Douglas Emmett, Inc. (NYSE:DEI) Q3 2024 Earnings Conference Call November 5, 2024 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

Blaine Heck - Wells Fargo & Company
Alexander Goldfarb - Piper Sandler Companies
Michael Griffin - Citigroup Inc.
Jeffrey Spector - Bank of America
Steve Sakwa - Evercore Inc.
Richard Anderson - Wedbush Securities Inc.
Nicholas Yulico - Scotiabank
John Kim - BMO Capital Markets
Peter Abramowitz - Jefferies Group LLC
Dylan Burzinski - Green Street Advisors, LLC

Operator

Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett’s Quarterly Earnings Call. Today’s call is being recorded. At this time, all participants are in a listen-only mode. After management’s prepared remarks, you’ll receive instructions for participating in the question-and-answer session. [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’re 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, and thank you for joining us. In the third quarter, we leased over 1 million square feet of office space, including over 350,000 square feet of new leases. Tenant demand from our diverse industries was strong in each of our three regions. Moreover, we had our best quarter for new leasing to tenants over 10,000 square feet since late 2022, when recessionary fears surfaced. Overall, we achieved positive absorption of approximately 90,000 square feet and improved our portfolio leased rate by 50 basis points to 82%.