# Douglas Emmett Inc (DEI)

Informational only - not investment advice.

CIK: 0001364250
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=1364250
Filing source: https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0001364250-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001364250.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,003,982,000 USD | 2025 | verified |
| Net income | 16,267,000 USD | 2025 | verified |
| Assets | 9,288,181,000 USD | 2025 | verified |
| Free cash flow | 194,456,000 USD | 2025 | computed |
| Net margin | 1.62% | 2025 | computed |
| Revenue YoY | +1.77% | 2025 | computed |
| ROE | 0.85% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | DEI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 1.6% | 16.8% | 22 | 149 |
| Revenue growth | 1.8% | 3.7% | 41 | 149 |
| FCF margin | 19.4% | 21.8% | 42 | 70 |
| ROE | 0.9% | 5.7% | 25 | 151 |
| ROA | 0.2% | 1.5% | 23 | 155 |
| Liabilities / equity | 3.05 | 1.48 | 73 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1003982000 | USD | 2025 | 2026-02-20 |
| Net income | 16267000 | USD | 2025 | 2026-02-20 |
| Assets | 9288181000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001364250.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2009 | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 742,551,000 | 812,052,000 | 881,316,000 | 936,682,000 | 891,523,000 | 918,397,000 | 993,652,000 | 1,020,488,000 | 986,478,000 | 1,003,982,000 |
| Net income |  |  |  | 85,397,000 | 94,443,000 | 116,086,000 | 363,713,000 | 50,421,000 | 65,267,000 | 97,145,000 | -42,706,000 | 23,517,000 | 16,267,000 |
| Gross profit |  |  |  |  |  |  |  | 586,110,000 | 614,996,000 | 659,831,000 | 658,855,000 | 636,220,000 | 636,045,000 |
| Diluted EPS |  |  |  | 0.55 | 0.58 | 0.68 | 2.09 | 0.28 | 0.37 | 0.55 | -0.26 | 0.13 | 0.09 |
| Operating cash flow |  |  |  | 339,449,000 | 402,697,000 | 432,982,000 | 469,586,000 | 420,218,000 | 446,951,000 | 496,888,000 | 426,964,000 | 408,693,000 | 386,853,000 |
| Capital expenditures |  |  |  | 91,826,000 | 108,326,000 | 179,062,000 | 176,448,000 | 143,445,000 | 108,499,000 | 162,364,000 | 189,157,000 | 167,337,000 | 192,397,000 |
| Dividends paid |  |  |  | 130,821,000 | 146,026,000 | 169,831,000 | 179,667,000 | 196,333,000 | 196,529,000 | 196,805,000 | 129,895,000 | 127,185,000 | 127,257,000 |
| Share buybacks | 5,337,000 | 0.00 | 0.00 |  |  |  |  |  | 0.00 | 0.00 | 109,233,000 | 0.00 | 0.00 |
| Assets |  |  |  | 7,613,705,000 | 8,292,641,000 | 8,261,709,000 | 9,349,301,000 | 9,250,825,000 | 9,354,032,000 | 9,747,446,000 | 9,644,218,000 | 9,403,700,000 | 9,288,181,000 |
| Liabilities |  |  |  | 4,599,634,000 | 4,390,592,000 | 4,413,279,000 | 4,978,367,000 | 5,254,806,000 | 5,367,479,000 | 5,471,663,000 | 5,798,821,000 | 5,745,460,000 | 5,813,250,000 |
| Stockholders' equity |  |  |  | 1,921,143,000 | 2,437,524,000 | 2,402,332,000 | 2,712,072,000 | 2,437,091,000 | 2,416,069,000 | 2,562,414,000 | 2,219,862,000 | 2,058,649,000 | 1,904,557,000 |
| Cash and cash equivalents |  |  |  | 112,927,000 | 176,645,000 | 146,227,000 | 153,683,000 | 172,385,000 | 335,905,000 | 268,837,000 | 523,082,000 | 444,623,000 | 340,789,000 |
| Free cash flow |  |  |  | 247,623,000 | 294,371,000 | 253,920,000 | 293,138,000 | 276,773,000 | 338,452,000 | 334,524,000 | 237,807,000 | 241,356,000 | 194,456,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2009 | 2010 | 2011 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 11.50% | 11.63% | 13.17% | 38.83% | 5.66% | 7.11% | 9.78% | -4.18% | 2.38% | 1.62% |
| Return on equity |  |  |  | 4.45% | 3.87% | 4.83% | 13.41% | 2.07% | 2.70% | 3.79% | -1.92% | 1.14% | 0.85% |
| Return on assets |  |  |  | 1.12% | 1.14% | 1.41% | 3.89% | 0.55% | 0.70% | 1.00% | -0.44% | 0.25% | 0.18% |
| Liabilities / equity |  |  |  | 2.39 | 1.80 | 1.84 | 1.84 | 2.16 | 2.22 | 2.14 | 2.61 | 2.79 | 3.05 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001364250.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.13 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.10 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.04 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 255,409,000 | -13,362,000 | -0.08 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 259,279,000 | -40,455,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 244,969,000 | 8,909,000 | 0.05 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 245,777,000 | 10,878,000 | 0.06 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 250,753,000 | 4,618,000 | 0.03 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 244,979,000 | -888,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 251,535,000 | 39,800,000 | 0.24 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 252,434,000 | -5,835,000 | -0.04 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 250,580,000 | -10,854,000 | -0.07 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 249,433,000 | -6,844,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 250,959,000 | -2,498,000 | -0.02 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 256,548,000 | -2,681,000 | -0.02 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from DEI's latest 10-K: [/company/DEI/business/](/company/DEI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from DEI's latest 10-K: [/company/DEI/risk-factors/](/company/DEI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1364250/000136425026000041/nysedei-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our Forward Looking Statements disclaimer, and our consolidated financial statements and related notes in Part I, Item 1 of this Report. During the six months ended June 30, 2026, our results of operations were impacted by various transactions - see "Acquisitions, Debt and Equity Transactions, and Development and Repositioning Projects" further below.

