Douglos reports Q1 2025 revenue of US$252M, up from US$245M in Q1 2024; company signs 753,000 square feet of office leases while maintaining 99.1% multifamily occupancy

‌FIRST QUARTER2025

Douglos

EARNINGS RESULTS &OPERATING INFORMATION E

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‌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 4,391 apartment units, and we have an additional 704,000 square feet of Class A office and 821 apartment units in our Development Portfolio.

Financial Results: Our results this quarter reflect the acquisition of 10900 Wilshire and the consolidation as of January 1, 2025 of a previously unconsolidated joint venture which owns two Class A office properties.

(In millions, except per share data)	Quarterly Q1 2025 Q1 2024
Revenues	$252	$245
Net income attributable to common stockholders	$40	$9
FFO per fully diluted share	$0.40	$0.45
AFFO	$62	$75
Same Property Cash NOI	$151	$152

Leasing: During the first quarter, our Total Portfolio achieved positive absorption with over 300,000 square feet of new leases. In our In-Service Portfolio, we signed 217 office leases covering 753,000 square feet, driven by 276,000 square feet of new leases and 477,000 square feet of renewal leases. We also had our best quarter in more than two years for new leases over 10,000 square feet. Comparing the office leases we signed during the first quarter to the expiring leases for the same space, straight-line rents increased by 0.9% and cash rents decreased by 12.6%, as larger tenants skew the averages and make it hard to beat the contractual 3 to 4% annual rent bumps in our existing leases. Our multifamily portfolio remains essentially fully leased at 99.1%, with strong demand.

Property Acquisition: As previously announced, in January 2025 , one of our joint ventures in which we own a 30% interest acquired a 17-story, 247,000 square foot office building at 10900 Wilshire Boulevard in Westwood and an adjoining residential development site. We expect the joint venture's total investment to be approximately $150 to

$200 million over a three-to-four year period, including the cost of acquisition, construction of the new residential building, and upgrades to the existing tower. Our Barrington Plaza residential redevelopment, including installing new fire life safety equipment, is on track. In addition, the lease up and repositioning of Studio Plaza into a multi-tenant office building has surpassed expectations.

Debt Refinancing: 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 . We also refinanced a

$335 million secured office loan with a non-recourse, interest-only loan at an effective fixed interest rate of 4.57% that will mature in March 2032 . See page 12for more information regarding our loans.

Balance Sheet & Dividends: At quarter end, we had cash and cash equivalents of $525.7 million . On April 15, 2025 , we paid a quarterly cash dividend of $0.19 per common share, or $0.76 per common share on an annualized basis.

Guidance: We expect our 2025 Net Income Per Common Share - Diluted to be between $0.07 and $0.13 , and our FFO per fully diluted share to be between $1.42 and $1.48 . Our guidance does not include the impact of future property acquisitions or dispositions, stock sales or repurchases, financings, property damage insurance recoveries, impairment charges or other possible capital markets activities. See page 22.

NOTE: See the non-GAAP reconciliations for FFO & AFFO on page 8and same property NOI on page 10.

See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Property Map 4‌

Consolidated Operating Results 7

Same Property Statistics & Net Operating Income (NOI) 9

Financial Data for Wholly-Owned Properties and Consolidated JVs 11

Office Lease Diversification 14

Office Industry Diversification 16

Office Lease Expirations - Next Four Quarters 18

Multifamily Portfolio Summary 20

22

2025 Guidance

Reconciliation of 2025 Non-GAAP Guidance 23

Forward Looking Statements (FLS)

This First Quarter 2025 Earnings Results and Operating Information, which we refer to as our Earnings Package (EP), supplements the information provided in our reports filed with the Securities and Exchange Commission (SEC). It contains FLS within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and we claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements related to the expectations regarding the performance of our business, financial results, liquidity and capital resources and other non-historical statements. In some cases, these FLS can be identified by the use of words such as "expect," "potential," "continue," "may," "will," "should," "could," "seek," "project," "intend," "plan," "estimate," "anticipate," or the negative version of these words or other similar words which are predictions of or indicate future events or trends and which do not relate solely to historical matters. FLS presented in this EP, and those that we may make orally or in writing from time to time, are based on our beliefs and assumptions. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors, some of which are beyond our control or ability to predict, including, but not limited to: adverse economic, political or real estate developments affecting SoutheCalifornia or Honolulu, Hawaii ; competition from other real estate investors in our markets; decreased rental rates or increased tenant incentives and vacancy rates; reduced demand for office space, including as a result of remote work and flexible working arrangements that allow work from remote locations other than the employer's office premises; defaults on, early terminations of, or non-renewal of leases by tenants; increases in interest rates; increases in operating and construction costs, including due to inflation and actual or potential tariffs; insufficient cash flows to service our debt or pay rent on ground leases; difficulties in raising capital; inability to liquidate real estate or other investments quickly; difficulties in acquiring properties; failure to successfully operate properties; failure to maintain our REIT status; adverse changes in rent control laws and regulations; environmental uncertainties; natural disasters; fire and other property damage; insufficient insurance or increases in insurance costs; inability to successfully expand into new markets or submarkets; risks associated with property development; conflicts of interest with our officers; reliance on key personnel; changes in zoning and other land use laws; adverse changes to tax laws, including those related to property taxes; possible terrorist attacks or wars; and other risks and uncertainties detailed in our Annual Report on Form 10-K for 2024, and other documents filed with the SEC . Although we believe that our assumptions underlying our FLS are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences could be material. Accordingly, please use caution in relying on any FLS in this EP to anticipate future results or trends. This EP and all subsequent written and oral FLS attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our FLS.

