Douglas Emmett (DEI) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		167,378,737
Entity Central Index Key	0001364250
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Investment in real estate, gross	$ 12,432,301	$ 12,405,814
Less: accumulated depreciation and amortization	(3,721,673)	(3,652,630)
Investment in real estate, net	8,710,628	8,753,184
Ground lease right-of-use asset	7,445	7,447
Cash and cash equivalents	556,677	523,082
Tenant receivables	5,783	6,096
Deferred rent receivables	115,120	115,321
Acquired lease intangible assets, net	2,848	2,971
Interest rate contract assets	170,607	170,880
Investment in unconsolidated Fund	24,996	15,977
Other assets	42,963	49,260
Total Assets	9,637,067	9,644,218
Liabilities
Secured notes payable, net	5,544,517	5,543,171
Ground lease liability	10,832	10,836
Interest payable, accounts payable and deferred revenue	153,235	131,237
Security deposits	62,428	61,958
Acquired lease intangible liabilities, net	17,373	19,838
Dividends payable	31,812	31,781
Total Liabilities	5,820,197	5,798,821
Douglas Emmett, Inc. stockholders' equity:
Common Stock, $0.01 par value, 750,000,000 authorized, 167,371,920 and 167,206,267 outstanding at March 31, 2024 and December 31, 2023, respectively	1,674	1,672
Additional paid-in capital	3,395,499	3,392,955
Accumulated other comprehensive income	118,999	115,917
Accumulated deficit	(1,313,573)	(1,290,682)
Total Douglas Emmett, Inc. stockholders' equity	2,202,599	2,219,862
Noncontrolling interests	1,614,271	1,625,535
Total Equity	3,816,870	3,845,397
Total Liabilities and Equity	$ 9,637,067	$ 9,644,218

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	167,371,920	167,206,267

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 244,969	$ 252,393
Operating Expenses
General and administrative expenses	11,571	10,940
Depreciation and amortization	95,769	93,176
Total operating expenses	190,410	193,772
Other income	7,044	3,283
Other expenses	(114)	(520)
(Loss) income from unconsolidated Fund	(26)	289
Interest expense	(55,332)	(45,511)
Net income	6,131	16,162
Net loss attributable to noncontrolling interests	2,778	2,211
Net income attributable to common stockholders	$ 8,909	$ 18,373
Net income per common share - basic (in usd per share)	$ 0.05	$ 0.10
Net income per common share – diluted (in usd per share)	$ 0.05	$ 0.10
Office rental
Revenues
Total revenues	$ 197,937	$ 203,358
Operating Expenses
Operating expenses	67,220	72,768
Office rental | Rental revenues and tenant recoveries
Revenues
Total revenues	169,726	176,345
Office rental | Parking and other income
Revenues
Total revenues	28,211	27,013
Multifamily rental
Revenues
Total revenues	47,032	49,035
Operating Expenses
Operating expenses	15,850	16,888
Multifamily rental | Parking and other income
Revenues
Total revenues	3,812	5,062
Multifamily rental | Rental revenues
Revenues
Total revenues	$ 43,220	$ 43,973

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 6,131	$ 16,162
Other comprehensive income (loss): cash flow hedges	4,100	(51,897)
Comprehensive income (loss)	10,231	(35,735)
Comprehensive loss attributable to noncontrolling interests	1,760	18,121
Comprehensive income (loss) attributable to common stockholders	$ 11,991	$ (17,614)

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022		175,810,000
Stockholders' Equity [Roll Forward]
Repurchase of common stock (in shares)		(1,435,000)
Ending balance (in shares) at Mar. 31, 2023		174,375,000
Beginning balance at Dec. 31, 2022	$ 4,275,783	$ 1,758	$ 3,493,307	$ 187,063	$ (1,119,714)	$ 1,713,369
Stockholders' Equity [Roll Forward]
Repurchases of OP Units with cash	(89)		4			(93)
Repurchases of common stock	(16,514)	(14)	(16,500)
Net income attributable to common stockholders	2,211				18,373
Dividends	(33,131)				(33,131)
Net loss attributable to noncontrolling interests	16,162					(2,211)
Cash flow hedge adjustments	(51,897)			(35,987)		(15,910)
Contributions	125					125
Distributions	(10,140)					(10,140)
Stock-based compensation	3,507					3,507
Ending balance at Mar. 31, 2023	$ 4,183,806	$ 1,744	3,476,811	151,076	(1,134,472)	1,688,647
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.19
Beginning balance (in shares) at Dec. 31, 2023	167,206,267	167,206,000
Stockholders' Equity [Roll Forward]
Exchange of OP units for common stock (in shares)	166,000	166,000
Ending balance (in shares) at Mar. 31, 2024	167,371,920	167,372,000
Beginning balance at Dec. 31, 2023	$ 3,845,397	$ 1,672	3,392,955	115,917	(1,290,682)	1,625,535
Stockholders' Equity [Roll Forward]
Exchange of OP Units for common stock		2	2,543			(2,545)
Repurchases of OP Units with cash	(6)		1			(7)
Repurchases of common stock	0
Net income attributable to common stockholders	2,778				8,909
Dividends	(31,800)				(31,800)
Net loss attributable to noncontrolling interests	6,131					(2,778)
Cash flow hedge adjustments	4,100			3,082		1,018
Contributions	0
Distributions	(10,457)					(10,457)
Stock-based compensation	3,505					3,505
Ending balance at Mar. 31, 2024	$ 3,816,870	$ 1,674	$ 3,395,499	$ 118,999	$ (1,313,573)	$ 1,614,271
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.19

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net income	$ 6,131	$ 16,162
Adjustments to reconcile net income to net cash provided by operating activities:
Loss (income) from unconsolidated Fund	26	(289)
Depreciation and amortization	95,769	93,176
Net accretion of acquired lease intangibles	(2,343)	(3,037)
Straight-line rent	202	126
Loan premium amortized and written off	(115)	(113)
Deferred loan costs amortized and written off	2,209	2,134
Amortization of stock-based compensation	2,863	2,794
Operating distributions from unconsolidated Fund	248	289
Change in working capital components:
Tenant receivables	313	2,061
Interest payable, accounts payable and deferred revenue	26,945	28,176
Security deposits	470	298
Other assets	6,306	3,697
Net cash provided by operating activities	139,024	145,474
Investing Activities
Capital expenditures for improvements to real estate	(48,127)	(40,031)
Capital expenditures for developments	(9,678)	(11,953)
Insurance recoveries for damage to real estate	475	529
Acquisition of additional interest in unconsolidated Fund	(5,214)	0
Capital distributions from unconsolidated Fund	96	52
Net cash used in investing activities	(62,448)	(51,403)
Financing Activities
Proceeds from borrowings	0	10,000
Repayment of borrowings	(222)	(10,212)
Loan cost payments	(526)	(696)
Contributions from noncontrolling interests in consolidated JVs	0	125
Distributions paid to noncontrolling interests	(10,457)	(10,140)
Dividends paid to common stockholders	(31,770)	(33,403)
Repurchases of OP Units	(6)	(89)
Repurchases of common stock	0	(16,514)
Net cash used in financing activities	(42,981)	(60,929)
Increase in cash and cash equivalents and restricted cash	33,595	33,142
Cash and cash equivalents and restricted cash - beginning balance	523,183	268,938
Cash and cash equivalents and restricted cash - ending balance	556,778	302,080
Cash and cash equivalents	556,677	301,979
Restricted cash (included in Other assets on our consolidated balance sheets)	101	101
Cash and cash equivalents and restricted cash	556,778	302,080
Operating Activities
Cash paid for interest, net of capitalized interest	53,247	41,371
Capitalized interest paid	1,824	513
Non-cash Investing Transactions
Accrual for real estate and development capital expenditures	11,716	29,904
Capitalized stock-based compensation for improvements to real estate and developments	642	713
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles	24,878	22,812
Removal of fully amortized acquired lease intangible assets	81	75
Removal of fully accreted acquired lease intangible liabilities	1,863	3,721
Non-cash Financing Transactions
Gain (loss) recorded in AOCI	38,842	(19,817)
Dividends declared	31,812	33,142
Exchange of OP Units for common stock	2,545	0
Unconsolidated Funds
Non-cash Financing Transactions
Gain (loss) recorded in AOCI	$ 5,047	$ (272)

