Douglas Emmett, Inc. · NYSE:DEI
Douglas Emmett — Q1 2026 Earnings Presentation
28 slides from Douglas Emmett's earnings presentation, May 6, 2026
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Slide 2: Executive Summary
Executive Summary Our portfolio is located in the premier coastal submarkets of Los Angeles and Honolulu. Our In-Service Portfolio includes 17.5 million square feet of Class A office properties and 4,410 apartment units. In addition, we have 456,000 square feet of Class A office and 1,035 apartment
Slide 3: Table of Contents
Table of Contents COMPANY OVERVIEW Corporate Data 3 Property Map 4 Board of Directors and Executive Officers 5 FINANCIAL RESULTS Consolidated Balance Sheets 6 Consolidated Operating Results 7 Funds From Operations & Adjusted Funds From Operations 8 Same Property Statistics & Net Operating Income (NO
Slide 4: Corporate Data
Company Overview Corporate Data as of March 31, 2026 In-Service Development Portfolio Portfolio Total 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 In-Service Portf
Slide 5: Property Map
Company Overview Property Map as of March 31, 2026 4 Go to Table of Contents
Slide 6: Board of Directors and Executive Officers
Company Overview Board of Directors and Executive Officers as of March 31, 2026 BOARD OF DIRECTORS __________________________________________________________________________________________________________________________________ Jordan L. Kaplan Our Chairman of the Board and Chief Executive Officer
Slide 7: Consolidated Balance Sheets
Financial Results Consolidated Balance Sheets (Unaudited; In thousands) March 31, 2026 December 31, 2025 Assets Investment in real estate, gross $ 12,860,035 $ 12,798,047 Less: accumulated depreciation and amortization (4,129,280) (4,054,696) Investment in real estate, net 8,730,755 8,743,351 Ground
Slide 8: Consolidated Operating Results
Financial Results Consolidated Operating Results (Unaudited; In thousands, except per share data) Three Months Ended March 31, 2026 2025 Revenues Office rental Rental revenues and tenant recoveries(1) $ 169,052 $ 172,514 Parking and other income 31,468 29,583 Total office revenues 200,520 202,097 Mu
Slide 9: Funds From Operations & Adjusted Funds From Operations
Financial Results Funds From Operations & Adjusted Funds From Operations(1) (Unaudited; in thousands, except per share data) The table below presents a reconciliation of Net (loss) income attributable to common stockholders to Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO): Th
Slide 10: Same Property Statistics & Net Operating Income (NOI)
Financial Results Same Property Statistics & Net Operating Income (NOI)(1) (Unaudited; in thousands, except statistics) As of March 31, 2026 2025 Office Statistics Number of properties 69 69 Rentable square feet (in thousands) 17,526 17,526 Ending % leased 80.9 % 80.9 % Ending % occupied 77.5 % 78.6
Slide 11: Same Property NOI Reconciliation
Financial Results Same Property NOI Reconciliation (Unaudited and in thousands) The tables below present a reconciliation of Net (loss) income attributable to common stockholders to NOI and Same Property NOI: Three Months Ended March 31, 2026 2025 Net (loss) income attributable to common stockholder
Slide 12: Financial Data for Wholly-Owned Properties and Consolidated JVs
Financial Results Financial Data for Wholly-Owned Properties and Consolidated JVs (Unaudited, in thousands) Three Months Ended March 31, 2026 Wholly-Owned Consolidated JVs(1) Properties Revenues $ 184,463 $ 66,496 Office and multifamily operating expenses $ 66,221 $ 24,814 Straight-line rent $ 2,950
Slide 13: Loans
Financial Results Loans (As of March 31 2026, unaudited and in thousands) Swap Maturity Principal Effective Maturity Date Balance Our Share Rate Date 8/15/2026 $ 415,000 $ 415,000 SOFR+1.20% N/A 9/19/2026 366,000 366,000 SOFR+1.25% N/A 11/1/2026 400,000 400,000 SOFR+1.25% N/A 5/18/2028 300,000 300,0
Slide 14: Office Portfolio Summary
Portfolio Data Office Portfolio Summary In-Service Office Portfolio as of March 31, 2026 We divide our in-service office portfolio into three regions: the Westside and San Fernando Valley regions of Los Angeles, California and Honolulu, Hawaii. Annualized Rent by Region Honolulu 6% Westside 68% Vall
Slide 15: Office Lease Diversification
Portfolio Data Office Lease Diversification In-Service Office Portfolio as of March 31, 2026 3000 100% 2,573 2500 69.0% 75% % of Annualized Rent Number of Leases 2000 1500 50% 1000 25% 16.5% 500 11.7% 81 25 2.8% 1 0 0% Under 20,000 20,001 to 40,000 40,001 to 100,000 Over 100,000 Square Footage of Le