Business Description

Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. Through our interest in our Operating Partnership and its subsidiaries, and our consolidated JVs, we are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and in Honolulu, Hawaii. We focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.

For the purpose of reporting key operating metrics we are focused on the properties in our In-Service Portfolio. The In-Service Portfolio as of June 30, 2026 reflects the inclusion of our Burbank office property which had been under redevelopment into a multi-tenant office building following the move-out of a long-term single tenant, as well as the office properties in Beverly Hills which we acquired this quarter. Our In-Service Portfolio consists of our Total Portfolio excluding our Development Portfolio. The Development Portfolio consists of two multifamily properties whose operations are significantly limited by the development activity and are excluded from our In-Service Portfolio statistics and operating metrics. Our portfolio statistics and operating metrics as of June 30, 2026 were as follows:

[[GREPCENT_TABLE]]
[["","","In-Service Portfolio","","Development Portfolio","","Total Portfolio"],["","Office Portfolio"],["","Number of Properties","75","","","\u2014","","","75"],["","Rentable square feet","18,228,716","","\u2014","","","18,228,716"],["","Multifamily Portfolio"],["","Number of Properties","13","","2","","15"],["","Number of Units","4,410","","1,035","","5,445"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","In-Service Portfolio Leasing Statistics"],["","Office Portfolio"],["","Leased Rate","80.3","%"],["","Occupancy Rate","75.6","%"],["","Multifamily Portfolio Leased Rate","99.4","%"]]
[[/GREPCENT_TABLE]]

Revenues by Segment and Location

During the six months ended June 30, 2026, revenues from our Total Portfolio were derived as follows:

____

34

Table of Contents

Acquisitions, Debt and Equity Transactions, and Development and Repositioning Projects

Acquisitions, Debt and Equity Transactions

During the first quarter of 2026:

•We entered into accreting swaps starting January 2, 2026 that mature January 1, 2030 to effectively fix the interest rate on a portion of the increasing estimated balance outstanding under the construction loan at 5.80%.

•In March 2026, we entered into a new consolidated JV for the purpose of acquiring medical office properties in Beverly Hills, CA. See below for more information regarding this acquisition.

During the second quarter of 2026:

•In April 2026, a new JV managed by us acquired The Bedford Collection, a five-building medical office portfolio, totaling 246,000 square feet in the Beverly Hills Golden Triangle for $260.0 million. We hold a 13.3% stake in the joint venture's $150.0 million of equity. The joint venture also borrowed $130.0 million secured by a non-recourse, interest-only first trust deed loan that matures April 13, 2031. The loan bears interest at SOFR plus 1.70%, which we fixed at 5.26% with interest rate swaps through May 1, 2030.