Overview

Overview	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview	Overview Organization and Business Description Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed REIT. We are one of the largest owners and operators of high-quality office and multifamily properties in Los Angeles County, California and Honolulu, Hawaii. Through our interest in our Operating Partnership and its subsidiaries, consolidated JVs and unconsolidated Fund, we focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. The terms "us," "we" and "our" as used in the consolidated financial statements refer to Douglas Emmett, Inc. and its subsidiaries on a consolidated basis. At March 31, 2024, our Consolidated Portfolio consisted of (i) a 17.6 million square foot office portfolio, (ii) 4,528 multifamily apartment units and (iii) fee interests in two parcels of land from which we receive rent under ground leases. We also manage and own an equity interest in an unconsolidated Fund which, at March 31, 2024, owned an additional 0.4 million square feet of office space. We manage our unconsolidated Fund alongside our Consolidated Portfolio, and we therefore present the statistics for our office portfolio on a Total Portfolio basis. As of March 31, 2024, 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 March 31, 2024 and December 31, 2023. See Note 8. We also consolidate four JVs through our Operating Partnership. We consolidate our Operating Partnership and our four JVs because they are VIEs and we or our Operating Partnership are the primary beneficiary for each. As of March 31, 2024, our consolidated VIE entities, excluding our Operating Partnership, had: • aggregate consolidated assets of $3.82 billion (of which $3.45 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, 2023, our consolidated VIE entities, excluding our Operating Partnership, had: • aggregate consolidated assets of $3.83 billion (of which $3.47 billion related to investment in real estate), and • aggregate consolidated liabilities of $1.88 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, 2024. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2023 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	3 Months Ended
	Mar. 31, 2024
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 2023 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 variable lease payments such as tenant recoveries and parking revenues, in accordance with Topic 842. We adopted a practical expedient which allows us to account for our rental revenues, tenant recoveries and parking revenues on a combined basis. Rental revenues and tenant recoveries from tenant leases are included in Rental revenues and tenant recoveries on our consolidated statements of operations. Tenant recoveries were $9.1 million and $13.1 million for th e three months ended March 31, 2024 and 2023, respectively. Parking revenues are included in Parking and other income 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. Income Taxes We have elected to be taxed as a REIT under the Code. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level tax on the earnings that we derive through our TRS. New Accounting Pronouncements Changes to US GAAP are implemented by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. As of the date of this Report, the FASB has not issued any ASUs that we expect to be applicable and have a material impact on our consolidated financial statements.

Investment in Real Estate

Investment in Real Estate	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate The table below summarizes our investment in real estate: (In thousands) March 31, 2024 December 31, 2023 Land $ 1,185,977 $ 1,185,977 Buildings and improvements (1) 10,156,062 10,142,410 Tenant improvements and lease intangibles 1,029,496 1,020,988 Property under development (1) 60,766 56,439 Investment in real estate, gross $ 12,432,301 $ 12,405,814 ________________________________________________ (1) During the three months ended March 31, 2024, Property under development balances transferred to Building and improvements for real estate placed into service was $3.2 million. Property to be Removed from Service During the second quarter of 2023, we removed our Barrington Plaza Apartments property in Los Angeles from the rental market.

Ground Lease

Ground Lease	3 Months Ended
	Mar. 31, 2024
Lessee Disclosure [Abstract]
Ground Lease	Ground Lease We pay rent under a ground lease located in Honolulu, Hawaii, which expires on December 31, 2086. The rent is fixed at $733 thousand per year until February 28, 2029, after which it will reset to the greater of the existing ground rent or the market rent at the time. As of March 31, 2024, 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 March 31, 2024 and 2023. The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029, presents the future minimum ground lease payments as of March 31, 2024: Twelve months ending March 31: (In thousands) 2025 $ 733 2026 733 2027 733 2028 733 2029 733 Thereafter 42,330 Total future minimum lease payments $ 45,995

Acquired Lease Intangibles

Acquired Lease Intangibles	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Lease Intangibles	Acquired Lease Intangibles Summary of our Acquired Lease Intangibles (In thousands) March 31, 2024 December 31, 2023 Above-market tenant leases $ 4,460 $ 4,541 Above-market tenant leases - accumulated amortization (2,468) (2,430) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (296) (292) Acquired lease intangible assets, net $ 2,848 $ 2,971 Below-market tenant leases $ 46,145 $ 48,008 Below-market tenant leases - accumulated accretion (28,772) (28,170) Acquired lease intangible liabilities, net $ 17,373 $ 19,838 Impact on the Consolidated Statements of Operations The table below summarizes the net amortization/accretion related to our above- and below-market leases: Three Months Ended March 31, (In thousands) 2024 2023 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 2,347 $ 3,041 Amortization of an above-market ground lease asset (2) (4) (4) Total $ 2,343 $ 3,037 ______________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income.

Investment in Unconsolidated Fu

Investment in Unconsolidated Fund	3 Months Ended
	Mar. 31, 2024
Real Estate Investments, Net [Abstract]
Investment in Unconsolidated Fund	Investment in Unconsolidated Fund Description of our Fund As of March 31, 2024, we managed and owned an equity interest of 74.0% 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. During 2023 we owned an equity interest of 33.5% in the Fund. On December 31, 2023, we purchased an additional 20.2% equity interest in the Fund which increased our equity interest in the Fund to 53.8%. On February 29, 2024, we purchased an additional 20.2% equity interest in the Fund which increased our equity interest in the Fund to 74.0%. Partnership X pays us fees and reimburses us for certain expenses related to property management and other services we provide, which are included in Other income on our consolidated statements of operations. We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. The table below presents the cash distributions we received from Partnership X: Three Months Ended March 31, (In thousands) 2024 2023 Operating distributions received $ 248 $ 289 Capital distributions received 96 52 Total distributions received $ 344 $ 341 Summarized Financial Information for Partnership X The tables below present selected financial information for Partnership X. The amounts presented reflect 100% (not our pro-rata share) of the amounts related to the Fund, and are based upon historical book value: (In thousands) March 31, 2024 December 31, 2023 Total assets $ 147,959 $ 146,945 Total liabilities $ 119,561 $ 118,822 Total equity $ 28,398 $ 28,123 Three Months Ended March 31, (In thousands) 2024 2023 Total revenues $ 3,823 $ 4,642 Operating income $ 360 $ 1,305 Net (loss) income $ (73) $ 749

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2024
Other Assets [Abstract]
Other Assets	Other Assets (In thousands) March 31, 2024 December 31, 2023 Restricted cash $ 101 $ 101 Prepaid expenses 16,417 20,594 Indefinite-lived intangibles 1,988 1,988 Deposit with lender (1) 13,540 13,440 Furniture, fixtures and equipment, net 6,946 7,014 Other 3,971 6,123 Total other assets $ 42,963 $ 49,260 _______________________________________________________________________ (1) In connection with the Barrington Plaza loan, we deposited cash into an interest-bearing collateral account with the lender. See our debt disclosures in Note 8 (note 4 to the table) for more detail regarding this loan and the related deposit.