‌Corporate Data‌

as of March 31, 2025

		In-Service Portfolio	Development Portfolio	Total
	Office Portfolio
	Number of Properties	69	2	71
	Rentable square feet	17,526,068	703,673	18,229,741
	Multifamily Portfolio
	Number of Properties	13	2	15
	Number of Units	4,391	821	5,212

In-Service Portfolio Leasing Statistics Office Portfolio
	Leased Rate	80.9 %
	Net Absorption	(0.2)%
	Occupancy Rate	78.6 %
	Multifamily Portfolio Leased Rate	99.1 %

Market Capitalization (in thousands, except price per share)
	Fully Diluted Shares outstanding as of March 31, 2025	203,892
	Common stock closing price per share (NYSE:DEI)	$ 16.00
	Equity Capitalization	$ 3,262,278

and loan collateral deposits(2)	(539,901)	(417,920)
Net Debt	$ 5,121,556	$ 4,216,642

Leverage Ratio (in thousands, except percentage)

Our Share of Net Debt to Pro Forma Enterprise Value

56 %

Net Debt (in thousands)

Consolidated

Debt principal(1)

Less: cash and cash equivalents

$

Our Share

5,661,457 $ 4,634,562

1. See page 12for a reconciliation of consolidated debt principal and our share of debt principal to consolidated debt on the balance sheet.

2. The consolidated balance of $539.9 million includes our consolidated cash and cash equivalents of

   $525.7 million and a loan collateral deposit of $14.2 million in an interest bearing account with a lender. Our Share is calculated by deducting our JV partners' share of the consolidated balance of $539.9 million .

3. AFFO Payout Ratio based on $0.19 dividend payable to shareholders of record as of March 31, 2025 .

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Property Map‌

as of March 31, 2025

‌Board of Directors and Executive Officers‌

as of March 31, 2025

BOARD OF DIRECTORS

Jordan L. Kaplan Our Chief Executive Officer and President

Leslie E. Bider Retired Executive and Investor

Ray C. Leonard President, Sugar Ray Leonard Foundation

Thomas E. O'HeFormer CEO of The Macerich Company

Shirley Wang Founder and CEO, Plastpro Inc.

EXECUTIVE OFFICERS

Kenneth M. Panzer Chief Operating Officer

Kevin A. Crummy Chief Investment Officer

CORPORATE OFFICE

1299 Ocean Avenue , Suite 1000, Santa Monica, California 90401

Phone: (310) 255-7700

For more information, please visit our website at https://www.douglasemmett.com or contact:

Stuart McElhinney , Vice President, Investor Relations

(310) 255-7751

smcelhinney@douglasemmett.com

‌Consolidated Balance Sheets‌

(Unaudited; In thousands)

	March 31, 2025	December 31, 2024
Assets
Investment in real estate, gross	$ 12,800,297	$ 12,495,252
Less: accumulated depreciation and amortization	(3,991,964)	(3,916,625)
Investment in real estate, net	8,808,333	8,578,627
Ground lease right-of-use asset	7,435	7,438
Cash and cash equivalents	525,696	444,623
Tenant receivables	3,763	4,242
Deferred rent receivables	119,405	117,570
Acquired lease intangible assets, net	7,257	2,487
Interest rate contract assets	56,371	77,620
Investment in unconsolidated Fund	-	23,770
Other assets	49,703	147,323
Total assets	$ 9,577,963	$ 9,403,700
Liabilities
Secured notes payable, net	$ 5,635,224	$ 5,498,022
Ground lease liability	10,818	10,822
Interest payable, accounts payable and deferred revenue	166,882	131,011
Security deposits	64,174	62,449
Acquired lease intangible liabilities, net	12,966	11,331
Interest rate contract liabilities	2,178	-
Dividends payable	31,827	31,825
Total liabilities	5,924,069	5,745,460
Equity
Douglas Emmett, Inc. stockholders' equity:
Common stock	1,674	1,674
Additional paid-in capital	3,396,602	3,396,452
Accumulated other comprehensive income	34,510	54,917
Accumulated deficit	(1,386,409)	(1,394,394)
Total Douglas Emmett, Inc. stockholders' equity	2,046,377	2,058,649
Noncontrolling interests	1,607,517	1,599,591
Total equity	3,653,894	3,658,240
Total liabilities and equity	$ 9,577,963	$ 9,403,700

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Consolidated Operating Results‌

(Unaudited; In thousands, except per share data)

Three Months Ended March 31 ,

	2025		2024
Revenues
Office rental
Rental revenues and tenant recoveries(1)	$ 172,514		$ 169,726
Parking and other income	29,583		28,211
Total office revenues	202,097		197,937
Multifamily rental
Rental revenues	45,196		43,220
Parking and other income	4,242		3,812
Total multifamily revenues	49,438		47,032
Total revenues	251,535		244,969
Operating Expenses
Office expenses	73,053		67,220
Multifamily expenses	16,555		15,850
General and administrative expenses	11,460		11,571
Depreciation and amortization	97,840		95,769
Total operating expenses	198,908		190,410
Other income	4,923		7,044
Other expenses	(105)		(114)
Loss from unconsolidated Fund	-		(26)
Interest expense	(60,078)		(55,332)
Gain from consolidation of JV	47,212		-
Net income	44,579		6,131
Net (income) loss attributable to noncontrolling interests	(4,779)		2,778
Net income attributable to common stockholders	$ 39,800		$ 8,909
Net income per common share - basic and diluted	$ 0.24		$ 0.05
Dividends declared per common share	$ 0.19		$ 0.19

Weighted average shares of common stock outstanding - basic and diluted

167,442

167,326

1. Rental revenues and tenant recoveries include tenant recoveries of $12.2 million and $9.1 million for the three months ended March 31, 2025 and 2024, respectively.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Funds From Operations & Adjusted Funds From Operations(1)(2)‌

(Unaudited; in thousands, except per share data)

The table below presents a reconciliation of Net income attributable to common stockholders to Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO):

Three Months Ended March 31 ,

	2025	2024
Funds From Operations (FFO)
Net income attributable to common stockholders	$ 39,800	$ 8,909
Depreciation and amortization of real estate assets	97,840	95,769
Net income (loss) attributable to noncontrolling interests	4,779	(2,778)
Adjustments attributable to unconsolidated Fund(3)	-	1,011
Adjustments attributable to consolidated JVs(3)	(14,247)	(12,855)
Gain from consolidation of JV	(47,212)	-
FFO	$ 80,960	$ 90,056
Adjusted Funds From Operations (AFFO)
FFO	$ 80,960	$ 90,056
Straight-line rent	(1,836)	202
Net accretion of acquired above- and below-market leases	(1,463)	(2,343)
Loan costs, loan premium amortization and swap amortization Recurring capital expenditures, tenant improvements and capitalized	3,611	2,286
leasing expenses(4)	(26,893)	(23,657)
Non-cash compensation expense	5,587	5,427
Adjustments attributable to unconsolidated Fund(3)	-	175
Adjustments attributable to consolidated JVs(3)	2,380	2,570
AFFO	$ 62,346	$ 74,716
Weighted average shares of common stock outstanding - diluted	167,442	167,326
Weighted average units in our operating partnership outstanding	36,423	34,423
Weighted average fully diluted shares outstanding	203,865	201,749
Net income per common share - basic and diluted	$ 0.24	$ 0.05
FFO per share - fully diluted	$ 0.40	$ 0.45
Dividends paid per share(5)	$ 0.19	$ 0.19

1. On January 1, 2025 , we commenced consolidating one of our joint ventures which was previously unconsolidated and accounted for using the equity method. The joint venture owns two Class A office properties totaling 0.4 million square feet in our regions.