•In May 2026, we refinanced a $400.0 million office term loan that was scheduled to mature in November 2026. The new, non-recourse, interest-only loan has a floating interest rate of SOFR + 2.25%, which we swap-fixed to a rate of 6.15% through June 2029. The loan matures in May 2030.

•In June 2026, we refinanced a $415.0 million office term loan that was scheduled to mature in August 2026. The new, non-recourse, interest-only loan has a floating interest rate of SOFR + 2.25%, which we swap-fixed to a rate of 6.18% through July 2029. The loan matures in June 2030.

See Notes 3, 7, 9, and 10 to our consolidated financial statements in Item 1 of this Report for more information regarding our acquisitions, debt, derivative contracts and equity, respectively.

Development Portfolio

The Landmark Residences (Formerly Barrington Plaza)

During the second quarter of 2023, we removed The Landmark Residences residential property in Los Angeles from the rental market. A reconstruction of this property is expected to take a number of years at a cost of several hundred million dollars. As of June 30, 2026, a significant majority of the tenants have vacated. See "Legal Proceedings" in Note 15 to our consolidated financial statements in Item 1 of this Report.

10900 Wilshire Boulevard

During the first quarter of 2025, a consolidated JV that we manage acquired an office property located at 10900 Wilshire. We are developing a mixed-used community featuring up to 323 apartment units. We plan to convert the existing office tower to apartments in phases over a number of years as they become available. There is no predetermined residential to office ratio.

Repositionings

We often strategically purchase properties with large vacancies or expected near-term lease roll-over and use our knowledge of the property and submarket to reposition the property for the optimal use and tenant mix. In addition, we may reposition properties already in our portfolio. The work we undertake to reposition a building typically takes months or even years, and could involve a range of improvements from a complete structural renovation to a targeted remodeling of selected spaces. During the repositioning, the affected property may display depressed rental revenues and occupancy levels that impact our operating results and, therefore, comparisons of our performance from period to period.

35

Table of Contents

Office Rental Rates

The table below presents the average annual rental rate per leased square foot and the annualized lease transaction costs per leased square foot for leases executed in our total office portfolio during the respective periods. Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.

[[GREPCENT_TABLE]]
[["","","","Six Months Ended","","Year Ended December 31,"],["","","","June 30, 2026","","2025","","2024","","2023","","2022"],["","Average straight-line rental rate(1)(2)(4)","","$46.36","","$44.14","","$50.50","","$42.97","","$46.78"],["","Annualized lease transaction costs(3)(4)","","$5.94","","$5.91","","$5.95","","$5.53","","$5.85"]]
[[/GREPCENT_TABLE]]

___________________________________________________

(1)These average rental rates are not directly comparable from year to year because the averages are significantly affected from period to period by factors such as the buildings, submarkets, and types of space and terms involved in the leases executed during the respective reporting period. Because straight-line rent takes into account the full economic value during the full term of each lease, including rent concessions and escalations, we believe that it may provide a better comparison than ending cash rents, which include the impact of the annual escalations over the entire term of the lease.

(2)Reflects the weighted average straight-line Annualized Rent. Excludes leases with a term of twelve months or less, leases where the prior lease was terminated more than a year before signing of the new lease, leases for tenants relocated at the landlord's request, leases in acquired buildings where we believe the information about the prior agreement is incomplete or where we believe the base rent reflects other off-market inducements to the tenant, and other non-comparable leases, such as retail leases.

(3)Reflects the weighted average leasing commissions and tenant improvement allowances divided by the weighted average number of years for the leases. Excludes leases substantially negotiated by the seller in the case of acquired properties, leases for tenants relocated from space at the landlord's request, and non-comparable leases, such as retail leases.

(4)Our office rental rates and lease transaction costs were impacted by a large tenant lease renewal during 2024. Our lease transaction costs in the first quarter of 2026 were impacted by a number of new leases to large tenants.

36

Table of Contents

Office Rent Roll

The table below presents the rent roll for new and renewed leases per leased square foot executed in our total office portfolio. The table below presents only our In-Service Portfolio.