Secured Notes Payable, Net

Secured Notes Payable, Net	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Secured Notes Payable, Net	Secured Notes Payable, Net Description Maturity Date (1) Principal Balance as of March 31, 2024 Principal Balance as of December 31, 2023 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (3)(5) 3/3/2025 $ 335,000 $ 335,000 SOFR + 1.41% N/A N/A Fannie Mae loan (3)(5) 4/1/2025 102,400 102,400 SOFR + 1.36% N/A N/A Term loan (3) 8/15/2026 415,000 415,000 SOFR + 1.20% 3.07% 8/1/2025 Term loan (3) 9/19/2026 400,000 400,000 SOFR + 1.25% 2.44% 9/1/2024 Term loan (3) 9/26/2026 200,000 200,000 SOFR + 1.30% 2.36% 10/1/2024 Term loan (3) 11/1/2026 400,000 400,000 SOFR + 1.25% 2.31% 10/1/2024 Fannie Mae loan (3)(4) 6/1/2027 550,000 550,000 SOFR + 1.48% N/A N/A Term loan (3) 5/18/2028 300,000 300,000 SOFR + 1.51% 2.21% 6/1/2026 Term loan (3) 1/1/2029 300,000 300,000 SOFR + 1.56% 2.66% 1/1/2027 Fannie Mae loan (3) 6/1/2029 255,000 255,000 SOFR + 1.09% 3.26% 6/1/2027 Fannie Mae loan (3) 6/1/2029 125,000 125,000 SOFR + 1.09% 3.25% 6/1/2027 Fannie Mae loan (3)(5) 8/1/2033 350,000 350,000 SOFR + 1.37% N/A N/A Term loan (6) 6/1/2038 27,419 27,640 N/A 4.55% N/A Total Wholly-Owned Subsidiary Debt 3,759,819 3,760,040 Consolidated JVs Term loan (3)(9) 12/19/2024 400,000 400,000 SOFR + 1.40% N/A N/A Term loan (3) 5/15/2027 450,000 450,000 SOFR + 1.45% 2.26% 4/1/2025 Term loan (3) 8/19/2028 625,000 625,000 SOFR + 1.45% 2.12% 6/1/2025 Term loan (3)(7) 4/26/2029 175,000 175,000 SOFR + 1.25% 3.90% 5/1/2026 Fannie Mae loan (3) 6/1/2029 160,000 160,000 SOFR + 1.09% 3.25% 7/1/2027 Total Consolidated Debt (8) 5,569,819 5,570,040 Unamortized loan premium, net (9) 2,973 3,087 Unamortized deferred loan costs, net (10) (28,275) (29,956) Total Consolidated Debt, net $ 5,544,517 $ 5,543,171 _______________________________________________________________________ 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) Effective rate as of March 31, 2024. Includes the effect of interest rate swaps (if applicable) and excludes the effect of prepaid loan fees and loan premiums. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums. (3) The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor. (4) 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 . For the portion of the loan relating to Barrington Plaza, in connection with the removal of that property from the rental market during 2023, t he lender is treating the debt as a construction loan and we signed a construction completion guarantee in January 2024. The lender also required a $13.3 million cash deposit, which we placed into an interest bearing collateral account during 2023. 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 consolidated balance sheets. See Note 7. (5) The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. (6) The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule. (7) We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See Note 16. (8) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our debt fair value disclosures. (9) Balances are net of accumulated amortization of $4.2 million and $4.1 million at March 31, 2024 and December 31, 2023, respectively. (10) Balances are net of accumulated amortization of $57.7 million and $56.0 million at March 31, 2024 and December 31, 2023, respectively . Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2024 Principal Balance as of December 31, 2023 Aggregate swapped to fixed rate loans $ 3,805,000 $ 3,805,000 Aggregate fixed rate loans 27,419 27,640 Aggregate capped rate loans 822,000 822,000 Aggregate floating rate loans 915,400 915,400 Total Debt $ 5,569,819 $ 5,570,040 The table below summarizes certain consolidated debt statistics as of March 31, 2024: 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) 3.8 years Weighted average remaining fixed interest period 1.6 years Weighted average annual interest rate 2.66% Future Principal Payments At March 31, 2024, the minimum future principal payments due on our consolidated secured notes payable were as follows: Twelve months ending March 31: Including Maturity Extension Options (1) (In thousands) 2025 $ 735,912 2026 103,354 2027 1,415,999 2028 1,001,045 2029 1,226,094 Thereafter 1,087,415 Total future principal payments $ 5,569,819 ________________________________________________ (1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity. Loan Premium and Loan Costs The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2024 2023 Loan premium amortized and written off $ (115) $ (113) Deferred loan costs amortized and written off 2,209 2,134 Loan costs expensed 52 3 Total $ 2,146 $ 2,024

Interest Payable, Accounts Paya

Interest Payable, Accounts Payable and Deferred Revenue	3 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Interest Payable, Accounts Payable and Deferred Revenue	Interest Payable, Accounts Payable and Deferred Revenue (In thousands) March 31, 2024 December 31, 2023 Interest payable $ 18,638 $ 18,647 Accounts payable and accrued liabilities 88,493 61,767 Deferred revenue 46,104 50,823 Total interest payable, accounts payable and deferred revenue $ 153,235 $ 131,237

Derivative Contracts

Derivative Contracts	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024: 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) 5 $ 822,000 Unconsolidated Fund's derivatives - swaps (2)(3)(4) 2 $ 115,000 ___________________________________________________ (1) The notional amount reflects 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) 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. See "Guarantees" in Note 16 for more information about our Fund's hedged debt. Counterparty Credit Risk We are subject to credit risk from the counterparties on our interest rate swap and cap contract assets because we do not receive collateral. We seek to minimize that risk by entering into agreements with a variety of counterparties with investment grade ratings. The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2024 December 31, 2023 Consolidated derivatives (1) $ 184,328 $ 184,700 Unconsolidated Fund's derivatives (2) $ 10,309 $ 9,643 ________________________________________________________ (1) The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The amounts reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. For more information about our Fund, including our equity interest percentage, see Note 6. Impact of Hedges on AOCI and the Consolidated Statements of Operations The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations: (In thousands) Three Months Ended March 31, 2024 2023 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gains (losses) recorded in AOCI before reclassifications (1) $ 38,842 $ (19,817) Gains reclassified from AOCI to Interest Expense (1) $ (38,978) $ (31,452) Interest expense presented on the consolidated statements of operations $ (55,332) $ (45,511) Unconsolidated Fund's derivatives (our share) (2) : Gains (losses) recorded in AOCI before reclassifications (1) $ 5,047 $ (272) Gains reclassified from AOCI to (Loss) income from unconsolidated Fund (1) $ (811) $ (356) (Loss) income from unconsolidated Fund presented on the consolidated statements of operations $ (26) $ 289 ________________________________________________________________ (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. Future Reclassifications from AOCI At March 31, 2024, 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 $ 118,828 Unconsolidated Fund's derivatives (our share) (1) : Gains to be reclassified from AOCI to (Loss) income from unconsolidated Fund $ 3,526 ________________________________________________________ (1) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Equity	Equity Transactions During the Three Months Ended March 31, 2024 • We acquired 166 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 461 OP Units for $6 thousand in cash. During the Three Months Ended March 31, 2023 • We repurchased 1.4 million shares of our common stock for $16.5 million in cash, excluding transaction costs, in open market transactions. The average purchase price was $11.50 per share. • We acquired 5 thousand OP Units for $89 thousand in cash. Noncontrolling Interests Our noncontrolling interests consist of interests in our Operating Partnership and consolidated JVs which are not owned by us. As of March 31, 2024, noncontrolling interests in our Operating Partnership owned 33.7 million OP Units and fully-vested LTIP Units, which represented approximately 16.7% of our Operating Partnership's total outstanding interests, and we owned 167.4 million OP Units (to match our 167.4 million shares of outstanding common stock), which represented approximately 83.3% of our Operating Partnership's total outstanding interests. A share of our common stock, an OP Unit and an LTIP Unit (once vested and booked up) have essentially the same economic characteristics, sharing equally in the distributions from our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to acquire their OP Units for an amount of cash per unit equal to the market value of one share of our common stock at the date of acquisition, or, at our election, exchange their OP Units for shares of our common stock on a one-for-one b asis. LTIP Units have been granted to our employees and non-employee directors as part of their compensation. These awards generally vest over a service period and once vested can generally be converted to OP Units provided our stock price increases by more than a specified hurdle. Changes in our Ownership Interest in our Operating Partnership The table below presents the effect on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Three Months Ended March 31, (In thousands) 2024 2023 Net income attributable to common stockholders $ 8,909 $ 18,373 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 2,545 — Repurchases of OP Units from noncontrolling interests 1 4 Net transfers from noncontrolling interests 2,546 4 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 11,455 $ 18,377 AOCI Reconciliation (1) The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Three Months Ended March 31, (In thousands) 2024 2023 Accumulated Other Comprehensive Income - Beginning balance $ 115,917 $ 187,063 Consolidated derivatives: Other comprehensive income (loss) before reclassifications 38,842 (19,817) Reclassification of gains from AOCI to Interest Expense (38,978) (31,452) Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive income (loss) before reclassifications 5,047 (272) Reclassification of gains from AOCI to (Loss) income from unconsolidated Fund (811) (356) Net current period OCI 4,100 (51,897) OCI attributable to noncontrolling interests (1,018) 15,910 OCI attributable to common stockholders 3,082 (35,987) Accumulated Other Comprehensive Income - Ending balance $ 118,999 $ 151,076 ___________________________________________________ (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. As of March 31, 2024, we had an aggregate of 16.6 million shares of common stock available for future awards. The table below presents our stock-based compensation expense: Three Months Ended March 31, (In thousands) 2024 2023 Stock-based compensation expense, net $ 2,863 $ 2,794 Capitalized stock-based compensation $ 642 $ 713

