Q2 2024 Douglas Emmett Inc Earnings Call Transcript
Key Points
- Rental rates have held and continue to show strength.
- High retention rate and minimal leasing concessions.
- Tenant defaults are back to historic lows.
- Positive straight-line rent rollup and lower tenant improvement costs.
- Residential portfolio remains essentially fully leased at 99%.
- New office leasing was insufficient to drive positive absorption.
- Sales transaction volume remains depressed, particularly in office properties.
- Revenue decreased by 3% due to higher vacancy and lower office occupancy.
- FFO decreased by 4.5% primarily due to higher interest expense and lower revenues.
- AFFO decreased slightly, and same property cash NOI was flat.
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterly conference call. Today's call is being recorded. (Operator Instructions).
I will now turn the conference over to Stuart McElhinney, Vice President of Investor Relations for Douglas Emmett. Please go ahead.
Thank you. Joining us today on the call are Jordan Kaplan, our President and CEO; Kevin Crummy, our CIO; and Peter 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 the course of 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
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