Form 8-K

8-K — Douglas Emmett Inc

Accession: 0001364250-26-000026

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0001364250

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — nysedei-20260505.htm (Primary)

EX-99.1 (a2026q1epexhibit991.htm)

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8-K

8-K (Primary)

Filename: nysedei-20260505.htm · Sequence: 1

nysedei-20260505

0001364250false00013642502026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026

Douglas Emmett, Inc.

(Exact name of registrant as specified in its charter)

Maryland 001-33106 20-3073047

(State or other jurisdiction of incorporation) Commission file number (I.R.S. Employer identification No.)

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

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (310) 255-7700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class Trading Symbol Name of Each Exchange on Which Registered

Common Stock, $0.01 par value per share DEI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On May 5, 2026, Douglas Emmett, Inc. released its financial results for the quarter ended March 31, 2026 by posting to its website its First Quarter 2026 Earnings Results and Operating Information package (attached as Exhibit 99.1). The information contained in this report on Form 8-K, including the attached Exhibits, shall not be deemed “filed” with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by Douglas Emmett, Inc. under the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits: The following exhibits are furnished with this Current Report on Form 8-K:

Exhibit Number Description

99.1

First Quarter 2026 Earnings Results and Operating Information

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

DOUGLAS EMMETT, INC.

Dated: May 5, 2026 By: /s/ PETER D. SEYMOUR

Peter D. Seymour

Chief Financial Officer

EX-99.1

Filename: a2026q1epexhibit991.htm · Sequence: 2

Document

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 units in our active Development Portfolio. As a result of recent changes to state and municipal zoning, entitled residential development sites in our current portfolio can now accommodate 8,000 - 10,000 new units.

Comparative Financial Results Quarterly

(In millions, except per share data) Q1 2026 Q1 2025

Revenues $251 $252

Net (loss) income attributable to common stockholders $(2) $40

FFO per fully diluted share $0.37 $0.40

AFFO $49 $62

Same Property Cash NOI $152 $155

Leasing: We recorded approximately 100,000 square feet of positive absorption in our In-Service Portfolio for the second consecutive quarter. We also executed 461,000 square feet of new leases, our best quarter ever for new leasing which included record leasing to tenants over 10,000 square feet.

In the last six months, we delivered our best results since 2019, growing our leased rate by over 1%. This was all done while realizing meaningful straight-line rent roll up and very strong tenant retention.

The straight-line value of the leases executed in the quarter increased by 5.3%, as our typical 3% to 5% annual fixed rent bumps more than offset the impact of 7.7% lower beginning cash rent compared to the prior lease’s ending cash rent. On the multifamily side, strong demand and increasing rents drove full occupancy and 4.2% higher same property cash NOI compared to first quarter 2025.

Property Acquisitions: In April, a new joint venture managed by us acquired The Bedford Collection, a 5 building, 246,000-square-foot medical office portfolio located in the Beverly Hills Golden Triangle for $260 million. We hold a 13% stake in the joint venture’s $150 million of equity. The joint venture also borrowed $130 million secured by a non-recourse, interest-only first trust deed loan maturing in April 2031. The loan bears interest at SOFR plus 1.70%, which we have effectively fixed at 5.26% per annum through April 2030.

Development: In Brentwood, our multi-year redevelopment of the 712-unit Landmark Residences continues in full swing. At 10900 Wilshire in Westwood, we expect to commence construction this year to convert the property into a 323 unit mixed use community. At Studio Plaza in Burbank, the redevelopment is complete and leasing is well underway with some tenants already taking occupancy.

Balance Sheet & Dividends: At quarter end, we had cash and cash equivalents of $357.2 million. On April 15, 2026, 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 2026 Net Loss Per Common Share - Diluted to be between $(0.20) and $(0.14), and FFO per fully diluted share to be between $1.39 and $1.45. We expect the FFO gains from the Bedford acquisition to be largely offset by higher assumed interest expense, reflecting the new Bedford Collection loan and the flattening interest rate curve. 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. See page 22.

