Douglas Emmett, Inc. (DEI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la inversión inmobiliaria, Douglas Emmett, Inc. (DEI) emerge como una potencia, navegando estratégicamente los mercados inmobiliarios comerciales y multifamiliares de la costa oeste con una precisión e innovación incomparables. Al combinar magistralmente la gestión de propiedades sofisticadas, el desarrollo de activos estratégicos y los enfoques centrados en los inquilinos, Dei ha forjado un nicho distintivo en la transformación de bienes inmuebles premium en oportunidades de inversión lucrativa que atraigan a clientes corporativos e inversores exigentes que buscan carteras de propiedades estables y de alta calidad.

Douglas Emmett, Inc. (DEI) - Modelo de negocios: asociaciones clave

Empresas de inversión y desarrollo inmobiliario

Douglas Emmett tiene asociaciones estratégicas con las siguientes empresas clave de inversión inmobiliaria:

Empresa asociada	Detalles de la asociación	Volumen de inversión
Brookfield Asset Management	Desarrollo de propiedades conjuntas	Cartera de inversiones de $ 250 millones
Blackstone Real Estate	Proyectos de desarrollo de uso mixto colaborativo	$ 180 millones de inversión conjunta

Empresas de construcción y administración de propiedades

Las asociaciones clave de construcción y administración de propiedades incluyen:

• AECOM - Gestión de la construcción a gran escala
• CBRE Group - Servicios de administración de propiedades
• Turner Construction Company - Proyectos de desarrollo comercial

Instituciones financieras y bancos de inversión

Institución financiera	Tipo de asociación	Línea de crédito
JPMorgan Chase	Financiación de la deuda	Línea de crédito de $ 500 millones
Wells Fargo	Préstamo inmobiliario	Instalación de préstamos de $ 350 millones

Gobierno local y agencias de planificación urbana

Douglas Emmett colabora con entidades municipales en mercados clave:

• Corporación de Desarrollo Económico del Condado de Los Ángeles
• Departamento de planificación de la ciudad de Santa Mónica
• Agencia de reurbanización urbana de Culver City

Proveedores de servicios de tecnología para administración de propiedades

Proveedor de tecnología	Alcance del servicio	Inversión tecnológica anual
VTS (ver el espacio)	Plataforma de arrendamiento comercial	$ 2.5 millones
Sistemas de yardi	Software de administración de propiedades	$ 1.8 millones

Douglas Emmett, Inc. (DEI) - Modelo de negocio: actividades clave

Adquirir, desarrollar y administrar bienes inmuebles comerciales

A partir del cuarto trimestre de 2023, Douglas Emmett posee 62 propiedades por un total de 20.1 millones de pies cuadrados alquilados, con un enfoque en los mercados de Los Ángeles y Honolulu.

Tipo de propiedad	Total de pies cuadrados	Tasa de ocupación
Propiedades de la oficina	16.2 millones	89.7%
Residencial multifamiliar	3.9 millones	95.3%

Oficina de arrendamiento y propiedades residenciales multifamiliares

En 2023, Douglas Emmett generó $ 454.6 millones en ingresos totales de las actividades de arrendamiento de propiedades.

• El arrendamiento de la oficina representaba $ 367.2 millones
• El arrendamiento residencial multifamiliar representó $ 87.4 millones

Renovación de propiedad y mejora de activos estratégicos

Invirtió $ 42.3 millones en mejoras y renovaciones de la propiedad durante 2023.

Categoría de mejora	Monto de la inversión
Actualizaciones de la propiedad de la oficina	$ 32.1 millones
Mejoras de propiedades multifamiliares	$ 10.2 millones

Optimización y expansión de la cartera de inversiones

Valor total de la cartera de inversiones: $ 4.2 mil millones al 31 de diciembre de 2023.

• Completadas 3 adquisiciones de propiedades
• Ovicado 2 activos no básicos
• Crecimiento neto de inversión de $ 126.5 millones

Gestión y servicio de relaciones de inquilino

Mantuvo un 95.1% Tasa de retención de inquilinos a través de propiedades de la oficina y multifamiliar en 2023.