[[GREPCENT_TABLE]]
[["","","","Six Months Ended June 30, 2026"],["","Rent Roll(1)(2)","","Expiring Rate(2)","","New/Renewal Rate(2)","","Percentage Change"],["","Cash Rent","","$49.86","","$45.51","","(8.7)%"],["","Straight-line Rent","","$44.54","","$46.36","","4.1%"]]
[[/GREPCENT_TABLE]]

___________________________________________________

(1)Represents the average annual initial stabilized cash and straight-line rents per square foot on new and renewed leases signed during the period compared to the prior leases for the same space. Excludes leases with a term of twelve months or less, leases where the prior lease was terminated more than a year before signing of the new lease, leases for tenants relocated at the landlord's request, leases in acquired buildings where we believe the information about the prior agreement is incomplete or where we believe the base rent reflects other off-market inducements to the tenant, and other non-comparable leases, such as retail leases.

(2)Our office rent roll can fluctuate from period to period as a result of changes in our submarkets, buildings and term of the expiring leases, making these metrics difficult to predict.

Multifamily Rental Rates

The table below presents the average annual rental rate per leased unit for new tenants. Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.

[[GREPCENT_TABLE]]
[["","","","Six Months Ended","","Year Ended December 31,"],["","","","June 30, 2026","","2025","","2024","","2023","","2022"],["","Average annual rental rate - new tenants(1)","","$39,283","","$40,917","","$39,580","","$36,070","","$31,763"]]
[[/GREPCENT_TABLE]]

_____________________________________________________________________

(1)    These average rental rates are not directly comparable from year to year because of changes in the properties and units included. For example:

(i) During 2023, the average was impacted by leasing of units at our newly developed West Los Angeles property, The Landmark Los Angeles, where the rental rates were higher than the average in our portfolio. The Landmark Residences (formerly Barrington Plaza) was removed from this metric beginning with the third quarter of 2023.

(ii) During 2024, the average was impacted by leasing of units at our newly developed West Los Angeles property, The Landmark Los Angeles, where the rental rates were higher than the average in our portfolio.

Multifamily Rent Roll

The rent on leases subject to rent change during the six months ended June 30, 2026 (new tenants and existing tenants undergoing annual rent review) was 3.3% higher on average than the prior rent for the same unit after adjusting for rent concessions. The rent change includes only our In-Service Portfolio.

37

Table of Contents

Office and Multifamily Occupancy Rates

The tables below present the occupancy rates for our office portfolio and multifamily portfolio. Our Occupancy Rates may not be direct

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1364250/000136425026000011/nysedei-20251231.htm
Complete FY 2025 MD&A: /company/DEI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion should be read in conjunction with our Forward Looking Statements disclaimer and our consolidated financial statements and related notes in Item 15 of this Report.  During 2025, our results of operations were impacted by: (i) various transactions - see "Acquisitions, Debt and Equity Transactions, Development and Repositioning Projects, and Other Transactions" further below, and (ii) the consolidation of Partnership X. See Note 3 to our consolidated financial statements in Part IV, Item 15 of this Report.

Business Description

Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. Through our interest in our Operating Partnership and its subsidiaries and our consolidated JVs, we are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and in Honolulu, Hawaii. We focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.

For the purpose of reporting key operating metrics, commencing with the fourth quarter of 2024, we are focused on the properties in our In-Service Portfolio. Our In-Service Portfolio consists of our Total Portfolio excluding our Development Portfolio. The Development Portfolio consists of two multifamily properties and one office property whose operations are significantly limited by the development activity and are excluded from our In-Service Portfolio statistics and operating metrics. Our portfolio statistics and operating metrics as of December 31, 2025 were as follows:

[[GREPCENT_TABLE]]
[["","","In-Service Portfolio","","Development Portfolio","","Total Portfolio"],["","Office Portfolio"],["","Number of Properties","69","","","1","","","70"],["","Rentable square feet","17,526,068","","456,205","","17,982,273"],["","Multifamily Portfolio"],["","Number of Properties","13","","2","","15"],["","Number of Units","4,410","","1,035","","5,445"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","In-Service Portfolio Leasing Statistics"],["","Office Portfolio"],["","Leased Rate","80.4","%"],["","Occupancy Rate","78.0","%"],["","Multifamily Portfolio Leased Rate","99.5","%"]]
[[/GREPCENT_TABLE]]

Revenues by Segment and Location

During 2025, revenues from our Total Portfolio were derived as follows:

____

41

Acquisitions, Debt and Equity Transactions, and Development and Repositioning Projects

Acquisitions, Debt and Equity Transactions

During the first quarter of 2025:

•A consolidated JV that we manage, and in which we own a 30% interest, acquired a 17-story 247,000 square foot office property located at 10900 Wilshire Boulevard in Westwood. Title to the property was transferred following the purchase of a secured note by the respective JV.

