DEI - Earnings call transcript Q3 2024

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterly earnings call. Today's call is being recorded. [Operator Instructions]

I will now turn the conference over to Stuart McElhinney, Vice President of Investor Relations for Douglas Emmett.

Stuart McElhinney

you. Thank

being on Kevin Jordan Peter available Crummy, CFO. call today and our Seymour, for call our This and from next CEO; our is replay the during us will XX Kaplan, are President our website the Joining and live days. be webcast CIO; and

our also find at You earnings can the Investor website. package our Relations section of

call non-GAAP in reconciliations can of financial measures during find earnings the today's package. You discussed

statements. this by call, statements we available During These the forward-looking beliefs made forward-looking based make assumptions to course and the on of are will currently us. of, information

Our that known and are actual to unknown factors control affected our and ability or uncertainties results will beyond predict. be risks, by trends,

of incorrect. Although prove to some those we may believe our our Therefore, differ are and differences that can material. guarantees performance be to from future will assumptions be be reasonable, future not actual results and expectations, expected our are they

please description section to For of detailed Relations to will a [Operator can SEC our Investor filings now refer our website. more call Instructions] of found the Jordan. over the which I potential be in turn some risks,

Jordan Kaplan

square feet basis square portfolio absorption XXXX, our had quarter Good morning, positive to feet by the X to quarter, space, regions. industries late diverse In Moreover, each square our over for since joining best and in for of rate over XX new office square leased improved X our XX,XXX including demand thank feet of XXX,XXX recessionary leasing leased feet and we from XX,XXX we our us. million over we of XX%. third fears new when Tenant approximately of achieved you points surfaced. Overall, leases. tenants was strong

expectations share. FFO achieved year the FFO for financial for guidance full and our fourth by improved Based our results. per $X.XX. to Turning we're quarter, our year-to-date our results raising on $X.XX of We

Looking up leasing our portfolio. office ahead, we are primarily focused on

of interest good But occupancy well be encouraged converts course, will by years. as am next increased next expirations lower-than-average drop at signs building. Leasing the there lease it confidence encouraging vacates. over And as seeing Studio overall to of are a a quarter-to-quarter. Plaza I Studio be We can as X when multi-tenant Plaza our quarter choppy in

see in You earnings package. the in expiration the lease can difference our chart

We are projects, also prices including Plaza high-quality assets acquire repositioning attractive few and focused Barrington hope Studio on during the Plaza of our this a and part at cycle. to

Kevin. Now I'll turn over to the call

Kevin Crummy

Thanks, Jordan, everyone. and good morning,

markets are few which taking opportunities may remains office concentration the stability in transactions bread Jordan leasing fewer not higher our advantage the of of tenants. buildings far our and of transactions, TIs, butter. Larger been key dominated large by we risk recent of tenants the in have but market high-end because prefer and us. for smaller, mean a As so The mentioned, objective tenant

result, across a lease feet. portfolio size square our As our median entire X,XXX is only

In almost square X,XXX we out renewed over recently And our only feet. which XX XXXX feet. through was of leases have over fact, square only XXX,XXX XX,XXX one, office leases,

the after footage In those XX pandemic. addition, covered that signed was of start X% by square of the leases

create While recent we where there of increasingly leverage strategy, our fit be operating transactions will can are disciplined our opportunities buildings vacancy multi-tenant have within platform we not office in confident attractive to that value.

an 'XXs, Our was out-of-favor asset founded period office company was the early in class. when another

lean when Stuart. unique I this call will times a platform operating in confidence like others us With deep to history, Our local to turn over are that, overly cautious. at give the the knowledge and

Stuart McElhinney

everyone. Good Kevin. morning, Thanks,

overall a remain value in of well XX X.X%, of square they renewal square leasing square basis leases feet strong lease mentioned, average in cash the XX%. The rate quarter, our quarter. Jordan other below terrific leasing increased million and feet new leases. we feet, quarter the we XXX square leases down over portfolio cost X new leases office signed XXX,XXX spreads though a saw As for of office average covering by during We XXX,XXX had leasing over by we XX,XXX increase including points of to new to REITs. feet, the tenants Because signed better slight with XX.X%. our increased leasing This

Our portfolio Peter turn results. rise. continuing at remains residential over that, our fully leased to rents essentially XX.X% discuss I'll call With to to with the

