Douglas Emmett (DEI) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-33106
Entity Registrant Name	Douglas Emmett, Inc.
Entity Central Index Key	0001364250
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-3073047
Entity Address, Address Line One	1299 Ocean Avenue, Suite 1000
Entity Address, City or Town	Santa Monica
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90401
City Area Code	310
Local Phone Number	255-7700
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	DEI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		175,374,886

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment in real estate:
Land	$ 1,152,684	$ 1,152,684
Buildings and improvements	9,307,283	9,308,481
Tenant improvements and lease intangibles	907,767	905,753
Property under development	143,019	111,715
Investment in real estate, gross	11,510,753	11,478,633
Less: accumulated depreciation and amortization	(2,592,996)	(2,518,415)
Investment in real estate, net	8,917,757	8,960,218
Ground lease right-of-use asset	7,477	7,479
Cash and cash equivalents	174,696	153,683
Tenant receivables	5,801	5,302
Deferred rent receivables	133,563	134,968
Acquired lease intangible assets, net	6,064	6,407
Interest rate contract assets	0	22,381
Investment in unconsolidated Fund	48,346	42,442
Other assets	19,350	16,421
Total Assets	9,313,054	9,349,301
Liabilities
Secured notes payable and revolving credit facility, net	4,620,215	4,619,058
Ground lease liability	10,878	10,882
Interest payable, accounts payable and deferred revenue	156,195	131,410
Security deposits	60,356	60,923
Acquired lease intangible liabilities, net	47,769	52,367
Interest rate contract liabilities	238,821	54,616
Dividends payable	49,113	49,111
Total liabilities	5,183,347	4,978,367
Douglas Emmett, Inc. stockholders' equity:
Common Stock, $0.01 par value, 750,000,000 authorized, 175,374,886 and 175,369,746 outstanding at March 31, 2020 and December 31, 2019, respectively	1,754	1,754
Additional paid-in capital	3,486,442	3,486,356
Accumulated other comprehensive loss	(165,872)	(17,462)
Accumulated deficit	(780,562)	(758,576)
Total Douglas Emmett, Inc. stockholders' equity	2,541,762	2,712,072
Noncontrolling interests	1,587,945	1,658,862
Total equity	4,129,707	4,370,934
Total Liabilities and Equity	$ 9,313,054	$ 9,349,301

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common Stock, par value (usd per share)	$ 0.01	$ 0.01
Common Stock, authorized (in shares)	750,000,000	750,000,000
Common Stock, outstanding (in shares)	175,374,886	175,369,746

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues
Revenues	$ 251,350	$ 224,186
Operating Expenses
General and administrative expenses	10,335	9,832
Depreciation and amortization	97,777	79,873
Total operating expenses	187,132	160,709
Operating income	64,218	63,477
Other income	1,989	2,898
Other expenses	(1,396)	(1,845)
Income from unconsolidated Funds	323	1,551
Interest expense	(35,420)	(33,293)
Net income	29,714	32,788
Less: Net income attributable to noncontrolling interests	(2,791)	(4,087)
Net income attributable to common stockholders	$ 26,923	$ 28,701
Net income per common share – basic and diluted (usd per share)	$ 0.15	$ 0.17
Office rental
Revenues
Revenues	$ 219,889	$ 197,290
Operating Expenses
Expenses	69,664	63,449
Office rental | Rental revenues and tenant recoveries
Revenues
Revenues	185,827	167,235
Office rental | Parking and other income
Revenues
Revenues	34,062	30,055
Multifamily rental
Revenues
Revenues	31,461	26,896
Operating Expenses
Expenses	9,356	7,555
Multifamily rental | Rental revenues
Revenues
Revenues	29,086	24,893
Multifamily rental | Parking and other income
Revenues
Revenues	$ 2,375	$ 2,003

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 29,714	$ 32,788
Other comprehensive loss: cash flow hedges	(207,459)	(33,308)
Comprehensive loss	(177,745)	(520)
Less: Comprehensive loss attributable to noncontrolling interests	56,258	6,220
Comprehensive (loss) income attributable to common stockholders	$ (121,487)	$ 5,700

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	ASU 2016-02 adoption	Common Stock	Additional Paid-in Capital	AOCI	Accumulated Deficit	Accumulated DeficitASU 2016-02 adoption	Noncontrolling Interests	Noncontrolling InterestsASU 2016-02 adoption
Beginning balance (in shares) at Dec. 31, 2018			170,215,000
Beginning balance at Dec. 31, 2018	$ 3,848,430	$ (2,499)	$ 1,702	$ 3,282,316	$ 53,944	$ (935,630)	$ (2,144)	$ 1,446,098	$ (355)
Stockholders' Equity [Roll Forward]
Exchange of OP Units for common stock (in shares)	22,000		22,000
Exchange of OP Units for common stock				363				(363)
Repurchase of OP Units with cash	$ (507)			(291)				(216)
Cash flow hedge adjustments	(33,308)				(23,001)			(10,307)
Net income	32,788					28,701		4,087
Dividends	(44,262)					(44,262)
Distributions	(15,760)							(15,760)
Stock-based compensation	3,300							3,300
Ending balance (in shares) at Mar. 31, 2019			170,237,000
Ending balance at Mar. 31, 2019	$ 3,788,182		$ 1,702	3,282,388	30,943	(953,335)		1,426,484
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.26
Beginning balance (in shares) at Dec. 31, 2019	175,369,746		175,370,000
Beginning balance at Dec. 31, 2019	$ 4,370,934		$ 1,754	3,486,356	(17,462)	(758,576)		1,658,862
Stockholders' Equity [Roll Forward]
Exchange of OP Units for common stock (in shares)	5,000		5,000
Exchange of OP Units for common stock				90				(90)
Repurchase of OP Units with cash	$ (7)			(4)				(3)
Cash flow hedge adjustments	(207,459)				(148,410)			(59,049)
Net income	29,714					26,923		2,791
Dividends	(48,909)					(48,909)
Distributions	(18,366)							(18,366)
Stock-based compensation	$ 3,800							3,800
Ending balance (in shares) at Mar. 31, 2020	175,374,886		175,375,000
Ending balance at Mar. 31, 2020	$ 4,129,707		$ 1,754	$ 3,486,442	$ (165,872)	$ (780,562)		$ 1,587,945
Stockholders' Equity [Roll Forward]
Dividends declared per common share (in usd per share)	$ 0.28

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net income	$ 29,714	$ 32,788
Adjustments to reconcile net income to net cash provided by operating activities:
Income from unconsolidated Funds	(323)	(1,551)
Depreciation and amortization	97,777	79,873
Net accretion of acquired lease intangibles	(4,256)	(4,120)
Straight-line rent	1,406	(4,369)
Write-off of uncollectible amounts	1,696	1,688
Deferred loan costs amortized and written off	1,876	1,917
Amortization of loan premium	(215)	(51)
Amortization of stock-based compensation	2,941	2,630
Operating distributions from unconsolidated Funds	394	1,551
Change in working capital components:
Tenant receivables	(2,195)	(2,598)
Interest payable, accounts payable and deferred revenue	24,787	25,369
Security deposits	(567)	69
Other assets	475	(707)
Net cash provided by operating activities	153,510	132,489
Investing Activities
Capital expenditures for improvements to real estate	(32,530)	(46,498)
Capital expenditures for developments	(25,883)	(17,565)
Acquisition of additional interests in unconsolidated Fund	(6,591)	0
Capital distributions from unconsolidated Funds	219	2,225
Net cash used in investing activities	(64,785)	(61,838)
Financing Activities
Proceeds from borrowings	30,000	72,318
Repayment of borrowings	(30,185)	(77,495)
Loan cost payments	(247)	(1,449)
Distributions paid to noncontrolling interests	(18,366)	(15,760)
Dividends paid to common stockholders	(48,907)	(44,263)
Repurchase of OP Units	(7)	(507)
Net cash used in financing activities	(67,712)	(67,156)
Increase in cash and cash equivalents and restricted cash	21,013	3,495
Cash and cash equivalents and restricted cash - beginning balance	153,804	146,348
Cash and cash equivalents and restricted cash - ending balance	174,817	149,843
Operating Activities
Cash paid for interest, net of capitalized interest	33,738	31,060
Capitalized interest paid	881	838
Non-cash Investing Transactions
Accrual for real estate and development capital expenditures	34,916	17,070
Capitalized stock-based compensation for improvements to real estate and developments	859	670
Removal of fully depreciated and amortized tenant improvements and lease intangibles	19,887	16,805
Removal of fully amortized acquired lease intangible assets	88	1,786
Removal of fully accreted acquired lease intangible liabilities	1,284	873
Recognition of ground lease right-of-use asset - Adoption of ASU 2016-02	0	10,887
Above-market ground lease intangible liability offset against right-of-use asset - Adoption of ASU 2016-02	0	3,408
Recognition of ground lease liability - Adoption of ASU 2016-02	0	10,887
Non-cash Financing Transactions
Loss recorded in AOCI - derivatives	(206,597)	(21,563)
Accrual for deferred loan costs	72	0
Dividends declared	48,909	44,262
Exchange of OP Units for common stock	90	363
Unconsolidated Funds
Non-cash Financing Transactions
Loss recorded in AOCI - derivatives	$ (370)	$ (2,405)

Overview

Overview	3 Months Ended
	Mar. 31, 2020
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 significant 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, 2020 , our Consolidated Portfolio consisted of (i) a 17.9 million square foot office portfolio, (ii) 4,161 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, 2020 , 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, 2020 , our portfolio (not including two parcels of land from which we receive rent under ground leases), consisted of the following properties (including ancillary retail space): Consolidated Portfolio Total Portfolio Office Wholly-owned properties 53 53 Consolidated JV properties 17 17 Unconsolidated Fund properties — 2 70 72 Multifamily Wholly-owned properties 10 10 Consolidated JV properties 1 1 11 11 Total 81 83 Basis of Presentation The accompanying consolidated financial statements are the consolidated financial statements of Douglas Emmett, Inc. and its subsidiaries, including our Operating Partnership and our consolidated JVs. All significant intercompany balances and transactions have been eliminated in our consolidated financial statements. We consolidate entities in which we are considered to be the primary beneficiary of a VIE or have a majority of the voting interest of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of that VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We do not consolidate entities in which the other parties have substantive kick-out rights to remove our power to direct the activities, most significantly impacting the economic performance, of that VIE. In determining whether we are the primary beneficiary, we consider factors such as ownership interest, management representation, authority to control decisions, and contractual and substantive participating rights of each party. We consolidate our Operating Partnership through which we conduct substantially all of our business, and own, directly and through subsidiaries, substantially all of our assets, and are obligated to repay substantially all of our liabilities, including $3.11 billion of consolidated debt. See Note 7 . We also consolidate four JVs. As of March 31, 2020 , these consolidated entities had aggregate total consolidated assets of $9.31 billion (of which $8.92 billion related to investment in real estate), aggregate total consolidated liabilities of $5.18 billion (of which $4.62 billion related to debt), and aggregate total consolidated equity of $4.13 billion (of which $1.59 billion related to noncontrolling interests). 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, 2020 . The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2019

