Douglas Emmett (DEI) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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
Common Shares Outstanding		169,809,682
Entity Central Index Key	0001364250
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Investment in real estate, gross	$ 12,317,670	$ 12,292,973
Less: accumulated depreciation and amortization	(3,367,802)	(3,299,365)
Investment in real estate, net	8,949,868	8,993,608
Ground lease right-of-use asset	7,452	7,455
Cash and cash equivalents	301,979	268,837
Tenant receivables	4,818	6,879
Deferred rent receivables	114,853	114,980
Acquired lease intangible assets, net	3,388	3,536
Interest rate contract assets	218,298	270,234
Investment in unconsolidated Fund	47,263	47,976
Other assets	29,791	33,941
Total Assets	9,677,710	9,747,446
Liabilities
Secured notes payable and revolving credit facility, net	5,193,005	5,191,893
Ground lease liability	10,843	10,848
Interest payable, accounts payable and deferred revenue	165,873	140,925
Security deposits	61,727	61,429
Acquired lease intangible liabilities, net	28,179	31,364
Interest rate contract liabilities	1,135	1,790
Dividends payable	33,142	33,414
Total Liabilities	5,493,904	5,471,663
Douglas Emmett, Inc. stockholders' equity:
Common Stock, $0.01 par value, 750,000,000 authorized, 174,374,493 and 175,809,682 outstanding at March 31, 2023 and December 31, 2022, respectively	1,744	1,758
Additional paid-in capital	3,476,811	3,493,307
Accumulated other comprehensive income	151,076	187,063
Accumulated deficit	(1,134,472)	(1,119,714)
Total Douglas Emmett, Inc. stockholders' equity	2,495,159	2,562,414
Noncontrolling interests	1,688,647	1,713,369
Total Equity	4,183,806	4,275,783
Total Liabilities and Equity	$ 9,677,710	$ 9,747,446

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	750,000,000	750,000,000
Common Stock, outstanding (in shares)	174,374,493	175,809,682

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 252,393	$ 238,882
Operating Expenses
General and administrative expenses	10,940	11,240
Depreciation and amortization	93,176	89,365
Total operating expenses	193,772	178,152
Other income	3,283	367
Other expenses	(520)	(183)
Income from unconsolidated Fund	289	247
Interest expense	(45,511)	(34,902)
Net income	16,162	26,259
Net loss (income) attributable to noncontrolling interests	2,211	(745)
Net income attributable to common stockholders	$ 18,373	$ 25,514
Net income per common share - basic (in usd per share)	$ 0.10	$ 0.14
Net income per common share – diluted (in usd per share)	$ 0.10	$ 0.14
Office rental
Revenues
Total revenues	$ 203,358	$ 203,140
Operating Expenses
Operating expenses	72,768	67,374
Office rental | Rental revenues and tenant recoveries
Revenues
Total revenues	176,345	180,427
Office rental | Parking and other income
Revenues
Total revenues	27,013	22,713
Multifamily rental
Revenues
Total revenues	49,035	35,742
Operating Expenses
Operating expenses	16,888	10,173
Multifamily rental | Parking and other income
Revenues
Total revenues	5,062	4,514
Multifamily rental | Rental revenues
Revenues
Total revenues	$ 43,973	$ 31,228

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 16,162	$ 26,259
Other comprehensive (loss) income: cash flow hedges	(51,897)	174,434
Comprehensive (loss) income	(35,735)	200,693
Comprehensive loss (income) attributable to noncontrolling interests	18,121	(53,376)
Comprehensive (loss) income attributable to common stockholders	$ (17,614)	$ 147,317

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2021		175,529,000
Stockholders' Equity [Roll Forward]
Exchange of OP units for common stock (in shares)	243,000	243,000
Ending balance (in shares) at Mar. 31, 2022		175,772,000
Beginning balance at Dec. 31, 2021	$ 3,986,553	$ 1,755	$ 3,488,886	$ (38,774)	$ (1,035,798)	$ 1,570,484
Stockholders' Equity [Roll Forward]
Exchange of OP Units for common stock		3	3,941			(3,944)
Repurchases of OP Units with cash	(313)		(168)			(145)
Net income attributable to common stockholders	745				25,514
Dividends	(49,215)				(49,215)
Net (loss) income	26,259					745
Cash flow hedge adjustments	174,434			121,803		52,631
Distributions	(15,393)					(15,393)
Stock-based compensation	3,372					3,372
Ending balance at Mar. 31, 2022	$ 4,125,697	$ 1,758	3,492,659	83,029	(1,059,499)	1,607,750
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.28
Beginning balance (in shares) at Dec. 31, 2022	175,809,682	175,810,000
Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(1,435,000)
Ending balance (in shares) at Mar. 31, 2023	174,374,493	174,375,000
Beginning balance at Dec. 31, 2022	$ 4,275,783	$ 1,758	3,493,307	187,063	(1,119,714)	1,713,369
Stockholders' Equity [Roll Forward]
Repurchases of OP Units with cash	(89)		4			(93)
Repurchases of common stock	(16,514)	(14)	(16,500)
Net income attributable to common stockholders	(2,211)				18,373
Dividends	(33,131)				(33,131)
Net (loss) income	16,162					(2,211)
Cash flow hedge adjustments	(51,897)			(35,987)		(15,910)
Contributions	125					125
Distributions	(10,140)					(10,140)
Stock-based compensation	3,507					3,507
Ending balance at Mar. 31, 2023	$ 4,183,806	$ 1,744	$ 3,476,811	$ 151,076	$ (1,134,472)	$ 1,688,647
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.19

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating Activities
Net income	$ 16,162	$ 26,259
Adjustments to reconcile net income to net cash provided by operating activities:
Income from unconsolidated Fund	(289)	(247)
Depreciation and amortization	93,176	89,365
Net accretion of acquired lease intangibles	(3,037)	(1,797)
Straight-line rent	126	111
Loan premium amortized and written off	(113)	(113)
Deferred loan costs amortized and written off	2,134	2,012
Amortization of stock-based compensation	2,794	2,581
Operating distributions from unconsolidated Fund	289	244
Change in working capital components:
Tenant receivables	2,061	2,911
Interest payable, accounts payable and deferred revenue	28,176	14,934
Security deposits	298	1,061
Other assets	3,697	2,149
Net cash provided by operating activities	145,474	139,470
Investing Activities
Capital expenditures for improvements to real estate	(40,031)	(28,544)
Capital expenditures for developments	(11,953)	(20,716)
Insurance recoveries for damage to real estate	529	785
Deposit for property acquisition	0	(25,000)
Capital distributions from unconsolidated Fund	52	531
Net cash used in investing activities	(51,403)	(72,944)
Financing Activities
Proceeds from borrowings	10,000	0
Repayment of borrowings	(10,212)	(202)
Loan cost payments	(696)	(101)
Contributions from noncontrolling interests in consolidated JVs	125	0
Distributions paid to noncontrolling interests	(10,140)	(15,393)
Dividends paid to common stockholders	(33,403)	(49,148)
Repurchases of OP Units	(89)	(313)
Repurchases of common stock	(16,514)	0
Net cash used in financing activities	(60,929)	(65,157)
Increase in cash and cash equivalents and restricted cash	33,142	1,369
Cash and cash equivalents and restricted cash - beginning balance	268,938	336,006
Cash and cash equivalents and restricted cash - ending balance	302,080	337,375
Cash and cash equivalents	301,979	337,274
Restricted cash	101	101
Cash and cash equivalents and restricted cash	302,080	337,375
Operating Activities
Cash paid for interest, net of capitalized interest	41,371	32,785
Capitalized interest paid	513	2,801
Non-cash Investing Transactions
Accrual for real estate and development capital expenditures	29,904	32,407
Capitalized stock-based compensation for improvements to real estate and developments	713	791
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles	22,812	21,139
Removal of fully amortized acquired lease intangible assets	75	887
Removal of fully accreted acquired lease intangible liabilities	3,721	2,834
Non-cash Financing Transactions
(Loss) gain recorded in AOCI	(19,817)	154,944
Dividends declared	33,142	49,215
Exchange of OP Units for common stock	0	3,944
Unconsolidated Funds
Non-cash Financing Transactions
(Loss) gain recorded in AOCI	$ (272)	$ 1,774