2. Presents our FFO and AFFO, including our share of our Fund that was unconsolidated for the period ended March 31, 2024 and the share of our consolidated JVs attributable to our common stockholders and noncontrolling interests in our Operating Partnership .

3. Adjustments reflect our share of our Fund that was unconsolidated for the period ended March 31, 2024 and the share of the noncontrolling interests in our consolidated JVs.

4. Under GAAP lease accounting rules, we expense non-incremental leasing expenses (leasing expenses not directly related to the signing of a lease) and capitalize incremental leasing expenses. Since non-incremental leasing expenses are included in the calculation of net income attributable to common stockholders and FFO, the capitalized leasing expenses adjustment to AFFO only includes incremental leasing expenses.

5. Reflects dividends paid within the respective periods.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Same Property Statistics & Net Operating Income (NOI)(1)‌

(Unaudited; in thousands, except statistics)

As of March 31 ,
			2025			2024
Office Statistics
Number of properties			66		66
Rentable square feet (in thousands)			17,107		17,105
Ending % leased			80.8 %		82.1 %
Ending % occupied			78.6 %		80.3 %
Quarterly average % occupied			78.6 %		80.4 %
Multifamily Statistics
		Number of properties	13	13
		Number of units	4,391	4,391
		Ending % leased	99.1 %	98.8 %

Three Months Ended March 31 , % Favorable
		2025		2024		(Unfavorable)
	Net Operating Income (NOI)
	Office revenues	$ 192,232		$ 190,440		0.9 %
	Office expenses	(70,261)		(66,383)		(5.8)%
	Office NOI	121,971		124,057		(1.7)%
	Multifamily revenues	48,949		46,010		6.4 %
	Multifamily expenses	(16,274)		(15,440)		(5.4)%
	Multifamily NOI	32,675		30,570		6.9 %
	Total NOI	$ 154,646		$ 154,627		- %
	Cash Net Operating Income (NOI)
	Office cash revenues	$ 189,943		$ 189,014		0.5 %
	Office cash expenses	(70,261)		(66,383)		(5.8)%
	Office cash NOI	119,682		122,631		(2.4)%
	Multifamily cash revenues	48,001		44,570		7.7 %
	Multifamily cash expenses	(16,274)		(15,440)		(5.4)%
	Multifamily cash NOI	31,727		29,130		8.9 %
	Total Cash NOI	$ 151,409		$ 151,761		(0.2)%

(1) The amounts presented include 100% (not our pro-rata share). See page 10for a reconciliation of net income attributable to common stockholders to these non-GAAP measures.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Same Property NOI Reconciliation‌

(Unaudited and in thousands)

The tables below present a reconciliation of Net income attributable to common stockholders to NOI and Same Property NOI:

Three Months Ended March 31 ,

	2025		2024
Net income attributable to common stockholders	$ 39,800		$ 8,909
Net income (loss) attributable to noncontrolling interests	4,779		(2,778)
Net income	44,579		6,131
General and administrative expenses	11,460		11,571
Depreciation and amortization	97,840		95,769
Other income	(4,923)		(7,044)
Other expenses	105		114
Loss from unconsolidated Fund	-		26
Interest expense	60,078		55,332
Gain from consolidation of JV	(47,212)		-
NOI	$ 161,927		$ 161,899
Same Property NOI by Segment
Same property office cash revenues	$ 189,943		$ 189,014
Non-cash adjustments per definition of NOI	2,289		1,426
Same property office revenues	192,232		190,440
Same property office cash expenses	(70,261)		(66,383)
Same Property Office NOI	121,971		124,057
Same property multifamily cash revenues	48,001		44,570
Non-cash adjustments per definition of NOI	948		1,440
Same property multifamily revenues	48,949		46,010
Same property multifamily cash expenses	(16,274)		(15,440)
Same Property Multifamily NOI	32,675		30,570
Same Property NOI	154,646		154,627
Non-comparable office revenues	9,865		7,497
Non-comparable office expenses	(2,792)		(837)
Non-comparable multifamily revenues	489		1,022
Non-comparable multifamily expenses	(281)		(410)
NOI	$ 161,927		$ 161,899

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Financial Data for Wholly-Owned Properties and Consolidated JVs‌

(Unaudited, in thousands)

Three Months Ended March 31, 2025

Wholly-Owned Properties

Consolidated JVs(1)

Revenues	$ 181,035	$ 70,500
Office and multifamily operating expenses	$ 65,016	$ 24,592
Straight-line rent	$ 2,425	$ (589)
Above/below-market lease revenue	$ 165	$ 1,298
Cash NOI attributable to outside interests(2)	$ -	$ 23,135
Our share of cash NOI(3)	$ 113,429	$ 22,064

1. Represents stand-alone financial data (with property management fees excluded from operating expenses as a consolidating entry) for six consolidated JVs that we manage (this includes a previously unconsolidated JV which was consolidated as of January 1, 2025 ). We own a weighted average interest of approximately 47% (based on square footage) in these six JVs, which owned a combined nineteen Class A office properties totaling 4.8 million square feet and two residential properties with 470 apartments in our regions. We are entitled to (i) distributions based on invested capital, (ii) fees for property management and other services, (iii) reimbursement of certain acquisition-related expenses and certain other costs, (iv) additional distributions based on Cash NOI or invested capital and (v) a carried interest for certain JVs if the investors' distributions exceed a hurdle rate.

