhinney said demand remained diversified across the company’s major tenant categories, including legal, financial services, real estate and entertainment. He said entertainment leasing has been strong despite industry headlines. Management also highlighted the gap between leased and occupied space, which was about 470 basis points. Kaplan said a wider spread reflects fast leasing activity, although it also means revenue recognition and occupancy gains will occur over time as tenants complete buildouts and take possession. Douglas Emmett moved Studio Plaza in Burbank from development to its in-service portfolio after leasing the property to well over 50%. However, management said first-generation tenant buildouts will take time, widening the gap between leased and occupied space for the next several quarters. Because Studio Plaza’s occupancy remains below the company’s broader office portfolio average, its inclusion will reduce reported office leased and occupied percentages until the property reaches or exceeds that average. The company lowered its full-year office occupancy guidance range to 75% to 77%, solely due to including Studio Plaza for the full year, Chief Financial Officer Peter Seymour said. Kaplan said Studio Plaza has no debt and that most of its metrics had already been included in company reporting. He said the primary effect of moving the asset into service relates to leasing and occupancy statistics. McElhinney added that Studio Plaza’s operating performance contributed to improved operating-income expectations. In April, Douglas Emmett and joint venture partners acquired The Bedford Collection, a five-building, 246,000-square-foot medical-office portfolio in Beverly Hills’ Golden Triangle, for $260 million. The portfolio was described as extremely well leased. The joint venture was capitalized with $150 million of equity and $130 million of debt. Douglas Emmett manages the venture and holds a 13.3% equity interest. Kaplan said the company is pursuing additional acquisitions, including potentially sizable office opportunities, and sees attractive pricing for high-quality office assets. He said the company’s estimated 10-year all-cash internal rates of return on opportunities under consideration were “probably coming in 10% or better,” excluding the economics of joint-venture structures. He said the company is more focused on office acquisitions than apartment acquisitions, as apartments continue to trade at comparatively low capitalization rates. Douglas Emmett’s residential portfolio remained more than 99% leased, while cash same-property residential net operating income rose 2% from the prior-year quarter. On redevelopment, Kaplan said apartment projects remain on track to add more than 1,000 units. He also said the company has slowed the timing of a redevelopment at 10900 Wilshire while evaluating interest from potential large office tenants. The project is still expected to include residential space, he said, but could potentially become mixed use if office leasing opportunities materialize. Second-quarter revenue increased to $257 million from $252 million in the second quarter of 2025. Funds from operations increased but remained rounded to $0.37 per share, while adjusted funds from operations rose to $56 million from $54 million. Same-property cash net operating income declined 1.2% for the quarter. Seymour said general and administrative expense represented about 4.9% of revenue, which he said remained the lowest level among the company’s benchmark group. Douglas Emmett refinanced two office loans scheduled to mature later in the year. In May, it refinanced a $400 million loan for four years and effectively fixed its interest rate at 6.15% through June 2029. In June, it refinanced a $415 million loan for four years and effectively fixed the rate at 6.18% through July 2029. The company improved its operating-income outlook but said higher market interest rates were expected to more than offset that improvement. Douglas Emmett now expects 2026 diluted net income per common share of negative $0.20 to negative $0.16 and fully diluted FFO per share of $1.39 to $1.43. Kaplan said management is evaluating ways to manage its exposure to higher interest costs as loans approach refinancing. He emphasized that the company maintains equity across its properties and said no buildings or ownership interests were jeopardized by its debt position. Douglas Emmett, Inc is a publicly traded real estate investment trust headquartered in Santa Monica, California. The company specializes in the ownership, management and development of high‐quality office and multifamily properties, primarily concentrated in the coastal regions of Los Angeles County and the Greater Honolulu area. As a vertically integrated real estate platform, Douglas Emmett controls all aspects of property operations, leasing, capital improvements and tenant relations, positioning it to deliver stable, long‐term cash flows. The company's office portfolio consists predominantly of Class A buildings located in prime business districts, featuring modern amenities, campus-like settings and environmentally conscious design elements. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Douglas Emmett Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved positive office absorption of approximately 60,000 square feet, driven by a healthy mix of new and renewal leases totaling 960,000 square feet. Maintained a 3.2% increase in straight-line lease values compared to expiring leases, as 3% to 5% annual fixed rent bumps continue to offset lower starting cash rents. Transitioned Studio Plaza in Burbank to the in-service portfolio after leasing surpassed 50%, though this will temporarily lower overall reported occupancy percentages. Acquired the Bedford Collection, a prime medical office portfolio in Beverly Hills, for $260 million through a joint venture, signaling a return to opportunistic acquisitions. Reported that the residential portfolio remains over 99% leased with a 2% increase in cash same-property NOI, though management expects rent growth to normalize toward long-term historical trends. Attributed