Overview

Overview	3 Months Ended
	Mar. 31, 2023
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, 2023, our Consolidated Portfolio consisted of (i) a 17.6 million square foot office portfolio, (ii) 5,032 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, 2023, 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, 2023, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases): Consolidated Portfolio Total Office Wholly-owned properties 52 52 Consolidated JV properties 16 16 Unconsolidated Fund properties — 2 68 70 Multifamily Wholly-owned properties 12 12 Consolidated JV properties 2 2 14 14 Total 82 84 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. The consolidated debt, excluding our consolidated JV's, was $3.41 billion as of March 31, 2023 and December 31, 2022. See Note 8. We also consolidate four JVs through our Operating Partnership. We consolidate our Operating Partnership and our four JVs because they are VIEs and we or our Operating Partnership are the primary beneficiary for each. As of March 31, 2023, our consolidated VIE entities, excluding our Operating Partnership, had: • aggregate consolidated assets of $3.92 billion (of which $3.52 billion related to investment in real estate), and • aggregate consolidated liabilities of $1.90 billion (of which $1.81 billion related to debt). As of December 31, 2022, our consolidated VIE entities, excluding our Operating Partnership, had: • aggregate consolidated assets of $3.94 billion (of which $3.54 billion related to investment in real estate), and • aggregate consolidated liabilities of $1.89 billion (of which $1.81 billion related to debt).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 2022 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, on our consolidated statements of operations. Collectibility 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. 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 in the period they are collected. 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. Charges for uncollectible office tenant receivables and deferred rent receivables, reduced our office revenues b y $0.1 million for th e three months ended March 31, 2023 and 2022. We restored accrual basis accounting for certain office tenants that were previously determined to be uncollectible and accounted for on a cash basis of accounting, which increased our office revenues b y $0.2 million for the three months ended March 31, 2023. 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 on 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 $22.7 million and $19.0 million for the three months ended March 31, 2023 and 2022, respectively. Office parking receivables, which are included in Tenant receivables on our consolidated balance sheets, were $1.2 million as of March 31, 2023, and $0.9 million as of December 31, 2022. 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, 2023
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate The table below summarizes our investment in real estate: (In thousands) March 31, 2023 December 31, 2022 Land $ 1,185,977 $ 1,185,977 Buildings and improvements 10,060,785 10,055,499 Tenant improvements and lease intangibles 993,117 981,460 Property under development 77,791 70,037 Investment in real estate, gross $ 12,317,670 $ 12,292,973

Ground Lease

Ground Lease	3 Months Ended
	Mar. 31, 2023
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, 2023, the ground lease right-of-use asset carrying value was $7.5 million and the ground lease liability was $10.8 million. Ground rent expense, which is included in Office expenses on our consolidated statements of operations, was $183 thousand for each of the three month periods ended March 31, 2023 and 2022. 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, 2023: Twelve months ending March 31: (In thousands) 2024 $ 733 2025 733 2026 733 2027 733 2028 733 Thereafter 43,063 Total future minimum lease payments $ 46,728

Acquired Lease Intangibles

Acquired Lease Intangibles	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Lease Intangibles	Acquired Lease Intangibles Summary of our Acquired Lease Intangibles (In thousands) March 31, 2023 December 31, 2022 Above-market tenant leases $ 4,892 $ 4,968 Above-market tenant leases - accumulated amortization (2,377) (2,309) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (279) (275) Acquired lease intangible assets, net $ 3,388 $ 3,536 Below-market tenant leases $ 61,131 $ 64,851 Below-market tenant leases - accumulated accretion (32,952) (33,487) Acquired lease intangible liabilities, net $ 28,179 $ 31,364 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) 2023 2022 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 3,041 $ 1,801 Amortization of an above-market ground lease asset (2) (4) (4) Total $ 3,037 $ 1,797 ______________________________________________ (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, 2023
Real Estate Investments, Net [Abstract]
Investment in Unconsolidated Fund	Investment in Unconsolidated Fund Description of our Fund As of March 31, 2023 and 2022, 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. Partnership X pays us fees and reimburses us for certain expenses related to property management and other services we provide, which are included in Other income on 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 the cash distributions we received from Partnership X: Three Months Ended March 31, (In thousands) 2023 2022 Operating distributions received $ 289 $ 244 Capital distributions received 52 531 Total distributions received $ 341 $ 775 Summarized Financial Information for Partnership X The tables below present selected financial information for Partnership X. The amounts presented reflect 100% (not our pro-rata share) of the amounts related to the Fund, and are based upon historical book value: (In thousands) March 31, 2023 December 31, 2022 Total assets $ 146,395 $ 147,853 Total liabilities $ 119,072 $ 119,038 Total equity $ 27,323 $ 28,815 Three Months Ended March 31, (In thousands) 2023 2022 Total revenues $ 4,642 $ 4,397 Operating income $ 1,305 $ 1,296 Net income $ 749 $ 622

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Other Assets [Abstract]
Other Assets	Other Assets (In thousands) March 31, 2023 December 31, 2022 Restricted cash $ 101 $ 101 Prepaid expenses 15,965 19,871 Indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 7,101 7,144 Other 4,636 4,837 Total other assets $ 29,791 $ 33,941

Secured Notes Payable and Revol

Secured Notes Payable and Revolving Credit Facility, Net	3 Months Ended
	Mar. 31, 2023
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, 2023 Principal Balance as of December 31, 2022 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (3)(4) 3/3/2025 $ 335,000 $ 335,000 LIBOR + 1.30% N/A N/A Fannie Mae loan (3)(4) 4/1/2025 102,400 102,400 LIBOR + 1.25% N/A N/A 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) 11/1/2026 400,000 400,000 LIBOR + 1.15% 2.31% 10/1/2024 Fannie Mae loan (3) 6/1/2027 550,000 550,000 LIBOR + 1.37% N/A N/A Term loan (3) 5/18/2028 300,000 300,000 LIBOR + 1.40% 2.21% 6/1/2026 Term loan (3) 1/1/2029 300,000 300,000 SOFR + 1.56% 2.66% 1/1/2027 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 (6) 6/1/2038 28,290 28,502 N/A 4.55% N/A Revolving credit facility (7) 8/21/2023 — — LIBOR + 1.15% N/A N/A Total Wholly-Owned Subsidiary Debt 3,410,690 3,410,902 Consolidated JVs Term loan (3)(5) 12/19/2024 400,000 400,000 LIBOR + 1.30% N/A N/A Term loan (3) 5/15/2027 450,000 450,000 LIBOR + 1.35% 2.26% 4/1/2025 Term loan (3) 8/19/2028 625,000 625,000 LIBOR + 1.35% 2.12% 6/1/2025 Term loan (3) 4/26/2029 175,000 175,000 SOFR + 1.25% 3.90% 5/1/2026 Fannie Mae loan (3) 6/1/2029 160,000 160,000 LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (8) 5,220,690 5,220,902 Unamortized loan premium, net (9) 3,434 3,547 Unamortized deferred loan costs, net (10) (31,119) (32,556) Total Consolidated Debt, net $ 5,193,005 $ 5,191,893 _______________________________________________________________________ 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 extension options require us to meet minimum financial thresholds in order to extend the loan maturity date. (1) Maturity dates include extension options. (2) Effective rate as of March 31, 2023. Includes the effect of interest rate swaps (if applicable) and excludes the effect of prepaid loan fees and loan premiums. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums. (3) The loan agreement includes a zero-percent LIBOR or SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor. (4) The swaps expired on March 1, 2023. (5) The swaps expired on January 1, 2023. (6) The loan requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule. (7) $400.0 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%. The facility has a zero-percent LIBOR floor. (8) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures. (9) Balances are net of accumulated amortization of $3.8 million and $3.7 million at March 31, 2023 and December 31, 2022, respectively. (10) Balances are net of accumulated amortization of $56.0 million and $54.1 million at March 31, 2023 and December 31, 2022, respectively. Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2023 Principal Balance as of December 31, 2022 Aggregate swapped to fixed rate loans $ 3,805,000 $ 4,642,400 Aggregate fixed rate loans 28,290 28,502 Aggregate floating rate loans 1,387,400 550,000 Total Debt $ 5,220,690 $ 5,220,902 The table below summarizes certain consolidated debt statistics as of March 31, 2023: Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $3.83 Weighted average remaining life (including extension options) 4.8 years Weighted average remaining fixed interest period 2.6 years Weighted average annual interest rate 2.65% Future Principal Payments At March 31, 2023, 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) 2024 $ 871 2025 735,912 2026 103,354 2027 1,415,999 2028 1,001,045 Thereafter 1,963,509 Total future principal payments $ 5,220,690 ________________________________________________ (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 on our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2023 2022 Loan premium amortized and written off $ (113) $ (113) Deferred loan costs amortized and written off 2,134 2,012 Loan costs expensed 3 — Total $ 2,024 $ 1,899