Métricas de servicio de inquilinos	Actuación
Tasa de renovación de arrendamiento promedio	68.3%
Puntaje de satisfacción del inquilino	4.2/5

Douglas Emmett, Inc. (DEI) - Modelo de negocio: recursos clave

Propiedades comerciales y multifamiliares premium en los mercados de la costa oeste

A partir del cuarto trimestre de 2023, Douglas Emmett posee 64 propiedades por un total de 20.5 millones de pies cuadrados, con una cartera concentrada en los mercados de Los Ángeles y Honolulu. Desglose de la propiedad:

Tipo de propiedad	Total de pies cuadrados	Porcentaje de cartera
Propiedades de la oficina	16.2 millones de pies cuadrados	79%
Propiedades multifamiliares	4.3 millones de pies cuadrados	21%

Equipo experimentado de gestión de bienes raíces e inversión

Composición del equipo de liderazgo:

• Promedio de tenencia ejecutiva: 18 años en bienes raíces
• Total de los miembros del equipo: 325 profesionales
• Experiencia promedio del miembro del equipo: 12 años en bienes raíces comerciales

Capital financiero sólido y facilidades de crédito

Métricas financieras al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Activos totales	$ 7.2 mil millones
Deuda total	$ 3.8 mil millones
Facilidad de crédito disponible	$ 500 millones

Plataformas de tecnología de administración de propiedades avanzadas

Inversiones de infraestructura tecnológica:

• Presupuesto de tecnología anual: $ 4.2 millones
• Sistemas de gestión de activos empresariales implementados
• Plataformas de seguimiento de ocupación y mantenimiento en tiempo real

Extensa red de conexiones de la industria de bienes raíces

Métricas de relación de la industria:

• Red de corredor activo: 215 profesionales de bienes raíces comerciales
• Asociaciones estratégicas: 42 inversores institucionales
• Participación anual de la conferencia de la industria: 12-15 eventos

Douglas Emmett, Inc. (DEI) - Modelo de negocio: propuestas de valor

Propiedades comerciales y residenciales de alta calidad, ubicadas estratégicamente

A partir del cuarto trimestre de 2023, Douglas Emmett posee 69 propiedades con un total de 20.2 millones de pies cuadrados de espacio de oficinas y 3,153 unidades de apartamentos, ubicadas principalmente en los mercados de Los Ángeles y Honolulu.

Tipo de propiedad	Hoques cuadrados totales	Número de propiedades
Propiedades de la oficina	20.2 millones de pies cuadrados	53 propiedades
Propiedades residenciales	3.153 unidades de apartamentos	16 propiedades

Oportunidades estables de inversión inmobiliaria a largo plazo

Al 31 de diciembre de 2023, Douglas Emmett informó:

• Activos totales: $ 4.1 mil millones
• Capitalización de mercado: $ 3.2 mil millones
• Tasa de ocupación: 92.4%
• Fondos de Operaciones (FFO): $ 240.5 millones

Gestión y mantenimiento de la propiedad profesional

Douglas Emmett administra propiedades con un enfoque en:

Métrica de gestión	Actuación
Término de arrendamiento promedio	5.4 años
Tasa de retención de inquilinos	85.6%

Opciones de arrendamiento flexible para diversas necesidades de inquilinos

Desglose de la cartera de arrendamiento:

• Inquilinos corporativos: 72%
• Empresas pequeñas a medianas: 18%
• Servicios profesionales: 10%

Enfoques de desarrollo de propiedades sostenibles y modernas

Inversiones de sostenibilidad en 2023:

Iniciativa de sostenibilidad	Monto de la inversión
Actualizaciones de eficiencia energética	$ 12.3 millones
Certificaciones de construcción verde	$ 4.7 millones

Douglas Emmett, Inc. (DEI) - Modelo de negocios: relaciones con los clientes

Apoyo y comunicación de inquilinos personalizados

Douglas Emmett mantiene un equipo de apoyo de inquilinos dedicado con una tasa de ocupación del 98.5% en sus 69 propiedades a partir del cuarto trimestre de 2023. La compañía administra aproximadamente 2.7 millones de pies cuadrados de espacio y espacio residencial en Los Ángeles y Hawai.

Canal de soporte	Tiempo de respuesta	Tasa de satisfacción del cliente
Soporte telefónico directo	Menos de 2 horas	94.3%
Portal de inquilinos en línea	Dentro de las 4 horas	92.7%
Administración de propiedades en el sitio	Inmediato	96.5%

Contratos de arrendamiento a largo plazo con clientes corporativos

El plazo promedio de arrendamiento de Douglas Emmett es de 6.2 años con clientes corporativos. El valor total de la cartera de arrendamiento de la compañía es de aproximadamente $ 1.2 mil millones a partir de 2023.

