Douglas Emmett (DEI) 10-Q 7 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-33106
Entity Registrant Name	Douglas Emmett, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-3073047
Entity Address, Address Line One	1299 Ocean Avenue
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	310
Local Phone Number	255-7700
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	DEI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,470,658
Entity Central Index Key	0001364250
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Investment in real estate, gross	$ 11,740,844	$ 11,678,638
Less: accumulated depreciation and amortization	(2,889,936)	(2,816,193)
Investment in real estate, net	8,850,908	8,862,445
Ground lease right-of-use asset	7,469	7,472
Cash and cash equivalents	184,274	172,385
Tenant receivables	18,038	18,226
Deferred rent receivables	116,834	116,199
Acquired lease intangible assets, net	4,880	5,141
Investment in unconsolidated Fund	47,199	47,374
Other assets	20,135	21,583
Total Assets	9,249,737	9,250,825
Liabilities
Total Consolidated Debt, net	4,775,994	4,744,967
Ground lease liability	10,867	10,871
Interest payable, accounts payable and deferred revenue	170,618	144,344
Security deposits	53,469	56,247
Acquired lease intangible liabilities, net	31,848	35,223
Interest rate contract liabilities	137,276	214,016
Dividends payable	49,140	49,138
Total liabilities	5,229,212	5,254,806
Douglas Emmett, Inc. stockholders' equity:
Common Stock, $0.01 par value, 750,000,000 authorized, 175,470,658 and 175,463,887 outstanding at March 31, 2021 and December 31, 2020, respectively	1,755	1,755
Additional paid-in capital	3,487,948	3,487,887
Accumulated other comprehensive loss	(97,332)	(148,035)
Accumulated deficit	(942,046)	(904,516)
Total Douglas Emmett, Inc. stockholders' equity	2,450,325	2,437,091
Noncontrolling interests	1,570,200	1,558,928
Total equity	4,020,525	3,996,019
Total Liabilities and Equity	$ 9,249,737	$ 9,250,825

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common Stock, par value (usd per share)	$ 0.01	$ 0.01
Common Stock, authorized (in shares)	750,000,000	750,000,000
Common Stock, outstanding (in shares)	175,470,658	175,463,887

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues
Revenues	$ 216,295	$ 251,350
Operating Expenses
General and administrative expenses	9,571	10,335
Depreciation and amortization	92,797	97,777
Total operating expenses	173,857	187,132
Other income	351	1,989
Other expenses	(163)	(1,396)
Income from unconsolidated Fund	167	323
Interest expense	(35,205)	(35,420)
Net income	7,588	29,714
Less: Net loss (income) attributable to noncontrolling interests	4,013	(2,791)
Net income attributable to common stockholders	$ 11,601	$ 26,923
Net income per common share – basic and diluted (usd per share)	$ 0.06	$ 0.15
Office rental
Revenues
Revenues	$ 186,643	$ 219,889
Operating Expenses
Expenses	62,178	69,664
Office rental | Rental revenues and tenant recoveries
Revenues
Revenues	168,179	185,827
Office rental | Parking and other income
Revenues
Revenues	18,464	34,062
Multifamily rental
Revenues
Revenues	29,652	31,461
Operating Expenses
Expenses	9,311	9,356
Multifamily rental | Parking and other income
Revenues
Revenues	2,569	2,375
Multifamily rental | Rental revenues
Revenues
Revenues	$ 27,083	$ 29,086

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 7,588	$ 29,714
Other comprehensive income (loss): cash flow hedges	76,469	(207,459)
Comprehensive income (loss)	84,057	(177,745)
Less: Comprehensive (income) loss attributable to noncontrolling interests	(21,753)	56,258
Comprehensive income (loss) attributable to common stockholders	$ 62,304	$ (121,487)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	AOCI	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2019		175,370,000
Stockholders' Equity [Roll Forward]
Exchange of OP units for common stock (in shares)	5,000	5,000
Ending balance (in shares) at Mar. 31, 2020		175,375,000
Beginning balance at Dec. 31, 2019	$ 4,370,934	$ 1,754	$ 3,486,356	$ (17,462)	$ (758,576)	$ 1,658,862
Stockholders' Equity [Roll Forward]
Exchange of OP Units for common stock			90			(90)
Repurchase of OP Units with cash	(7)		(4)			(3)
Cash flow hedge adjustments	(207,459)			(148,410)		(59,049)
Net income attributable to common stockholders	29,714				26,923	2,791
Dividends	(48,909)				(48,909)
Distributions	(18,366)					(18,366)
Stock-based compensation	3,800					3,800
Ending balance at Mar. 31, 2020	$ 4,129,707	$ 1,754	3,486,442	(165,872)	(780,562)	1,587,945
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.28
Beginning balance (in shares) at Dec. 31, 2020	175,463,887	175,464,000
Stockholders' Equity [Roll Forward]
Exchange of OP units for common stock (in shares)	7,000	7,000
Ending balance (in shares) at Mar. 31, 2021	175,470,658	175,471,000
Beginning balance at Dec. 31, 2020	$ 3,996,019	$ 1,755	3,487,887	(148,035)	(904,516)	1,558,928
Stockholders' Equity [Roll Forward]
Exchange of OP Units for common stock			109			(109)
Repurchase of OP Units with cash	(105)		(48)			(57)
Cash flow hedge adjustments	76,469			50,703		25,766
Net income attributable to common stockholders	7,588				11,601	(4,013)
Dividends	(49,131)				(49,131)
Distributions	(13,724)					(13,724)
Stock-based compensation	3,409					3,409
Ending balance at Mar. 31, 2021	$ 4,020,525	$ 1,755	$ 3,487,948	$ (97,332)	$ (942,046)	$ 1,570,200
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income	$ 7,588	$ 29,714
Adjustments to reconcile net income to net cash provided by operating activities:
Income from unconsolidated Fund	(167)	(323)
Depreciation and amortization	92,797	97,777
Net accretion of acquired lease intangibles	(3,114)	(4,256)
Straight-line rent	(635)	1,406
Loan premium amortized and written off	(113)	(215)
Deferred loan costs amortized and written off	2,021	1,876
Amortization of stock-based compensation	2,694	2,941
Operating distributions from unconsolidated Fund	164	394
Change in working capital components:
Tenant receivables	188	(499)
Interest payable, accounts payable and deferred revenue	24,198	24,787
Security deposits	(2,778)	(567)
Other assets	2,201	475
Net cash provided by operating activities	125,044	153,510
Investing Activities
Capital expenditures for improvements to real estate	(24,305)	(32,530)
Capital expenditures for developments	(55,206)	(25,883)
Acquisition of additional interests in unconsolidated Fund	0	(6,591)
Capital distributions from unconsolidated Fund	194	219
Net cash used in investing activities	(79,317)	(64,785)
Financing Activities
Proceeds from borrowings	50,000	30,000
Repayment of borrowings	(20,193)	(30,185)
Loan cost payments	(686)	(247)
Distributions paid to noncontrolling interests	(13,724)	(18,366)
Dividends paid to common stockholders	(49,130)	(48,907)
Repurchase of OP Units	(105)	(7)
Net cash used in financing activities	(33,838)	(67,712)
Increase in cash and cash equivalents and restricted cash	11,889	21,013
Cash and cash equivalents and restricted cash - beginning balance	172,517	153,804
Cash and cash equivalents and restricted cash - ending balance	184,406	174,817
Cash and cash equivalents	184,274	174,696
Restricted cash	132	121
Operating Activities
Cash paid for interest, net of capitalized interest	33,420	33,738
Capitalized interest paid	1,773	881
Non-cash Investing Transactions
Accrual for real estate and development capital expenditures	38,607	34,916
Capitalized stock-based compensation for improvements to real estate and developments	715	859
Removal of fully depreciated and amortized tenant improvements and lease intangibles	19,143	19,887
Removal of fully amortized acquired lease intangible assets	50	88
Removal of fully accreted acquired lease intangible liabilities	7,134	1,284
Non-cash Financing Transactions
Loss recorded in AOCI - derivatives	58,346	(206,597)
Accrual for deferred loan costs	0	72
Dividends declared	49,131	48,909
Exchange of OP Units for common stock	109	90
Unconsolidated Funds
Non-cash Financing Transactions
Loss recorded in AOCI - derivatives	$ (1)	$ (370)