Peter Seymour

revenue increased a decreased everyone. decreased by to result office Thanks, the primarily results our due quarter to of Reviewing morning, lower Stuart. to cash NOI, office X.X% remains AFFO of multifamily by X.X% G&A of $X.XX share, slightly our lower growth. At very primarily occupancy. by low group. revenue, by Good same-property as third due office our FFO to million compared to X.X%, XXXX, per X% NOI partially offset lower decreased benchmark relative and $XX.X NOI. to only

$X.XX higher Based quarter year guidance. for to per share. and to $X.XX our have Turning operations, guidance fourth for expectations on by our full results QX between and increased $X.XX FFO we

on information package. refer our assumptions underlying the earnings the please schedule For to in guidance,

we As impairment usual, repurchases call other our stock acquisitions to assume markets activities. capital turn possible financings, charges take dispositions, or will future or of questions. common over or damage now impact property I property not does operator guidance can the sales the the insurance your so recoveries,

Operator

Instructions] [Operator

from Blaine question comes Wells Heck with Fargo. The first

Blaine Heck

extend funding on any on you loans upcoming carry cash your or to of off million just the $XX balance investment maturity Are about any for maturities? principal I paying cash? more on expecting you Are earmarking spend acquisitions quarter. you talk Barrington? majority paying that the considering just potentially for of to the paydowns in or this maturity uses one guess large a the You despite continue can

Jordan Kaplan

it good regard of. and we I it there's But with X have for there debt. There's it's out new the hope come it's a there's named the you is, maybe mean things of, use lot company for. uses for that to acquisitions. I Well, number -- out guard good hopefully with mean, liquidity it's we've there yes, I some what obviously are moving to regard hope. some to of considering and

I is have also but part involve we'll partners also think the investment. and of we our -- then our nose, have that

for purposes. it's all mean, I So

flow even some relatively funneling have meaningful We dividend. the cash

use And property so stuff of and construction, that. repositioning pace that we slower the like lot kind for a of stuff also like

Blaine Heck

All recoveries this I like were past expenses it wanted ask maybe, increased pretty those right. helpful, seasonality. the looked just then know year. whether in in That's nature relative normal as tenant but half well, significantly to anything the recoveries there Jordan. to onetime quarter Peter, just And first of was up

Peter Seymour

when normal out put when estimates, Yes. mostly seasonality. Blaine, we Tenant reconciliations vary it's bill from so we on. on quarter-to-quarter based recoveries and

over not tends course it be of year. the the smooth So to

Operator

question Sandler. Alexander Piper with from comes next Goldfarb The

Alexander Goldfarb

First, be fall just think, the and Bros as occupancy out, looks you is yet going to like, -- quarter, Warner fourth it you're said, in guidance. drop there's an obviously, raising going guys to I

on? it So be occupancy what's that sounds we leasing better about like it going to understand from can think quickly just come you and drop the -- occupancy want up offset? earnings bit little there's coming Warner down? just going Is about to Or how talk a and yet is Bros going

Jordan Kaplan

Bros. for we've Well, moving planning for... been out Warner I mean,

Peter Seymour

Jordan?

Jordan Kaplan

I even mute. thing, why lost I And don't you. but the won't able know while this be on remember Sorry, greatest mute, said to I went like to just thing it. was that I I

go let me So to question. back answer your

working very -- known there time, in. killing long and leasing, the hard been has out pleased group is it's been just getting very the a So coming we've for Bros it. I'm controlling we've expenses been also obviously. But across super leasing move and revenue Warner

on little across seeing And I so really on better better leasing, our a controls. everything. improvement our expense mean, better on we're G&A, our

all it's -- of So it's the kind really areas.

Alexander Goldfarb

then, like back. front, national tenants those past spot, are coming following And for guess, have I sounds on the a big that been Okay. it weak leasing few the quarters,

Or is as good you leasing to bumpy going do now now here do today, aspects the looking sit few So comfortable going all that spot you think that next be quarters? feel a you still are for in out, of forward?

