Douglas Emmett Inc
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
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Item 2. Properties
We present property level data for our Total Portfolio, except that we present historical capital expenditures for our Consolidated Portfolio. Commencing with the fourth quarter of 2024, we present the data for our In-Service Portfolio.
In-Service Office Portfolio Summary as of December 31, 2025
| 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) | 39,387,351 | 13,889,773 | 5,339,375 | 58,616,499 | ||||
| Our Market Share(2) | 36.0% | 47.5% | 22.3% | 39.2% | ||||
| Our Percent Leased | 79.7% | 79.7 | 89.9% | 80.4% | ||||
| Our Annualized Rent | $438,390,903 | $166,339,123 | $39,292,153 | $644,022,179 | ||||
| Annualized Rent Per Leased Square Foot (3) | $57.49 | $34.29 | $37.84 | $47.65 | ||||
| Monthly Rent Per Leased Square Foot (3) | $4.79 | $2.86 | $3.15 | $3.97 | ||||
(1) The rentable square feet in each region is based on the Rentable Square Feet as reported in the 2025 fourth 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) adding 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.
In-Service Office Portfolio Lease Diversification as of December 31, 2025
| 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 | 1,372 | 51.1% | 1,981,021 | 14.7% | $87,392,272 | 13.6% | |
| 2,501-10,000 | 1,002 | 37.4 | 4,885,656 | 36.1 | 225,735,926 | 35.0 | |
| 10,001-20,000 | 200 | 7.5 | 2,757,100 | 20.4 | 132,099,727 | 20.5 | |
| 20,001-40,000 | 82 | 3.1 | 2,191,421 | 16.2 | 106,190,884 | 16.5 | |
| 40,001-100,000 | 25 | 0.9 | 1,444,099 | 10.7 | 74,835,243 | 11.6 | |
| Greater than 100,000 | 1 | — | 255,884 | 1.9 | 17,768,127 | 2.8 | |
| Total for all leases | 2,682 | 100.0% | 13,515,181 | 100.0% | $644,022,179 | 100.0% | |
In-Service Office Portfolio Largest Tenants as of December 31, 2025
The table below presents 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 | 1.4 | $17,768,127 | 2.8 | ||
| Equinox Fitness(3) | 6 | 5 | 2029-2038 | 185,236 | 1.1 | 11,094,444 | 1.7 | ||
| Morgan Stanley(4) | 5 | 5 | 2027-2030 | 145,062 | 0.8 | 11,076,807 | 1.7 | ||
| UCLA(5) | 13 | 8 | 2026-2033 | 151,431 | 0.9 | 8,461,101 | 1.3 | ||
| NKSFB | 2 | 2 | 2030 | 135,066 | 0.8 | 7,150,417 | 1.1 | ||
| Total | 27 | 21 | 872,679 | 5.0% | $55,550,896 | 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: 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.
(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: 5 leases totaling 60,000 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.
In-Service Office Portfolio Industry Diversification as of December 31, 2025
| Industry | Number of Leases | Annualized Rent as a Percent of Total |
|---|---|---|
| Legal | 597 | 19.7% |
| Financial Services | 368 | 16.8% |
| Real Estate | 315 | 13.3% |
| Health Services | 396 | 9.9% |
| Entertainment | 127 | 9.7% |
| Accounting & Consulting | 304 | 9.2% |
| Retail | 162 | 5.8% |
| Technology | 88 | 5.0% |
| Insurance | 85 | 3.0% |
| Public Administration | 71 | 2.6% |
| Educational Services | 37 | 2.2% |
| Manufacturing & Distribution | 49 | 1.3% |
| Advertising | 30 | 0.9% |
| Other | 53 | 0.6% |
| Total | 2,682 | 100.0% |
In-Service Office Portfolio Lease Expirations as of December 31, 2025 (assuming non-exercise of renewal options and early termination rights)
| Year of Lease Expiration · Number ofLeases · RentableSquare Feet · ExpiringSquare Feetas a Percent of Total · Annualized Rent at December 31, 2025 · AnnualizedRent as aPercent of Total · AnnualizedRent PerLeased Square Foot(1) · AnnualizedRent PerLeasedSquareFoot at Expiration(2) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Short Term Leases | 69 | 243,726 | 1.4% | $8,959,051 | 1.4% | $36.76 | $36.76 | ||||
| 2026 | 566 | 2,044,738 | 11.7 | 94,002,952 | 14.6 | 45.97 | 46.45 | ||||
| 2027 | 543 | 2,256,727 | 12.9 | 106,378,736 | 16.5 | 47.14 | 49.74 | ||||
| 2028 | 509 | 2,096,422 | 12.0 | 96,840,247 | 15.0 | 46.19 | 50.29 | ||||
| 2029 | 328 | 1,637,970 | 9.3 | 72,985,214 | 11.3 | 44.56 | 48.53 | ||||
| 2030 | 247 | 1,460,070 | 8.3 | 71,551,307 | 11.1 | 49.01 | 55.94 | ||||
| 2031 | 167 | 1,019,033 | 5.8 | 49,019,854 | 7.6 | 48.10 | 54.57 | ||||
| 2032 | 69 | 621,960 | 3.5 | 30,950,944 | 4.8 | 49.76 | 57.27 | ||||
| 2033 | 66 | 495,474 | 2.8 | 25,824,145 | 4.0 | 52.12 | 66.23 | ||||
| 2034 | 38 | 359,311 | 2.1 | 17,598,526 | 2.7 | 48.98 | 63.50 | ||||
| 2035 | 35 | 333,504 | 1.9 | 16,799,573 | 2.6 | 50.37 | 67.11 | ||||
| Thereafter | 45 | 946,246 | 5.4 | 53,111,630 | 8.4 | 56.13 | 77.60 | ||||
| Subtotal/weighted average | 2,682 | 13,515,181 | 77.1 | 644,022,179 | 100.0 | 47.65 | 53.68 | ||||
| Signed leases not commenced | 422,231 | 2.4 | |||||||||
| Available | 3,439,897 | 19.7 | |||||||||
| Building management use | 107,696 | 0.6 | |||||||||
| BOMA adjustment (3) | 41,063 | 0.2 | |||||||||
| Total/Weighted Average | 2,682 | 17,526,068 | 100.0% | $644,022,179 | 100.0% | $47.65 | $53.68 | ||||
(1)Represents Annualized Rent at December 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.