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

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

Table of Contents

COMPANY OVERVIEW

Corporate Data

Property Map

Board of Directors and Executive Officers

FINANCIAL RESULTS

Consolidated Balance Sheets

Consolidated Operating Results

Funds From Operations & Adjusted Funds From Operations

Same Property Statistics & Net Operating Income (NOI)

Same Property NOI Reconciliation

Financial Data for Wholly-Owned Properties and Consolidated JVs

Loans

PORTFOLIO DATA

Office Portfolio Summary

Office Lease Diversification

Largest Office Tenants

Office Industry Diversification

Office Lease Expirations

Office Lease Expirations – Next Four Quarters

Office Leasing Activity

Multifamily Portfolio Summary

Development Portfolio Summary

GUIDANCE

2026 Guidance

Reconciliation of 2026 Non-GAAP Guidance

DEFINITIONS

Forward Looking Statements (FLS)

This First Quarter 2026 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 Southern California 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; elevated or increasing interest rates; increases in operating and construction costs, including due to inflation and actual or potential tariffs or trade disruptions; 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 2025, and other documents filed with the SEC. Although we believe that our assumptions underlying our FLS are reasonable, they are made only as of the date of this EP and 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 except as required by law.

Company Overview

Corporate Data

as of March 31, 2026

In-Service Portfolio Development 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 Portfolio Leasing Statistics

Office Portfolio

Leased Rate 80.9 %

Net Absorption 0.5 %

Occupancy Rate 77.5 %

Multifamily Portfolio Leased Rate 99.6 %

Market Capitalization (in thousands, except price per share)

Fully Diluted Shares outstanding as of March 31, 2026 206,400

Common stock closing price per share (NYSE:DEI) $ 9.42

Equity Capitalization $ 1,944,292

Net Debt (in thousands)

Consolidated Our Share

Debt principal(1)

$ 5,608,545 $ 4,623,014

Less: cash and cash equivalents(2)

(357,248) (269,341)

Net Debt $ 5,251,297 $ 4,353,673

Leverage Ratio (in thousands, except percentage)

Pro Forma Enterprise Value $ 6,297,965

Our Share of Net Debt to Pro Forma Enterprise Value 69 %

AFFO Payout Ratio(3)

Three months ended March 31, 2026 80.6 %

_______________________________________________

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

(2) Our share of cash and cash equivalents is calculated starting with our consolidated cash and cash equivalents of $357.2 million and then deducting our JV partners' share of the consolidated cash and cash equivalents of $87.9 million.

(3) AFFO Payout Ratio based on $0.19 dividend payable to shareholders of record as of March 31, 2026.

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

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Company Overview

Property Map

as of March 31, 2026

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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

Kenneth M. Panzer Our President and Chief Operating Officer

Leslie E. Bider Retired Executive and Investor

Dorene C. Dominguez Chairwoman and CEO of Vanir Group of Companies

Virginia A. McFerran Technology and Data Science Advisor

Thomas E. O’Hern Former CEO of The Macerich Company

William E. Simon, Jr. Partner Emeritus, Simon Quick Advisors

Shirley Wang Founder and CEO, Plastpro Inc.

EXECUTIVE OFFICERS

__________________________________________________________________________________________________________________________________

Jordan L. Kaplan Chairman of the Board and Chief Executive Officer

Kenneth M. Panzer President and Chief Operating Officer

Peter D. Seymour Chief Financial Officer

Kevin A. Crummy Chief Investment Officer

Michele L. Aronson Executive Vice President, General Counsel and Secretary

CORPORATE OFFICE

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

Phone: (310) 255-7700

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

Stuart McElhinney, Vice President, Investor Relations

(310) 255-7751

smcelhinney@douglasemmett.com

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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 lease right-of-use asset 7,425 7,428