EPS

EPS	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 2023 Numerator (In thousands): Net income attributable to common stockholders $ 8,909 $ 18,373 Allocation to participating securities: Unvested LTIP Units (350) (239) Net income attributable to common stockholders - basic and diluted $ 8,559 $ 18,134 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 167,326 175,765 Net income per common share - basic and diluted $ 0.05 $ 0.10 ____________________________________________________ (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 March 31, (In thousands) 2024 2023 OP Units 30,930 30,129 Vested LTIP Units 2,771 2,390

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Our estimates of the fair value of financial instruments were determined using available market information and widely used valuation methods. Considerable judgment is necessary to interpret market data and determine an estimated fair value. The use of different market assumptions or valuation methods may have a material effect on the estimated fair values. The FASB fair value framework hierarchy distinguishes between assumptions based on market data obtained from sources independent of the reporting entity, and the reporting entity’s own assumptions about market-based inputs. The hierarchy is as follows: Level 1 - inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 - inputs are observable either directly or indirectly for similar assets and liabilities in active markets. Level 3 - inputs are unobservable assumptions generated by the reporting entity. As of March 31, 2024, 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) March 31, 2024 December 31, 2023 Fair value $ 5,489,463 $ 5,484,032 Carrying value $ 5,572,792 $ 5,573,127 Ground lease liability See Note 4 for the details of our ground lease. We estimate the fair value of our ground lease liability by calculating the present value of the future lease payments disclosed in Note 4 using our incremental borrowing rate. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs. The table below presents the estimated fair value and carrying value of our ground lease liability: (In thousands) March 31, 2024 December 31, 2023 Fair value $ 4,390 $ 4,496 Carrying value $ 10,832 $ 10,836 Financial instruments measured at fair value on a recurring basis 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. We did not have any consolidated or unconsolidated derivatives in a liability position for the periods presented. (In thousands) March 31, 2024 December 31, 2023 Derivative Assets: Fair value - consolidated derivatives (1) $ 170,607 $ 170,880 Fair value - unconsolidated Fund's derivatives (2) $ 9,824 $ 9,150 ____________________________________________________ (1) Consolidated derivatives, which reflect 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) Unconsolidated Fund's derivatives, which 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. See Note 6 for more information about our Fund, including our equity interest percentage, and see "Guarantees" in Note 16 regarding our Fund's derivatives.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in two business segments: (i) the acquisition, development, ownership and management of office real estate and (ii) the acquisition, development, ownership and management of multifamily real estate. The services for our office segment primarily include rental of office space and other tenant services, including parking and storage space rental. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The table below presents the operating activity of our reportable segments: (In thousands) Three Months Ended March 31, 2024 2023 Office Segment Total office revenues $ 197,937 $ 203,358 Office expenses (67,220) (72,768) Office segment profit 130,717 130,590 Multifamily Segment Total multifamily revenues 47,032 49,035 Multifamily expenses (15,850) (16,888) Multifamily segment profit 31,182 32,147 Total profit from all segments $ 161,899 $ 162,737 The table below presents a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Three Months Ended March 31, 2024 2023 Total profit from all segments $ 161,899 $ 162,737 General and administrative expenses (11,571) (10,940) Depreciation and amortization (95,769) (93,176) Other income 7,044 3,283 Other expenses (114) (520) (Loss) income from unconsolidated Fund (26) 289 Interest expense (55,332) (45,511) Net income 6,131 16,162 Net loss attributable to noncontrolling interests 2,778 2,211 Net income attributable to common stockholders $ 8,909 $ 18,373

Future Minimum Lease Rental Rec

Future Minimum Lease Rental Receipts	3 Months Ended
	Mar. 31, 2024
Lessor Disclosure [Abstract]
Future Minimum Lease Rental Receipts	Future Minimum Lease Rental Receipts We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement of certain operating expenses, and we own fee interests in two parcels of land from which we receive rent under ground leases. The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases for our consolidated properties at March 31, 2024: Twelve months ending March 31: (In thousands) 2025 $ 595,336 2026 501,098 2027 403,764 2028 326,721 2029 252,824 Thereafter 927,938 Total future minimum base rentals (1) $ 3,007,681 ___________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight-line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants will not be exercised.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023, no tenant accounted for more than 10% of our total revenues. See our revenue recognition policy in Note 2 for the charges to revenue for uncollectible amounts for tenant receivables and deferred rent receivables. Geographic Risk All of our properties, including our consolidated JVs and our unconsolidated Fund's properties, are located in Los Angeles County, California and Honolulu, Hawaii, and we are therefore susceptible to adverse economic and regulatory developments, as well as natural disasters, in those markets. Derivative Counterparty Credit Risk We are subject to credit risk with respect to our derivative counterparties. We do not post or receive collateral with respect to our derivative transactions. Our derivative contracts do not provide for right of offset between derivative contracts. See Note 10 for the details of our derivative contracts. We seek to minimize our credit risk by entering into agreements with a variety of counterparties with investment grade ratings. Cash Balances We have significant cash balances invested in a variety of short-term money market funds that are intended to preserve principal value and maintain a high degree of liquidity while providing current income. These investments are not insured against loss of principal and there is no guarantee that our investments in these funds will be redeemable at par value. We also have significant cash balances in bank accounts with high quality financial institutions with investment grade ratings. Interest bearing bank accounts at each U.S. banking institution are insured by the FDIC up to $250 thousand. Asset Retirement Obligations Conditional asset retirement obligations represent a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within our control. A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments have identified thirty-three buildings in our Consolidated Portfolio which contain asbestos, and would have to be removed in compliance with applicable environmental regulations if these properties are demolished or undergo major renovations. As of March 31, 2024, the obligations to remove the asbestos from properties which are currently undergoing major renovations, or that we plan to renovate in the future, are not material to our consolidated financial statements. As of March 31, 2024, the obligations to remove the asbestos from our other properties have indeterminable settlement dates, and we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligations. Contractual Commitments Development Projects In downtown Honolulu, we are converting a 25 story, 493,000 square foot office tower into approximately 493 apartments in phases over a number of years as the office space is vacated. As of March 31, 2024, we had an aggregate remaining contractual commitment for this development project and other development projects of approximately $19.9 million. Other Contractual Commitments As of March 31, 2024, we had an aggregate remaining contractual commitment for repositionings, capital expenditure projects and tenant improvements of approximately $11.8 million. Guarantees Loan Guarantees In November 2023, we signed a guarantee for the $175.0 million consolidated JV loan which guarantees the portion of the loan principal that would need to be paid down to meet the minimum debt yield in the loan agreement. The loan matures in April 2029. The guarantee will remain in effect until either the guarantee obligation or the loan is paid in full. As of March 31, 2024, we estimate the risk of loss for this guarantee to be low. See Note 8 for more information regarding our debt. During 2023, we removed our Barrington Plaza Apartments property in Los Angeles from the rental market. See Note 3, "Property to be Removed from Service." The reconstruction of this property is expected to take a number of years at a cost of several hundred million dollars. The lender is treating the $210.0 million Barrington Plaza loan, which matures in June 2027, as a construction loan, and we signed a construction completion guarantee in January 2024. The guarantee will remain in effect until either the construction is completed or the loan is paid in full. As of March 31, 2024, we estimate the risk of loss for this guarantee to be low. See Note 8 for more information regarding our debt. 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 is secured by two properties held by Partnership X and is non-recourse. We have made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve-outs for Partnership X's loan, and we have also guaranteed the related swaps. Partnership X has agreed to indemnify us for any amounts that we would be required to pay under these agreements. As of March 31, 2024, assuming that SOFR does not decrease below zero-percent, the maximum future interest payments for the swaps were $2.5 million. As of March 31, 2024, all of the obligations under the related loan and swap agreements have been performed in accordance with the terms of those agreements. As of March 31, 2024, 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
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income attributable to common stockholders	$ 8,909	$ 18,373

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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)	3 Months Ended
	Mar. 31, 2024
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, 2024. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2023 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 variable lease payments such as tenant recoveries and parking revenues, in accordance with Topic 842. We adopted a practical expedient which allows us to account for our rental revenues, tenant recoveries and parking revenues on a combined basis. Rental revenues and tenant recoveries from tenant leases are included in Rental revenues and tenant recoveries on our consolidated statements of operations. Tenant recoveries were $9.1 million and $13.1 million for th e three months ended March 31, 2024 and 2023, respectively. Parking revenues are included in Parking and other income 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.
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)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Properties	As of March 31, 2024, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases): Consolidated Portfolio Total Office Wholly-owned properties 52 52 Consolidated JV properties 16 16 Unconsolidated Fund properties — 2 68 70 Multifamily Wholly-owned properties 12 12 Consolidated JV properties 2 2 14 14 Total 82 84

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Investment in Real Estate	The table below summarizes our investment in real estate: (In thousands) March 31, 2024 December 31, 2023 Land $ 1,185,977 $ 1,185,977 Buildings and improvements (1) 10,156,062 10,142,410 Tenant improvements and lease intangibles 1,029,496 1,020,988 Property under development (1) 60,766 56,439 Investment in real estate, gross $ 12,432,301 $ 12,405,814 ________________________________________________ (1) During the three months ended March 31, 2024, Property under development balances transferred to Building and improvements for real estate placed into service was $3.2 million.