2. Represents the share of Cash NOI allocable to interests other than our Fully Diluted Shares.

3. Represents the share of Cash NOI allocable to our Fully Diluted Shares.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Loans‌

Maturity Date

Principal

Balance Our Share (In Thousands) (In Thousands)

Effective Rate

Swap Maturity Date

Consolidated Wholly-Owned Subsidiaries

Subtotal

3,749,707

3,749,707

Total Consolidated Loans (9) $ 5,661,457 $ 4,634,562

(As of March 31 2025 , unaudited)

	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		200,000	200,000	SOFR + 1.30%	N/A
	11/1/2026		400,000	400,000	SOFR + 1.25%	N/A
	6/1/2027	(1)	550,000	550,000	SOFR + 1.48%	N/A
Consolidated
	5/18/2028		300,000	300,000	2.21%	6/1/2026
Wholly-Owned
	1/1/2029		300,000	300,000	2.66%	1/1/2027
Subsidiary
	6/1/2029		255,000	255,000	3.26%	6/1/2027
Loans
	6/1/2029		125,000	125,000	3.25%	6/1/2027
	4/1/2030	(2)	127,200	127,200	4.99%	N/A
	3/3/2032	(3)	335,000	335,000	4.57%	N/A
	8/1/2033		350,000	350,000	SOFR + 1.37%	N/A
	6/1/2038	(4)	26,507	26,507	4.55%	N/A

	5/15/2027		450,000	400,500	2.26%	4/1/2025
	8/19/2028		625,000	187,500	2.12%	6/1/2025
Consolidated	9/14/2028	(5)	115,000	85,080	2.19%	10/1/2026
	12/11/2028	(6)	325,000	65,000	6.36%	1/5/2028
JV Loans
	4/26/2029	(7)	175,000	96,250	3.90%	5/1/2026
	6/1/2029		160,000	32,000	3.25%	7/1/2027
	1/9/2030	(8)	61,750	18,525	6.00%	N/A

Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties and other collateral, (iii) require interest-only monthly payments with the outstanding principal due at maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to exercise those extension options. Effective rates include the effect of interest rate swaps & exclude the effect of prepaid loan fees. Maturity dates include the effect of extension options.

1. The loan is secured by four residential properties. In connection with the redevelopment of Barrington Plaza , we deposited $13.3 million of cash into an interest bearing collateral account with the lender during 2023. The lender will retuthe deposit at the earlier of August 2026 or when the loan is paid in full. The lender is treating the loan as a construction loan and we signed a construction completion guarantee.

2. We closed this loan during March 2025 .

3. We modified and extended the loan for seven years, effective March 3, 2025 . 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%.

4. The loan requires monthly payments of principal and interest based upon a 30-year principal amortization schedule.

5. The loan for a JV we commenced consolidating on January 1, 2025 .

6. The loan requires monthly payments of principal and interest for twelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.

7. A portion of this loan is guaranteed.

8. The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining term of the loan.

9. Our debt on the balance sheet of $5.64 billion is calculated by adding $0.8 million of unamortized loan premium/discount and deducting

   $27.1 million of unamortized deferred loan costs from our total consolidated loans of $5.66 billion .

   Statistics for consolidated loans with interest fixed under the terms of the loan or a swap

   Principal balance (in billions) $3.80

   Weighted average remaining life (including extension options) 3.7 years

   Weighted average annual interest rate

   3.33%

   Weighted average remaining fixed interest period 1.9 years

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Office Portfolio Summary‌

In-Service Office Portfolio as of March 31, 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%

Valley 25%

Westside 69%

Total / Weighted
	Region	Westside		Valley		Honolulu		Average
	Number of Office Properties	52		15		2		69
	Our Rentable Square Feet	10,000,661		6,334,572		1,190,835		17,526,068
	Region Rentable Square Feet (1)	40,359,901		13,969,773		5,322,142		59,651,816
	Our Market Share(2)	35.1 %		47.1 %		22.4 %		38.6 %
	Our Percent Leased	81.3 %		78.1 %		91.6 %		80.9 %
	Our Annualized Rent	$444,630,559		$164,485,093		$38,729,296		$647,844,948
	Annualized Rent Per Leased Square Foot (3)	$ 57.10		$ 34.29		$ 37.06		$ 47.53
	Monthly Rent Per Leased Square Foot (3)	$ 4.76		$ 2.86		$ 3.09		$ 3.96

Three months ended March 31, 2025 $ 0.01

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Office Lease Diversification‌

In-Service Office Portfolio as of March 31, 2025

2,559

68.8%

15.5%

13.1%

78

28

1

2.6%

% of Annualized Rent

3000 100%

2500

Number of Leases

2000

75%

1500 50%

1000

500

25%

0 0%

Under 20,000 20,001 to 40,000 40,001 to 100,000 Over 100,000

Square Footage of Lease

Number of Leases % of Annualized Rent

Portfolio Tenant Size

Median Average

Square feet 2,500 5,100

Office Leases Rentable Square Feet Annualized Rent
	Square Feet Under Lease		Number		Percent		Amount		Percent		Amount		Percent
	2,500 or less		1,353		50.8 %		1,953,737		14.4 %		$ 86,619,946		13.4 %
	2,501-10,000		1,005		37.7		4,907,614		36.1		227,634,144		35.1
	10,001-20,000		201		7.5		2,760,832		20.3		131,681,872		20.3
	20,001-40,000		78		2.9		2,110,059		15.5		100,355,608		15.5
	40,001-100,000		28		1.1		1,628,823		11.8		84,532,033		13.1
	Greater than 100,000		1		-		252,401		1.9		17,021,345		2.6
	Total for all leases		2,666		100.0 %		13,613,466		100.0 %		$ 647,844,948		100.0 %

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Largest Office Tenants‌

In-Service Office Portfolio as of March 31, 2025

William Morris Endeavor(2)		1		1		2037		252,401		1.4		$ 17,021,345		2.6
UCLA (3)		14		8		2025-2033		200,854		1.1		12,039,209		1.9
Morgan Stanley (4)		5		5		2027-2030		144,688		0.8		11,332,026		1.7
Equinox Fitness(5)		6		5		2029-2038		185,236		1.1		10,810,466		1.7
NKSFB		2		2		2030		135,066		0.8		6,950,547		1.1

Tenants paying 1% or more of our aggregate Annualized Rent:

Number

of Number of

Tenant Leases Properties

Total Percent of

Leased Rentable Percent of Lease Square Square Annualized Annualized

Expiration(1)Feet Feet Rent Rent

Total

2821

918,2455.2 %$58,153,5939.0 %

1. Expiration dates are per lease (expiration dates do not reflect storage and similar leases).

2. Tenant has the option to terminate its lease in 2033.

3. Square footage (rounded) expires as follows: 4 leases totaling 119,000 square feet in 2025; 5 leases totaling 32,000

   square feet in 2026; 1 lease totaling 8,000 square feet in 2028; 2 leases totaling 28,000 square feet in 2029; and 2 leases totaling 14,000 square feet in 2033.

