Douglas Emmett, Inc.

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

Thank you. Joining us today on the call are Jordan Kaplan, our President and CEO, Kevin Crummey, our CIO, and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the Investor Relations section of our website. You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, They are not guarantees of future performance, and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the investor relations section of our website. When we reach the question and answer portion, in consideration of others, please limit yourself to one question and one follow-up.

I will now turn the call over to Jordan. Good morning and thank you for joining us. While we continue to closely monitor macroeconomic concerns, we haven't seen any impact on leasing in our markets, with strong results in both our office and residential portfolios last quarter. We leased 973,000 square feet of office space, including over 300,000 square feet of new leases. So we have now achieved positive absorption across our total portfolio. for three of the last four quarters. Our office rental rates remain steady and concessions remain low. Our multifamily portfolio had another tremendous quarter with full occupancy, increasing rents, and same property cash NOI growth exceeding 10%. We're also making good progress on the four key growth strategies I talked about last quarter. Leasing up our office portfolio, which remains our number one focus, redeveloping our 712-unit Brentwood apartment property, now rebranded as the Landmark Residences, re-tenanting Studio Plaza, and augmenting our existing portfolio with best-in-class properties. In that regard, I'm pleased to announce that we plan to convert our recently acquired 10900 Wilshire office property into 320 apartments in the Prime Westwood sub-market. As you saw with our office-to-residential conversion in Hawaii, we expect this conversion will not only enhance the value of 10900 Wilshire, but will also reduce office vacancy in the submarket. Finally, having already addressed all of our 2025 maturities, we have begun refinancing our 2026 debt maturities at very competitive rates, which Kevin will discuss.