Douglas Emmett reported a challenging but progress-oriented Q4 2024, with revenue of $244.98 million and a net loss of $0.9 million, reflecting ongoing occupancy headwinds tied to Warner Bros.’ departure and higher interest costs. The quarter highlighted a stabilizing residential portfolio (residential occupancy near 99%), disciplined expense management, and stable office rent trajectories that underpin a 2025 outlook that remains biased toward gradual occupancy improvement and meaningful development-driven growth over the longer horizon. Management emphasized a robust development agenda (including the Westwood 17-story, 247k sf office project and adjoining residential site) and the formation of a new JV to advance long-term value creation, while guiding 2025 net income per share (diluted) to a loss range (-$0.17 to -$0.11) and FFO per diluted share to $1.42–$1.48, reflecting consolidation of the unconsolidated fund and the new JV and limited near-term NOI contribution from the JV due to construction timing. The earnings call underscored expectations for positive absorption in 2025, improved large-tenant demand, and a favorable rental-rate environment relative to peers, even as the company navigates elevated leverage and interest expense. Investors should monitor occupancy progression toward the 78–80% range, the pace of leasing in early 2025, development milestones, and the ability to refinance maturing debt at favorable terms in a still-rate-sensitive environment.