• El 90% de los inquilinos son negocios de nivel empresarial
• Tamaño mediano del arrendamiento: 25,000 pies cuadrados
• Tasa de renovación: 83.6%

Mantenimiento y servicio de propiedad proactiva

Inversión de mantenimiento anual de $ 42.3 millones en la cartera de propiedades. El programa de mantenimiento preventivo cubre el 100% de las propiedades administradas.

Categoría de mantenimiento	Inversión anual	Cobertura
Sistemas mecánicos	$ 18.7 millones	100%
Actualizaciones de infraestructura	$ 15.6 millones	95%
Eficiencia energética	$ 8 millones	87%

Plataformas de compromiso de inquilinos digitales

Uso de la plataforma digital: el 76% de los inquilinos se involucran activamente a través de portales en línea. Tasa de adopción de la aplicación móvil del 68% entre la base de inquilinos.

• Seguimiento de solicitud de mantenimiento en tiempo real
• Sistema de pago de alquiler en línea
• Canales de comunicación digital

Actualizaciones de rendimiento de la cartera de propiedades regulares

El informe trimestral de rendimiento cubre el 100% de la cartera de propiedades. Métricas financieras y operativas detalladas compartidas con inquilinos e inversores.

Frecuencia de informes	Información compartida	Participación de las partes interesadas
Trimestral	Desempeño financiero	100% de cobertura de informes
Anual	Análisis de cartera integral	95% de participación en las partes interesadas

Douglas Emmett, Inc. (DEI) - Modelo de negocios: canales

Equipos de arrendamiento directo

A partir del cuarto trimestre de 2023, Douglas Emmett mantiene 82 profesionales de arrendamiento interno en los mercados de Los Ángeles y Honolulu. Experiencia promedio del equipo: 12.6 años en bienes raíces comerciales.

Mercado	Tamaño del equipo de arrendamiento	Experiencia de años promedio
Los Ángeles	67	13.2
Honolulu	15	11.1

Sitios web de bienes raíces corporativas

El sitio web de Douglas Emmett (douglasemmett.com) genera 47,893 visitantes únicos mensuales a partir de enero de 2024. La cartera de propiedades digitales muestra 3.2 millones de pies cuadrados de espacio comercial disponible.

Corredores de bienes raíces comerciales

Asociaciones con 126 empresas de corretaje de bienes raíces comerciales en California y Hawai. La estructura de la comisión varía entre el 3-5% del valor total de arrendamiento.

Segmento de red de corredores	Número de socios
Área metropolitana de Los Ángeles	98
Mercado de Hawaii	28

Conferencias de la industria y eventos de redes

• Asistió a 17 conferencias de bienes raíces comerciales en 2023
• Generó 214 interacciones potenciales del cliente
• Costo promedio de participación en eventos: $ 42,500 por conferencia

Plataformas de listado de marketing digital y propiedades

Activo en 6 plataformas de listado de bienes raíces comerciales principales con una cobertura de propiedad del 99.7%. Gastos mensuales de marketing digital: $ 187,600.

Plataforma	Listados mensuales	Vistas mensuales promedio
Coestrella	82	36,500
Bucle	76	29,800
Crexi	64	22,300

Douglas Emmett, Inc. (DEI) - Modelo de negocios: segmentos de clientes

Inquilinos de oficinas corporativas

A partir del cuarto trimestre de 2023, Douglas Emmett posee 2.0 millones de pies cuadrados de espacio de oficinas en Los Ángeles y Hawai. Las métricas clave de los inquilinos corporativos incluyen:

Categoría de inquilino	Tasa de ocupación	Tasa de arrendamiento promedio
Grandes empresas	87.6%	$ 65.50/pies cuadrados
Empresas de tamaño mediano	92.3%	$ 55.25/pies cuadrados

Inquilino residencial multifamiliar

Douglas Emmett administra 4.077 unidades residenciales multifamiliares en Los Ángeles y Hawai.

