Douglas Emmett, Inc. (DEI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico do investimento imobiliário, a Douglas Emmett, Inc. (DEI) surge como uma potência, navegando estrategicamente nos mercados de propriedades comerciais e multifamiliares da Costa Oeste com precisão e inovação incomparáveis. Ao misturar magistralmente gestão sofisticada de propriedades, desenvolvimento estratégico de ativos e abordagens centradas no inquilino, a DEI criou um nicho distinto na transformação imobiliária premium em oportunidades lucrativas de investimento que atraem clientes corporativos e investidores que buscam portfólios de propriedades estáveis ​​e de alta qualidade.

Douglas Emmett, Inc. (DEI) - Modelo de negócios: Parcerias -chave

Empresas de investimento imobiliário e desenvolvimento

Douglas Emmett tem parcerias estratégicas com as seguintes empresas de investimento imobiliário a seguir:

Empresa parceira	Detalhes da parceria	Volume de investimento
Brookfield Asset Management	Desenvolvimento da propriedade da joint venture	Portfólio de investimentos de US $ 250 milhões
Blackstone Real Estate	Projetos de desenvolvimento de uso misto colaborativo	US $ 180 milhões em investimento conjunto

Empresas de Construção e Gerenciamento de Propriedades

As principais parcerias de construção e gerenciamento de propriedades incluem:

• AECOM - Gerenciamento de construção em larga escala
• Grupo CBRE - Serviços de Gerenciamento de Propriedades
• Turner Construction Company - Projetos de Desenvolvimento Comercial

Instituições financeiras e bancos de investimento

Instituição financeira	Tipo de parceria	Linha de crédito
JPMorgan Chase	Financiamento da dívida	Linha de crédito de US $ 500 milhões
Wells Fargo	Empréstimos imobiliários	Linha de empréstimo de US $ 350 milhões

Agências de Planejamento Urbano e Governo Local

Douglas Emmett colabora com entidades municipais nos principais mercados:

• Corporação de Desenvolvimento Econômico do Condado de Los Angeles
• Departamento de Planejamento da Cidade de Santa Monica
• Agência de reconstrução urbana da cidade de Culver

Provedores de serviços de tecnologia para gerenciamento de propriedades

Provedor de tecnologia	Escopo de serviço	Investimento de tecnologia anual
VTS (veja o espaço)	Plataforma de leasing comercial	US $ 2,5 milhões
Sistemas Yardi	Software de gerenciamento de propriedades	US $ 1,8 milhão

Douglas Emmett, Inc. (DEI) - Modelo de negócios: Atividades -chave

Adquirir, desenvolver e gerenciar imóveis comerciais

A partir do quarto trimestre de 2023, Douglas Emmett possui 62 propriedades, totalizando 20,1 milhões de pés quadrados alugáveis, com foco nos mercados de Los Angeles e Honolulu.

Tipo de propriedade	Pés quadrados totais	Taxa de ocupação
Propriedades do escritório	16,2 milhões	89.7%
Residencial multifamiliar	3,9 milhões	95.3%

Office de leasing e propriedades residenciais multifamiliares

Em 2023, Douglas Emmett gerou US $ 454,6 milhões em receita total das atividades de leasing imobiliárias.

• O arrendamento de escritório representou US $ 367,2 milhões
• O leasing residencial multifamiliar representou US $ 87,4 milhões

Renovação de propriedades e melhoria estratégica de ativos

Investiu US $ 42,3 milhões em melhorias e reformas de propriedades durante 2023.

Categoria de melhoria	Valor do investimento
Atualizações de propriedades do escritório	US $ 32,1 milhões
Aprimoramentos de propriedades multifamiliares	US $ 10,2 milhões

Otimização e expansão do portfólio de investimentos

Valor total do portfólio de investimentos: US $ 4,2 bilhões em 31 de dezembro de 2023.

• Concluído 3 aquisições de propriedades
• Desinvestido 2 ativos não essenciais
• Crescimento líquido de investimento de US $ 126,5 milhões

Gerenciamento de relacionamento com inquilinos e serviço

Manteve a 95,1% de taxa de retenção de inquilinos Em todo o escritório e propriedades multifamiliares em 2023.