Cash and cash equivalents 357,248 340,789

Tenant receivables 4,375 1,990

Deferred rent receivables 126,537 123,619

Acquired lease intangible assets, net 4,447 4,731

Interest rate contract assets 21,863 22,310

Other assets 51,814 43,963

Total assets $ 9,304,464 $ 9,288,181

Liabilities

Secured notes payable, net $ 5,567,296 $ 5,548,870

Ground lease liability 10,803 10,808

Interest payable, accounts payable and deferred revenue 185,755 139,959

Security deposits 68,674 67,069

Acquired lease intangible liabilities, net 6,918 8,276

Interest rate contract liabilities 2,042 6,437

Dividends payable 31,836 31,831

Total liabilities 5,873,324 5,813,250

Equity

Douglas Emmett, Inc. stockholders' equity:

Common stock 1,675 1,675

Additional paid-in capital 3,397,131 3,396,820

Accumulated other comprehensive income 12,344 11,452

Accumulated deficit (1,539,710) (1,505,390)

Total Douglas Emmett, Inc. stockholders' equity 1,871,440 1,904,557

Noncontrolling interests 1,559,700 1,570,374

Total equity 3,431,140 3,474,931

Total liabilities and equity $ 9,304,464 $ 9,288,181

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

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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

Multifamily rental

Rental revenues 46,006 45,196

Parking and other income 4,433 4,242

Total multifamily revenues 50,439 49,438

Total revenues 250,959 251,535

Operating Expenses

Office expenses 74,476 73,053

Multifamily expenses 16,559 16,555

General and administrative expenses 13,576 11,460

Depreciation and amortization 97,407 97,840

Total operating expenses 202,018 198,908

Other income 2,991 4,923

Other expenses — (105)

Interest expense (64,541) (60,078)

Gain from consolidation of JV — 47,212

Net (loss) income (12,609) 44,579

Net loss (income) attributable to noncontrolling interests 10,111 (4,779)

Net (loss) income attributable to common stockholders $ (2,498) $ 39,800

Net (loss) income per common share - basic and diluted $ (0.02) $ 0.24

Dividends declared per common share $ 0.19 $ 0.19

Weighted average shares of common stock outstanding - basic and diluted 167,466 167,442

______________________________________________________

(1)Rental revenues and tenant recoveries include tenant recoveries of $13.6 million and $12.2 million for the three months ended March 31, 2026 and 2025, respectively.

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

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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):

Three Months Ended March 31,

2026 2025

Funds From Operations (FFO)

Net (loss) income attributable to common stockholders $ (2,498) $ 39,800

Depreciation and amortization of real estate assets 97,407 97,840

Net (loss) income attributable to noncontrolling interests (10,111) 4,779

Adjustments attributable to consolidated JVs(2)

(8,894) (14,247)

Gain from consolidation of JV — (47,212)

FFO $ 75,904 $ 80,960

Adjusted Funds From Operations (AFFO)

FFO $ 75,904 $ 80,960

Straight-line rent (2,918) (1,836)

Net accretion of acquired above- and below-market leases (1,074) (1,463)

Loan costs, loan premium amortization and swap amortization 4,573 3,611

Recurring capital expenditures, tenant improvements and capitalized leasing expenses(3)

(35,233) (26,893)

Non-cash compensation expense 5,586 5,587

Adjustments attributable to consolidated JVs(2)

2,241 2,380

AFFO $ 49,079 $ 62,346

Weighted average shares of common stock outstanding - diluted 167,466 167,442

Weighted average units in our operating partnership outstanding 38,946 36,423

Weighted average fully diluted shares outstanding 206,412 203,865

Net (loss) income per common share - basic and diluted $ (0.02) $ 0.24

FFO per share - fully diluted $ 0.37 $ 0.40

Dividends paid per share(4)

$ 0.19 $ 0.19

__________________________________________________________

(1)Presents our FFO and AFFO, including our share of our consolidated JVs attributable to our common stockholders and noncontrolling interests in our Operating Partnership.