4. Square footage (rounded) expires as follows: 89,000 square feet in 2027, 30,000 square feet in 2028, and 26,000 square feet in 2030.

5. Square footage (rounded) expires as follows: 34,000 square feet in 2029; 46,000 square feet in 2035; 31,000 square feet in 2037 and 74,000 square feet in 2038.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Office Industry Diversification‌

In-Service Office Portfolio as of March 31, 2025

Percentage of Annualized Rent by Tenant Industry

Financial Services 16.3%

Other 0.9%

Advertising 1.0% Manufacturing & Distribution 1.3%

Educational Services 2.7%

Public Administration 2.7%

Insurance 3.1%

Legal 19.3%

Real Estate 13.3%

Entertainment 9.9%

Health Services 9.9%

Technology 5.0%

Retail 5.6%

Accounting & Consulting 9.0%

Number of Annualized Rent as
	Industry		Leases		a Percent of Total
	Legal		568		19.3 %
	Financial Services		364		16.3
	Real Estate		317		13.3
	Entertainment		134		9.9
	Health Services		393		9.9
	Accounting & Consulting		297		9.0
	Retail		156		5.6
	Technology		92		5.0
	Insurance		90		3.1
	Public Administration		76		2.7
	Educational Services		37		2.7
	Manufacturing & Distribution		53		1.3
	Advertising		32		1.0
	Other		57		0.9
Total		2,666100.0 %

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Office Lease Expirations‌

In-Service Office Portfolio as of March 31, 2025

50.0%

Lease Data as of March 31, 2025 Comparable curve based on

average of prior three years (1)

Expiring Square feet

40.0%

30.0%

13.5%

9.2%

12.4% 10.1%

7.6% 7.4%

1.5%

4.0%

3.0%

2.2%

1.7%

5.2%

20.0%

10.0%

0.0%

Short Term Leases

2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Thereafter

Annualized

Number Rentable of Square

Year of Lease Expiration Leases Feet

Expiring Square Feet as a Percent of Total

Annualized Rent Per

Annualized Rent at March 31 ,

2025

Annualized Rent Per Rent as a Leased

Percent of Square

Total

Foot(1)

Leased Square Foot at Expiration(2)

1. Average of the percentage of leases expiring at March 31, 2022 , 2023, and 2024 with the same remaining duration as the leases for the labeled year had at March 31, 2025 . Acquisitions are included in the comparable average commencing in the quarter after the acquisition.

   Short Term Leases 70		260,739		1.5 %		$ 9,760,612		1.5 %		$ 37.43		$ 37.31
   2025 407		1,606,336		9.2		76,530,584		11.8		47.62		48.14
   2026 583		2,376,441		13.5		108,751,181		16.8		45.76		47.46
   2027 483		2,183,698		12.4		104,137,117		16.1		47.69		51.11
   2028 397		1,764,535		10.1		81,727,206		12.6		46.32		51.33
   2029 242		1,327,964		7.6		59,955,241		9.3		45.15		51.08
   2030 189		1,292,329		7.4		63,406,140		9.8		49.06		55.61
   2031 101		696,474		4.0		32,949,604		5.1		47.31		56.21
   2032 59		523,412		3.0		24,731,146		3.8		47.22		58.34
   2033 51		384,464		2.2		20,105,111		3.1		52.29		68.54
   2034 34		298,519		1.7		14,414,954		2.2		48.29		63.98
   Thereafter 50		914,480		5.2		51,376,052		7.9		56.24		79.26
   Subtotal/weighted average 2,666		13,629,391		77.8 %		$ 647,844,948		100.0 %		$ 47.53		$ 53.51
   Signed leases not commenced		393,768		2.3
   Available		3,352,598		19.1
   Building management use		107,738		0.6
   BOMA adjustment(3)		42,573		0.2
   Total/weighted average 2,666		17,526,068		100.0 %		$647,844,948		100.0 %		$ 47.53		$ 53.51

   1. Represents Annualized Rent at March 31, 2025 divided by leased square feet.

   2. Represents Annualized Rent at expiration divided by leased square feet.

   3. Represents the square footage adjustments for leases that do not reflect BOMA remeasurement.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Office Lease Expirations - Next Four Quarters‌

In-Service Office Portfolio as of March 31, 2025

20.0%

18.0%

Expiring Square feet

16.0%

14.0%

12.0%

10.0%

8.0%

6.0%

4.0%

2.0%

0.0%

Lease Data as of March 31, 2025 Comparable curve based on

average of prior three years (1)

2.9%

4.1%

4.3%

Q2 2025 Q3 2025 Q4 2025 Q1 2026

		Q2 2025	Q3 2025	Q4 2025	Q1 2026	Next Twelve Months
	Los Angeles
	Westside	225,522	308,091	341,973	409,339	1,284,925
	Valley	117,679	163,708	354,669	205,029	841,085
Honolulu Expiring Square Feet(1)		7,907	36,882	49,905	96,020	190,714
		351,108508,681746,547710,388				2,316,724
	Percentage of Portfolio	2.0 %	2.9 %	4.3 %	4.1 %	13.3 %
	Los Angeles
	Westside	$55.42	$62.88	$56.03	$57.75	$58.11
	Valley	$35.22	$35.39	$36.11	$34.50	$35.45
Honolulu Expiring Rent per Square Foot(2)		$33.89	$36.57	$38.79	$38.34	$37.93
		$48.17	$52.12	$45.41	$48.41	$48.22

1. Includes leases with an expiration date in the applicable period where the space had not been re-leased as of March 31, 2025 , other than 260,739 square feet of Short-Term Leases.

