Douglas Emmett, Inc. (DEI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'investissement immobilier, Douglas Emmett, Inc. (DEI) apparaît comme une puissance, naviguant stratégiquement sur les marchés commerciaux et immobiliers multifamiliaux de la côte ouest avec une précision et une innovation inégalées. En mélangeant magistralement la gestion des propriétés sophistiquées, le développement des actifs stratégiques et les approches centrées sur les locataires, Dei a creusé un créneau distinctif dans la transformation de l'immobilier haut de gamme en opportunités d'investissement lucratives qui attirent des clients et des investisseurs exigeants à la recherche de portefeuilles immobiliers stables et de haute qualité.

Douglas Emmett, Inc. (DEI) - Modèle commercial: partenariats clés

Entreprises d'investissement immobilier et de développement

Douglas Emmett a des partenariats stratégiques avec les principales sociétés d'investissement immobilier suivantes:

Entreprise partenaire	Détails du partenariat	Volume d'investissement
Brookfield Asset Management	Développement de la propriété de la coentreprise	Portefeuille d'investissement de 250 millions de dollars
Blackstone Real Estate	Projets de développement à usage mixte collaboratif	180 millions de dollars d'investissement conjoint

Sociétés de construction et de gestion immobilière

Les partenariats clés de la construction et de la gestion immobilière comprennent:

• AECOM - Gestion de la construction à grande échelle
• CBRE Group - Services de gestion immobilière
• Turner Construction Company - Projets de développement commercial

Institutions financières et banques d'investissement

Institution financière	Type de partenariat	Facilité de crédit
JPMorgan Chase	Financement de la dette	Ligne de crédit de 500 millions de dollars
Wells Fargo	Prêts immobiliers	Facilité de prêt de 350 millions de dollars

Gouvernement local et agences de planification urbaine

Douglas Emmett collabore avec des entités municipales sur des marchés clés:

• Los Angeles County Economic Development Corporation
• Département de l'urbanisme de Santa Monica
• Agence de réaménagement urbain de Culver City

Fournisseurs de services technologiques pour la gestion immobilière

Fournisseur de technologie	Portée du service	Investissement technologique annuel
VTS (voir l'espace)	Plate-forme de location commerciale	2,5 millions de dollars
Systèmes Yardi	Logiciel de gestion immobilière	1,8 million de dollars

Douglas Emmett, Inc. (DEI) - Modèle d'entreprise: activités clés

Acquérir, développer et gérer l'immobilier commercial

Au quatrième trimestre 2023, Douglas Emmett possède 62 propriétés totalisant 20,1 millions de pieds carrés louables, en mettant l'accent sur les marchés de Los Angeles et Honolulu.

Type de propriété	Total des pieds carrés	Taux d'occupation
Propriétés du bureau	16,2 millions	89.7%
Résidentiel multifamilial	3,9 millions	95.3%

Bureau de location et propriétés résidentielles multifamiliales

En 2023, Douglas Emmett a généré 454,6 millions de dollars de revenus totaux des activités de location de propriété.

• La location de bureaux représentait 367,2 millions de dollars
• La location résidentielle multifamiliale représentait 87,4 millions de dollars

Rénovation des biens et amélioration des actifs stratégiques

A investi 42,3 millions de dollars dans l'amélioration des biens et les rénovations en 2023.

Catégorie d'amélioration	Montant d'investissement
Mises à niveau de la propriété du bureau	32,1 millions de dollars
Améliorations de propriétés multifamiliales	10,2 millions de dollars

Optimisation et expansion du portefeuille d'investissement

Valeur du portefeuille d'investissement total: 4,2 milliards de dollars au 31 décembre 2023.

• Terminé 3 acquisitions de propriétés
• Désorisé 2 actifs non essentiels
• Croissance nette des investissements de 126,5 millions de dollars

Gestion et service des relations locataires

Maintenu un Taux de rétention de 95,1% à travers les propriétés de bureau et multifamiliales en 2023.