Jordan Kaplan

really that I've I -- pleased predicting tell so I'm quarters I'm to tenants at this, good. coming And That XX,XXX see going to square is Well, our up. activity could activity good. I been you over feet. are is very the mean, the bad

leasing, the And to said, coming rollouts. is Now and role right? so more all of pleased, which like out side, go I be other that couldn't

mean we've more to bit been because look You right, in And down. I terms starting it's now slower. 'XX. leases. rates longer the years, a roll, less the And little on and these next it's X we're the reporting bit leases over going over pre-pandemic the normalized going what's that of think I is little

out. those of of of kind all for projecting in terms are So right, us, tailwinds

Stuart McElhinney

other Alex, know but Yes. remind extremely remind short. our I leasing is pipeline I guys lot, -- you thing, just One a I'll

get we and can meet our we So small some. kind them quickly through these of tenants,

have now. the quarter. do have don't of very we XXXX. work a lot that So to of into fourth right that just still is impact good can means ton visibility a Activity We that

Alexander Goldfarb

casual Okay. And earlier you Amazon mind. then Cal. met the to me Salesforce out traditional you when if out returned Southern return It more, office, to versus when came in you West, tie they Jordan, your just office. that all guys just I your these one and don't reminded to office announcements were year, suit

you're returned if to and have suited or the you up this are office casual? still I following So to return ask trend to have

Jordan Kaplan

Well, okay.

work we're I to COVID for the that, never 'XX, -- summer we XXXX, program of could company You felt remember, and keep office healthy. a can returned that So in starters, summer, right? March, like

full So in that a since days been we've X week time.

I I the then be Ken that I been criminal across tie. to the suit this, been being want about year, office. doing. And probably casual. to tie reports we're really that's this at in was more what always Ken's I to our of tie have casual has nothing culture. And suit more and So the and be there's beginning clear was in of and suit and board. about went a clear we and wanted

challenging ready sure cultural mean focused, a perspective ready money our move that. to I And economy. bit dressed tie suit a work I It's to to be our that and made little work a day, to every about think is this here make ready to wearing job a wanted to a and longer. a cultural come for I hard, that from difference. of constituents clear do everyone is it's just make And day. I'm and every came

Operator

Griffin with next The comes from question Citi. Michael

Michael Griffin

in absorption around Maybe the net of quarter. just sort color more some

in then, in maybe finally been You've trends on quarter? obviously the And to getting leasing you leases talked some about demand, this this executed larger but of in was those Jordan, positively working had have due maybe of you confident insight signers not ahead? what or large in these give these your quarters more and are expectations releases been signing maybe leases some the can kind whether into

Stuart McElhinney

Yes. Michael, it's Stuart.

a XXX of That's lot really volume, leases. leasing. good So

said that activity And had XX,XXX has then in tenants. was years, while. core as the from for couple said better category, we than we've which smaller over us of for it's So last and good our and slower been also, back Jordan been of a came kind

was So was see up, Honolulu up. Valley flat was on pleased that. West to the L.A. leasing. basically

So think we're Jordan, I board. to last had if better of of the across and still is feeling it's that the to couple pipeline good years. activity tenants, been there we speak activity that, than you the larger the want good

Jordan Kaplan

enough. Yes. it I've say I mean already can't I said it.

out. that world ton and work, what's going is in For what things. capital game better it. But of whole that of that pulls that. operations, place, that mean fourth play that's can these the -- it's recession detailed And and then is and just operations, mean, this in leasing area us a I markets or worse, Ken's mean on -- out running the this every can what that doing and here. this my I pulls loans us is I on I and oversee and

Michael Griffin

exactly been now, all transactions the bigger the to us work market. make Can there. the you just have back I but math when wheelhouse. nothing underwriting mostly or you're an seeing hurdle that to of sort seems there then color deals like maybe appreciate getting And to in IRR in in sense going maybe It what transactions? opportunities maybe transaction on been your out are order return you prospective from a give you're perspective,

Kevin Crummy

And add we platform, it's not buildings IRR And where on operating -- we're advantage buildings that we those return now. stabilize vacancy the scare you're I right want It's foot the probably there not that an vacancy we're into. buying about to is basis basis, that in square that properties of reason can't them going were Kevin. anything now, getting doesn't and we're because good targeting say were per world have if stabilized we we take that value. at gauging price a are us. think to in we because right And really We're then the by our

Operator

Jeff from question Bank with The next comes of Spector America.

