Douglas Emmett, Inc. (NYSE:DEI) Q1 2023 Earnings Conference Call May 3, 2023 2:00 PM ET

Company Participants

Stuart McElhinney - Vice President of Investor Relations

Jordan Kaplan - President & Chief Executive Officer

Kevin Crummy - Chief Investment Officer

Peter Seymour - Chief Financial Officer

Conference Call Participants

Alexander Goldfarb - Piper Sandler

Blaine Heck - Wells Fargo

Michael Griffin - Citi

Steve Sakwa - Evercore ISI

Dylan Burzinski - Green Street

Omotayo Okusanya - Credit Suisse

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's Quarterly Earnings 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.

Stuart McElhinney

Thank you. Joining us on the call today are Jordan Kaplan, our President and CEO; Kevin Crummy, our CIO; and Mona Gisler, 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 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 one question and one follow-up.

I will now turn the call over to Jordan.

Jordan Kaplan

Good morning, everyone. Thank you for joining us. Our revenue during the first quarter is up compared to the first quarter of 2022, but the increase was offset by higher operating costs and interest expense. The slowdown in the leasing pipeline that we mentioned on our last call, resulted in a decline in our lease rate, even though we actually signed more leases in the quarter than usual.