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 2019 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 We account for our rental revenues and tenant recoveries in accordance with Topic 842 "Leases". Rental revenues and tenant recoveries are included in: (i) Rental revenues and tenant recoveries under Office rental, and (ii) Rental revenues under Multifamily rental, in our consolidated statements of operations. We account for our office parking revenues in accordance with ASC 606 "Revenue from Contracts with Customers". Office parking revenues are included in Parking and other income under Office rental in our consolidated statements of operations. Our lease contracts generally make a specified number of parking spaces available to the tenant, and we bill and recognize parking revenues on a monthly basis in accordance with the lease agreements, generally using the monthly parking rates in effect at the time of billing. Office parking revenues were $30.2 million and $26.4 million for the three months ended March 31, 2020 and 2019 , respectively. Office parking receivables were $1.2 million and $1.3 million as of March 31, 2020 and December 31, 2019 , respectively, and are included in Tenant receivables in our consolidated balance sheets. Income Taxes We have elected to be taxed as a REIT under the Code. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level tax on the earnings that we derive through our TRS. New Accounting Pronouncements Changes to US GAAP are implemented by the FASB in the form of ASUs. We consider the applicability and impact of all ASUs. Other than the ASUs discussed below, the FASB has not issued any other ASUs that we expect to be applicable and have a material impact on our consolidated financial statements. ASUs Adopted ASU 2016-13 (Topic 326 - "Financial Instruments-Credit Losses") In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments", which amends "Financial Instruments-Credit Losses" (Topic 326). The ASU provides guidance for measuring credit losses on financial instruments. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those years, which for us is the first quarter of 2020. The amendments in the ASU should be applied on a modified-retrospective basis. The ASU impacts our measurement of credit losses for our Office parking receivables, which were $1.2 million and $1.3 million as of March 31, 2020 and December 31, 2019 , respectively, and are included in Tenant receivables in our consolidated balance sheets. We adopted the ASU in the first quarter of 2020 and it did not have a material impact on our consolidated financial statements. ASU 2020-04 (Topic 848 - "Reference Rate Reform") In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform". The ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur. Our election to apply the hedge accounting expedients did not have a material impact on our consolidated financial statements in the first quarter of 2020.

Ground Lease

Ground Lease	3 Months Ended
	Mar. 31, 2020
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 market. As of March 31, 2020 , the right-of-use asset carrying value of this ground lease was $7.5 million and the ground lease liability was $10.9 million . We incurred ground rent expense of $182 thousand and $180 thousand for the three months ended March 31, 2020 and 2019 , respectively, which is included in Office expenses in our consolidated statements of operations. The table below, which assumes that the ground rent payments will continue to be $733 thousand per year after February 28, 2029 , presents the future minimum ground lease payments as of March 31, 2020 : Twelve months ending March 31: (In thousands) 2021 $ 733 2022 733 2023 733 2024 733 2025 733 Thereafter 45,262 Total future minimum lease payments $ 48,927

Acquired Lease Intangibles

Acquired Lease Intangibles	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Lease Intangibles	Acquired Lease Intangibles Summary of our Acquired Lease Intangibles (In thousands) March 31, 2020 December 31, 2019 Above-market tenant leases $ 7,131 $ 7,220 Above-market tenant leases - accumulated amortization (1,990 ) (1,741 ) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (229 ) (224 ) Acquired lease intangible assets, net $ 6,064 $ 6,407 Below-market tenant leases $ 101,299 $ 102,583 Below-market tenant leases - accumulated accretion (53,530 ) (50,216 ) Acquired lease intangible liabilities, net $ 47,769 $ 52,367 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) 2020 2019 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 4,259 $ 4,124 Amortization of an above-market ground lease asset (2) (3 ) (4 ) Total $ 4,256 $ 4,120 ______________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income.

Investments in Unconsolidated F

Investments in Unconsolidated Funds	3 Months Ended
	Mar. 31, 2020
Real Estate Investments, Net [Abstract]
Investments In Unconsolidated Funds	Investments in Unconsolidated Funds Description of our Funds As of March 31, 2020 , we manage and own an equity interest of 33.5% in an unconsolidated Fund, Partnership X, through which we and other investors in the Fund own two office properties totaling 0.4 million square feet. During the three months ended March 31, 2020 we purchased additional interests of 3.6% in Partnership X for $6.6 million . On November 21, 2019, we restructured Fund X which resulted in Fund X being treated as a consolidated JV from November 21, 2019, and we closed the Opportunity Fund. See Note 6 in our 2019 Annual Report on Form 10-K for more information. At March 31, 2019 , we managed and held direct and indirect equity interests in three unconsolidated Funds, consisting of 6.2% of the Opportunity Fund, 71.3% of Fund X and 24.5% of Partnership X, through which we and investors in the Funds' owned eight office properties totaling 1.8 million square feet. We did not purchase any interests in the Funds during the three months ended March 31, 2019 . Our Funds pay us fees and reimburse us for certain expenses related to property management and other services we provide, which are included in Other income in our consolidated statements of operations. We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. The table below presents cash distributions we received from our Funds: Three Months Ended March 31, (In thousands) 2020 2019 Operating distributions received (1) $ 394 $ 1,551 Capital distributions received (1) 219 2,225 Total distributions received (1) $ 613 $ 3,776 _________________________________________________ (1) The distributions are not directly comparable to the prior period, the distributions during the three months ended March 31, 2020 reflect distributions from Partnership X, whereas the distributions during the three months ended March 31, 2019 reflect distributions from the Opportunity Fund, Fund X and Partnership X. Summarized Financial Information for our Funds The tables below present selected financial information for the Funds. The amounts presented reflect 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: (In thousands) March 31, 2020 December 31, 2019 Total assets (1) $ 135,547 $ 136,479 Total liabilities (1) $ 114,056 $ 113,330 Total equity (1) $ 21,491 $ 23,149 ______________________________________________ (1) The balances reflect the financial position of Partnership X. Three Months Ended March 31, (In thousands) 2020 2019 Total revenues (1) $ 4,602 $ 20,159 Operating income (1) $ 1,522 $ 5,395 Net income (1) $ 886 $ 1,332 ______________________________________________ (1) The results of operations are not directly comparable to the prior period, the balances for the three months ended March 31, 2020 reflect the operations of Partnership X, whereas the balances for the three months ended March 31, 2019 reflect the combined operations of the Opportunity Fund, Fund X and Partnership X.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Other Assets	Other Assets (In thousands) March 31, 2020 December 31, 2019 Restricted cash $ 121 $ 121 Prepaid expenses 9,797 8,711 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 2,484 2,368 Other (1) 4,960 3,233 Total other assets $ 19,350 $ 16,421 _________________________________________ (1) During the three months ended March 31, 2020 , we recorded an asset write-down of $2.8 million for the estimated property damage related to a fire at one of our residential properties and recorded a corresponding insurance recovery receivable, as the recovery of the property damage loss is considered probable.

Secured Notes Payable and Revol

Secured Notes Payable and Revolving Credit Facility, Net	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Secured Notes Payable and Revolving Credit Facility, Net	Secured Notes Payable and Revolving Credit Facility, Net Description Maturity Date (1) Principal Balance as of March 31, 2020 Principal Balance as of December 31, 2019 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Wholly Owned Subsidiaries Term loan (3) 1/1/2024 $ 300,000 $ 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Term loan (3) 3/3/2025 335,000 335,000 LIBOR + 1.30% 3.84% 3/1/2023 Fannie Mae loan (3) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.76% 3/1/2023 Term loan (3)(4) 8/15/2026 415,000 415,000 LIBOR + 1.10% 2.58% 8/1/2025 Term loan (3) 9/19/2026 400,000 400,000 LIBOR + 1.15% 2.44% 9/1/2024 Term loan (3)(5) 9/26/2026 200,000 200,000 LIBOR + 1.20% 2.77% 10/1/2024 Term loan (3)(6) 11/1/2026 400,000 400,000 LIBOR + 1.15% 2.18% 10/1/2024 Fannie Mae loan (3) 6/1/2027 550,000 550,000 LIBOR + 1.37% 3.16% 6/1/2022 Fannie Mae loan (3) 6/1/2029 255,000 255,000 LIBOR + 0.98% 3.26% 6/1/2027 Fannie Mae loan (3)(7) 6/1/2029 125,000 125,000 LIBOR + 0.98% 2.55% 6/1/2027 Term loan (8) 6/1/2038 30,679 30,864 N/A 4.55% N/A Revolving credit facility (9) 8/21/2023 — — LIBOR + 1.15% N/A N/A Total Wholly Owned Subsidiary Debt 3,113,079 3,113,264 Consolidated JVs Term loan (3) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.37% 3/1/2021 Term loan (3) 7/1/2024 400,000 400,000 LIBOR + 1.65% 3.44% 7/1/2022 Term loan (3) 12/19/2024 400,000 400,000 LIBOR + 1.30% 3.47% 1/1/2023 Term loan (3) 6/1/2029 160,000 160,000 LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (10) 4,653,079 4,653,264 Unamortized loan premium, net 6,526 6,741 Unamortized deferred loan costs, net (39,390 ) (40,947 ) Total Consolidated Debt, net $ 4,620,215 $ 4,619,058 _______________________________________________________________________ Except as noted below, our loans and revolving credit facility: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extensions require us to meet minimum financial thresholds in order to exercise those extensions. (1) Maturity dates include the effect of extension options. (2) Effective rate as of March 31, 2020 . Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for details of our interest rate swaps. See below for details of our loan costs. (3) The loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (4) Effective rate will increase to 3.07% on April 1, 2020 . (5) Effective rate will decrease to 2.36% on July 1, 2020 . (6) Effective rate will increase to 2.31% on July 1, 2021 . (7) Effective rate will increase to 3.25% on December 1, 2020 . (8) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (9) $400 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15% . The loan agreement includes a zero -percent LIBOR floor. (10) The table does not include our unconsolidated Fund's loan - see Note 15 . See Note 12 for our fair value disclosures. Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2020 Principal Balance as of December 31, 2019 Aggregate swapped to fixed rate loans $ 4,622,400 $ 4,622,400 Aggregate fixed rate loans 30,679 30,864 Total Debt $ 4,653,079 $ 4,653,264 The table below summarizes certain consolidated debt statistics as of March 31, 2020 : Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.65 Weighted average remaining life (including extension options) 5.9 years Weighted average remaining fixed interest period 3.6 years Weighted average annual interest rate 3.00% Future Principal Payments At March 31, 2020 , the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows: Twelve months ending March 31: Including Maturity Extension Options (1) (In thousands) 2021 $ 760 2022 796 2023 580,833 2024 300,871 2025 1,135,912 Thereafter 2,633,907 Total future principal payments $ 4,653,079 ____________________________________________ (1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity. Loan Costs Deferred loan costs are net of accumulated amortization of $32.6 million and $30.7 million at March 31, 2020 and December 31, 2019 , respectively. The table below presents loan costs, which are included in Interest expense in our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2020 2019 Deferred loan cost amortization $ 1,876 $ 1,917