Overview

Overview	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview	Overview Organization and Business Description Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. We are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. Through our interest in our Operating Partnership and its subsidiaries, consolidated JVs and unconsolidated Fund, we focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. The terms "us," "we" and "our" as used in the consolidated financial statements refer to Douglas Emmett, Inc. and its subsidiaries on a consolidated basis. At March 31, 2021, our Consolidated Portfolio consisted of (i) a 17.8 million square foot office portfolio, (ii) 4,325 multifamily apartment units and (iii) fee interests in two parcels of land from which we receive rent under ground leases. We also manage and own an equity interest in an unconsolidated Fund which, at March 31, 2021, owned an additional 0.4 million square feet of office space. We manage our unconsolidated Fund alongside our Consolidated Portfolio, and we therefore present the statistics for our office portfolio on a Total Portfolio basis. As of March 31, 2021, our portfolio (not including two parcels of land from which we receive rent under ground leases), consisted of the following properties (including ancillary retail space): Consolidated Portfolio Total Office Wholly-owned properties 53 53 Consolidated JV properties 16 16 Unconsolidated Fund properties — 2 69 71 Multifamily Wholly-owned properties 11 11 Consolidated JV properties 1 1 12 12 Total 81 83 Basis of Presentation The accompanying consolidated financial statements are the consolidated financial statements of Douglas Emmett, Inc. and its subsidiaries, including our Operating Partnership and our consolidated JVs. All significant intercompany balances and transactions have been eliminated in our consolidated financial statements. We consolidate entities in which we are considered to be the primary beneficiary of a VIE or have a majority of the voting interest of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of that VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We do not consolidate entities in which the other parties have substantive kick-out rights to remove our power to direct the activities, most significantly impacting the economic performance, of that VIE. In determining whether we are the primary beneficiary, we consider factors such as ownership interest, management representation, authority to control decisions, and contractual and substantive participating rights of each party. We consolidate our Operating Partnership through which we conduct substantially all of our business, and own, directly and through subsidiaries, substantially all of our assets, and are obligated to repay substantially all of our liabilities, including $3.22 billion of consolidated debt. See Note 8. We also consolidate three JVs. As of March 31, 2021, these consolidated entities had aggregate total consolidated assets of $9.25 billion (of which $8.85 billion related to investment in real estate), aggregate total consolidated liabilities of $5.23 billion (of which $4.78 billion related to debt), and aggregate total consolidated equity of $4.02 billion (of which $1.57 billion related to noncontrolling interests).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies We have not made any changes to our significant accounting policies disclosed in our 2020 Annual Report on Form 10-K. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make certain estimates that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Revenue Recognition Rental revenues and tenant recoveries We account for our rental revenues and tenant recoveries in accordance with Topic 842 "Leases". Rental revenues and tenant recoveries are included in: (i) Rental revenues and tenant recoveries under Office rental, and (ii) Rental revenues under Multifamily rental, in our consolidated statements of operations. In accordance with Topic 842, we perform an assessment as to whether or not substantially all of the amounts due under a tenant’s lease agreement is deemed probable of collection. This assessment involves using a methodology that requires judgment and estimates about matters that are uncertain at the time the estimates are made, including tenant specific factors, specific industry conditions, and general economic trends and conditions. For leases where we have concluded it is probable that we will collect substantially all the lease payments due under those leases, we continue to record lease income on a straight-line basis over the lease term. For leases where we have concluded that it is not probable that we will collect substantially all the lease payments due under those leases, we limit the lease income to the lesser of the income recognized on a straight-line basis or cash basis. If our conclusion of collectibility changes, we will record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to rental revenues and tenant recoveries. We write-off tenant receivables and deferred rent receivables as a charge against rental revenues and tenant recoveries in the period we conclude that substantially all of the lease payments are not probable of collection. If we subsequently collect amounts that were previously written off then the amounts collected are recorded as an increase to our rental revenues and tenant recoveries. Charges for uncollectible tenant receivables and deferred rent receivables, which were primarily due to the impact of the COVID-19 pandemic, reduced our office revenues by $1.8 million and $5.2 million for the three months ended March 31, 2021 and March 31, 2020, respectively. Office parking revenues We account for our office parking revenues in accordance with ASC 606 "Revenue from Contracts with Customers". Office parking revenues are included in Parking and other income under Office rental in our consolidated statements of operations. Our lease contracts generally make a specified number of parking spaces available to the tenant, and we bill and recognize parking revenues on a monthly basis in accordance with the lease agreements, generally using the monthly parking rates in effect at the time of billing. Office parking revenues were $14.8 million and $30.2 million for the three months ended March 31, 2021 and 2020, respectively. Office parking receivables were $1.0 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively, and are included in Tenant receivables in our consolidated balance sheets. Income Taxes We have elected to be taxed as a REIT under the Code. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level tax on the earnings that we derive through our TRS. New Accounting Pronouncements Changes to US GAAP are implemented by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. As of the date of this Report, the FASB has not issued any ASUs that we expect to be applicable and have a material impact on our consolidated financial statements.

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate The table below summarizes our investment in real estate: (In thousands) March 31, 2021 December 31, 2020 Land $ 1,150,821 $ 1,150,821 Buildings and improvements 9,367,439 9,344,653 Tenant improvements and lease intangibles 929,327 928,867 Property under development 293,257 254,297 Investment in real estate, gross $ 11,740,844 $ 11,678,638 Acquisitions and Dispositions During the three months ended March 31, 2021, we did not purchase or sell any properties.

Ground Lease

Ground Lease	3 Months Ended
	Mar. 31, 2021
Lessee Disclosure [Abstract]
Ground Lease	Ground Lease We pay rent under a ground lease located in Honolulu, Hawaii, which expires on December 31, 2086. The rent is fixed at $733 thousand per year until February 28, 2029, after which it will reset to the greater of the existing ground rent or the market rent at the time. As of March 31, 2021, the ground lease right-of-use asset carrying value was $7.5 million and the ground lease liability was $10.9 million. We incurred ground rent expense of $182 thousand for each of the three month periods ended March 31, 2021 and 2020, which is included in Office expenses in our consolidated statements of operations. The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029, presents the future minimum ground lease payments as of March 31, 2021: Twelve months ending March 31: (In thousands) 2022 $ 733 2023 733 2024 733 2025 733 2026 733 Thereafter 44,529 Total future minimum lease payments $ 48,194

Acquired Lease Intangibles

Acquired Lease Intangibles	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Lease Intangibles	Acquired Lease Intangibles Summary of our Acquired Lease Intangibles (In thousands) March 31, 2021 December 31, 2020 Above-market tenant leases $ 6,797 $ 6,848 Above-market tenant leases - accumulated amortization (2,824) (2,618) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (245) (241) Acquired lease intangible assets, net $ 4,880 $ 5,141 Below-market tenant leases $ 74,800 $ 81,934 Below-market tenant leases - accumulated accretion (42,952) (46,711) Acquired lease intangible liabilities, net $ 31,848 $ 35,223 Impact on the Consolidated Statements of Operations The table below summarizes the net amortization/accretion related to our above- and below-market leases: Three Months Ended March 31, (In thousands) 2021 2020 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 3,118 $ 4,259 Amortization of an above-market ground lease asset (2) (4) (3) Total $ 3,114 $ 4,256 ______________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income.

Investment in Unconsolidated Fu

Investment in Unconsolidated Fund	3 Months Ended
	Mar. 31, 2021
Real Estate Investments, Net [Abstract]
Investment in Unconsolidated Fund	Investment in Unconsolidated Fund Description of our Fund As of March 31, 2021 and 2020, we managed and owned an equity interest of 33.5% in an unconsolidated Fund, Partnership X, through which we and other investors in the Fund owned two office properties totaling 0.4 million square feet. We purchased an additional interest of 3.6% in Partnership X for $6.6 million during the three months ended March 31, 2020. Our Fund pays us fees and reimburses us for certain expenses related to property management and other services we provide, which are included in Other income in our consolidated statements of operations. We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. The table below presents cash distributions we received from our Fund: Three Months Ended March 31, (In thousands) 2021 2020 Operating distributions received $ 164 $ 394 Capital distributions received 194 219 Total distributions received $ 358 $ 613 Summarized Financial Information for our Fund The tables below present selected financial information for the Fund. The amounts presented reflect 100% (not our pro-rata share) of amounts related to the Fund, and are based upon historical acquired book value: (In thousands) March 31, 2021 December 31, 2020 Total assets $ 128,560 $ 133,617 Total liabilities $ 107,460 $ 112,706 Total equity $ 21,100 $ 20,911 Three Months Ended March 31, (In thousands) 2021 2020 Total revenues $ 4,002 $ 4,602 Operating income $ 1,005 $ 1,522 Net income $ 396 $ 886

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Other Assets [Abstract]
Other Assets	Other Assets (In thousands) March 31, 2021 December 31, 2020 Restricted cash $ 132 $ 132 Prepaid expenses 12,345 13,774 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 2,288 2,358 Other 3,382 3,331 Total other assets $ 20,135 $ 21,583

Secured Notes Payable and Revol

Secured Notes Payable and Revolving Credit Facility, Net	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Secured Notes Payable and Revolving Credit Facility, Net	Secured Notes Payable and Revolving Credit Facility, Net Description Maturity Date (1) Principal Balance as of March 31, 2021 Principal Balance as of December 31, 2020 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (3) 1/1/2024 $ 300,000 $ 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Term loan (3) 3/3/2025 335,000 335,000 LIBOR + 1.30% 3.84% 3/1/2023 Fannie Mae loan (3) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.76% 3/1/2023 Term loan (3) 8/15/2026 415,000 415,000 LIBOR + 1.10% 3.07% 8/1/2025 Term loan (3) 9/19/2026 400,000 400,000 LIBOR + 1.15% 2.44% 9/1/2024 Term loan (3) 9/26/2026 200,000 200,000 LIBOR + 1.20% 2.36% 10/1/2024 Term loan (3)(4) 11/1/2026 400,000 400,000 LIBOR + 1.15% 2.18% 10/1/2024 Fannie Mae loan (3) 6/1/2027 550,000 550,000 LIBOR + 1.37% 3.16% 6/1/2022 Fannie Mae loan (3) 6/1/2029 255,000 255,000 LIBOR + 0.98% 3.26% 6/1/2027 Fannie Mae loan (3) 6/1/2029 125,000 125,000 LIBOR + 0.98% 3.25% 6/1/2027 Term loan (5) 6/1/2038 29,919 30,112 N/A 4.55% N/A Revolving credit facility (6) 8/21/2023 105,000 75,000 LIBOR + 1.15% N/A N/A Total Wholly Owned Subsidiary Debt 3,217,319 3,187,512 Consolidated JVs Term loan (3)(7) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.17% 6/1/2025 Term loan (3) 12/19/2024 400,000 400,000 LIBOR + 1.30% 3.47% 1/1/2023 Term loan (3)(8) 5/15/2027 450,000 450,000 LIBOR + 1.35% 3.04% 4/1/2025 Term loan (3) 6/1/2029 160,000 160,000 LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (9) 4,807,319 4,777,512 Unamortized loan premium, net (10) 4,353 4,467 Unamortized deferred loan costs, net (11) (35,678) (37,012) Total Consolidated Debt, net $ 4,775,994 $ 4,744,967 _______________________________________________________________________ Except as noted below, our loans and revolving credit facility: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extensions require us to meet minimum financial thresholds in order to exercise those extensions. (1) Maturity dates include the effect of extension options. (2) Effective rate as of March 31, 2021. Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 10 for details of our interest rate swaps. See below for details of our loan costs. (3) The loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor. (4) Effective rate will increase to 2.31% on July 1, 2021. (5) Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule. (6) $400.0 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%. The facility has a zero-percent LIBOR floor. (7) Swaps expired during the first quarter of 2021 and were replaced by forward swaps executed in 2020, which reduced the swap-fixed rate from 2.37% to 2.17%. (8) The effective rate will decrease to 2.26% on July 1, 2022. (9) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures. (10) Balances are net of accumulated amortization of $2.9 million and $2.7 million at March 31, 2021 and December 31, 2020, respectively. (11) Balances are net of accumulated amortization of $40.2 million and $38.3 million at March 31, 2021 and December 31, 2020, respectively. Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2021 Principal Balance as of December 31, 2020 Aggregate swapped to fixed rate loans $ 4,672,400 $ 4,672,400 Aggregate fixed rate loans 29,919 30,112 Aggregate floating rate loans 105,000 75,000 Total Debt $ 4,807,319 $ 4,777,512 The table below summarizes certain consolidated debt statistics as of March 31, 2021: Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.70 Weighted average remaining life (including extension options) 5.1 years Weighted average remaining fixed interest period 3.1 years Weighted average annual interest rate 2.99% Future Principal Payments At March 31, 2021, the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows: Twelve months ending March 31: Including Maturity Extension Options (1) (In thousands) 2022 $ 796 2023 580,833 2024 405,871 2025 735,912 2026 103,354 Thereafter 2,980,553 Total future principal payments $ 4,807,319 ________________________________________________ (1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity. Loan Premium and Loan Costs The table below presents loan premium and loan costs, which are included in Interest expense in our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2021 2020 Loan premium amortized and written off $ (113) $ (215) Deferred loan costs amortized and written off 2,021 1,876 Total $ 1,908 $ 1,661

