Douglas Emmett (DEI) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		166,737,730
Entity Central Index Key	0001364250
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Investment in real estate, gross	$ 12,385,477	$ 12,292,973
Less: accumulated depreciation and amortization	(3,558,336)	(3,299,365)
Investment in real estate, net	8,827,141	8,993,608
Ground lease right-of-use asset	7,449	7,455
Cash and cash equivalents	526,230	268,837
Tenant receivables	8,555	6,879
Deferred rent receivables	116,987	114,980
Acquired lease intangible assets, net	3,103	3,536
Interest rate contract assets	248,232	270,234
Investment in unconsolidated Fund	47,988	47,976
Other assets	60,394	33,941
Total Assets	9,846,079	9,747,446
Liabilities
Secured notes payable, net	5,541,846	5,191,893
Ground lease liability	10,839	10,848
Interest payable, accounts payable and deferred revenue	169,069	140,925
Security deposits	62,403	61,429
Acquired lease intangible liabilities, net	22,775	31,364
Interest rate contract liabilities	0	1,790
Dividends payable	31,691	33,414
Total Liabilities	5,838,623	5,471,663
Douglas Emmett, Inc. stockholders' equity:
Common Stock, $0.01 par value, 750,000,000 authorized, 166,737,730 and 175,809,682 outstanding at September 30, 2023 and December 31, 2022, respectively	1,667	1,758
Additional paid-in capital	3,384,285	3,493,307
Accumulated other comprehensive income	169,760	187,063
Accumulated deficit	(1,218,457)	(1,119,714)
Total Douglas Emmett, Inc. stockholders' equity	2,337,255	2,562,414
Noncontrolling interests	1,670,201	1,713,369
Total Equity	4,007,456	4,275,783
Total Liabilities and Equity	$ 9,846,079	$ 9,747,446

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	166,737,730	175,809,682

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 255,409	$ 253,663	$ 761,209	$ 739,515
Operating Expenses
General and administrative expenses	12,826	11,272	34,698	34,173
Depreciation and amortization	122,022	96,276	336,771	279,588
Total operating expenses	226,735	195,862	642,200	561,496
Other income	6,229	1,649	12,561	2,490
Other expenses	(175)	(199)	(820)	(561)
Income from unconsolidated Fund	290	356	1,177	921
Interest expense	(56,043)	(38,394)	(151,859)	(109,560)
Net (loss) income	(21,025)	21,213	(19,932)	71,309
Net loss attributable to noncontrolling interests	7,663	1,742	17,681	1,534
Net (loss) income attributable to common stockholders	$ (13,362)	$ 22,955	$ (2,251)	$ 72,843
Net (loss) income per common share - basic (in usd per share)	$ (0.08)	$ 0.13	$ (0.02)	$ 0.41
Net (loss) income per common share – diluted (in usd per share)	$ (0.08)	$ 0.13	$ (0.02)	$ 0.41
Office rental
Revenues
Total revenues	$ 208,823	$ 207,927	$ 617,614	$ 616,744
Operating Expenses
Operating expenses	74,631	74,653	220,261	212,006
Office rental | Rental revenues and tenant recoveries
Revenues
Total revenues	181,106	182,011	535,243	542,535
Office rental | Parking and other income
Revenues
Total revenues	27,717	25,916	82,371	74,209
Multifamily rental
Revenues
Total revenues	46,586	45,736	143,595	122,771
Operating Expenses
Operating expenses	17,256	13,661	50,470	35,729
Multifamily rental | Parking and other income
Revenues
Total revenues	3,722	4,679	12,469	12,536
Multifamily rental | Rental revenues
Revenues
Total revenues	$ 42,864	$ 41,057	$ 131,126	$ 110,235

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (21,025)	$ 21,213	$ (19,932)	$ 71,309
Other comprehensive (loss) income: cash flow hedges	(7,045)	108,352	(21,757)	342,628
Comprehensive (loss) income	(28,070)	129,565	(41,689)	413,937
Comprehensive loss (income) attributable to noncontrolling interests	9,571	(31,731)	22,135	(102,671)
Comprehensive (loss) income attributable to common stockholders	$ (18,499)	$ 97,834	$ (19,554)	$ 311,266

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)	260,000	260,000
Ending balance (in shares) at Sep. 30, 2022		175,789,000
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	4,233			(4,236)
Repurchases of OP Units with cash	(336)		(176)			(160)
Net (loss) income attributable to common stockholders	1,534				72,843
Dividends	(147,656)				(147,656)
Net (loss) income	71,309					(1,534)
Cash flow hedge adjustments	342,628			238,423		104,205
Contributions	81,000					81,000
Distributions	(45,376)					(45,376)
Stock-based compensation	9,611					9,611
Ending balance at Sep. 30, 2022	$ 4,297,733	$ 1,758	3,492,943	199,649	(1,110,611)	1,713,994
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.84
Beginning balance (in shares) at Jun. 30, 2022		175,784,000
Stockholders' Equity [Roll Forward]
Exchange of OP units for common stock (in shares)		5,000
Ending balance (in shares) at Sep. 30, 2022		175,789,000
Beginning balance at Jun. 30, 2022	$ 4,228,951	$ 1,758	3,492,864	124,770	(1,084,346)	1,693,905
Stockholders' Equity [Roll Forward]
Exchange of OP Units for common stock			80			(80)
Repurchases of OP Units with cash	(6)		(1)			(5)
Net (loss) income attributable to common stockholders	1,742				22,955
Dividends	(49,220)				(49,220)
Net (loss) income	21,213					(1,742)
Cash flow hedge adjustments	108,352			74,879		33,473
Distributions	(14,649)					(14,649)
Stock-based compensation	3,092					3,092
Ending balance at Sep. 30, 2022	$ 4,297,733	$ 1,758	3,492,943	199,649	(1,110,611)	1,713,994
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)		(9,072,000)
Ending balance (in shares) at Sep. 30, 2023	166,737,730	166,738,000
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	(367)		120			(487)
Repurchases of common stock	(109,233)	(91)	(109,142)
Net (loss) income attributable to common stockholders	17,681				(2,251)
Dividends	(96,492)				(96,492)
Net (loss) income	(19,932)					(17,681)
Cash flow hedge adjustments	(21,757)			(17,303)		(4,454)
Contributions	125					125
Distributions	(30,433)					(30,433)
Stock-based compensation	9,762					9,762
Ending balance at Sep. 30, 2023	$ 4,007,456	$ 1,667	3,384,285	169,760	(1,218,457)	1,670,201
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.57
Beginning balance (in shares) at Jun. 30, 2023		166,738,000
Ending balance (in shares) at Sep. 30, 2023	166,737,730	166,738,000
Beginning balance at Jun. 30, 2023	$ 4,074,318	$ 1,667	3,384,274	174,897	(1,173,415)	1,686,895
Stockholders' Equity [Roll Forward]
Repurchases of OP Units with cash	(46)		11			(57)
Net (loss) income attributable to common stockholders	7,663				(13,362)
Dividends	(31,680)				(31,680)
Net (loss) income	(21,025)					(7,663)
Cash flow hedge adjustments	(7,045)			(5,137)		(1,908)
Distributions	(10,145)					(10,145)
Stock-based compensation	3,079					3,079
Ending balance at Sep. 30, 2023	$ 4,007,456	$ 1,667	$ 3,384,285	$ 169,760	$ (1,218,457)	$ 1,670,201
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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities
Net (loss) income	$ (19,932)	$ 71,309
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Income from unconsolidated Fund	(1,177)	(921)
Depreciation and amortization	336,771	279,588
Net accretion of acquired lease intangibles	(8,156)	(8,050)
Straight-line rent	(2,007)	(880)
Loan premium amortized and written off	(344)	(344)
Deferred loan costs amortized and written off	6,623	5,908
Amortization of stock-based compensation	7,553	7,156
Operating distributions from unconsolidated Fund	957	921
Purchase of interest rate caps	(1,622)	0
Change in working capital components:
Tenant receivables	(1,676)	4,156
Interest payable, accounts payable and deferred revenue	41,277	31,825
Security deposits	974	4,508
Other assets	(27,032)	(13,507)
Net cash provided by operating activities	332,209	381,669
Investing Activities
Capital expenditures for improvements to real estate	(144,842)	(111,495)
Capital expenditures for developments	(37,297)	(60,762)
Insurance recoveries for damage to real estate	1,686	4,274
Property acquisition	0	(330,470)
Capital distributions from unconsolidated Fund	80	1,454
Net cash used in investing activities	(180,373)	(496,999)
Financing Activities
Proceeds from borrowings	505,000	230,000
Repayment of borrowings	(155,642)	(55,614)
Loan cost payments	(5,678)	(1,620)
Purchase of interest rate caps	0	(481)
Proceeds from sale of interest rate cap	0	444
Contributions from noncontrolling interests in consolidated JVs	125	81,000
Distributions paid to noncontrolling interests	(30,433)	(45,376)
Dividends paid to common stockholders	(98,215)	(147,584)
Repurchases of OP Units	(367)	(336)
Repurchases of common stock	(109,233)	0
Net cash provided by financing activities	105,557	60,433
Increase (decrease) in cash and cash equivalents and restricted cash	257,393	(54,897)
Cash and cash equivalents and restricted cash - beginning balance	268,938	336,006
Cash and cash equivalents and restricted cash - ending balance	526,331	281,109
Cash and cash equivalents	526,230	281,008
Restricted cash	101	101
Cash and cash equivalents and restricted cash	526,331	281,109
Operating Activities
Cash paid for interest, net of capitalized interest	141,081	103,666
Capitalized interest paid	1,296	7,357
Non-cash Investing Transactions
Accrual for real estate and development capital expenditures	19,261	19,508
Capitalized stock-based compensation for improvements to real estate and developments	2,209	2,455
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles	74,277	57,177
Removal of fully amortized acquired lease intangible assets	255	1,221
Removal of fully accreted acquired lease intangible liabilities	14,504	9,831
Non-cash Financing Transactions
Gain recorded in AOCI	83,157	318,408
Dividends declared	96,492	147,656
Exchange of OP Units for common stock	0	4,236
Unconsolidated Funds
Non-cash Financing Transactions
Gain recorded in AOCI	$ 1,185	$ 3,777

