Douglas Emmett delivered a mixed Q1 2024 outlook. The company reported revenue of $244.97 million, down 2.94% year over year and 5.52% quarter over quarter, driven by softer large-tenant demand and the removal of Barrington Plaza apartments from rental operations, offset by continued strength in residential occupancy and rent roll-ups. Net income was modest at $8.91 million, with a per-share figure of $0.05. FFO per share was $0.45 and AFFO declined 8.2% to $74.7 million, reflecting higher interest expense and lower revenues, though same-property cash NOI rose 0.7%. Importantly, the company signed 1.2 million square feet of office leasing in the quarter (214 leases), including a substantial renewal with WME for 250,000 square feet through 2037, which boosted signed lease value by 23.8% and raised in-place rents to an all-time high. Management emphasized disciplined leasing economics with low concessions and ongoing cost controls, while signaling that a meaningful uptick in new large-tenants remains uncertain in the near term. The guidance for full-year FFO remains $1.64–$1.70 per share, with expectations for higher straight-line revenue offset by elevated interest expense. The near-term risk is a continued reliance on smaller tenants amid cautious corporate spending and higher financing costs, but the portfolio remains well-positioned in constrained coastal submarkets with a strong renewal base and a substantial residential component.