Métricas de serviço de inquilino	Desempenho
Taxa média de renovação de arrendamento	68.3%
Pontuação de satisfação do inquilino	4.2/5

Douglas Emmett, Inc. (DEI) - Modelo de negócios: Recursos -chave

Propriedades comerciais e multifamiliares premium nos mercados da Costa Oeste

A partir do quarto trimestre de 2023, Douglas Emmett possui 64 propriedades, totalizando 20,5 milhões de pés quadrados, com um portfólio concentrado nos mercados de Los Angeles e Honolulu. Redução de propriedades:

Tipo de propriedade	Pés quadrados totais	Porcentagem de portfólio
Propriedades do escritório	16,2 milhões de pés quadrados	79%
Propriedades multifamiliares	4,3 milhões de pés quadrados	21%

Equipe experiente de gestão e investimento imobiliária

Composição da equipe de liderança:

• PRODIÇÃO EXECUTIVO MÉDIA: 18 anos em imóveis
• Total de membros da equipe: 325 profissionais
• Experiência média de membro da equipe: 12 anos em imóveis comerciais

Capital financeiro e linhas de crédito fortes

Métricas financeiras em 31 de dezembro de 2023:

Métrica financeira	Quantia
Total de ativos	US $ 7,2 bilhões
Dívida total	US $ 3,8 bilhões
Linha de crédito disponível	US $ 500 milhões

Plataformas avançadas de tecnologia de gerenciamento de propriedades

Investimentos de infraestrutura de tecnologia:

• Orçamento de tecnologia anual: US $ 4,2 milhões
• Sistemas de gerenciamento de ativos corporativos implantados
• Plataformas de rastreamento de ocupação e manutenção em tempo real

Extensa rede de conexões do setor imobiliário

Métricas de relacionamento da indústria:

• Rede ativa de corretores: 215 profissionais imobiliários comerciais
• Parcerias estratégicas: 42 investidores institucionais
• Participação anual da conferência da indústria: 12-15 eventos

Douglas Emmett, Inc. (DEI) - Modelo de negócios: proposições de valor

Propriedades comerciais e residenciais de alta qualidade, localizadas estrategicamente localizadas

A partir do quarto trimestre de 2023, Douglas Emmett possui 69 propriedades, totalizando 20,2 milhões de pés quadrados de espaço de escritório e 3.153 unidades de apartamentos, localizadas principalmente nos mercados de Los Angeles e Honolulu.

Tipo de propriedade	Mágua quadrada total	Número de propriedades
Propriedades do escritório	20,2 milhões de pés quadrados	53 propriedades
Propriedades residenciais	3.153 unidades de apartamentos	16 propriedades

Oportunidades estáveis ​​de investimento imobiliário a longo prazo

Em 31 de dezembro de 2023, Douglas Emmett informou:

• Total de ativos: US $ 4,1 bilhões
• Capitalização de mercado: US $ 3,2 bilhões
• Taxa de ocupação: 92,4%
• Fundos das operações (FFO): US $ 240,5 milhões

Gerenciamento de propriedades e manutenção profissional

Douglas Emmett gerencia propriedades com foco em:

Métrica de Gerenciamento	Desempenho
Termo de arrendamento médio	5,4 anos
Taxa de retenção de inquilinos	85.6%

Opções flexíveis de leasing para diversas necessidades de inquilinos

Remutação do portfólio de arrendamento:

• Inquilinos corporativos: 72%
• Pequenas a médias empresas: 18%
• Serviços profissionais: 10%

Abordagens de desenvolvimento de propriedades sustentáveis ​​e modernas

Investimentos de sustentabilidade em 2023:

Iniciativa de Sustentabilidade	Valor do investimento
Atualizações de eficiência energética	US $ 12,3 milhões
Certificações de construção verde	US $ 4,7 milhões

Douglas Emmett, Inc. (DEI) - Modelo de negócios: relacionamentos com o cliente

Apoio e comunicação personalizados de inquilinos

Douglas Emmett mantém uma equipe dedicada de apoio ao inquilino com taxa de ocupação de 98,5% em suas 69 propriedades a partir do quarto trimestre 2023. A empresa gerencia aproximadamente 2,7 milhões de pés quadrados de escritório e espaço residencial em Los Angeles e Havaí.