2. Fluctuations in this number primarily reflect the mix of buildings/regions involved, as well as the varying terms and square footage of the individual leases expiring. As a result, the data in this table should only be extrapolated with caution.

   NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

   ‌Office Leasing Activity‌

   In-Service Office Portfolio for the Three Months ended March 31, 2025

   Weighted Average Number of Rentable Lease Term
   	New leases	78		275,977		71
   	Renewal leases	139		477,394		61
   	All leases	217		753,371		66

   Office Leases Signed During Quarter

   Leases

   Square Feet

   (months)1

   Change in Rental Rates for Office Leases Executed during the Quarter(2)
   		Expiring Rate		New/Renewal Rate		Percentage Change
   	Cash Rent	$50.68		$44.29		(12.6)%
   	Straight-line Rent	$45.12		$45.53		0.9%

   Average Office Lease Transaction Costs(3)

   Lease Transaction Lease Transaction Costs per SF Costs per Annum

   Renewal leases signed during the quarter

   $21.72

   $5.56

   All leases signed during the quarter $25.65 $6.17

Number of Number of

Units as a

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌Development Portfolio Summary‌

Barrington Plaza is a 712-unit apartment community located at the corner of Wilshire Boulevard and Barrington Avenue 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 directives. The buildings will be reduced to the concrete slabs and structural steel in preparation for the construction. The completed project will have nine foot ceilings and floor-to-ceiling glass.

We now have a permit to begin construction and estimate it will take several years and cost over

$300 million .

Rendering of three redeveloped towers at Barrington Plaza with new amenity deck.

Studio Plaza is a 456,000 square foot office property located in Burbank . Following the move-out of a long-term single tenant, we have begun extensive redevelopment of the property to convert it into a multi-tenant building at an estimated cost of $75 million to $100 million .

The development process is ongoing and we have begun leasing space to be occupied when the common areas and the related floors are completed.

Rendering of redeveloped Studio Plaza with new common area amenities and arrival experience.

In January 2025 , a new joint venture acquired 10900 Wilshire, a 17-story, 247,000 square foot office building and adjoining residential development site at the corner of Wilshire Blvd. and Westwood Blvd.

We estimate that the JV's total investment, including acquisition, upgrades to the existing tower, and construction of a new 109 unit residential building, will be approximately $150 million to $200 million over a three-to-four-year period, depending on our final plan.

Foreground: conceptual residential building on Westwood Blvd. Background: to be upgraded tower fronting on Wilshire Blvd.

All figures are estimates, as development in our markets is long and complex and subject to inherent uncertainties.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌2025 Guidance‌

Metric	Per Share
Net income per common share - diluted	$0.07 to $0.13
FFO per share - fully diluted	$1.42 to $1.48

Assumptions

(Occupancy & Leased Rate ranges pertain to our In-Service Portfolio)

Metric	Assumption Range	Compared to Prior Assumption
Average Office Occupancy	78% to 80%	Unchanged
Residential Leased Rate	Essentially fully leased	Unchanged
Same Property Cash NOI	-2.5% to -0.5%	Unchanged
Above/Below Market Net Revenue	$1 to $5 million	Unchanged
Straight-line Revenue	$8 to $11 million	Unchanged
General and Administrative Expenses	$46 to $50 million	Unchanged
Interest Expense	$260 to $270 million	Unchanged
Weighted average fully diluted shares outstanding	204.0 million	Unchanged

Except as disclosed, our guidance does not include the impact of future property acquisitions or dispositions, common stock sales or repurchases, financings, property damage insurance recoveries, impairment charges or other possible capital markets activities.

The guidance and representative assumptions on this page are forward looking statements, subject to the safe harbor contained at the beginning of this Earnings Package, and reflect our views of current and future market conditions. Ranges represent a set of likely assumptions, but actual results could fall outside the ranges presented. Only a few of our assumptions underlying our guidance are disclosed above, and our actual results will be affected by known and unknown risks, trends, uncertainties and other factors, some of which are beyond our control or ability to predict. Although we believe that the assumptions underlying our guidance are reasonable, they are not guarantees of future performance and some of them will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences could be material. See page 23for a reconciliation of our Non-GAAP guidance.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌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 attributable to common stockholders	$ 12.4	$ 22.4
Adjustments for depreciation and amortization of real estate assets	403.0	393.0
Adjustments for noncontrolling interests and consolidated JVs	(78.5)	(66.3)
Adjustment for gain from consolidation of JV	(47.2)	(47.2)
FFO	$ 289.7	$ 301.9
Weighted average fully diluted shares outstanding	High	Low
Weighted average shares of common stock outstanding - diluted	167.4	167.4
Weighted average units in our operating partnership outstanding	36.6	36.6
Weighted average fully diluted shares outstanding	204.0	204.0
Per share	Low	High
Net income per common share - diluted	$ 0.07	$ 0.13
FFO per share - fully diluted	$ 1.42	$ 1.48

(1) Our guidance does not include the impact of future property acquisitions or dispositions, common stock sales or repurchases, financings, property damage insurance recoveries, if any, or other possible capital markets activities or impairment charges. The reconciliation should be used as an example only, with the numbers presented only as representative assumptions. Ranges represent a set of likely assumptions, but actual results could fall outside the ranges presented.

All assumptions are forward looking statements, subject to the safe harbor contained at the beginning of this Earnings Package, and reflect our views of current and future market conditions. Our actual results will be affected by known and unknown risks, trends, uncertainties and other factors, some of which are beyond our control or ability to predict. Although we believe that the assumptions underlying the guidance are reasonable, they are not guarantees of future performance and some of them will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences could be material.

NOTE: See the "Definitions" section for definitions of certain terms used in this Earnings Package.