Unknown Analyst

question your And square what know I at comment big And volume, my comments. confidence office, leasing saw there? a into around is will first Jordan, that, the the feet. in XX,XXX tenants March guess Appreciate that we I gives was Great. you emphasis the happened you continue over your that 'XX? new on what's when

Jordan Kaplan

can't will say the continue of is that I is good. that can kind role around I our that it that what have confidence forward and is But earlier, that about more Well, I 'XX. 'XX said vision what the say that I our pipeline which today, I looks short we can forgiving. say have into

to little have longer deal getting more as difference typical a approach that of and in makes role back we before absorption. each have pandemic, that that less a year, where we less the was of big kind are we it's that leases terms And to with. We a positive going to

that's can the stronger. feel So our of extremely I that it's -- do people But and of it of is all the as Now kind the of we said, part platform. we a dominance right? something can that see, working incredible a pipeline the operating lot of is the is moment, reflection is hard, at fact

Unknown Analyst

have been industries happening markets? legal know a and a York What's I are you your this New City. boost that's to of to in leasing? what exposure big financial And key driving lot services,

Stuart McElhinney

shows broad-based. the kind across we our and board of entertainment, great chart saw from of We with Yes. and industries leasing care, legal diversity that financial It pie services, -- really that our have we was all health good looked the industries.

Operator

with next The question Evercore. Steve Sakwa from comes

Steve Sakwa

I kind cylinders order that on dead to jordan. like a that level of move XXX,XXX here you leasing just But a and realized it of on be the revert you might handful a do feet large higher. sustainable? clicked there is And feel Or in great front, I quarter. all like quarter, back the do feel because were bit probably like mean the things that deals. little this I'll in really to seems it's horse see occupancy

really feet of sustainably up. need probably occupancy per new XXX,XXX You of move north quarter to deals

And just pull so I'm you to forward each many have quarter? deals kind of of those in do how larger curious the pipeline

Jordan Kaplan

the going right? side hard right go quarter, be now, So get to option. Plaza that sit As to Studio we putting positive to would the because that's in out fourth

like mean, that a right -- able told As now. you absorption. And right of right year, I I us call. leasing year think would mean we you But which right to And on good of we extreme. sit I to say. what now, last you'll call, I've good next that telling bit I at next now. see. more. then looks on our I'm being pipeline already or you right next the I mean, achieve That's hear like can positive had role going to really now, quarter, and I terms more We'll actually look the little I'm the now, into we'll at the pipeline a also guys for we forward then to a in be information prediction some I have amount extrapolate foreshadow I the to look saying, the that

Steve Sakwa

the this at starting point and that helpful. overall line on or sort follow-up, kind whether would are Plaza whole the And of of and the in that Barrington time claim anything redevelopment Okay. just where you kind then project process of can talk about just it's insurance you be

Jordan Kaplan

in XX% city I the maybe clear gave very and down like went through a it's wants. a that we're courts the achieving us We to which Judge I -- path that occupied. this, -- think So for battle don't everybody wants

on hope So of ready -- plants now that line permits. given the we're all of path us kind with following that the drill to regard rest to judge. I to and X-yard almost we're the everything we're the and by pulling of

through of these a few to bit last we people. get of need moving this couple So last

say But And a will extremely long have with construction. start been the I respect we insurance, then next to are I also I I sides eventually significant that it's think X And an resolved road. guess right to XXXX. in And over that I year. now, extreme claim. but will very hope very get in mean it's disagreement honest we think to And the

Operator

question next comes Anderson The from Wedbush. with Rich

Richard Anderson

of the in on So space. the idea sort confident growth on executing external in of feeling office

gives see What is growing horizon confidence Or that you when confident that this you're you variety? on tenant necessarily said comments, recession. materialize act moment? you but is fit? don't much the that do fourth actual your pipeline are mean that that the opportunities I to you'll a You you at small the comfortable will see

Jordan Kaplan

of see buy. see we would a think growing pipeline of a buildings the we to -- we I that type like

Richard Anderson

What they're why Or to just are that those it larger market to reason happen you variety? any that than Okay. is to of is -- is lease longer perhaps come described there taking stand?

Jordan Kaplan

for brought deals, deals to larger they those it the could they market, and Well, mean people tenant tenant a $X,XXX larger was look, thing market foot. good per I only $XXX, price trading the foot. because like were over are bring getting to they very

stable even that mean got very we the So were cash prices for and pandemic. around have a going, good price they long they're of flow before say could been these out kind -- country, go would and of can solid time, looking things you a they're trade prices. I the and they got

there's time out. some for it all sort they that waiting and just of saved, for long kind get challenges to get and takes worn those if a them leasing of things, to recovery if have think, And out been hanging I so the people time see had

like of trade out one you not stock. those it's Remember, buildings, of when

you're I get out, also these much to we're trade unlikely are back have very significant less couple there other dominant that of players a player trading we any do they but also But to in You they're portfolios -- are unlikely that mean have us, markets. on. in. a than

time and a this So decision back yourself, that don't out get make something to you -- it a let's say to in not takes later. now long to of get sell it's like we'll because

not getting in. probably back You're

Richard Anderson

Okay.