Interest Payable, Accounts Paya

Interest Payable, Accounts Payable and Deferred Revenue	3 Months Ended
	Mar. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Interest Payable, Accounts Payable and Deferred Revenue	Interest Payable, Accounts Payable and Deferred Revenue (In thousands) March 31, 2020 December 31, 2019 Interest payable $ 11,728 $ 11,707 Accounts payable and accrued liabilities 96,627 66,437 Deferred revenue 47,840 53,266 Total interest payable, accounts payable and deferred revenue $ 156,195 $ 131,410

Derivative Contracts

Derivative Contracts	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Contracts	Derivative Contracts We make use of interest rate swap contracts to manage the risk associated with changes in interest rates on our floating-rate debt. When we enter into a floating-rate term loan, we generally enter into an interest rate swap agreement for the equivalent principal amount, for a period covering the majority of the loan term, which effectively converts our floating-rate debt to a fixed-rate basis during that time. We do not speculate in derivatives and we do not make use of any other derivative instruments. See Note 7 regarding our debt, and our consolidated JVs' debt, that is hedged. See Note 15 regarding our unconsolidated Fund's debt that is hedged. Derivative Summary As of March 31, 2020 , our interest rate swaps, which include the interest rate swaps of our consolidated JVs and our unconsolidated Fund, were designated as cash flow hedges: Number of Interest Rate Swaps Notional (In thousands) Consolidated derivatives (1)(2)(4)(5) 47 $ 5,517,400 Unconsolidated Fund's derivatives (3)(4)(5) 1 $ 110,000 ___________________________________________________ (1) The notional amount reflects 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount includes forward swaps with a total initial notional of $895.0 million , that will increase to $1.48 billion in the future to replace existing swaps as they expire. (3) The notional amount reflects 100% , not our pro-rata share, of our unconsolidated Fund's derivatives. (4) Our derivative contracts do not provide for right of offset between derivative contracts. (5) See Note 12 for our derivative fair value disclosures. Credit-risk-related Contingent Features Our swaps include credit-risk related contingent features. For example, we have agreements with certain of our interest rate swap counterparties that contain a provision under which we could be declared in default on our derivative obligations if repayment of the underlying indebtedness that we are hedging is accelerated by the lender due to our default on the indebtedness. As of March 31, 2020 , there have been no events of default with respect to our interest rate swaps, our consolidated JVs' or our unconsolidated Fund's interest rate swaps. We do not post collateral for our interest rate swap contract liabilities. The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2020 December 31, 2019 Consolidated derivatives (1) $ 245,311 $ 56,896 Unconsolidated Fund's derivatives (2) $ 496 $ — ___________________________________________________ (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. Counterparty Credit Risk We are subject to credit risk from the counterparties on our interest rate swap contract assets because we do not receive collateral. We seek to minimize that risk by entering into agreements with a variety of high quality counterparties with investment grade ratings. The fair value of our interest rate swap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2020 December 31, 2019 Consolidated derivatives (1) $ 59 $ 23,275 Unconsolidated Fund's derivatives (2) $ — $ 963 ___________________________________________________ (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. 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, 2020 2019 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Loss recorded in AOCI before reclassifications (1) $ (206,597 ) $ (21,563 ) Gains reclassified from AOCI to Interest Expense (1) $ (420 ) $ (8,724 ) Interest Expense presented in the consolidated statements of operations $ (35,420 ) $ (33,293 ) Unconsolidated Funds' derivatives (our share) (2) : Loss recorded in AOCI before reclassifications (1) $ (370 ) $ (2,405 ) Gains reclassified from AOCI to Income from unconsolidated Funds (1) $ (72 ) $ (616 ) Income from unconsolidated Funds presented in the consolidated statements of operations $ 323 $ 1,551 ___________________________________________________ (1) See Note 10 for our AOCI reconciliation. (2) We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund. Future Reclassifications from AOCI At March 31, 2020 , our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next twelve months as interest rate swap payments are made is as follows: (In thousands) Consolidated derivatives: Losses to be reclassified from AOCI to Interest Expense $ (62,013 ) Unconsolidated Fund's derivative (our share) (1) : Losses to be reclassified from AOCI to Income from unconsolidated Funds $ (371 ) _________________________________________ (1) We calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Equity	Equity Transactions During the three months ended March 31, 2020 , (i) we acquired 5 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, and (ii) we acquired 150 OP Units for $7 thousand in cash. During the three months ended March 31, 2019 , (i) we acquired 22 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units, and (ii) we acquired 13 thousand OP Units for $507 thousand in cash. Noncontrolling Interests Our noncontrolling interests consist of interests in our Operating Partnership and consolidated JVs which are not owned by us. Noncontrolling interests in our Operating Partnership owned 29.1 million OP Units and fully-vested LTIP Units, and represented approximately 14% of our Operating Partnership's total outstanding interests as of March 31, 2020 when we owned 175.4 million OP Units (to match our 175.4 million shares of outstanding common stock). A share of our common stock, an OP Unit and an LTIP Unit (once vested and booked up) have essentially the same economic characteristics, sharing equally in the distributions from our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to acquire their OP Units for an amount of cash per unit equal to the market value of one share of our common stock at the date of acquisition, or, at our election, exchange their OP Units for shares of our common stock on a one -for-one b asis. LTIP Units have been granted to our employees and non-employee directors as part of their compensation. These awards generally vest over a service period and once vested can generally be converted to OP Units provided our stock price increases by more than a specified hurdle. Changes in our Ownership Interest in our Operating Partnership The table below presents the effect on our equity from net income attributable to common stockholders and changes in our ownership interest in our Operating Partnership: Three Months Ended March 31, (In thousands) 2020 2019 Net income attributable to common stockholders $ 26,923 $ 28,701 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 90 363 Repurchase of OP Units from noncontrolling interests (4 ) (291 ) Net transfers from noncontrolling interests 86 72 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 27,009 $ 28,773 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) 2020 2019 Beginning balance $ (17,462 ) $ 53,944 Consolidated derivatives: Other comprehensive loss before reclassifications (206,597 ) (21,563 ) Reclassification of gains from AOCI to Interest Expense (420 ) (8,724 ) Unconsolidated Funds' derivatives (our share) (2) : Other comprehensive loss before reclassifications (370 ) (2,405 ) Reclassification of gains from AOCI to Income from unconsolidated Funds (72 ) (616 ) Net current period OCI (207,459 ) (33,308 ) OCI attributable to noncontrolling interests 59,049 10,307 OCI attributable to common stockholders (148,410 ) (23,001 ) Ending balance $ (165,872 ) $ 30,943 ___________________________________________________ (1) See Note 9 for the details of our derivatives and Note 12 for our derivative fair value disclosures. (2) We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund. Equity Compensation On June 2, 2016, the Douglas Emmett 2016 Omnibus Stock Incentive Plan ("2016 Plan") became effective after receiving stockholder approval, superseding our prior plan, the Douglas Emmett 2006 Omnibus Stock Incentive Plan ("2006 Plan"), both of which allow for awards to our directors, officers, employees and consultants. The key terms of the two plans are substantially identical, except for the date of expiration, the number of shares authorized for grants and various technical provisions. Grants after June 2, 2016 were awarded under the 2016 Plan, while grants prior to that date were awarded under the 2006 Plan (grants under the 2006 Plan remain outstanding according to their terms). Both plans are administered by the compensation committee of our board of directors. The table below presents our stock-based compensation expense: Three Months Ended March 31, (In thousands) 2020 2019 Stock-based compensation expense, net $ 2,941 $ 2,630 Capitalized stock-based compensation $ 859 $ 670

EPS

EPS	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
EPS	EPS We calculate basic EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares outstanding during the period. We calculate diluted EPS by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested LTIP awards that contain non-forfeitable rights to dividends as participating securities and include these securities in the computation of basic and diluted EPS using the two-class method. The table below presents the calculation of basic and diluted EPS: Three Months Ended March 31, 2020 2019 Numerator (In thousands): Net income attributable to common stockholders $ 26,923 $ 28,701 Allocation to participating securities: Unvested LTIP Units (106 ) (126 ) Net income attributable to common stockholders - basic and diluted $ 26,817 $ 28,575 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 175,373 170,221 Net income per common share - basic and diluted $ 0.15 $ 0.17 ____________________________________________________ (1) Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The following table presents the OP Units and vested LTIP Units outstanding for the respective periods: Three Months Ended March 31, (In thousands) 2020 2019 OP Units 28,295 26,340 Vested LTIP Units 799 1,835

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2020
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, 2020 , we did not have any fair value estimates of financial instruments using Level 3 inputs. Financial instruments disclosed at fair value Short term financial instruments: The carrying amounts for cash and cash equivalents, tenant receivables, revolving credit line, interest payable, accounts payable, security deposits and dividends payable approximate fair value because of the short-term nature of these instruments. Secured notes payable: See Note 7 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 excludes any maturity extension options. The table below presents the estimated fair value and carrying value of our secured notes payable (excluding our revolving credit facility), the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees: (In thousands) March 31, 2020 December 31, 2019 Fair value $ 4,681,015 $ 4,678,623 Carrying value $ 4,653,079 $ 4,653,264 Ground lease liability: See Note 3 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 3 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, 2020 December 31, 2019 Fair value $ 14,510 $ 12,218 Carrying value $ 10,878 $ 10,882 Financial instruments measured at fair value Derivative instruments: See Note 9 for the details of our derivatives. We present our derivatives on the balance sheet at fair value, on a gross basis, excluding accrued interest. We estimate the fair value of our derivative instruments by calculating the credit-adjusted present value of the expected future cash flows of each derivative. The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments to reflect the counterparty's as well as our own non-performance risk. Our derivatives are not subject to master netting arrangements. The table below presents the estimated fair value of our derivatives: (In thousands) March 31, 2020 December 31, 2019 Derivative Assets: Fair value - consolidated derivatives (1) $ — $ 22,381 Fair value - unconsolidated Fund's derivatives (2) $ — $ 889 Derivative Liabilities: Fair value - consolidated derivatives (1) $ 238,821 $ 54,616 Fair value - unconsolidated Fund's derivatives (2) $ 554 $ — ____________________________________________________ (1) Consolidated derivatives, which include 100% , not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts in our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable in the consolidated balance sheets. (2) The amounts reflect 100% , not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Funds in our consolidated balance sheets. See Note 15