Interest Payable, Accounts Paya

Interest Payable, Accounts Payable and Deferred Revenue	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Interest Payable, Accounts Payable and Deferred Revenue	Interest Payable, Accounts Payable and Deferred Revenue (In thousands) March 31, 2023 December 31, 2022 Interest payable $ 15,648 $ 13,529 Accounts payable and accrued liabilities 94,119 80,244 Deferred revenue 56,106 47,152 Total interest payable, accounts payable and deferred revenue $ 165,873 $ 140,925

Derivative Contracts

Derivative Contracts	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Contracts	Derivative Contracts We make use of interest rate swap and cap contracts to manage the risk associated with changes in interest rates on our floating-rate debt and to satisfy certain lender requirements. 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 may enter into derivative contracts that are intended to hedge certain economic risks, even though hedge accounting does not apply or we elect to not apply hedge accounting. 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 The table below summarizes our derivative contracts as of March 31, 2023: Number of Interest Rate Contracts Notional Derivatives Designated as Cash Flow Hedges: Consolidated derivatives - swaps (1)(3)(5) 24 $ 3,805,000 Unconsolidated Fund's derivatives - swaps (2)(3)(5) 2 $ 115,000 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives - caps (3)(4)(5) 5 $ 1,100,000 ___________________________________________________ (1) The notional amount includes 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount reflects 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. For more information about our Fund, including our equity interest percentage see Note 6. (3) Our derivative contracts do not provide for right of offset between derivative contracts. (4) Includes four interest rate caps purchased with a notional amount of $550.0 million and one interest rate cap sold with a notional amount of $550.0 million. (5) See Note 13 for our derivative fair value disclosures. Counterparty Credit Risk We are subject to credit risk from the counterparties on our interest rate swap and cap contract assets because we do not receive collateral. We seek to minimize that risk by entering into agreements with a variety of counterparties with investment grade ratings. The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2023 December 31, 2022 Consolidated derivatives (1) $ 230,394 $ 281,982 Unconsolidated Fund's derivatives (2) $ 10,986 $ 12,863 ___________________________________________________ (1) The amounts include 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 derivatives. For more information about our Fund, including our equity interest percentage, see Note 6. 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, 2023 2022 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: (Losses) gains recorded in AOCI before reclassifications (1) $ (19,817) $ 154,944 (Gains) losses reclassified from AOCI to Interest Expense (1) $ (31,452) $ 17,649 Interest expense presented on the consolidated statements of operations $ (45,511) $ (34,902) Unconsolidated Fund's derivatives (our share) (2) : (Losses) gains recorded in AOCI before reclassifications (1) $ (272) $ 1,774 (Gains) losses reclassified from AOCI to Income from unconsolidated Fund (1) $ (356) $ 67 Income from unconsolidated Fund presented on the consolidated statements of operations $ 289 $ 247 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives: (Gain) loss recorded as interest expense (3) $ — $ — ___________________________________________________ (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. For more information about our Fund, including our equity interest percentage, see Note 6. (3) Gains and losses from interest rate caps offset each other during the periods presented. Future Reclassifications from AOCI At March 31, 2023, 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: Gains to be reclassified from AOCI to Interest Expense $ 125,289 Unconsolidated Fund's derivative (our share) (1) : Gains to be reclassified from AOCI to Income from unconsolidated Fund $ 1,472 ___________________________________________________ (1) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity Transactions During the Three Months Ended March 31, 2023 • We repurchased 1.4 million shares of common stock for $16.5 million in cash, excluding transaction costs, in open market transactions. The average purchase price was $11.50 per share. • We acquired 5 thousand OP Units for $89 thousand in cash. During the Three Months Ended March 31, 2022 • We acquired 243 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units. • We acquired 9 thousand OP Units for $313 thousand in cash. Noncontrolling Interests Our noncontrolling interests consist of interests in our Operating Partnership and consolidated JVs which are not owned by us. As of March 31, 2023, noncontrolling interests in our Operating Partnership owned 32.5 million OP Units and fully-vested LTIP Units, which represented approximately 16% of our Operating Partnership's total outstanding interests, and we owned 174.4 million OP Units (to match our 174.4 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) 2023 2022 Net income attributable to common stockholders $ 18,373 $ 25,514 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests — 3,944 Repurchases of OP Units from noncontrolling interests 4 (168) Net transfers from noncontrolling interests 4 3,776 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 18,377 $ 29,290 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) 2023 2022 Accumulated Other Comprehensive Income (Loss) - Beginning balance $ 187,063 $ (38,774) Consolidated derivatives: Other comprehensive (loss) income before reclassifications (19,817) 154,944 Reclassification of (gains) losses from AOCI to Interest Expense (31,452) 17,649 Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive (loss) income before reclassifications (272) 1,774 Reclassification of (gains) losses from AOCI to Income from unconsolidated Fund (356) 67 Net current period OCI (51,897) 174,434 OCI attributable to noncontrolling interests 15,910 (52,631) OCI attributable to common stockholders (35,987) 121,803 Accumulated Other Comprehensive Income - Ending balance $ 151,076 $ 83,029 ___________________________________________________ (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 our Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6. Stock-Based Compensation The Douglas Emmett, Inc. 2016 Omnibus Stock Incentive Plan, as amended (the "2016 Plan"), permits us to make grants of stock-based compensation awards to our directors, officers, employees and consultants. The plan is 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) 2023 2022 Stock-based compensation expense, net $ 2,794 $ 2,581 Capitalized stock-based compensation $ 713 $ 791

EPS

EPS	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Numerator (In thousands): Net income attributable to common stockholders $ 18,373 $ 25,514 Allocation to participating securities: Unvested LTIP Units (239) (226) Net income attributable to common stockholders - basic and diluted $ 18,134 $ 25,288 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 175,765 175,656 Net income per common share - basic and diluted $ 0.10 $ 0.14 ____________________________________________________ (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) 2023 2022 OP Units 30,129 29,365 Vested LTIP Units 2,390 1,592

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
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, 2023, 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, 2023 December 31, 2022 Fair value $ 5,119,831 $ 5,115,548 Carrying value $ 5,224,124 $ 5,224,449 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, 2023 December 31, 2022 Fair value $ 4,598 $ 4,466 Carrying value $ 10,843 $ 10,848 Financial instruments measured at fair value Derivative instruments See Note 10 for the details of our derivatives. We present our derivatives on 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, 2023 December 31, 2022 Derivative Assets: Fair value - consolidated derivatives (1) $ 218,298 $ 270,234 Fair value - unconsolidated Fund's derivatives (2) $ 10,516 $ 12,426 Derivative Liabilities: Fair value - consolidated derivatives (1) $ 1,135 $ 1,790 Fair value - unconsolidated Fund's derivatives (2) $ — $ — ____________________________________________________ (1) Consolidated derivatives, which include 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts on our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable on our 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 on our consolidated balance sheets. Our unconsolidated Fund did not have any derivatives in a liability position for the periods presented. See Note 6 for more information about our Fund, including our equity interest percentage, and see "Guarantees" in Note 16 regarding our Fund's derivatives.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Office Segment Total office revenues $ 203,358 $ 203,140 Office expenses (72,768) (67,374) Office segment profit 130,590 135,766 Multifamily Segment Total multifamily revenues 49,035 35,742 Multifamily expenses (16,888) (10,173) Multifamily segment profit 32,147 25,569 Total profit from all segments $ 162,737 $ 161,335 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, 2023 2022 Total profit from all segments $ 162,737 $ 161,335 General and administrative expenses (10,940) (11,240) Depreciation and amortization (93,176) (89,365) Other income 3,283 367 Other expenses (520) (183) Income from unconsolidated Fund 289 247 Interest expense (45,511) (34,902) Net income 16,162 26,259 Net loss (income) attributable to noncontrolling interests 2,211 (745) Net income attributable to common stockholders $ 18,373 $ 25,514