Ground Lease (Tables)

Ground Lease (Tables)	3 Months Ended
	Mar. 31, 2024
Lessee Disclosure [Abstract]
Schedule of Future Minimum Ground Lease Payments	The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029, presents the future minimum ground lease payments as of March 31, 2024: Twelve months ending March 31: (In thousands) 2025 $ 733 2026 733 2027 733 2028 733 2029 733 Thereafter 42,330 Total future minimum lease payments $ 45,995

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Lease Intangibles	Summary of our Acquired Lease Intangibles (In thousands) March 31, 2024 December 31, 2023 Above-market tenant leases $ 4,460 $ 4,541 Above-market tenant leases - accumulated amortization (2,468) (2,430) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (296) (292) Acquired lease intangible assets, net $ 2,848 $ 2,971 Below-market tenant leases $ 46,145 $ 48,008 Below-market tenant leases - accumulated accretion (28,772) (28,170) Acquired lease intangible liabilities, net $ 17,373 $ 19,838
Schedule of Net Amortization or Accretion of Above- and Below-Market Leases	The table below summarizes the net amortization/accretion related to our above- and below-market leases: Three Months Ended March 31, (In thousands) 2024 2023 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 2,347 $ 3,041 Amortization of an above-market ground lease asset (2) (4) (4) Total $ 2,343 $ 3,037 ______________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income.

Investment in Unconsolidated _2

Investment in Unconsolidated Fund (Tables)	3 Months Ended
	Mar. 31, 2024
Real Estate Investments, Net [Abstract]
Schedule of Statement of Operations for Investments in Unconsolidated Funds and Cash Received from Funds	The table below presents the cash distributions we received from Partnership X: Three Months Ended March 31, (In thousands) 2024 2023 Operating distributions received $ 248 $ 289 Capital distributions received 96 52 Total distributions received $ 344 $ 341 The tables below present selected financial information for Partnership X. The amounts presented reflect 100% (not our pro-rata share) of the amounts related to the Fund, and are based upon historical book value: (In thousands) March 31, 2024 December 31, 2023 Total assets $ 147,959 $ 146,945 Total liabilities $ 119,561 $ 118,822 Total equity $ 28,398 $ 28,123 Three Months Ended March 31, (In thousands) 2024 2023 Total revenues $ 3,823 $ 4,642 Operating income $ 360 $ 1,305 Net (loss) income $ (73) $ 749

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Other Assets [Abstract]
Schedule of Other Assets	(In thousands) March 31, 2024 December 31, 2023 Restricted cash $ 101 $ 101 Prepaid expenses 16,417 20,594 Indefinite-lived intangibles 1,988 1,988 Deposit with lender (1) 13,540 13,440 Furniture, fixtures and equipment, net 6,946 7,014 Other 3,971 6,123 Total other assets $ 42,963 $ 49,260 _______________________________________________________________________ (1) In connection with the Barrington Plaza loan, we deposited cash into an interest-bearing collateral account with the lender. See our debt disclosures in Note 8 (note 4 to the table) for more detail regarding this loan and the related deposit.

Secured Notes Payable, Net (Tab

Secured Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Secured Notes Payable	Description Maturity Date (1) Principal Balance as of March 31, 2024 Principal Balance as of December 31, 2023 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Consolidated Wholly Owned Subsidiaries Term loan (3)(5) 3/3/2025 $ 335,000 $ 335,000 SOFR + 1.41% N/A N/A Fannie Mae loan (3)(5) 4/1/2025 102,400 102,400 SOFR + 1.36% N/A N/A Term loan (3) 8/15/2026 415,000 415,000 SOFR + 1.20% 3.07% 8/1/2025 Term loan (3) 9/19/2026 400,000 400,000 SOFR + 1.25% 2.44% 9/1/2024 Term loan (3) 9/26/2026 200,000 200,000 SOFR + 1.30% 2.36% 10/1/2024 Term loan (3) 11/1/2026 400,000 400,000 SOFR + 1.25% 2.31% 10/1/2024 Fannie Mae loan (3)(4) 6/1/2027 550,000 550,000 SOFR + 1.48% N/A N/A Term loan (3) 5/18/2028 300,000 300,000 SOFR + 1.51% 2.21% 6/1/2026 Term loan (3) 1/1/2029 300,000 300,000 SOFR + 1.56% 2.66% 1/1/2027 Fannie Mae loan (3) 6/1/2029 255,000 255,000 SOFR + 1.09% 3.26% 6/1/2027 Fannie Mae loan (3) 6/1/2029 125,000 125,000 SOFR + 1.09% 3.25% 6/1/2027 Fannie Mae loan (3)(5) 8/1/2033 350,000 350,000 SOFR + 1.37% N/A N/A Term loan (6) 6/1/2038 27,419 27,640 N/A 4.55% N/A Total Wholly-Owned Subsidiary Debt 3,759,819 3,760,040 Consolidated JVs Term loan (3)(9) 12/19/2024 400,000 400,000 SOFR + 1.40% N/A N/A Term loan (3) 5/15/2027 450,000 450,000 SOFR + 1.45% 2.26% 4/1/2025 Term loan (3) 8/19/2028 625,000 625,000 SOFR + 1.45% 2.12% 6/1/2025 Term loan (3)(7) 4/26/2029 175,000 175,000 SOFR + 1.25% 3.90% 5/1/2026 Fannie Mae loan (3) 6/1/2029 160,000 160,000 SOFR + 1.09% 3.25% 7/1/2027 Total Consolidated Debt (8) 5,569,819 5,570,040 Unamortized loan premium, net (9) 2,973 3,087 Unamortized deferred loan costs, net (10) (28,275) (29,956) Total Consolidated Debt, net $ 5,544,517 $ 5,543,171 _______________________________________________________________________ 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) Effective rate as of March 31, 2024. Includes the effect of interest rate swaps (if applicable) and excludes the effect of prepaid loan fees and loan premiums. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums. (3) The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor. (4) 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 . For the portion of the loan relating to Barrington Plaza, in connection with the removal of that property from the rental market during 2023, t he lender is treating the debt as a construction loan and we signed a construction completion guarantee in January 2024. The lender also required a $13.3 million cash deposit, which we placed into an interest bearing collateral account during 2023. 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 consolidated balance sheets. See Note 7. (5) The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. (6) The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule. (7) We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See Note 16. (8) The table does not include our unconsolidated Fund's loan - see Note 16. See Note 13 for our debt fair value disclosures. (9) Balances are net of accumulated amortization of $4.2 million and $4.1 million at March 31, 2024 and December 31, 2023, respectively. (10) Balances are net of accumulated amortization of $57.7 million and $56.0 million at March 31, 2024 and December 31, 2023, respectively . Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2024 Principal Balance as of December 31, 2023 Aggregate swapped to fixed rate loans $ 3,805,000 $ 3,805,000 Aggregate fixed rate loans 27,419 27,640 Aggregate capped rate loans 822,000 822,000 Aggregate floating rate loans 915,400 915,400 Total Debt $ 5,569,819 $ 5,570,040 The table below summarizes certain consolidated debt statistics as of March 31, 2024: 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) 3.8 years Weighted average remaining fixed interest period 1.6 years Weighted average annual interest rate 2.66%
Schedule of Minimum Future Principal Payments	At March 31, 2024, the minimum future principal payments due on our consolidated secured notes payable were as follows: Twelve months ending March 31: Including Maturity Extension Options (1) (In thousands) 2025 $ 735,912 2026 103,354 2027 1,415,999 2028 1,001,045 2029 1,226,094 Thereafter 1,087,415 Total future principal payments $ 5,569,819 ________________________________________________ (1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Schedule of Loan Costs and Amortization of Deferred Loan Costs	The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2024 2023 Loan premium amortized and written off $ (115) $ (113) Deferred loan costs amortized and written off 2,209 2,134 Loan costs expensed 52 3 Total $ 2,146 $ 2,024