‌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 ineffectiveness of interest rate contracts; amortization/expense of loan costs; non-cash compensation expense, and (ii) subtracting recurring capital expenditures, tenant improvements and capitalized leasing expenses (including adjusting for the effect of such items attributable to our consolidated JVs and our unconsolidated Fund, but not for noncontrolling interests included in our calculation of fully diluted equity). Recurring capital expenditures, tenant improvements and leasing expenses are those required to maintain current revenues once a property has been stabilized, generally excluding those for acquired buildings being stabilized, newly developed space and upgrades to improve revenues or operating expenses or significantly change the use of the space, as well as those resulting from casualty damage or bringing the property into compliance with governmental requirements. We report AFFO because it is a widely reported measure of the performance of equity Real Estate Investments Trusts (REITs), and is also used by some investors to compare our performance with other REITs. However, the National Association of Real Estate Investment Trusts (NAREIT) has not defined AFFO, and other REITs may use different methodologies for calculating AFFO, and accordingly, our AFFO may not be comparable to the AFFO of other REITs. AFFO is a non-GAAP financial measure for which we believe that net income (loss) is the most directly comparable GAAP financial measure. AFFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a measure of our liquidity or cash flow, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends.‌

AFFO Payout Ratio: Represents dividends announced divided by the AFFO for that period. We report AFFO Payout Ratio because it is a widely reported measure of the performance of equity REITs, and is also used by some investors to compare our performance with other REITs.

Annualized Rent: Represents annualized cash base rent (i.e. excludes tenant reimbursements, parking and other revenue) before abatement under leases commenced as of the reporting date and expiring after the reporting date (does not include 393,768 square feet with respect to signed leases not yet commenced at March 31, 2025 ). For our triple net office properties (in Honolulu ), annualized rent is calculated for triple net leases by adding expense reimbursements and estimates of normal building expenses paid by tenants to base rent. Annualized Rent does not include lost rent recovered from insurance and rent for building management use. Annualized Rent includes rent for our corporate headquarters in Santa Monica . We report Annualized Rent because it is a widely reported measure of the performance of equity REITs, and is used by some investors as a means to determine tenant demand and to compare our performance and value with other REITs. We use Annualized Rent to manage and monitor the performance of our office and multifamily portfolios.

Average Office Occupancy: Calculated by averaging the Occupancy Rates on the last day of the current and prior quarter and, for reporting periods longer than a quarter, by averaging the Occupancy Rates for all the quarters in the respective reported period.

Consolidated Net Debt: Represents our consolidated debt, (i) excluding the impact of unamortized loan premiums and deferred loan costs which do not require cash settlement, (ii) less cash and cash equivalents including loan collateral deposited with lenders available to reduce the debt obligation. Consolidated Net Debt is a non-GAAP financial measure for which we believe that consolidated debt is the most directly comparable GAAP financial measure. We report Consolidated Net Debt because some investors use it to evaluate and compare our leverage and financial position with that of other REITs. A limitation associated with using Consolidated Net Debt is that it subtracts cash and cash equivalents and loan collateral deposited with lenders and may therefore imply that there is less debt than the most comparable GAAP financial measure indicates.

Development Portfolio: Includes the following properties undergoing development activities: (1) a residential property with 712 apartments and approximately 34,000 square feet of retail space in Los Angeles which we are removing from the residential rental market following a fire in January 2020 , (2) a 456,000 square foot single tenant office property in Los Angeles that we commenced converting to multi-tenant after the tenant's lease expired in 2024, and (3) a 247,000 square foot office building in Westwood with an adjoining residential development site that we acquired in January 2025 and which we are redeveloping to include a 109 unit residential component.

Equity Capitalization: Represents our Fully Diluted Shares multiplied by the closing price of our common stock on the New York Stock Exchange as of March 31, 2025 .

Fully Diluted Shares: Calculated according to the treasury stock method, based on our diluted outstanding stock and units in our Operating Partnership .

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 (other than amortization of right-of-use assets for which we are the lessee and amortization of deferred loan costs), impairment write-downs of real estate and impairment write-downs of our investment in our unconsolidated Fund from our net income (loss) (including adjusting for the effect of such items attributable to our consolidated JVs and our unconsolidated Fund, but not for noncontrolling interests included in our calculation of fully diluted equity). We report FFO because it is a widely reported measure of the performance of equity REITs, and is also used by some investors to identify the impact of trends in occupancy rates, rental rates and operating costs from year to year, excluding impacts from changes in the value of our real estate, and to compare our performance with other REITs. FFO is a non-GAAP financial measure for which we believe that net income (loss) is the most directly comparable GAAP financial measure. FFO has limitations as a measure of our performance because it excludes depreciation and amortization of real estate, and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures, tenant improvements and leasing expenses necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations. FFO should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a measure of our liquidity or cash flow, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to the FFO of other REITs.

GAAP: Refers to accounting principles generally accepted in the United States .

In-Service Portfolio: Represents our Total Portfolio excluding our Development Portfolio.

Joint Ventures (JVs): At March 31, 2025 , we owned a weighted average interest of approximately 47% based on square footage in six consolidated JVs. The JVs owned nineteen office properties totaling 4.8 million square feet and two residential properties with 470 apartments.

Lease Transaction Costs: Represents the weighted average of tenant improvements and leasing commissions for leases signed by us during the quarter, excluding leases substantially negotiated by the seller in the case of acquired properties and leases for tenants relocated from space being taken out of service. We report Lease Transaction Costs because it is a widely reported measure of the performance of equity REITs, and is used by some investors to determine our cash needs and to compare our performance with other REITs. We use Lease Transaction Costs to manage and monitor the performance of our office and multifamily portfolios.

Leased Rate: The percentage leased for our In-Service Portfolio as of March 31, 2025 . Management space is considered leased. Space taken out of service during a repositioning or which is vacant as a result of a fire or other damage is excluded from both the numerator and denominator for calculating the Leased Rate. For newly developed buildings going through lease up, units are included in both the numerator and denominator as they are leased. We report Leased Rates because it is a widely reported measure of the performance of equity REITs, and is also used by some investors as a means to determine tenant demand and to compare our performance with other REITs. We use Leased Rate to manage and monitor the performance of our office and multifamily portfolios.

