Financial PerformanceDouglas Emmett reported Q3 2024 funds from operations per share (FFO/sh) of $0.43, which was $0.02 above both the company estimate and the Street estimate, and subsequently raised the midpoint of its 2024 FFO/sh guidance by $0.02 to $1.71.
Leased Rate ImprovementThe leased percentage increased meaningfully for the first time in 12 quarters, with DEI completing just over 1.0 million square feet of new and renewal office leasing in Q3, 10.7% above its trailing four-quarter average and 17.0% higher than 2019 levels.
Leasing ActivityLeasing activity was a bright spot; approximately 1.0 million square feet of signed leases was 10.7% higher than the company’s trailing four-quarter average and 353,000 square feet of new leases was the highest level in eight quarters.