the widening lease-to-occupied spread of over 470 basis points to aggressive leasing velocity, which management views as a leading indicator of future NOI growth. Lowered full-year office occupancy guidance to a range of 75% to 77% solely due to the inclusion of Studio Plaza, which currently sits below the portfolio average. Anticipates that improved operating income will be more than offset by higher market interest rates, leading to a revised 2026 FFO guidance of $1.39 to $1.43 per share. Expects the positive financial impact of current leasing activity to materialize primarily over the next 12 months as tenants take occupancy. Intends to continue pursuing high-quality office acquisitions where pricing has adjusted significantly, targeting all-cash IRRs of 10% or better over a 10-year horizon. Maintains a flexible timeline for the 10,900 Wilshire redevelopment, slowing the project to evaluate potential interest from large office tenants before committing to a residential conversion. Refinanced over $800 million of debt during the quarter, effectively fixing interest rates at approximately 6.15% to 6.18% through 2029. Acknowledged that rising interest costs are 'clouding' strong operational performance and stated that management is actively seeking solutions to mitigate this exposure. Noted that lease transaction costs averaged $5.35 per square foot per year, which management highlighted as being well below the benchmark for other office REITs. Reported ongoing insurance-related administrative activity regarding Barrington Plaza, though no material updates were provided on the status of claims. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that while Q1 was driven by larger 'chunky' deals, Q2 saw a broader mix of typical activity from tenants over 10,000 square feet. Expressed optimism that the return of larger tenants, combined with steady small-tenant demand, is effectively plugging vacancy holes across the portfolio. Jordan Kaplan explained that office pricing is currently more attractive than residential, as some sellers are trading below their original purchase prices for the first time since the early 1990s. Stated that residential cap rates remain too low to make acquisitions as compelling as office opportunities in the current environment. Management clarified that they do not intend to remain in floating-rate positions and typically refinance loans as they reach the end of their terms. Emphasized that while interest costs are high, the company's low leverage ensures that property ownership and equity are not jeopardized. Management reported productive conversations with UCLA regarding 2025 expirations and noted that UCLA often leases and gives back space simultaneously due to independent department needs. Confirmed that the 77,000 square foot Jordan Stanley expiration in 2026 consists of multiple leases rather than a single block of space.

SANTA MONICA, Calif., August 04, 2026--(BUSINESS WIRE)--Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), has released its Second Quarter 2026 Earnings Results and Operating Information package by posting it to the investor relations section of its website at www.douglasemmett.com/investors. As previously announced, Jordan Kaplan, Chairman & CEO, Peter Seymour, CFO, Kevin Crummy, CIO, and Stuart McElhinney, Vice President Investor Relations will host a live conference call to discuss Douglas Emmett’s financial results at 2:00 pm Eastern Time (11:00 am Pacific Time) on Wednesday, August 5, 2026. Interested parties can listen to the call via the following: INTERNET: Go to www.douglasemmett.com/investors at least fifteen minutes prior to the start time of the call in order to register, download and install any necessary audio software. PHONE: 888-349-0488 (U.S.) or 412-542-4156 (International). Please ask to join the Douglas Emmett call. REPLAY: A rebroadcast of the live call will be available for 90 days on our website at www.douglasemmett.com/investors About Douglas Emmett, Inc. Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. Please visit our website at www.douglasemmett.com for more information about Douglas Emmett. Safe Harbor Statement Except for the historical facts, the statements in this press release regarding Douglas Emmett’s business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in our Annual Report on Form 10-K, filed with the U.S. Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804389563/en/ Contacts Stuart McElhinney, Vice President – Investor [email protected]

SANTA MONICA, Calif., June 25, 2026--(BUSINESS WIRE)--Douglas Emmett, Inc. (NYSE:DEI), a real estate investment trust (REIT), announced today that it plans to release its 2026 second quarter earnings results after market close on Tuesday, August 4, 2026. A live conference call is scheduled for the following day, Wednesday, August 5, 2026, at 11:00 a.m. Pacific Time / 2:00 p.m. Eastern Time. Jordan Kaplan, Chairman and Chief Executive Officer, will host the call along with Peter Seymour, Chief Financial Officer, Kevin Crummy, Chief Investment Officer, and Stuart McElhinney, Vice President Investor Relations. Interested parties can listen to the call via the following: INTERNET: Go to www.douglasemmett.com/investors at least fifteen minutes prior to the start time of the call in order to register, download and install any necessary audio software. PHONE: 888-349-0488 (U.S.) or 412-542-4156 (International). Please ask to join the Douglas Emmett, Inc. call. REPLAY: A rebroadcast of the live call will be available for 90 days on our website at www.douglasemmett.com/investors About Douglas Emmett, Inc. Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. For more information about Douglas Emmett, please visit our website at www.douglasemmett.com. Safe Harbor Statement Except for the historical facts, the statements in this press release regarding Douglas Emmett’s business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission. View source version on businesswire.com: https://www.businesswire.com/news/home/20260624803737/en/ Contacts Stuart McElhinney, Vice President – Investor Relations 310.255.7751 [email protected]