Douglas Emmett, Inc. · NYSE:DEI
Douglas Emmett — Investor Presentation (September 2026)
23 slides from Douglas Emmett's investor presentation, Sep 30, 2026
Slide 1: Investor Overview
NYSE: DEI Investor Overview September 30, 2026 Premium offices and apartments in West Los Angeles and Honolulu
Slide 2: Douglas Emmett at a Glance
OVERVIEW Douglas Emmett at a Glance What we do We own and run premium office buildings and apartments in some of the most affluent neighborhoods of West Los Angeles and Honolulu, where it is hardest to build anything new. 1971 ~$1B We are the largest office landlord in both markets. Founded Annual r
Slide 3: Small, Local Tenants Who Live Minutes Away
OUR ADVANTAGES Small, Local Tenants Who Live Minutes Away No single industry risk No single-tenant risk Close to home Tenant mix by industry 96% of our office leases are under 20,000 sq ft Our typical tenant's decision maker works in the suite and lives nearby, so location is significantly Legal 19.
Slide 4: What We Own: Office Represents 78% of Our Rent, Apartments 22%
OUR ADVANTAGES What We Own: Office Represents 78% of Our Rent, Apartments 22% Office: 18.2M sq ft Apartments in service: 4,410 units Total annual rent by region L.A. Westside 10.3M sq ft · 57 properties L.A. Westside 1,904 units · 9 properties L.A. Westside 66% L.A. Valley 6.8M sq ft · 16 properties
Slide 5: Concentrated in Very High End Markets
Concentrated in Very High End Markets Our dominant positions allow our team to lease, manage and maintain them efficiently, and give tenants flexibility without leaving our portfolio.
Slide 6: Owning the Neighborhood Lowers Costs and Speeds Up Leasing
OUR ADVANTAGES Owning the Neighborhood Lowers Costs and Speeds Up Leasing Our share of each submarket 61% 57% 44% 37% 39% Our average share of top-quality (Class A) office space in our submarkets, with some much higher (weighted by our rentable square feet in each submarket) Brentwood Sherman Oaks /
Slide 7: We Keep More of Every Rent Dollar Than Our Peers
OUR ADVANTAGES We Keep More of Every Rent Dollar Than Our Peers Corporate overhead as % of NOI Build-outs, commissions & upkeep as ~900 % of NOI office leases signed by our in-house team over the past four 17.4% quarters, about 3 every business day 30.5% < 4 months avg 19.1% from agreeing terms to m
Slide 8: Our Offices Are Minutes From L.A.'s Most Expensive Homes
OUR ADVANTAGES Our Offices Are Minutes From L.A.’s Most Expensive Homes 10–16 min Round-trip commute from nearby luxury neighborhoods to our offices 50–110 min Round-trip commute from the same neighborhoods to competing office areas (Downtown, Hollywood, Playa Vista) $9–17M Average price of newer ho
Slide 9: Almost No New Competing Office Buildings Can Be Built
OUR ADVANTAGES Almost No New Competing Office Buildings Can Be Built New office space added since 2009, as % of existing space 34.2% 3% New office space added in our neighborhoods since 29.8% 2009, versus 13% to 34% in other major cities Why so little? • Strict zoning and voter-approved density limi
Slide 10: Rent Rises Automatically Every Year
OUR ADVANTAGES Rent Rises Automatically Every Year Example: annual rent on a 5-year lease and its renewal 3–5% Renewal starts 3% lower Lease structure provides for built-in yearly rent increases in Average rent, renewal lease almost all of our office leases, like an inflation escalator Average rent,
Slide 11: Rents Have Set New Highs After Every Downturn
OUR ADVANTAGES Rents Have Set New Highs After Every Downturn Average Class A asking rent per sq ft per year, West L.A. $70 3.4% +50% in 9 yrs Average yearly growth in market $60 4.6% a year rents over 30 years +64% in 3 yrs $50 18.0% a year $40 +62% in 5 yrs 10.1% a year 172% Total growth, 1995–2025
Slide 12: Apartments: Steady Growth Where Housing Is Scarce