Overview

Overview	9 Months Ended
	Sep. 30, 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 September 30, 2023, our Consolidated Portfolio consisted of (i) a 17.6 million square foot office portfolio, (ii) 4,594 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 September 30, 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 September 30, 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 JVs, was $3.76 billion as of September 30, 2023 and $3.41 billion as of 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 September 30, 2023, our consolidated VIE entities, excluding our Operating Partnership, had: • aggregate consolidated assets of $3.90 billion (of which $3.49 billion related to investment in real estate), and • aggregate consolidated liabilities of $1.89 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). 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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: • $0.2 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and • $0.5 million and $0.3 million for th e nine months ended September 30, 2023 and 2022, respectively. 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: • $2.3 million and $1.6 million for the three months ended September 30, 2023 and 2022, respectively, and • $4.4 million and $3.3 million for th e nine months ended September 30, 2023 and 2022, respectively. Office parking revenues We account for our office parking revenues in accordance with ASC 606 "Revenue from Contracts with Customers". Office parking revenues are included in Parking and other income under Office rental 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: • $23.4 million and $22.1 million for the three months ended September 30, 2023, and 2022, respectively, and • $69.1 million and $62.6 million for the nine months ended September 30, 2023 and 2022, respectively. Office parking receivables, which are included in Tenant receivables on our consolidated balance sheets, were • $1.0 million as of September 30, 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	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate The table below summarizes our investment in real estate: (In thousands) September 30, 2023 December 31, 2022 Land $ 1,185,977 $ 1,185,977 Buildings and improvements (1) 10,118,965 10,055,499 Tenant improvements and lease intangibles 1,011,310 981,460 Property under development (1) 69,225 70,037 Investment in real estate, gross $ 12,385,477 $ 12,292,973 ________________________________________________ (1) During the nine months ended September 30, 2023, Property under development balances transferred to Building and improvements for real estate placed into service was $34.0 million. 2022 Property Acquisition Acquisition of 1221 Ocean Avenue On April 26, 2022, we paid $330.0 million, excluding acquisition costs, to acquire a luxury multifamily apartment building with 120 units, located at 1221 Ocean Avenue in Santa Monica. We acquired the property through a new consolidated JV that we manage and in which we own a 55% interest. We accounted for the acquisition as an asset acquisition and the acquired property's operating results are included in our consolidated operating results from the date of acquisition. The table below summarizes the purchase price allocation for the acquisition. The contract price and the purchase price allocation total in the table below differ due to acquisition costs, prorations and similar adjustments: (In thousands) Purchase Price Allocation Land $ 22,086 Buildings and improvements 319,666 Tenant improvements and lease intangibles 8,879 Acquired below-market leases (18,542) Other liabilities assumed (1,619) Net assets and liabilities acquired $ 330,470 Property to be Removed from Service During the second quarter of 2023, we filed paperwork to remove our Barrington Plaza Apartments property in Los Angeles from the rental market because of city directives to install fire sprinklers and other life safety improvements. In connection with the remova l of the aforementioned property from the rental market, we accelerated and recorded additional depreciation expense of $27.4 million for the three months ended September 30, 2023 and $54.8 million fo r the nine months ended September 30, 2023, which is included in Depreciation and amortization on our consolidated statements of operations.

Ground Lease

Ground Lease	9 Months Ended
	Sep. 30, 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 September 30, 2023, the ground lease right-of-use asset carrying value was $7.4 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 September 30, 2023 and 2022, and • $549 thousand for each of the nine month periods ended September 30, 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 September 30, 2023: Twelve months ending September 30: (In thousands) 2024 $ 733 2025 733 2026 733 2027 733 2028 733 Thereafter 42,696 Total future minimum lease payments $ 46,361

Acquired Lease Intangibles

Acquired Lease Intangibles	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Lease Intangibles	Acquired Lease Intangibles Summary of our Acquired Lease Intangibles (In thousands) September 30, 2023 December 31, 2022 Above-market tenant leases $ 4,712 $ 4,968 Above-market tenant leases - accumulated amortization (2,474) (2,309) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (287) (275) Acquired lease intangible assets, net $ 3,103 $ 3,536 Below-market tenant leases $ 50,347 $ 64,851 Below-market tenant leases - accumulated accretion (27,572) (33,487) Acquired lease intangible liabilities, net $ 22,775 $ 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 September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 2,466 $ 3,348 $ 8,169 $ 8,063 Amortization of an above-market ground lease asset (2) (5) (5) (13) (13) Total $ 2,461 $ 3,343 $ 8,156 $ 8,050 ______________________________________________ (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	9 Months Ended
	Sep. 30, 2023
Real Estate Investments, Net [Abstract]
Investment in Unconsolidated Fund	Investment in Unconsolidated Fund Description of our Fund As of September 30, 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: Nine Months Ended September 30, (In thousands) 2023 2022 Operating distributions received $ 957 $ 921 Capital distributions received 80 1,454 Total distributions received $ 1,037 $ 2,375 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) September 30, 2023 December 31, 2022 Total assets $ 149,588 $ 147,853 Total liabilities $ 118,942 $ 119,038 Total equity $ 30,646 $ 28,815 Nine Months Ended September 30, (In thousands) 2023 2022 Total revenues $ 14,929 $ 13,893 Operating income $ 4,749 $ 4,361 Net income $ 3,167 $ 2,387

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Other Assets	Other Assets (In thousands) September 30, 2023 December 31, 2022 Restricted cash $ 101 $ 101 Prepaid expenses 30,811 19,871 Indefinite-lived intangibles 1,988 1,988 Deposit with lender (1) 13,300 — Furniture, fixtures and equipment, net 7,042 7,144 Other 7,152 4,837 Total other assets $ 60,394 $ 33,941 _______________________________________________________________________ (1) In connection with the Barrington Plaza loan, Barrington Plaza Apartments have been removed from the rental market. The lender is treating the debt as a construction loan. They have required a $13.3 million cash deposit, which we placed in a collateral account during the third quarter, and they are requiring a construction completion guarantee. See Note 8 for our debt disclosures.