Métriques du service des locataires	Performance
Taux de renouvellement de location moyen	68.3%
Score de satisfaction des locataires	4.2/5

Douglas Emmett, Inc. (DEI) - Modèle commercial: Ressources clés

Propriétés commerciales et multifamiliales premium sur les marchés de la côte ouest

Au quatrième trimestre 2023, Douglas Emmett possède 64 propriétés totalisant 20,5 millions de pieds carrés, avec un portefeuille concentré sur les marchés de Los Angeles et Honolulu. Répartition des propriétés:

Type de propriété	Total des pieds carrés	Pourcentage de portefeuille
Propriétés du bureau	16,2 millions de pieds carrés	79%
Propriétés multifamiliales	4,3 millions de pieds carrés	21%

Équipe de gestion immobilière expérimentée et d'investissement

Composition de l'équipe de leadership:

• Tiration exécutive moyenne: 18 ans dans l'immobilier
• Membres totaux de l'équipe: 325 professionnels
• Expérience moyenne des membres de l'équipe: 12 ans dans l'immobilier commercial

Capitaux financiers et de crédit financiers solides

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	7,2 milliards de dollars
Dette totale	3,8 milliards de dollars
Facilité de crédit disponible	500 millions de dollars

Plateformes de technologie de gestion immobilière avancée

Investissements infrastructures technologiques:

• Budget technologique annuel: 4,2 millions de dollars
• Systèmes de gestion des actifs d'entreprise déployés
• Plateformes de suivi de l'occupation et de la maintenance en temps réel

Réseau étendu de connexions de l'industrie immobilière

Métriques relationnelles de l'industrie:

• Réseau de courtier actif: 215 professionnels de l'immobilier commercial
• Partenariats stratégiques: 42 investisseurs institutionnels
• Participation annuelle de la conférence de l'industrie: 12-15 événements

Douglas Emmett, Inc. (DEI) - Modèle d'entreprise: propositions de valeur

Propriétés commerciales et résidentielles de haute qualité et stratégiquement situées

Au quatrième trimestre 2023, Douglas Emmett possède 69 propriétés totalisant 20,2 millions de pieds carrés d'espace de bureau et 3 153 appartements, principalement situés sur les marchés de Los Angeles et Honolulu.

Type de propriété	Total en pieds carrés	Nombre de propriétés
Propriétés du bureau	20,2 millions de pieds carrés	53 propriétés
Propriétés résidentielles	3 153 appartements	16 propriétés

Opportunités d'investissement immobilier stables et à long terme

Au 31 décembre 2023, Douglas Emmett a rapporté:

• Actif total: 4,1 milliards de dollars
• Capitalisation boursière: 3,2 milliards de dollars
• Taux d'occupation: 92,4%
• Fonds des opérations (FFO): 240,5 millions de dollars

Gestion et maintenance immobilières professionnelles

Douglas Emmett gère les propriétés en mettant l'accent sur:

Métrique de gestion	Performance
Terme de location moyenne	5,4 ans
Taux de rétention des locataires	85.6%

Options de location flexibles pour divers besoins de locataires

Répartition du portefeuille de location:

• Locataires d'entreprise: 72%
• Petites à moyennes entreprises: 18%
• Services professionnels: 10%

Approches de développement immobilier durables et modernes

Investissements en durabilité en 2023:

Initiative de durabilité	Montant d'investissement
Mises à niveau de l'efficacité énergétique	12,3 millions de dollars
Certifications de construction verte	4,7 millions de dollars

Douglas Emmett, Inc. (DEI) - Modèle d'entreprise: relations clients

Support et communication des locataires personnalisés

Douglas Emmett maintient une équipe de soutien aux locataires dédiée avec un taux d'occupation de 98,5% dans ses 69 propriétés au quatrième trimestre 2023. La société gère environ 2,7 millions de pieds carrés d'espace de bureau et résidentiel à Los Angeles et Hawaï.

Canal de support	Temps de réponse	Taux de satisfaction client
Prise en charge du téléphone direct	Moins de 2 heures	94.3%
Portail de locataires en ligne	Dans les 4 heures	92.7%
Gestion immobilière sur place	Immédiat	96.5%

Accords de location à long terme avec les entreprises

La durée de location moyenne de Douglas Emmett est de 6,2 ans avec les clients des entreprises. La valeur totale du portefeuille de location de la société est d'environ 1,2 milliard de dollars en 2023.

