Douglas Emmett (DEI) reported Q1 2025 results characterized by positive absorption across its total office portfolio and resilient multifamily performance, set against a backdrop of higher interest costs and ongoing redevelopment initiatives. Revenue rose 2.7% year over year to $251.5 million, while net income reached $39.8 million, aided by asset additions and JV consolidation. However, FFO per fully diluted share declined to $0.40 and AFFO declined to $62.3 million, reflecting acquisition activity and the consolidation of a previously unconsolidated JV, as well as ongoing capital allocation to redevelopment projects. The quarter highlighted several strategic catalysts: (1) leasing up the existing office portfolio and converting Studio Plaza to multi-tenant use with leasing results surpassing expectations, (2) redevelopment progress on Barrington Plaza (712 units) and ongoing Westwood residential development, and (3) disciplined capital management including debt refinancing actions that fixed rates around 4.57% to 4.99% and consolidation of the JV, increasing reported interest expense modestly. Management framed a multi-pronged path to restore and exceed prepandemic FFO through leasing velocity, asset redevelopment, and selective acquisitions, while acknowledging the headwinds from higher debt costs and macroeconomic volatility. Looking ahead, the 2025 guidance calls for diluted net income per share of $0.07–$0.13 and fully diluted FFO per share of $1.42–$1.48, with no adjustment for potential acquisitions, dispositions, or financings. The company remained focused on coastal, supply-constrained markets and stressed balance-sheet resilience as key differentiators.