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 Office Segment Total office revenues $ 219,889 $ 197,290 Office expenses (69,664 ) (63,449 ) Office segment profit 150,225 133,841 Multifamily Segment Total multifamily revenues 31,461 26,896 Multifamily expenses (9,356 ) (7,555 ) Multifamily segment profit 22,105 19,341 Total profit from all segments $ 172,330 $ 153,182 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, 2020 2019 Total profit from all segments $ 172,330 $ 153,182 General and administrative expenses (10,335 ) (9,832 ) Depreciation and amortization (97,777 ) (79,873 ) Other income 1,989 2,898 Other expenses (1,396 ) (1,845 ) Income from unconsolidated Funds 323 1,551 Interest expense (35,420 ) (33,293 ) Net income 29,714 32,788 Less: Net income attributable to noncontrolling interests (2,791 ) (4,087 ) Net income attributable to common stockholders $ 26,923 $ 28,701

Future Minimum Lease Rental Rec

Future Minimum Lease Rental Receipts	3 Months Ended
	Mar. 31, 2020
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 at March 31, 2020 : Twelve months ending March 31: (In thousands) 2021 $ 659,922 2022 573,790 2023 483,898 2024 378,781 2025 289,063 Thereafter 677,360 Total future minimum base rentals (1) $ 3,062,814 ___________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight- line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants are not exercised.

Commitments, Contingencies and

Commitments, Contingencies and Guarantees	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies and Guarantees	Commitments, Contingencies and Guarantees Legal Proceedings From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. Excluding ordinary, routine litigation incidental to our business, we are not currently a party to any legal proceedings that we believe would reasonably be expected to have a materially adverse effect on our business, financial condition or results of operations. Concentration of Risk We are subject to credit risk with respect to our tenant receivables and deferred rent receivables related to our tenant leases. Our tenants' ability to honor the terms of their respective leases remains dependent upon economic, regulatory and social factors. We seek to minimize our credit risk from our tenant leases by (i) targeting smaller, more affluent tenants, from a diverse mix of industries, (ii) performing credit evaluations of prospective tenants and (iii) obtaining security deposits or letters of credit from our tenants. For the three months ended March 31, 2020 and 2019 , no tenant accounted for more than 10% of our total revenues. All of our properties, including the properties of our consolidated JVs and unconsolidated Fund, are located in Los Angeles County, California and Honolulu, Hawaii, and we are therefore susceptible to adverse economic and regulatory developments, as well as natural disasters, in those markets. We are subject to credit risk with respect to our interest rate swap counterparties that we use to manage the risk associated with our floating rate debt. We do not post or receive collateral with respect to our swap transactions. Our swap contracts do not provide for right of offset between derivative contracts. See Note 9 for the details of our interest rate contracts. We seek to minimize our credit risk by entering into agreements with a variety of high quality counterparties with investment grade ratings. We have significant cash balances invested in a variety of short-term money market funds that are intended to preserve principal value and maintain a high degree of liquidity while providing current income. These investments are not insured against loss of principal and there is no guarantee that our investments in these funds will be redeemable at par value. We also have significant cash balances in bank accounts with high quality financial institutions with investment grade ratings. Interest bearing bank accounts at each U.S. banking institution are insured by the FDIC up to $250 thousand . Asset Retirement Obligations Conditional asset retirement obligations represent a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within our control. A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated. Environmental site assessments have identified thirty-two buildings in our Consolidated Portfolio which contain asbestos, and would have to be removed in compliance with applicable environmental regulations if these properties are demolished or undergo major renovations. As of March 31, 2020 , 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, 2020 , the obligations to remove the asbestos from our other properties have indeterminable settlement dates, and we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligations. Development and Other Contracts In West Los Angeles, we are building a high-rise apartment building with 376 apartments. In downtown Honolulu, we are converting a 25 story, 490,000 square foot office tower into approximately 500 apartments. We expect the conversion to occur in phases over a number of years as the office space is vacated. As of March 31, 2020 , we had an aggregate remaining contractual commitment for these and other development projects of approximately $211.4 million . As of March 31, 2020 , we had an aggregate remaining contractual commitment for repositionings, capital expenditure projects and tenant improvements of approximately $25.5 million . Guarantees We have made certain environmental and other limited indemnities and guarantees covering customary non-recourse carve- outs for our unconsolidated Fund's debt. We have also guaranteed the related swap. Our Fund has agreed to indemnify us for any amounts that we would be required to pay under these agreements. As of March 31, 2020 , all of the obligations under the related debt and swap agreements have been performed in accordance with the terms of those agreements. The table below summarizes our Fund's debt as of March 31, 2020 . The amounts reflect 100% , not our pro-rata share, of the amounts related to our Fund: Fund (1) Loan Maturity Date Principal Balance (In Millions) Variable Interest Rate Swap Fixed Interest Rate Swap Maturity Date Partnership X (2)(3) 3/1/2023 $ 110.0 LIBOR + 1.40% 2.30% 3/1/2021 ___________________________________________________ (1) See Note 5 for more information regarding our unconsolidated Fund. (2) Floating rate term loan, swapped to fixed, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of March 31, 2020 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $0.9 million . (3) Loan agreement includes a zero -percent LIBOR floor. The corresponding swap does not include such a floor.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Subsequent Events</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">None.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">The following is draft language in case the F10 loan closes before we file:</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 8, 2020, we closed a secured, non-recourse </font><font style="font-family:inherit;font-size:10pt;background-color:#ffff00;">$450.0 million</font><font style="font-family:inherit;font-size:10pt;"> interest-only loan scheduled to mature in </font><font style="font-family:inherit;font-size:10pt;background-color:#ffff00;">May 2027</font><font style="font-family:inherit;font-size:10pt;">. The loan bears interest at </font><font style="font-family:inherit;font-size:10pt;background-color:#ffff00;">LIBOR + 1.15%</font><font style="font-family:inherit;font-size:10pt;">, which we have effectively fixed through interest rate swaps at</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;background-color:#ffff00;">X%</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">until </font><font style="font-family:inherit;font-size:10pt;background-color:#ffff00;">June 2022</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;background-color:#ffff00;">which increases to X% until March 2025.</font><font style="font-family:inherit;font-size:10pt;"> Part of the proceeds were used to pay off a $400.0 million loan scheduled to mature in July 2024.</font></div></div>

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
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. We consolidate our Operating Partnership through which we conduct substantially all of our business, and own, directly and through subsidiaries, substantially all of our assets, and are obligated to repay substantially all of our liabilities, including $3.11 billion of consolidated debt. See Note 7 . We also consolidate four JVs. As of March 31, 2020 , these consolidated entities had aggregate total consolidated assets of $9.31 billion (of which $8.92 billion related to investment in real estate), aggregate total consolidated liabilities of $5.18 billion (of which $4.62 billion related to debt), and aggregate total consolidated equity of $4.13 billion (of which $1.59 billion related to noncontrolling interests). 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, 2020 . The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2019 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 We account for our rental revenues and tenant recoveries in accordance with Topic 842 "Leases". Rental revenues and tenant recoveries are included in: (i) Rental revenues and tenant recoveries under Office rental, and (ii) Rental revenues under Multifamily rental, in our consolidated statements of operations.
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. Other than the ASUs discussed below, the FASB has not issued any other ASUs that we expect to be applicable and have a material impact on our consolidated financial statements. ASUs Adopted ASU 2016-13 (Topic 326 - "Financial Instruments-Credit Losses") In June 2016, the FASB issued ASU No. 2016-13, "Measurement of Credit Losses on Financial Instruments", which amends "Financial Instruments-Credit Losses" (Topic 326). The ASU provides guidance for measuring credit losses on financial instruments. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those years, which for us is the first quarter of 2020. The amendments in the ASU should be applied on a modified-retrospective basis. The ASU impacts our measurement of credit losses for our Office parking receivables, which were $1.2 million and $1.3 million as of March 31, 2020 and December 31, 2019 , respectively, and are included in Tenant receivables in our consolidated balance sheets. We adopted the ASU in the first quarter of 2020 and it did not have a material impact on our consolidated financial statements. ASU 2020-04 (Topic 848 - "Reference Rate Reform") In March 2020, the FASB issued ASU No. 2020-04, "Reference Rate Reform". The ASU contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. We elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients maintains the presentation of derivatives consistent with past presentation. We will continue to evaluate the impact of the guidance and may apply other elections, as applicable, as additional changes in the market occur. Our election to apply the hedge accounting expedients did not have a material impact on our consolidated financial statements in the first quarter of 2020.
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

Overview (Tables)

Overview (Tables)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Real Estate Properties	As of March 31, 2020 , our portfolio (not including two parcels of land from which we receive rent under ground leases), consisted of the following properties (including ancillary retail space): Consolidated Portfolio Total Portfolio Office Wholly-owned properties 53 53 Consolidated JV properties 17 17 Unconsolidated Fund properties — 2 70 72 Multifamily Wholly-owned properties 10 10 Consolidated JV properties 1 1 11 11 Total 81 83

Ground Lease (Tables)

Ground Lease (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 : Twelve months ending March 31: (In thousands) 2021 $ 733 2022 733 2023 733 2024 733 2025 733 Thereafter 45,262 Total future minimum lease payments $ 48,927

Acquired Lease Intangibles (Tab

Acquired Lease Intangibles (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Acquired Lease Intangibles	Summary of our Acquired Lease Intangibles (In thousands) March 31, 2020 December 31, 2019 Above-market tenant leases $ 7,131 $ 7,220 Above-market tenant leases - accumulated amortization (1,990 ) (1,741 ) Above-market ground lease where we are the lessor 1,152 1,152 Above-market ground lease - accumulated amortization (229 ) (224 ) Acquired lease intangible assets, net $ 6,064 $ 6,407 Below-market tenant leases $ 101,299 $ 102,583 Below-market tenant leases - accumulated accretion (53,530 ) (50,216 ) Acquired lease intangible liabilities, net $ 47,769 $ 52,367
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) 2020 2019 Net accretion of above- and below-market tenant lease assets and liabilities (1) $ 4,259 $ 4,124 Amortization of an above-market ground lease asset (2) (3 ) (4 ) Total $ 4,256 $ 4,120 ______________________________________________ (1) Recorded as a net increase to office and multifamily rental revenues. (2) Recorded as a decrease to office parking and other income.