Interest Payable, Accounts Paya

Interest Payable, Accounts Payable and Deferred Revenue	3 Months Ended
	Mar. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]
Interest Payable, Accounts Payable and Deferred Revenue	Interest Payable, Accounts Payable and Deferred Revenue (In thousands) March 31, 2021 December 31, 2020 Interest payable $ 12,077 $ 12,199 Accounts payable and accrued liabilities 112,090 81,595 Deferred revenue 46,451 50,550 Total interest payable, accounts payable and deferred revenue $ 170,618 $ 144,344

Derivative Contracts

Derivative Contracts	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Contracts	Derivative Contracts We make use of interest rate swap contracts to manage the risk associated with changes in interest rates on our floating-rate debt. When we enter into a floating-rate term loan, we generally enter into an interest rate swap agreement for the equivalent principal amount, for a period covering the majority of the loan term, which effectively converts our floating-rate debt to a fixed-rate basis during that time. We do not speculate in derivatives and we do not make use of any other derivative instruments. See Note 8 regarding our debt and our consolidated JVs' debt that is hedged. Derivative Summary As of March 31, 2021, our interest rate swaps, which include the interest rate swaps of our consolidated JVs, were designated as cash flow hedges: Number of Interest Rate Swaps Notional Consolidated derivatives (1)(2)(3)(4) 36 $ 4,717,400 ___________________________________________________ (1) The notional amount reflects 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount includes four swaps with a combined initial notional amount of $90.0 million which will increase to $850.0 million in the future to replace existing swaps as they expire. (3) Our derivative contracts do not provide for right of offset between derivative contracts. (4) See Note 13 for our derivative fair value disclosures. Credit-risk-related Contingent Features Our swaps include credit-risk related contingent features. For example, we have agreements with certain of our interest rate swap counterparties that contain a provision under which we could be declared in default on our derivative obligations if repayment of the underlying indebtedness that we are hedging is accelerated by the lender due to our default on the indebtedness. As of March 31, 2021, there have been no events of default with respect to our interest rate swaps or our consolidated JVs' interest rate swaps. We do not post collateral for our interest rate swap contract liabilities. The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2021 December 31, 2020 Consolidated derivatives (1) $ 145,725 $ 225,166 Unconsolidated Fund's derivative (2) $ — $ 208 ___________________________________________________ (1) The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The amounts reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivative. Impact of Hedges on AOCI and the Consolidated Statements of Operations The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations: (In thousands) Three Months Ended March 31, 2021 2020 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gains (losses) recorded in AOCI before reclassifications (1) $ 58,346 $ (206,597) Losses (gains) reclassified from AOCI to Interest Expense (1) $ 18,078 $ (420) Interest Expense presented in the consolidated statements of operations $ (35,205) $ (35,420) Unconsolidated Fund's derivative (our share) (2) : Losses recorded in AOCI before reclassifications (1) $ (1) $ (370) Losses (gains) reclassified from AOCI to Income from unconsolidated Fund (1) $ 46 $ (72) Income from unconsolidated Fund presented in the consolidated statements of operations $ 167 $ 323 ___________________________________________________ (1) See Note 11 for our AOCI reconciliation. (2) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. Future Reclassifications from AOCI At March 31, 2021, our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next twelve months as interest rate swap payments are made is as follows: (In thousands) Consolidated derivatives: Losses to be reclassified from AOCI to Interest Expense $ (70,510)

Equity

Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Equity	Equity Transactions Three Months Ended March 31, 2021 During the three months ended March 31, 2021, (i) we acquired 7 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, and (ii) we acquired 3,548 OP Units for $105 thousand in cash. Three Months Ended March 31, 2020 During the three months ended March 31, 2020, (i) we acquired 5 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, and (ii) we acquired 150 OP Units for $7 thousand in cash. Noncontrolling Interests Our noncontrolling interests consist of interests in our Operating Partnership and consolidated JVs which are not owned by us. Noncontrolling interests in our Operating Partnership owned 30.1 million OP Units and fully-vested LTIP Units, and represented approximately 15% of our Operating Partnership's total outstanding interests as of March 31, 2021 when we owned 175.5 million OP Units (to match our 175.5 million shares of outstanding common stock). A share of our common stock, an OP Unit and an LTIP Unit (once vested and booked up) have essentially the same economic characteristics, sharing equally in the distributions from our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to acquire their OP Units for an amount of cash per unit equal to the market value of one share of our common stock at the date of acquisition, or, at our election, exchange their OP Units for shares of our common stock on a one-for-one b asis. LTIP Units have been granted to our employees and non-employee directors as part of their compensation. These awards generally vest over a service period and once vested can generally be converted to OP Units provided our stock price increases by more than a specified hurdle. Changes in our Ownership Interest in our Operating Partnership The table below presents the effect on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Three Months Ended March 31, (In thousands) 2021 2020 Net income attributable to common stockholders $ 11,601 $ 26,923 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 109 90 Repurchase of OP Units from noncontrolling interests (48) (4) Net transfers from noncontrolling interests 61 86 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 11,662 $ 27,009 AOCI Reconciliation (1) The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Three Months Ended March 31, (In thousands) 2021 2020 Beginning balance $ (148,035) $ (17,462) Consolidated derivatives: Other comprehensive income (loss) before reclassifications 58,346 (206,597) Reclassification of loss (gain) from AOCI to Interest Expense 18,078 (420) Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive loss before reclassifications (1) (370) Reclassification of loss (gain) from AOCI to Income from unconsolidated Fund 46 (72) Net current period OCI 76,469 (207,459) OCI attributable to noncontrolling interests (25,766) 59,049 OCI attributable to common stockholders 50,703 (148,410) Ending balance $ (97,332) $ (165,872) ___________________________________________________ (1) See Note 10 for the details of our derivatives and Note 13 for our derivative fair value disclosures. (2) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. Equity Compensation On June 2, 2016, the Douglas Emmett 2016 Omnibus Stock Incentive Plan, as amended (the "2016 Plan"), became effective after receiving stockholder approval, superseding our prior plan, the Douglas Emmett 2006 Omnibus Stock Incentive Plan (the "2006 Plan"), both of which allow for awards to our directors, officers, employees and consultants. The key terms of the two plans are substantially identical, except for the date of expiration, the number of shares authorized for grants and various technical provisions. Grants after June 2, 2016 were awarded under the 2016 Plan, while grants prior to that date were awarded under the 2006 Plan (grants under the 2006 Plan remain outstanding according to their terms). Both plans are administered by the compensation committee of our board of directors. The table below presents our stock-based compensation expense: Three Months Ended March 31, (In thousands) 2021 2020 Stock-based compensation expense, net $ 2,694 $ 2,941 Capitalized stock-based compensation $ 715 $ 859

EPS

EPS	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EPS	EPS We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested LTIP awards that contain non-forfeitable rights to dividends as participating securities and include these securities in the computation of basic and diluted EPS using the two-class method. The table below presents the calculation of basic and diluted EPS: Three Months Ended March 31, 2021 2020 Numerator (In thousands): Net income attributable to common stockholders $ 11,601 $ 26,923 Allocation to participating securities: Unvested LTIP Units (219) (106) Net income attributable to common stockholders - basic and diluted $ 11,382 $ 26,817 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 175,464 175,373 Net income per common share - basic and diluted $ 0.06 $ 0.15 ____________________________________________________ (1) Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The table below presents the weighted average OP Units and vested LTIP Units outstanding for the respective periods: Three Months Ended March 31, (In thousands) 2021 2020 OP Units 28,203 28,295 Vested LTIP Units 1,871 799

