10-Q · May 8, 2026
Douglas Emmett, Inc. (DEI) reported lower revenue of $251 million for Q1 2026, slightly missing consensus estimates. The company achieved an EPS of $0.37, beating estimates of $0.36, and saw a 2.0% decrease in revenue…
Earnings analysis · 10-Q
DEI earnings analysis
Filed August 7, 2026 · Our reading of the company's report
The latest report
Douglas Emmett reported second-quarter revenue of $256.548 million, a $3.331 million beat versus consensus, but GAAP EPS of $(0.02) missed the $0.35 estimate. FFO per diluted share was $0.37, unchanged year over year,…
Read full summary
Douglas Emmett reported second-quarter revenue of $256.548 million, a $3.331 million beat versus consensus, but GAAP EPS of $(0.02) missed the $0.35 estimate. FFO per diluted share was $0.37, unchanged year over year, and the company lowered 2026 net-loss-per-share guidance to $(0.20)-$(0.16). The principal negative signal is interest-rate exposure: 7% of borrowings were unhedged floating-rate debt, with a 100-basis-point increase costing $3.9 million annually, while up to $29.6 million of annual interest expense exposure remained on capped-rate debt.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.02
What stood out
-
Revenue Beat Estimates
Second-quarter revenue was $256.548 million, exceeding consensus of $253.217 million by $3.331 million, or 1.3%.
-
FFO Stable, GAAP EPS Missed
FFO per diluted share was $0.37, unchanged year over year, while reported GAAP EPS was $(0.02) versus the $0.35 consensus estimate.
-
Most Debt Is Hedged
Management reported that 79% of consolidated borrowings were fixed or swap-fixed as of June 30, 2026, providing substantial interest-rate protection.
-
Controls Remained Effective
The filing states that disclosure controls and procedures were effective as of June 30, 2026, and that there were no material changes in internal control over financial reporting during the quarter.
What to watch
-
Capped-Rate Debt Has Rate Exposure
Fourteen percent of consolidated borrowings were capped-rate debt, and interest expense on those borrowings could increase by as much as $29.6 million per year if rates rise.
-
Unhedged Floating Debt
Seven percent of consolidated borrowings were floating-rate debt without caps; each 100-basis-point increase in the benchmark rate would raise annual interest expense by $3.9 million.
-
Swap Expirations Increase Repricing Risk
Interest-rate swaps generally expire two years before the related loan maturity, after which the debt becomes floating-rate; the filing states that higher rates could reduce future net income, operating cash flow and FFO.
Management's outlook
The company lowered 2026 net-loss-per-share guidance to $(0.20)-$(0.16) from $(0.20)-$(0.14). The prior earnings update also reported 2026 FFO guidance of $1.39-$1.43 per fully diluted share, revised office occupancy guidance of 75%-77%, and interest-expense guidance of $275-$285 million. No revenue guidance was provided.
Earlier filings 4
10-K · February 20, 2026
Douglas Emmett emphasizes a focused, concentrated strategy of owning Class A office and premium multifamily assets in supply-constrained coastal submarkets (Los Angeles and Honolulu), targeting ~39% average Class A…
10-Q · November 7, 2025
Douglas Emmett reported Q3 2025 total revenue of $250,580,000 (three months ended September 30, 2025), essentially flat versus Q3 2024 ($250,753,000) while operating margin compressed and EPS swung to a loss of $(0.07)…
10-K · February 14, 2025
Douglas Emmett positions itself as a concentrated owner/operator of high‑quality Class A office and multifamily assets in supply‑constrained coastal submarkets (Los Angeles and Honolulu), emphasizing scale (market…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.