Office Portfolio Tenant Improvements and Leasing Commissions
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Renewal leases(1) | |||
| Number of leases | 579 | 556 | 576 |
| Square feet | 2,349,466 | 2,763,902 | 2,359,780 |
| Tenant improvement costs per square foot (2) | $13.64 | $16.37 | $11.15 |
| Leasing commission costs per square foot (2) | 6.95 | 9.71 | 5.98 |
| Total costs per square foot (2) | $20.59 | $26.08 | $17.13 |
| New leases(1) | |||
| Number of leases | 280 | 298 | 289 |
| Square feet | 915,565 | 881,884 | 792,716 |
| Tenant improvement costs per square foot (2) | $24.89 | $20.17 | $21.69 |
| Leasing commission costs per square foot (2) | 8.79 | 8.46 | 7.39 |
| Total costs per square foot (2) | $33.68 | $28.63 | $29.08 |
| Total leases(1) | |||
| Number of leases | 859 | 854 | 865 |
| Square feet | 3,265,031 | 3,645,786 | 3,152,496 |
| Tenant improvement costs per square foot (2) | $16.80 | $17.29 | $13.80 |
| Leasing commission costs per square foot (2) | 7.47 | 9.41 | 6.34 |
| Total costs per square foot (2) | $24.27 | $26.70 | $20.14 |
(1)Excludes square feet for ancillary retail space.
(2)Tenant improvements and leasing commissions are reported in the period in which the lease is signed. Tenant improvements are based on signed leases, or, for leases in which a tenant improvement allowance was not specified, the amount budgeted at the time the lease commenced.
Consolidated Office Portfolio Recurring Capital Expenditures
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Recurring Capital Expenditures(1) | $2,825,003 | $3,324,572 | $3,279,814 |
| Total square feet(1) | 14,782,611 | 14,851,645 | 14,851,645 |
| Recurring Capital Expenditures per square foot(1) | $0.19 | $0.22 | $0.22 |
(1)We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:
For 2025, we excluded ten properties with an aggregate 2.7 million square feet.
For 2024, we excluded ten properties with an aggregate 2.7 million square feet.
For 2023, we excluded ten properties with an aggregate 2.7 million square feet.
In-Service Multifamily Portfolio Summary as of December 31, 2025
| Submarket | Number of Properties | Number of Units | Units as a Percent of Total |
|---|---|---|---|
| Los Angeles | |||
| Santa Monica | 3 | 940 | 21% |
| West Los Angeles | 6 | 964 | 22% |
| Honolulu | 4 | 2,506 | 57% |
| Total | 13 | 4,410 | 100% |
| Submarket | Percent Leased | Annualized Rent(1) | Monthly Rent Per Leased Unit |
| Los Angeles | |||
| Santa Monica | 99.7% | $52,298,052 | $4,656 |
| West Los Angeles | 99.0 | 55,700,724 | 4,881 |
| Honolulu | 99.7 | 72,572,184 | 2,427 |
| Total / Weighted Average | 99.5% | $180,570,960 | $3,436 |
(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 The Landmark Residences (formerly Barrington Plaza) which is undergoing redevelopment. These items are not included in this table.
Multifamily Portfolio Recurring Capital Expenditures
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Recurring Capital Expenditures(1)(2) | $3,356,058 | $3,342,407 | $2,978,083 |
| Total units(1)(2) | 4,410 | 4,015 | 4,013 |
| Recurring Capital Expenditures per unit(1)(2) | $762 | $832 | $747 |
(1)Recurring Capital Expenditures include costs associated with the turnover of units. Our multifamily portfolio includes a large number of units that, due to Santa Monica rent control laws, have had only modest rent increases since 1979. During 2025, when a tenant vacated one of these units, we incurred on average $58 thousand per unit to bring the unit up to our standards. We classify these capital expenditures as non-recurring.
(2)We excluded the following properties in accordance with our definition of Recurring Capital Expenditures:
For 2025, we excluded one property with an aggregate 69 units.
For 2024, we excluded two properties with an aggregate 457 units.
For 2023, we excluded two properties with an aggregate 563 units.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.