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our estimates of the fair value of financial instruments were determined using available market information and widely used valuation methods. Considerable judgment is necessary to interpret market data and determine an estimated fair value. The use of different market assumptions or valuation methods may have a material effect on the estimated fair values. The FASB fair value framework hierarchy distinguishes between assumptions based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market-based inputs. The hierarchy is as follows: Level 1 - inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - inputs are observable either directly or indirectly for similar assets and liabilities in active markets. Level 3 - inputs are unobservable assumptions generated by the reporting entity. As of March 31, 2021, we did not have any fair value estimates of financial instruments using Level 3 inputs. Financial instruments disclosed at fair value Short term financial instruments: The carrying amounts for cash and cash equivalents, tenant receivables, revolving credit line, interest payable, accounts payable, security deposits and dividends payable approximate fair value because of the short-term nature of these instruments. Secured notes payable: See Note 8 for the details of our secured notes payable. We estimate the fair value of our consolidated secured notes payable by calculating the credit-adjusted present value of the principal and interest payments for each secured note payable. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs, assumes that the loans will be outstanding through maturity, and includes any maturity extension options. The table below presents the estimated fair value and carrying value of our secured notes payable (excluding our revolving credit facility), the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees: (In thousands) March 31, 2021 December 31, 2020 Fair value $ 4,715,608 $ 4,719,462 Carrying value $ 4,706,672 $ 4,706,979 Ground lease liability: See Note 4 for the details of our ground lease. We estimate the fair value of our ground lease liability by calculating the present value of the future lease payments disclosed in Note 4 using our incremental borrowing rate. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs. The table below presents the estimated fair value and carrying value of our ground lease liability: (In thousands) March 31, 2021 December 31, 2020 Fair value $ 10,041 $ 11,865 Carrying value $ 10,867 $ 10,871 Financial instruments measured at fair value Derivative instruments: See Note 10 for the details of our derivatives. We present our derivatives in our consolidated balance sheets at fair value, on a gross basis, excluding accrued interest. We estimate the fair value of our derivative instruments by calculating the credit-adjusted present value of the expected future cash flows of each derivative. The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments to reflect the counterparty's as well as our own non-performance risk. Our derivatives are not subject to master netting arrangements. The table below presents the estimated fair value of our derivatives: (In thousands) March 31, 2021 December 31, 2020 Derivative Liabilities: Fair value - consolidated derivatives (1) $ 137,276 $ 214,016 Fair value - unconsolidated Fund's derivatives (2) $ — $ 137 ____________________________________________________ (1) Consolidated derivatives, which include 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts in our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable in the consolidated balance sheets. (2) The amounts reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Fund in our consolidated balance sheets.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate. The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The table below presents the operating activity of our reportable segments: (In thousands) Three Months Ended March 31, 2021 2020 Office Segment Total office revenues $ 186,643 $ 219,889 Office expenses (62,178) (69,664) Office segment profit 124,465 150,225 Multifamily Segment Total multifamily revenues 29,652 31,461 Multifamily expenses (9,311) (9,356) Multifamily segment profit 20,341 22,105 Total profit from all segments $ 144,806 $ 172,330 The table below presents a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Three Months Ended March 31, 2021 2020 Total profit from all segments $ 144,806 $ 172,330 General and administrative expenses (9,571) (10,335) Depreciation and amortization (92,797) (97,777) Other income 351 1,989 Other expenses (163) (1,396) Income from unconsolidated Fund 167 323 Interest expense (35,205) (35,420) Net income 7,588 29,714 Less: Net loss (income) attributable to noncontrolling interests 4,013 (2,791) Net income attributable to common stockholders $ 11,601 $ 26,923

Future Minimum Lease Rental Rec

Future Minimum Lease Rental Receipts	3 Months Ended
	Mar. 31, 2021
Lessor Disclosure [Abstract]
Future Minimum Lease Rental Receipts	Future Minimum Lease Rental Receipts We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement of certain operating expenses, and we own fee interests in two parcels of land from which we receive rent under ground leases. The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases for our consolidated properties at March 31, 2021: Twelve months ending March 31: (In thousands) 2022 $ 630,718 2023 546,979 2024 440,711 2025 341,943 2026 256,296 Thereafter 586,451 Total future minimum base rentals (1) $ 2,803,098 ___________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight- line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants are not exercised.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal Proceedings From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. Excluding ordinary, routine litigation incidental to our business, we are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations. Concentration of Risk Tenant Receivables We are subject to credit risk with respect to our tenant receivables and deferred rent receivables related to our tenant leases. Our tenants' ability to honor the terms of their respective leases remains dependent upon economic, regulatory and social factors. We seek to minimize our credit risk from our tenant leases by (i) targeting smaller, more affluent tenants, from a diverse mix of industries, (ii) performing credit evaluations of prospective tenants and (iii) obtaining security deposits or letters of credit from our tenants. For the three months ended March 31, 2021 and 2020, no tenant accounted for more than 10% of our total revenues. See Note 2 for the details of our charges to revenue for uncollectible amounts for tenant receivables and deferred rent receivables. Geographic Risk All of our properties, including the properties of our consolidated JVs and unconsolidated Fund, are located in Los Angeles County, California and Honolulu, Hawaii, and we are therefore susceptible to adverse economic and regulatory developments, as well as natural disasters, in those markets. Swap Counterparty Credit Risk We are subject to credit risk with respect to our interest rate swap counterparties that we use to manage the risk associated with our floating rate debt. We do not post or receive collateral with respect to our swap transactions. Our swap contracts do not provide for right of offset between derivative contracts. See Note 10 for the details of our interest rate contracts. We seek to minimize our credit risk by entering into agreements with a variety of counterparties with investment grade ratings. Cash Balances We have significant cash balances invested in a variety of short-term money market funds that are intended to preserve principal value and maintain a high degree of liquidity while providing current income. These investments are not insured against loss of principal and there is no guarantee that our investments in these funds will be redeemable at par value. We also have significant cash balances in bank accounts with high quality financial institutions with investment grade ratings. Interest bearing bank accounts at each U.S. banking institution are insured by the FDIC up to $250 thousand. Asset Retirement Obligations Conditional asset retirement obligations represent a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within our control. A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments have identified thirty-two buildings in our Consolidated Portfolio which contain asbestos, and would have to be removed in compliance with applicable environmental regulations if these properties are demolished or undergo major renovations. As of March 31, 2021, the obligations to remove the asbestos from properties which are currently undergoing major renovations, or that we plan to renovate in the future, are not material to our consolidated financial statements. As of March 31, 2021, the obligations to remove the asbestos from our other properties have indeterminable settlement dates, and we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligations. Development and Other Contracts In West Los Angeles, we are building a high-rise apartment building with 376 apartments. In downtown Honolulu, we are converting a 25 story, 490,000 square foot office tower into approximately 500 apartments in phases over a number of years as the office space is vacated. As of March 31, 2021, we had an aggregate remaining contractual commitment for these and other development projects of approximately $116.5 million. As of March 31, 2021, we had an aggregate remaining contractual commitment for repositionings, capital expenditure projects and tenant improvements of approximately $22.6 million. Guarantees We have made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve- outs for our unconsolidated Fund's debt. Our Fund has agreed to indemnify us for any amounts that we would be required to pay under the debt agreement. As of March 31, 2021, all of the obligations under the related debt agreement have been performed in accordance with the terms of the agreement. The table below summarizes our Fund's debt as of March 31, 2021. The amounts reflect 100%, not our pro-rata share, of the amounts related to our Fund: Fund (1) Loan Maturity Date Principal Balance Variable Interest Rate Partnership X (2)(3) 3/1/2023 $ 104,750 LIBOR + 1.40% ___________________________________________________ (1) See Note 6 for more information regarding our unconsolidated Fund. (2) Floating rate term loan, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. (3) Loan agreement includes a zero-percent LIBOR floor.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are the consolidated financial statements of Douglas Emmett, Inc. and its subsidiaries, including our Operating Partnership and our consolidated JVs. All significant intercompany balances and transactions have been eliminated in our consolidated financial statements. We consolidate entities in which we are considered to be the primary beneficiary of a VIE or have a majority of the voting interest of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of that VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We do not consolidate entities in which the other parties have substantive kick-out rights to remove our power to direct the activities, most significantly impacting the economic performance, of that VIE. In determining whether we are the primary beneficiary, we consider factors such as ownership interest, management representation, authority to control decisions, and contractual and substantive participating rights of each party. We consolidate our Operating Partnership through which we conduct substantially all of our business, and own, directly and through subsidiaries, substantially all of our assets, and are obligated to repay substantially all of our liabilities, including $3.22 billion of consolidated debt. See Note 8. We also consolidate three JVs. As of March 31, 2021, these consolidated entities had aggregate total consolidated assets of $9.25 billion (of which $8.85 billion related to investment in real estate), aggregate total consolidated liabilities of $5.23 billion (of which $4.78 billion related to debt), and aggregate total consolidated equity of $4.02 billion (of which $1.57 billion related to noncontrolling interests).
Basis of Accounting	The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC in conformity with US GAAP as established by the FASB in the ASC. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in conformity with US GAAP may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited interim consolidated financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2020 Annual Report on Form 10-K and the notes thereto. Any references to the number or class of properties, square footage, per square footage amounts, apartment units and geography, are outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the PCAOB.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make certain estimates that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Revenue Recognition	Revenue Recognition Rental revenues and tenant recoveries We account for our rental revenues and tenant recoveries in accordance with Topic 842 "Leases". Rental revenues and tenant recoveries are included in: (i) Rental revenues and tenant recoveries under Office rental, and (ii) Rental revenues under Multifamily rental, in our consolidated statements of operations. In accordance with Topic 842, we perform an assessment as to whether or not substantially all of the amounts due under a tenant’s lease agreement is deemed probable of collection. This assessment involves using a methodology that requires judgment and estimates about matters that are uncertain at the time the estimates are made, including tenant specific factors, specific industry conditions, and general economic trends and conditions. For leases where we have concluded it is probable that we will collect substantially all the lease payments due under those leases, we continue to record lease income on a straight-line basis over the lease term. For leases where we have concluded that it is not probable that we will collect substantially all the lease payments due under those leases, we limit the lease income to the lesser of the income recognized on a straight-line basis or cash basis. If our conclusion of collectibility changes, we will record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to rental revenues and tenant recoveries. We write-off tenant receivables and deferred rent receivables as a charge against rental revenues and tenant recoveries in the period we conclude that substantially all of the lease payments are not probable of collection. If we subsequently collect amounts that were previously written off then the amounts collected are recorded as an increase to our rental revenues and tenant recoveries. Charges for uncollectible tenant receivables and deferred rent receivables, which were primarily due to the impact of the COVID-19 pandemic, reduced our office revenues by $1.8 million and $5.2 million for the three months ended March 31, 2021 and March 31, 2020, respectively. Office parking revenues We account for our office parking revenues in accordance with ASC 606 "Revenue from Contracts with Customers". Office parking revenues are included in Parking and other income under Office rental in our consolidated statements of operations. Our lease contracts generally make a specified number of parking spaces available to the tenant, and we bill and recognize parking revenues on a monthly basis in accordance with the lease agreements, generally using the monthly parking rates in effect at the time of billing. Office parking revenues were $14.8 million and $30.2 million for the three months ended March 31, 2021 and 2020, respectively. Office parking receivables were $1.0 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively, and are included in Tenant receivables in our consolidated balance sheets.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Code. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level tax on the earnings that we derive through our TRS.
New Accounting Pronouncements	New Accounting Pronouncements Changes to US GAAP are implemented by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. As of the date of this Report, the FASB has not issued any ASUs that we expect to be applicable and have a material impact on our consolidated financial statements.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our estimates of the fair value of financial instruments were determined using available market information and widely used valuation methods. Considerable judgment is necessary to interpret market data and determine an estimated fair value. The use of different market assumptions or valuation methods may have a material effect on the estimated fair values. The FASB fair value framework hierarchy distinguishes between assumptions based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market-based inputs. The hierarchy is as follows: Level 1 - inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - inputs are observable either directly or indirectly for similar assets and liabilities in active markets.