Future Minimum Lease Rental Rec

Future Minimum Lease Rental Receipts	3 Months Ended
	Mar. 31, 2023
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, 2023: Twelve months ending March 31: (In thousands) 2024 $ 623,607 2025 526,955 2026 425,252 2027 328,204 2028 240,450 Thereafter 689,036 Total future minimum base rentals (1) $ 2,833,504 ___________________________________ (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 will not be exercised.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2023
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 office 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, 2023 and 2022, no tenant accounted for more than 10% of our total revenues. See our revenue recognition policy in Note 2 for the charges to revenue for uncollectible amounts for tenant receivables and deferred rent receivables. Geographic Risk All of our properties, including our consolidated JVs and our unconsolidated Fund's properties, 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. Derivative Counterparty Credit Risk We are subject to credit risk with respect to our derivative counterparties. We do not post or receive collateral with respect to our derivative transactions. Our derivative contracts do not provide for right of offset between derivative contracts. See Note 10 for the details of our derivative 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-three 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, 2023, 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, 2023, 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. Contractual Commitments Development Projects In downtown Honolulu, we are converting a 25 story, 493,000 square foot office tower into approximately 493 apartments in phases over a number of years as the office space is vacated. As of March 31, 2023, we had an aggregate remaining contractual commitment for this development project and other development projects of approximately $32.5 million. Other Contractual Commitments As of March 31, 2023, we had an aggregate remaining contractual commitment for repositionings, capital expenditure projects and tenant improvements of approximately $24.1 million. Guarantees Unconsolidated Fund Guarantees Our unconsolidated Fund, Partnership X, has a $115.0 million floating-rate term loan that matures on September 14, 2028. The loan carries interest at LIBOR + 1.35% (with a zero-percent LIBOR floor), which has been effectively fixed at 2.19% until October 1, 2026 with interest rate swaps (which do not have zero-percent LIBOR floors). The loan is secured by two properties held by Partnership X and is non-recourse. We have made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve-outs for Partnership X's loan, and we have also guaranteed the related swaps. Partnership X has agreed to indemnify us for any amounts that we would be required to pay under these agreements. As of March 31, 2023, assuming that LIBOR does not decrease below zero-percent, the maximum future interest payments for the swaps were $3.4 million. As of March 31, 2023, all of the obligations under the related loan and swap agreements have been performed in accordance with the terms of those agreements. See Note 6 for more information regarding Partnership X.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During April 2023, we repurchased 4.6 million shares of common stock for $57.4 million in cash , excluding transaction costs, in open market transactions. The average purchase price was $12.57 per share.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	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.
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, 2023. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2022 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, on our consolidated statements of operations. Collectibility 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. 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 in the period they are collected. 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. Charges for uncollectible office tenant receivables and deferred rent receivables, reduced our office revenues b y $0.1 million for th e three months ended March 31, 2023 and 2022. We restored accrual basis accounting for certain office tenants that were previously determined to be uncollectible and accounted for on a cash basis of accounting, which increased our office revenues b y $0.2 million for the three months ended March 31, 2023. 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 on 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 $22.7 million and $19.0 million for the three months ended March 31, 2023 and 2022, respectively. Office parking receivables, which are included in Tenant receivables on our consolidated balance sheets, were $1.2 million as of March 31, 2023, and $0.9 million as of December 31, 2022.
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, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Properties	As of March 31, 2023, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases): Consolidated Portfolio Total Office Wholly-owned properties 52 52 Consolidated JV properties 16 16 Unconsolidated Fund properties — 2 68 70 Multifamily Wholly-owned properties 12 12 Consolidated JV properties 2 2 14 14 Total 82 84

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Investment in Real Estate	The table below summarizes our investment in real estate: (In thousands) March 31, 2023 December 31, 2022 Land $ 1,185,977 $ 1,185,977 Buildings and improvements 10,060,785 10,055,499 Tenant improvements and lease intangibles 993,117 981,460 Property under development 77,791 70,037 Investment in real estate, gross $ 12,317,670 $ 12,292,973

Ground Lease (Tables)

Ground Lease (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: Twelve months ending March 31: (In thousands) 2024 $ 733 2025 733 2026 733 2027 733 2028 733 Thereafter 43,063 Total future minimum lease payments $ 46,728

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Lease Intangibles	Summary of our Acquired Lease Intangibles (In thousands) March 31, 2023 December 31, 2022 Above-market tenant leases $ 4,892 $ 4,968 Above-market tenant leases - accumulated amortization (2,377) (2,309) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (279) (275) Acquired lease intangible assets, net $ 3,388 $ 3,536 Below-market tenant leases $ 61,131 $ 64,851 Below-market tenant leases - accumulated accretion (32,952) (33,487) Acquired lease intangible liabilities, net $ 28,179 $ 31,364
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) 2023 2022 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 3,041 $ 1,801 Amortization of an above-market ground lease asset (2) (4) (4) Total $ 3,037 $ 1,797 ______________________________________________ (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, 2023
Real Estate Investments, Net [Abstract]
Schedule of Statement of Operations for Investments in Unconsolidated Funds and Cash Received from Funds	The table below presents the cash distributions we received from Partnership X: Three Months Ended March 31, (In thousands) 2023 2022 Operating distributions received $ 289 $ 244 Capital distributions received 52 531 Total distributions received $ 341 $ 775 The tables below present selected financial information for Partnership X. The amounts presented reflect 100% (not our pro-rata share) of the amounts related to the Fund, and are based upon historical book value: (In thousands) March 31, 2023 December 31, 2022 Total assets $ 146,395 $ 147,853 Total liabilities $ 119,072 $ 119,038 Total equity $ 27,323 $ 28,815 Three Months Ended March 31, (In thousands) 2023 2022 Total revenues $ 4,642 $ 4,397 Operating income $ 1,305 $ 1,296 Net income $ 749 $ 622

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Other Assets [Abstract]
Schedule of Other Assets	(In thousands) March 31, 2023 December 31, 2022 Restricted cash $ 101 $ 101 Prepaid expenses 15,965 19,871 Indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 7,101 7,144 Other 4,636 4,837 Total other assets $ 29,791 $ 33,941

Secured Notes Payable and Rev_2

Secured Notes Payable and Revolving Credit Facility, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Secured Notes Payable and Revolving Credit Facility	Description Maturity Date (1) Principal Balance as of March 31, 2023 Principal Balance as of December 31, 2022 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (3)(4) 3/3/2025 $ 335,000 $ 335,000 LIBOR + 1.30% N/A N/A Fannie Mae loan (3)(4) 4/1/2025 102,400 102,400 LIBOR + 1.25% N/A N/A 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) 11/1/2026 400,000 400,000 LIBOR + 1.15% 2.31% 10/1/2024 Fannie Mae loan (3) 6/1/2027 550,000 550,000 LIBOR + 1.37% N/A N/A Term loan (3) 5/18/2028 300,000 300,000 LIBOR + 1.40% 2.21% 6/1/2026 Term loan (3) 1/1/2029 300,000 300,000 SOFR + 1.56% 2.66% 1/1/2027 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 (6) 6/1/2038 28,290 28,502 N/A 4.55% N/A Revolving credit facility (7) 8/21/2023 — — LIBOR + 1.15% N/A N/A Total Wholly-Owned Subsidiary Debt 3,410,690 3,410,902 Consolidated JVs Term loan (3)(5) 12/19/2024 400,000 400,000 LIBOR + 1.30% N/A N/A Term loan (3) 5/15/2027 450,000 450,000 LIBOR + 1.35% 2.26% 4/1/2025 Term loan (3) 8/19/2028 625,000 625,000 LIBOR + 1.35% 2.12% 6/1/2025 Term loan (3) 4/26/2029 175,000 175,000 SOFR + 1.25% 3.90% 5/1/2026 Fannie Mae loan (3) 6/1/2029 160,000 160,000 LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (8) 5,220,690 5,220,902 Unamortized loan premium, net (9) 3,434 3,547 Unamortized deferred loan costs, net (10) (31,119) (32,556) Total Consolidated Debt, net $ 5,193,005 $ 5,191,893 _______________________________________________________________________ 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 extension options require us to meet minimum financial thresholds in order to extend the loan maturity date. (1) Maturity dates include extension options. (2) Effective rate as of March 31, 2023. Includes the effect of interest rate swaps (if applicable) and excludes the effect of prepaid loan fees and loan premiums. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums. (3) The loan agreement includes a zero-percent LIBOR or SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor. (4) The swaps expired on March 1, 2023. (5) The swaps expired on January 1, 2023. (6) The loan requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule. (7) $400.0 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%. The facility has a zero-percent LIBOR floor. (8) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures. (9) Balances are net of accumulated amortization of $3.8 million and $3.7 million at March 31, 2023 and December 31, 2022, respectively. (10) Balances are net of accumulated amortization of $56.0 million and $54.1 million at March 31, 2023 and December 31, 2022, respectively. Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2023 Principal Balance as of December 31, 2022 Aggregate swapped to fixed rate loans $ 3,805,000 $ 4,642,400 Aggregate fixed rate loans 28,290 28,502 Aggregate floating rate loans 1,387,400 550,000 Total Debt $ 5,220,690 $ 5,220,902 The table below summarizes certain consolidated debt statistics as of March 31, 2023: Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $3.83 Weighted average remaining life (including extension options) 4.8 years Weighted average remaining fixed interest period 2.6 years Weighted average annual interest rate 2.65%
Schedule of Minimum Future Principal Payments	At March 31, 2023, 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) 2024 $ 871 2025 735,912 2026 103,354 2027 1,415,999 2028 1,001,045 Thereafter 1,963,509 Total future principal payments $ 5,220,690 ________________________________________________ (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 on our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2023 2022 Loan premium amortized and written off $ (113) $ (113) Deferred loan costs amortized and written off 2,134 2,012 Loan costs expensed 3 — Total $ 2,024 $ 1,899

