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Douglas Emmett Inc. (DEI-1.39%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenues of $986.5 million, a decrease from $1,020.5 million in 2023. This decline is attributed to lower office rental revenues and tenant recoveries.
Office rental revenues and tenant recoveries were $683.9 million, down from $714.7 million in 2023. The decrease is primarily due to lower occupancy and tenant recoveries.
Office parking and other income decreased to $112.5 million from $115.2 million in 2023, partly due to a one-time catch-up payment related to a ground lease reset dispute in the prior year.
Multifamily revenue was $190.1 million, slightly down from $190.5 million in 2023, impacted by the removal of Barrington Plaza from service and lower accretion from below-market leases.
Operating expenses totaled $779.7 million, a decrease from $870.8 million in 2023. The decrease was driven by lower property taxes and repairs and maintenance expenses.
Interest expense increased to $229.4 million from $209.5 million in 2023, primarily due to higher interest rates on floating rate debt.
Net income attributable to common stockholders was $23.5 million, compared to a net loss of $42.7 million in 2023.
The company reported funds from operations (FFO) of $345.5 million, down from $377.3 million in 2023. The decrease in FFO was due to lower office occupancy and tenant recoveries, as well as higher interest expenses.
Douglas Emmett Inc. continues to focus on its strategy of owning and managing high-quality office and multifamily properties in Los Angeles County and Honolulu.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Douglas Emmett Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.