the growth second question moved FFO you breakeven path and positive system, year-over-year or for any obviously, was create see this you point? earnings able in an ask And flow could growth, Plaza too of creates produce vacancy? next the just XXXX? next out then it to potentially in you to If Okay. cash year you down from perspective terms being that a that Do Studio on year? with quickly coming year-over-year growth of headwind is to sort coming enough that it, Or is growth for at much of to

Jordan Kaplan

That's FFO. it's Well, me next to give But I on to much definitely year's sure. say will for too this. guidance ask

While absorption especially getting I we're we're about lease feel good positive Plaza, like in where rate, and some doing a we're which leasing there. leasing and the mean, building headed I Studio

out have build space, like rent. them start paying their still have We to

guidance. for not about But have that in to aside, through good that, around year, flow be some our next giving the I'm giving So putting any headed time. to we're particular, on guidance takes but even that way leasing call, will exact we with all where very next news it FFO,

Operator

question Scotiabank. The Yulico Nick with next from comes

Nicholas Yulico

of of the think earnings explain impact to out just Plaza. the there? forward, just building service, a capitalizing if you work we if in now the treatment I of pieces about going back Studio from going know it should you're Just you're to is taking how kind this terms how of of don't Can going

Jordan Kaplan

Okay.

to stuff I can really are across this going that talk will the to and approach, board, that I building. And after that about Peter. I'm or Peter them leave now, to you talk what -- be But a maybe could Here's technical areas, multi-tenant common you building. say So real lobbies, repositioning I'm everything talking the we

same the We're a what showing at trying leasing big So the leasing. And -- vis-a-vis we're it, very time, doing. actually that's to fit that doing trying in. we're And building. them move we're fit to then we're

just process. you So going want don't there's there's a a there in -- that's lot that... lot know if about I to on talk

Peter Seymour

biggest I back said No. from NOI you that earlier, going we mean, ongoing day-to-day until is going as we're tenants the probably lose time. it have move the mean to build impact Bros. up as as and it to you process to -- some the obviously, I -- then And the as you up to is we expenses in Jordan obviously, Warner possible, and try capitalize probably keep as fully. we'll of lease take low some costs

Nicholas Yulico

then question for replace rate -- latest thinking Okay. the year, whether those floating year Great. on going with you're some just debt this Second just is the next and And on swaps, maturities or there exposure? deal to

Jordan Kaplan

It stuff Well, no coming in anything. years, we in year to need this -- next do the and reason the X there's doesn't it. that's up swap

some need You in longer-term a position to debt to swap. be

And getting working that into and on so position. we're that

Operator

sir? a there follow-up, Was

Nicholas Yulico

No, that's good.

Operator

The John next Capital question with comes from Markets. BMO Kim

John Kim

I on disclosure. actually have questions

was So quarter unusual. very this

Bros. Warner consistent show up large does exploration at didn't in the assuming occurred actual how leases. at vacancies occupancy. quarter short-term about the how the end. lease past, It up your your are bucket that that show lease in But in short-term bucket? you've done that's lease short-term quarter Like have end? much It how should with had of that You we it discovery think

Stuart McElhinney

John, it's Yes. Stuart.

So we lease confusion -- around X/XX. the Their Warner a there's sorry, Bros. been went through

have occupancy that of X/XX. been started could So maybe on more there's an still And vacancy we XX/X. their as clear

over. like short-term in that long-term that quarter that -- last but the that of is kind into move on So short-term day they're leases policy the expire of almost bucket that bucket that our signaling regards to

as that the moved in them and X/XX, we short-term they into bucket. So occupancy of are number

John Kim

what bucket, percentage on lease And an have estimate of actual how you like vacancies? are those do the short-term --

Dave Rodgers

every the estimate. No, call this I happens that look at mean I an after have quarter. can what's of I don't --

bucket. that in small, what would can that the last see and quarter go because just but expire You it any on leases that I day and guys that kind look percentage our be typically, don't is. of leases back of are notice

John Kim

XX we you supplement, competitive for and investors? Okay. rents. or now noticed a purposes wondering regions. Page of decision? much of into you of It's submarket for it too consolidated kind And why a your just occupancy But made then I'm Was on distraction eliminated the