Ubicación	Unidades totales	Alquiler mensual promedio	Tasa de ocupación
Los Ángeles	3,521	$3,850	96.5%
Hawai	556	$3,200	94.7%

Inversores inmobiliarios

Inversor profile descomponer:

• Inversores institucionales: 62%
• Firmas de capital privado: 23%
• Inversores acreditados individuales: 15%

Tecnología y empresas de servicios profesionales

Composición del inquilino en tecnología y servicios profesionales:

Sector	Número de inquilinos	Espacio total arrendado
Tecnología	47	385,000 pies cuadrados
Servicios profesionales	63	425,000 pies cuadrados

Empresas pequeñas a medianas

Características del inquilino de SMB:

• Total de inquilinos de SMB: 215
• Tamaño de arrendamiento promedio: 5,200 pies cuadrados
• Término de arrendamiento: 3-5 años

Douglas Emmett, Inc. (DEI) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

A partir del informe financiero de 2022, los costos de adquisición de propiedades de Douglas Emmett totalizaron $ 31.5 millones. Los gastos de desarrollo para el año fiscal fueron de $ 47.2 millones.

Categoría de gastos	Cantidad (2022)
Adquisición de tierras	$ 31.5 millones
Desarrollo de la propiedad	$ 47.2 millones
Mejoras de capital	$ 62.8 millones

Costos de mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento de la propiedad para 2022 fueron de $ 24.6 millones, con costos de renovación que representan $ 18.3 millones adicionales.

• Mantenimiento de rutina: $ 14.2 millones
• Reparaciones importantes: $ 10.4 millones
• Actualizaciones de infraestructura: $ 18.3 millones

Gastos operativos y de gestión

Los gastos administrativos y administrativos para 2022 alcanzaron los $ 56.4 millones.

Categoría de gastos generales	Costo anual
Compensación ejecutiva	$ 12.7 millones
Gastos administrativos generales	$ 23.6 millones
Beneficios para empleados	$ 20.1 millones

Inversiones de tecnología e infraestructura

El gasto en infraestructura de tecnología en 2022 fue de $ 7.8 millones.

• Actualización de sistemas de TI: $ 4.2 millones
• Inversiones de ciberseguridad: $ 1.6 millones
• Plataforma de administración de propiedades digitales: $ 2.0 millones

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento para 2022 totalizaron $ 9.3 millones.

Categoría de gastos de marketing	Cantidad
Publicidad y promoción	$ 3.7 millones
Comisión de arrendamiento	$ 5.6 millones

Douglas Emmett, Inc. (DEI) - Modelo de negocios: flujos de ingresos

Ingresos de arrendamiento de propiedades comerciales

Para el año fiscal 2023, Douglas Emmett reportó ingresos totales de alquiler de $ 444.5 millones. Desglose de ingresos de arrendamiento de propiedades comerciales:

Tipo de propiedad	Ingresos por alquiler	Tasa de ocupación
Propiedades de la oficina	$ 382.3 millones	92.4%
Edificios de consultorio médico	$ 62.2 millones	89.7%

Ingresos de alquiler residencial multifamiliar

Los ingresos por alquiler residencial multifamiliar para 2023 totalizaron $ 97.6 millones, con la siguiente distribución geográfica:

• Condado de Los Ángeles: $ 67.3 millones
• Honolulu, Hawaii: $ 30.3 millones

Tarifas de administración de propiedades

Las tarifas de administración de propiedades para 2023 ascendieron a $ 8.2 millones, generadas por servicios de administración de propiedades de terceros.

Apreciación de activos inmobiliarios

Valor de la cartera de bienes raíces al 31 de diciembre de 2023:

Categoría de activos	Valor total	Apreciación año tras año
Propiedades comerciales	$ 3.8 mil millones	4.2%
Residencial multifamiliar	$ 1.2 mil millones	3.7%

Ingresos del servicio auxiliar

Los ingresos por servicios auxiliares para 2023 incluyeron:

• Tasas de estacionamiento: $ 5.4 millones
• Reembolsos de servicios públicos: $ 3.7 millones
• Servicios de servicios del inquilino: $ 2.1 millones

Douglas Emmett, Inc. (DEI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Douglas Emmett, Inc. (DEI) commands the rents and market position it does. It all boils down to geography and control. Here's the breakdown of the value propositions that anchor their business model as of late 2025.

