Reported Q: Q1 2025 Rev YoY: +2.7% EPS YoY: +380.0% Move: -5.81%
Douglas Emmett Inc
DEI
$9.89 -5.81%
Exchange NYSE Sector Real Estate Industry REIT Office
Q1 2025
Published: May 9, 2025

Company Status Snapshot

Fast view of the latest quarter outcome for DEI

Reported

Report Date

May 9, 2025

Quarter Q1 2025

Revenue

251.54M

YoY: +2.7%

EPS

0.24

YoY: +380.0%

Market Move

-5.81%

Previous quarter: Q4 2024

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Earnings Highlights

  • Revenue of $251.54M up 2.7% year-over-year
  • EPS of $0.24 increased by 380% from previous year
  • Gross margin of 64.4%
  • Net income of 39.80M
  • "Leasing during the first quarter of 2025 was quite successful. We achieved positive absorption across our total office portfolio. We signed over 300,000 square feet of new leases. New leasing to tenants over 10,000 square feet was well above our historical averages." - Jordan Kaplan
DEI
Company DEI

Executive Summary

Douglas Emmett (DEI) reported Q1 2025 results characterized by positive absorption across its total office portfolio and resilient multifamily performance, set against a backdrop of higher interest costs and ongoing redevelopment initiatives. Revenue rose 2.7% year over year to $251.5 million, while net income reached $39.8 million, aided by asset additions and JV consolidation. However, FFO per fully diluted share declined to $0.40 and AFFO declined to $62.3 million, reflecting acquisition activity and the consolidation of a previously unconsolidated JV, as well as ongoing capital allocation to redevelopment projects. The quarter highlighted several strategic catalysts: (1) leasing up the existing office portfolio and converting Studio Plaza to multi-tenant use with leasing results surpassing expectations, (2) redevelopment progress on Barrington Plaza (712 units) and ongoing Westwood residential development, and (3) disciplined capital management including debt refinancing actions that fixed rates around 4.57% to 4.99% and consolidation of the JV, increasing reported interest expense modestly. Management framed a multi-pronged path to restore and exceed prepandemic FFO through leasing velocity, asset redevelopment, and selective acquisitions, while acknowledging the headwinds from higher debt costs and macroeconomic volatility. Looking ahead, the 2025 guidance calls for diluted net income per share of $0.07–$0.13 and fully diluted FFO per share of $1.42–$1.48, with no adjustment for potential acquisitions, dispositions, or financings. The company remained focused on coastal, supply-constrained markets and stressed balance-sheet resilience as key differentiators.

Key Performance Indicators

Revenue
Increasing
251.54M
QoQ: 2.68% | YoY: 2.68%
Gross Profit
Increasing
161.93M
64.38% margin
QoQ: 4.02% | YoY: 0.02%
Operating Income
Decreasing
52.63M
QoQ: 9.94% | YoY: -3.54%
Net Income
Increasing
39.80M
QoQ: 4 581.98% | YoY: 346.74%
EPS
Increasing
0.24
QoQ: 2 500.00% | YoY: 380.00%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q1 2025 251.54 0.24 +2.7% View
Q4 2024 244.98 -0.01 -5.5% View
Q3 2024 250.75 0.03 -1.8% View
Q2 2024 245.78 0.06 -3.0% View
Q1 2024 244.97 0.05 -2.9% View