Douglas Emmett, Inc. (NYSE:DEI) Q4 2022 Earnings Call Transcript

It’s giving you messaging around — we don’t have a good idea to how much the Fed is going to keep increasing rates and keep tamping down. I actually think the fact that the employment numbers came in so strong and all the rest of that probably means that’s going to be unless even harder. And the beating from the Fed is certainly having a much bigger impact on real estate than some other industries. Maybe it’s also beaten down on tech. But somebody is doing a bunch of hiring and growing, some are out there, and therefore, that’s probably going to give them confidence to beat on us even more, and that’s what concerns me.

Rich Anderson: So you’re ready to start acquiring, if you can, sooner rather than later before there is any sort of recovery when entering more competition and so on, right? Like you want to get moving before all that starts to happen again.

Jordan Kaplan: When we do something, it has much more to do with the opportunity that’s presented than my time line in my mind. I mean, I need a good opportunity. Look, everything on — first of all, it’s not a public call and secondly, it’s no secret that people don’t own office building. If you own an ounce building in West LA, you’re not sitting there going I’m dead forever, because you’re seeing activity. So we need the right opportunity to come up.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Jordan Kaplan for any closing remarks.

Jordan Kaplan: Thank you for joining us. And we look forward to our call a quarter from now. Bye-bye.

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.