Investments in Unconsolidated_2

Investments in Unconsolidated Funds (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate Investments, Net [Abstract]
Summary of Statement of Operations for Investments in Unconsolidated Funds and Cash Received from Funds	The table below presents cash distributions we received from our Funds: Three Months Ended March 31, (In thousands) 2020 2019 Operating distributions received (1) $ 394 $ 1,551 Capital distributions received (1) 219 2,225 Total distributions received (1) $ 613 $ 3,776 _________________________________________________ (1) The distributions are not directly comparable to the prior period, the distributions during the three months ended March 31, 2020 reflect distributions from Partnership X, whereas the distributions during the three months ended March 31, 2019 reflect distributions from the Opportunity Fund, Fund X and Partnership X. The tables below present selected financial information for the Funds. The amounts presented reflect 100% (not our pro-rata share) of amounts related to the Funds, and are based upon historical acquired book value: (In thousands) March 31, 2020 December 31, 2019 Total assets (1) $ 135,547 $ 136,479 Total liabilities (1) $ 114,056 $ 113,330 Total equity (1) $ 21,491 $ 23,149 ______________________________________________ (1) The balances reflect the financial position of Partnership X. Three Months Ended March 31, (In thousands) 2020 2019 Total revenues (1) $ 4,602 $ 20,159 Operating income (1) $ 1,522 $ 5,395 Net income (1) $ 886 $ 1,332 ______________________________________________ (1) The results of operations are not directly comparable to the prior period, the balances for the three months ended March 31, 2020 reflect the operations of Partnership X, whereas the balances for the three months ended March 31, 2019 reflect the combined operations of the Opportunity Fund, Fund X and Partnership X.

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2020
Other Assets [Abstract]
Schedule of Other Assets	(In thousands) March 31, 2020 December 31, 2019 Restricted cash $ 121 $ 121 Prepaid expenses 9,797 8,711 Other indefinite-lived intangibles 1,988 1,988 Furniture, fixtures and equipment, net 2,484 2,368 Other (1) 4,960 3,233 Total other assets $ 19,350 $ 16,421 _________________________________________ (1) During the three months ended March 31, 2020 , we recorded an asset write-down of $2.8 million for the estimated property damage related to a fire at one of our residential properties and recorded a corresponding insurance recovery receivable, as the recovery of the property damage loss is considered probable.

Secured Notes Payable and Rev_2

Secured Notes Payable and Revolving Credit Facility, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Secured Notes Payable and Revolving Credit Facility	Description Maturity Date (1) Principal Balance as of March 31, 2020 Principal Balance as of December 31, 2019 Variable Interest Rate Fixed Interest Rate (2) Swap Maturity Date (In thousands) Wholly Owned Subsidiaries Term loan (3) 1/1/2024 $ 300,000 $ 300,000 LIBOR + 1.55% 3.46% 1/1/2022 Term loan (3) 3/3/2025 335,000 335,000 LIBOR + 1.30% 3.84% 3/1/2023 Fannie Mae loan (3) 4/1/2025 102,400 102,400 LIBOR + 1.25% 2.76% 3/1/2023 Term loan (3)(4) 8/15/2026 415,000 415,000 LIBOR + 1.10% 2.58% 8/1/2025 Term loan (3) 9/19/2026 400,000 400,000 LIBOR + 1.15% 2.44% 9/1/2024 Term loan (3)(5) 9/26/2026 200,000 200,000 LIBOR + 1.20% 2.77% 10/1/2024 Term loan (3)(6) 11/1/2026 400,000 400,000 LIBOR + 1.15% 2.18% 10/1/2024 Fannie Mae loan (3) 6/1/2027 550,000 550,000 LIBOR + 1.37% 3.16% 6/1/2022 Fannie Mae loan (3) 6/1/2029 255,000 255,000 LIBOR + 0.98% 3.26% 6/1/2027 Fannie Mae loan (3)(7) 6/1/2029 125,000 125,000 LIBOR + 0.98% 2.55% 6/1/2027 Term loan (8) 6/1/2038 30,679 30,864 N/A 4.55% N/A Revolving credit facility (9) 8/21/2023 — — LIBOR + 1.15% N/A N/A Total Wholly Owned Subsidiary Debt 3,113,079 3,113,264 Consolidated JVs Term loan (3) 2/28/2023 580,000 580,000 LIBOR + 1.40% 2.37% 3/1/2021 Term loan (3) 7/1/2024 400,000 400,000 LIBOR + 1.65% 3.44% 7/1/2022 Term loan (3) 12/19/2024 400,000 400,000 LIBOR + 1.30% 3.47% 1/1/2023 Term loan (3) 6/1/2029 160,000 160,000 LIBOR + 0.98% 3.25% 7/1/2027 Total Consolidated Debt (10) 4,653,079 4,653,264 Unamortized loan premium, net 6,526 6,741 Unamortized deferred loan costs, net (39,390 ) (40,947 ) Total Consolidated Debt, net $ 4,620,215 $ 4,619,058 _______________________________________________________________________ Except as noted below, our loans and revolving credit facility: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extensions require us to meet minimum financial thresholds in order to exercise those extensions. (1) Maturity dates include the effect of extension options. (2) Effective rate as of March 31, 2020 . Includes the effect of interest rate swaps and excludes the effect of prepaid loan fees. See Note 9 for details of our interest rate swaps. See below for details of our loan costs. (3) The loan agreement includes a zero -percent LIBOR floor. The corresponding swaps do not include such a floor. (4) Effective rate will increase to 3.07% on April 1, 2020 . (5) Effective rate will decrease to 2.36% on July 1, 2020 . (6) Effective rate will increase to 2.31% on July 1, 2021 . (7) Effective rate will increase to 3.25% on December 1, 2020 . (8) Requires monthly payments of principal and interest. Principal amortization is based upon a 30 -year amortization schedule. (9) $400 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15% . The loan agreement includes a zero -percent LIBOR floor. (10) The table does not include our unconsolidated Fund's loan - see Note 15 . See Note 12 for our fair value disclosures. Debt Statistics The table below summarizes our consolidated fixed and floating rate debt: (In thousands) Principal Balance as of March 31, 2020 Principal Balance as of December 31, 2019 Aggregate swapped to fixed rate loans $ 4,622,400 $ 4,622,400 Aggregate fixed rate loans 30,679 30,864 Total Debt $ 4,653,079 $ 4,653,264 The table below summarizes certain consolidated debt statistics as of March 31, 2020 : Statistics for consolidated loans with interest fixed under the terms of the loan or a swap Principal balance (in billions) $4.65 Weighted average remaining life (including extension options) 5.9 years Weighted average remaining fixed interest period 3.6 years Weighted average annual interest rate 3.00%
Schedule of Future Minimum Principal Payments Due on Secured Notes Payable and Revolving Credit Facility	At March 31, 2020 , the minimum future principal payments due on our consolidated secured notes payable and revolving credit facility were as follows: Twelve months ending March 31: Including Maturity Extension Options (1) (In thousands) 2021 $ 760 2022 796 2023 580,833 2024 300,871 2025 1,135,912 Thereafter 2,633,907 Total future principal payments $ 4,653,079 ____________________________________________ (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 costs, which are included in Interest expense in our consolidated statements of operations: Three Months Ended March 31, (In thousands) 2020 2019 Deferred loan cost amortization $ 1,876 $ 1,917

Interest Payable, Accounts Pa_2

Interest Payable, Accounts Payable and Deferred Revenue (Tables)	3 Months Ended
	Mar. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Schedule of Interest Payable, Accounts Payable and Deferred Revenue	(In thousands) March 31, 2020 December 31, 2019 Interest payable $ 11,728 $ 11,707 Accounts payable and accrued liabilities 96,627 66,437 Deferred revenue 47,840 53,266 Total interest payable, accounts payable and deferred revenue $ 156,195 $ 131,410

Derivative Contracts (Tables)

Derivative Contracts (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Derivatives	As of March 31, 2020 , our interest rate swaps, which include the interest rate swaps of our consolidated JVs and our unconsolidated Fund, were designated as cash flow hedges: Number of Interest Rate Swaps Notional (In thousands) Consolidated derivatives (1)(2)(4)(5) 47 $ 5,517,400 Unconsolidated Fund's derivatives (3)(4)(5) 1 $ 110,000 ___________________________________________________ (1) The notional amount reflects 100% , not our pro-rata share, of our consolidated JVs' derivatives. (2) The notional amount includes forward swaps with a total initial notional of $895.0 million , that will increase to $1.48 billion in the future to replace existing swaps as they expire. (3) The notional amount reflects 100% , not our pro-rata share, of our unconsolidated Fund's derivatives. (4) Our derivative contracts do not provide for right of offset between derivative contracts. (5) See Note 12 for our derivative fair value disclosures.
Schedule of Fair Value of Interest Rate Swap Contract Liabilities	The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2020 December 31, 2019 Consolidated derivatives (1) $ 245,311 $ 56,896 Unconsolidated Fund's derivatives (2) $ 496 $ — ___________________________________________________ (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.
Schedule of Fair Value of Interest Rate Swap Contract Assets	The fair value of our interest rate swap contract assets, including accrued interest and excluding credit risk adjustments, was as follows: (In thousands) March 31, 2020 December 31, 2019 Consolidated derivatives (1) $ 59 $ 23,275 Unconsolidated Fund's derivatives (2) $ — $ 963 ___________________________________________________ (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.
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, 2020 2019 Derivatives Designated as Cash Flow Hedges: Consolidated derivatives: Loss recorded in AOCI before reclassifications (1) $ (206,597 ) $ (21,563 ) Gains reclassified from AOCI to Interest Expense (1) $ (420 ) $ (8,724 ) Interest Expense presented in the consolidated statements of operations $ (35,420 ) $ (33,293 ) Unconsolidated Funds' derivatives (our share) (2) : Loss recorded in AOCI before reclassifications (1) $ (370 ) $ (2,405 ) Gains reclassified from AOCI to Income from unconsolidated Funds (1) $ (72 ) $ (616 ) Income from unconsolidated Funds presented in the consolidated statements of operations $ 323 $ 1,551 ___________________________________________________ (1) See Note 10 for our AOCI reconciliation. (2) We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund.
Schedule of Future Reclassifications from AOCI	At March 31, 2020 , our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next twelve months as interest rate swap payments are made is as follows: (In thousands) Consolidated derivatives: Losses to be reclassified from AOCI to Interest Expense $ (62,013 ) Unconsolidated Fund's derivative (our share) (1) : Losses to be reclassified from AOCI to Income from unconsolidated Funds $ (371 ) _________________________________________

