Douglas Emmett, Inc. (NYSE:DEI) Q3 2023 Results Conference Call November 1, 2023 2:00 PM ET
Company Participants
Stuart McElhinney - VP, IR
Jordan Kaplan - President, CEO
Peter Seymour - CFO
Kevin Crummy - CIO
Conference Call Participants
Alexander Goldfarb - Piper Sandler
Blaine Heck - Wells Fargo
Dylan Burzinski - Green Street
Camille Bonnel - Bank of America
John Kim - BMO
Michael Griffin - Citi
Steve Sakwa - Evercore
Upal Rana - KeyBanc
Bill Crow - Raymond James
Rich Anderson - Wedbush
Operator
Ladies and gentlemen, thank you for standing by, and 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.
Stuart McElhinney
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 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.
I will now turn the call over to Jordan.
Jordan Kaplan
Good morning, and thank you for joining us. Our office leasing activity during the third quarter continued at a strong pace. We executed 225 office leases covering close to 1 million square feet. Third quarter activity had a much higher percentage of new leases as compared to second quarter. It also included quite a few new tenants over 10,000 square feet, all very good news. As we indicated last quarter, 1 large tenant in Woodland Hills renewed but downsized, which was the primary cause of our negative absorption.