Douglas Emmett (DEI) investor relations material

Executive summary

• Achieved positive absorption in three of the last four quarters, with robust leasing in both office and residential segments and nearly full multifamily occupancy.

• Portfolio includes 17.5M–18M sq ft of office and 4,410–5,442 multifamily units, with recent acquisitions and JV consolidations expanding scale.

• Net loss attributable to common stockholders for Q2 2025 was $5.8M–$6M, down from net income in Q2 2024, due to higher expenses and interest costs.

• FFO for Q2 2025 declined 19% year-over-year to $74.6M ($0.37/share), and AFFO was $54M, reflecting lower office occupancy and higher expenses.

• Progress on key growth strategies, including major office-to-residential conversions and redevelopment projects.

Financial highlights

• Q2 2025 revenues were $252M, up 2.7% year-over-year, driven by multifamily strength and new assets.

• Office segment revenues were $202.8M (up 1.8%); multifamily revenues were $49.6M (up 6.6%).

• Operating expenses increased 8.8% year-over-year to $206.8M, mainly from property taxes and new properties.

• Net operating income for Q2 2025 was $159.6M, down 1.9% year-over-year; Same Property NOI declined 2.3% to $152.6M.

• Quarterly dividend of $0.19 per share paid, annualized at $0.76.

Outlook and guidance

• 2025 net income per diluted share expected between $0.07 and $0.11; FFO per fully diluted share guidance narrowed to $1.43–$1.47.

• Average office occupancy projected at 78–80%; residential portfolio expected to remain essentially fully leased.

• Same property cash NOI guidance range: -2.5% to -0.5%.

• Guidance excludes impacts from future acquisitions, dispositions, and capital market activities.

• Management expects to meet short-term liquidity needs through cash and operations, but long-term needs may require additional financing or asset sales.