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
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) 2020 2019 Net income attributable to common stockholders $ 26,923 $ 28,701 Transfers from noncontrolling interests: Exchange of OP Units with noncontrolling interests 90 363 Repurchase of OP Units from noncontrolling interests (4 ) (291 ) Net transfers from noncontrolling interests 86 72 Change from net income attributable to common stockholders and transfers from noncontrolling interests $ 27,009 $ 28,773
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) 2020 2019 Beginning balance $ (17,462 ) $ 53,944 Consolidated derivatives: Other comprehensive loss before reclassifications (206,597 ) (21,563 ) Reclassification of gains from AOCI to Interest Expense (420 ) (8,724 ) Unconsolidated Funds' derivatives (our share) (2) : Other comprehensive loss before reclassifications (370 ) (2,405 ) Reclassification of gains from AOCI to Income from unconsolidated Funds (72 ) (616 ) Net current period OCI (207,459 ) (33,308 ) OCI attributable to noncontrolling interests 59,049 10,307 OCI attributable to common stockholders (148,410 ) (23,001 ) Ending balance $ (165,872 ) $ 30,943 ___________________________________________________ (1) See Note 9 for the details of our derivatives and Note 12 for our derivative fair value disclosures. (2) We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund.
Schedule of Stock-based Compensation Expense	The table below presents our stock-based compensation expense: Three Months Ended March 31, (In thousands) 2020 2019 Stock-based compensation expense, net $ 2,941 $ 2,630 Capitalized stock-based compensation $ 859 $ 670

EPS (Tables)

EPS (Tables)	3 Months Ended
	Mar. 31, 2020
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, 2020 2019 Numerator (In thousands): Net income attributable to common stockholders $ 26,923 $ 28,701 Allocation to participating securities: Unvested LTIP Units (106 ) (126 ) Net income attributable to common stockholders - basic and diluted $ 26,817 $ 28,575 Denominator (In thousands): Weighted average shares of common stock outstanding - basic and diluted (1) 175,373 170,221 Net income per common share - basic and diluted $ 0.15 $ 0.17 ____________________________________________________ (1) Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income (equal on a per unit basis to the Net income per common share - diluted) was already deducted in calculating Net income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The following table presents the OP Units and vested LTIP Units outstanding for the respective periods: Three Months Ended March 31, (In thousands) 2020 2019 OP Units 28,295 26,340 Vested LTIP Units 799 1,835

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of Estimated Fair Value and Carrying Value of Liabilities	The table below presents the estimated fair value and carrying value of our secured notes payable (excluding our revolving credit facility), the carrying value includes unamortized loan premium and excludes unamortized deferred loan fees: (In thousands) March 31, 2020 December 31, 2019 Fair value $ 4,681,015 $ 4,678,623 Carrying value $ 4,653,079 $ 4,653,264 (In thousands) March 31, 2020 December 31, 2019 Fair value $ 14,510 $ 12,218 Carrying value $ 10,878 $ 10,882
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The table below presents the estimated fair value of our derivatives: (In thousands) March 31, 2020 December 31, 2019 Derivative Assets: Fair value - consolidated derivatives (1) $ — $ 22,381 Fair value - unconsolidated Fund's derivatives (2) $ — $ 889 Derivative Liabilities: Fair value - consolidated derivatives (1) $ 238,821 $ 54,616 Fair value - unconsolidated Fund's derivatives (2) $ 554 $ — ____________________________________________________ (1) Consolidated derivatives, which include 100% , not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts in our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable in the consolidated balance sheets. (2) The amounts reflect 100% , not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Funds in our consolidated balance sheets. See Note 15

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of Operating Activity of Reportable Segments	The table below presents the operating activity of our reportable segments: (In thousands) Three Months Ended March 31, 2020 2019 Office Segment Total office revenues $ 219,889 $ 197,290 Office expenses (69,664 ) (63,449 ) Office segment profit 150,225 133,841 Multifamily Segment Total multifamily revenues 31,461 26,896 Multifamily expenses (9,356 ) (7,555 ) Multifamily segment profit 22,105 19,341 Total profit from all segments $ 172,330 $ 153,182
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, 2020 2019 Total profit from all segments $ 172,330 $ 153,182 General and administrative expenses (10,335 ) (9,832 ) Depreciation and amortization (97,777 ) (79,873 ) Other income 1,989 2,898 Other expenses (1,396 ) (1,845 ) Income from unconsolidated Funds 323 1,551 Interest expense (35,420 ) (33,293 ) Net income 29,714 32,788 Less: Net income attributable to noncontrolling interests (2,791 ) (4,087 ) Net income attributable to common stockholders $ 26,923 $ 28,701

Future Minimum Lease Rental R_2

Future Minimum Lease Rental Receipts (Tables)	3 Months Ended
	Mar. 31, 2020
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 at March 31, 2020 : Twelve months ending March 31: (In thousands) 2021 $ 659,922 2022 573,790 2023 483,898 2024 378,781 2025 289,063 Thereafter 677,360 Total future minimum base rentals (1) $ 3,062,814 ___________________________________ (1) Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight- line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents. The amounts assume that early termination options held by tenants are not exercised.

Commitments, Contingencies an_2

Commitments, Contingencies and Guarantees (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Debt Related to Unconsolidated Funds	The table below summarizes our Fund's debt as of March 31, 2020 . The amounts reflect 100% , not our pro-rata share, of the amounts related to our Fund: Fund (1) Loan Maturity Date Principal Balance (In Millions) Variable Interest Rate Swap Fixed Interest Rate Swap Maturity Date Partnership X (2)(3) 3/1/2023 $ 110.0 LIBOR + 1.40% 2.30% 3/1/2021 ___________________________________________________ (1) See Note 5 for more information regarding our unconsolidated Fund. (2) Floating rate term loan, swapped to fixed, which is secured by two properties and requires monthly payments of interest only, with the outstanding principal due upon maturity. As of March 31, 2020 , assuming a zero -percent LIBOR interest rate during the remaining life of the swap, the maximum future payments under the swap agreement were $0.9 million . (3) Loan agreement includes a zero -percent LIBOR floor. The corresponding swap does not include such a floor.

Overview - Narrative (Details)

Overview - Narrative (Details) $ in Thousands, ft² in Millions	Mar. 31, 2020USD ($)ft²land_parceljoint_ventureunit	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)ft²	Dec. 31, 2018USD ($)
Real Estate Properties [Line Items]
Consolidated debt	$ 4,653,079	$ 4,653,264
Number of joint ventures consolidated | joint_venture	4
Consolidated assets	$ 9,313,054	9,349,301
Consolidated investment in real estate	8,917,757	8,960,218
Consolidated liabilities	5,183,347	4,978,367
Consolidated liabilities related to debt	4,620,215	4,619,058
Consolidated equity	4,129,707	4,370,934	$ 3,788,182	$ 3,848,430
Consolidated equity related to noncontrolling interest	$ 1,587,945	1,658,862
Wholly owned and Consolidated properties
Real Estate Properties [Line Items]
Number of land parcels subject to ground lease | land_parcel	2
Wholly owned and Consolidated properties | Office
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	17.9
Wholly owned and Consolidated properties | Multifamily
Real Estate Properties [Line Items]
Number of multifamily apartment units | unit	4,161
Unconsolidated Fund properties | Office
Real Estate Properties [Line Items]
Area of real estate portfolio (sq ft) | ft²	0.4		1.8
Subsidiaries
Real Estate Properties [Line Items]
Consolidated debt	$ 3,113,079	$ 3,113,264
Consolidated entities
Real Estate Properties [Line Items]
Consolidated assets	9,310,000
Consolidated investment in real estate	8,920,000
Consolidated liabilities	5,180,000
Consolidated liabilities related to debt	4,620,000
Consolidated equity	4,130,000
Consolidated equity related to noncontrolling interest	$ 1,590,000

Overview - Schedule of Properti

Overview - Schedule of Properties Portfolio (Details) - property	Mar. 31, 2020	Mar. 31, 2019
Real Estate Properties [Line Items]
Number of properties	83
Office
Real Estate Properties [Line Items]
Number of properties	72
Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	53
Office | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	17
Office | Unconsolidated Fund properties
Real Estate Properties [Line Items]
Number of properties	2	8
Multifamily
Real Estate Properties [Line Items]
Number of properties	11
Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	10
Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	1
Consolidated Portfolio
Real Estate Properties [Line Items]
Number of properties	81
Consolidated Portfolio | Office
Real Estate Properties [Line Items]
Number of properties	70
Consolidated Portfolio | Office | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	53
Consolidated Portfolio | Office | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	17
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	11
Consolidated Portfolio | Multifamily | Wholly-owned properties
Real Estate Properties [Line Items]
Number of properties	10
Consolidated Portfolio | Multifamily | Consolidated JV properties
Real Estate Properties [Line Items]
Number of properties	1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Accounting Policies [Abstract]
Office parking revenue	$ 30.2	$ 26.4
Office parking receivables	$ 1.2		$ 1.3

Ground Lease - Narrative (Detai

Ground Lease - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Lessee Disclosure [Abstract]
Fixed rent payments due per year on ground lease	$ 733
Ground lease right-of-use asset	7,477		$ 7,479
Ground lease liability	10,878		$ 10,882
Ground rent expense	$ 182	$ 180

Ground Lease - Future Minimum G

Ground Lease - Future Minimum Ground Lease Payments (Details) $ in Thousands	Mar. 31, 2020USD ($)
Future Minimum Ground Lease Payments
2020	$ 733
2021	733
2022	733
2023	733
2024	733
Thereafter	45,262
Total future minimum lease payments	$ 48,927

Acquired Lease Intangibles - Su

Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 6,064	$ 6,407
Acquired lease intangible liabilities, net	47,769	52,367
Above Market Tenant Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	7,131	7,220
Accumulated amortization	(1,990)	(1,741)
Above Market Ground Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, assets	1,152	1,152
Accumulated amortization	(229)	(224)
Below Market Tenant Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Off-market lease, liabilities	101,299	102,583
Accumulated accretion	$ (53,530)	$ (50,216)

Acquired Lease Intangibles - Im

Acquired Lease Intangibles - Impact on Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization/accretion of above/below-market leases	$ 4,256	$ 4,120
Rental revenues | Tenant Lease
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization/accretion of above/below-market leases	4,259	4,124
Office parking and other income | Above Market Ground Leases
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization/accretion of above/below-market leases	$ (3)	$ (4)

