Douglas Emmett, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterly earnings call. Today's call is being recorded. At this time, all participants are in listen-only mode. After management's prepared remarks, you will receive instructions for participating in the question and answer session. I will now turn the conference over to Stuart McElhinney, Vice President of Investor Relations for Douglas Emmett.

Thank you. Joining us today on the call are Jordan Kaplan, our chairman and CEO, Kevin Crummy, 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 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. Thank you. I will now turn the call over to Jordan.

Good morning, and thank you for joining us. We had a very active quarter and made real progress on all four of our strategic priorities. which are leasing up our office portfolio, acquiring properties at attractive pricing, redeveloping properties to maximize value, and refinancing upcoming debt maturities. We sign 960,000 square feet of office leases with a good mix of new and renewal deals and achieve positive absorption of approximately 60,000 square feet. Healthy office rents and low concessions helped us sign new leases that were 3% more valuable than the expiring leases they replaced. Of course, most of the positive impact of this leasing will occur over the next 12 months. Our apartment portfolio remains fully leased with increasing rents. On the acquisition front, we and a few of our joint venture partners acquired an extremely well-leased block of prime Beverly Hills medical office properties. Our redevelopment efforts are exceeding expectations. Studio Plaza in Burbank is now leased well over 50%, so we have moved it from development to in-service. Our apartment redevelopment projects are on track to add over 1,000 new units. Finally, we were financed over $800 million of debt this quarter. So with that, I will turn the call over to Kevin.