Douglas Emmett Inc
For the period ended Dec 31, 2025. Filed Feb 20, 2026.
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FY2025 · Filed Feb 20, 2026
DEI$10.00-3.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities | |||
| Net (loss) income | $(11,430) | $7,588 | $(75,840) |
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
| (Income) loss from unconsolidated Fund | — | (2,593) | 34,643 |
| Gain from consolidation of JV | (47,212) | — | — |
| Depreciation and amortization | 398,932 | 384,048 | 459,949 |
| Net accretion of acquired lease intangibles | (4,827) | (8,023) | (10,961) |
| Straight-line rent | (6,049) | (2,248) | (342) |
| Loan premium/discount amortized/accreted and written off | 336 | (333) | (460) |
| Deferred loan costs amortized and written off | 11,896 | 9,335 | 8,858 |
| Amortization of stock-based compensation | 21,208 | 21,038 | 19,834 |
| Operating distributions from unconsolidated Fund | — | 1,224 | 1,288 |
| Purchase of interest rate caps | — | — | (1,622) |
| Change in working capital components: | |||
| Tenant receivables | 2,245 | 1,854 | 783 |
| Interest payable, accounts payable and deferred revenue | 11,444 | (4) | 6,248 |
| Security deposits | 3,162 | 491 | 529 |
| Other assets | 7,148 | (3,684) | (15,943) |
| Net cash provided by operating activities | 386,853 | 408,693 | 426,964 |
| Investing Activities | |||
| Capital expenditures for improvements to real estate | (192,397) | (167,337) | (189,157) |
| Capital expenditures for developments and purchase of note receivable secured by real estate | (102,461) | (72,052) | (41,480) |
| Insurance recoveries for damage to real estate | 3,926 | 3,573 | 2,181 |
| Cash assumed from consolidation of JV | 25,589 | — | — |
| Acquisition of additional interests in unconsolidated Fund | — | (5,214) | (5,214) |
| Capital distributions from unconsolidated Fund | — | 269 | 80 |
| Net cash used in investing activities | (265,343) | (240,761) | (233,590) |
| Financing Activities | |||
| Proceeds from borrowings | 1,322,657 | 325,000 | 505,000 |
| Repayment of borrowings | (1,366,178) | (434,902) | (155,862) |
| Loan cost payments | (31,207) | (5,648) | (6,269) |
| Contributions from noncontrolling interests in consolidated JVs | 5,400 | 28,000 | 125 |
| Distributions paid to noncontrolling interests | (28,408) | (31,590) | (40,589) |
| Dividends paid to common stockholders | (127,257) | (127,185) | (129,895) |
| Repurchases of OP Units | (351) | (138) | (2,406) |
| Repurchases of common stock | — | — | (109,233) |
| Net cash (used in) provided by financing activities | (225,344) | (246,463) | 60,871 |
| (Decrease) increase in cash and cash equivalents and restricted cash | (103,834) | (78,531) | 254,245 |
| Cash and cash equivalents and restricted cash - beginning balance | 444,652 | 523,183 | 268,938 |
| Cash and cash equivalents and restricted cash - ending balance | $340,818 | $444,652 | $523,183 |
| Reconciliation of Ending Cash Balance | |||
| Year Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $340,789 | $444,623 | $523,082 |
| Restricted cash (included in Other assets on our consolidated balance sheets) | 29 | 29 | 101 |
| Cash and cash equivalents and restricted cash | $340,818 | $444,652 | $523,183 |
Supplemental Cash Flows Information
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash paid for interest, net of capitalized interest | $237,376 | $219,503 | $195,952 |
| Capitalized interest paid | $11,239 | $8,724 | $1,474 |
| Non-cash Investing Transactions | |||
| Accrual for real estate and development capital expenditures | $16,771 | $15,831 | $16,540 |
| Capitalized stock-based compensation for improvements to real estate and developments | $6,022 | $6,139 | $6,016 |
| Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles | $253,460 | $114,158 | $102,114 |
| Removal of fully amortized acquired lease intangible assets | $1,741 | $203 | $427 |
| Removal of fully accreted acquired lease intangible liabilities | $10,314 | $13,304 | $16,843 |
| Non-cash Financing Transactions | |||
| (Loss) Gains recorded in AOCI - consolidated derivatives | $(7,650) | $47,896 | $45,364 |
| Gains recorded in AOCI - unconsolidated Fund's derivatives (our share) | $— | $5,417 | $585 |
| Dividends declared | $127,263 | $127,229 | $128,262 |
| Exchange of OP Units for common stock | $379 | $3,503 | $7,741 |
| Seller financing of note receivable purchase | $— | $61,750 | $— |
F- 10
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