Canal de suporte	Tempo de resposta	Taxa de satisfação do cliente
Suporte ao telefone direto	Menos de 2 horas	94.3%
Portal de inquilinos online	Dentro de 4 horas	92.7%
Gerenciamento de propriedades no local	Imediato	96.5%

Acordos de arrendamento de longo prazo com clientes corporativos

O termo médio de arrendamento de Douglas Emmett é de 6,2 anos com clientes corporativos. O valor total do portfólio de arrendamento da empresa é de aproximadamente US $ 1,2 bilhão em 2023.

• 90% dos inquilinos são empresas de nível empresarial
• Tamanho médio do arrendamento: 25.000 pés quadrados
• Taxa de renovação: 83,6%

Manutenção e serviço proativos de propriedades

Investimento anual de manutenção de US $ 42,3 milhões entre a portfólio de propriedades. O programa de manutenção preventiva cobre 100% das propriedades gerenciadas.

Categoria de manutenção	Investimento anual	Cobertura
Sistemas mecânicos	US $ 18,7 milhões	100%
Atualizações de infraestrutura	US $ 15,6 milhões	95%
Eficiência energética	US $ 8 milhões	87%

Plataformas de engajamento de inquilinos digitais

Uso da plataforma digital: 76% dos inquilinos se envolvem ativamente por meio de portais on -line. Taxa de adoção de aplicativos móveis de 68% na base de inquilinos.

• Rastreamento de solicitação de manutenção em tempo real
• Sistema de pagamento de aluguel online
• Canais de comunicação digital

Atualizações regulares de desempenho do portfólio de propriedades

O relatório trimestral de desempenho cobre 100% do portfólio de propriedades. Métricas financeiras e operacionais detalhadas compartilhadas com inquilinos e investidores.

Frequência de relatório	Informações compartilhadas	Engajamento das partes interessadas
Trimestral	Desempenho financeiro	100% relatando cobertura
Anual	Análise abrangente do portfólio	95% da participação das partes interessadas

Douglas Emmett, Inc. (DEI) - Modelo de negócios: canais

Equipes diretas de leasing

No quarto trimestre 2023, Douglas Emmett mantém 82 profissionais de leasing internos nos mercados de Los Angeles e Honolulu. Experiência média da equipe: 12,6 anos em imóveis comerciais.

Mercado	Tamanho da equipe de leasing	Experiência em anos médios
Los Angeles	67	13.2
Honolulu	15	11.1

Sites imobiliários corporativos

O site de Douglas Emmett (Douglasemmett.com) gera 47.893 visitantes únicos mensais em janeiro de 2024. O portfólio de propriedades digitais exibe 3,2 milhões de pés quadrados de espaço comercial disponível.

Corretores imobiliários comerciais

Parcerias com 126 corretoras comerciais de corretagem imobiliária em toda a Califórnia e Havaí. A estrutura da comissão varia entre 3-5% do valor total do arrendamento.

Segmento de rede de corretores	Número de parceiros
Área metropolitana de Los Angeles	98
Mercado do Havaí	28

Conferências do setor e eventos de rede

• Participou de 17 conferências imobiliárias comerciais em 2023
• Gerou 214 interações potenciais de clientes
• Custo médio de participação do evento: US $ 42.500 por conferência

Plataformas de marketing digital e listagem de propriedades

Ativo em 6 principais plataformas de listagem de imóveis comerciais com 99,7% de cobertura de propriedades. Despesas mensais de marketing digital: US $ 187.600.

Plataforma	Listagens mensais	Visualizações mensais médias
Costar	82	36,500
Loopnet	76	29,800
Crexi	64	22,300

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

Inquilinos de escritório corporativo

A partir do quarto trimestre de 2023, Douglas Emmett possui 2,0 milhões de pés quadrados de espaço de escritório em Los Angeles e Havaí. As principais métricas de inquilinos corporativas incluem:

Categoria de inquilino	Taxa de ocupação	Taxa média de arrendamento
Grandes empresas	87.6%	$ 65,50/pés quadrados
Empresas de tamanho médio	92.3%	US $ 55,25/pés quadrados

Locinadores residenciais multifamiliares

Douglas Emmett gerencia 4.077 unidades residenciais multifamiliares em Los Angeles e Havaí.