Secured Notes Payable, Net

Secured Notes Payable, Net	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Secured Notes Payable, Net	Secured Notes Payable, Net Description Maturity Date (1) Principal Balance as of September 30, 2023 Principal Balance as of December 31, 2022 Variable Interest Rate (2) Fixed Interest Rate (3) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (4)(5) 3/3/2025 $ 335,000 $ 335,000 SOFR + 1.41% N/A N/A Fannie Mae loan (4)(5) 4/1/2025 102,400 102,400 SOFR + 1.36% N/A N/A Term loan (4) 8/15/2026 415,000 415,000 SOFR + 1.20% 3.07% 8/1/2025 Term loan (4) 9/19/2026 400,000 400,000 SOFR + 1.25% 2.44% 9/1/2024 Term loan (4) 9/26/2026 200,000 200,000 SOFR + 1.30% 2.36% 10/1/2024 Term loan (4) 11/1/2026 400,000 400,000 SOFR + 1.25% 2.31% 10/1/2024 Fannie Mae loan (4)(6) 6/1/2027 550,000 550,000 SOFR + 1.48% N/A N/A Term loan (4) 5/18/2028 300,000 300,000 SOFR + 1.51% 2.21% 6/1/2026 Term loan (4) 1/1/2029 300,000 300,000 SOFR + 1.56% 2.66% 1/1/2027 Fannie Mae loan (4) 6/1/2029 255,000 255,000 SOFR + 1.09% 3.26% 6/1/2027 Fannie Mae loan (4) 6/1/2029 125,000 125,000 SOFR + 1.09% 3.25% 6/1/2027 Fannie Mae loan (4)(7) 8/1/2033 350,000 — SOFR + 1.37% N/A N/A Term loan (8) 6/1/2038 27,859 28,502 N/A 4.55% N/A Total Wholly-Owned Subsidiary Debt 3,760,259 3,410,902 Consolidated JVs Term loan (4)(9) 12/19/2024 400,000 400,000 SOFR + 1.40% N/A N/A Term loan (4) 5/15/2027 450,000 450,000 SOFR + 1.45% 2.26% 4/1/2025 Term loan (4) 8/19/2028 625,000 625,000 SOFR + 1.45% 2.12% 6/1/2025 Term loan (4) 4/26/2029 175,000 175,000 SOFR + 1.25% 3.90% 5/1/2026 Fannie Mae loan (4) 6/1/2029 160,000 160,000 SOFR + 1.09% 3.25% 7/1/2027 Total Consolidated Debt (10) 5,570,259 5,220,902 Unamortized loan premium, net (11) 3,203 3,547 Unamortized deferred loan costs, net (12) (31,616) (32,556) Total Consolidated Debt, net $ 5,541,846 $ 5,191,893 _______________________________________________________________________ Except as noted below, our loans: (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) LIBOR loans converted to SOFR during the third quarter include a small SOFR adjustment to calculate the interest payable to the lender, which are included in the spreads. The SOFR conversion did not change the swap-fixed interest rates for our swap-fixed loans. (3) Effective rate as of September 30, 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. (4) The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor. (5) The swaps expired on March 1, 2023. (6) The loan is secured by four residential properties. A portion of the loan totaling $472 million has a lender-required out-of-the-money interest rate cap at a weighted average of 8.99% until July 2026 . Barrington Plaza Apartments have been removed from the rental market. S ee Note 3. For the portion of the loan relating to Barrington Plaza, t he lender is treating the debt as a construction loan. They have required a $13.3 million cash deposit, which we placed in a collateral account during the third quarter, and they are requiring a construction completion guarantee. The lender will return the deposit at the earlier of August 2026 or when the loan is paid in full. The deposit is included in Other assets in our balance sheet. See Note 7. (7) We closed the loan during the third quarter of 2023. The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. We used part of the proceeds from the loan to pay off the balance on our revolving credit facility, which expired in August 2023. There was no balance outstanding on the credit facility as of December 31, 2022. (8) The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule. (9) The swaps expired on January 1, 2023. (10) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures. (11) Balances are net of accumulated amortization of $4.0 million and $3.7 million at September 30, 2023 and December 31, 2022, respectively. (12) Balances are net of accumulated amortization of $54.2 million and $54.1 million at September 30, 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 September 30, 2023 Principal Balance as of December 31, 2022 Aggregate swapped to fixed rate loans $ 3,805,000 $ 4,642,400 Aggregate fixed rate loans 27,859 28,502 Aggregate capped rate loans 822,000 — Aggregate floating rate loans 915,400 550,000 Total Debt $ 5,570,259 $ 5,220,902 The table below summarizes certain consolidated debt statistics as of September 30, 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) 4.3 years Weighted average remaining fixed interest period 2.1 years Weighted average annual interest rate 2.65% Future Principal Payments At September 30, 2023, the minimum future principal payments due on our consolidated secured notes payable were as follows: Twelve months ending September 30: Including Maturity Extension Options (1) (In thousands) 2024 $ 891 2025 838,333 2026 1,015,976 2027 1,401,022 2028 926,069 Thereafter 1,387,968 Total future principal payments $ 5,570,259 ________________________________________________ (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 September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Loan premium amortized and written off $ (116) $ (116) $ (344) $ (344) Deferred loan costs amortized and written off 2,261 2,030 6,623 5,908 Loan costs expensed 59 8 79 110 Total $ 2,204 $ 1,922 $ 6,358 $ 5,674

Interest Payable, Accounts Paya

Interest Payable, Accounts Payable and Deferred Revenue	9 Months Ended
	Sep. 30, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Interest Payable, Accounts Payable and Deferred Revenue	Interest Payable, Accounts Payable and Deferred Revenue (In thousands) September 30, 2023 December 31, 2022 Interest payable $ 18,028 $ 13,529 Accounts payable and accrued liabilities 99,805 80,244 Deferred revenue 51,236 47,152 Total interest payable, accounts payable and deferred revenue $ 169,069 $ 140,925

Derivative Contracts

Derivative Contracts	9 Months Ended
	Sep. 30, 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 also enter into interest rate cap agreements from time to time to cap the interest rates on our floating rate loans. 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 September 30, 2023: Number of Interest Rate Contracts Notional Derivatives Designated as Cash Flow Hedges: Consolidated derivatives - swaps (1)(2)(3) 24 $ 3,805,000 Consolidated derivatives - caps (2)(3)(4) 5 $ 822,000 Unconsolidated Fund's derivatives - swaps (2)(3)(5) 2 $ 115,000 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives - caps (6) — $ — ___________________________________________________ (1) The notional amount includes 100%, not our pro-rata share, of our consolidated JVs' derivatives. See Note 8 for more information about our hedged consolidated debt. (2) Our derivative contracts do not provide for right of offset between derivative contracts. (3) See Note 13 for our derivative fair value disclosures. (4) We purchased five interest rate caps with a notional amount of $822.0 million during the third quarter of 2023. See Note 8 for more information about our hedged consolidated debt. (5) The notional amount reflects 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. See Note 6 for more information about our Fund, including our equity interest percentage. (6) Five interest rate caps with a total aggregate notional amount of $1.10 billion expired on July 1, 2023. 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) September 30, 2023 December 31, 2022 Consolidated derivatives (1) $ 262,322 $ 281,982 Unconsolidated Fund's derivatives (2) $ 12,877 $ 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) Nine Months Ended September 30, 2023 2022 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gains recorded in AOCI before reclassifications (1) $ 83,157 $ 318,408 (Gains) losses reclassified from AOCI to Interest Expense (1) $ (104,891) $ 20,505 Interest expense presented on the consolidated statements of operations $ (151,859) $ (109,560) Unconsolidated Fund's derivatives (our share) (2) : Gains recorded in AOCI before reclassifications (1) $ 1,185 $ 3,777 Gains reclassified from AOCI to Income from unconsolidated Fund (1) $ (1,208) $ (62) Income from unconsolidated Fund presented on the consolidated statements of operations $ 1,177 $ 921 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives: Loss recorded as interest expense (3) $ — $ 38 ___________________________________________________ (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 non-designated interest rate caps offset each other during the periods presented. The respective caps expired on July 1, 2023. Future Reclassifications from AOCI At September 30, 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 is as follows: (In thousands) Consolidated derivatives: Gains to be reclassified from AOCI to Interest Expense $ 150,054 Unconsolidated Fund's derivatives (our share) (1) : Gains to be reclassified from AOCI to Income from unconsolidated Fund $ 1,741 ___________________________________________________ (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	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity Transactions During the Nine Months Ended September 30, 2023 • We repurchased 9.1 million shares of our common stock for $109.1 million in cash, excluding transaction costs, in open market transactions. The average purchase price was $12.03 per share. • We acquired 29 thousand OP Units for $367 thousand in cash. During the Nine Months Ended September 30, 2022 • We acquired 260 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 10 thousand OP Units for $336 thousand in cash. • We acquired a multifamily apartment building through a new consolidated JV that we manage and in which we own a 55% interest. See Note 3 for more information regarding the property we purchased. We contributed $99.0 million to the JV and an outside investor contributed $81.0 million to the JV. Noncontrolling Interests Our noncontrolling interests consist of interests in our Operating Partnership and consolidated JVs which are not owned by us. As of September 30, 2023, noncontrolling interests in our Operating Partnership owned 32.5 million OP Units and fully-vested LTIP Units, which represented approximately 16.3% of our Operating Partnership's total outstanding interests, and we owned 166.7 million OP Units (to match our 166.7 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 (loss) income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Nine Months Ended September 30, (In thousands) 2023 2022 Net (loss) income attributable to common stockholders $ (2,251) $ 72,843 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests — 4,236 Repurchases of OP Units from noncontrolling interests 120 (176) Net transfers from noncontrolling interests 120 4,060 Change from net (loss) income attributable to common stockholders and transfers from noncontrolling interests $ (2,131) $ 76,903 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: Nine Months Ended September 30, (In thousands) 2023 2022 Accumulated Other Comprehensive Income (Loss) - Beginning balance $ 187,063 $ (38,774) Consolidated derivatives: Other comprehensive income before reclassifications 83,157 318,408 Reclassification of (gains) losses from AOCI to Interest Expense (104,891) 20,505 Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive income before reclassifications 1,185 3,777 Reclassification of gains from AOCI to Income from unconsolidated Fund (1,208) (62) Net current period OCI (21,757) 342,628 OCI attributable to noncontrolling interests 4,454 (104,205) OCI attributable to common stockholders (17,303) 238,423 Accumulated Other Comprehensive Income - Ending balance $ 169,760 $ 199,649 ___________________________________________________ (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. On May 24, 2023, we held our 2023 annual meeting of stockholders. At the annual meeting, our stockholders approved an amendment to the 2016 Plan to, among other things, increase the number of shares of common stock available for future awards by 19 million. As of September 30, 2023, we had an aggregate of 21.3 million shares of common stock available for future awards. The table below presents our stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Stock-based compensation expense $ 2,327 $ 2,266 $ 7,553 $ 7,156 Capitalized stock-based compensation $ 752 $ 826 $ 2,209 $ 2,455

EPS

EPS	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
EPS	EPS We calculate basic EPS by dividing the net income (loss) 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 (loss) 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator (In thousands): Net (loss) income attributable to common stockholders $ (13,362) $ 22,955 $ (2,251) $ 72,843 Allocation to participating securities: Unvested LTIP Units (271) (218) (831) (666) Net (loss) income attributable to common stockholders - basic and diluted $ (13,633) $ 22,737 $ (3,082) $ 72,177 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 166,738 175,784 170,553 175,742 Net (loss) income per common share - basic and diluted $ (0.08) $ 0.13 $ (0.02) $ 0.41 ____________________________________________________ (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 or loss (equal on a per unit basis to the Net income or loss per common share - diluted) was already deducted in calculating Net income (loss) 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 September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 OP Units 31,698 30,158 30,720 29,626 Vested LTIP Units 851 690 1,816 1,255