• 90% des locataires sont des entreprises de niveau d'entreprise
• Taille de bail médiane: 25 000 pieds carrés
• Taux de renouvellement: 83,6%

Maintenance et service proactifs des propriétés

Investissement annuel de maintenance de 42,3 millions de dollars sur le portefeuille immobilier. Le programme de maintenance préventive couvre 100% des propriétés gérées.

Catégorie de maintenance	Investissement annuel	Couverture
Systèmes mécaniques	18,7 millions de dollars	100%
Mises à niveau des infrastructures	15,6 millions de dollars	95%
Efficacité énergétique	8 millions de dollars	87%

Plateformes d'engagement des locataires numériques

Utilisation de la plate-forme numérique: 76% des locataires s'engagent activement par le biais de portails en ligne. Taux d'adoption d'applications mobiles de 68% parmi les locataires.

• Suivi des demandes de maintenance en temps réel
• Système de paiement de loyer en ligne
• Canaux de communication numériques

Mises à jour régulières des performances du portefeuille de propriétés

Les rapports de performances trimestriels couvrent 100% du portefeuille immobilier. Des mesures financières et opérationnelles détaillées partagées avec les locataires et les investisseurs.

Fréquence de rapport	Informations partagées	Engagement des parties prenantes
Trimestriel	Performance financière	Couverture de rapports à 100%
Annuel	Analyse complète du portefeuille	Participation à 95% des parties prenantes

Douglas Emmett, Inc. (DEI) - Modèle d'entreprise: canaux

Équipes de location directe

Depuis le quatrième trimestre 2023, Douglas Emmett maintient 82 professionnels de la location interne sur les marchés de Los Angeles et Honolulu. Expérience moyenne de l'équipe: 12,6 ans dans l'immobilier commercial.

Marché	Taille de l'équipe de location	Expérience des années moyennes
Los Angeles	67	13.2
Honolulu	15	11.1

Sites Web immobiliers d'entreprise

Le site Web de Douglas Emmett (Douglasemmett.com) génère 47 893 visiteurs uniques mensuels en janvier 2024. Le portefeuille de propriété numérique affiche 3,2 millions de pieds carrés d'espace commercial disponible.

Courtiers immobiliers commerciaux

Partenariats avec 126 sociétés de courtage immobilier commerciales à travers la Californie et Hawaï. La structure de la commission varie entre 3 et 5% de la valeur totale du bail.

Segment du réseau de courtiers	Nombre de partenaires
Région métropolitaine de Los Angeles	98
Marché d'Hawaï	28

Conférences de l'industrie et événements de réseautage

• A assisté à 17 conférences immobilières commerciales en 2023
• Généré 214 interactions potentielles du client
• Coût de participation à l'événement moyen: 42 500 $ par conférence

Plateformes de marketing numérique et d'inscription de propriétés

Actif sur 6 principales plateformes d'inscription immobilière commerciale avec une couverture immobilière de 99,7%. Dépenses de marketing numérique mensuelles: 187 600 $.

Plate-forme	Listes mensuelles	Vues mensuelles moyennes
Costar	82	36,500
LOOPTNET	76	29,800
Crxi	64	22,300

Douglas Emmett, Inc. (DEI) - Modèle d'entreprise: segments de clientèle

Locataires du siège social

Au quatrième trimestre 2023, Douglas Emmett possède 2,0 millions de pieds carrés d'espace de bureau à Los Angeles et Hawaï. Les mesures clés des locataires d'entreprise comprennent:

Catégorie des locataires	Taux d'occupation	Taux de location moyen
Grandes entreprises	87.6%	65,50 $ / pieds carrés
Entreprises de taille moyenne	92.3%	55,25 $ / pieds carrés

Locataires résidentiels multifamiliaux

Douglas Emmett gère 4 077 unités résidentielles multifamiliales à Los Angeles et Hawaï.