•We modified and extended a $335.0 million term loan for seven years, effective March 3, 2025. The loan is secured by an office property. The loan consists of a $200 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%.

•During March 2025, we closed a $127.2 million loan and used part of the proceeds to pay off a $102.4 million loan. The interest rate is fixed at 4.99% and the loan matures in April 2030.

During the second quarter of 2025:

•In May 2025, one of our consolidated JVs made a $70.0 million loan principal payment to extend a term loan for up to two years. The related loan's interest rate swaps expired in April 2025, and in May 2025, the JV purchased an interest rate cap which capped the interest rate at 7.45% until May 2026.

•In June 2025, one of our consolidated JVs raised $12.0 million of additional capital. We contributed $6.6 million of cash to the JV and another investor contributed $5.4 million of cash to the JV.

During the third quarter of 2025:

•In July 2025, we refinanced a $200.0 million office term loan that was scheduled to mature in September 2026. The new, non-recourse, interest-only term loan has a floating interest rate of SOFR + 2%, which we swapped to a fixed rate of 5.60% through 2030. The new loan matures in July 2032.

•In August 2025, we closed eight new residential term loans. The new secured, non-recourse, interest-only loans total approximately $941.5 million, mature in September 2030, and bear interest at a fixed-rate of 4.80%. The new loans replace four loans aggregating $550.0 million that were scheduled to mature on June 1, 2027 and five loans aggregating $380.0 million that were scheduled to mature on June 1, 2029. The debt encumbering The Landmark Residences (formerly Barrington Plaza) was repaid.

During the fourth quarter of 2025:

•In November 2025, one of our consolidated JVs made a $60.0 million loan principal payment, which reduced the term loan principal balance to $565.0 million, and entered into an interest rate swap to swap-fix the interest rate at 4.79% through December 5, 2027. The loan matures on August 19, 2028.

•In December 2025, we closed a non-recourse construction loan for up to $375.0 million for The Landmark Residences (formerly Barrington Plaza). The loan has a floating interest rate of SOFR + 2.45%. We entered into accreting swaps starting January 2, 2026 that mature January 1, 2030 to effectively fix the interest rate on 75% of the increasing estimated balance outstanding under this loan at 5.80%. The loan matures on December 10, 2030. As of December 31, 2025 we had borrowed $49.5 million to fund the associated development project.

See Notes 3 8, 10 and 11 to our consolidated financial statements in Item 15 of this Report for more information regarding our acquisitions, debt, derivatives contracts, and equity, respectively.

Development Portfolio

Studio Plaza

Studio Plaza is a 456,000 square foot office property located in Burbank. Following the move-out of a long-term single tenant, we are converting the property into a multi-tenant office building. The extensive common area upgrades are now complete and the construction of new tenant suites is ongoing. Commencing with the fourth quarter of 2024, we classified this property as part of our Development Portfolio and exclude it from our In-Service Portfolio statistics and operating metrics.

42

The Landmark Residences (Formerly Barrington Plaza)

During the second quarter of 2023, we removed The Landmark Residences residential property in Los Angeles from the rental market. A reconstruction of this property is expected to take a number of years at a cost of several hundred million dollars. As of December 31, 2025, a significant majority of the tenants have vacated. See "Legal Proceedings" in Note 17 to our consolidated financial statements in Item 15 of this Report. Commencing with the fourth quarter of 2024, we classified this property as part of our Development Portfolio and exclude it from our In-Service Portfolio statistics and operating metrics.

10900 Wilshire Boulevard

See "Acquisitions, Debt and Equity Transactions" above regarding the acquisition of 10900 Wilshire Boulevard in Westwood. We are developing a mixed-use community featuring up to 323 apartment units. We will convert the existing 247,000 square foot office tower into a residential and office building with up to 200 units, integrating it with a new residential building that we are constructing on the property. The conversion of the office tower will occur in phases over a number of years as the office space in the building is vacated. Commencing with the first quarter of 2025, we classified this property as part of our Development Portfolio and exclude it from our In-Service Portfolio statistics and operating metrics.