Overview (Tables)

Overview (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Properties	As of March 31, 2021, our portfolio (not including two parcels of land from which we receive rent under ground leases), consisted of the following properties (including ancillary retail space): Consolidated Portfolio Total Office Wholly-owned properties 53 53 Consolidated JV properties 16 16 Unconsolidated Fund properties — 2 69 71 Multifamily Wholly-owned properties 11 11 Consolidated JV properties 1 1 12 12 Total 81 83

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of Investment in Real Estate	The table below summarizes our investment in real estate: (In thousands) March 31, 2021 December 31, 2020 Land $ 1,150,821 $ 1,150,821 Buildings and improvements 9,367,439 9,344,653 Tenant improvements and lease intangibles 929,327 928,867 Property under development 293,257 254,297 Investment in real estate, gross $ 11,740,844 $ 11,678,638

Ground Lease (Tables)

Ground Lease (Tables)	3 Months Ended
	Mar. 31, 2021
Lessee Disclosure [Abstract]
Schedule of Future Minimum Ground Lease Payments	The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029, presents the future minimum ground lease payments as of March 31, 2021: Twelve months ending March 31: (In thousands) 2022 $ 733 2023 733 2024 733 2025 733 2026 733 Thereafter 44,529 Total future minimum lease payments $ 48,194

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Acquired Lease Intangibles	Summary of our Acquired Lease Intangibles (In thousands) March 31, 2021 December 31, 2020 Above-market tenant leases $ 6,797 $ 6,848 Above-market tenant leases - accumulated amortization (2,824) (2,618) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (245) (241) Acquired lease intangible assets, net $ 4,880 $ 5,141 Below-market tenant leases $ 74,800 $ 81,934 Below-market tenant leases - accumulated accretion (42,952) (46,711) Acquired lease intangible liabilities, net $ 31,848 $ 35,223
Schedule of Net Amortization or Accretion of Above- and Below-Market Leases	The table below summarizes the net amortization/accretion related to our above- and below-market leases: Three Months Ended March 31, (In thousands) 2021 2020 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 3,118 $ 4,259 Amortization of an above-market ground lease asset (2) (4) (3) Total $ 3,114 $ 4,256 ______________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income.

Investment in Unconsolidated _2

Investment in Unconsolidated Fund (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate Investments, Net [Abstract]
Summary of Statement of Operations for Investments in Unconsolidated Funds and Cash Received from Funds	The table below presents cash distributions we received from our Fund: Three Months Ended March 31, (In thousands) 2021 2020 Operating distributions received $ 164 $ 394 Capital distributions received 194 219 Total distributions received $ 358 $ 613 The tables below present selected financial information for the Fund. The amounts presented reflect 100% (not our pro-rata share) of amounts related to the Fund, and are based upon historical acquired book value: (In thousands) March 31, 2021 December 31, 2020 Total assets $ 128,560 $ 133,617 Total liabilities $ 107,460 $ 112,706 Total equity $ 21,100 $ 20,911 Three Months Ended March 31, (In thousands) 2021 2020 Total revenues $ 4,002 $ 4,602 Operating income $ 1,005 $ 1,522 Net income $ 396 $ 886

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Other Assets [Abstract]
Schedule of Other Assets	(In thousands) March 31, 2021 December 31, 2020 Restricted cash $ 132 $ 132 Prepaid expenses 12,345 13,774 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 2,288 2,358 Other 3,382 3,331 Total other assets $ 20,135 $ 21,583

Secured Notes Payable and Rev_2

Secured Notes Payable and Revolving Credit Facility, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Secured Notes Payable and Revolving Credit Facility	Description Maturity Date (1) Principal Balance as of March 31, 2021 Principal Balance as of December 31, 2020 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (3) 1/1/2024 $ 300,000 $ 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Term loan (3) 3/3/2025 335,000 335,000 LIBOR + 1.30% 3.84% 3/1/2023 Fannie Mae loan (3) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.76% 3/1/2023 Term loan (3) 8/15/2026 415,000 415,000 LIBOR + 1.10% 3.07% 8/1/2025 Term loan (3) 9/19/2026 400,000 400,000 LIBOR + 1.15% 2.44% 9/1/2024 Term loan (3) 9/26/2026 200,000 200,000 LIBOR + 1.20% 2.36% 10/1/2024 Term loan (3)(4) 11/1/2026 400,000 400,000 LIBOR + 1.15% 2.18% 10/1/2024 Fannie Mae loan (3) 6/1/2027 550,000 550,000 LIBOR + 1.37% 3.16% 6/1/2022 Fannie Mae loan (3) 6/1/2029 255,000 255,000 LIBOR + 0.98% 3.26% 6/1/2027 Fannie Mae loan (3) 6/1/2029 125,000 125,000 LIBOR + 0.98% 3.25% 6/1/2027 Term loan (5) 6/1/2038 29,919 30,112 N/A 4.55% N/A Revolving credit facility (6) 8/21/2023 105,000 75,000 LIBOR + 1.15% N/A N/A Total Wholly Owned Subsidiary Debt 3,217,319 3,187,512 Consolidated JVs Term loan (3)(7) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.17% 6/1/2025 Term loan (3) 12/19/2024 400,000 400,000 LIBOR + 1.30% 3.47% 1/1/2023 Term loan (3)(8) 5/15/2027 450,000 450,000 LIBOR + 1.35% 3.04% 4/1/2025 Term loan (3) 6/1/2029 160,000 160,000 LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (9) 4,807,319 4,777,512 Unamortized loan premium, net (10) 4,353 4,467 Unamortized deferred loan costs, net (11) (35,678) (37,012) Total Consolidated Debt, net $ 4,775,994 $ 4,744,967 _______________________________________________________________________ Except as noted below, our loans and revolving credit facility: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extensions require us to meet minimum financial thresholds in order to exercise those extensions. (1) Maturity dates include the effect of extension options. (2) Effective rate as of March 31, 2021. Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 10 for details of our interest rate swaps. See below for details of our loan costs. (3) The loan agreement includes a zero-percent LIBOR floor. The corresponding swaps do not include such a floor. (4) Effective rate will increase to 2.31% on July 1, 2021. (5) Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule. (6) $400.0 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%. The facility has a zero-percent LIBOR floor. (7) Swaps expired during the first quarter of 2021 and were replaced by forward swaps executed in 2020, which reduced the swap-fixed rate from 2.37% to 2.17%. (8) The effective rate will decrease to 2.26% on July 1, 2022. (9) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures. (10) Balances are net of accumulated amortization of $2.9 million and $2.7 million at March 31, 2021 and December 31, 2020, respectively. (11) Balances are net of accumulated amortization of $40.2 million and $38.3 million at March 31, 2021 and December 31, 2020, respectively. Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2021 Principal Balance as of December 31, 2020 Aggregate swapped to fixed rate loans $ 4,672,400 $ 4,672,400 Aggregate fixed rate loans 29,919 30,112 Aggregate floating rate loans 105,000 75,000 Total Debt $ 4,807,319 $ 4,777,512 The table below summarizes certain consolidated debt statistics as of March 31, 2021: Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.70 Weighted average remaining life (including extension options) 5.1 years Weighted average remaining fixed interest period 3.1 years Weighted average annual interest rate 2.99%
Schedule of Future Minimum Principal Payments Due on Secured Notes Payable and Revolving Credit Facility	At March 31, 2021, the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows: Twelve months ending March 31: Including Maturity Extension Options (1) (In thousands) 2022 $ 796 2023 580,833 2024 405,871 2025 735,912 2026 103,354 Thereafter 2,980,553 Total future principal payments $ 4,807,319 ________________________________________________ (1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Schedule of Loan Costs and Amortization of Deferred Loan Costs	The table below presents loan premium and loan costs, which are included in Interest expense in our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2021 2020 Loan premium amortized and written off $ (113) $ (215) Deferred loan costs amortized and written off 2,021 1,876 Total $ 1,908 $ 1,661

Interest Payable, Accounts Pa_2

Interest Payable, Accounts Payable and Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Interest Payable, Accounts Payable and Deferred Revenue	(In thousands) March 31, 2021 December 31, 2020 Interest payable $ 12,077 $ 12,199 Accounts payable and accrued liabilities 112,090 81,595 Deferred revenue 46,451 50,550 Total interest payable, accounts payable and deferred revenue $ 170,618 $ 144,344

Derivative Contracts (Tables)