Net Absorption: Represents the change in Leased Rate between the last day of the current and prior quarter for our In-Service Portfolio, excluding properties acquired or sold during the current quarter. The calculation also excludes the impact of building remeasurement. We report Net Absorption because it is a widely reported measure of the performance of equity REITs, and is used by some investors as a means to determine tenant demand and to compare our performance with other REITs. We use Net Absorption to manage and monitor the performance of our office portfolio.

Net Income (Loss) Per Common Share - Diluted: We calculate Net Income (Loss) Per Common Share - Diluted in accordance with GAAP by dividing the net income (loss) attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested Long Term Incentive Plan Unit awards that contain non-forfeitable rights to dividends as participating securities and include these securities in the computation using the two-class method.

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, depreciation and amortization expense, other income, other expenses, income (loss) from unconsolidated Fund, interest expense, gains (losses) on sales of investments in real estate, gain from consolidation of JV and net income (loss) attributable to noncontrolling interests.

• Cash NOI: is calculated by excluding from NOI our straight-line rent and the amortization/accretion of acquired above/below market leases.

  We report NOI because it is a widely recognized measure of the performance of equity REITs, and is used by some investors to identify trends in occupancy rates, rental rates and operating costs and to compare our operating performance with that of other REITs. NOI is a non-GAAP financial measure for which we believe that net income (loss) is the most directly comparable GAAP financial measure. NOI has limitations as a measure of our performance because it excludes depreciation and amortization expense, and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures, tenant improvements and leasing expenses necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations. NOI should be considered only as a supplement to net income (loss) as a measure of our performance and should not be used as a measure of our liquidity or cash flow, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. Other REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to the NOI of other REITs.

  Occupancy Rate: We calculate Occupancy Rate from the Leased Rate for our In-Service Portfolio by excluding signed leases not yet commenced. We report Occupancy Rate because it is a widely reported measure of the performance of equity REITs, and is also used by some investors as a means to determine tenant demand and to compare our performance with other REITs. We use Occupancy Rate to manage and monitor the performance of our office and multifamily portfolios.

  Operating Partnership: Douglas Emmett Properties, LP

  Our Share: Our Share is calculated by multiplying the amount of debt or cash, as applicable, for each of our subsidiaries by our share of that subsidiary's equity. For example, we calculate Our Share of Net Debt by: (i) multiplying the principal balance of our consolidated loans by our equity interest in the relevant borrower, (ii) subtracting the product of cash and cash equivalents multiplied by our equity interest in the entity that owns the cash or cash equivalents, and (iii) subtracting the product of loan collateral deposited with lenders multiplied by our equity interest in the entity that deposited the collateral with the lender. We subtract cash and cash equivalents and loan collateral deposited with lenders because they could be used to reduce the debt obligations, and do not add (deduct) unamortized loan premium (discount) or subtract unamortized deferred loan costs because they do not require cash settlement. Reporting Our Share of cash or debt is a non-GAAP financial measure for which we believe that consolidated metric is the most directly comparable GAAP financial measure. We report Our Share of these items because some investors use it to evaluate and compare our financial position with that of other REITs.

  Pro Forma Enterprise Value: We calculate Pro Forma Enterprise Value by adding our Equity Capitalization to Our Share of Net Debt. Pro Forma Enterprise Value is a non-GAAP financial measure for which we believe that consolidated total equity and liabilities is the most directly comparable GAAP financial measure. We report Pro Forma Enterprise Value because some investors use it to evaluate and compare our financial position with that of other REITs.

  Recurring Capital Expenditures: Building improvements required to maintain revenues once a property has been stabilized, and excludes capital expenditures for (i) acquired buildings being stabilized, (ii) newly developed space,

  (iii) upgrades to improve revenues or operating expenses or significantly change the use of the space, (iv) casualty damage and (v) bringing the property into compliance with governmental or lender requirements. We report Recurring Capital Expenditures because it is a widely reported measure of the performance of equity REITs, and is used by some investors as a means to determine our cash flow requirements and to compare our performance with other REITs. We use Recurring Capital Expenditures to manage and monitor the performance of our office and multifamily portfolios.

  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 present two forms of Rental Rates:

• 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 Managers Association (BOMA) measurement. At March 31, 2025 , total consists of 14,023,159 leased square feet (including 393,768 square feet with respect to signed leases not commenced), 3,352,598 available square feet, 107,738 building management use square feet and 42,573 square feet of BOMA adjustment on leased space. We report Rentable Square Feet because it is a widely reported measure of the performance and value of equity REITs, and is also used by some investors to compare our performance and value with other REITs. We use Rentable Square Feet to manage and monitor the performance of our office portfolio.

Same Property NOI: To facilitate a comparison of NOI between reported periods, we report NOI for a subset of our properties referred to as our "same properties," which are properties that have been owned and operated by us during both periods being compared. We exclude from our same property subset properties that during the comparable periods were: (i) acquired, (ii) sold, held for sale, contributed or otherwise removed from our consolidated financial statements, or (iii) that underwent a major repositioning project, were impacted by development activity, or suffered significant casualty loss that we believed significantly affected the properties' operating results. We also exclude rent received from ground leases. Our Same Property NOI is not adjusted for noncontrolling interests in properties which are not wholly owned.

Our same properties for 2025 include all of our In-Service Portfolio properties, other than: two office properties totaling 0.4 million square feet owned by a joint venture that we commenced consolidating on January 1, 2025 .

We report Same Property NOI because it is a widely reported measure of the performance and value of equity REITs, and it is used by some investors to: (i) analyze our operating results excluding the impact of properties not being operated on a consistent basis, and (ii) to compare our performance and value with other REITs. We use Same Property NOI to manage and monitor the performance of our office portfolio.

Short Term Leases: Represents leases that expired on or before the reporting date or had a term of less than one year, including hold over tenancies, month to month leases and other short term occupancies.

Total Portfolio: At March 31, 2025 , our Total Portfolio included all of our consolidated properties. Our consolidated properties include 19 office properties totaling 4.8 million square feet and two residential properties with 470 apartments which are owned through six consolidated JVs in which we own a weighted average interest of approximately 47.0% based on square footage.

"We" and "our" refers to Douglas Emmett, Inc. , our Operating Partnership and its subsidiaries, and our consolidated JVs.

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Douglas Emmett Inc. published this content on May 06, 2025 , and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 06, 2025 at 20:59 UTC .