Slide 16: Largest Office Tenants
Portfolio Data Largest Office Tenants In-Service Office Portfolio as of March 31, 2026 Tenants paying 1% or more of our aggregate Annualized Rent: Total Percent of Number Leased Rentable Percent of of Number of Lease Square Square Annualized Annualized Tenant Leases Properties Expiration(1) Feet Fee
Slide 17: Office Industry Diversification
Portfolio Data Office Industry Diversification In-Service Office Portfolio as of March 31, 2026 Percentage of Annualized Rent by Tenant Industry Financial Services 16.4% Real Estate Legal 13.7% 20.0% Health Services Other 0.7% 10.0% Advertising 0.9% Manufacturing & Distribution 1.2% Educational Serv
Slide 18: Office Lease Expirations
Portfolio Data Office Lease Expirations In-Service Office Portfolio as of March 31, 2026 Lease Data as of March 31, 2026 Comparable curve based on average of prior three years (1) 50.0% Expiring Square feet 40.0% 30.0% 20.0% 13.1% 12.1% 10.1% 8.4% 10.0% 8.1% 6.5% 4.2% 5.7% 1.6% 3.0% 2.1% 1.8% 0.0% S
Slide 19: Office Lease Expirations - Next Four Quarters
Portfolio Data Office Lease Expirations - Next Four Quarters In-Service Office Portfolio as of March 31, 2026 Lease Data as of March 31, 2026 Comparable curve based on average of prior three years (1) 20.0% 18.0% 16.0% Expiring Square feet 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 3.8% 2.0% 2.3% 2.8% 0.
Slide 20: Office Leasing Activity
Portfolio Data Office Leasing Activity In-Service Office Portfolio for the Three Months ended March 31, 2026 Weighted Average Number of Rentable Lease Term Office Leases Signed During Quarter Leases Square Feet (months)1 New leases 86 461,034 85 Renewal leases 132 447,736 55 All leases 218 908,770 7
Slide 21: Multifamily Portfolio Summary
Portfolio Data Multifamily Portfolio Summary In-Service Multifamily Portfolio as of March 31, 2026 We divide our In-Service multifamily portfolio into three regions: Santa Monica, West Los Angeles and Honolulu, Hawaii. Annualized Rent by Region West Los Santa Monica Angeles 29% 31% Honolulu 40% Numb
Slide 22: Development Portfolio Summary
Portfolio Data Development Portfolio Summary The Landmark Residences, Brentwood, California The Landmark Residences is a 712-unit apartment community in Brentwood, across from our Landmark Los Angeles apartments. This is a phased redevelopment of all three towers to comply with city fire life safety
Slide 23: 2026 Guidance
Guidance 2026 Guidance Metric Per Share Net loss per common share - diluted $(0.20) to $(0.14) FFO per share - fully diluted $1.39 to $1.45 Assumptions (Occupancy & Leased Rate ranges pertain to our In-Service Portfolio) Compared to Prior Metric Assumption Range Assumption Average Office Occupancy 7
Slide 24: Reconciliation of 2026 Non-GAAP Guidance
Guidance Reconciliation of 2026 Non-GAAP Guidance(1) (Unaudited; in millions, except per share amounts) Reconciliation of our guided Net loss per common share - diluted to FFO per share - fully diluted: Reconciliation of net loss attributable to common stockholders to FFO Low High Net loss attributa
Slide 25: Definitions
Definitions Adjusted Funds From Operations (AFFO): We calculate AFFO from FFO by (i) eliminating the impact on FFO of straight-line rent; amortization/accretion of acquired above/below market leases; loan costs such as amortization/ accretion of loan premiums/discounts; amortization and hedge ineffe
Slide 26: Definitions
Definitions Funds From Operations (FFO): We calculate FFO in accordance with the standards established by NAREIT by excluding gains (or losses) on sales of investments in real estate, gains (or losses) from changes in control of investments in real estate, real estate depreciation and amortization (
Slide 27: Definitions
Definitions Net Operating Income (NOI): We calculate NOI as revenue less operating expenses attributable to the properties that we own and operate. We present two forms of NOI: • NOI: is calculated by excluding the following from our net income (loss): general and administrative expenses, depreciati
Slide 28: Definitions
Definitions Rental Rate: We report Rental Rate because it is a widely reported measure of the performance of equity REITs, and is used by some investors to compare our performance with other REITs. We use Rental Rate to manage and monitor the performance of our office and multifamily portfolios. We