Derivative Contracts (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Derivatives	As of March 31, 2021, our interest rate swaps, which include the interest rate swaps of our consolidated JVs, were designated as cash flow hedges: Number of Interest Rate Swaps Notional Consolidated derivatives (1)(2)(3)(4) 36 $ 4,717,400 ___________________________________________________ (1) The notional amount reflects 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount includes four swaps with a combined initial notional amount of $90.0 million which will increase to $850.0 million in the future to replace existing swaps as they expire. (3) Our derivative contracts do not provide for right of offset between derivative contracts. (4) See Note 13 for our derivative fair value disclosures.
Schedule of Fair Value of Interest Rate Swap Contract Liabilities	The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2021 December 31, 2020 Consolidated derivatives (1) $ 145,725 $ 225,166 Unconsolidated Fund's derivative (2) $ — $ 208 ___________________________________________________ (1) The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The amounts reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivative.
Effect of Derivative Instruments on Consolidated Statements of Operations	The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations: (In thousands) Three Months Ended March 31, 2021 2020 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gains (losses) recorded in AOCI before reclassifications (1) $ 58,346 $ (206,597) Losses (gains) reclassified from AOCI to Interest Expense (1) $ 18,078 $ (420) Interest Expense presented in the consolidated statements of operations $ (35,205) $ (35,420) Unconsolidated Fund's derivative (our share) (2) : Losses recorded in AOCI before reclassifications (1) $ (1) $ (370) Losses (gains) reclassified from AOCI to Income from unconsolidated Fund (1) $ 46 $ (72) Income from unconsolidated Fund presented in the consolidated statements of operations $ 167 $ 323 ___________________________________________________ (1) See Note 11 for our AOCI reconciliation. (2) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund.
Schedule of Future Reclassifications from AOCI	At March 31, 2021, our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next twelve months as interest rate swap payments are made is as follows: (In thousands) Consolidated derivatives: Losses to be reclassified from AOCI to Interest Expense $ (70,510)

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity Note [Abstract]
Schedule of Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests	The table below presents the effect on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Three Months Ended March 31, (In thousands) 2021 2020 Net income attributable to common stockholders $ 11,601 $ 26,923 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 109 90 Repurchase of OP Units from noncontrolling interests (48) (4) Net transfers from noncontrolling interests 61 86 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 11,662 $ 27,009
Schedule of Accumulated Other Comprehensive Income (Loss)	The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Three Months Ended March 31, (In thousands) 2021 2020 Beginning balance $ (148,035) $ (17,462) Consolidated derivatives: Other comprehensive income (loss) before reclassifications 58,346 (206,597) Reclassification of loss (gain) from AOCI to Interest Expense 18,078 (420) Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive loss before reclassifications (1) (370) Reclassification of loss (gain) from AOCI to Income from unconsolidated Fund 46 (72) Net current period OCI 76,469 (207,459) OCI attributable to noncontrolling interests (25,766) 59,049 OCI attributable to common stockholders 50,703 (148,410) Ending balance $ (97,332) $ (165,872) ___________________________________________________ (1) See Note 10 for the details of our derivatives and Note 13 for our derivative fair value disclosures. (2) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund.
Schedule of Stock-based Compensation Expense	The table below presents our stock-based compensation expense: Three Months Ended March 31, (In thousands) 2021 2020 Stock-based compensation expense, net $ 2,694 $ 2,941 Capitalized stock-based compensation $ 715 $ 859

EPS (Tables)

EPS (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below presents the calculation of basic and diluted EPS: Three Months Ended March 31, 2021 2020 Numerator (In thousands): Net income attributable to common stockholders $ 11,601 $ 26,923 Allocation to participating securities: Unvested LTIP Units (219) (106) Net income attributable to common stockholders - basic and diluted $ 11,382 $ 26,817 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 175,464 175,373 Net income per common share - basic and diluted $ 0.06 $ 0.15 ____________________________________________________ (1) Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The table below presents the weighted average OP Units and vested LTIP Units outstanding for the respective periods: Three Months Ended March 31, (In thousands) 2021 2020 OP Units 28,203 28,295 Vested LTIP Units 1,871 799

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Value and Carrying Value of Liabilities	The table below presents the estimated fair value and carrying value of our secured notes payable (excluding our revolving credit facility), the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees: (In thousands) March 31, 2021 December 31, 2020 Fair value $ 4,715,608 $ 4,719,462 Carrying value $ 4,706,672 $ 4,706,979 (In thousands) March 31, 2021 December 31, 2020 Fair value $ 10,041 $ 11,865 Carrying value $ 10,867 $ 10,871
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents the estimated fair value of our derivatives: (In thousands) March 31, 2021 December 31, 2020 Derivative Liabilities: Fair value - consolidated derivatives (1) $ 137,276 $ 214,016 Fair value - unconsolidated Fund's derivatives (2) $ — $ 137 ____________________________________________________ (1) Consolidated derivatives, which include 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts in our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable in the consolidated balance sheets. (2) The amounts reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Fund in our consolidated balance sheets.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Operating Activity of Reportable Segments	The table below presents the operating activity of our reportable segments: (In thousands) Three Months Ended March 31, 2021 2020 Office Segment Total office revenues $ 186,643 $ 219,889 Office expenses (62,178) (69,664) Office segment profit 124,465 150,225 Multifamily Segment Total multifamily revenues 29,652 31,461 Multifamily expenses (9,311) (9,356) Multifamily segment profit 20,341 22,105 Total profit from all segments $ 144,806 $ 172,330
Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders	The table below presents a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Three Months Ended March 31, 2021 2020 Total profit from all segments $ 144,806 $ 172,330 General and administrative expenses (9,571) (10,335) Depreciation and amortization (92,797) (97,777) Other income 351 1,989 Other expenses (163) (1,396) Income from unconsolidated Fund 167 323 Interest expense (35,205) (35,420) Net income 7,588 29,714 Less: Net loss (income) attributable to noncontrolling interests 4,013 (2,791) Net income attributable to common stockholders $ 11,601 $ 26,923

Future Minimum Lease Rental R_2

Future Minimum Lease Rental Receipts (Tables)	3 Months Ended
	Mar. 31, 2021
Lessor Disclosure [Abstract]
Schedule of Future Minimum Base Rentals on Non-Cancelable Office and Ground Operating Leases	The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases for our consolidated properties at March 31, 2021: Twelve months ending March 31: (In thousands) 2022 $ 630,718 2023 546,979 2024 440,711 2025 341,943 2026 256,296 Thereafter 586,451 Total future minimum base rentals (1) $ 2,803,098 ___________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight- line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants are not exercised.

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Debt Related to Unconsolidated Funds	The table below summarizes our Fund's debt as of March 31, 2021. The amounts reflect 100%, not our pro-rata share, of the amounts related to our Fund: Fund (1) Loan Maturity Date Principal Balance Variable Interest Rate Partnership X (2)(3) 3/1/2023 $ 104,750 LIBOR + 1.40% ___________________________________________________ (1) See Note 6 for more information regarding our unconsolidated Fund. (2) Floating rate term loan, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. (3) Loan agreement includes a zero-percent LIBOR floor.

Overview - Narrative (Details)

Overview - Narrative (Details) $ in Thousands, ft² in Millions	Mar. 31, 2021USD ($)ft²unitjoint_ventureland_parcel	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)ft²	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Consolidated debt	$ 4,807,319	$ 4,777,512
Number of joint ventures consolidated | joint_venture	3
Consolidated assets	$ 9,249,737	9,250,825
Consolidated investment in real estate	8,850,908	8,862,445
Consolidated liabilities	5,229,212	5,254,806
Consolidated liabilities related to debt	4,775,994	4,744,967
Consolidated equity	4,020,525	3,996,019	$ 4,129,707	$ 4,370,934
Consolidated equity related to noncontrolling interest	$ 1,570,200	1,558,928
Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Number of land parcels subject to ground lease | land_parcel	2
Wholly owned and Consolidated properties | Office
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	17.8
Wholly owned and Consolidated properties | Multifamily
Real Estate Properties [Line Items]
Number of multifamily apartment units | unit	4,325
Unconsolidated Fund properties | Office
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	0.4		0.4
Subsidiaries
Real Estate Properties [Line Items]
Consolidated debt	$ 3,217,319	$ 3,187,512
Consolidated entities
Real Estate Properties [Line Items]
Consolidated assets	9,250,000
Consolidated investment in real estate	8,850,000
Consolidated liabilities	5,230,000
Consolidated liabilities related to debt	4,780,000
Consolidated equity	4,020,000
Consolidated equity related to noncontrolling interest	$ 1,570,000

Overview - Schedule of Properti

Overview - Schedule of Properties Portfolio (Details)	Mar. 31, 2021property	Mar. 31, 2021office_property	Mar. 31, 2020office_property
Real Estate Properties [Line Items]
Number of properties	83
Office
Real Estate Properties [Line Items]
Number of properties	71
Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	53
Office | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	16
Office | Unconsolidated Fund properties
Real Estate Properties [Line Items]
Number of properties	2	2	2
Multifamily
Real Estate Properties [Line Items]
Number of properties	12
Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	11
Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	1
Consolidated Portfolio
Real Estate Properties [Line Items]
Number of properties	81
Consolidated Portfolio | Office
Real Estate Properties [Line Items]
Number of properties	69
Consolidated Portfolio | Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	53
Consolidated Portfolio | Office | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	16
Consolidated Portfolio | Office | Unconsolidated Fund properties
Real Estate Properties [Line Items]
Number of properties	0
Consolidated Portfolio | Multifamily
Real Estate Properties [Line Items]
Number of properties	12
Consolidated Portfolio | Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	11
Consolidated Portfolio | Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Charge for uncollectible amounts	$ 1.8	$ 5.2
Office parking revenue	14.8	$ 30.2
Office parking receivables	$ 1		$ 0.6

Investment in Real Estate - Inv

Investment in Real Estate - Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment in real estate
Land	$ 1,150,821	$ 1,150,821
Buildings and improvements	9,367,439	9,344,653
Tenant improvements and lease intangibles	929,327	928,867
Property under development	293,257	254,297
Investment in real estate, gross	$ 11,740,844	$ 11,678,638

Ground Lease - Narrative (Detai

Ground Lease - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Lessee Disclosure [Abstract]
Fixed rent payments due per year on ground lease	$ 733
Ground lease right-of-use asset	7,469		$ 7,472
Ground lease liability	10,867		$ 10,871
Ground rent expense	$ 182	$ 182

Ground Lease - Future Minimum G

Ground Lease - Future Minimum Ground Lease Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Future minimum ground lease payments for twelve months ending June 30:
2022	$ 733
2023	733
2024	733
2025	733
2026	733
Thereafter	44,529
Total future minimum lease payments	$ 48,194