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 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 September 30, 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, 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, the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees: (In thousands) September 30, 2023 December 31, 2022 Fair value $ 5,476,975 $ 5,115,548 Carrying value $ 5,573,462 $ 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) September 30, 2023 December 31, 2022 Fair value $ 4,226 $ 4,466 Carrying value $ 10,839 $ 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) September 30, 2023 December 31, 2022 Derivative Assets: Fair value - consolidated derivatives (1) $ 248,232 $ 270,234 Fair value - unconsolidated Fund's derivatives (2) $ 12,356 $ 12,426 Derivative Liabilities: Fair value - consolidated derivatives (1) $ — $ 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Office Segment Total office revenues $ 208,823 $ 207,927 $ 617,614 $ 616,744 Office expenses (74,631) (74,653) (220,261) (212,006) Office segment profit 134,192 133,274 397,353 404,738 Multifamily Segment Total multifamily revenues 46,586 45,736 143,595 122,771 Multifamily expenses (17,256) (13,661) (50,470) (35,729) Multifamily segment profit 29,330 32,075 93,125 87,042 Total profit from all segments $ 163,522 $ 165,349 $ 490,478 $ 491,780 The table below presents a reconciliation of the total profit from all segments to net (loss) income attributable to common stockholders: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total profit from all segments $ 163,522 $ 165,349 $ 490,478 $ 491,780 General and administrative expenses (12,826) (11,272) (34,698) (34,173) Depreciation and amortization (122,022) (96,276) (336,771) (279,588) Other income 6,229 1,649 12,561 2,490 Other expenses (175) (199) (820) (561) Income from unconsolidated Fund 290 356 1,177 921 Interest expense (56,043) (38,394) (151,859) (109,560) Net (loss) income (21,025) 21,213 (19,932) 71,309 Net loss attributable to noncontrolling interests 7,663 1,742 17,681 1,534 Net (loss) income attributable to common stockholders $ (13,362) $ 22,955 $ (2,251) $ 72,843

Future Minimum Lease Rental Rec

Future Minimum Lease Rental Receipts	9 Months Ended
	Sep. 30, 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 September 30, 2023: Twelve months ending September 30: (In thousands) 2024 $ 616,384 2025 507,320 2026 405,771 2027 321,408 2028 231,391 Thereafter 678,380 Total future minimum base rentals (1) $ 2,760,654 ___________________________________ (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	9 Months Ended
	Sep. 30, 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. We are currently in litigation with the insurance providers in 2020 for Barrington Plaza to recover certain costs associated with reconstruction. 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 nine months ended September 30, 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 September 30, 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 September 30, 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 September 30, 2023, we had an aggregate remaining contractual commitment for this development project and other development projects of approximately $19.3 million. Other Contractual Commitments As of September 30, 2023, we had an aggregate remaining contractual commitment for repositionings, capital expenditure projects and tenant improvements of approximately $15.0 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 SOFR + 1.46% (with a zero-percent SOFR floor), which has been effectively fixed at 2.19% until October 1, 2026 with interest rate swaps (which do not have zero-percent SOFR floors). The loan and related swaps were converted to SOFR from LIBOR during the third quarter of 2023, resulting in a small SOFR adjustment to calculate the interest payable to the lender (which is included in the loan spread above). The conversion to SOFR did not change the swap-fixed interest rate. 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 September 30, 2023, assuming that SOFR does not decrease below zero-percent, the maximum future interest payments for the swaps were $2.9 million. As of September 30, 2023, all of the obligations under the related loan and swap agreements have been performed in accordance with the terms of those agreements. As of September 30, 2023, we estimate the risk of loss for the various indemnities and guarantees to be low. See Note 6 for more information regarding Partnership X.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net (loss) income attributable to common stockholders	$ (13,362)	$ 22,955	$ (2,251)	$ 72,843

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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: • $0.2 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively, and • $0.5 million and $0.3 million for th e nine months ended September 30, 2023 and 2022, respectively. 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: • $2.3 million and $1.6 million for the three months ended September 30, 2023 and 2022, respectively, and • $4.4 million and $3.3 million for th e nine months ended September 30, 2023 and 2022, respectively. Office parking revenues We account for our office parking revenues in accordance with ASC 606 "Revenue from Contracts with Customers". Office parking revenues are included in Parking and other income under Office rental 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: • $23.4 million and $22.1 million for the three months ended September 30, 2023, and 2022, respectively, and • $69.1 million and $62.6 million for the nine months ended September 30, 2023 and 2022, respectively. Office parking receivables, which are included in Tenant receivables on our consolidated balance sheets, were • $1.0 million as of September 30, 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.
EPS	We calculate basic EPS by dividing the net income (loss) 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 (loss) 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.
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)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Properties	As of September 30, 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)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Schedule of Investment in Real Estate	The table below summarizes our investment in real estate: (In thousands) September 30, 2023 December 31, 2022 Land $ 1,185,977 $ 1,185,977 Buildings and improvements (1) 10,118,965 10,055,499 Tenant improvements and lease intangibles 1,011,310 981,460 Property under development (1) 69,225 70,037 Investment in real estate, gross $ 12,385,477 $ 12,292,973 ________________________________________________ (1) During the nine months ended September 30, 2023, Property under development balances transferred to Building and improvements for real estate placed into service was $34.0 million.
Schedule of Purchase Price Allocation for Acquisition	The contract price and the purchase price allocation total in the table below differ due to acquisition costs, prorations and similar adjustments: (In thousands) Purchase Price Allocation Land $ 22,086 Buildings and improvements 319,666 Tenant improvements and lease intangibles 8,879 Acquired below-market leases (18,542) Other liabilities assumed (1,619) Net assets and liabilities acquired $ 330,470

Ground Lease (Tables)

Ground Lease (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023: Twelve months ending September 30: (In thousands) 2024 $ 733 2025 733 2026 733 2027 733 2028 733 Thereafter 42,696 Total future minimum lease payments $ 46,361

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Lease Intangibles	Summary of our Acquired Lease Intangibles (In thousands) September 30, 2023 December 31, 2022 Above-market tenant leases $ 4,712 $ 4,968 Above-market tenant leases - accumulated amortization (2,474) (2,309) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (287) (275) Acquired lease intangible assets, net $ 3,103 $ 3,536 Below-market tenant leases $ 50,347 $ 64,851 Below-market tenant leases - accumulated accretion (27,572) (33,487) Acquired lease intangible liabilities, net $ 22,775 $ 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 September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 2,466 $ 3,348 $ 8,169 $ 8,063 Amortization of an above-market ground lease asset (2) (5) (5) (13) (13) Total $ 2,461 $ 3,343 $ 8,156 $ 8,050 ______________________________________________ (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)	9 Months Ended
	Sep. 30, 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: Nine Months Ended September 30, (In thousands) 2023 2022 Operating distributions received $ 957 $ 921 Capital distributions received 80 1,454 Total distributions received $ 1,037 $ 2,375 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) September 30, 2023 December 31, 2022 Total assets $ 149,588 $ 147,853 Total liabilities $ 118,942 $ 119,038 Total equity $ 30,646 $ 28,815 Nine Months Ended September 30, (In thousands) 2023 2022 Total revenues $ 14,929 $ 13,893 Operating income $ 4,749 $ 4,361 Net income $ 3,167 $ 2,387

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Other Assets [Abstract]
Schedule of Other Assets	(In thousands) September 30, 2023 December 31, 2022 Restricted cash $ 101 $ 101 Prepaid expenses 30,811 19,871 Indefinite-lived intangibles 1,988 1,988 Deposit with lender (1) 13,300 — Furniture, fixtures and equipment, net 7,042 7,144 Other 7,152 4,837 Total other assets $ 60,394 $ 33,941 _______________________________________________________________________ (1) In connection with the Barrington Plaza loan, Barrington Plaza Apartments have been removed from the rental market. The lender is treating the debt as a construction loan. They have required a $13.3 million cash deposit, which we placed in a collateral account during the third quarter, and they are requiring a construction completion guarantee. See Note 8 for our debt disclosures.