Repositionings

We often strategically purchase properties with large vacancies or expected near-term lease roll-over and use our knowledge of the property and submarket to reposition the property for the optimal use and tenant mix. In addition, we may reposition properties already in our portfolio. The work we undertake to reposition a building typically takes months or even years, and could involve a range of improvements from a complete structural renovation to a targeted remodeling of selected spaces. During the repositioning, the affected property may display depressed rental revenues and occupancy levels that impact our operating results and, therefore, comparisons of our performance from period to period.

Office Rental Rates

The table below presents the average annual rental rate per leased square foot and the annualized lease transaction costs per leased square foot for leases executed in our total office portfolio during the respective periods. Commencing with the fourth quarter of 2024, the table below presents only our In-Service Portfolio.

[[GREPCENT_TABLE]]
[["","","","Year Ended December 31,"],["","","","2025","","2024","","2023","","2022","","2021"],["","Average straight-line rental rate(1)(2)(4)","","$44.14","","$50.50","","$42.97","","$46.78","","$44.99"],["","Annualized lease transaction costs(3)(4)","","$5.91","","$5.95","","$5.53","","$5.85","","$4.77"]]
[[/GREPCENT_TABLE]]

___________________________________________________

(1)These average rental rates are not directly comparable from year to year because the averages are significantly affected from period to period by factors such as the buildings, submarkets, and types of space and terms involved in the leases executed during the respective reporting period. Because straight-line rent takes into account the full economic value during the full term of each lease, including rent concessions and escalations, we believe that it may provide a better comparison than ending cash rents, which include the impact of the annual escalations over the entire term of the lease.

(2)Reflects the weighted average straight-line Annualized Rent. Excludes leases with a term of twelve months or less, leases where the prior lease was terminated more than a year before signing of the new lease, leases for tenants relocated at the landlord's request, leases in acquired buildings where we believe the information about the prior agreement is incomplete or where we believe the base rent reflects other off-market inducements to the tenant, and other non-comparable leases, such as retail leases.

(3)Reflects the weighted average leasing commissions and tenant improvement allowances divided by the weighted average number of years for the leases. Excludes leases substantially negotiated by the seller in the case of acquired properties, leases for tenants relocated from space at the landlord's request, and non-comparable leases, such as retail leases.

(4)Our office rental rates and lease transaction costs were impacted by a large tenant lease renewal during 2024.

43

Office Rent Roll

The table below presents the rent roll for new and renewed leases per leased square foot executed in our total office portfolio. The table below presents only our In-Service Portfolio.

[[GREPCENT_TABLE]]
[["","","Year Ended December 31, 2025"],["","Rent Roll(1)(2)","Expiring Rate(2)","","New/Renewal Rate(2)","","Percentage Change"],["","Cash Rent","$48.59","","$42.79","","(11.9)%"],["","Straight-line Rent","$43.38","","$44.14","","1.8%"]]
[[/GREPCENT_TABLE]]

___________________________________________________

(1)Represents the average annual initial stabilized cash and straight-line rents per square foot on new and renewed leases signed during the year compared to the prior leases for the same space. Excludes leases with a term of twelve months or less, leases where the pr

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/DEI/mda/fy2025/
All MD&A years: /company/DEI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/DEI/mda/fy2024/): filed 2025-02-14; accession 0001364250-25-000014 (https://www.sec.gov/Archives/edgar/data/1364250/000136425025000014/nysedei-20241231.htm)
- [FY 2023 MD&A](/company/DEI/mda/fy2023/): filed 2024-02-16; accession 0001364250-24-000012 (https://www.sec.gov/Archives/edgar/data/1364250/000136425024000012/nysedei-20231231.htm)
- [FY 2022 MD&A](/company/DEI/mda/fy2022/): filed 2023-02-17; accession 0001364250-23-000009 (https://www.sec.gov/Archives/edgar/data/1364250/000136425023000009/nysedei-20221231.htm)
- [FY 2021 MD&A](/company/DEI/mda/fy2021/): filed 2022-02-18; accession 0001364250-22-000011 (https://www.sec.gov/Archives/edgar/data/1364250/000136425022000011/nysedei-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/DEI.md · JSON record: /company/DEI.json · verified financials: /company/DEI/financials.json / /company/DEI/financials.csv · machine TOC for the whole site: /llms.txt