Interest Payable, Accounts Pa_2

Interest Payable, Accounts Payable and Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Interest Payable, Accounts Payable and Deferred Revenue	(In thousands) March 31, 2024 December 31, 2023 Interest payable $ 18,638 $ 18,647 Accounts payable and accrued liabilities 88,493 61,767 Deferred revenue 46,104 50,823 Total interest payable, accounts payable and deferred revenue $ 153,235 $ 131,237

Derivative Contracts (Tables)

Derivative Contracts (Tables)	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Derivatives	The table below summarizes our derivative contracts as of March 31, 2024: 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) 5 $ 822,000 Unconsolidated Fund's derivatives - swaps (2)(3)(4) 2 $ 115,000 ___________________________________________________ (1) The notional amount reflects 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) 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. See "Guarantees" in Note 16 for more information about our Fund's hedged debt.
Schedule of Derivative Assets at Fair Value	The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2024 December 31, 2023 Consolidated derivatives (1) $ 184,328 $ 184,700 Unconsolidated Fund's derivatives (2) $ 10,309 $ 9,643 ________________________________________________________ (1) The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives. (2) The amounts reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. For more information about our Fund, including our equity interest percentage, see Note 6.
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations	The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations: (In thousands) Three Months Ended March 31, 2024 2023 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Gains (losses) recorded in AOCI before reclassifications (1) $ 38,842 $ (19,817) Gains reclassified from AOCI to Interest Expense (1) $ (38,978) $ (31,452) Interest expense presented on the consolidated statements of operations $ (55,332) $ (45,511) Unconsolidated Fund's derivatives (our share) (2) : Gains (losses) recorded in AOCI before reclassifications (1) $ 5,047 $ (272) Gains reclassified from AOCI to (Loss) income from unconsolidated Fund (1) $ (811) $ (356) (Loss) income from unconsolidated Fund presented on the consolidated statements of operations $ (26) $ 289 ________________________________________________________________ (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.
Schedule of Future Reclassifications from AOCI	At March 31, 2024, 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 $ 118,828 Unconsolidated Fund's derivatives (our share) (1) : Gains to be reclassified from AOCI to (Loss) income from unconsolidated Fund $ 3,526 ________________________________________________________ (1) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests	The table below presents the effect on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Three Months Ended March 31, (In thousands) 2024 2023 Net income attributable to common stockholders $ 8,909 $ 18,373 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 2,545 — Repurchases of OP Units from noncontrolling interests 1 4 Net transfers from noncontrolling interests 2,546 4 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 11,455 $ 18,377
Schedule of Accumulated Other Comprehensive Income (Loss)	The table below presents a reconciliation of our AOCI, which consists solely of adjustments related to derivatives designated as cash flow hedges: Three Months Ended March 31, (In thousands) 2024 2023 Accumulated Other Comprehensive Income - Beginning balance $ 115,917 $ 187,063 Consolidated derivatives: Other comprehensive income (loss) before reclassifications 38,842 (19,817) Reclassification of gains from AOCI to Interest Expense (38,978) (31,452) Unconsolidated Fund's derivatives (our share) (2) : Other comprehensive income (loss) before reclassifications 5,047 (272) Reclassification of gains from AOCI to (Loss) income from unconsolidated Fund (811) (356) Net current period OCI 4,100 (51,897) OCI attributable to noncontrolling interests (1,018) 15,910 OCI attributable to common stockholders 3,082 (35,987) Accumulated Other Comprehensive Income - Ending balance $ 118,999 $ 151,076 ___________________________________________________ (1) See Note 10 for the details of our derivatives and Note 13 for our derivative fair value disclosures. (2) We calculate our share by multiplying the total amount for our Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.
Schedule of Stock-based Compensation Expense	The table below presents our stock-based compensation expense: Three Months Ended March 31, (In thousands) 2024 2023 Stock-based compensation expense, net $ 2,863 $ 2,794 Capitalized stock-based compensation $ 642 $ 713

EPS (Tables)

EPS (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The table below presents the calculation of basic and diluted EPS: Three Months Ended March 31, 2024 2023 Numerator (In thousands): Net income attributable to common stockholders $ 8,909 $ 18,373 Allocation to participating securities: Unvested LTIP Units (350) (239) Net income attributable to common stockholders - basic and diluted $ 8,559 $ 18,134 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 167,326 175,765 Net income per common share - basic and diluted $ 0.05 $ 0.10 ____________________________________________________ (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 March 31, (In thousands) 2024 2023 OP Units 30,930 30,129 Vested LTIP Units 2,771 2,390

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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) March 31, 2024 December 31, 2023 Fair value $ 5,489,463 $ 5,484,032 Carrying value $ 5,572,792 $ 5,573,127 (In thousands) March 31, 2024 December 31, 2023 Fair value $ 4,390 $ 4,496 Carrying value $ 10,832 $ 10,836
Schedule of Financial Instruments Measured at Fair Value	The table below presents the estimated fair value of our derivatives. We did not have any consolidated or unconsolidated derivatives in a liability position for the periods presented. (In thousands) March 31, 2024 December 31, 2023 Derivative Assets: Fair value - consolidated derivatives (1) $ 170,607 $ 170,880 Fair value - unconsolidated Fund's derivatives (2) $ 9,824 $ 9,150 ____________________________________________________ (1) Consolidated derivatives, which reflect 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) Unconsolidated Fund's derivatives, which 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. See Note 6 for more information about our Fund, including our equity interest percentage, and see "Guarantees" in Note 16 regarding our Fund's derivatives.

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Operating Activity of Reportable Segments	The table below presents the operating activity of our reportable segments: (In thousands) Three Months Ended March 31, 2024 2023 Office Segment Total office revenues $ 197,937 $ 203,358 Office expenses (67,220) (72,768) Office segment profit 130,717 130,590 Multifamily Segment Total multifamily revenues 47,032 49,035 Multifamily expenses (15,850) (16,888) Multifamily segment profit 31,182 32,147 Total profit from all segments $ 161,899 $ 162,737
Schedule of Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders	The table below presents a reconciliation of the total profit from all segments to net income attributable to common stockholders: (In thousands) Three Months Ended March 31, 2024 2023 Total profit from all segments $ 161,899 $ 162,737 General and administrative expenses (11,571) (10,940) Depreciation and amortization (95,769) (93,176) Other income 7,044 3,283 Other expenses (114) (520) (Loss) income from unconsolidated Fund (26) 289 Interest expense (55,332) (45,511) Net income 6,131 16,162 Net loss attributable to noncontrolling interests 2,778 2,211 Net income attributable to common stockholders $ 8,909 $ 18,373

Future Minimum Lease Rental R_2

Future Minimum Lease Rental Receipts (Tables)	3 Months Ended
	Mar. 31, 2024
Lessor Disclosure [Abstract]
Schedule of Future Minimum Base Rentals on Non-Cancelable Office and Ground Operating Leases	The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases for our consolidated properties at March 31, 2024: Twelve months ending March 31: (In thousands) 2025 $ 595,336 2026 501,098 2027 403,764 2028 326,721 2029 252,824 Thereafter 927,938 Total future minimum base rentals (1) $ 3,007,681 ___________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight-line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants will not be exercised.

