Douglas Emmett, Inc. · NYSE:DEI
Douglas Emmett — Q2 2025 Earnings Presentation
28 slides from Douglas Emmett's earnings presentation, Aug 6, 2025
Slide 1: Earnings Results & Operating Information, Second Quarter 2025
MH Douglas Emmett EARNINGS RESULTS & OPERATING INFORMATION SECOND QUARTER 2025
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, and we have an additional 456,000 square feet of Class A office and 1,032 apart
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 June 30, 2025 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 1,032 5,442 In-Service Portfo
Slide 5: Property Map
Company Overview Property Map as of June 30, 2025 4 Go to Table of Contents
Slide 6: Board of Directors and Executive Officers
Company Overview Board of Directors and Executive Officers as of June 30, 2025 BOARD OF DIRECTORS __________________________________________________________________________________________________________________________________ Jordan L. Kaplan Our Chairman of the Board, Chief Executive Officer and
Slide 7: Consolidated Balance Sheets
Financial Results Consolidated Balance Sheets (Unaudited; In thousands) June 30, 2025 December 31, 2024 Assets Investment in real estate, gross $ 12,864,501 $ 12,495,252 Less: accumulated depreciation and amortization (4,071,102) (3,916,625) Investment in real estate, net 8,793,399 8,578,627 Ground
Slide 8: Consolidated Operating Results
Financial Results Consolidated Operating Results (Unaudited; In thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Office rental Rental revenues and tenant recoveries(1) $ 172,924 $ 171,069 $ 345,438 $ 340,795 Parking and other income
Slide 9: Funds From Operations & Adjusted Funds From Operations
Financial Results Funds From Operations & Adjusted Funds From Operations(1)(2) (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):
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 June 30, 2025 2024 Office Statistics Number of properties 66 66 Rentable square feet (in thousands) 17,107 17,105 Ending % leased 80.8 % 81.0 % Ending % occupied 78.1 % 79.4
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 June 30, 2025 2024 Net (loss) income attributable to common stockholders
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 June 30, 2025 Wholly-Owned Consolidated Properties JVs(1) Revenues $ 181,904 $ 70,530 Office and multifamily operating expenses $ 66,831 $ 25,958 Straight-line rent $ 1,496
Slide 13: Loans
Financial Results Loans (As of June 30 2025, unaudited) Principal Swap Maturity Balance Our Share Effective Maturity Date (In Thousands) (In Thousands) Rate Date Consolidated Wholly-Owned Subsidiaries 8/15/2026 $ 415,000 $ 415,000 3.07% 8/1/2025 9/19/2026 366,000 366,000 SOFR + 1.25% N/A 9/26/2026 2
Slide 14: Office Portfolio Summary
Portfolio Data Office Portfolio Summary In-Service Office Portfolio as of June 30, 2025 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% Valle
Slide 15: Office Lease Diversification
Portfolio Data Office Lease Diversification In-Service Office Portfolio as of June 30, 2025 3000 100% 2,549 2500 68.7% 75% % of Annualized Rent Number of Leases 2000 1500 50% 1000 25% 15.6% 13.0% 500 78 28 2.7% 1 0 0% Under 20,000 20,001 to 40,000 40,001 to 100,000 Over 100,000 Square Footage of Lea
Slide 16: Largest Office Tenants
Portfolio Data Largest Office Tenants In-Service Office Portfolio as of June 30, 2025 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 Feet
Slide 17: Office Industry Diversification
Portfolio Data Office Industry Diversification In-Service Office Portfolio as of June 30, 2025 Percentage of Annualized Rent by Tenant Industry Financial Services 16.4% Real Estate 13.4% Legal 19.6% Health Services Other 0.8% 9.9% Advertising 0.9% Manufacturing & Distribution 1.3% Educational Servic
Slide 18: Office Lease Expirations
Portfolio Data Office Lease Expirations In-Service Office Portfolio as of June 30, 2025 Lease Data as of June 30, 2025 Comparable curve based on average of prior three years (1) 50.0% Expiring Square feet 40.0% 30.0% 20.0% 13.6% 12.7% 10.7% 10.0% 8.2% 7.6% 5.2% 4.4% 6.0% 1.5% 3.2% 2.3% 1.8% 0.0% Sho
Slide 19: Office Lease Expirations - Next Four Quarters
Portfolio Data Office Lease Expirations - Next Four Quarters In-Service Office Portfolio as of June 30, 2025 Lease Data as of June 30, 2025 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% 3.2% 3.5% 3.5% 2.0% 0.0%
Slide 20: Office Leasing Activity
Portfolio Data Office Leasing Activity In-Service Office Portfolio for the Three Months ended June 30, 2025 Weighted Average Number of Rentable Lease Term Office Leases Signed During Quarter Leases Square Feet (months)1 New leases 86 275,197 56 Renewal leases 154 669,115 63 All leases 240 944,312 60
Slide 21: Multifamily Portfolio Summary
Portfolio Data Multifamily Portfolio Summary In-Service Multifamily Portfolio as of June 30, 2025 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% Numbe
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: 2025 Guidance
Guidance 2025 Guidance Metric Per Share Net income per common share - diluted $0.07 to $0.11 FFO per share - fully diluted $1.43 to $1.47 Assumptions (Occupancy & Leased Rate ranges pertain to our In-Service Portfolio) Compared to Prior Metric Assumption Range Assumption Average Office Occupancy 78%
Slide 24: Reconciliation of 2025 Non-GAAP Guidance
Guidance Reconciliation of 2025 Non-GAAP Guidance(1) (Unaudited; in millions, except per share amounts) Reconciliation of our guided Net income per common share - diluted to FFO per share - fully diluted: Reconciliation of net income attributable to common stockholders to FFO Low High Net income att
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 • NOI: is calculated by excluding the following from our net income (loss): general and administrative expenses, depreciation and amortization expense, other income, other expenses, income (loss) from unconsolidated Fund, interest expense, gains (losses) on sales of investments in real e
Slide 28: Definitions
Definitions • Cash Rental Rate: is calculated by dividing the rent paid on the measurement date by the Rentable Square Feet. • Straight-Line Rental Rate: is calculated by dividing the average rent over the lease term by the Rentable Square Feet. Rentable Square Feet: Based on the Building Owners and