Secured Notes Payable, Net (Tab

Secured Notes Payable, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Secured Notes Payable	Description Maturity Date (1) Principal Balance as of September 30, 2023 Principal Balance as of December 31, 2022 Variable Interest Rate (2) Fixed Interest Rate (3) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (4)(5) 3/3/2025 $ 335,000 $ 335,000 SOFR + 1.41% N/A N/A Fannie Mae loan (4)(5) 4/1/2025 102,400 102,400 SOFR + 1.36% N/A N/A Term loan (4) 8/15/2026 415,000 415,000 SOFR + 1.20% 3.07% 8/1/2025 Term loan (4) 9/19/2026 400,000 400,000 SOFR + 1.25% 2.44% 9/1/2024 Term loan (4) 9/26/2026 200,000 200,000 SOFR + 1.30% 2.36% 10/1/2024 Term loan (4) 11/1/2026 400,000 400,000 SOFR + 1.25% 2.31% 10/1/2024 Fannie Mae loan (4)(6) 6/1/2027 550,000 550,000 SOFR + 1.48% N/A N/A Term loan (4) 5/18/2028 300,000 300,000 SOFR + 1.51% 2.21% 6/1/2026 Term loan (4) 1/1/2029 300,000 300,000 SOFR + 1.56% 2.66% 1/1/2027 Fannie Mae loan (4) 6/1/2029 255,000 255,000 SOFR + 1.09% 3.26% 6/1/2027 Fannie Mae loan (4) 6/1/2029 125,000 125,000 SOFR + 1.09% 3.25% 6/1/2027 Fannie Mae loan (4)(7) 8/1/2033 350,000 — SOFR + 1.37% N/A N/A Term loan (8) 6/1/2038 27,859 28,502 N/A 4.55% N/A Total Wholly-Owned Subsidiary Debt 3,760,259 3,410,902 Consolidated JVs Term loan (4)(9) 12/19/2024 400,000 400,000 SOFR + 1.40% N/A N/A Term loan (4) 5/15/2027 450,000 450,000 SOFR + 1.45% 2.26% 4/1/2025 Term loan (4) 8/19/2028 625,000 625,000 SOFR + 1.45% 2.12% 6/1/2025 Term loan (4) 4/26/2029 175,000 175,000 SOFR + 1.25% 3.90% 5/1/2026 Fannie Mae loan (4) 6/1/2029 160,000 160,000 SOFR + 1.09% 3.25% 7/1/2027 Total Consolidated Debt (10) 5,570,259 5,220,902 Unamortized loan premium, net (11) 3,203 3,547 Unamortized deferred loan costs, net (12) (31,616) (32,556) Total Consolidated Debt, net $ 5,541,846 $ 5,191,893 _______________________________________________________________________ Except as noted below, our loans: (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) LIBOR loans converted to SOFR during the third quarter include a small SOFR adjustment to calculate the interest payable to the lender, which are included in the spreads. The SOFR conversion did not change the swap-fixed interest rates for our swap-fixed loans. (3) Effective rate as of September 30, 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. (4) The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor. (5) The swaps expired on March 1, 2023. (6) The loan is secured by four residential properties. A portion of the loan totaling $472 million has a lender-required out-of-the-money interest rate cap at a weighted average of 8.99% until July 2026 . Barrington Plaza Apartments have been removed from the rental market. S ee Note 3. For the portion of the loan relating to Barrington Plaza, t he lender is treating the debt as a construction loan. They have required a $13.3 million cash deposit, which we placed in a collateral account during the third quarter, and they are requiring a construction completion guarantee. The lender will return the deposit at the earlier of August 2026 or when the loan is paid in full. The deposit is included in Other assets in our balance sheet. See Note 7. (7) We closed the loan during the third quarter of 2023. The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. We used part of the proceeds from the loan to pay off the balance on our revolving credit facility, which expired in August 2023. There was no balance outstanding on the credit facility as of December 31, 2022. (8) The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule. (9) The swaps expired on January 1, 2023. (10) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our fair value disclosures. (11) Balances are net of accumulated amortization of $4.0 million and $3.7 million at September 30, 2023 and December 31, 2022, respectively. (12) Balances are net of accumulated amortization of $54.2 million and $54.1 million at September 30, 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 September 30, 2023 Principal Balance as of December 31, 2022 Aggregate swapped to fixed rate loans $ 3,805,000 $ 4,642,400 Aggregate fixed rate loans 27,859 28,502 Aggregate capped rate loans 822,000 — Aggregate floating rate loans 915,400 550,000 Total Debt $ 5,570,259 $ 5,220,902 The table below summarizes certain consolidated debt statistics as of September 30, 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) 4.3 years Weighted average remaining fixed interest period 2.1 years Weighted average annual interest rate 2.65%
Schedule of Minimum Future Principal Payments	At September 30, 2023, the minimum future principal payments due on our consolidated secured notes payable were as follows: Twelve months ending September 30: Including Maturity Extension Options (1) (In thousands) 2024 $ 891 2025 838,333 2026 1,015,976 2027 1,401,022 2028 926,069 Thereafter 1,387,968 Total future principal payments $ 5,570,259 ________________________________________________ (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 September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Loan premium amortized and written off $ (116) $ (116) $ (344) $ (344) Deferred loan costs amortized and written off 2,261 2,030 6,623 5,908 Loan costs expensed 59 8 79 110 Total $ 2,204 $ 1,922 $ 6,358 $ 5,674

Interest Payable, Accounts Pa_2

Interest Payable, Accounts Payable and Deferred Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Interest Payable, Accounts Payable and Deferred Revenue	(In thousands) September 30, 2023 December 31, 2022 Interest payable $ 18,028 $ 13,529 Accounts payable and accrued liabilities 99,805 80,244 Deferred revenue 51,236 47,152 Total interest payable, accounts payable and deferred revenue $ 169,069 $ 140,925

Derivative Contracts (Tables)

Derivative Contracts (Tables)	9 Months Ended
	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Derivatives	The table below summarizes our derivative contracts as of September 30, 2023: Number of Interest Rate Contracts Notional Derivatives Designated as Cash Flow Hedges: Consolidated derivatives - swaps (1)(2)(3) 24 $ 3,805,000 Consolidated derivatives - caps (2)(3)(4) 5 $ 822,000 Unconsolidated Fund's derivatives - swaps (2)(3)(5) 2 $ 115,000 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives - caps (6) — $ — ___________________________________________________ (1) The notional amount includes 100%, not our pro-rata share, of our consolidated JVs' derivatives. See Note 8 for more information about our hedged consolidated debt. (2) Our derivative contracts do not provide for right of offset between derivative contracts. (3) See Note 13 for our derivative fair value disclosures. (4) We purchased five interest rate caps with a notional amount of $822.0 million during the third quarter of 2023. See Note 8 for more information about our hedged consolidated debt. (5) The notional amount reflects 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. See Note 6 for more information about our Fund, including our equity interest percentage. (6) Five interest rate caps with a total aggregate notional amount of $1.10 billion expired on July 1, 2023.
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) September 30, 2023 December 31, 2022 Consolidated derivatives (1) $ 262,322 $ 281,982 Unconsolidated Fund's derivatives (2) $ 12,877 $ 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) Nine Months Ended September 30, 2023 2022 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gains recorded in AOCI before reclassifications (1) $ 83,157 $ 318,408 (Gains) losses reclassified from AOCI to Interest Expense (1) $ (104,891) $ 20,505 Interest expense presented on the consolidated statements of operations $ (151,859) $ (109,560) Unconsolidated Fund's derivatives (our share) (2) : Gains recorded in AOCI before reclassifications (1) $ 1,185 $ 3,777 Gains reclassified from AOCI to Income from unconsolidated Fund (1) $ (1,208) $ (62) Income from unconsolidated Fund presented on the consolidated statements of operations $ 1,177 $ 921 Derivatives Not Designated as Cash Flow Hedges: Consolidated derivatives: Loss recorded as interest expense (3) $ — $ 38 ___________________________________________________ (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 non-designated interest rate caps offset each other during the periods presented. The respective caps expired on July 1, 2023.
Schedule of Future Reclassifications from AOCI	At September 30, 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 is as follows: (In thousands) Consolidated derivatives: Gains to be reclassified from AOCI to Interest Expense $ 150,054 Unconsolidated Fund's derivatives (our share) (1) : Gains to be reclassified from AOCI to Income from unconsolidated Fund $ 1,741 ___________________________________________________ (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)	9 Months Ended
	Sep. 30, 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 (loss) income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Nine Months Ended September 30, (In thousands) 2023 2022 Net (loss) income attributable to common stockholders $ (2,251) $ 72,843 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests — 4,236 Repurchases of OP Units from noncontrolling interests 120 (176) Net transfers from noncontrolling interests 120 4,060 Change from net (loss) income attributable to common stockholders and transfers from noncontrolling interests $ (2,131) $ 76,903
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: Nine Months Ended September 30, (In thousands) 2023 2022 Accumulated Other Comprehensive Income (Loss) - Beginning balance $ 187,063 $ (38,774) Consolidated derivatives: Other comprehensive income before reclassifications 83,157 318,408 Reclassification of (gains) losses from AOCI to Interest Expense (104,891) 20,505 Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive income before reclassifications 1,185 3,777 Reclassification of gains from AOCI to Income from unconsolidated Fund (1,208) (62) Net current period OCI (21,757) 342,628 OCI attributable to noncontrolling interests 4,454 (104,205) OCI attributable to common stockholders (17,303) 238,423 Accumulated Other Comprehensive Income - Ending balance $ 169,760 $ 199,649 ___________________________________________________ (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 September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 Stock-based compensation expense $ 2,327 $ 2,266 $ 7,553 $ 7,156 Capitalized stock-based compensation $ 752 $ 826 $ 2,209 $ 2,455

EPS (Tables)

EPS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Numerator (In thousands): Net (loss) income attributable to common stockholders $ (13,362) $ 22,955 $ (2,251) $ 72,843 Allocation to participating securities: Unvested LTIP Units (271) (218) (831) (666) Net (loss) income attributable to common stockholders - basic and diluted $ (13,633) $ 22,737 $ (3,082) $ 72,177 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 166,738 175,784 170,553 175,742 Net (loss) income per common share - basic and diluted $ (0.08) $ 0.13 $ (0.02) $ 0.41 ____________________________________________________ (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 or loss (equal on a per unit basis to the Net income or loss per common share - diluted) was already deducted in calculating Net income (loss) 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 September 30, Nine Months Ended September 30, (In thousands) 2023 2022 2023 2022 OP Units 31,698 30,158 30,720 29,626 Vested LTIP Units 851 690 1,816 1,255

