Douglas Emmett (DEI) Citi’s 30th Annual Global Property CEO Conference 2025 summary

Opening remarks and business overview

• Leadership team introduced, highlighting experience and partnership structure.

• Portfolio includes 18 million sq ft, 5,000 apartment units, focused on high-end West L.A. and Honolulu markets.

• Strong leasing, acquisition, and development activity reported, with multiple construction projects underway.

• Recent deals oversubscribed by sovereign partners, reflecting strong capital position and balance sheet.

• Optimism for income recovery to pre-COVID levels over time.

Leasing and market trends

• Leasing pipeline rebounded in late 2024 after a sharp drop following Fed rate hikes in late 2022.

• Large tenants (over 10,000 sq ft) have returned, exceeding historical averages in recent quarters.

• Studio Plaza leasing progressing faster than expected, with potential rent collection from new tenants in 2025.

• Utilization rates nearly back to normal, with positive absorption since COVID recovery.

• Market confidence and deal activity ramping up, though macro uncertainty remains.

Studio Plaza and asset repositioning

• Studio Plaza transitioned from single-tenant (Warner Bros.) to multi-tenant, reducing risk and maintaining NOI.

• Leasing activity strong, with deals ranging from 10,000 to 50,000 sq ft.

• Submarket remains highly desirable, supporting rapid lease-up.

• Asset expected to be less of a drag on performance than initially feared.