(2)Adjustments reflect our share of the noncontrolling interests in our consolidated JVs.

(3)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 (loss) income attributable to common stockholders and FFO, the capitalized leasing expenses adjustment to AFFO only includes incremental leasing expenses.

(4)Reflects dividends paid within the respective periods.

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

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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 %

Quarterly average % occupied 77.7 % 78.9 %

Multifamily Statistics

Number of properties 13 13

Number of units 4,410 4,391

Ending % leased 99.6 % 99.1 %

Three Months Ended March 31, % Favorable

2026 2025 (Unfavorable)

Net Operating Income (NOI)

Office revenues $ 196,227 $ 197,191 (0.5) %

Office expenses (73,591) (71,922) (2.3) %

Office NOI 122,636 125,269 (2.1) %

Multifamily revenues 49,984 48,949 2.1 %

Multifamily expenses (16,427) (16,274) (0.9) %

Multifamily NOI 33,557 32,675 2.7 %

Total NOI $ 156,193 $ 157,944 (1.1) %

Cash Net Operating Income (NOI)

Office cash revenues $ 193,011 $ 194,832 (0.9) %

Office cash expenses (73,591) (71,922) (2.3) %

Office cash NOI 119,420 122,910 (2.8) %

Multifamily cash revenues 49,498 48,000 3.1 %

Multifamily cash expenses (16,427) (16,274) (0.9) %

Multifamily cash NOI 33,071 31,726 4.2 %

Total Cash NOI $ 152,491 $ 154,636 (1.4) %

_________________________________________________

(1) The amounts presented include 100% (not our pro-rata share). See page 10 for a reconciliation of net (loss) 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.

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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 stockholders $ (2,498) $ 39,800

Net (loss) income attributable to noncontrolling interests (10,111) 4,779

Net (loss) income (12,609) 44,579

General and administrative expenses 13,576 11,460

Depreciation and amortization 97,407 97,840

Other income (2,991) (4,923)

Other expenses — 105

Interest expense 64,541 60,078

Gain from consolidation of JV — (47,212)

NOI $ 159,924 $ 161,927

Same Property NOI by Segment

Same property office cash revenues $ 193,011 $ 194,832

Non-cash adjustments per definition of NOI 3,216 2,359

Same property office revenues 196,227 197,191

Same property office cash expenses (73,591) (71,922)

Same Property Office NOI 122,636 125,269

Same property multifamily cash revenues 49,498 48,000

Non-cash adjustments per definition of NOI 486 949

Same property multifamily revenues 49,984 48,949

Same property multifamily cash expenses (16,427) (16,274)

Same Property Multifamily NOI 33,557 32,675

Same Property NOI 156,193 157,944

Non-comparable office revenues 4,293 4,906

Non-comparable office expenses (885) (1,131)

Non-comparable multifamily revenues 455 489

Non-comparable multifamily expenses (132) (281)

NOI $ 159,924 $ 161,927

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

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Financial Results

Financial Data for Wholly-Owned Properties and Consolidated JVs

(Unaudited, in thousands)

Three Months Ended March 31, 2026

Wholly-Owned Properties

Consolidated JVs(1)

Revenues $ 184,463 $ 66,496

Office and multifamily operating expenses $ 66,221 $ 24,814

Straight-line rent $ 2,950 $ (32)

Above/below-market lease revenue $ 147 $ 927

Cash NOI attributable to outside interests(2)

$ — $ 20,490

Our share of cash NOI(3)

$ 115,145 $ 20,297

______________________________________________________

(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. We own a weighted average interest of approximately 47% (based on square footage) in these six JVs, which owned a combined eighteen Class A office properties totaling 4.6 million square feet and three residential properties with 793 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.

