EarningsQ2 2026 Earnings Report
MX:DEI Q2 2026 EPS Results
Actual EPS-$0.36
Consensus EPS-$0.49
Beat/MissBeat by +$0.13
One Year Ago EPS-$0.72
MX:DEI Q2 2026 Revenue Results
Actual Revenue$4.64B
Expected Revenue$4.58B
Beat/MissBeat by +$57.78M
YoY Revenue Growth+1.63%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeAfter Close
Conference CallTuesday, August 4, 2026
MX:DEI Upcoming Earnings
Douglas Emmett's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:DEI Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed meaningful operational momentum — strong leasing (960k sq ft), improving rental economics (+3.2% straight-line lease value), successful acquisitions (Bedford Collection) and substantial refinancing activity (~$815M fixed at ~6.15–6.18%) — alongside a healthy residential business (>99% leased, +2% cash NOI). However, elevated interest rates are a material headwind that management expects will offset much of the operational upside, reflected in lowered office occupancy guidance (75%–77%) and negative 2026 net income guidance (-$0.20 to -$0.16). Overall, the company appears operationally strong with clear growth and value-creation initiatives, but near-term financial results are constrained by higher financing costs.Company Guidance
Strong Leasing Volume
Signed ~960,000 sq ft of office leases in Q2 (including ~375,000 sq ft of new leases and ~584,000 sq ft of renewals), producing positive absorption of ~60,000 sq ft and a straight-line lease value increase of ~3.2% vs prior leases.
Leased-but-Not-Yet-Occupied Spread
Leased-to-occupied spread widened to roughly 470–500 basis points, indicating a material pipeline of signed leases that will drive NOI over the next 12 months as tenants occupy space.
Residential Portfolio Strength
Apartment portfolio remains >99% leased with cash same-property NOI up 2% year-over-year; apartment redevelopment pipeline on track to add >1,000 new units.
Accretive Acquisition (Bedford Collection)
Acquired the Bedford Collection (5-building, 246k sq ft Beverly Hills medical office portfolio) for $260M via JV; Douglas Emmett manages the JV and holds a 13.3% equity stake; entity capitalized with $150M equity and $130M debt.
Redevelopment Progress — Studio Plaza
Studio Plaza in Burbank moved from development to in-service and is now leased well over 50%; this accelerates expected future cash flows as remaining build-outs complete.
Debt Refinancings and Liquidity Actions
Refinanced over $800M of debt in the quarter (a $400M loan fixed effectively at 6.15% through June 2029 and a $415M loan fixed effectively at 6.18% through July 2029), reducing near-term maturity risk.
Modest Revenue and AFFO Growth
Total revenue increased from $252M to $257M YoY (~+2.0%); AFFO increased from $54M to $56M (+3.7%); FFO per share remained ~$0.37.
Low Operating Costs
G&A remains low at ~4.9% of revenue, described as the lowest among the company's benchmark group; lease transaction costs averaged $5.35 per sq ft per year, well below peer benchmarks.
Acquisition Opportunity Commentary
Management highlighted elevated acquisition activity and attractive buying opportunities; indicated targeted all-cash IRRs on a 10-year basis of ~10% or better for new acquisitions.
MX:DEI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed