DOUGLAS EMMETT INC, 10-Q filed on 8/8/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-33106  
Entity Registrant Name Douglas Emmett, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 20-3073047  
Entity Address, Address Line One 1299 Ocean Avenue  
Entity Address, Address Line Two Suite 1000  
Entity Address, City or Town Santa Monica  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90401  
City Area Code 310  
Local Phone Number 255-7700  
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol DEI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Common Shares Outstanding   167,446,350
Entity Central Index Key 0001364250  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.25.2
Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Assets    
Investment in real estate, gross $ 12,864,501 $ 12,495,252
Less: accumulated depreciation and amortization (4,071,102) (3,916,625)
Investment in real estate, net 8,793,399 8,578,627
Ground lease right-of-use asset 7,433 7,438
Cash and cash equivalents 426,889 444,623
Tenant receivables 1,757 4,242
Deferred rent receivables 120,360 117,570
Acquired lease intangible assets, net 5,499 2,487
Interest rate contract assets 40,149 77,620
Investment in unconsolidated Fund 0 23,770
Other assets 38,046 147,323
Total Assets 9,433,532 9,403,700
Liabilities    
Secured notes payable, net 5,562,721 5,498,022
Ground lease liability 10,815 10,822
Interest payable, accounts payable and deferred revenue 157,380 131,011
Security deposits 64,317 62,449
Acquired lease intangible liabilities, net 11,249 11,331
Interest rate contract liabilities 3,794 0
Dividends payable 31,828 31,825
Total Liabilities 5,842,104 5,745,460
Douglas Emmett, Inc. stockholders' equity:    
Common Stock, $0.01 par value, 750,000,000 authorized, 167,446,350 and 167,435,259 outstanding at June 30, 2025 and December 31, 2024, respectively 1,674 1,674
Additional paid-in capital 3,396,604 3,396,452
Accumulated other comprehensive income 24,942 54,917
Accumulated deficit (1,424,059) (1,394,394)
Total Douglas Emmett, Inc. stockholders' equity 1,999,161 2,058,649
Noncontrolling interests 1,592,267 1,599,591
Total Equity 3,591,428 3,658,240
Total Liabilities and Equity $ 9,433,532 $ 9,403,700
v3.25.2
Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in usd per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 750,000,000 750,000,000
Common Stock, outstanding (in shares) 167,446,350 167,435,259
v3.25.2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenues        
Total revenues $ 252,434 $ 245,777 $ 503,969 $ 490,746
Operating Expenses        
General and administrative expenses 12,281 11,488 23,741 23,059
Depreciation and amortization 101,719 95,492 199,559 191,261
Total operating expenses 206,789 190,088 405,697 380,498
Other income 4,788 7,430 9,711 14,474
Other expenses (161) (80) (266) (194)
Income from unconsolidated Fund 0 1,147 0 1,121
Interest expense (65,335) (54,955) (125,413) (110,287)
Gain from consolidation of JV 0 0 47,212 0
Net (loss) income (15,063) 9,231 29,516 15,362
Net loss attributable to noncontrolling interests 9,228 1,647 4,449 4,425
Net (loss) income attributable to common stockholders $ (5,835) $ 10,878 $ 33,965 $ 19,787
Net (loss) income per common share - basic (in usd per share) $ (0.04) $ 0.06 $ 0.20 $ 0.11
Net (loss) income per common share – diluted (in usd per share) $ (0.04) $ 0.06 $ 0.20 $ 0.11
Office rental        
Revenues        
Total revenues $ 202,810 $ 199,240 $ 404,907 $ 397,177
Operating Expenses        
Operating expenses 76,559 67,141 149,612 134,361
Office rental | Rental revenues and tenant recoveries        
Revenues        
Total revenues 172,924 171,069 345,438 340,795
Office rental | Parking and other income        
Revenues        
Total revenues 29,886 28,171 59,469 56,382
Multifamily rental        
Revenues        
Total revenues 49,624 46,537 99,062 93,569
Operating Expenses        
Operating expenses 16,230 15,967 32,785 31,817
Multifamily rental | Parking and other income        
Revenues        
Total revenues 4,254 3,884 8,496 7,696
Multifamily rental | Rental revenues        
Revenues        
Total revenues $ 45,370 $ 42,653 $ 90,566 $ 85,873
v3.25.2
Consolidated Statements of Comprehensive (Loss) Income - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net (loss) income $ (15,063) $ 9,231 $ 29,516 $ 15,362
Other comprehensive loss: cash flow hedges (16,778) (26,730) (50,368) (22,630)
Comprehensive loss (31,841) (17,499) (20,852) (7,268)
Comprehensive loss attributable to noncontrolling interests 16,438 10,005 24,842 11,765
Comprehensive (loss) income attributable to common stockholders $ (15,403) $ (7,494) $ 3,990 $ 4,497
v3.25.2
Consolidated Statements of Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income
Accumulated Deficit
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2023   167,206,000        
Stockholders' Equity [Roll Forward]            
Exchange of OP units for common stock (in shares) 193,000 193,000        
Ending balance (in shares) at Jun. 30, 2024   167,399,000        
Beginning balance at Dec. 31, 2023 $ 3,845,397 $ 1,672 $ 3,392,955 $ 115,917 $ (1,290,682) $ 1,625,535
Stockholders' Equity [Roll Forward]            
Exchange of OP Units for common stock   2 2,952     (2,954)
Repurchases of OP Units with cash (16)   2     (18)
Net (loss) income attributable to common stockholders 4,425       19,787  
Dividends (63,606)       (63,606)  
Net loss attributable to noncontrolling interests 15,362         (4,425)
Cash flow hedge adjustments (22,630)     (15,290)   (7,340)
Distributions (18,102)         (18,102)
Stock-based compensation 6,590         6,590
Ending balance at Jun. 30, 2024 $ 3,762,995 $ 1,674 3,395,909 100,627 (1,334,501) 1,599,286
Stockholders' Equity [Roll Forward]            
Dividends declared per common share (in dollars per share) $ 0.38          
Beginning balance (in shares) at Mar. 31, 2024   167,372,000        
Stockholders' Equity [Roll Forward]            
Exchange of OP units for common stock (in shares)   27,000        
Ending balance (in shares) at Jun. 30, 2024   167,399,000        
Beginning balance at Mar. 31, 2024 $ 3,816,870 $ 1,674 3,395,499 118,999 (1,313,573) 1,614,271
Stockholders' Equity [Roll Forward]            
Exchange of OP Units for common stock     409     (409)
Repurchases of OP Units with cash (10)   1     (11)
Net (loss) income attributable to common stockholders 1,647       10,878  
Dividends (31,806)       (31,806)  
Net loss attributable to noncontrolling interests 9,231         (1,647)
Cash flow hedge adjustments (26,730)     (18,372)   (8,358)
Distributions (7,645)         (7,645)
Stock-based compensation 3,085         3,085
Ending balance at Jun. 30, 2024 $ 3,762,995 $ 1,674 3,395,909 100,627 (1,334,501) 1,599,286
Stockholders' Equity [Roll Forward]            
Dividends declared per common share (in dollars per share) $ 0.19          
Beginning balance (in shares) at Dec. 31, 2024 167,435,259 167,435,000        
Stockholders' Equity [Roll Forward]            
Exchange of OP units for common stock (in shares) 11,000 11,000        
Ending balance (in shares) at Jun. 30, 2025 167,446,350 167,446,000        
Beginning balance at Dec. 31, 2024 $ 3,658,240 $ 1,674 3,396,452 54,917 (1,394,394) 1,599,591
Stockholders' Equity [Roll Forward]            
Exchange of OP Units for common stock     159     (159)
Repurchases of OP Units with cash (235)   (7)     (228)
Net (loss) income attributable to common stockholders 4,449       33,965  
Dividends (63,630)       (63,630)  
Net loss attributable to noncontrolling interests 29,516         (4,449)
Cash flow hedge adjustments (50,368)     (29,975)   (20,393)
Contributions 5,400         5,400
Consolidation of JV 20,246         20,246
Distributions (14,215)         (14,215)
Stock-based compensation 6,474         6,474
Ending balance at Jun. 30, 2025 $ 3,591,428 $ 1,674 3,396,604 24,942 (1,424,059) 1,592,267
Stockholders' Equity [Roll Forward]            
Dividends declared per common share (in dollars per share) $ 0.38          
Beginning balance (in shares) at Mar. 31, 2025   167,446,000        
Ending balance (in shares) at Jun. 30, 2025 167,446,350 167,446,000        
Beginning balance at Mar. 31, 2025 $ 3,653,894 $ 1,674 3,396,602 34,510 (1,386,409) 1,607,517
Stockholders' Equity [Roll Forward]            
Repurchases of OP Units with cash (187)   2     (189)
Net (loss) income attributable to common stockholders 9,228       (5,835)  
Dividends (31,815)       (31,815)  
Net loss attributable to noncontrolling interests (15,063)         (9,228)
Cash flow hedge adjustments (16,778)     (9,568)   (7,210)
Contributions 5,400         5,400
Distributions (7,112)         (7,112)
Stock-based compensation 3,089         3,089
Ending balance at Jun. 30, 2025 $ 3,591,428 $ 1,674 $ 3,396,604 $ 24,942 $ (1,424,059) $ 1,592,267
Stockholders' Equity [Roll Forward]            
Dividends declared per common share (in dollars per share) $ 0.19          
v3.25.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Activities        
Net income $ (15,063) $ 9,231 $ 29,516 $ 15,362
Adjustments to reconcile net income to net cash provided by operating activities:        
Income from unconsolidated Fund 0 (1,147) 0 (1,121)
Gain from consolidation of JV 0 0 (47,212) 0
Depreciation and amortization 101,719 95,492 199,559 191,261
Net accretion of acquired lease intangibles (1,159) (1,983) (2,622) (4,326)
Straight-line rent     (2,791) (943)
Loan premium/discount amortized/accreted and written off     166 (229)
Deferred loan costs amortized and written off     5,024 4,415
Amortization of stock-based compensation 2,409 2,429 5,139 5,292
Operating distributions from unconsolidated Fund     0 573
Change in working capital components:        
Tenant receivables     2,478 754
Interest payable, accounts payable and deferred revenue     9,830 4,782
Security deposits     410 829
Other assets     14,430 14,239
Net cash provided by operating activities     213,927 230,888
Investing Activities        
Capital expenditures for improvements to real estate     (93,446) (87,778)
Capital expenditures for developments     (39,480) (19,727)
Insurance recoveries for damage to real estate     2,162 2,342
Cash and cash equivalents assumed from consolidation of JV     25,589 0
Acquisition of additional interest in unconsolidated Fund     0 (5,214)
Capital distributions from unconsolidated Fund     0 147
Net cash used in investing activities     (105,175) (110,230)
Financing Activities        
Proceeds from borrowings     129,250 0
Repayment of borrowings     (173,782) (446)
Loan cost payments     (9,277) (540)
Contributions from noncontrolling interests in consolidated JVs     5,400 0
Distributions paid to noncontrolling interests     (14,215) (18,102)
Dividends paid to common stockholders     (63,627) (63,570)
Repurchases of OP Units     (235) (16)
Net cash used in financing activities     (126,486) (82,674)
(Decrease) increase in cash and cash equivalents and restricted cash     (17,734) 37,984
Cash and cash equivalents and restricted cash - beginning balance     444,652 523,183
Cash and cash equivalents and restricted cash - ending balance 426,918 561,167 426,918 561,167
Cash and cash equivalents 426,889 561,066 426,889 561,066
Restricted cash (included in Other assets on our consolidated balance sheets) 29 101 29 101
Cash and cash equivalents and restricted cash 426,918 561,167 426,918 561,167
Operating Activities        
Cash paid for interest, net of capitalized interest     114,432 106,803
Capitalized interest paid     5,108 3,912
Non-cash Investing Transactions        
Accrual for real estate and development capital expenditures     33,653 14,348
Capitalized stock-based compensation for improvements to real estate and developments $ 680 $ 656 1,335 1,298
Removal of fully depreciated and amortized buildings, building improvements, tenant improvements and lease intangibles     44,990 49,834
Removal of fully amortized acquired lease intangible assets     800 96
Removal of fully accreted acquired lease intangible liabilities     6,054 9,089
Non-cash Financing Transactions        
Gain (Loss) recorded in AOCI     (7,229) 51,587
Dividends declared     63,630 63,606
Exchange of OP Units for common stock     159 2,954
Unconsolidated Funds        
Non-cash Financing Transactions        
Gain (Loss) recorded in AOCI     $ 0 $ 5,550
v3.25.2
Overview
 6 Months Ended
Jun. 30, 2025
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, its subsidiaries, and our consolidated JVs, we focus on owning, acquiring, developing and managing a substantial market share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. The terms "us," "we" and "our" as used in the consolidated financial statements refer to Douglas Emmett, Inc. and its subsidiaries on a consolidated basis.
At June 30, 2025, our Total Portfolio consisted of (i) a 18.0 million square foot office portfolio, (ii) 5,442 multifamily apartment units and (iii) fee interests in two parcels of land from which we receive rent under ground leases. As of June 30, 2025, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases):
 Total
Portfolio
Office
Wholly-owned properties52
Consolidated JV properties18
70
Multifamily
Wholly-owned properties12
Consolidated JV properties3
15
Total85

Basis of Presentation

The accompanying consolidated financial statements are the consolidated financial statements of Douglas Emmett, Inc. and its subsidiaries, including our Operating Partnership and our consolidated JVs.  All significant intercompany balances and transactions have been eliminated in our consolidated financial statements.

We consolidate entities in which we are considered to be the primary beneficiary of a VIE or have a majority of the voting interest of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of that VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We do not consolidate entities in which the other parties have substantive kick-out rights to remove our power to direct the activities, most significantly impacting the economic performance, of that VIE. In determining whether we are the primary beneficiary, we consider factors such as ownership interest, management representation, authority to control decisions, and contractual and substantive participating rights of each party.

We consolidate our Operating Partnership through which we conduct substantially all of our business, and own, directly and through subsidiaries, substantially all of our assets, and are obligated to repay substantially all of our liabilities. The consolidated debt, excluding our consolidated JVs, was $3.75 billion and $3.73 billion as of June 30, 2025 and December 31, 2024. See Note 8. We also consolidate six JVs through our Operating Partnership. We consolidate our Operating Partnership and our six JVs because they are VIEs and we or our Operating Partnership are the primary beneficiary for each. On January 1, 2025, we commenced consolidating one of our JVs which was previously unconsolidated and accounted for using the equity method. The JV owns two Class A office properties totaling 0.4 million square feet.
As of June 30, 2025, our consolidated VIE entities, excluding our Operating Partnership, had:
•aggregate consolidated assets of $3.86 billion (of which $3.60 billion related to investment in real estate), and
•aggregate consolidated liabilities of $1.91 billion (of which $1.84 billion related to debt).

As of December 31, 2024, our consolidated VIE entities, excluding our Operating Partnership, had:
•aggregate consolidated assets of $3.77 billion (of which $3.38 billion related to investment in real estate), and
•aggregate consolidated liabilities of $1.86 billion (of which $1.80 billion related to debt).

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC in conformity with US GAAP as established by the FASB in the ASC. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in conformity with US GAAP may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited interim consolidated financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2024 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.
v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
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 2024 Annual Report on Form 10-K.

Use of Estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make certain estimates that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.

Revenue Recognition

Rental revenues and tenant recoveries

We account for our rental revenues, and variable lease payments such as tenant recoveries and parking revenues, in accordance with Topic 842. We adopted a practical expedient which allows us to account for our rental revenues, tenant recoveries and certain parking revenues on a combined basis. Rental revenues and tenant recoveries from tenant leases are included in Rental revenues and tenant recoveries on our consolidated statements of operations. Tenant recoveries were
$12.9 million and $11.5 million for the three months ended June 30, 2025 and 2024, respectively, and $25.1 million and $20.5 million for the six months ended June 30, 2025 and 2024, respectively. Parking revenues are included in Parking and other income on our consolidated statements of operations.

Collectibility

In accordance with Topic 842, we perform an assessment as to whether or not substantially all of the amounts due under a tenant’s lease agreement is deemed probable of collection. This assessment involves using a methodology that requires judgment and estimates about matters that are uncertain at the time the estimates are made, including tenant specific factors, specific industry conditions, and general economic trends and conditions.
For leases where we have concluded it is probable that we will collect substantially all the lease payments due under those leases, we continue to record lease income on a straight-line basis over the lease term. For leases where we have concluded that it is not probable that we will collect substantially all the lease payments due under those leases, we limit the lease income to the lesser of the income recognized on a straight-line basis or cash basis. We write-off tenant receivables and deferred rent receivables as a charge against rental revenues and tenant recoveries in the period we conclude that substantially all of the lease payments are not probable of collection. If we subsequently collect amounts that were previously written off then the amounts collected are recorded as an increase to our rental revenues and tenant recoveries in the period they are collected. If our conclusion of collectibility changes, we will record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to rental revenues and tenant recoveries.

Income Taxes

We have elected to be taxed as a REIT under the Code. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level income tax on the earnings that we derive through our TRS.

New Accounting Pronouncements

Changes to US GAAP are implemented by the FASB in the form of ASUs.  We consider the applicability and impact of all ASUs. As of the date of this Report, the FASB has not issued any ASUs that we expect to be applicable and have a material impact on our consolidated financial statements.
v3.25.2
Investment in Real Estate
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Investment in Real Estate Investment in Real Estate
The table below summarizes our investment in real estate:

(In thousands)June 30, 2025December 31, 2024
Land$1,199,291$1,185,977
Buildings and improvements10,448,76610,190,502
Tenant improvements and lease intangibles1,074,3651,032,373
Property under development142,07986,400
Investment in real estate, gross$12,864,501$12,495,252

Consolidation of Partnership X

Partnership X is a JV through which we and another investor own two Class A office properties totaling 0.4 million square feet in the Los Angeles submarkets of Brentwood and Beverly Hills. On January 1, 2025, we amended the operating agreement of Partnership X resulting in Partnership X becoming a VIE, and we became the primary beneficiary and commenced consolidating Partnership X on January 1, 2025. The results of the Partnership X are included in our operating results from January 1, 2025. Before January 1, 2025, Partnership X was accounted for using the equity method, and our share of Partnership X's net income was included in our statements of operations in Income from unconsolidated Fund.

The consolidation of Partnership X required us to recognize the JV's identifiable assets and liabilities at fair value in our consolidated financial statements, along with the fair value of the non-controlling interest of $20.2 million. We recognized a gain of $47.2 million to adjust the carrying value of our existing investment in the JV to its estimated fair value upon consolidation. The gain was determined by taking the difference between: (a) the fair value of Partnership X’s assets less its liabilities and (b) the sum of the fair value of the noncontrolling interest, the carrying value of our investment in Partnership X, and our share of Partnership X's other comprehensive income.
We determined the fair value of Partnership X’s assets and liabilities upon initial consolidation using our estimates of expected future cash flows and other valuation techniques.  We estimated the fair values of Partnership X’s properties by using the income and sales comparison valuation approaches which included, but are not limited to, our estimates of rental rates, comparable sales, revenue growth rates, capitalization rates and discount rates.  Assumed debt was recorded at fair value based upon the present value of the expected future payments and current interest rates.  Other acquired assets, including cash and assumed liabilities were recorded at cost due to the short-term nature of the balances. The table below summarizes the adjusted relative purchase price allocation for the initial consolidation of the JV.

(In thousands)JV Consolidation
Land$4,286 
Buildings and improvements157,956 
Tenant improvements and lease intangibles7,861 
Acquired lease intangible assets and liabilities, net(602)
Interest rate contract assets6,459 
Secured note payable, net(112,995)
Other assets and liabilities, net23,501 
Net assets and liabilities consolidated$86,466 


Acquisition of 10900 Wilshire

On January 2, 2025, a consolidated JV that we manage, and in which we own a 30% interest, acquired a 17-story, 247,000 square foot office building at 10900 Wilshire Boulevard in Westwood. Title to the property was transferred following the purchase of a secured note by the JV in 2024, which was partially financed by a $61.8 million loan. See Note 8 for our debt disclosures. We accounted for the acquisition as an asset acquisition and the acquired property's operating results are included in our consolidated operating results from the date of acquisition. The table below summarizes the relative fair values of the assets acquired and liabilities assumed.
(In thousands)10900 Wilshire
Land$9,029 
Buildings and improvements$80,865 
Tenant improvements and lease intangibles$4,035 
Acquired lease intangible assets and liabilities, net$1,074 
v3.25.2
Ground Lease
 6 Months Ended
Jun. 30, 2025
Lessee Disclosure [Abstract]  
Ground Lease Ground Lease
We pay rent under a ground lease located in Honolulu, Hawaii, which expires on December 31, 2086. The rent is fixed at $733 thousand per year until February 28, 2029, after which it will reset to the greater of the existing ground rent or the market rent at the time.

As of June 30, 2025, the ground lease right-of-use asset carrying value was $7.4 million and the ground lease liability was $10.8 million. Ground rent expense, which is included in Office expenses on our consolidated statements of operations, was:

•$183 thousand for each of the three month periods ended June 30, 2025 and 2024, and
•$366 thousand for each of the six month periods ended June 30, 2025 and 2024.

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 June 30, 2025:
Twelve months ending June 30,(In thousands)
2026$733 
2027733 
2028733 
2029733 
2030733 
Thereafter41,414 
Total future minimum ground lease payments$45,079 
v3.25.2
Acquired Lease Intangibles
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquired Lease Intangibles Acquired Lease Intangibles
Summary of our Acquired Lease Intangibles

 (In thousands)June 30, 2025December 31, 2024
Above-market tenant leases$7,716 $4,338 
Above-market tenant leases - accumulated amortization(3,052)(2,694)
Above-market ground lease where we are the lessor1,152 1,152 
Above-market ground lease - accumulated amortization(317)(309)
Acquired lease intangible assets, net$5,499 $2,487 
Below-market tenant leases$32,355 $34,704 
Below-market tenant leases - accumulated accretion(21,106)(23,373)
Acquired lease intangible liabilities, net$11,249 $11,331 


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 June 30,Six Months Ended June 30,
 (In thousands)2025202420252024
Net accretion of above- and below-market tenant lease assets and liabilities(1)
$1,163 $1,987 $2,630 $4,334 
Amortization of an above-market ground lease asset(2)
(4)(4)(8)(8)
Total$1,159 $1,983 $2,622 $4,326 
______________________________________________
(1)    Recorded as a net increase to office and multifamily rental revenues.
(2)    Recorded as a decrease to office parking and other income.
v3.25.2
Investment in Unconsolidated Fund
 6 Months Ended
Jun. 30, 2025
Real Estate Investments, Net [Abstract]  
Investment in Unconsolidated Fund Investment in Unconsolidated Fund
Partnership X, a JV through which we and another investor own two Class A office properties totaling 0.4 million square feet, was consolidated on January 1, 2025. See Note 3. Before January 1, 2025, Partnership X was accounted for using the equity method. From January 1, 2024 until February 28, 2024 we owned 53.8% in Partnership X. On February 29, 2024, we purchased an additional 20.2% equity interest in Partnership X which increased our equity interest to 74.0%.

Partnership X pays us fees and reimburses us for certain expenses related to property management and other services we provide. For the six months ended June 30, 2025, the respective transactions are eliminated in consolidation. For the six months ended June 30, 2024, when we accounted for our investment in Partnership X using the equity method, those amounts are included in Other income on our consolidated statements of operations.

We also receive distributions based on invested capital and on any profits that exceed certain specified cash returns to the investors. For the six months ended June 30, 2025, the respective transactions are eliminated in consolidation. For the six months ended June 30, 2024, when we accounted for our investment in Partnership X using the equity method, we received operating and capital distributions of $573 thousand and $147 thousand, respectively.
Summarized Financial Information for Partnership X

The tables below present selected financial information for Partnership X before January 1, 2025 (when we accounted for our investment in Partnership X using the equity method). The amounts presented reflect 100% (not our pro-rata share) of the amounts related to Partnership X, and are based upon historical book value:

 (In thousands)December 31, 2024
Total assets$145,626 
Total liabilities$118,825 
Total equity$26,801 

 Six Months Ended June 30,
 (In thousands)2024
Total revenues$8,685 
Operating income$2,104 
Net income$1,248 
v3.25.2
Other Assets
 6 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Other Assets Other Assets
 (In thousands)June 30, 2025December 31, 2024
Prepaid expenses, note receivable and other(1)
$14,807 $124,430 
Deposit with lender(2)
14,338 14,072 
Furniture, fixtures and equipment, net6,913 6,833 
Indefinite-lived intangibles1,988 1,988 
Total other assets$38,046 $147,323 
_______________________________________________________________________
(1) As of December 31, 2024, includes a note receivable that we purchased during December 2024 through a consolidated JV. The note receivable was secured by a property. In January 2025, the respective JV received the title to the property. See "Acquisition of 10900 Wilshire" in Note 3.
(2) In connection with the Barrington Plaza loan, we deposited cash into an interest-bearing collateral account with the lender. See our debt disclosures in Note 8 (note 5 to the table) for more detail regarding the loan and the cash deposited.
v3.25.2
Secured Notes Payable, Net
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Secured Notes Payable, Net Secured Notes Payable, Net
Description
Maturity
Date(1)
Principal Balance as of June 30, 2025Principal Balance as of December 31, 2024Variable Interest Rate
Fixed Interest
Rate(2)
Swap Maturity Date
(In thousands)
Consolidated Wholly-Owned Subsidiaries
Fannie Mae loan(3)
N/A$— $102,400 N/AN/AN/A
Term loan(4)
8/15/2026415,000 415,000 
SOFR + 1.20%
3.07%8/1/2025
Term loan(4)
9/19/2026366,000 366,000 
SOFR + 1.25%
N/AN/A
Term loan(4)
9/26/2026200,000 200,000 
SOFR + 1.30%
N/AN/A
Term loan(4)
11/1/2026400,000 400,000 
SOFR + 1.25%
N/AN/A
Fannie Mae loan(4)(5)
6/1/2027550,000 550,000 
SOFR + 1.48%
N/AN/A
Term loan(4)
5/18/2028300,000 300,000 
SOFR + 1.51%
2.21%6/1/2026
Term loan(4)
1/1/2029300,000 300,000 
SOFR + 1.56%
2.66%1/1/2027
Fannie Mae loan(4)
6/1/2029255,000 255,000 
SOFR + 1.09%
3.26%6/1/2027
Fannie Mae loan(4)
6/1/2029125,000 125,000 
SOFR + 1.09%
3.25%6/1/2027
Fannie Mae loan(3)(4)
4/1/2030127,200 — N/A4.99%N/A
Term loan(6)
3/3/2032336,134 335,000 N/A4.57%N/A
Fannie Mae loan(4)(7)
8/1/2033350,000 350,000 
SOFR + 1.37%
N/AN/A
Term loan(8)
6/1/203826,272 26,739 N/A4.55%N/A
Total Wholly-Owned Subsidiary Debt3,750,606 3,725,139 
Consolidated JVs
Term loan(4)(9)
5/15/2027380,000 450,000 
SOFR + 1.45%
N/AN/A
Term loan(4)(10)
8/19/2028625,000 625,000 
SOFR + 1.45%
N/AN/A
Term loan(4)(11)
9/14/2028115,000 — 
SOFR + 1.46%
2.19%10/1/2026
Term loan(4)(12)
12/11/2028325,000 325,000 
SOFR + 2.50%
6.36%1/5/2028
Term loan(4)(13)
4/26/2029175,000 175,000 
SOFR + 1.25%
3.90%5/1/2026
Term loan(4)
6/1/2029160,000 160,000 
SOFR + 1.09%
3.25%7/1/2027
Fannie Mae loan(4)(14)
1/9/203061,750 61,750 N/A6.00%N/A
Total Consolidated Debt(15)
5,592,356 5,521,889 
Unamortized loan premium/discount, net(16)
916 2,754 
Unamortized deferred loan costs, net(17)
(30,551)(26,621)
Total Consolidated Debt, net$5,562,721 $5,498,022 
_______________________________________________________________________
Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents.  Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to extend the loan maturity date.
(1)Maturity dates include extension options.
(2)Effective rate as of June 30, 2025. Includes the effect of interest rate swaps (if applicable) and excludes the effect of prepaid loan fees and loan premiums/discounts. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums/discounts.
(3)We closed a $127.2 million loan and used part of the proceeds to pay off a $102.4 million loan during March 2025.
(4)The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.
(5)The loan is secured by four residential properties. A portion of the loan totaling $472 million has a lender-required out-of-the-money interest rate cap at a weighted average of 8.99% until July 2026. For the portion of the loan relating to Barrington Plaza, in connection with the removal of that property from the rental market during 2023, the lender is treating the debt as a construction loan, and we signed a construction completion guarantee in January 2024. See "Guarantees" in Note 16. The lender also required a $13.3 million cash deposit, which we placed into an interest bearing collateral account during 2023. The lender will return the deposit at the earlier of August 2026 or when the loan is paid in full. The deposit is included in Other assets in our consolidated balance sheets. See Note 7.
(6)We modified and extended the loan for seven years, effective March 3, 2025. The loan consists of a $200 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. See Note 9 regarding the accrued interest on the loan. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%. The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of June 30, 2025, the outstanding balance on the revolving credit facility was $1.1 million.
(7)The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026.
(8)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.
(9)In May 2025, the JV made a $70.0 million loan principal payment to extend the loan for up to two years. The related interest rate swaps expired in April 2025, and in May 2025, the JV purchased an interest rate cap which capped the interest rate at 7.45% until May 2026.
(10)The interest rate swaps related to this loan expired on June 1, 2025.
(11)The loan for a fund that we commenced consolidating on January 1, 2025. See Note 3.
(12)The loan requires monthly payments of principal and interest for twelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.
(13)We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 16.
(14)The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining term of the loan.
(15)See Note 13 for our debt fair value disclosures.
(16)Balances are net of accumulated amortization/accretion of $1.3 million and $1.4 million at June 30, 2025 and December 31, 2024, respectively.
(17)Balances are net of accumulated amortization of $56.5 million and $56.9 million at June 30, 2025 and December 31, 2024, respectively.

The table below summarizes our consolidated fixed and floating rate debt:
(In thousands)Principal Balance as of June 30, 2025Principal Balance as of December 31, 2024
Aggregate swap-fixed rate loans$2,170,000 $3,130,000 
Aggregate fixed rate loans551,356 88,489 
Aggregate capped rate loans1,202,000 822,000 
Aggregate floating rate loans1,669,000 1,481,400 
Total Debt$5,592,356 $5,521,889 

The table below summarizes certain consolidated debt statistics as of June 30, 2025:
Statistics for consolidated loans with interest fixed under the terms of the loan or a swap
Principal balance (in billions)$2.72
Weighted average remaining life (including extension options)3.7 years
Weighted average remaining fixed interest period2.3 years
Weighted average annual interest rate3.78%
Future Principal Payments

At June 30, 2025, the minimum future principal payments due on our consolidated secured notes payable were as follows:
Twelve months ending June 30,
Including Maturity Extension Options(1)
(In thousands)
2026$965 
20272,312,010 
2028301,057 
20292,081,106 
2030190,107 
Thereafter707,111 
Total future principal payments$5,592,356 
________________________________________________
(1)     Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.


Loan Premium and Loan Costs

The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Loan premium/discount (amortized)/accreted and written off, net$83 $(114)$166 $(229)
Deferred loan costs amortized and written off2,567 2,206 5,024 4,415 
Loan costs expensed508 1 522 53 
Total$3,158 $2,093 $5,712 $4,239 
v3.25.2
Interest Payable, Accounts Payable and Deferred Revenue
 6 Months Ended
Jun. 30, 2025
Accounts Payable and Accrued Liabilities [Abstract]  
Interest Payable, Accounts Payable and Deferred Revenue Interest Payable, Accounts Payable and Deferred Revenue
(In thousands)June 30, 2025December 31, 2024
Interest payable(1)
$25,375 $19,584 
Accounts payable and accrued liabilities89,755 60,131 
Deferred revenue42,250 51,296 
Total interest payable, accounts payable and deferred revenue$157,380 $131,011 

________________________________________________
(1)     At June 30, 2025, includes accrued interest of $4.6 million for a term loan that matures in March 2032. See Note 8 for more information regarding our debt.
v3.25.2
Derivative Contracts
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Contracts Derivative Contracts
We make use of interest rate swap and cap contracts to manage the risk associated with changes in interest rates on our floating-rate debt and to satisfy certain lender requirements. When we enter into a floating-rate term loan, we generally enter into an interest rate swap agreement for the equivalent principal amount, for a period covering the majority of the loan term, which effectively converts our floating-rate debt to a fixed-rate basis during that time. We also enter into interest rate cap agreements from time to time to cap the interest rates on our floating rate loans. We may enter into derivative contracts that are intended to hedge certain economic risks, even though hedge accounting does not apply or we elect to not apply hedge accounting. We do not speculate in derivatives and we do not make use of any other derivative instruments. See Note 8 regarding our debt and our consolidated JVs' debt that is hedged.

Derivative Summary

The table below summarizes our derivative contracts as of June 30, 2025:
Number of Interest Rate ContractsNotional
(In thousands)
Derivatives Designated as Cash Flow Hedges:
Consolidated derivatives - swaps(1)(2)(3)
19$2,170,000 
Consolidated derivatives - caps(2)(3)
6$1,202,000 
___________________________________________________
(1)The notional amount reflects 100%, not our pro-rata share, of our consolidated JVs' derivatives. See Note 8 for more information about our hedged consolidated debt.
(2)Our derivative contracts do not provide for right of offset between derivative contracts.
(3)See Note 13 for our derivative fair value disclosures.

Counterparty Credit Risk

We are subject to credit risk from the counterparties on our interest rate swap and cap contract assets because we do not receive collateral. We seek to minimize that risk by entering into agreements with a variety of counterparties with investment grade ratings. The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands)June 30, 2025December 31, 2024
Consolidated derivatives(1)
$44,251 $85,420 
Unconsolidated Fund's derivatives(2)
$— $6,839 
________________________________________________________
(1)The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)We consolidated Partnership X commencing on January 1, 2025. See Note 3 regarding the consolidation of Partnership X. The amounts in the comparable period reflect 100%, not our pro-rata share, of Partnership X's derivatives. For more information about Partnership X, including our equity interest percentage, see Note 6.
Credit-risk-related Contingent Features

Certain of 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 June 30, 2025, there have been no events of default with respect to our interest rate swaps or our consolidated JVs' interest rate swaps. We do not post collateral for our interest rate swap contract liabilities. The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands)June 30, 2025December 31, 2024
Consolidated derivatives(1)(2)
$3,756 $— 
___________________________________________________
(1)The amounts include 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)We did not have any consolidated swaps in a liability position as of December 31, 2024.

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)Six Months Ended June 30,
 20252024
Derivatives Designated as Cash Flow Hedges:  
Consolidated derivatives:
(Losses) gains recorded in AOCI before reclassifications(1)
$(7,229)$51,587 
Gains reclassified from AOCI to Interest Expense(1)
$(38,377)$(77,965)
Interest expense presented on the consolidated statements of operations$(125,413)$(110,287)
Unconsolidated Fund's derivatives (our share)(2):
Gains recorded in AOCI before reclassifications(1)
$— $5,550 
Gains reclassified from AOCI to Income from unconsolidated Fund(1)
$— $(1,802)
Income from unconsolidated Fund presented on the consolidated statements of operations$— $1,121 
Gain reclassified from AOCI to Gain from consolidation of JV(3)
$(4,762)$— 
Gain from consolidation of JV presented on the consolidated statements of operations(3)
$47,212 $— 
________________________________________________________________
(1)See Note 11 for our AOCI reconciliation.
(2)We did not have any unconsolidated entities during the six months ended June 30, 2025. For the comparable period, we calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. For more information about the Fund, including our equity interest percentage, see Note 6.
(3)We consolidated Partnership X commencing on January 1, 2025. Our share of the Partnership X's OCI on January 1, 2025 was reclassified to the gain from consolidation we recorded. See Note 3 regarding the consolidation of Partnership X.

Future Reclassifications from AOCI

As of June 30, 2025, our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next twelve months is as follows:
(In thousands)
Consolidated derivatives:
Gains to be reclassified from AOCI to Interest Expense$27,719 
v3.25.2
Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Equity Equity
Transactions
    
During the Six Months Ended June 30, 2025
•We acquired 11 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units.
•We acquired 16 thousand OP Units for $235 thousand in cash.
•In June 2025, one of our consolidated JVs raised $12.0 million of additional capital. We contributed $6.6 million of cash to the JV and another investor contributed $5.4 million of cash to the JV.

During the Six Months Ended June 30, 2024
•We acquired 193 thousand OP Units in exchange for issuing an equal number of shares of our common stock to the holders of the OP Units.
•We acquired 1,164 OP Units for $16 thousand in cash.

Noncontrolling Interests

Our noncontrolling interests consist of interests in our Operating Partnership and consolidated JVs which are not owned by us. See Note 3 regarding the noncontrolling interest in the Partnership X JV we consolidated on January 1, 2025. As of June 30, 2025, noncontrolling interests in our Operating Partnership owned 35.5 million OP Units and fully-vested LTIP Units, which represented approximately 17.5% of our Operating Partnership's total outstanding interests, and we owned 167.4 million OP Units (to match our 167.4 million shares of outstanding common stock), which represented approximately 82.5% of our Operating Partnership's total outstanding interests.

A share of our common stock, an OP Unit and an LTIP Unit (once vested and booked up) have essentially the same economic characteristics, sharing equally in the distributions from our Operating Partnership.  Investors who own OP Units have the right to cause our Operating Partnership to acquire their OP Units for an amount of cash per unit equal to the market value of one share of our common stock at the date of acquisition, or, at our election, exchange their OP Units for shares of our common stock on a one-for-one basis. 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:
 Six Months Ended June 30,
(In thousands)20252024
Net income attributable to common stockholders$33,965 $19,787 
Transfers from noncontrolling interests:
Exchange of OP Units with noncontrolling interests159 2,954 
Repurchases of OP Units from noncontrolling interests(7)2 
Net transfers from noncontrolling interests152 2,956 
Change from net income attributable to common stockholders and transfers from noncontrolling interests$34,117 $22,743 
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:

Six Months Ended June 30,
(In thousands)20252024
Accumulated Other Comprehensive Income - Beginning balance$54,917 $115,917 
Consolidated derivatives:
Other comprehensive (loss) income before reclassifications(7,229)51,587 
Reclassification of gains from AOCI to Interest Expense(38,377)(77,965)
Unconsolidated Fund's derivatives (our share)(2):
Other comprehensive income before reclassifications— 5,550 
Reclassification of gains from AOCI to Income from unconsolidated Fund— (1,802)
Consolidation of unconsolidated Fund(3)
(4,762)— 
Net current period OCI(50,368)(22,630)
OCI attributable to noncontrolling interests20,393 7,340 
OCI attributable to common stockholders(29,975)(15,290)
Accumulated Other Comprehensive Income - Ending balance$24,942 $100,627 
___________________________________________________
(1)See Note 10 for the details of our derivatives and Note 13 for our derivative fair value disclosures.
(2)We did not have any unconsolidated entities during the six months ended June 30, 2025. For the comparable period, we calculate our share by multiplying the total amount for our Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.
(3)We consolidated Partnership X commencing on January 1, 2025. Our share of the Partnership X's OCI on January 1, 2025 was reclassified to the gain from consolidation we recorded. See Note 3 regarding the consolidation of Partnership X.


Stock-Based Compensation

The Douglas Emmett, Inc. 2016 Omnibus Stock Incentive Plan, as amended (the "2016 Plan"), permits us to make grants of stock-based compensation awards to our directors, officers, employees and consultants. The plan is administered by the compensation committee of our board of directors. As of June 30, 2025, we had an aggregate of 12.8 million shares of common stock available for future awards. The table below presents our stock-based compensation expense:

Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Stock-based compensation expense, net$2,409 $2,429 $5,139 $5,292 
Capitalized stock-based compensation$680 $656 $1,335 $1,298 
v3.25.2
EPS
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
EPS EPS
We calculate basic EPS by dividing the net (loss) 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 (loss) 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 June 30,Six Months Ended June 30,
 2025202420252024
Numerator (In thousands):    
Net (loss) income attributable to common stockholders$(5,835)$10,878 $33,965 $19,787 
Allocation to participating securities: Unvested LTIP Units(339)(341)(684)(692)
Net (loss) income attributable to common stockholders - basic and diluted$(6,174)$10,537 $33,281 $19,095 
Denominator (In thousands):
Weighted average shares of common stock outstanding - basic and diluted(1)
167,446 167,385 167,444 167,355 
Net (loss) income per common share - basic and diluted$(0.04)$0.06 $0.20 $0.11 
____________________________________________________
(1) Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income or loss (equal on a per unit basis to the Net income or loss per common share - diluted) was already deducted in calculating Net (loss) income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The table below presents the weighted average OP Units and vested LTIP Units outstanding for the respective periods:

 Three Months Ended June 30,Six Months Ended June 30,
 (In thousands)2025202420252024
OP Units32,806 30,870 32,812 30,900 
Vested LTIP Units2,718 2,806 2,706 2,789 
v3.25.2
Fair Value of Financial Instruments
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025, we did not have any fair value estimates of financial instruments using Level 3 inputs.

Financial instruments disclosed at fair value

Short term financial instruments

The carrying amounts for cash and cash equivalents, tenant receivables, interest payable, accounts payable, security deposits and dividends payable approximate fair value because of the short-term nature of these instruments.