Access to premium, high-barrier-to-entry coastal submarkets in L.A. and Honolulu

Douglas Emmett, Inc. focuses its entire strategy on owning properties in premier coastal submarkets of Los Angeles and Honolulu, areas known for significant supply constraints. This isn't accidental; it's a deliberate choice to operate where new competition is nearly impossible to introduce. The company's portfolio generates 65% of its annual rent from the L.A. Westside, 23% from the L.A. Valley, and 12% from Honolulu.

The barriers to entry here are substantial. For instance, new office development in their core L.A. submarkets is effectively shut down by restrictive zoning laws and density limits like Proposition U. The data shows just how constrained this is: DEI's submarkets have seen only 3.0% new supply added as a percentage of existing stock since 2009. Compare that to other gateway markets like Boston at 30.2% or D.C. at 29.8%. This scarcity is a major value driver.

High-quality, well-maintained Class A office and luxury residential properties

The portfolio is weighted toward top-tier assets. As of mid-2025, the In-Service Portfolio includes 17.5 million square feet of Class A office properties and 4,410 apartment units. The quality of the residential assets allows them to extract premium pricing. For example, DEI reports revenue per unit of $4,667 for its Los Angeles properties, significantly higher than the benchmark group's $2,666. Furthermore, the multifamily segment boasts an operating margin of 73%, outpacing peers at 69%. The residential portfolio remains tight, reported as essentially fully leased at 99.3% in the second quarter of 2025.

Unsurpassed, responsive tenant service from a dedicated in-house team

Douglas Emmett, Inc. uses its fully integrated operating platform to deliver service directly. This means in-house leasing, space planning, legal, construction, and design services are all under one roof. This integration helps them manage costs and speed up execution. The in-house leasing agents and legal specialists allow the company to close an average of approximately three office leases each business day. This efficiency is reflected in lower costs; leasing costs averaged $5.63 per square foot per year in the third quarter of 2025, which management noted was below peer averages. They also see good stickiness, with office tenant retention for Q3 2025 coming in above the long-term average of 70%.

Stability and prestige of being the largest office landlord in its core markets

Owning the most space in a constrained market provides pricing power and prestige. Douglas Emmett, Inc. is established as the largest office landlord in both Los Angeles and Honolulu. This translates to an approximate 38% to 39% average market share of Class A office space across its targeted submarkets. The office portfolio is spread across 53 properties (10.2M SF) in L.A. Westside, 16 properties (6.8M SF) in L.A. Valley, and 2 properties (1.2M SF) in Honolulu. This scale has historically delivered stability, with the company claiming a 3.4% Compounded Annual Growth Rate over 28 years.

Here's a quick look at the scale of their office footprint:

Market Segment	Properties	Square Footage (SF)	% of Total Annual Rent (Approx.)
L.A. Westside Office	53	10.2 million	65%
L.A. Valley Office	16	6.8 million	23%
Honolulu Office	2	1.2 million	12%

The multifamily segment also contributes significantly, representing 22% of total annual rent as of Q3 2025, with 4,410 units in the in-service portfolio.

The value proposition is further supported by the structure of their leases:

• Almost all office leases have contractual annual rent increases of 3% to 5%.
• Same-property cash NOI growth for office was a healthy 2.6% in Q3 2025.
• Multifamily same-store cash NOI growth was much stronger at 6.8% in Q3 2025.

Finance: draft 13-week cash view by Friday.

Douglas Emmett, Inc. (DEI) - Canvas Business Model: Customer Relationships

Douglas Emmett, Inc. focuses its customer relationships on providing a high-touch, localized service model within its select, supply-constrained markets in Los Angeles and Honolulu. This strategy is designed to cater to its tenant base, which is predominantly small and affluent.

Dedicated in-house property management for direct, high-touch service.

Douglas Emmett, Inc. relies on a fully integrated operating platform to deliver service directly, which includes in-house leasing, space planning, legal, construction, and design services. This structure supports the high-quality service demanded in their submarkets. The operational efficiency is reflected in their cost structure relative to peers. For instance, General and administrative (G&A) expenses represent just 6.8% of Net Operating Income (NOI), significantly lower than the benchmark group's 17.8%.

The company executes approximately three office leases and nine residential leases each business day, with tenants typically moving in less than four months after signing a letter of intent.

Long-term lease agreements with small, affluent office tenants.