Stuart McElhinney

we saying and I focusing our of some some confusion impacted that have felt mean, for be single outweighed been individual for time data of latter. small The pretty can markets time that and benefits and by because lease that kind of kind even small those a the the on the those are submarkets, spent the disclosing markets. time changes

we along internally thought So and to way it. a was X those it think lines, about present region we better that

Operator

Jefferies. The with next from Abramowitz comes question Peter

Peter Abramowitz

Yes.

can of wondering Just entertainment in terms leasing feel thoughts on if ground how things of from sort we latest on your the the get industry.

picking Just if last years X.X things up challenges or are given will years anymore the curious X so. or

Stuart McElhinney

know pace it's we they kind but if I as be -- in there, of a recently. you of entertainment in back think slow ways normalized represented of portfolio. typical the a I at kind got that a little QX stats, When there was normally entertainment more there been our looked go

Nicholas Yulico

about believe, I year, you next but I square XXX,XXX nothing do Okay. there's next chunky with total in And feet particularly then noticed UCLA, have year.

renewals and they from keeping of the stand of curious thoughts sort where on kind your chance of same just So the those your them space? on conversations, early in

Stuart McElhinney

with leases of us. Yes. a has number UCLA

a they don't large XXX,XXX -- look a they leases. different as bunch lot act you a like act don't of of it's that tenant, at they smaller tenants. small if feet, act So And like

be buildings. the can they've They literally, given different on those expanded -- can all in same spaces. quarter back they So us space they've making in other decisions with

coming So it chunky up. said There's you right. nothing

actually, role. from has to we Jordan shake out. have We lower prediction how all but don't no roll mentioned, as going normal have forward a pretty UCLA on going that's And -- any yet

Operator

comes question Green next with Burzinski Street. from The Dylan

Dylan Burzinski

you're outside the I I strong. on leasing submarkets to portfolio there seeing it guess is pipeline today? potentially the across mean, just certain guess strength is then hear in comments where activity? I -- pretty picking and up broad-based good the being Or

Stuart McElhinney

see good across were the that X quarter. region in and to unusual, mix was happy Nothing mix It we but this activity Yes. as leasing stood out good tenant broad-based regions. good the

Dylan Burzinski

I then at And terms platform, in on out there opportunities. to today. I interest to appetite But are guys? nonstarter your current in your of partners any things just work for sell one mean, sort maybe to that guys' acquisition is there Obviously, still JV order today? looking of Or a put guess -- you capital just fund is

Peter Seymour

They're They're buyers. full buyers. on

Operator

The Rana question comes Upal next with KeyBanc. from

Unknown Analyst

This It better appears is anticipated. is than performing Upal. Gaby for on multifamily

driving it some to more to So potential in provide any able then to where color see on do And you touched are what's residential but opportunities any conversions on that? you would quarters, make you've office this past for sense pursue?

Jordan Kaplan

Well, what I don't know to say multifamily. about the

a be strong a performer to and time, multifamily continued been the strong it's such performer. has Our all

its me. nothing about has surprised performance So

terms portfolio long-term that have We of incredible CAGR on in growth.

really markets residential pretty people office. doubt get know going -- on supply. in strong mean, for of rates, we're it. Hawaii. But worked is I new conversions, we're the from in the the terms a buildings. happy office any don't aren't I low strong in That you competition in Dave, but of really No world, right worked it the very about now, mix value rates, low high need They new office pretty it what's In proper And in, office Hawaii. we're about markets. in

lot a demand. have driving of strong really industries We

quite try that it, to it's today making justify you a foot circumstances the it or difficult whatever it you rates. I hold happen, but of up is really building get rents have think foot So could mean there the is, values to are extremely up extraordinary $XXX and of value make whatever quite convert to spending hold a well rare. and the $XXX that well, occur on just residential top to

X and circumstance still We clip out, with -- buildings. residential with went very Hawaii. way doing good another moving think in of once other we lady in here very, out markets because that rents here rare I we're very other X took and in be it weak strong office. And in then have the that's L.A. they're that is to had up, and that We going doing it other developers more But building even office

Operator

question-and-answer our the closing to concludes Kaplan session. Jordan over This I remarks. for to would like conference turn any back

Jordan Kaplan

for Well, to again forward us, you speaking and with next thank all we quarter. look you Goodbye. joining

Operator

The Thank for concluded. now presentation. you attending today's conference has

You may now disconnect.

Douglas Emmett (DEI) 5 Nov 242024 Q3 Earnings call transcript