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Financial Results

Loans

(As of March 31 2026, unaudited and in thousands)

Maturity Date Principal Balance Our Share Effective

Rate Swap Maturity Date

Consolidated Wholly-Owned Subsidiary Loans 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 300,000 300,000 2.21% 6/1/2026

1/1/2029 300,000 300,000 2.66% 1/1/2027

4/1/2030 127,200 127,200 4.99% N/A

9/1/2030 (1) 941,477 941,477 4.80% N/A

12/10/2030 (2) 66,565 66,565

5.80% / SOFR+2.45%

1/1/2030

3/3/2032 (3) 335,000 335,000 4.57% N/A

7/29/2032 200,000 200,000 5.60% 8/1/2030

8/1/2033 (4) 350,000 350,000 3.65% 6/1/2027

6/1/2038 (5) 25,553 25,553 4.55% N/A

Subtotal 3,826,795 3,826,795

Consolidated JV Loans 5/15/2027 380,000 338,200

SOFR+1.45%

N/A

8/19/2028 565,000 169,500 4.79% 12/5/2027

9/14/2028 115,000 85,080 2.19% 10/1/2026

12/11/2028 (6) 325,000 65,000 6.36% 1/5/2028

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 10,189 6.00% N/A

Total Consolidated Loans (9) $ 5,608,545 $ 4,623,014

Except as noted below, our loans: (i) are non-recourse, (ii) 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 and exclude the effect of points and prepaid loan fees. Maturity dates include the effect of extension options.

(1)Comprised of eight loans with the same terms.

(2)Balance represents borrowing on the construction loan which provides up to $375 million, including interest, for redevelopment of our Landmark Residences project in Brentwood. We entered into accreting swaps starting January 2, 2026 that mature on January 1, 2030. As of March 31, 2026, the swaps effectively fix 81% of the loan at an interest rate of 5.80% with the remainder of the loan floating at SOFR + 2.45%.

(3)The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of March 31, 2026, there was no outstanding balance on the revolving credit facility.

(4)$380 million of swaps were previously associated with other debt that we paid off in August 2025. They continue to hedge our remaining floating rate debt. For purposes of this table we have applied $350.0 million to this loan and the remaining $30.0 million has been applied to our pool of other floating rate debt.

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

(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 $5.57 billion is calculated by adding $1.2 million of unamortized loan premium/discount and deducting $42.4 million of unamortized deferred loan costs from our total consolidated loans of $5.61 billion.

(10)The statistics below include the impact of $30.0 million of swaps (maturing June 1, 2027) that are not assigned to loans in the table above:

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

Principal balance (In thousands) $4,065,080

Weighted average remaining life (including extension options) 4.0 years

Weighted average remaining fixed interest period 2.7 years

Weighted average annual interest rate 4.41%

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

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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.

Region Westside Valley Honolulu Total / Weighted 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)

39,117,655 13,989,845 5,350,000 58,457,500

Our Market Share(2)

36.3 % 46.9 % 22.3 % 39.2 %

Our Percent Leased 80.6 % 79.1 % 93.3 % 80.9 %

Our Annualized Rent $ 437,839,485 $ 163,528,992 $ 39,767,068 $ 641,135,545

Annualized Rent Per Leased Square Foot (3)

$ 57.45 $ 34.30 $ 38.04 $ 47.72

Monthly Rent Per Leased Square Foot (3)

$ 4.79 $ 2.86 $ 3.17 $ 3.98

____________________________________________________________

(1) The rentable square feet in each region is based on the Rentable Square Feet as reported in the 2026 first quarter CBRE Marketview report for our submarkets in that region.

(2) Our market share is calculated by dividing our Rentable Square Feet by the applicable Region's Rentable Square Feet, weighted in the case of averages based on the square feet of exposure to our submarkets in each region. In calculating market share, we adjusted the rentable square footage by: (i) removing 62,000 rentable square feet for an office building in Honolulu that we are converting to residential apartments from both our rentable square footage and that of the region, and (ii) to add a 218,000 square foot property located just outside the Beverly Hills city limits to both the numerator and the denominator.