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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, the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees: (In thousands) September 30, 2023 December 31, 2022 Fair value $ 5,476,975 $ 5,115,548 Carrying value $ 5,573,462 $ 5,224,449 (In thousands) September 30, 2023 December 31, 2022 Fair value $ 4,226 $ 4,466 Carrying value $ 10,839 $ 10,848
Schedule of Financial Instruments Measured at Fair Value	The table below presents the estimated fair value of our derivatives: (In thousands) September 30, 2023 December 31, 2022 Derivative Assets: Fair value - consolidated derivatives (1) $ 248,232 $ 270,234 Fair value - unconsolidated Fund's derivatives (2) $ 12,356 $ 12,426 Derivative Liabilities: Fair value - consolidated derivatives (1) $ — $ 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Office Segment Total office revenues $ 208,823 $ 207,927 $ 617,614 $ 616,744 Office expenses (74,631) (74,653) (220,261) (212,006) Office segment profit 134,192 133,274 397,353 404,738 Multifamily Segment Total multifamily revenues 46,586 45,736 143,595 122,771 Multifamily expenses (17,256) (13,661) (50,470) (35,729) Multifamily segment profit 29,330 32,075 93,125 87,042 Total profit from all segments $ 163,522 $ 165,349 $ 490,478 $ 491,780
Schedule of Reconciliation of Segment Profit to Net (Loss) Income Attributable to Common Stockholders	The table below presents a reconciliation of the total profit from all segments to net (loss) income attributable to common stockholders: (In thousands) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Total profit from all segments $ 163,522 $ 165,349 $ 490,478 $ 491,780 General and administrative expenses (12,826) (11,272) (34,698) (34,173) Depreciation and amortization (122,022) (96,276) (336,771) (279,588) Other income 6,229 1,649 12,561 2,490 Other expenses (175) (199) (820) (561) Income from unconsolidated Fund 290 356 1,177 921 Interest expense (56,043) (38,394) (151,859) (109,560) Net (loss) income (21,025) 21,213 (19,932) 71,309 Net loss attributable to noncontrolling interests 7,663 1,742 17,681 1,534 Net (loss) income attributable to common stockholders $ (13,362) $ 22,955 $ (2,251) $ 72,843

Future Minimum Lease Rental R_2

Future Minimum Lease Rental Receipts (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023: Twelve months ending September 30: (In thousands) 2024 $ 616,384 2025 507,320 2026 405,771 2027 321,408 2028 231,391 Thereafter 678,380 Total future minimum base rentals (1) $ 2,760,654 ___________________________________ (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	Sep. 30, 2023 USD ($) ft² unit parcel venture	Dec. 31, 2022 USD ($)	Sep. 30, 2022 ft²	Apr. 26, 2022 unit
Real Estate Properties [Line Items]
Consolidated debt	$ 5,570,259	$ 5,220,902
Number of joint ventures consolidated | venture	4
Total assets	$ 9,846,079	9,747,446
Consolidated investment in real estate	8,827,141	8,993,608
Total liabilities	5,838,623	5,471,663
Consolidated investment in real estate	5,541,846	5,191,893
Subsidiaries
Real Estate Properties [Line Items]
Consolidated debt	3,760,259	3,410,902
Consolidated entities
Real Estate Properties [Line Items]
Total assets	3,900,000	3,940,000
Consolidated investment in real estate	3,490,000	3,540,000
Total liabilities	1,890,000	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		0.4
Multifamily
Real Estate Properties [Line Items]
Number of multifamily apartment units | unit				120
Multifamily | Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Number of multifamily apartment units | unit	4,594

Overview - Schedule of Properti

Overview - Schedule of Properties Portfolio (Details) - property	Sep. 30, 2023	Sep. 30, 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 Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Real Estate Properties [Line Items]
Charge for uncollectible amounts	$ 0.2	$ 0.1	$ 0.5	$ 0.3
Parking revenue	23.4	22.1	69.1	62.6
Parking receivables	1		1		$ 0.9
Office Revenues
Real Estate Properties [Line Items]
Revenue restored determined to be previously uncollectable	$ 2.3	$ 1.6	$ 4.4	$ 3.3

Investment in Real Estate - Sum

Investment in Real Estate - Summary of Investment in Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule Of Asset Acquisitions [Line Items]
Land	$ 1,185,977	$ 1,185,977
Buildings and improvements	10,118,965	10,055,499
Tenant improvements and lease intangibles	1,011,310	981,460
Property under development	69,225	70,037
Investment in real estate, gross	12,385,477	$ 12,292,973
Building Improvements
Schedule Of Asset Acquisitions [Line Items]
Property under development balances transferred to Building and improvements for real estate placed into service	$ 34,000

Investment in Real Estate - Nar

Investment in Real Estate - Narrative (Details) $ in Millions		3 Months Ended	9 Months Ended
	Apr. 26, 2022 USD ($) unit	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022
Schedule Of Asset Acquisitions [Line Items]
Acceleration and recorded additional depreciation expense		$ 27.4	$ 54.8
Variable Interest Entity, Primary Beneficiary
Schedule Of Asset Acquisitions [Line Items]
Capital interest in consolidated JV (percent)	55%			55%
Multifamily
Schedule Of Asset Acquisitions [Line Items]
Payments to acquire real estate property	$ 330
Number of multifamily apartment units | unit	120

Investment in Real Estate - Acq

Investment in Real Estate - Acquisitions (Details) - 1221 Ocean Avenue $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Schedule Of Asset Acquisitions [Line Items]
Tenant improvements and lease intangibles	$ 8,879
Acquired below-market leases	(18,542)
Other liabilities assumed	(1,619)
Net assets and liabilities acquired	330,470
Land
Schedule Of Asset Acquisitions [Line Items]
Land, Buildings and improvements	22,086
Buildings and improvements
Schedule Of Asset Acquisitions [Line Items]
Land, Buildings and improvements	$ 319,666

Ground Lease - Narrative (Detai

Ground Lease - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Lessee Disclosure [Abstract]
Fixed rent payments due per year on ground lease	$ 733		$ 733
Ground lease right-of-use asset	7,449		7,449		$ 7,455
Ground lease liability	10,839		10,839		$ 10,848
Ground rent expense	$ 183	$ 183	$ 549	$ 549

Ground Lease - Future Minimum G

Ground Lease - Future Minimum Ground Lease Payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Future minimum ground lease payments for twelve months ending September 30:
2024	$ 733
2025	733
2026	733
2027	733
2028	733
Thereafter	42,696
Total future minimum lease payments	$ 46,361

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 3,103	$ 3,536
Acquired lease intangible liabilities, net	22,775	31,364
Above-market tenant leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	4,712	4,968
Accumulated amortization	(2,474)	(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	(287)	(275)
Below-market tenant leases
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market tenant leases	50,347	64,851
Below-market tenant leases - accumulated accretion	$ (27,572)	$ (33,487)

Acquired Lease Intangibles - Im

Acquired Lease Intangibles - Impact on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ 2,461	$ 3,343	$ 8,156	$ 8,050
Rental revenues | Tenant Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Total	2,466	3,348	8,169	8,063
Office parking and other income | Above-market ground lease where we are the lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ (5)	$ (5)	$ (13)	$ (13)

Investment in Unconsolidated _3

Investment in Unconsolidated Fund - Narrative (Details) ft² in Millions	Sep. 30, 2023 ft² property	Sep. 30, 2022 ft² 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	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	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Real Estate Investments, Net [Abstract]
Operating distributions received	$ 957	$ 921
Capital distributions received	80	1,454
Total distributions received	$ 1,037	$ 2,375

Investments in Unconsolidated F

Investments in Unconsolidated Funds - Summary of Statement of Financial Position Information for Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total assets	$ 9,846,079	$ 9,747,446
Total liabilities	5,838,623	5,471,663
Total equity	2,337,255	2,562,414
Unconsolidated Funds
Schedule of Equity Method Investments [Line Items]
Total assets	149,588	147,853
Total liabilities	118,942	119,038
Total equity	$ 30,646	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 255,409	$ 253,663	$ 761,209	$ 739,515
Net income	$ (13,362)	$ 22,955	(2,251)	72,843
Unconsolidated Funds
Schedule of Equity Method Investments [Line Items]
Total revenues			14,929	13,893
Operating income			4,749	4,361
Net income			$ 3,167	$ 2,387

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Restricted cash	$ 101	$ 101	$ 101
Prepaid expenses	30,811	19,871
Indefinite-lived intangibles	1,988	1,988
Deposits with lender	13,300	0
Furniture, fixtures and equipment, net	7,042	7,144
Other	7,152	4,837
Total other assets	60,394	33,941
Cash deposit	13,300	$ 0
Subsidiaries | Fannie Mae Loan - June 1, 2027 Maturity | Secured Debt
Debt Instrument [Line Items]
Deposits with lender	13,300
Cash deposit	$ 13,300