Interest Payable, Accounts Pa_2

Interest Payable, Accounts Payable and Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Interest Payable, Accounts Payable and Deferred Revenue	(In thousands) March 31, 2023 December 31, 2022 Interest payable $ 15,648 $ 13,529 Accounts payable and accrued liabilities 94,119 80,244 Deferred revenue 56,106 47,152 Total interest payable, accounts payable and deferred revenue $ 165,873 $ 140,925

Derivative Contracts (Tables)

Derivative Contracts (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Derivatives	The table below summarizes our derivative contracts as of March 31, 2023: Number of Interest Rate Contracts Notional Derivatives Designated as Cash Flow Hedges: Consolidated derivatives - swaps (1)(3)(5) 24 $ 3,805,000 Unconsolidated Fund's derivatives - swaps (2)(3)(5) 2 $ 115,000 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives - caps (3)(4)(5) 5 $ 1,100,000 ___________________________________________________ (1) The notional amount includes 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount reflects 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. For more information about our Fund, including our equity interest percentage see Note 6. (3) Our derivative contracts do not provide for right of offset between derivative contracts. (4) Includes four interest rate caps purchased with a notional amount of $550.0 million and one interest rate cap sold with a notional amount of $550.0 million. (5) See Note 13 for our derivative fair value disclosures.
Schedule of Derivative Assets at Fair Value	The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2023 December 31, 2022 Consolidated derivatives (1) $ 230,394 $ 281,982 Unconsolidated Fund's derivatives (2) $ 10,986 $ 12,863 ___________________________________________________ (1) The amounts include 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 derivatives. For more information about our Fund, including our equity interest percentage, see Note 6.
Schedule of 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, 2023 2022 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: (Losses) gains recorded in AOCI before reclassifications (1) $ (19,817) $ 154,944 (Gains) losses reclassified from AOCI to Interest Expense (1) $ (31,452) $ 17,649 Interest expense presented on the consolidated statements of operations $ (45,511) $ (34,902) Unconsolidated Fund's derivatives (our share) (2) : (Losses) gains recorded in AOCI before reclassifications (1) $ (272) $ 1,774 (Gains) losses reclassified from AOCI to Income from unconsolidated Fund (1) $ (356) $ 67 Income from unconsolidated Fund presented on the consolidated statements of operations $ 289 $ 247 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives: (Gain) loss recorded as interest expense (3) $ — $ — ___________________________________________________ (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. For more information about our Fund, including our equity interest percentage, see Note 6. (3) Gains and losses from interest rate caps offset each other during the periods presented.
Schedule of Future Reclassifications from AOCI	At March 31, 2023, 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: Gains to be reclassified from AOCI to Interest Expense $ 125,289 Unconsolidated Fund's derivative (our share) (1) : Gains to be reclassified from AOCI to Income from unconsolidated Fund $ 1,472 ___________________________________________________ (1) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2023
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) 2023 2022 Net income attributable to common stockholders $ 18,373 $ 25,514 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests — 3,944 Repurchases of OP Units from noncontrolling interests 4 (168) Net transfers from noncontrolling interests 4 3,776 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 18,377 $ 29,290
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) 2023 2022 Accumulated Other Comprehensive Income (Loss) - Beginning balance $ 187,063 $ (38,774) Consolidated derivatives: Other comprehensive (loss) income before reclassifications (19,817) 154,944 Reclassification of (gains) losses from AOCI to Interest Expense (31,452) 17,649 Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive (loss) income before reclassifications (272) 1,774 Reclassification of (gains) losses from AOCI to Income from unconsolidated Fund (356) 67 Net current period OCI (51,897) 174,434 OCI attributable to noncontrolling interests 15,910 (52,631) OCI attributable to common stockholders (35,987) 121,803 Accumulated Other Comprehensive Income - Ending balance $ 151,076 $ 83,029 ___________________________________________________ (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 our Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.
Schedule of Stock-based Compensation Expense	The table below presents our stock-based compensation expense: Three Months Ended March 31, (In thousands) 2023 2022 Stock-based compensation expense, net $ 2,794 $ 2,581 Capitalized stock-based compensation $ 713 $ 791

EPS (Tables)

EPS (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 2022 Numerator (In thousands): Net income attributable to common stockholders $ 18,373 $ 25,514 Allocation to participating securities: Unvested LTIP Units (239) (226) Net income attributable to common stockholders - basic and diluted $ 18,134 $ 25,288 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 175,765 175,656 Net income per common share - basic and diluted $ 0.10 $ 0.14 ____________________________________________________ (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) 2023 2022 OP Units 30,129 29,365 Vested LTIP Units 2,390 1,592

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023 December 31, 2022 Fair value $ 5,119,831 $ 5,115,548 Carrying value $ 5,224,124 $ 5,224,449 (In thousands) March 31, 2023 December 31, 2022 Fair value $ 4,598 $ 4,466 Carrying value $ 10,843 $ 10,848
Schedule of Financial Instruments Measured at Fair Value	The table below presents the estimated fair value of our derivatives: (In thousands) March 31, 2023 December 31, 2022 Derivative Assets: Fair value - consolidated derivatives (1) $ 218,298 $ 270,234 Fair value - unconsolidated Fund's derivatives (2) $ 10,516 $ 12,426 Derivative Liabilities: Fair value - consolidated derivatives (1) $ 1,135 $ 1,790 Fair value - unconsolidated Fund's derivatives (2) $ — $ — ____________________________________________________ (1) Consolidated derivatives, which include 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts on our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable on our 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 on our consolidated balance sheets. Our unconsolidated Fund did not have any derivatives in a liability position for the periods presented. See Note 6 for more information about our Fund, including our equity interest percentage, and see "Guarantees" in Note 16 regarding our Fund's derivatives.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Operating Activity of Reportable Segments	The table below presents the operating activity of our reportable segments: (In thousands) Three Months Ended March 31, 2023 2022 Office Segment Total office revenues $ 203,358 $ 203,140 Office expenses (72,768) (67,374) Office segment profit 130,590 135,766 Multifamily Segment Total multifamily revenues 49,035 35,742 Multifamily expenses (16,888) (10,173) Multifamily segment profit 32,147 25,569 Total profit from all segments $ 162,737 $ 161,335
Schedule of 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, 2023 2022 Total profit from all segments $ 162,737 $ 161,335 General and administrative expenses (10,940) (11,240) Depreciation and amortization (93,176) (89,365) Other income 3,283 367 Other expenses (520) (183) Income from unconsolidated Fund 289 247 Interest expense (45,511) (34,902) Net income 16,162 26,259 Net loss (income) attributable to noncontrolling interests 2,211 (745) Net income attributable to common stockholders $ 18,373 $ 25,514

Future Minimum Lease Rental R_2

Future Minimum Lease Rental Receipts (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2023: Twelve months ending March 31: (In thousands) 2024 $ 623,607 2025 526,955 2026 425,252 2027 328,204 2028 240,450 Thereafter 689,036 Total future minimum base rentals (1) $ 2,833,504 ___________________________________ (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 will not be exercised.