(3) Does not include signed leases not yet commenced, which are included in percent leased but excluded from Annualized Rent.

Recurring Office Capital Expenditures per Rentable Square Foot

Three months ended March 31, 2026 $ 0.03

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

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Portfolio Data

Office Lease Diversification

In-Service Office Portfolio as of March 31, 2026

Portfolio Tenant Size

Median Average

Square feet 2,400 5,000

Office Leases Rentable Square Feet Annualized Rent

Square Feet Under Lease Number Percent Amount Percent Amount Percent

2,500 or less 1,380 51.5 % 1,993,099 14.8 % $ 88,141,029 13.7 %

2,501-10,000 994 37.1 4,844,567 36.1 224,984,460 35.1

10,001-20,000 199 7.4 2,740,216 20.4 129,324,574 20.2

20,001-40,000 81 3.0 2,156,666 16.1 105,786,074 16.5

40,001-100,000 25 1.0 1,444,099 10.7 75,117,508 11.7

Greater than 100,000 1 — 255,884 1.9 17,781,900 2.8

Total for all leases 2,680 100.0 % 13,434,531 100.0 % $ 641,135,545 100.0 %

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

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Portfolio Data

Largest Office Tenants

In-Service Office Portfolio as of March 31, 2026

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

Tenant Number of Leases Number of Properties

Lease Expiration(1)

Total Leased Square Feet Percent of Rentable Square Feet Annualized Rent Percent of Annualized Rent

William Morris Endeavor(2)

1 1 2037 255,884 1.5 % $ 17,781,900 2.8 %

Morgan Stanley(3)

5 5 2027-2030 145,062 0.8 11,358,971 1.8

Equinox Fitness(4)

6 5 2029-2038 185,236 1.0 11,094,444 1.7

UCLA(5)

12 8 2026-2033 145,974 0.8 7,754,067 1.2

NKSFB 2 2 2030 135,066 0.8 7,150,417 1.1

Total 26 21 867,222 4.9 % $ 55,139,799 8.6 %

______________________________________________________

(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: 89,000 square feet in 2027, 30,000 square feet in 2028, and 26,000 square feet in 2030.

(4) 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.

(5) Square footage (rounded) expires as follows: 4 leases totaling 55,000 square feet in 2026; 2 leases totaling 18,000 square feet in 2028, 2 leases totaling 28,000 square feet in 2029; 1 lease totaling 12,000 square feet in 2030, 1 lease totaling 18,000 square feet in 2031, and 2 leases totaling 14,000 square feet in 2033.

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

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Portfolio Data

Office Industry Diversification

In-Service Office Portfolio as of March 31, 2026

Percentage of Annualized Rent by Tenant Industry

Industry Number of Leases Annualized Rent as a Percent of Total

Legal 600 20.0 %

Financial Services 361 16.4

Real Estate 317 13.7

Health Services 396 10.0

Entertainment 126 9.4

Accounting & Consulting 308 9.1

Retail 158 5.8

Technology 90 5.1

Insurance 84 3.0

Public Administration 71 2.6

Educational Services 36 2.1

Manufacturing & Distribution 49 1.2

Advertising 30 0.9

Other 54 0.7

Total 2,680 100.0 %

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

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Portfolio Data

Office Lease Expirations

In-Service Office Portfolio as of March 31, 2026

(1) Average of the percentage of leases expiring at March 31, 2023, 2024, and 2025 with the same remaining duration as the leases for the labeled year had at March 31, 2026. Acquisitions are included in the comparable average commencing in the quarter after the acquisition.