Secured Notes Payable, Net - Su

Secured Notes Payable, Net - Summary (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Principal balance	$ 5,570,259	$ 5,220,902
Unamortized loan premium, net	3,203	3,547
Unamortized deferred loan costs, net	(31,616)	(32,556)
Total Consolidated Debt, net	$ 5,541,846	5,191,893
Minimum number of separate collateral pools used to secure loans | property	1
Cash deposit	$ 13,300	0
Loan premium accumulated amortization	4,000	3,700
Accumulated amortization on deferred loan costs	$ 54,200	54,100
Secured Debt | SOFR
Debt Instrument [Line Items]
Loan agreement SOFR floor	0
Secured Debt | Term Loan - Fixed - June 1, 2038 Maturity
Debt Instrument [Line Items]
Principal amortization period (in years)	30 years
Subsidiaries
Debt Instrument [Line Items]
Principal balance	$ 3,760,259	3,410,902
Subsidiaries | Fannie Mae Loan - June 1, 2027 Maturity
Debt Instrument [Line Items]
Interest rate	8.99%
Subsidiaries | Fannie Mae Loan - August 1, 2033 Maturity
Debt Instrument [Line Items]
Interest rate	7.84%
Subsidiaries | Secured Debt | Term Loan - March 3, 2025 Maturity
Debt Instrument [Line Items]
Maturity date	Mar. 03, 2025
Principal balance	$ 335,000	335,000
Subsidiaries | Secured Debt | Term Loan - March 3, 2025 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.41%
Subsidiaries | Secured Debt | Fannie Mae Loan - April 1, 2025 Maturity
Debt Instrument [Line Items]
Maturity date	Apr. 01, 2025
Principal balance	$ 102,400	102,400
Subsidiaries | Secured Debt | Fannie Mae Loan - April 1, 2025 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.36%
Subsidiaries | Secured Debt | Term Loan - Aug 15, 2026 Maturity
Debt Instrument [Line Items]
Maturity date	Aug. 15, 2026
Principal balance	$ 415,000	415,000
Fixed interest rate	3.07%
Swap Maturity Date	Aug. 01, 2025
Subsidiaries | Secured Debt | Term Loan - Aug 15, 2026 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.20%
Subsidiaries | Secured Debt | Term Loan - Sep 19, 2026 Maturity
Debt Instrument [Line Items]
Maturity date	Sep. 19, 2026
Principal balance	$ 400,000	400,000
Fixed interest rate	2.44%
Swap Maturity Date	Sep. 01, 2024
Subsidiaries | Secured Debt | Term Loan - Sep 19, 2026 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.25%
Subsidiaries | Secured Debt | Term Loan - Sep 26, 2026 Maturity
Debt Instrument [Line Items]
Maturity date	Sep. 26, 2026
Principal balance	$ 200,000	200,000
Fixed interest rate	2.36%
Swap Maturity Date	Oct. 01, 2024
Subsidiaries | Secured Debt | Term Loan - Sep 26, 2026 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.30%
Subsidiaries | Secured Debt | Term Loan - Nov 1, 2026 Maturity
Debt Instrument [Line Items]
Maturity date	Nov. 01, 2026
Principal balance	$ 400,000	400,000
Fixed interest rate	2.31%
Swap Maturity Date	Oct. 01, 2024
Subsidiaries | Secured Debt | Term Loan - Nov 1, 2026 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.25%
Subsidiaries | Secured Debt | Fannie Mae Loan - June 1, 2027 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2027
Principal balance	$ 550,000	550,000
Number of residential properties | property	4
Debt instrument, face amount	$ 472,000
Cash deposit	$ 13,300
Subsidiaries | Secured Debt | Fannie Mae Loan - June 1, 2027 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.48%
Subsidiaries | Secured Debt | Term Loan - May 18, 2028 Maturity
Debt Instrument [Line Items]
Maturity date	May 18, 2028
Principal balance	$ 300,000	300,000
Fixed interest rate	2.21%
Swap Maturity Date	Jun. 01, 2026
Subsidiaries | Secured Debt | Term Loan - May 18, 2028 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.51%
Subsidiaries | Secured Debt | Term Loan - January 1, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Jan. 01, 2029
Principal balance	$ 300,000	300,000
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	255,000
Fixed interest rate	3.26%
Swap Maturity Date	Jun. 01, 2027
Subsidiaries | Secured Debt | Fannie Mae Loan (MHA) - June 1, 2029 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.09%
Subsidiaries | Secured Debt | Fannie Mae Loans (Boutiques) - June 1, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2029
Principal balance	$ 125,000	125,000
Fixed interest rate	3.25%
Swap Maturity Date	Jun. 01, 2027
Subsidiaries | Secured Debt | Fannie Mae Loans (Boutiques) - June 1, 2029 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.09%
Subsidiaries | Secured Debt | Fannie Mae Loan - August 1, 2033 Maturity
Debt Instrument [Line Items]
Maturity date	Aug. 01, 2033
Principal balance	$ 350,000	0
Subsidiaries | Secured Debt | Fannie Mae Loan - August 1, 2033 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.37%
Subsidiaries | Secured Debt | Term Loan - Fixed - June 1, 2038 Maturity
Debt Instrument [Line Items]
Maturity date	Jun. 01, 2038
Principal balance	$ 27,859	28,502
Fixed interest rate	455%
Consolidated JV | Secured Debt | Term Loan - December 19, 2024 Maturity
Debt Instrument [Line Items]
Maturity date	Dec. 19, 2024
Principal balance	$ 400,000	400,000
Consolidated JV | Secured Debt | Term Loan - December 19, 2024 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.40%
Consolidated JV | Secured Debt | Term Loan - May 15, 2027 Maturity
Debt Instrument [Line Items]
Maturity date	May 15, 2027
Principal balance	$ 450,000	450,000
Fixed interest rate	2.26%
Swap Maturity Date	Apr. 01, 2025
Consolidated JV | Secured Debt | Term Loan - May 15, 2027 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.45%
Consolidated JV | Secured Debt | Term Loan - August 19, 2028 Maturity
Debt Instrument [Line Items]
Maturity date	Aug. 19, 2028
Principal balance	$ 625,000	625,000
Fixed interest rate	2.12%
Swap Maturity Date	Jun. 01, 2025
Consolidated JV | Secured Debt | Term Loan - August 19, 2028 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.45%
Consolidated JV | Secured Debt | Term Loan - April 26, 2029 Maturity
Debt Instrument [Line Items]
Maturity date	Apr. 26, 2029
Principal balance	$ 175,000	175,000
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	$ 160,000
Fixed interest rate	3.25%
Swap Maturity Date	Jul. 01, 2027
Consolidated JV | Secured Debt | Fannie Mae Loan - June 1, 2029 Maturity | SOFR
Debt Instrument [Line Items]
Variable Interest Rate	1.09%

Secured Notes Payable, Net - De

Secured Notes Payable, Net - Debt by Type (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Consolidated debt	$ 5,570,259	$ 5,220,902
Principal balance (in billions)	$ 3,830,000
Weighted average remaining life (including extension options)	4 years 3 months 18 days
Weighted average remaining fixed interest period	2 years 1 month 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	27,859	28,502
Aggregate capped rate loans
Debt Instrument [Line Items]
Consolidated debt	822,000	0
Aggregate floating rate loans
Debt Instrument [Line Items]
Consolidated debt	$ 915,400	$ 550,000

Secured Notes Payable, Net - Fu

Secured Notes Payable, Net - Future Principal Payments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Minimum Future Principal Payments Due
2024	$ 891
2025	838,333
2026	1,015,976
2027	1,401,022
2028	926,069
Thereafter	1,387,968
Total future principal payments	$ 5,570,259	$ 5,220,902

Secured Notes Payable, Net - Lo

Secured Notes Payable, Net - Loan Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Loan Costs Included In Interest Expense
Loan premium amortized and written off			$ (344)	$ (344)
Interest Expense
Loan Costs Included In Interest Expense
Loan premium amortized and written off	$ (116)	$ (116)	(344)	(344)
Deferred loan costs amortized and written off	2,261	2,030	6,623	5,908
Loan costs expensed	59	8	79	110
Total	$ 2,204	$ 1,922	$ 6,358	$ 5,674

Interest Payable, Accounts Pa_3

Interest Payable, Accounts Payable and Deferred Revenue (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities [Abstract]
Interest payable	$ 18,028	$ 13,529
Accounts payable and accrued liabilities	99,805	80,244
Deferred revenue	51,236	47,152
Total interest payable, accounts payable and deferred revenue	$ 169,069	$ 140,925

Derivative Contracts - Summary

Derivative Contracts - Summary of Derivatives (Details)	Sep. 30, 2023 USD ($) instrument	Jun. 30, 2023 USD ($) 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 Designated as Cash Flow Hedges | Cash Flow Hedging
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	5
Notional | $	$ 822,000,000
Interest Rate Cap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | Interest Rate Cap, Purchased Notional Amount
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	5
Notional | $	$ 822,000,000
Interest Rate Cap | Derivatives Not Designated as Cash Flow Hedges
Derivative [Line Items]
Number of Interest Rate Contracts | instrument	0
Notional | $	$ 0
Interest Rate Cap | Derivatives Not Designated as Cash Flow Hedges | Interest Rate Cap, Expired Notional Amount
Derivative [Line Items]
Number of Interest Rate Contracts | instrument		5
Notional | $		$ 1,100,000,000