Investments in Unconsolidated_3

Investments in Unconsolidated Funds - Narrative (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2020USD ($)ft²property	Mar. 31, 2019USD ($)ft²fundproperty
Schedule of Equity Method Investments [Line Items]
Number of properties	83
Acquisition of additional interests in unconsolidated Fund | $	$ 6,591	$ 0
Percentage of amounts related to the Fund	100.00%
Partnership X
Schedule of Equity Method Investments [Line Items]
Equity interest of the Fund, percent	33.50%	24.50%
Purchase of additional equity interest (percent)	3.60%
Acquisition of additional interests in unconsolidated Fund | $	$ 6,600
Opportunity Fund
Schedule of Equity Method Investments [Line Items]
Equity interest of the Fund, percent		6.20%
Fund X
Schedule of Equity Method Investments [Line Items]
Equity interest of the Fund, percent		71.30%
Unconsolidated Fund properties
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated Funds owned and managed | fund		3
Office Buildings
Schedule of Equity Method Investments [Line Items]
Number of properties	72
Office Buildings | Unconsolidated Fund properties
Schedule of Equity Method Investments [Line Items]
Number of properties	2	8
Area of real estate portfolio (sq ft) | ft²	0.4	1.8

Investments in Unconsolidated_4

Investments in Unconsolidated Funds - Summary of Cash Distributions Received from Funds (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Real Estate Investments, Net [Abstract]
Operating distributions received	$ 394	$ 1,551
Capital distributions received	219	2,225
Total distributions received	$ 613	$ 3,776

Investments in Unconsolidated_5

Investments in Unconsolidated Funds - Selected Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Balance Sheet
Total assets	$ 9,313,054		$ 9,349,301
Total liabilities	5,183,347		4,978,367
Total equity	2,541,762		2,712,072
Statement of Operations
Total revenues	251,350	$ 224,186
Operating income	64,218	63,477
Net income	26,923	28,701
Unconsolidated Funds
Balance Sheet
Total assets	135,547		136,479
Total liabilities	114,056		113,330
Total equity	21,491		$ 23,149
Statement of Operations
Total revenues	4,602	20,159
Operating income	1,522	5,395
Net income	$ 886	$ 1,332

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Other Assets [Abstract]
Restricted cash	$ 121	$ 121
Prepaid expenses	9,797	8,711
Other indefinite-lived intangibles	1,988	1,988
Furniture, fixtures and equipment, net	2,484	2,368
Other	4,960	3,233
Total other assets	19,350	$ 16,421
Insurance recovery receivable in other assets	$ 2,800

Secured Notes Payable and Rev_3

Secured Notes Payable and Revolving Credit Facility, Net - Schedule of Secured Notes Payable and Revolving Credit Facility (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Jul. 01, 2021	Dec. 01, 2020	Jul. 01, 2020	Apr. 01, 2020	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 4,653,079					$ 4,653,264
Unamortized loan premium, net	6,526					6,741
Unamortized deferred loan costs, net	(39,390)					(40,947)
Total Consolidated Debt, Net	$ 4,620,215					4,619,058
Minimum number of separate collateral pools used to secure loans | property	1
Secured Debt | LIBOR
Debt Instrument [Line Items]
Loan agreement LIBOR floor	0.00%
Secured Debt | Term Loan at 4.55% Jun 01 2038
Debt Instrument [Line Items]
Principal amortization period (in years)	30 years
Wholly Owned Subsidiaries
Debt Instrument [Line Items]
Principal Balance	$ 3,113,079					3,113,264
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.46% Jan 01 2024
Debt Instrument [Line Items]
Maturity Date	Jan. 1, 2024
Principal Balance	$ 300,000					300,000
Variable Interest Rate	LIBOR + 1.55%
Fixed Interest Rate	3.46%
Swap Maturity Date	Jan. 1, 2022
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.46% Jan 01 2024 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.55%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.84% Mar 03 2025
Debt Instrument [Line Items]
Maturity Date	Mar. 3, 2025
Principal Balance	$ 335,000					335,000
Variable Interest Rate	LIBOR + 1.30%
Fixed Interest Rate	3.84%
Swap Maturity Date	Mar. 1, 2023
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 3.84% Mar 03 2025 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.30%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.76% Apr 01 2025
Debt Instrument [Line Items]
Maturity Date	Apr. 1, 2025
Principal Balance	$ 102,400					102,400
Variable Interest Rate	LIBOR + 1.25%
Fixed Interest Rate	2.76%
Swap Maturity Date	Mar. 1, 2023
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.76% Apr 01 2025 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.25%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.58% Aug 15 2026
Debt Instrument [Line Items]
Maturity Date	Aug. 15, 2026
Principal Balance	$ 415,000					415,000
Variable Interest Rate	LIBOR + 1.10%
Fixed Interest Rate	2.58%
Swap Maturity Date	Aug. 1, 2025
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.58% Aug 15 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.10%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.44% Sep 19 2026
Debt Instrument [Line Items]
Maturity Date	Sep. 19, 2026
Principal Balance	$ 400,000					400,000
Variable Interest Rate	LIBOR + 1.15%
Fixed Interest Rate	2.44%
Swap Maturity Date	Sep. 1, 2024
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.44% Sep 19 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.77% Sep 26 2026
Debt Instrument [Line Items]
Maturity Date	Sep. 26, 2026
Principal Balance	$ 200,000					200,000
Variable Interest Rate	LIBOR + 1.20%
Fixed Interest Rate	2.77%
Swap Maturity Date	Oct. 1, 2024
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.77% Sep 26 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.20%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026
Debt Instrument [Line Items]
Maturity Date	Nov. 1, 2026
Principal Balance	$ 400,000					400,000
Variable Interest Rate	LIBOR + 1.15%
Fixed Interest Rate	2.18%
Swap Maturity Date	Oct. 1, 2024
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.16% Jun 01 2027
Debt Instrument [Line Items]
Maturity Date	Jun. 1, 2027
Principal Balance	$ 550,000					550,000
Variable Interest Rate	LIBOR + 1.37%
Fixed Interest Rate	3.16%
Swap Maturity Date	Jun. 1, 2022
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.16% Jun 01 2027 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.37%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.26% Jun 01 2029
Debt Instrument [Line Items]
Maturity Date	Jun. 1, 2029
Principal Balance	$ 255,000					255,000
Variable Interest Rate	LIBOR + 0.98%
Fixed Interest Rate	3.26%
Swap Maturity Date	Jun. 1, 2027
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 3.26% Jun 01 2029 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.55% Jun 01 2029
Debt Instrument [Line Items]
Maturity Date	Jun. 1, 2029
Principal Balance	$ 125,000					125,000
Variable Interest Rate	LIBOR + 0.98%
Fixed Interest Rate	2.55%
Swap Maturity Date	Jun. 1, 2027
Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.55% Jun 01 2029 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Wholly Owned Subsidiaries | Secured Debt | Term Loan at 4.55% Jun 01 2038
Debt Instrument [Line Items]
Maturity Date	Jun. 1, 2038
Principal Balance	$ 30,679					30,864
Fixed Interest Rate	4.55%
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023
Debt Instrument [Line Items]
Maturity Date	Aug. 21, 2023
Principal Balance	$ 0					0
Variable Interest Rate	LIBOR + 1.15%
Loan agreement LIBOR floor	0.00%
Maximum borrowing capacity	$ 400,000
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | Minimum
Debt Instrument [Line Items]
Unused commitment fees (as a percent)	0.10%
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | Maximum
Debt Instrument [Line Items]
Unused commitment fees (as a percent)	0.15%
Wholly Owned Subsidiaries | Line of Credit | Revolving Credit Facility with Maturity Aug 21 2023 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.15%
Consolidated JV | Secured Debt | Term Loan at 2.37% Feb 28 2023
Debt Instrument [Line Items]
Maturity Date	Feb. 28, 2023
Principal Balance	$ 580,000					580,000
Variable Interest Rate	LIBOR + 1.40%
Fixed Interest Rate	2.37%
Swap Maturity Date	Mar. 1, 2021
Consolidated JV | Secured Debt | Term Loan at 2.37% Feb 28 2023 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.40%
Consolidated JV | Secured Debt | Term Loan at 3.44% July 01 2024
Debt Instrument [Line Items]
Maturity Date	Jul. 1, 2024
Principal Balance	$ 400,000					400,000
Variable Interest Rate	LIBOR + 1.65%
Fixed Interest Rate	3.44%
Swap Maturity Date	Jul. 1, 2022
Consolidated JV | Secured Debt | Term Loan at 3.44% July 01 2024 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.65%
Consolidated JV | Secured Debt | Term Loan at 3.47% Dec 19 2024
Debt Instrument [Line Items]
Maturity Date	Dec. 19, 2024
Principal Balance	$ 400,000					400,000
Variable Interest Rate	LIBOR + 1.30%
Fixed Interest Rate	3.47%
Swap Maturity Date	Jan. 1, 2023
Consolidated JV | Secured Debt | Term Loan at 3.47% Dec 19 2024 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	1.30%
Consolidated JV | Secured Debt | Term Loan at 3.25% Jun 01 2029
Debt Instrument [Line Items]
Maturity Date	Jun. 1, 2029
Principal Balance	$ 160,000					$ 160,000
Variable Interest Rate	LIBOR + 0.98%
Fixed Interest Rate	3.25%
Swap Maturity Date	Jul. 1, 2027
Consolidated JV | Secured Debt | Term Loan at 3.25% Jun 01 2029 | LIBOR
Debt Instrument [Line Items]
Variable Interest Rate	0.98%
Forecast | Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.58% Aug 15 2026
Debt Instrument [Line Items]
Fixed Interest Rate					3.07%
Forecast | Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.77% Sep 26 2026
Debt Instrument [Line Items]
Fixed Interest Rate				2.36%
Forecast | Wholly Owned Subsidiaries | Secured Debt | Term Loan at 2.18% Nov 01 2026
Debt Instrument [Line Items]
Fixed Interest Rate		2.31%
Forecast | Wholly Owned Subsidiaries | Secured Debt | Fannie Mae Loan at 2.55% Jun 01 2029
Debt Instrument [Line Items]
Fixed Interest Rate			3.25%

Secured Notes Payable and Rev_4

Secured Notes Payable and Revolving Credit Facility, Net - Debt Statistics (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Principal Balance	$ 4,653,079	$ 4,653,264
Principal balance of consolidated fixed rate debt	$ 4,650,000
Weighted average remaining life (including extension options) of consolidated fixed rate debt (in years)	5 years 10 months 24 days
Weighted average remaining fixed interest period of consolidated fixed rate debt (in years)	3 years 7 months 6 days
Weighted average annual interest rate of consolidated fixed rate debt (as a percent)	3.00%
Aggregate Swapped to Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 4,622,400	4,622,400
Aggregate Fixed Rate Loans
Debt Instrument [Line Items]
Principal Balance	$ 30,679	$ 30,864