Overview - Narrative (Details)

Overview - Narrative (Details) $ in Thousands, ft² in Millions	Mar. 31, 2023 USD ($) ft² parcel venture unit	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Consolidated debt	$ 5,220,690	$ 5,220,902
Number of joint ventures consolidated | venture	4
Total assets	$ 9,677,710	9,747,446
Consolidated investment in real estate	8,949,868	8,993,608
Total liabilities	5,493,904	5,471,663
Consolidated investment in real estate	5,193,005	5,191,893
Subsidiaries
Real Estate Properties [Line Items]
Consolidated debt	3,410,690	3,410,902
Consolidated entities
Real Estate Properties [Line Items]
Total assets	3,920,000	3,940,000
Consolidated investment in real estate	3,520,000	3,540,000
Total liabilities	1,900,000	1,890,000
Consolidated investment in real estate	$ 1,810,000	$ 1,810,000
Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Number of land parcels subject to ground lease | parcel	2
Office | Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	17.6
Office | Unconsolidated Fund properties
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	0.4
Multifamily | Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Number of multifamily apartment units | unit	5,032

Overview - Schedule of Properti

Overview - Schedule of Properties Portfolio (Details) - property	Mar. 31, 2023	Mar. 31, 2022
Real Estate Properties [Line Items]
Number of properties	84
Office
Real Estate Properties [Line Items]
Number of properties	70
Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	52
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
Multifamily
Real Estate Properties [Line Items]
Number of properties	14
Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	12
Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	2
Consolidated Portfolio
Real Estate Properties [Line Items]
Number of properties	82
Consolidated Portfolio | Office
Real Estate Properties [Line Items]
Number of properties	68
Consolidated Portfolio | Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	52
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	14
Consolidated Portfolio | Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	12
Consolidated Portfolio | Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Real Estate Properties [Line Items]
Charge for uncollectible amounts	$ 100	$ 100
Total revenues	252,393	238,882
Parking revenue	22,700	$ 19,000
Parking receivables	1,200		$ 900
Office Revenues
Real Estate Properties [Line Items]
Total revenues	$ 200

Investment in Real Estate - Inv

Investment in Real Estate - Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 1,185,977	$ 1,185,977
Buildings and improvements	10,060,785	10,055,499
Tenant improvements and lease intangibles	993,117	981,460
Property under development	77,791	70,037
Investment in real estate, gross	$ 12,317,670	$ 12,292,973

Ground Lease - Narrative (Detai

Ground Lease - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee Disclosure [Abstract]
Fixed rent payments due per year on ground lease	$ 733
Ground lease right-of-use asset	7,452		$ 7,455
Ground lease liability	10,843		$ 10,848
Ground rent expense	$ 183	$ 183

Ground Lease - Future Minimum G

Ground Lease - Future Minimum Ground Lease Payments (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future minimum ground lease payments for twelve months ending September 30:
2024	$ 733
2025	733
2026	733
2027	733
2028	733
Thereafter	43,063
Total future minimum lease payments	$ 46,728

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 3,388	$ 3,536
Acquired lease intangible liabilities, net	28,179	31,364
Above-market tenant leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	4,892	4,968
Accumulated amortization	(2,377)	(2,309)
Above-market ground lease where we are the lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	1,152	1,152
Accumulated amortization	(279)	(275)
Below-market tenant leases
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market tenant leases	61,131	64,851
Below-market tenant leases - accumulated accretion	$ (32,952)	$ (33,487)

Acquired Lease Intangibles - Im

Acquired Lease Intangibles - Impact on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ 3,037	$ 1,797
Rental revenues | Tenant Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Total	3,041	1,801
Office parking and other income | Above-market ground lease where we are the lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ (4)	$ (4)

Investment in Unconsolidated _3

Investment in Unconsolidated Fund - Narrative (Details) ft² in Millions	Mar. 31, 2023 ft² property	Mar. 31, 2022 property
Schedule of Equity Method Investments [Line Items]
Number of office properties	84
Amounts related to the fund (percent)	100%
Office
Schedule of Equity Method Investments [Line Items]
Number of office properties	70
Office | Unconsolidated Fund properties
Schedule of Equity Method Investments [Line Items]
Number of office properties	2	2
Area of real estate portfolio (sq ft) | ft²	0.4
Partnership X
Schedule of Equity Method Investments [Line Items]
Equity interest of the fund (percent)	33.50%	33.50%

Investment in Unconsolidated _4

Investment in Unconsolidated Fund - Summary of Cash Distributions Received from Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate Investments, Net [Abstract]
Operating distributions received	$ 289	$ 244
Capital distributions received	52	531
Total distributions received	$ 341	$ 775

Investments in Unconsolidated F

Investments in Unconsolidated Funds - Summary of Statement of Financial Position Information for Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total assets	$ 9,677,710	$ 9,747,446
Total liabilities	5,493,904	5,471,663
Total equity	2,495,159	2,562,414
Unconsolidated Funds
Schedule of Equity Method Investments [Line Items]
Total assets	146,395	147,853
Total liabilities	119,072	119,038
Total equity	$ 27,323	$ 28,815

Investments in Unconsolidated_2

Investments in Unconsolidated Funds - Summary of Statement of Operations Information for Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 252,393	$ 238,882
Net income	18,373	25,514
Unconsolidated Funds
Schedule of Equity Method Investments [Line Items]
Total revenues	4,642	4,397
Operating income	1,305	1,296
Net income	$ 749	$ 622

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Other Assets [Abstract]
Restricted cash	$ 101	$ 101	$ 101
Prepaid expenses	15,965	19,871
Indefinite-lived intangibles	1,988	1,988
Furniture, fixtures and equipment, net	7,101	7,144
Other	4,636	4,837
Total other assets	$ 29,791	$ 33,941