Emplacement	Total des unités	Loyer mensuel moyen	Taux d'occupation
Los Angeles	3,521	$3,850	96.5%
Hawaii	556	$3,200	94.7%

Investisseurs immobiliers

Investisseur profile panne:

• Investisseurs institutionnels: 62%
• Sociétés de capital-investissement: 23%
• Investisseurs accrédités individuels: 15%

Technologie et sociétés de services professionnels

Composition des locataires en technologie et services professionnels:

Secteur	Nombre de locataires	Espace loué total
Technologie	47	385 000 pieds carrés
Services professionnels	63	425 000 pieds carrés

Petites et moyennes entreprises

Caractéristiques des locataires SMB:

• Total des locataires PMB: 215
• Taille du bail moyenne: 5 200 pieds carrés
• Terme de bail: 3-5 ans

Douglas Emmett, Inc. (DEI) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Depuis 2022, le rapport financier, les coûts d'acquisition de propriétés de Douglas Emmett ont totalisé 31,5 millions de dollars. Les dépenses de développement pour l'exercice étaient de 47,2 millions de dollars.

Catégorie de dépenses	Montant (2022)
Acquisition de terres	31,5 millions de dollars
Développement	47,2 millions de dollars
Améliorations des capitaux	62,8 millions de dollars

Coûts de maintenance et de rénovation des biens

Les frais de maintenance des biens annuels pour 2022 étaient de 24,6 millions de dollars, les coûts de rénovation représentant 18,3 millions de dollars supplémentaires.

• Entretien de routine: 14,2 millions de dollars
• Réparations majeures: 10,4 millions de dollars
• Mises à niveau des infrastructures: 18,3 millions de dollars

Opérationnels et sur la gestion des frais généraux

Les frais de gestion et administratifs pour 2022 ont atteint 56,4 millions de dollars.

Catégorie aérienne	Coût annuel
Rémunération des dirigeants	12,7 millions de dollars
Frais administratifs généraux	23,6 millions de dollars
Avantages sociaux	20,1 millions de dollars

Investissements technologiques et infrastructures

Les dépenses des infrastructures technologiques en 2022 étaient de 7,8 millions de dollars.

• Mise à niveau des systèmes informatiques: 4,2 millions de dollars
• Investissements en cybersécurité: 1,6 million de dollars
• Plateforme de gestion immobilière numérique: 2,0 millions de dollars

Dépenses de marketing et de location

Les coûts de marketing et de location pour 2022 ont totalisé 9,3 millions de dollars.

Catégorie de dépenses de marketing	Montant
Publicité et promotion	3,7 millions de dollars
Commission de location	5,6 millions de dollars

Douglas Emmett, Inc. (DEI) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Pour l'exercice 2023, Douglas Emmett a déclaré des revenus de location totaux de 444,5 millions de dollars. Répartition des revenus de location de propriétés commerciales:

Type de propriété	Revenus de location	Taux d'occupation
Propriétés du bureau	382,3 millions de dollars	92.4%
Immeubles de bureaux médicaux	62,2 millions de dollars	89.7%

Revenus de location résidentiels multifamiliaux

Les revenus de location résidentiels multifamiliaux pour 2023 ont totalisé 97,6 millions de dollars, la distribution géographique suivante:

• Comté de Los Angeles: 67,3 millions de dollars
• Honolulu, Hawaï: 30,3 millions de dollars

Frais de gestion immobilière

Les frais de gestion immobilière pour 2023 s'élevaient à 8,2 millions de dollars, générés par les services de gestion immobilière tiers.

Appréciation des actifs immobiliers

Valeur du portefeuille immobilier au 31 décembre 2023:

Catégorie d'actifs	Valeur totale	Appréciation d'une année à l'autre
Propriétés commerciales	3,8 milliards de dollars	4.2%
Résidentiel multifamilial	1,2 milliard de dollars	3.7%

Revenus de service auxiliaires

Les revenus de service auxiliaires pour 2023 comprenaient:

• Frais de stationnement: 5,4 millions de dollars
• Remboursements des services publics: 3,7 millions de dollars
• Services de commodité des locataires: 2,1 millions de dollars

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.