Overview - Narrative (Details)

Overview - Narrative (Details) $ in Thousands, ft² in Millions	Mar. 31, 2024 USD ($) ft² venture parcel unit	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Consolidated debt	$ 5,569,819	$ 5,570,040
Number of joint ventures consolidated | venture	4
Total assets	$ 9,637,067	9,644,218
Consolidated investment in real estate	8,710,628	8,753,184
Total liabilities	5,820,197	5,798,821
Consolidated investment in real estate	5,544,517	5,543,171
Subsidiaries
Real Estate Properties [Line Items]
Consolidated debt	3,759,819	3,760,040
Consolidated entities
Real Estate Properties [Line Items]
Total assets	3,820,000	3,830,000
Consolidated investment in real estate	3,450,000	3,470,000
Total liabilities	1,890,000	1,880,000
Consolidated investment in real estate	$ 1,810,000	$ 1,810,000
Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Number of land parcels subject to ground lease | parcel	2
Office | Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	17.6
Office | Unconsolidated Fund properties
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	0.4
Multifamily | Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Number of multifamily apartment units | unit	4,528

Overview - Schedule of Properti

Overview - Schedule of Properties Portfolio (Details) - property	Mar. 31, 2024	Mar. 31, 2023
Real Estate Properties [Line Items]
Number of properties	84
Office
Real Estate Properties [Line Items]
Number of properties	70
Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	52
Office | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	16
Office | Unconsolidated Fund properties
Real Estate Properties [Line Items]
Number of properties	2	2
Multifamily
Real Estate Properties [Line Items]
Number of properties	14
Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	12
Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	2
Consolidated Portfolio
Real Estate Properties [Line Items]
Number of properties	82
Consolidated Portfolio | Office
Real Estate Properties [Line Items]
Number of properties	68
Consolidated Portfolio | Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	52
Consolidated Portfolio | Office | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	16
Consolidated Portfolio | Office | Unconsolidated Fund properties
Real Estate Properties [Line Items]
Number of properties	0
Consolidated Portfolio | Multifamily
Real Estate Properties [Line Items]
Number of properties	14
Consolidated Portfolio | Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	12
Consolidated Portfolio | Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate Properties [Line Items]
Total revenues	$ 244,969	$ 252,393
Tenant Recoveries
Real Estate Properties [Line Items]
Total revenues	$ 9,100	$ 13,100

Investment in Real Estate - Sum

Investment in Real Estate - Summary of Investment in Real Estate (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule Of Asset Acquisitions [Line Items]
Land	$ 1,185,977	$ 1,185,977
Buildings and improvements	10,156,062	10,142,410
Tenant improvements and lease intangibles	1,029,496	1,020,988
Property under development	60,766	56,439
Investment in real estate, gross	12,432,301	$ 12,405,814
Building Improvements
Schedule Of Asset Acquisitions [Line Items]
Property under development balances transferred to building and improvements for real estate placed into service	$ 3,200

Ground Lease - Narrative (Detai

Ground Lease - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee Disclosure [Abstract]
Fixed rent payments due per year on ground lease	$ 733
Ground lease right-of-use asset	7,445		$ 7,447
Ground lease liability	10,832		$ 10,836
Ground rent expense	$ 183	$ 183

Ground Lease - Future Minimum G

Ground Lease - Future Minimum Ground Lease Payments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Future minimum ground lease payments for twelve months ending September 30:
2025	$ 733
2026	733
2027	733
2028	733
2029	733
Thereafter	42,330
Total future minimum lease payments	$ 45,995

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 2,848	$ 2,971
Acquired lease intangible liabilities, net	17,373	19,838
Above-market tenant leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	4,460	4,541
Accumulated amortization	(2,468)	(2,430)
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	(296)	(292)
Below-market tenant leases
Acquired Finite-Lived Intangible Assets [Line Items]
Below-market tenant leases	46,145	48,008
Below-market tenant leases - accumulated accretion	$ (28,772)	$ (28,170)

Acquired Lease Intangibles - Im

Acquired Lease Intangibles - Impact on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ 2,343	$ 3,037
Rental revenues | Tenant Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Total	2,347	3,041
Office parking and other income | Above-market ground lease where we are the lessor
Acquired Finite-Lived Intangible Assets [Line Items]
Total	$ (4)	$ (4)

Investment in Unconsolidated _3

Investment in Unconsolidated Fund - Narrative (Details) ft² in Millions	Mar. 31, 2024 ft² property	Feb. 29, 2024	Dec. 31, 2023	Dec. 30, 2023	Mar. 31, 2023 property
Schedule of Equity Method Investments [Line Items]
Number of office properties	84
Amounts related to the fund (percent)	100%
Office
Schedule of Equity Method Investments [Line Items]
Number of office properties	70
Office | Unconsolidated Fund properties
Schedule of Equity Method Investments [Line Items]
Number of office properties	2				2
Area of real estate portfolio (sq ft) | ft²	0.4
Partnership X
Schedule of Equity Method Investments [Line Items]
Equity interest of the fund (percent)	74%		53.80%	33.50%
Equity method investment, purchased additional equity interest (percent)		0.202	0.202

Investment in Unconsolidated _4

Investment in Unconsolidated Fund - Summary of Cash Distributions Received from Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Real Estate Investments, Net [Abstract]
Operating distributions received	$ 248	$ 289
Capital distributions received	96	52
Total distributions received	$ 344	$ 341

Investments in Unconsolidated F

Investments in Unconsolidated Funds - Summary of Statement of Financial Position Information for Funds (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total assets	$ 9,637,067	$ 9,644,218
Total liabilities	5,820,197	5,798,821
Total equity	2,202,599	2,219,862
Unconsolidated Funds
Schedule of Equity Method Investments [Line Items]
Total assets	147,959	146,945
Total liabilities	119,561	118,822
Total equity	$ 28,398	$ 28,123

Investments in Unconsolidated_2

Investments in Unconsolidated Funds - Summary of Statement of Operations Information for Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 244,969	$ 252,393
Net (loss) income	8,909	18,373
Unconsolidated Funds
Schedule of Equity Method Investments [Line Items]
Total revenues	3,823	4,642
Operating income	360	1,305
Net (loss) income	$ (73)	$ 749

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Restricted cash	$ 101	$ 101	$ 101
Prepaid expenses	16,417	20,594
Indefinite-lived intangibles	1,988	1,988
Deposits with lender	13,540	13,440
Furniture, fixtures and equipment, net	6,946	7,014
Other	3,971	6,123
Total other assets	$ 42,963	49,260
Subsidiaries | Fannie Mae Loan - June 1, 2027 Maturity | Secured Debt
Debt Instrument [Line Items]
Deposits with lender		$ 13,300

Secured Notes Payable, Net - Su

Secured Notes Payable, Net - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Principal balance	$ 5,569,819	$ 5,570,040
Unamortized loan premium, net	2,973	3,087
Unamortized deferred loan costs, net	(28,275)	(29,956)
Total Consolidated Debt, net	$ 5,544,517	5,543,171
Minimum number of separate collateral pools used to secure loans | property	1
Cash deposit	$ 13,540	13,440
Loan premium accumulated amortization	4,200	4,100
Accumulated amortization on deferred loan costs	$ 57,700	56,000
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	$ 3,759,819	3,760,040
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	350,000
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	$ 27,419	27,640
Fixed interest rate	4.55%
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	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Consolidated debt	$ 5,569,819	$ 5,570,040
Principal balance (in billions)	$ 3,830,000
Weighted average remaining life (including extension options)	3 years 9 months 18 days
Weighted average remaining fixed interest period	1 year 7 months 6 days
Weighted average annual interest rate	2.66%
Aggregate swapped to fixed rate loans
Debt Instrument [Line Items]
Consolidated debt	$ 3,805,000	3,805,000
Aggregate fixed rate loans
Debt Instrument [Line Items]
Consolidated debt	27,419	27,640
Aggregate capped rate loans
Debt Instrument [Line Items]
Consolidated debt	822,000	822,000
Aggregate floating rate loans
Debt Instrument [Line Items]
Consolidated debt	$ 915,400	$ 915,400

Secured Notes Payable, Net - Fu

Secured Notes Payable, Net - Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Minimum Future Principal Payments Due
2025	$ 735,912
2026	103,354
2027	1,415,999
2028	1,001,045
2029	1,226,094
Thereafter	1,087,415
Total future principal payments	$ 5,569,819	$ 5,570,040

Secured Notes Payable, Net - Lo

Secured Notes Payable, Net - Loan Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Loan Costs Included In Interest Expense
Loan premium amortized and written off	$ (115)	$ (113)
Interest Expense
Loan Costs Included In Interest Expense
Loan premium amortized and written off	(115)	(113)
Deferred loan costs amortized and written off	2,209	2,134
Loan costs expensed	52	3
Total	$ 2,146	$ 2,024

Interest Payable, Accounts Pa_3

Interest Payable, Accounts Payable and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts Payable and Accrued Liabilities [Abstract]
Interest payable	$ 18,638	$ 18,647
Accounts payable and accrued liabilities	88,493	61,767
Deferred revenue	46,104	50,823
Total interest payable, accounts payable and deferred revenue	$ 153,235	$ 131,237

Derivative Contracts - Summary

Derivative Contracts - Summary of Derivatives (Details) $ in Thousands	Mar. 31, 2024 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
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
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

Derivative Contracts - Counterp

Derivative Contracts - Counterparty Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives in an asset position	$ 170,607	$ 170,880
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	$ 184,328	184,700
Percentage of notional amount disclosed	100%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | Unconsolidated Funds
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives in an asset position	$ 10,309	$ 9,643
Percentage of notional amount disclosed	100%