Secured Notes Payable and Rev_3

Secured Notes Payable and Revolving Credit Facility, Net - Summary (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Principal balance	$ 5,220,690,000	$ 5,220,902,000
Unamortized loan premium, net	3,434,000	3,547,000
Unamortized deferred loan costs, net	(31,119,000)	(32,556,000)
Total Consolidated Debt, net	$ 5,193,005,000	5,191,893,000
Minimum number of separate collateral pools used to secure loans | property	1
Loan premium accumulated amortization	$ 3,800,000	3,700,000
Accumulated amortization on deferred loan costs	$ 56,000,000	54,100,000
Secured Debt | LIBOR
Debt Instrument [Line Items]
Loan agreement LIBOR floor	0%
Secured Debt | Term Loan - Fixed - June 1, 2038 Maturity
Debt Instrument [Line Items]
Principal amortization period (in years)	30 years
Floating rate term loan | Partnership X
Debt Instrument [Line Items]
Maturity date	Sep. 14, 2028
Principal balance	$ 115,000,000
Loan agreement LIBOR floor	0%
Floating rate term loan | LIBOR | Partnership X
Debt Instrument [Line Items]
Variable Interest Rate	1.35%
Subsidiaries
Debt Instrument [Line Items]
Principal balance	$ 3,410,690,000	3,410,902,000
Subsidiaries | Secured Debt | Term Loan - March 3, 2025 Maturity
Debt Instrument [Line Items]
Maturity date	Mar. 03, 2025
Principal balance	$ 335,000,000	335,000,000
Subsidiaries | Secured Debt | Term Loan - March 3, 2025 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.30%
Subsidiaries | Secured Debt | Fannie Mae Loan - April 1, 2025 Maturity
Debt Instrument [Line Items]
Maturity date	Apr. 01, 2025
Principal balance	$ 102,400,000	102,400,000
Subsidiaries | Secured Debt | Fannie Mae Loan - April 1, 2025 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.25%
Subsidiaries | Secured Debt | Term Loan - Aug 15, 2026 Maturity
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. 01, 2025
Subsidiaries | Secured Debt | Term Loan - Aug 15, 2026 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.10%
Subsidiaries | Secured Debt | Term Loan - Sep 19, 2026 Maturity
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. 01, 2024
Subsidiaries | Secured Debt | Term Loan - Sep 19, 2026 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Subsidiaries | Secured Debt | Term Loan - Sep 26, 2026 Maturity
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. 01, 2024
Subsidiaries | Secured Debt | Term Loan - Sep 26, 2026 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.20%
Subsidiaries | Secured Debt | Term Loan - Nov 1, 2026 Maturity
Debt Instrument [Line Items]
Maturity date	Nov. 01, 2026
Principal balance	$ 400,000,000	400,000,000
Fixed interest rate	2.31%
Swap Maturity Date	Oct. 01, 2024
Subsidiaries | Secured Debt | Term Loan - Nov 1, 2026 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Subsidiaries | Secured Debt | Fannie Mae Loan - June 1, 2027 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2027
Principal balance	$ 550,000,000	550,000,000
Subsidiaries | Secured Debt | Fannie Mae Loan - June 1, 2027 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.37%
Subsidiaries | Secured Debt | Term Loan - May 18, 2028 Maturity
Debt Instrument [Line Items]
Maturity date	May 18, 2028
Principal balance	$ 300,000,000	300,000,000
Fixed interest rate	2.21%
Swap Maturity Date	Jun. 01, 2026
Subsidiaries | Secured Debt | Term Loan - May 18, 2028 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.40%
Subsidiaries | Secured Debt | Term Loan - January 1, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Jan. 01, 2029
Principal balance	$ 300,000,000	300,000,000
Fixed interest rate	2.66%
Swap Maturity Date	Jan. 01, 2027
Subsidiaries | Secured Debt | Term Loan - January 1, 2029 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.56%
Subsidiaries | Secured Debt | Fannie Mae Loan (MHA) - June 1, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2029
Principal balance	$ 255,000,000	255,000,000
Fixed interest rate	3.26%
Swap Maturity Date	Jun. 01, 2027
Subsidiaries | Secured Debt | Fannie Mae Loan (MHA) - June 1, 2029 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Subsidiaries | Secured Debt | Fannie Mae Loans (Boutiques) - June 1, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2029
Principal balance	$ 125,000,000	125,000,000
Fixed interest rate	3.25%
Swap Maturity Date	Jun. 01, 2027
Subsidiaries | Secured Debt | Fannie Mae Loans (Boutiques) - June 1, 2029 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Subsidiaries | Secured Debt | Term Loan - Fixed - June 1, 2038 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2038
Principal balance	$ 28,290,000	28,502,000
Fixed interest rate	4.55%
Subsidiaries | Line of Credit | Revolving Credit Facility - August 21, 2023 Maturity
Debt Instrument [Line Items]
Maturity date	Aug. 21, 2023
Principal balance	$ 0	0
Debt instrument, face amount	$ 400,000,000
Subsidiaries | Line of Credit | Revolving Credit Facility - August 21, 2023 Maturity | Minimum
Debt Instrument [Line Items]
Unused commitment fees (as a percent)	0.10%
Subsidiaries | Line of Credit | Revolving Credit Facility - August 21, 2023 Maturity | Maximum
Debt Instrument [Line Items]
Unused commitment fees (as a percent)	0.15%
Subsidiaries | Line of Credit | Revolving Credit Facility - August 21, 2023 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Consolidated JV | Secured Debt | Term Loan - December 19, 2024 Maturity
Debt Instrument [Line Items]
Maturity date	Dec. 19, 2024
Principal balance	$ 400,000,000	400,000,000
Consolidated JV | Secured Debt | Term Loan - December 19, 2024 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.30%
Consolidated JV | Secured Debt | Term Loan - May 15, 2027 Maturity
Debt Instrument [Line Items]
Maturity date	May 15, 2027
Principal balance	$ 450,000,000	450,000,000
Fixed interest rate	2.26%
Swap Maturity Date	Apr. 01, 2025
Consolidated JV | Secured Debt | Term Loan - May 15, 2027 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.35%
Consolidated JV | Secured Debt | Term Loan - August 19, 2028 Maturity
Debt Instrument [Line Items]
Maturity date	Aug. 19, 2028
Principal balance	$ 625,000,000	625,000,000
Fixed interest rate	2.12%
Swap Maturity Date	Jun. 01, 2025
Consolidated JV | Secured Debt | Term Loan - August 19, 2028 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.35%
Consolidated JV | Secured Debt | Term Loan - April 26, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Apr. 26, 2029
Principal balance	$ 175,000,000	175,000,000
Fixed interest rate	3.90%
Swap Maturity Date	May 01, 2026
Consolidated JV | Secured Debt | Term Loan - April 26, 2029 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.25%
Consolidated JV | Secured Debt | Fannie Mae Loan - June 1, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2029
Principal balance	$ 160,000,000	$ 160,000,000
Fixed interest rate	3.25%
Swap Maturity Date	Jul. 01, 2027
Consolidated JV | Secured Debt | Fannie Mae Loan - June 1, 2029 Maturity | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%

Secured Notes Payable and Rev_4

Secured Notes Payable and Revolving Credit Facility, Net - Debt by Type (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Consolidated debt	$ 5,220,690	$ 5,220,902
Principal balance (in billions)	$ 3,830,000
Weighted average remaining life (including extension options)	4 years 9 months 18 days
Weighted average remaining fixed interest period	2 years 7 months 6 days
Weighted average annual interest rate	2.65%
Aggregate swapped to fixed rate loans
Debt Instrument [Line Items]
Consolidated debt	$ 3,805,000	4,642,400
Aggregate fixed rate loans
Debt Instrument [Line Items]
Consolidated debt	28,290	28,502
Aggregate floating rate loans
Debt Instrument [Line Items]
Consolidated debt	$ 1,387,400	$ 550,000

Secured Notes Payable and Rev_5

Secured Notes Payable and Revolving Credit Facility, Net - Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Minimum Future Principal Payments Due
2024	$ 871
2025	735,912
2026	103,354
2027	1,415,999
2028	1,001,045
Thereafter	1,963,509
Total future principal payments	$ 5,220,690	$ 5,220,902

Secured Notes Payable and Rev_6

Secured Notes Payable and Revolving Credit Facility, Net - Loan Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loan Costs Included In Interest Expense
Loan premium amortized and written off	$ (113)	$ (113)
Interest Expense
Loan Costs Included In Interest Expense
Loan premium amortized and written off	(113)	(113)
Deferred loan costs amortized and written off	2,134	2,012
Loan costs expensed	3	0
Total	$ 2,024	$ 1,899

Interest Payable, Accounts Pa_3

Interest Payable, Accounts Payable and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Interest payable	$ 15,648	$ 13,529
Accounts payable and accrued liabilities	94,119	80,244
Deferred revenue	56,106	47,152
Total interest payable, accounts payable and deferred revenue	$ 165,873	$ 140,925

Derivative Contracts - Summary

Derivative Contracts - Summary of Derivatives (Details)	Mar. 31, 2023 USD ($) instrument
Derivative [Line Items]
Percentage of notional amount disclosed	100%
Unconsolidated Funds
Derivative [Line Items]
Percentage of notional amount disclosed	100%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	24
Notional | $	$ 3,805,000,000
Percentage of notional amount disclosed	100%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | Unconsolidated Funds
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	2
Notional | $	$ 115,000,000
Percentage of notional amount disclosed	100%
Interest Rate Cap | Derivatives Not Designated as Cash Flow Hedges | Cash Flow Hedging
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	5
Notional | $	$ 1,100,000,000
Interest Rate Cap | Derivatives Not Designated as Cash Flow Hedges | Cash Flow Hedging | Interest Rate Cap Purchased Notional
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	4
Notional | $	$ 550,000,000
Interest Rate Cap | Derivatives Not Designated as Cash Flow Hedges | Cash Flow Hedging | Interest Rate Cap Sold Notional
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	1
Notional | $	$ 550,000,000

Derivative Contracts - Counterp

Derivative Contracts - Counterparty Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives in an asset position	$ 218,298	$ 270,234
Percentage of notional amount disclosed	100%
Unconsolidated Funds
Derivative Instruments, Gain (Loss) [Line Items]
Percentage of notional amount disclosed	100%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives in an asset position	$ 230,394	281,982
Percentage of notional amount disclosed	100%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | Unconsolidated Funds
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives in an asset position	$ 10,986	$ 12,863
Percentage of notional amount disclosed	100%

