Office leasing: The company signed 960,000 sq ft of new and renewal office leases, with positive net absorption and new leases at 3.2% higher rents than expiring ones; most of the financial impact is expected over the next 12 months.
Multifamily demand: Strong demand and increasing rents drove full occupancy and 2.0% higher same-property cash NOI in the multifamily segment.
Portfolio acquisition: The Beverly Hills medical office portfolio acquisition expanded office holdings.
Quarterly results
US office and apartment REIT's Q2 revenue rose slightly year over year, while FFO per share was flat.
The company acquired a Beverly Hills medical office portfolio and signed 960,000 sq ft of new office leases.
Office occupancy guidance was lowered due to the inclusion of the lower-occupancy Studio Plaza property.
Dividend and analyst coverage
Q2 dividend: $0.19.
The current average analyst rating on the shares is "hold," with 1 "strong buy" or "buy", 10 "hold" and 1 "sell" or "strong sell" recommendation.
The average consensus recommendation for the commercial REITs peer group is "buy."
Wall Street's median 12-month price target for Douglas Emmett Inc is $13.00, about 9.2% above its August 3 closing price of $11.90.
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