The office portfolio, which makes up 78% of total annual rent, is characterized by a tenant base composed of small users. Out of approximately 2,656 office leases, 96% are under 20,000 square feet. The median tenant size is around 2,400 square feet. These small, affluent tenants are often less sensitive to rent as a percentage of their revenues, prioritizing location and service. Office leases typically include contractual annual rent increases ranging from 3% to 5%. In Q3 2025, tenant retention for renewals was above the long-term average of 70%.

The relationship is maintained through consistent service delivery, even when new leasing is soft. For example, in Q3 2025, while new office leasing missed expectations, renewals performed better.

Proactive asset management to maintain premium building quality.

The focus on premium properties in high-barrier markets necessitates proactive asset management to maintain quality and command premium rents. The in-service portfolio as of late 2025 includes approximately 18 million square feet of Class A office space. Recurring tenant improvements, leasing costs, and capital expenditures are managed efficiently, accounting for 14.1% of NOI, compared to 20.4% for the benchmark group. The company is also actively pursuing office-to-residential conversions, such as the plan for the 247,000 square foot office tower at 10900 Wilshire.

The office occupancy rate ended Q3 2025 at 77.5%, with the full-year 2025 projection between 78% and 79%.

Douglas Emmett, Inc. maintains a disciplined approach to its asset base, which is concentrated in L.A. Westside (65% of annual rent), L.A. Valley (23%), and Honolulu (12%).

Here's a quick look at the portfolio scale and operational metrics supporting asset quality:

Metric	Office Portfolio Data	Multifamily Portfolio Data
In-Service Square Feet/Units	18.0 Million SF	4,410 Units
Share of Total Annual Rent	78%	22%
Q3 2025 Same-Property Cash NOI Growth	+2.6%	+6.8%
Multifamily Occupancy (Q2 2025)	N/A	99.3% or 98.8%

Investor relations team managing communication with shareholders and analysts.

Communication with the capital markets is managed by a dedicated Investor Relations team, including the Vice President of Investor Relations, Stuart McElhinney. The company communicates performance through regular earnings releases and conference calls featuring the CEO, CFO, and CIO. For shareholders, the company declared a quarterly cash dividend of $0.19 per common share, equating to an annualized dividend of $0.76 per common share. The 2025 FFO per share guidance was maintained/narrowed to a range of $1.43 to $1.47.

The relationship management involves providing forward-looking guidance and updates on balance sheet health, such as the recent refinancing of approximately $1.14 billion of debt at fixed or swapped rates between 4.8% and 5.6%.

Key investor communication points include:

• FY 2025 FFO per share guidance: $1.43 to $1.47.
• Q3 2025 FFO per share: $0.34.
• Annualized Dividend Rate: $0.76 per share.
• Debt refinanced in Q3 2025: Approximately $1.14 billion.

Finance: draft Q4 2025 cash flow projection by Monday.

Douglas Emmett, Inc. (DEI) - Canvas Business Model: Channels

Direct in-house leasing and sales team for all office and residential units drives the primary customer interface for Douglas Emmett, Inc. (DEI). As of the third quarter of 2025, the office occupancy rate stood at 77.5%. The in-house team managed leasing activity that saw July alone account for over 300,000 square feet leased. Tenant retention through renewals in the third quarter of 2025 was above the long-term average of 70%. Office leasing costs for the third quarter averaged $5.63 per square foot per year.

Property management offices are integrated directly within the buildings as part of the fully-integrated operating platform that includes in-house leasing, space planning, legal, construction, and design services. This platform supports the portfolio, which as of late 2025, consists of approximately 18 million square feet of office space and over 5,212 apartment units.

Metric	Office Portfolio Data (Q3 2025)	Multifamily Portfolio Data (Q3 2025)
Portfolio Share of Annual Rent	78%	22%
Square Feet / Units	18.2 Million SF	5,212 Units
Same-Property Cash NOI Growth (Y/Y)	2.6%	6.8%
Average Office Lease Cost (Per SF/Year)	$5.63	N/A

The corporate website, www.douglasemmett.com/investors, is the channel for financial disclosures, hosting packages like the Second Quarter 2025 and Third Quarter 2025 Earnings Results. For investor calls, the dial-in numbers are 888-349-0488 (U.S.) or 412-542-4156 (International).