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, 2023	Mar. 31, 2022
Derivative [Line Items]
(Losses) gains recorded in AOCI before reclassifications	$ (19,817)	$ 154,944
Interest expense presented on the consolidated statements of operations	(45,511)	(34,902)
Income from unconsolidated Fund presented on the consolidated statements of operations	289	247
Unconsolidated Funds
Derivative [Line Items]
(Losses) gains recorded in AOCI before reclassifications	(272)	1,774
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
(Losses) gains recorded in AOCI before reclassifications	(19,817)	154,944
(Gains) losses reclassified from AOCI to Interest Expense and Income from Unconsolidated Fund	(31,452)	17,649
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Unconsolidated Funds
Derivative [Line Items]
(Losses) gains recorded in AOCI before reclassifications	(272)	1,774
(Gains) losses reclassified from AOCI to Interest Expense and Income from Unconsolidated Fund	(356)	67
Cash Flow Hedging | Derivatives Not Designated as Cash Flow Hedges | Interest Expense
Derivative [Line Items]
(Gain) loss recorded as interest expense	$ 0	$ 0

Derivative Contracts - Future R

Derivative Contracts - Future Reclassifications from AOCI (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next year	$ 125,289
Unconsolidated Funds
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next year	$ 1,472

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Number of OP units redeemed (in shares)	5,000	9,000
OP Units redeemed with cash	$ 89	$ 313
Number of OP units converted to shares of common stock (in shares)		243,000
Outstanding common stock (in shares)	174,374,493		175,809,682
Number of shares of common stock issued upon redemption of one OP unit (in shares)	1
OP unit conversion rate	1
Operating Partnership
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests units ownership in Operating Partnership (in units)	32,500,000
Investors' ownership in joint venture (percent)	16%
Common Stock
Schedule of Equity Method Investments [Line Items]
Repurchase of common stock (in shares)	1,400,000
Cash excluding transaction costs	$ 16,500
Purchase price paid (in usd per share)	$ 11.50
Number of OP units converted to shares of common stock (in shares)		243,000
Outstanding common stock (in shares)	174,375,000	175,772,000	175,810,000	175,529,000

Equity - Net Income Attributabl

Equity - Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Net income attributable to common stockholders	$ 18,373	$ 25,514
Transfers from noncontrolling interests:
Exchange of OP Units with noncontrolling interests	0	3,944
Repurchases of OP Units from noncontrolling interests	4	(168)
Net transfers from noncontrolling interests	4	3,776
Change from net income attributable to common stockholders and transfers from noncontrolling interests	$ 18,377	$ 29,290

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income Schedule (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,275,783	$ 3,986,553
Other comprehensive (loss) income before reclassifications	(19,817)	154,944
Reclassification of (gains) losses from AOCI to income from unconsolidated funds/ interest expense	(31,452)	17,649
Net current period OCI	(51,897)	174,434
OCI attributable to noncontrolling interests	15,910	(52,631)
OCI attributable to common stockholders	(35,987)	121,803
Ending balance	4,183,806	4,125,697
Unconsolidated Funds
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive (loss) income before reclassifications	(272)	1,774
Reclassification of (gains) losses from AOCI to income from unconsolidated funds/ interest expense	(356)	67
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	187,063	(38,774)
Ending balance	$ 151,076	$ 83,029

Equity - Equity Compensation (D

Equity - Equity Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Stock-based compensation expense, net	$ 2,794	$ 2,581
Capitalized stock-based compensation	$ 713	$ 791

EPS (Details)

EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 18,373	$ 25,514
Allocation to participating securities: Unvested LTIP Units	(239)	(226)
Net Income (Loss) Available To Common Stockholders, Basic And Diluted	$ 18,134	$ 25,288
Weighted average shares of common stock outstanding, basic (in shares)	175,765,000	175,656,000
Weighted average shares of common stock outstanding, diluted (in shares)	175,765,000	175,656,000
Net income per common share - basic (in usd per share)	$ 0.10	$ 0.14
Net income per common share – diluted (in usd per share)	$ 0.10	$ 0.14
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)	30,129,000	29,365,000
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)	2,390,000	1,592,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ground lease liability	$ 10,843	$ 10,848
Fair value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	5,119,831	5,115,548
Ground lease liability	4,598	4,466
Carrying value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	5,224,124	5,224,449
Ground lease liability	$ 10,843	$ 10,848

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Assets:
Interest rate contract assets	$ 218,298	$ 270,234
Derivative Liabilities:
Fair value - derivatives	$ 1,135	1,790
Percentage of notional amount disclosed	100%
Unconsolidated Funds
Derivative Liabilities:
Percentage of notional amount disclosed	100%
Level 2
Derivative Assets:
Interest rate contract assets	$ 218,298	270,234
Derivative Liabilities:
Fair value - derivatives	1,135	1,790
Level 2 | Unconsolidated Funds
Derivative Assets:
Interest rate contract assets	10,516	12,426
Derivative Liabilities:
Fair value - derivatives	$ 0	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
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, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 252,393	$ 238,882
Total profit from all segments	162,737	161,335
Office Segment
Segment Reporting Information [Line Items]
Total revenues	203,358	203,140
Operating expenses	(72,768)	(67,374)
Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	49,035	35,742
Operating expenses	(16,888)	(10,173)
Reportable Segments
Segment Reporting Information [Line Items]
Total profit from all segments	162,737	161,335
Reportable Segments | Office Segment
Segment Reporting Information [Line Items]
Total revenues	203,358	203,140
Operating expenses	(72,768)	(67,374)
Total profit from all segments	130,590	135,766
Reportable Segments | Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	49,035	35,742
Operating expenses	(16,888)	(10,173)
Total profit from all segments	$ 32,147	$ 25,569

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, 2023	Mar. 31, 2022
Segment Reporting [Abstract]
Total profit from all segments	$ 162,737	$ 161,335
General and administrative expenses	(10,940)	(11,240)
Depreciation and amortization	(93,176)	(89,365)
Other income	3,283	367
Other expenses	(520)	(183)
Income from unconsolidated Fund	289	247
Interest expense	(45,511)	(34,902)
Net income	16,162	26,259
Net loss (income) attributable to noncontrolling interests	2,211	(745)
Net income attributable to common stockholders	$ 18,373	$ 25,514

Future Minimum Lease Rental R_3

Future Minimum Lease Rental Receipts - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 parcel
Lessor, Lease, Description [Line Items]
Maximum term of residential leases not included in total future minimum base rentals	1 year
Wholly-owned properties
Lessor, Lease, Description [Line Items]
Number of land parcels subject to ground lease	2

Future Minimum Lease Rental R_4

Future Minimum Lease Rental Receipts - Future Minimum Rental Receipts (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future Minimum Base Rentals
2024	$ 623,607
2025	526,955
2026	425,252
2027	328,204
2028	240,450
Thereafter	689,036
Total future minimum base rentals	$ 2,833,504

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) ft² apartment building property	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
Number of buildings containing asbestos | building	33
Principal balance	$ 5,220,690	$ 5,220,902
Partnership X
Other Commitments [Line Items]
Maximum future payments under swap agreement	3,400
Partnership X | Floating rate term loan
Other Commitments [Line Items]
Principal balance	$ 115,000
Maturity date	Sep. 14, 2028
Loan agreement LIBOR floor	0%
Number of properties to secure loan | property	2
Partnership X | Floating rate term loan | Interest Rate Swap
Other Commitments [Line Items]
Fixed interest rate	2.19%
Swap Maturity Date	Oct. 01, 2026
Partnership X | Floating rate term loan | LIBOR
Other Commitments [Line Items]
Variable Interest Rate	1.35%
Repositionings, Capital Expenditure Projects, and Tenant Improvements
Other Commitments [Line Items]
Aggregate remaining contractual commitment	$ 24,100
Development Projects
Other Commitments [Line Items]
Aggregate remaining contractual commitment	$ 32,500
Development Projects | Hawaii
Other Commitments [Line Items]
Retail square footage (sq ft) | ft²	493
Number of apartments under construction | apartment	493

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended
	Apr. 30, 2023 USD ($) $ / shares shares
Subsequent Event [Line Items]
Shares of common stock (in shares) | shares	4.6
Cash excluding transaction costs | $	$ 57.4
Average purchase price (in usd per share) | $ / shares	$ 12.57