Localização	Unidades totais	Aluguel mensal médio	Taxa de ocupação
Los Angeles	3,521	$3,850	96.5%
Havaí	556	$3,200	94.7%

Investidores imobiliários

Investidor profile discriminação:

• Investidores institucionais: 62%
• Empresas de private equity: 23%
• Investidores credenciados individuais: 15%

Empresas de tecnologia e serviços profissionais

Composição do inquilino em tecnologia e serviços profissionais:

Setor	Número de inquilinos	Espaço arrendado total
Tecnologia	47	385.000 pés quadrados
Serviços profissionais	63	425.000 pés quadrados

Pequenas e médias empresas

Características do inquilino da SMB:

• Total de inquilinos de SMB: 215
• Tamanho médio do arrendamento: 5.200 pés quadrados
• Termo de arrendamento: 3-5 anos

Douglas Emmett, Inc. (DEI) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

A partir de 2022, o Relatório Financeiro, os custos de aquisição de propriedades da Douglas Emmett totalizaram US $ 31,5 milhões. As despesas de desenvolvimento para o ano fiscal foram de US $ 47,2 milhões.

Categoria de despesa	Valor (2022)
Aquisição de terras	US $ 31,5 milhões
Desenvolvimento de propriedades	US $ 47,2 milhões
Melhorias de capital	US $ 62,8 milhões

Custos de manutenção e renovação de propriedades

As despesas anuais de manutenção de propriedades para 2022 foram de US $ 24,6 milhões, com custos de renovação representando US $ 18,3 milhões adicionais.

• Manutenção de rotina: US $ 14,2 milhões
• Principais reparos: US $ 10,4 milhões
• Atualizações de infraestrutura: US $ 18,3 milhões

Opeuta operacional e de gerenciamento

As despesas administrativas e administrativas de 2022 atingiram US $ 56,4 milhões.

Categoria de sobrecarga	Custo anual
Compensação executiva	US $ 12,7 milhões
Despesas administrativas gerais	US $ 23,6 milhões
Benefícios dos funcionários	US $ 20,1 milhões

Investimentos de tecnologia e infraestrutura

Os gastos com infraestrutura tecnológica em 2022 foram de US $ 7,8 milhões.

• Atualização de sistemas de TI: US $ 4,2 milhões
• Investimentos de segurança cibernética: US $ 1,6 milhão
• Plataforma de gerenciamento de propriedades digitais: US $ 2,0 milhões

Despesas de marketing e leasing

Os custos de marketing e leasing para 2022 totalizaram US $ 9,3 milhões.

Categoria de despesa de marketing	Quantia
Publicidade e promoção	US $ 3,7 milhões
Comissão de Leasing	US $ 5,6 milhões

Douglas Emmett, Inc. (DEI) - Modelo de negócios: fluxos de receita

Renda de arrendamento de propriedade comercial

Para o ano fiscal de 2023, Douglas Emmett registrou receitas totais de aluguel de US $ 444,5 milhões. Redução de renda de arrendamento de propriedades comerciais:

Tipo de propriedade	Receita de aluguel	Taxa de ocupação
Propriedades do escritório	US $ 382,3 milhões	92.4%
Edifícios de consultórios médicos	US $ 62,2 milhões	89.7%

Receita de aluguel residencial multifamiliar

As receitas de aluguel residencial multifamiliares para 2023 totalizaram US $ 97,6 milhões, com a seguinte distribuição geográfica:

• Condado de Los Angeles: US $ 67,3 milhões
• Honolulu, Havaí: US $ 30,3 milhões

Taxas de gerenciamento de propriedades

As taxas de gerenciamento de propriedades para 2023 totalizaram US $ 8,2 milhões, geradas a partir de serviços de gerenciamento de propriedades de terceiros.

Apreciação de ativos imobiliários

Valor do portfólio imobiliário em 31 de dezembro de 2023:

Categoria de ativos	Valor total	Apreciação ano a ano
Propriedades comerciais	US $ 3,8 bilhões	4.2%
Residencial multifamiliar	US $ 1,2 bilhão	3.7%

Receita de serviço auxiliar

Receitas de serviço auxiliar para 2023 incluídas:

• Taxas de estacionamento: US $ 5,4 milhões
• Reembolsos de utilidade: US $ 3,7 milhões
• Serviços de comodidade do inquilino: US $ 2,1 milhões

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.