Douglas Emmett Inc
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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Sep 30, 2026 · Filed Nov 6, 2026
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Secured Notes Payable, Net
- Secured Notes Payable, Net
| Description · MaturityDate(1) · Principal Balance as of September 30, 2026 · Principal Balance as of December 31, 2025 · Variable Interest Rate(2) · Fixed InterestRate(3) · Swap Maturity Date | |||||||
|---|---|---|---|---|---|---|---|
| (In thousands) | |||||||
| Consolidated Wholly-Owned Subsidiaries | |||||||
| Term loan(4) | 5/18/2028 | $300,000 | $300,000 | SOFR + 1.51% | N/A | N/A | |
| Term loan | 1/1/2029 | 300,000 | 300,000 | SOFR + 1.56% | 2.66% | 1/1/2027 | |
| Fannie Mae loan | 4/1/2030 | 127,200 | 127,200 | N/A | 4.99% | N/A | |
| Term loan(5) | 5/14/2030 | 400,000 | 400,000 | SOFR + 2.25% | 6.15% | 6/1/2029 | |
| Term loan(6) | 6/30/2030 | 415,000 | 415,000 | SOFR + 2.25% | 6.18% | 7/1/2029 | |
| Term loan(7) | 8/13/2030 | 366,000 | 366,000 | SOFR + 2.25% | 6.24% | 9/1/2029 | |
| Fannie Mae loans(8) | 9/1/2030 | 941,477 | 941,477 | N/A | 4.80% | N/A | |
| Construction loan(9) | 12/10/2030 | 120,164 | 49,506 | SOFR + 2.45% | 5.80% | 1/1/2030 | |
| Term loan(10) | 3/3/2032 | 335,000 | 336,639 | N/A | 4.57% | N/A | |
| Term loan | 7/29/2032 | 200,000 | 200,000 | SOFR + 2.00% | 5.60% | 8/1/2030 | |
| Fannie Mae loan(11) | 8/1/2033 | 350,000 | 350,000 | SOFR + 1.37% | 3.65% | 6/1/2027 | |
| Term loan(12) | 6/1/2038 | 25,059 | 25,795 | N/A | 4.55% | N/A | |
| Total Wholly-Owned Subsidiary Debt | 3,879,900 | 3,811,617 | |||||
| Consolidated JVs | |||||||
| Term loan(13) | 5/15/2027 | 380,000 | 380,000 | SOFR + 1.45% | N/A | N/A | |
| Term loan | 8/19/2028 | 565,000 | 565,000 | SOFR + 1.45% | 4.79% | 12/5/2027 | |
| Term loan(14) | 9/14/2028 | 98,000 | 115,000 | SOFR + 1.46% | 2.19% | 10/1/2026 | |
| Term loan(15) | 12/11/2028 | 325,000 | 325,000 | SOFR + 2.50% | 6.36% | 1/5/2028 | |
| Term loan(16) | 4/26/2029 | 175,000 | 175,000 | SOFR + 1.25% | N/A | N/A | |
| Fannie Mae loan | 6/1/2029 | 160,000 | 160,000 | SOFR + 1.09% | 3.25% | 7/1/2027 | |
| Term loan(17) | 1/9/2030 | 61,750 | 61,750 | N/A | 6.00% | N/A | |
| Term loan(18) | 4/13/2031 | 130,000 | — | SOFR + 1.70% | 5.26% | 5/1/2030 | |
| Total Consolidated Debt(19) | 5,774,650 | 5,593,367 | |||||
| Unamortized loan premium/discount, net(20) | 1,499 | 1,085 | |||||
| Unamortized deferred loan costs, net(21) | (46,658) | (45,582) | |||||
| Total Consolidated Debt, net | $5,729,491 | $5,548,870 | |||||
Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon 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 extend the loan maturity date.
(1)Maturity dates include extension options.
(2)All of our floating rate debt agreements include azero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.
(3)Effective rate as of September 30, 2026. Includes the effect of interest rate swaps (if applicable) and excludes the effect of points and prepaid loan fees, and loan premiums/discounts. See Note 9 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums/discounts.
(4)The interest rate swaps related to this loan expired on June 1, 2026.
(5)During May 2026, we refinanced the loan at a new floating interest rate of SOFR +2.25%, which we have swapped to a fixed rate of 6.15% through June 1, 2029.
