Douglas Emmett Inc (NYSE:DEI) Q3 2019 Earnings Conference Call - Final Transcript
Nov 06, 2019 • 02:00 pm ET
over to Peter to discuss our results.
Peter D. Seymour
Thanks Stuart, good morning everyone. We are pleased with our Q3 results. Compared to a year ago, in the third quarter of 2019 we increased revenues by 6.6%. We increased FFO 3.7% to $103.9 million or $0.51 per share. As Jordan mentioned, our third quarter FFO was reduced by $0.04 per share as a result of our strategic balance sheet activity. We increased AFFO 14.3% to $94.3 million. We increased our same property cash NOI by 6.7%. Our G&A for the quarter was less than 4% of revenues, well below that of our benchmark group.
Now turning to guidance. We are increasing our guidance range for same property NOI growth to between 6.5% and 7.5%. Our strong underlying operations and leasing has largely offset the $0.05 impact from our strategic balance sheet program. As a result, we are maintaining the midpoint for our full-year FFO guidance, while narrowing the range to between $2.09 per share and $2.11 per share. As usual, our guidance does not assume the impact of future acquisitions, dispositions or financings. For more information on the assumptions underlying our guidance, please refer to the schedule in the earnings package.
I will now turn the call over to the operator, so we can take your questions.