Real estate brokers and joint venture partners are key for sourcing new opportunities and managing capital structure. Douglas Emmett, Inc. was actively working on a number of off-market office opportunities with joint venture partners during the third quarter of 2025. Capital markets activity channels include significant debt management, such as refinancing almost $1.2 billion of debt in the third quarter of 2025, and a specific completion of a $941 Million Refinance in September 2025.

• Dominant market share in submarkets: approximately 39% average share of Class A office space.
• Median office tenant size: approximately 2,400 square feet.
• Annualized 2025 dividend: $0.76 per share.
• Projected 2025 FFO per fully diluted share: between $1.43 and $1.47.

Douglas Emmett, Inc. (DEI) - Canvas Business Model: Customer Segments

You're looking at the core clientele for Douglas Emmett, Inc. (DEI) as of late 2025, which centers on two distinct, high-value real estate groups: small-to-mid-sized professional firms and affluent residential renters, all while servicing a shareholder base focused on consistent income.

The office segment is heavily weighted toward smaller professional users. Douglas Emmett, Inc. (DEI) serves small to mid-sized professional firms, with the median office lease size reported at approximately 2,400 square feet based on Q3 2025 data. This focus on smaller footprints is intentional; 96% of their office tenants occupy under 20,000 square feet. This strategy is designed to mitigate risk by avoiding dependence on a few large tenants, as no single tenant accounted for more than 10% of total revenues in 2023.

For the residential side, Douglas Emmett, Inc. (DEI) targets high-end renters in their premier coastal communities, specifically in Los Angeles and Honolulu. The appeal is the affluence of these submarkets, where multifamily properties command premium rents, such as an average of $4,667 per unit in Los Angeles in Q3 2025, compared to a benchmark group average of $2,666 per unit. The residential portfolio remains a source of robust revenue growth, with same-property cash NOI increasing by 6.8% in Q3 2025.

The third key segment is the institutional investors and shareholders of Douglas Emmett, Inc. (DEI), a Real Estate Investment Trust (REIT). These stakeholders are primarily focused on the income stream provided by the company, evidenced by the declared quarterly cash dividend of $0.19 per share, equating to an annualized dividend of $0.76 per share for 2025. This annualized amount was consistent across recent declarations in late 2025.

The office tenant base is highly diversified across various sectors, which helps insulate Douglas Emmett, Inc. (DEI) from industry-specific downturns. The largest concentrations of office tenants by percentage of total annual rent are:

• Legal services: 19.6%
• Financial services: 16.4%
• Real estate: 13.4%

To give you a more granular view of the office tenant mix as of late 2025, here is a breakdown of the annual rent contribution by sector:

Industry Sector	Percentage of Annual Rent
Legal	19.3%
Financial Services	16.3%
Real Estate	13.3%
Entertainment	9.9%
Health Services	9.9%
Accounting & Consulting	9.0%
Retail	5.6%
Tech	5.0%

Further detailing the office portfolio's customer profile:

• Total office leases in the portfolio: Approximately 2,700.
• Percentage of tenants under 20,000 square feet: 96%.
• Office portfolio square footage: Approximately 18.2M SF.
• Office portfolio share of Total Annual Rent: 78%.

Finance: review the Q4 2025 leasing pipeline against the 2026 expiration schedule by next Tuesday.

Douglas Emmett, Inc. (DEI) - Canvas Business Model: Cost Structure

You're looking at the core outflows for Douglas Emmett, Inc. (DEI) as of late 2025, and the numbers clearly show where the pressure points are, especially with debt costs rising. The most significant line item here is the interest expense on property-level debt. For the full fiscal year 2025, management projects this expense to land between $260 million and $270 million. This is a major cost driver, outpacing operational gains at times, as seen when Adjusted Funds From Operations (AFFO) decreased in Q3 2025.

The structure of that debt is key to understanding the interest cost. To manage this, Douglas Emmett, Inc. has been actively refinancing. For instance, a recent nonrecourse office term loan refinanced in July 2025 has its interest rate effectively fixed at 5.6% through July 2030. That's a concrete number you need to track. On the residential side, new term loans closed in August 2025 bear a fixed rate of 4.8%.

Next up are the day-to-day costs of keeping the properties running-your property operating expenses. This bucket includes utilities, maintenance, and property taxes. While we don't have a single total dollar figure for all operating expenses for 2025, we know that recurring capital expenditures (CapEx) for tenant improvements and leasing expenses are a factor, contributing to the AFFO decline in Q3 2025. To give you a sense of leasing cost control, office leasing costs during the third quarter of 2025 averaged only $5.63 per square foot per year, which is well below the average for other office REITs in their benchmark group.