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 4,880	$ 5,141
Acquired lease intangible liabilities, net	31,848	35,223
Above Market Tenant Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	6,797	6,848
Accumulated amortization	(2,824)	(2,618)
Above Market Ground Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	1,152	1,152
Accumulated amortization	(245)	(241)
Below Market Tenant Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market tenant leases	74,800	81,934
Below-market tenant leases - accumulated accretion	$ (42,952)	$ (46,711)

Acquired Lease Intangibles - Im

Acquired Lease Intangibles - Impact on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization/accretion of above/below-market leases	$ 3,114	$ 4,256
Rental revenues | Tenant Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization/accretion of above/below-market leases	3,118	4,259
Office parking and other income | Above Market Ground Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization/accretion of above/below-market leases	$ (4)	$ (3)

Investment in Unconsolidated _3

Investment in Unconsolidated Fund - Narrative (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)ft²office_property	Mar. 31, 2021property	Mar. 31, 2021	Mar. 31, 2021office_property
Schedule of Equity Method Investments [Line Items]
Number of properties | property			83
Acquisition of additional interests in unconsolidated Fund | $	$ 0	$ 6,591
Percentage of amounts related to the Fund				100.00%
Partnership X
Schedule of Equity Method Investments [Line Items]
Equity interest of the Fund (percent)		33.50%		33.50%
Fund X
Schedule of Equity Method Investments [Line Items]
Purchase of additional equity interest (percent)		3.60%
Acquisition of additional interests in unconsolidated Fund | $		$ 6,600
Office Buildings
Schedule of Equity Method Investments [Line Items]
Number of properties | property			71
Office Buildings | Unconsolidated Fund properties
Schedule of Equity Method Investments [Line Items]
Number of properties		2	2		2
Area of real estate portfolio (sq ft) | ft²	0.4	0.4

Investment in Unconsolidated _4

Investment in Unconsolidated Fund - Summary of Cash Distributions Received from Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Real Estate Investments, Net [Abstract]
Operating distributions received	$ 164	$ 394
Capital distributions received	194	219
Total distributions received	$ 358	$ 613

Investment in Unconsolidated _5

Investment in Unconsolidated Fund - Selected Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Balance Sheet
Total assets	$ 9,249,737		$ 9,250,825
Total liabilities	5,229,212		5,254,806
Total equity	2,450,325		2,437,091
Statement of Operations
Total revenues	216,295	$ 251,350
Net income	11,601	26,923
Unconsolidated Funds
Balance Sheet
Total assets	128,560		133,617
Total liabilities	107,460		112,706
Total equity	21,100		$ 20,911
Statement of Operations
Total revenues	4,002	4,602
Operating income	1,005	1,522
Net income	$ 396	$ 886

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Other Assets [Abstract]
Restricted cash, balance sheet line item	Total other assets	Total other assets
Restricted cash	$ 132	$ 132	$ 121
Prepaid expenses	12,345	13,774
Other indefinite-lived intangibles	1,988	1,988
Furniture, fixtures and equipment, net	2,288	2,358
Other	3,382	3,331
Total other assets	$ 20,135	$ 21,583

Secured Notes Payable and Rev_3

Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Secured Notes Payable and Revolving Credit Facility (Details)	3 Months Ended
	Mar. 31, 2021USD ($)property	Jul. 01, 2022	Jul. 01, 2021	Dec. 31, 2020USD ($)	Mar. 31, 2020
Debt Instrument [Line Items]
Principal balance	$ 4,807,319,000			$ 4,777,512,000
Unamortized loan premium, net	4,353,000			4,467,000
Unamortized deferred loan costs, net	(35,678,000)			(37,012,000)
Total Consolidated Debt, net	$ 4,775,994,000			4,744,967,000
Minimum number of separate collateral pools used to secure loans | property	1
Loan premium accumulated amortization	$ 2,900,000			2,700,000
Accumulated amortization on deferred loan costs	$ 40,200,000			38,300,000
Secured Debt | LIBOR
Debt Instrument [Line Items]
Loan agreement LIBOR floor	0.00%
Secured Debt | Term Loan at 4.55% Jun 01 2038
Debt Instrument [Line Items]
Principal amortization period (in years)	30 years
Floating rate term loan | Partnership X
Debt Instrument [Line Items]
Maturity date	Mar. 1, 2023
Principal balance	$ 104,750,000
Loan agreement LIBOR floor	0.00%
Floating rate term loan | LIBOR | Partnership X
Debt Instrument [Line Items]
Variable Interest Rate	1.40%
Wholly Owned Subsidiaries
Debt Instrument [Line Items]
Principal balance	$ 3,217,319,000			3,187,512,000
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.46% Jan 01 2024
Debt Instrument [Line Items]
Maturity date	Jan. 1, 2024
Principal balance	$ 300,000,000			300,000,000
Fixed interest rate	3.46%
Swap Maturity Date	Jan. 1, 2022
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.46% Jan 01 2024 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.55%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.84% Mar 03 2025
Debt Instrument [Line Items]
Maturity date	Mar. 3, 2025
Principal balance	$ 335,000,000			335,000,000
Fixed interest rate	3.84%
Swap Maturity Date	Mar. 1, 2023
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.84% Mar 03 2025 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.30%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.76% Apr 01 2025
Debt Instrument [Line Items]
Maturity date	Apr. 1, 2025
Principal balance	$ 102,400,000			102,400,000
Fixed interest rate	2.76%
Swap Maturity Date	Mar. 1, 2023
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.76% Apr 01 2025 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.25%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.07% Aug 15 2026
Debt Instrument [Line Items]
Maturity date	Aug. 15, 2026
Principal balance	$ 415,000,000			415,000,000
Fixed interest rate	3.07%
Swap Maturity Date	Aug. 1, 2025
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.07% Aug 15 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.10%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.44% Sep 19 2026
Debt Instrument [Line Items]
Maturity date	Sep. 19, 2026
Principal balance	$ 400,000,000			400,000,000
Fixed interest rate	2.44%
Swap Maturity Date	Sep. 1, 2024
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.44% Sep 19 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.36% Sep 26 2026
Debt Instrument [Line Items]
Maturity date	Sep. 26, 2026
Principal balance	$ 200,000,000			200,000,000
Fixed interest rate	2.36%
Swap Maturity Date	Oct. 1, 2024
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.36% Sep 26 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.20%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026
Debt Instrument [Line Items]
Maturity date	Nov. 1, 2026
Principal balance	$ 400,000,000			400,000,000
Fixed interest rate	2.18%
Swap Maturity Date	Oct. 1, 2024
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.16% Jun 01 2027
Debt Instrument [Line Items]
Maturity date	Jun. 1, 2027
Principal balance	$ 550,000,000			550,000,000
Fixed interest rate	3.16%
Swap Maturity Date	Jun. 1, 2022
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.16% Jun 01 2027 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.37%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.26% Jun 01 2029
Debt Instrument [Line Items]
Maturity date	Jun. 1, 2029
Principal balance	$ 255,000,000			255,000,000
Fixed interest rate	3.26%
Swap Maturity Date	Jun. 1, 2027
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.26% Jun 01 2029 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.25% Jun 01 2029
Debt Instrument [Line Items]
Maturity date	Jun. 1, 2029
Principal balance	$ 125,000,000			125,000,000
Fixed interest rate	3.25%
Swap Maturity Date	Jun. 1, 2027
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.25% Jun 01 2029 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 4.55% Jun 01 2038
Debt Instrument [Line Items]
Maturity date	Jun. 1, 2038
Principal balance	$ 29,919,000			30,112,000
Fixed interest rate	4.55%
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023
Debt Instrument [Line Items]
Maturity date	Aug. 21, 2023
Principal balance	$ 105,000,000			75,000,000
Loan agreement LIBOR floor	0.00%
Maximum borrowing capacity	$ 400,000,000
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | Minimum
Debt Instrument [Line Items]
Unused commitment fees (as a percent)	0.10%
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | Maximum
Debt Instrument [Line Items]
Unused commitment fees (as a percent)	0.15%
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Consolidated JV | Secured Debt | Term Loan at 2.17% Feb 28 2023
Debt Instrument [Line Items]
Maturity date	Feb. 28, 2023
Principal balance	$ 580,000,000			580,000,000
Fixed interest rate	2.17%				2.37%
Swap Maturity Date	Jun. 1, 2025
Consolidated JV | Secured Debt | Term Loan at 2.17% Feb 28 2023 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.40%
Consolidated JV | Secured Debt | Term Loan at 3.47% Dec 19 2024
Debt Instrument [Line Items]
Maturity date	Dec. 19, 2024
Principal balance	$ 400,000,000			400,000,000
Fixed interest rate	3.47%
Swap Maturity Date	Jan. 1, 2023
Consolidated JV | Secured Debt | Term Loan at 3.47% Dec 19 2024 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.30%
Consolidated JV | Secured Debt | Term Loan at 3.04% May 15 2027
Debt Instrument [Line Items]
Maturity date	May 15, 2027
Principal balance	$ 450,000,000			450,000,000
Fixed interest rate	3.04%
Swap Maturity Date	Apr. 1, 2025
Consolidated JV | Secured Debt | Term Loan at 3.04% May 15 2027 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.35%
Consolidated JV | Secured Debt | Term Loan at 3.25% Jun 01 2029
Debt Instrument [Line Items]
Maturity date	Jun. 1, 2029
Principal balance	$ 160,000,000			$ 160,000,000
Fixed interest rate	3.25%
Swap Maturity Date	Jul. 1, 2027
Consolidated JV | Secured Debt | Term Loan at 3.25% Jun 01 2029 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Forecast | Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026
Debt Instrument [Line Items]
Fixed interest rate			2.31%
Forecast | Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.04% May 15 2027
Debt Instrument [Line Items]
Fixed interest rate		2.26%

Secured Notes Payable and Rev_4

Secured Notes Payable and Revolving Credit Facility, Net - Debt by Type (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Principal balance	$ 4,807,319	$ 4,777,512
Aggregate swapped to fixed rate loans
Debt Instrument [Line Items]
Principal balance	4,672,400	4,672,400
Aggregate fixed rate loans
Debt Instrument [Line Items]
Principal balance	29,919	30,112
Aggregate floating rate loans
Debt Instrument [Line Items]
Principal balance	$ 105,000	$ 75,000