Year of Lease Expiration Number of Leases Rentable Square Feet Expiring Square Feet as a Percent of Total Annualized Rent at March 31, 2026 Annualized Rent as a Percent of Total

Annualized Rent Per Leased Square Foot(1)

Annualized Rent Per Leased Square Foot at Expiration(2)

Short Term Leases 70 279,188 1.6 % $ 11,347,794 1.8 % $ 40.65 $ 40.65

2026 386 1,420,129 8.1 64,502,910 10.1 45.42 45.96

2027 587 2,289,915 13.1 107,949,872 16.8 47.14 49.22

2028 525 2,119,984 12.1 98,587,526 15.4 46.50 50.27

2029 384 1,768,685 10.1 78,169,188 12.2 44.20 48.03

2030 252 1,474,193 8.4 72,316,370 11.3 49.05 55.86

2031 195 1,131,455 6.5 54,435,770 8.5 48.11 54.45

2032 83 741,293 4.2 37,134,580 5.7 50.09 57.12

2033 72 534,368 3.0 27,500,424 4.2 51.46 64.75

2034 41 371,453 2.1 18,321,915 2.9 49.32 62.67

2035 34 322,367 1.8 16,431,744 2.6 50.97 67.28

Thereafter 51 981,501 5.7 54,437,452 8.5 55.46 76.67

Subtotal/weighted average 2,680 13,434,531 76.7 % $ 641,135,545 100.0 % $ 47.72 $ 53.74

Signed leases not commenced 596,992 3.4

Available 3,347,756 19.1

Building management use 107,525 0.6

BOMA adjustment(3)

39,264 0.2

Total/weighted average 2,680 17,526,068 100.0 % $ 641,135,545 100.0 % $ 47.72 $ 53.74

___________________________________________________

(1)Represents Annualized Rent at March 31, 2026 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.

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Portfolio Data

Office Lease Expirations - Next Four Quarters

In-Service Office Portfolio as of March 31, 2026

Q2 2026 Q3 2026 Q4 2026 Q1 2027 Next Twelve Months

Los Angeles

Westside 170,857 252,778 373,820 280,609 1,078,064

Valley 168,547 130,509 270,050 168,706 737,812

Honolulu 10,973 22,363 20,232 35,728 89,296

Expiring Square Feet(1)

350,377 405,650 664,102 485,043 1,905,172

Percentage of Portfolio 2.0 % 2.3 % 3.8 % 2.8 % 10.9 %

Los Angeles

Westside $62.81 $43.27 $56.27 $56.02 $54.19

Valley $38.87 $34.45 $35.06 $35.58 $35.94

Honolulu $30.46 $40.84 $39.71 $37.90 $38.13

Expiring Rent per Square Foot(2)

$50.28 $40.30 $47.14 $47.57 $46.37

________________________________________________________

(1)Includes leases with an expiration date in the applicable period where the space had not been re-leased as of March 31, 2026, other than 279,188 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.

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Portfolio Data

Office Leasing Activity

In-Service Office Portfolio for the Three Months ended March 31, 2026

Office Leases Signed During Quarter Number of Leases Rentable Square Feet

Weighted Average Lease Term (months)1

New leases 86 461,034 85

Renewal leases 132 447,736 55

All leases 218 908,770 72

Change in Rental Rates for Office Leases Executed during the Quarter(2)

Expiring

Rate New/Renewal Rate Percentage Change

Cash Rent $46.37 $42.80 (7.7)%

Straight-line Rent $41.35 $43.52 5.3%

Average Office Lease Transaction Costs (3)

Lease Transaction Costs per SF Lease Transaction Costs per Annum

New leases signed during the quarter $56.90 $7.91

Renewal leases signed during the quarter $11.98 $3.19

All leases signed during the quarter $34.44 $6.30

________________________________________________________________

(1)Average renewal lease term exclude leases with a term of twelve months or less.

(2)Represents the average annual initial stabilized cash and straight-line rents per square foot on new and renewed leases signed during the quarter 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.

(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 at the landlord's request, and non-comparable leases, such as retail leases.