OUR ADVANTAGES Apartments: Steady Growth Where Housing Is Scarce Our apartments today: 13 properties, 4,410 units +4% Average same-property apartment NOI growth of ~4% a year over the past 15 years (+77% in total). Every year was up except the pandemic year of 2020. Honolulu 4 properties · 2,506 uni
Slide 13: Development Pipeline: Room to Grow Our Apartments
OUR ADVANTAGES Development Pipeline: Room to Grow Our Apartments The Landmark Residences · Brentwood Over 1,000 712 units · estimated cost about $400 million The Landmark Residences is a 712-unit apartment community in Brentwood, across from our Landmark Los Angeles apartments. This is New apartment
Slide 14: Conservative Debt: Each Loan Is Secured Only by Specific Properties
OUR ADVANTAGES Conservative Debt: Each Loan Is Secured Only by Specific Properties Our approach When our loans come due ($ millions, our share, as of 9/30/26) • Our loans are secured by separate groups of specific $2,380 properties ("non-recourse"), to mitigate lender associated risk • We borrow at
Slide 15: Key Risks and How We Manage Them
FOR SHAREHOLDERS Key Risks and How We Manage Them Our tenants are small, owner-run firms whose decision makers work in the suite and live nearby. For most, their office with us is their only location, so they are far less likely than big corporations to downsize or move out. We signed 3.8 01 Demand
Slide 16: Highly Experienced Leadership Team
LEADERSHIP Highly Experienced Leadership Team Executive management Joined Board of directors Jordan L. Kaplan Chairman & Chief Executive Officer 1986 Jordan L. Kaplan Chairman and CEO, Douglas Emmett, Inc. Kenneth M. Panzer President & Chief Operating Officer 1984 Kenneth M. Panzer President and COO
Slide 17: Appendix
Appendix Additional detail Market facts · Rent growth vs. other cities · Lease expirations · Sustainability · Our people
Slide 18: Douglas Emmett and Los Angeles by the Numbers
APPENDIX Douglas Emmett and Los Angeles by the Numbers Douglas Emmett Los Angeles County economy • Founded 55 years ago, in 1971 • World’s 3rd-largest metro economy: Greater L.A.’s $1.7 trillion GDP trails • About 39% average market share of top-quality ("Class A") office space in only Tokyo and New
Slide 19: West L.A.: Top Long-Term Rent Growth, Smaller Swings Than Most
APPENDIX West L.A.: Top Long-Term Rent Growth, Smaller Swings Than Most Cumulative rent growth since 1998 Average peak-to-trough rent decline since 1998 111% -4% 89% 91% 66% -18% -26% -26% 27% -45% San Francisco Midtown Boston Washington, D.C. DEI West L.A. San Francisco Boston Midtown DEI West L.A.
Slide 20: Lease Expirations Are Spread Evenly Across Years
APPENDIX Lease Expirations Are Spread Evenly Across Years Share of office leases expiring each year 50% Leases expiring, at 9/30/26 Prior three-year average (1) 12.8% The most leases expiring in any single year 40% (2028), which limits our exposure in any one year 30% 20% 10% 0% 2026 2027 2028 2029
Slide 21: Efficient Buildings Are Good Business
APPENDIX Efficient Buildings Are Good Business Efficient buildings cost less to operate, are more attractive to tenants and hold their value. 100% of our office buildings use automated energy management systems and real-time energy data,* and we have installed LED lighting in all of our parking gara
Slide 22: Our Human Relationships Are Our Most Valuable Assets
APPENDIX Our Human Relationships Are Our Most Valuable Assets We strive to create an environment that honors our employees, tenants and vendors. 01 02 03 Our Promises Strong Ethics Fairness Every new employee receives the Douglas Our directors and employees are held to the Hiring, development, compe
Slide 23: Investor Relations
Investor Relations Stuart McElhinney, Vice President, Investor Relations (310) 255-7751 · smcelhinney@douglasemmett.com · www.douglasemmett.com This profile is not intended to be a complete statement of all of the material facts concerning our company or to solicit purchase of, or to be used to eval
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