Derivative Contracts - Counterp

Derivative Contracts - Counterparty Credit Risk (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives in an asset position	$ 248,232	$ 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	$ 262,322	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	$ 12,877	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Gains recorded in AOCI before reclassifications			$ 83,157	$ 318,408
Interest expense presented on the consolidated statements of operations	$ (56,043)	$ (38,394)	(151,859)	(109,560)
Income from unconsolidated Fund presented on the consolidated statements of operations	$ 290	$ 356	1,177	921
Unconsolidated Funds
Derivative [Line Items]
Gains recorded in AOCI before reclassifications			1,185	3,777
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Gains recorded in AOCI before reclassifications			83,157	318,408
(Gains) losses reclassified from AOCI to Interest Expense and Income from Unconsolidated Fund			(104,891)	20,505
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Unconsolidated Funds
Derivative [Line Items]
Gains recorded in AOCI before reclassifications			1,185	3,777
(Gains) losses reclassified from AOCI to Interest Expense and Income from Unconsolidated Fund			(1,208)	(62)
Cash Flow Hedging | Derivatives Not Designated as Cash Flow Hedges | Interest Expense
Derivative [Line Items]
Loss recorded as interest expense			$ 0	$ 38

Derivative Contracts - Future R

Derivative Contracts - Future Reclassifications from AOCI (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next year	$ 150,054
Unconsolidated Funds
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next year	$ 1,741

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Apr. 26, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	May 24, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Number of OP units redeemed (in shares)				29,000	10,000
OP Units redeemed with cash		$ 46	$ 6	$ 367	$ 336
Number of OP units converted to shares of common stock (in shares)					260,000
Outstanding common stock (in shares)		166,737,730		166,737,730				175,809,682
Number of shares of common stock issued upon redemption of one OP unit (in shares)				1
OP unit conversion rate		1		1
Shares of common stock available for future awards							$ 19,000
Common stock shares for future awards		21,300,000		21,300,000
Operating Partnership
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests units ownership in Operating Partnership (in units)		32,500,000		32,500,000
Investors' ownership in joint venture (percent)		16.30%		16.30%
Multifamily
Schedule of Equity Method Investments [Line Items]
Amount contributed to JV					$ 99,000
Multifamily | Investor
Schedule of Equity Method Investments [Line Items]
Amount contributed to JV					$ 81,000
Variable Interest Entity, Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Capital interest in consolidated JV (percent)	55%				55%
Common Stock
Schedule of Equity Method Investments [Line Items]
Repurchase of common stock (in shares)				9,100,000
Cash excluding transaction costs				$ 109,100
Purchase price paid (in usd per share)				$ 12.03
Number of OP units converted to shares of common stock (in shares)			5,000		260,000
Outstanding common stock (in shares)		166,738,000	175,789,000	166,738,000	175,789,000	166,738,000		175,810,000	175,784,000	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Net (loss) income attributable to common stockholders	$ (13,362)	$ 22,955	$ (2,251)	$ 72,843
Transfers from noncontrolling interests:
Exchange of OP Units with noncontrolling interests			0	4,236
Repurchases of OP Units from noncontrolling interests			120	(176)
Net transfers from noncontrolling interests			120	4,060
Change from net (loss) income attributable to common stockholders and transfers from noncontrolling interests			$ (2,131)	$ 76,903

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income Schedule (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,275,783	$ 3,986,553
Other comprehensive income before reclassifications	83,157	318,408
Reclassification of (gains) losses from AOCI to income from unconsolidated funds/ interest expense	(104,891)	20,505
Net current period OCI	(21,757)	342,628
OCI attributable to noncontrolling interests	4,454	(104,205)
OCI attributable to common stockholders	(17,303)	238,423
Ending balance	4,007,456	4,297,733
Unconsolidated Funds
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income before reclassifications	1,185	3,777
Reclassification of (gains) losses from AOCI to income from unconsolidated funds/ interest expense	(1,208)	(62)
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	$ 169,760	$ 199,649

Equity - Equity Compensation (D

Equity - Equity Compensation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Stock-based compensation expense	$ 2,327	$ 2,266	$ 7,553	$ 7,156
Capitalized stock-based compensation	$ 752	$ 826	$ 2,209	$ 2,455

EPS (Details)

EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net (loss) income attributable to common stockholders	$ (13,362)	$ 22,955	$ (2,251)	$ 72,843
Allocation to participating securities: Unvested LTIP Units	(271)	(218)	(831)	(666)
Net (loss) income attributable to common stockholders - basic	(13,633)	22,737	(3,082)	72,177
Net (loss) income attributable to common stockholders - diluted	$ (13,633)	$ 22,737	$ (3,082)	$ 72,177
Weighted average shares of common stock outstanding, basic (in shares)	166,738,000	175,784,000	170,553,000	175,742,000
Weighted average shares of common stock outstanding, diluted (in shares)	166,738,000	175,784,000	170,553,000	175,742,000
Net (loss) income per common share - basic (in usd per share)	$ (0.08)	$ 0.13	$ (0.02)	$ 0.41
Net (loss) income per common share – diluted (in usd per share)	$ (0.08)	$ 0.13	$ (0.02)	$ 0.41
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)	31,698,000	30,158,000	30,720,000	29,626,000
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)	851,000	690,000	1,816,000	1,255,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ground lease liability	$ 10,839	$ 10,848
Fair value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	5,476,975	5,115,548
Ground lease liability	4,226	4,466
Carrying value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	5,573,462	5,224,449
Ground lease liability	$ 10,839	$ 10,848

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Assets:
Fair value - derivatives	$ 248,232	$ 270,234
Derivative Liabilities:
Fair value - derivatives	$ 0	1,790
Percentage of notional amount disclosed	100%
Unconsolidated Funds
Derivative Liabilities:
Percentage of notional amount disclosed	100%
Level 2
Derivative Assets:
Fair value - derivatives	$ 248,232	270,234
Derivative Liabilities:
Fair value - derivatives	0	1,790
Level 2 | Unconsolidated Funds
Derivative Assets:
Fair value - derivatives	12,356	12,426
Derivative Liabilities:
Fair value - derivatives	$ 0	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 255,409	$ 253,663	$ 761,209	$ 739,515
Total profit from all segments	163,522	165,349	490,478	491,780
Office Segment
Segment Reporting Information [Line Items]
Total revenues	208,823	207,927	617,614	616,744
Operating expenses	(74,631)	(74,653)	(220,261)	(212,006)
Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	46,586	45,736	143,595	122,771
Operating expenses	(17,256)	(13,661)	(50,470)	(35,729)
Reportable Segments
Segment Reporting Information [Line Items]
Total profit from all segments	163,522	165,349	490,478	491,780
Reportable Segments | Office Segment
Segment Reporting Information [Line Items]
Total revenues	208,823	207,927	617,614	616,744
Operating expenses	(74,631)	(74,653)	(220,261)	(212,006)
Total profit from all segments	134,192	133,274	397,353	404,738
Reportable Segments | Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	46,586	45,736	143,595	122,771
Operating expenses	(17,256)	(13,661)	(50,470)	(35,729)
Total profit from all segments	$ 29,330	$ 32,075	$ 93,125	$ 87,042

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting [Abstract]
Total profit from all segments	$ 163,522	$ 165,349	$ 490,478	$ 491,780
General and administrative expenses	(12,826)	(11,272)	(34,698)	(34,173)
Depreciation and amortization	(122,022)	(96,276)	(336,771)	(279,588)
Other income	6,229	1,649	12,561	2,490
Other expenses	(175)	(199)	(820)	(561)
Income from unconsolidated Fund	290	356	1,177	921
Interest expense	(56,043)	(38,394)	(151,859)	(109,560)
Net (loss) income	(21,025)	21,213	(19,932)	71,309
Net loss attributable to noncontrolling interests	7,663	1,742	17,681	1,534
Net (loss) income attributable to common stockholders	$ (13,362)	$ 22,955	$ (2,251)	$ 72,843

Future Minimum Lease Rental R_3

Future Minimum Lease Rental Receipts - Narrative (Details)	9 Months Ended
	Sep. 30, 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	Sep. 30, 2023 USD ($)
Future Minimum Base Rentals
2024	$ 616,384
2025	507,320
2026	405,771
2027	321,408
2028	231,391
Thereafter	678,380
Total future minimum base rentals	$ 2,760,654

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees - Narrative (Details) ft² in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) ft² property apartment building	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
Number of buildings containing asbestos | building	33
Principal balance	$ 5,570,259	$ 5,220,902
Partnership X
Other Commitments [Line Items]
Maximum future payments under swap agreement	2,900
Partnership X | Floating rate term loan
Other Commitments [Line Items]
Principal balance	$ 115,000
Maturity date	Sep. 14, 2028
Loan agreement SOFR 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 | SOFR
Other Commitments [Line Items]
Variable interest rate	1.46%
Repositionings, Capital Expenditure Projects, and Tenant Improvements
Other Commitments [Line Items]
Aggregate remaining contractual commitment	$ 15,000
Development Projects
Other Commitments [Line Items]
Aggregate remaining contractual commitment	$ 19,300
Development Projects | Hawaii
Other Commitments [Line Items]
Retail square footage (sq ft) | ft²	493
Number of apartments under construction | apartment	493