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

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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

Region Number of Properties Number of Units Units as a Percent of Total

Santa Monica 3 940 21 %

West Los Angeles 6 964 22 %

Honolulu 4 2,506 57 %

Total 13 4,410 100 %

Region Percent Leased

Annualized Rent(1)

Monthly Rent Per Leased Unit

Santa Monica 99.4 % $ 52,353,936 $ 4,676

West Los Angeles 99.4 % 56,226,036 4,901

Honolulu 99.7 % 73,200,312 2,447

Total / Weighted Average 99.6 % $ 181,780,284 $ 3,457

Recurring Multifamily Capital Expenditures per Unit (1)

Three months ended March 31, 2026 $ 219

________________________________________________________________

(1) The multifamily portfolio also includes (i) 72,613 square feet consisting of ancillary retail space at three properties and the remaining office space at a building undergoing conversion from office to residential and (ii) 712 apartment units at Barrington Plaza which is undergoing redevelopment. These items are not included in this table.

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

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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 directives. We estimate construction will take several years and cost approximately $400 million.

The property also includes a potential residential development site at the corner of Wilshire Blvd. and Barrington Ave.

Rendering of three redeveloped towers at

The Landmark Residences with a new amenity deck.

Studio Plaza, Burbank, California

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 have been completed and the construction of new tenant suites is ongoing. The total cost of the redevelopment and releasing is estimated to be between $75 million and $100 million.

Rendering of redeveloped Studio Plaza with new

common area amenities and arrival experience.

10900 Wilshire, Westwood, California

At 10900 Wilshire, we are developing a mixed-use community featuring up to 323 apartment units with state-of-the-art amenities. 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 on Ashton Avenue.

Including acquisition, conversion and new construction, we expect the total project cost to be approximately $200 million to $250 million. We plan to commence the phased conversion of vacant office floors in the tower in 2026. We are also finalizing plans for development of a new 123-unit apartment building on Ashton Ave; construction of the new building should take approximately three years.

Foreground: conceptual residential building on Ashton Ave.

Background: Office tower to be converted to residential

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.

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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)

Metric Assumption Range Compared to Prior Assumption

Average Office Occupancy

77% to 79%

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

$14 to $18 million Unchanged

General and Administrative Expenses

$52 to $56 million

Unchanged

Interest Expense

$272 to $282 million

Revised

Weighted average fully diluted shares outstanding 207.0 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 23 for a reconciliation of our Non-GAAP guidance.

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

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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 attributable to common stockholders $ (32.7) $ (22.6)

Adjustments for depreciation and amortization of real estate assets 410.0 400.0

Adjustments for noncontrolling interests and consolidated JVs (89.6) (77.2)

FFO $ 287.7 $ 300.2

Weighted average fully diluted shares outstanding High Low

Weighted average shares of common stock outstanding - diluted 167.5 167.5

Weighted average units in our operating partnership outstanding 39.5 39.5

Weighted average fully diluted shares outstanding 207.0 207.0

Per share Low High

Net loss per common share - diluted $ (0.20) $ (0.14)

FFO per share - fully diluted $ 1.39 $ 1.45

_____________________________________________

(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.

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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 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 596,992 square feet with respect to signed leases not yet commenced at March 31, 2026). 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 in Los Angeles which we removed 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 planning to develop into 323 apartments.

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, 2026.

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

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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 (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, 2026, we owned a weighted average interest of approximately 47% based on square footage in six consolidated JVs. The JVs owned eighteen office properties totaling 4.6 million square feet and three residential properties with 793 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, 2026. 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.

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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, 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.

26 Go to Table of Contents

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 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, 2026, total consists of 14,031,523 leased square feet (including 596,992 square feet with respect to signed leases not commenced), 3,347,756 available square feet, 107,525 building management use square feet and 39,264 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 2026 include all of our In-Service Portfolio properties.

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, 2026, our Total Portfolio included all of our consolidated properties. Our consolidated properties include eighteen office properties totaling 4.6 million square feet and three residential properties with 793 apartments which are owned through six consolidated JVs in which we own a weighted average interest of approximately 47% 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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