Secured Notes Payable and Rev_5

Secured Notes Payable and Revolving Credit Facility, Net - Debt Statistics (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
Principal balance	$ 4,700,000
Weighted average remaining life (including extension options)	5 years 1 month 6 days
Weighted average remaining fixed interest period	3 years 1 month 6 days
Weighted average annual interest rate	2.99%

Secured Notes Payable and Rev_6

Secured Notes Payable and Revolving Credit Facility, Net - Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Minimum Future Principal Payments Due
2022	$ 796
2023	580,833
2024	405,871
2025	735,912
2026	103,354
Thereafter	2,980,553
Total future principal payments	$ 4,807,319	$ 4,777,512

Secured Notes Payable and Rev_7

Secured Notes Payable and Revolving Credit Facility, Net - Loan Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Loan Costs Included In Interest Expense
Loan premium amortized and written off	$ (113)	$ (215)
Deferred loan costs amortized and written off	2,021	1,876
Interest Expense
Loan Costs Included In Interest Expense
Loan premium amortized and written off	(113)	(215)
Deferred loan costs amortized and written off	2,021	1,876
Total	$ 1,908	$ 1,661

Interest Payable, Accounts Pa_3

Interest Payable, Accounts Payable and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Interest payable	$ 12,077	$ 12,199
Accounts payable and accrued liabilities	112,090	81,595
Deferred revenue	46,451	50,550
Total interest payable, accounts payable and deferred revenue	$ 170,618	$ 144,344

Derivative Contracts - Derivati

Derivative Contracts - Derivative Summary (Details)	Mar. 31, 2021USD ($)instrument
Derivative [Line Items]
Percentage of notional amount disclosed	100.00%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging
Derivative [Line Items]
Number of Interest Rate Swaps | instrument	36
Notional	$ 4,717,400,000
Percentage of notional amount disclosed	100.00%
Swaps with increasing notional value | Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging
Derivative [Line Items]
Number of Interest Rate Swaps | instrument	4
Notional	$ 90,000,000
Future notional	$ 850,000,000

Derivative Contracts - Credit-r

Derivative Contracts - Credit-risk related Contingent Features (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Percentage of notional amount disclosed	100.00%
Unconsolidated Funds
Derivative Instruments, Gain (Loss) [Line Items]
Percentage of notional amount disclosed	100.00%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Fair value derivatives in net liability position	$ 145,725	$ 225,166
Percentage of notional amount disclosed	100.00%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | Unconsolidated Funds
Derivative Instruments, Gain (Loss) [Line Items]
Fair value derivatives in net liability position	$ 0	$ 208
Percentage of notional amount disclosed	100.00%

Derivative Contracts - Impact o

Derivative Contracts - Impact of Hedges on AOCI and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Loss recorded in AOCI before reclassifications	$ 58,346	$ (206,597)
Interest Expense presented in the consolidated statements of operations	(35,205)	(35,420)
Income from unconsolidated Fund presented in the consolidated statements of operations	167	323
Unconsolidated Funds
Derivative [Line Items]
Loss recorded in AOCI before reclassifications	(1)	(370)
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Loss recorded in AOCI before reclassifications	58,346	(206,597)
Loss (gain) reclassified from AOCI	18,078	(420)
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Unconsolidated Funds
Derivative [Line Items]
Loss recorded in AOCI before reclassifications	(1)	(370)
Loss (gain) reclassified from AOCI	$ 46	$ (72)

Derivative Contracts - Future R

Derivative Contracts - Future Reclassifications from AOCI (Details) $ in Thousands	Mar. 31, 2021USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Losses to be reclassified from AOCI	$ (70,510)

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Number common shares issued in exchange for equal number of OP units (in shares)	7,000	5,000
Number of OP units and fully-vested LTIP units redeemed (in shares)	3,548	150
Cash paid for repurchase OP units	$ 105	$ 7
Outstanding common stock (in shares)	175,470,658		175,463,887
Number of shares of common stock issued upon redemption of one OP unit (in shares)	1
Operating Partnership
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests ownership in the operating partnership (in shares)	30,100,000
Noncontrolling interests ownership in the operating partnership (percent)	15.00%
Outstanding common stock (in shares)	175,500,000

Equity - Changes in Ownership I

Equity - Changes in Ownership Interest in Operating Partnership (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Net income attributable to common stockholders	$ 11,601	$ 26,923
Transfers from noncontrolling interests:
Exchange of OP Units with noncontrolling interests	109	90
Repurchase of OP Units from noncontrolling interests	(48)	(4)
Net transfers from noncontrolling interests	61	86
Change from net income attributable to common stockholders and transfers from noncontrolling interests	$ 11,662	$ 27,009

Equity - AOCI Reconciliation (D

Equity - AOCI Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 3,996,019	$ 4,370,934
Other comprehensive income (loss) before reclassifications	58,346	(206,597)
Reclassification of loss (gain) from AOCI to Interest Expense	18,078	(420)
Net current period OCI	76,469	(207,459)
OCI attributable to noncontrolling interests	(25,766)	59,049
OCI attributable to common stockholders	50,703	(148,410)
Ending balance	4,020,525	4,129,707
Unconsolidated Funds
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	(1)	(370)
Reclassification of loss (gain) from AOCI to Interest Expense	46	(72)
AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(148,035)	(17,462)
Ending balance	$ (97,332)	$ (165,872)

Equity - Equity Compensation (D

Equity - Equity Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Stock-based compensation expense, net	$ 2,694	$ 2,941
Capitalized stock-based compensation	$ 715	$ 859

EPS (Details)

EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 11,601	$ 26,923
Allocation to participating securities: Unvested LTIP Units	(219)	(106)
Net income attributable to common stockholders - basic and diluted	$ 11,382	$ 26,817
Weighted average shares of common stock outstanding - basic and diluted (in shares)	175,464,000	175,373,000
Net income per common share – basic and diluted (usd per share)	$ 0.06	$ 0.15
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares of common stock issued upon exchange of one OP unit or one vested LTIP unit (in shares)	1	1
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares)	28,203,000	28,295,000
Vested LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares)	1,871,000	799,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Disclosed at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ground lease liability	$ 10,867	$ 10,871
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	4,715,608	4,719,462
Ground lease liability	10,041	11,865
Carrying value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	4,706,672	4,706,979
Ground lease liability	$ 10,867	$ 10,871

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative Liabilities:
Fair value - derivatives	$ 137,276	$ 214,016
Percentage of notional amount disclosed	100.00%
Unconsolidated Funds
Derivative Liabilities:
Percentage of notional amount disclosed	100.00%
Level 2
Derivative Liabilities:
Fair value - derivatives	$ 137,276	214,016
Level 2 | Unconsolidated Funds
Derivative Liabilities:
Fair value - derivatives	$ 0	$ 137

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Segment Reporting - Operating A

Segment Reporting - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Total revenues	$ 216,295	$ 251,350
Segment profit	144,806	172,330
Office Segment
Segment Reporting Information [Line Items]
Total revenues	186,643	219,889
Expenses	(62,178)	(69,664)
Segment profit	124,465	150,225
Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	29,652	31,461
Expenses	(9,311)	(9,356)
Segment profit	$ 20,341	$ 22,105

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Total profit from all segments	$ 144,806	$ 172,330
General and administrative expenses	(9,571)	(10,335)
Depreciation and amortization	(92,797)	(97,777)
Other income	351	1,989
Other Expenses	(163)	(1,396)
Income from unconsolidated Fund	167	323
Interest expense	(35,205)	(35,420)
Net income	7,588	29,714
Less: Net loss (income) attributable to noncontrolling interests	4,013	(2,791)
Net income attributable to common stockholders	$ 11,601	$ 26,923

Future Minimum Lease Rental R_3

Future Minimum Lease Rental Receipts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)land_parcel
Future minimum base rentals to be received for twelve months ending June 30:
2022	$ 630,718
2023	546,979
2024	440,711
2025	341,943
2026	256,296
Thereafter	586,451
Total future minimum base rentals	$ 2,803,098
Future minimum payments receivable maximum term	1 year
Wholly-owned properties
Lessor, Lease, Description [Line Items]
Number of land parcels subject to ground lease | land_parcel	2

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Narrative (Details) ft² in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)ft²buildingapartment
Other Commitments [Line Items]
Number of buildings containing asbestos | building	32
Development Projects
Other Commitments [Line Items]
Aggregate remaining contractual commitment | $	$ 116.5
Development Projects | California
Other Commitments [Line Items]
Number of apartments under construction | apartment	376
Development Projects | Hawaii
Other Commitments [Line Items]
Number of apartments under construction | apartment	500
Retail square footage (sq ft) | ft²	490
Repositionings, Capital Expenditure Projects, and Tenant Improvements
Other Commitments [Line Items]
Aggregate remaining contractual commitment | $	$ 22.6

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Debt Related to Unconsolidated Funds (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Percentage of amounts related to the Fund	100.00%
Principal balance	$ 4,807,319	$ 4,777,512
Unconsolidated Funds
Debt Instrument [Line Items]
Percentage of amounts related to the Fund	100.00%
Subsidiaries
Debt Instrument [Line Items]
Principal balance	$ 3,217,319	3,187,512
Line of Credit | Subsidiaries | Revolving Credit Facility with Maturity Aug 21 2023
Debt Instrument [Line Items]
Loan Maturity Date	Aug. 21, 2023
Principal balance	$ 105,000	$ 75,000
Loan agreement LIBOR floor	0.00%
Line of Credit | LIBOR | Subsidiaries | Revolving Credit Facility with Maturity Aug 21 2023
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Partnership X | Floating rate term loan
Debt Instrument [Line Items]
Loan Maturity Date	Mar. 1, 2023
Principal balance	$ 104,750
Number of properties to secure loan | property	2
Loan agreement LIBOR floor	0.00%
Partnership X | Floating rate term loan | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.40%