Secured Notes Payable and Rev_5

Secured Notes Payable and Revolving Credit Facility, Net - Future Principal Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Minimum Future Principal Payments Due
2021	$ 760
2022	796
2023	580,833
2024	300,871
2025	1,135,912
Thereafter	2,633,907
Total future principal payments	$ 4,653,079	$ 4,653,264

Secured Notes Payable and Rev_6

Secured Notes Payable and Revolving Credit Facility, Net - Loan Costs and Accumulated Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Disclosure [Abstract]
Accumulated amortization on deferred loan costs	$ 32,600		$ 30,700
Loan Costs Included In Interest Expense
Deferred loan cost amortization	1,876	$ 1,917
Interest Expense
Loan Costs Included In Interest Expense
Deferred loan cost amortization	1,876	1,917
Total	$ 1,876	$ 1,917

Interest Payable, Accounts Pa_3

Interest Payable, Accounts Payable and Deferred Revenue - Summary of Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accounts Payable and Accrued Liabilities [Abstract]
Interest payable	$ 11,728	$ 11,707
Accounts payable and accrued liabilities	96,627	66,437
Deferred revenue	47,840	53,266
Total interest payable, accounts payable and deferred revenue	$ 156,195	$ 131,410

Derivative Contracts - Summary

Derivative Contracts - Summary of Derivatives (Details) - Interest Rate Swap - Derivatives Designated as Cash Flow Hedges - Cash Flow Hedging $ in Thousands	Mar. 31, 2020USD ($)instrument
Derivative [Line Items]
Number of Interest Rate Swaps | instrument	47
Notional	$ 5,517,400
Percent of notional amount related to the Fund	100.00%
Unconsolidated Funds
Derivative [Line Items]
Number of Interest Rate Swaps | instrument	1
Notional	$ 110,000
Percent of notional amount related to the Fund	100.00%
Forward swap
Derivative [Line Items]
Notional	$ 895,000
Future notional	$ 1,480,000

Derivative Contracts - Credit-r

Derivative Contracts - Credit-risk related Contingent Features (Details) - Interest Rate Swap - Derivatives Designated as Cash Flow Hedges - Cash Flow Hedging - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Fair value derivatives in net liability position	$ 245,311	$ 56,896
Percent of notional amount related to the Fund	100.00%
Unconsolidated Funds
Derivative Instruments, Gain (Loss) [Line Items]
Fair value derivatives in net liability position	$ 496	$ 0
Percent of notional amount related to the Fund	100.00%

Derivative Contracts - Counterp

Derivative Contracts - Counterparty Credit Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Fair value of derivatives in an asset position	$ 0	$ 22,381
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	$ 59	23,275
Percent of notional amount related to the Fund	100.00%
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	$ 0	$ 963
Percent of notional amount related to the Fund	100.00%

Derivative Contracts - Impact o

Derivative Contracts - Impact of Hedges on AOCI and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative [Line Items]
(Loss) gain recorded in AOCI before reclassifications	$ (206,597)	$ (21,563)
Interest Expense presented in the consolidated statements of operations	(35,420)	(33,293)
Income from unconsolidated Funds	323	1,551
Unconsolidated Funds
Derivative [Line Items]
(Loss) gain recorded in AOCI before reclassifications	(370)	(2,405)
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges
Derivative [Line Items]
(Loss) gain recorded in AOCI before reclassifications	(206,597)	(21,563)
(Gain) loss reclassified from AOCI to Interest Expense	(420)	(8,724)
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Unconsolidated Funds
Derivative [Line Items]
(Loss) gain recorded in AOCI before reclassifications	(370)	(2,405)
(Gain) loss reclassified from AOCI to Interest Expense	$ (72)	$ (616)

Derivative Contracts - Future R

Derivative Contracts - Future Reclassifications from AOCI (Details) $ in Thousands	Mar. 31, 2020USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Losses to be reclassified from AOCI	$ 62,013
Unconsolidated Funds
Derivative Instruments, Gain (Loss) [Line Items]
Losses to be reclassified from AOCI	$ 371

Equity - Narrative (Details)

Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Number common shares issued in exchange for equal number of OP Units (in shares)	5,000	22,000
Number of OP units and fully-vested LTIP Units redeemed (in shares)	150	13,000
Cash paid for repurchase OP Units	$ 7	$ 507
Outstanding common stock (in shares)	175,374,886		175,369,746
Number of shares of common stock issued upon redemption of one OP unit (in shares)	1
Operating Partnership
Schedule of Equity Method Investments [Line Items]
Noncontrolling interests ownership in the Operating Partnership (in shares)	29,100,000
Noncontrolling interests ownership in the Operating Partnership (percent)	14.00%

Equity - Changes in Ownership I

Equity - Changes in Ownership Interest in Operating Partnership (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Net income attributable to common stockholders	$ 26,923	$ 28,701
Transfers from noncontrolling interests:
Exchange of OP Units with noncontrolling interests	90	363
Repurchase of OP Units from noncontrolling interests	(4)	(291)
Net transfers from noncontrolling interests	86	72
Change from net income attributable to common stockholders and transfers from noncontrolling interests	$ 27,009	$ 28,773

Equity - AOCI Reconciliation (D

Equity - AOCI Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 4,370,934	$ 3,848,430
Other comprehensive loss before reclassifications	(206,597)	(21,563)
Reclassification of gains from AOCI	(420)	(8,724)
Net current period OCI	(207,459)	(33,308)
OCI attributable to noncontrolling interests	59,049	10,307
OCI attributable to common stockholders	(148,410)	(23,001)
Ending balance	4,129,707	3,788,182
Unconsolidated Funds
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Other comprehensive loss before reclassifications	(370)	(2,405)
Reclassification of gains from AOCI	(72)	(616)
AOCI
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(17,462)	53,944
Ending balance	$ (165,872)	$ 30,943

Equity - Equity Compensation (D

Equity - Equity Compensation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stock-based compensation expense, net	$ 2,941	$ 2,630
Capitalized stock-based compensation	$ 859	$ 670

EPS - Calculation of Basic and

EPS - Calculation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net income attributable to common stockholders	$ 26,923	$ 28,701
Allocation to participating securities: Unvested LTIP Units	(106)	(126)
Net income attributable to common stockholders - basic and diluted	$ 26,817	$ 28,575
Weighted average shares of common stock outstanding - basic and diluted (in shares)	175,373	170,221
Net income per common share – basic and diluted (usd per share)	$ 0.15	$ 0.17
OP Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares)	28,295	26,340
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)	799	1,835

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Financial Instruments Disclosed at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Ground lease liability	$ 10,878	$ 10,882
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	4,681,015	4,678,623
Ground lease liability	14,510	12,218
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Secured notes payable	4,653,079	4,653,264
Ground lease liability	$ 10,878	$ 10,882

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Derivative Assets:
Fair value - derivatives	$ 0	$ 22,381
Derivative Liabilities:
Fair value - derivatives	$ 238,821	54,616
Fund X | Interest Rate Swap
Derivative Liabilities:
Percent of notional amount related to the Fund	100.00%
Level 2
Derivative Assets:
Fair value - derivatives	$ 0	22,381
Derivative Liabilities:
Fair value - derivatives	238,821	54,616
Level 2 | Fund X
Derivative Assets:
Fair value - unconsolidated Funds' derivatives	0	889
Derivative Liabilities:
Fair value - unconsolidated Funds' derivatives	$ 554	$ 0

Segment Reporting - Narrative (

Segment Reporting - Narrative (Details)	3 Months Ended
	Mar. 31, 2020segment
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, 2020	Mar. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 251,350	$ 224,186
Segment profit	172,330	153,182
Office Segment
Segment Reporting Information [Line Items]
Total revenues	219,889	197,290
Expenses	(69,664)	(63,449)
Segment profit	150,225	133,841
Multifamily Segment
Segment Reporting Information [Line Items]
Total revenues	31,461	26,896
Expenses	(9,356)	(7,555)
Segment profit	$ 22,105	$ 19,341

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, 2020	Mar. 31, 2019
Segment Reporting [Abstract]
Total profit from all segments	$ 172,330	$ 153,182
General and administrative expenses	(10,335)	(9,832)
Depreciation and amortization	(97,777)	(79,873)
Other income	1,989	2,898
Other expenses	(1,396)	(1,845)
Income from unconsolidated Funds	323	1,551
Interest expense	(35,420)	(33,293)
Net income	29,714	32,788
Less: Net income attributable to noncontrolling interests	(2,791)	(4,087)
Net income attributable to common stockholders	$ 26,923	$ 28,701

Future Minimum Lease Rental R_3

Future Minimum Lease Rental Receipts - Summary of Minimum Rental Receipts (Details) $ in Thousands	Mar. 31, 2020USD ($)land_parcel
Future Minimum Base Rentals
2021	$ 659,922
2022	573,790
2023	483,898
2024	378,781
2025	289,063
Thereafter	677,360
Total future minimum base rentals	$ 3,062,814
Wholly-owned properties
Lessor, Lease, Description [Line Items]
Number of land parcels subject to ground lease | land_parcel	2

Commitments, Contingencies an_3

Commitments, Contingencies and Guarantees - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)ft²apartmentbuilding
Other Commitments [Line Items]
Number of buildings containing asbestos | building	32
Unconsolidated Funds
Other Commitments [Line Items]
Number of buildings containing asbestos | apartment	500
Development Projects
Other Commitments [Line Items]
Aggregate remaining contractual commitment | $	$ 211.4
Development Projects | California
Other Commitments [Line Items]
Number of apartments under construction | apartment	376
Development Projects | Hawaii
Other Commitments [Line Items]
Square footage of office tower conversion (sq ft) | ft²	490,000
Repositionings, Capital Expenditure Projects, and Tenant Improvements
Other Commitments [Line Items]
Aggregate remaining contractual commitment | $	$ 25.5

Commitments, Contingencies an_4

Commitments, Contingencies and Guarantees - Schedule of Debt Related to Unconsolidated Funds (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 4,653,079	$ 4,653,264
Partnership X
Debt Instrument [Line Items]
Maximum future payments under swap agreement	$ 900
Partnership X | Interest rate swap
Debt Instrument [Line Items]
Swap Fixed Interest Rate	2.30%
Swap Maturity Date	Mar. 1, 2021
Partnership X | Floating rate term loan
Debt Instrument [Line Items]
Loan Maturity Date	Mar. 1, 2023
Principal Balance	$ 110,000
Variable Interest Rate	1.40%
Number of properties to secure loan | property	2
Assumed LIBOR interest rate to assess maximum future payments under swap agreement	0.00%
Loan agreement LIBOR floor	0.00%