Derivative Contracts - Impact o

Derivative Contracts - Impact of Hedges on AOCI and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative [Line Items]
Gains (losses) recorded in AOCI before reclassifications	$ 38,842	$ (19,817)
Interest expense presented on the consolidated statements of operations	(55,332)	(45,511)
(Loss) income from unconsolidated Fund presented on the consolidated statements of operations	(26)	289
Unconsolidated Funds
Derivative [Line Items]
Gains (losses) recorded in AOCI before reclassifications	5,047	(272)
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
Gains (losses) recorded in AOCI before reclassifications	38,842	(19,817)
Gains reclassified from AOCI to Interest Expense and Income from Unconsolidated Fund	(38,978)	(31,452)
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Unconsolidated Funds
Derivative [Line Items]
Gains (losses) recorded in AOCI before reclassifications	5,047	(272)
Gains reclassified from AOCI to Interest Expense and Income from Unconsolidated Fund	$ (811)	$ (356)

Derivative Contracts - Future R

Derivative Contracts - Future Reclassifications from AOCI (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next year	$ 118,828
Unconsolidated Funds
Derivative [Line Items]
Derivative gain (loss) to be reclassified during next year	$ 3,526

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Exchange of OP units for common stock (in shares)	166,000
Number of OP units redeemed (in shares)	461	5,000
OP Units redeemed with cash	$ 6	$ 89
Outstanding common stock (in shares)	167,371,920		167,206,267
Number of shares of common stock issued upon redemption of one OP unit (in shares)		1
OP unit conversion rate	1
Common stock shares for future awards	16,600,000
Common Stock
Schedule of Equity Method Investments [Line Items]
Exchange of OP units for common stock (in shares)	166,000
Shares of common stock (in shares)		1,400,000
Cash excluding transaction costs		$ 16,500
Average purchase price (in usd per share)		$ 11.50
Outstanding common stock (in shares)	167,372,000	174,375,000	167,206,000	175,810,000
Operating Partnership
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests units ownership in Operating Partnership (in units)	33,700,000
Investors' ownership in joint venture (percent)	16.70%
Operating Partnership | Common Stock
Schedule of Equity Method Investments [Line Items]
Percent capital interest ownership in JV	83.30%

Equity - Net Income Attributabl

Equity - Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Net income attributable to common stockholders	$ 8,909	$ 18,373
Transfers from noncontrolling interests:
Exchange of OP Units with noncontrolling interests	2,545	0
Repurchases of OP Units from noncontrolling interests	1	4
Net transfers from noncontrolling interests	2,546	4
Change from net income attributable to common stockholders and transfers from noncontrolling interests	$ 11,455	$ 18,377

Equity - Accumulated Other Comp

Equity - Accumulated Other Comprehensive Income Schedule (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 3,845,397	$ 4,275,783
Other comprehensive income (loss) before reclassifications	38,842	(19,817)
Reclassification of gains from AOCI to income from unconsolidated funds/ interest expense	(38,978)	(31,452)
Net current period OCI	4,100	(51,897)
OCI attributable to noncontrolling interests	(1,018)	15,910
OCI attributable to common stockholders	3,082	(35,987)
Ending balance	3,816,870	4,183,806
Unconsolidated Funds
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive income (loss) before reclassifications	5,047	(272)
Reclassification of gains from AOCI to income from unconsolidated funds/ interest expense	(811)	(356)
Accumulated Other Comprehensive Income
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	115,917	187,063
Ending balance	$ 118,999	$ 151,076

Equity - Equity Compensation (D

Equity - Equity Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Stock-based compensation expense, net	$ 2,863	$ 2,794
Capitalized stock-based compensation	$ 642	$ 713

EPS (Details)

EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 8,909	$ 18,373
Allocation to participating securities: Unvested LTIP Units	(350)	(239)
Net (loss) income attributable to common stockholders - basic	8,559	18,134
Net (loss) income attributable to common stockholders - diluted	$ 8,559	$ 18,134
Weighted average shares of common stock outstanding, basic (in shares)	167,326,000	175,765,000
Weighted average shares of common stock outstanding, diluted (in shares)	167,326,000	175,765,000
Net income per common share - basic (in usd per share)	$ 0.05	$ 0.10
Net income per common share – diluted (in usd per share)	$ 0.05	$ 0.10
Number of shares of common stock issued upon exchange of one OP unit or one vested LTIP unit (in shares)	1	1
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares)	30,930,000	30,129,000
Vested LTIP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares)	2,771,000	2,390,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ground lease liability	$ 10,832	$ 10,836
Fair value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	5,489,463	5,484,032
Ground lease liability	4,390	4,496
Carrying value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	5,572,792	5,573,127
Ground lease liability	$ 10,832	$ 10,836

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivative Assets:
Fair value - derivatives	$ 170,607	$ 170,880
Percentage of notional amount disclosed	100%
Unconsolidated Funds
Derivative Assets:
Percentage of notional amount disclosed	100%
Level 2
Derivative Assets:
Fair value - derivatives	$ 170,607	170,880
Level 2 | Unconsolidated Funds
Derivative Assets:
Fair value - derivatives	$ 9,824	$ 9,150

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable business segments	2

Segment Reporting - Operating A

Segment Reporting - Operating Activity Within Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenues	$ 244,969	$ 252,393
Total profit from all segments	161,899	162,737
Office Segment
Segment Reporting Information [Line Items]
Total revenues	197,937	203,358
Operating expenses	(67,220)	(72,768)
Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	47,032	49,035
Operating expenses	(15,850)	(16,888)
Reportable Segments
Segment Reporting Information [Line Items]
Total profit from all segments	161,899	162,737
Reportable Segments | Office Segment
Segment Reporting Information [Line Items]
Total revenues	197,937	203,358
Operating expenses	(67,220)	(72,768)
Total profit from all segments	130,717	130,590
Reportable Segments | Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	47,032	49,035
Operating expenses	(15,850)	(16,888)
Total profit from all segments	$ 31,182	$ 32,147

Segment Reporting - Reconciliat

Segment Reporting - Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting [Abstract]
Total profit from all segments	$ 161,899	$ 162,737
General and administrative expenses	(11,571)	(10,940)
Depreciation and amortization	(95,769)	(93,176)
Other income	7,044	3,283
Other expenses	(114)	(520)
(Loss) income from unconsolidated Fund	(26)	289
Interest expense	(55,332)	(45,511)
Net income	6,131	16,162
Net loss attributable to noncontrolling interests	2,778	2,211
Net income attributable to common stockholders	$ 8,909	$ 18,373

Future Minimum Lease Rental R_3

Future Minimum Lease Rental Receipts - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 parcel
Lessor, Lease, Description [Line Items]
Maximum term of residential leases not included in total future minimum base rentals	1 year
Wholly-owned properties
Lessor, Lease, Description [Line Items]
Number of land parcels subject to ground lease	2

Future Minimum Lease Rental R_4

Future Minimum Lease Rental Receipts - Future Minimum Rental Receipts (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Future Minimum Base Rentals
2025	$ 595,336
2026	501,098
2027	403,764
2028	326,721
2029	252,824
Thereafter	927,938
Total future minimum base rentals	$ 3,007,681

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) ft² building property apartment	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)
Other Commitments [Line Items]
Number of buildings containing asbestos | building	33
Principal balance	$ 5,569,819	$ 5,570,040
Subsidiaries
Other Commitments [Line Items]
Principal balance	3,759,819	3,760,040
Secured Debt | Subsidiaries | Term Loan - April 26, 2029 Maturity
Other Commitments [Line Items]
Maximum future payments under swap agreement			$ 175,000
Secured Debt | Subsidiaries | Fannie Mae Loan - June 1, 2027 Maturity
Other Commitments [Line Items]
Maximum future payments under swap agreement		210,000
Principal balance	$ 550,000	$ 550,000
Maturity date	Jun. 01, 2027
Secured Debt | SOFR
Other Commitments [Line Items]
Loan agreement SOFR floor	0
Secured Debt | SOFR | Subsidiaries | Fannie Mae Loan - June 1, 2027 Maturity
Other Commitments [Line Items]
Variable interest rate	1.48%
Partnership X
Other Commitments [Line Items]
Maximum future payments under swap agreement	$ 2,500
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%
Derivative, contract end 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	$ 11,800
Development Projects
Other Commitments [Line Items]
Aggregate remaining contractual commitment	$ 19,900
Development Projects | Hawaii
Other Commitments [Line Items]
Retail square footage (sq ft) | ft²	493
Number of apartments under construction | apartment	493