(6)During June 2026, we refinanced the loan at a floating interest rate of SOFR +2.25%, which we have swapped to a fixed rate of 6.18% effective July 1, 2026 through July 1, 2029.
(7)During August 2026, we refinanced the loan at a floating interest rate of SOFR +2.25%, which we have swapped to a fixed rate of 6.24% effective September 1, 2026 through September 1, 2029.
(8)Comprised ofeight loans with the same terms.
(9)Balance represents borrowing on the construction loan which provides up to $375 million, including interest, for redevelopment of our Landmark Residences project in Brentwood. As of September 30, 2026, accreting swaps, which expire on January 1, 2030, effectively fix 96% of the loan at an interest rate of 5.80% with the remainder of the loan floating at SOFR +2.45%. We made certain guarantees related to the loan, including the completion of the development project.
(10)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. See Note 8 regarding the accrued interest on the loan. 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%. The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of September 30, 2026, there wasno balance outstanding on the revolving credit facility.
(11)The lender requires the loan to have a capped interest rate. The previous interest rate caps expired in August 2026, at which time we purchased new interest rate caps which capped the interest rate at 7.84% until August 2028. $380 million of swaps were previously associated with other debt that we paid off in August 2025. They continue to hedge our remaining floating 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 floating rate debt.
(12)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.
(13)The interest rate cap which capped the interest rate at 7.45% expired in May 2026.
(14)In September 2026, the JV made a $17.0 million loan principal payment.
(15)The loan requires monthly payments of principal and interest fortwelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.
(16)The interest rate swaps related to this loan expired on May 1, 2026. Additionally, we guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 15.
(17)The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining term of the loan.
(18)We closed this loan during the second quarter of 2026 in connection with the acquisition of afive building medical office portfolio. See Note 3.
(19)See Note 12 for our debt fair value disclosures.
(20)Balances are net of accumulated amortization/accretion of $0.7 million and $1.1 million at September 30, 2026 and December 31, 2025, respectively.
(21)Balances are net of accumulated amortization of $63.0 million and $55.8 million at September 30, 2026 and December 31, 2025, respectively.
The table below summarizes our consolidated fixed and floating rate debt. The statistics include the impact of $47.0 million of swaps that are not assigned to loans in the debt table at the beginning of this footnote.
| (In thousands) | Principal Balance as of September 30, 2026 | Principal Balance as of December 31, 2025 |
|---|---|---|
| Aggregate swap-fixed rate loans | $3,471,796 | $2,520,000 |
| Aggregate fixed rate loans | 1,490,486 | 1,492,861 |
| Aggregate capped rate loans | 350,000 | 1,202,000 |
| Aggregate floating rate loans | 462,368 | 378,506 |
| Total Debt | $5,774,650 | $5,593,367 |
The table below summarizes certain consolidated debt statistics as of September 30, 2026. The statistics include the impact of $17.0 million of swaps (maturing October 1, 2026) and $30.0 million of swaps (maturing June 1, 2027) that are not assigned to loans in the debt table at the beginning of this footnote.
| Statistics for consolidated loans with interest fixed under the terms of the loan or a swap | |
|---|---|
| Principal balance (in thousands) | $4,962,282 |
| Weighted average remaining life (including extension options) | 3.8 years |
| Weighted average remaining fixed interest period | 2.6 years |
| Weighted average annual interest rate | 5.04% |
Future Principal Payments
At September 30, 2026, the minimum future principal payments due on our consolidated secured notes payable were as follows:
| Twelve months ending September 30, | Including Maturity Extension Options(1) |
|---|---|
| (In thousands) | |
| 2027 | $381,021 |
| 2028 | 964,069 |
| 2029 | 961,119 |
| 2030 | 2,312,598 |
| 2031 | 251,389 |
| Thereafter | 904,454 |
| Total future principal payments | $5,774,650 |
(1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Loan Premium and Loan Costs
The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In thousands) | 2026 | 2025 | 2026 | 2025 |
| Loan premium/discount (amortized)/accreted and written off, net | $248 | $85 | $414 | $251 |
| Deferred loan costs amortized and written off | 3,498 | 3,396 | 10,317 | 8,420 |
| Loan costs expensed | 263 | 1,068 | 589 | 1,590 |
| Total | $4,009 | $4,549 | $11,320 | $10,261 |
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