DEI earnings analysis
What we found in DEI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.02
What they said about what is next.
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.
The filing reads about the same as the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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