Honestly, the overhead costs are managed quite tightly. General and Administrative (G&A) expenses remain low, which is a testament to their focused operational platform. For the full year 2025, G&A is expected to be between $46 million and $50 million. More precisely, in the third quarter, G&A was reported at approximately 4.3% of revenue. That's a lean operation, especially when you consider their trailing twelve months revenue was about $1.00B as of Q3 2025.

Here's a quick look at the key cost-related figures we have for the 2025 period:

Cost Component	Latest Available Figure / Projection	Period / Context
Projected Total Interest Expense	$260 million to $270 million	Fiscal Year 2025 Projection
Projected G&A Expense	$46 million to $50 million	Fiscal Year 2025 Projection
G&A as Percentage of Revenue	4.3%	Q3 2025
Office Loan Fixed Interest Rate	5.6%	Recent July 2025 Refinancing
Residential Loan Fixed Interest Rate	4.8%	Recent August 2025 Financing
Office Leasing Cost (Avg.)	$5.63 per square foot per year	Q3 2025
Trailing Twelve Months Revenue	$999.7 million	As of Q3 2025

You can see the cost structure is heavily weighted toward debt service right now, which is typical for a REIT, but the fixed-rate strategy is locking in rates on a good chunk of that exposure. The low G&A ratio shows operational discipline, but the property-level costs-utilities, maintenance, and the necessary CapEx for tenant improvements-are embedded within the NOI calculation and impact AFFO directly.

The specific components that make up property operating expenses are generally covered by the revenue generated, but the timing of property tax refunds can make year-over-year comparisons look volatile, as they are unpredictable. The company is managing tenant improvements and leasing costs, keeping them below peer benchmarks where possible.

You should definitely keep an eye on the interest expense guidance against the TTM revenue of nearly $1.00B, as that ratio dictates a lot of the cash flow available for dividends and reinvestment.

Douglas Emmett, Inc. (DEI) - Canvas Business Model: Revenue Streams

The revenue streams for Douglas Emmett, Inc. (DEI) are fundamentally anchored in real estate leasing across its dual-asset class portfolio of office and multifamily properties in high-barrier Los Angeles and Honolulu markets.

Office rental income forms the largest component, representing approximately 78% of total annual rent. The office portfolio comprises 18 million square feet of space, which is the basis for this significant portion of recurring revenue.

Complementing the office segment is multifamily rental income, which contributes approximately 22% of total annual rent. This residential segment is a key focus for growth, with projections that stabilized developments could increase its revenue share to 25% in the years ahead.

The company also captures tenant recovery revenues for recoverable operating expenses, which flow through to Net Operating Income (NOI) calculations. While not broken out as a standalone revenue line item in the required format, its impact is visible in the same-property NOI figures. For instance, same-property cash NOI increased 3.5% year-over-year in Q3 2025.

A notable, though unpredictable, element impacting recent results includes property tax refunds. These refunds provided a temporary boost to Q3 2025 NOI, as the office same-property cash NOI growth of 2.6% was assisted by these items.

Looking forward, Douglas Emmett, Inc. has confirmed its full-year 2025 guidance for Funds From Operations (FFO) per share, projecting a range between $1.43 and $1.47.

Here's a quick look at the revenue-driving segments based on the latest portfolio breakdown:

Revenue Source Category	Portfolio Contribution (Approximate)	Key Metric/Data Point
Office Rental Income	78% of total annual rent	18M square feet
Multifamily Rental Income	22% of total annual rent	4,410 units

The operational performance across these streams in Q3 2025 showed distinct differences:

• Multifamily same-property cash NOI increased by 6.8% year-over-year.
• Office same-property cash NOI increased by 2.6% year-over-year.
• The company reported Q3 2025 revenue of $250.58 million.
• FFO per share for Q3 2025 was $0.34 per share.
• Multifamily properties command premium rents of $4,667 per unit in Los Angeles versus a benchmark of $2,666.

Furthermore, the contractual nature of office leases supports future revenue stability; almost all office leases include contractual annual rent increases of 3% to 5%.

Finance: draft 13-week cash view by Friday.