Douglas Emmett (NYSE: DEI) reported Q1 EPS of $0.55, versus $0.52 reported last year. Revenue for the quarter came in at $251.4 million versus the consensus estimate of $242.5 million.

Guidance:

As is true everywhere, our tenants are now struggling with the impacts of the pandemic on their business. In addition, the cities in which we operate have passed unusually punitive ordinances prohibiting evictions and allowing rent deferral for residential, retail, and office tenants, regardless of financial distress. By eliminating any fees or interest and providing long payback periods, tenants essentially have the option of a free loan. Given the current uncertainties about the duration and extent of the impact from these ordinances and other pandemic related issues, we are withdrawing our 2020 full year guidance. Our April rent collections to date represent 87% of aggregate rent billed, with residential at 95%, office at 90% and our small retail component at 22%. We don’t know whether these numbers will prove to be a good predictor of the next few months or the remainder of the year.

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