Secured notes payable

See Note 8 for the details of our secured notes payable. We estimate the fair value of our consolidated secured notes payable by calculating the credit-adjusted present value of the principal and interest payments for each secured note payable. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs, assumes that the loans will be outstanding through maturity, and includes any maturity extension options. The table below presents the estimated fair value and carrying value of our secured notes payable, the carrying value includes unamortized loan premium/discount and excludes unamortized deferred loan fees:

(In thousands)June 30, 2025December 31, 2024
Fair value$5,560,681 $5,429,586 
Carrying value$5,593,272 $5,524,643 


Ground lease liability

See Note 4 for the details of our ground lease. We estimate the fair value of our ground lease liability by calculating the present value of the future lease payments disclosed in Note 4 using our incremental borrowing rate. The calculation incorporates observable market interest rates which we consider to be Level 2 inputs. The table below presents the estimated fair value and carrying value of our ground lease liability:

(In thousands)June 30, 2025December 31, 2024
Fair value$4,296 $3,764 
Carrying value$10,815 $10,822 
Financial instruments measured at fair value on a recurring basis

Derivative instruments

See Note 10 for the details of our derivatives. We present our derivatives on our consolidated balance sheets at fair value, on a gross basis, excluding accrued interest.  We estimate the fair value of our derivative instruments by calculating the credit-adjusted present value of the expected future cash flows of each derivative.  The calculation incorporates the contractual terms of the derivatives, observable market interest rates which we consider to be Level 2 inputs, and credit risk adjustments to reflect the counterparty's as well as our own non-performance risk. Our derivatives are not subject to master netting arrangements.  

The table below presents the estimated fair value of our derivatives.

(In thousands)June 30, 2025December 31, 2024
Derivative Assets:
Fair value - consolidated derivatives(1)
$40,149 $77,620 
Fair value - unconsolidated Fund's derivatives(2)
$— $6,459 
Derivative Liabilities:
Fair value - consolidated derivatives(1)
$3,794 $— 
____________________________________________________
(1)    Consolidated derivatives, which reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts on our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable on our consolidated balance sheets. See "Loan Guarantees" in Note 16 regarding Partnership X swap guarantees.
(2)    We consolidated Partnership X commencing on January 1, 2025. See Note 3 regarding the consolidation of Partnership X. For the comparable period, the Unconsolidated Fund's derivatives, reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Fund on our consolidated balance sheets. See Note 6 for more information about our Fund, including our equity interest percentage.
v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Segment information is prepared on the same basis that our chief operating decision maker (CODM) reviews information to assess performance and make resource allocation decisions. Our CODM is our CEO.  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 June 30,Six Months Ended June 30,
2025202420252024
Office Segment
Total office revenues$202,810 $199,240 $404,907 $397,177 
Office expenses(76,559)(67,141)(149,612)(134,361)
Office segment profit126,251 132,099 255,295 262,816 
Multifamily Segment
Total multifamily revenues49,624 46,537 99,062 93,569 
Multifamily expenses(16,230)(15,967)(32,785)(31,817)
Multifamily segment profit33,394 30,570 66,277 61,752 
Total profit from all segments$159,645 $162,669 $321,572 $324,568 


The table below presents a reconciliation of the net (loss) income attributable to common stockholders to the total profit from all segments:

(In thousands)Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net (loss) income attributable to common stockholders$(5,835)$10,878 $33,965 $19,787 
Net loss attributable to noncontrolling interests(9,228)(1,647)(4,449)(4,425)
Net (loss) income(15,063)9,231 29,516 15,362 
General and administrative expenses12,281 11,488 23,741 23,059 
Depreciation and amortization101,719 95,492 199,559 191,261 
Other income(4,788)(7,430)(9,711)(14,474)
Other expenses161 80 266 194 
Income from unconsolidated Fund— (1,147)— (1,121)
Interest expense65,335 54,955 125,413 110,287 
Gain from consolidation of JV— — (47,212)— 
Total profit from all segments$159,645 $162,669 $321,572 $324,568 
v3.25.2
Future Minimum Lease Rental Receipts
 6 Months Ended
Jun. 30, 2025
Lessor Disclosure [Abstract]  
Future Minimum Lease Rental Receipts Future Minimum Lease Rental Receipts
We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement of certain operating expenses, and we own fee interests in two parcels of land from which we receive rent under ground leases. The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases for our consolidated properties at June 30, 2025:
Twelve months ending June 30, (In thousands)
2026$591,195 
2027505,845 
2028417,626 
2029331,661 
2030267,800 
Thereafter1,005,282 
Total future minimum base rentals(1)
$3,119,409 
___________________________________
(1)    Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight-line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents.  The amounts assume that early termination options held by tenants will not be exercised.
v3.25.2
Commitments, Contingencies and Guarantees
 6 Months Ended
Jun. 30, 2025
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.

Barrington Plaza

In May 2023, we used a state law, the Ellis Act, to begin moving tenants out of the buildings in order to complete fire and life safety retrofits. We are appealing a ruling by a trial court in Santa Monica that the Ellis Act wasn’t the proper avenue for removing those tenants. We do not expect the ruling to have a meaningful impact on the anticipated timing, cost, or ultimate plans for the Barrington Plaza property, and continue to coordinate with the City of Los Angeles to comply with its order to sprinkler the Barrington Plaza property and to complete other fire life safety work. We are currently in litigation with the insurance providers in 2020 for Barrington Plaza to recover certain costs associated with reconstruction.

Concentration of Risk

Tenant Receivables

We are subject to credit risk with respect to our tenant receivables and deferred rent receivables related to our tenant leases. Our tenants' ability to honor the terms of their respective leases remains dependent upon economic, regulatory and social factors. We seek to minimize our credit risk from our tenant leases by (i) targeting smaller, more affluent office tenants, from a diverse mix of industries, (ii) performing credit evaluations of prospective tenants and (iii) obtaining security deposits or letters of credit from our tenants.  For each of the six month periods ended June 30, 2025 and 2024, no tenant accounted for more than 10% of our total revenues.
Geographic Risk

All of our properties, including our consolidated JVs' properties, are located in Los Angeles County, California and Honolulu, Hawaii, and we are therefore susceptible to adverse economic and regulatory developments, as well as natural disasters, in those markets.

Derivative Counterparty Credit Risk

We are subject to credit risk with respect to our derivative counterparties. We do not post or receive collateral with respect to our derivative transactions. Our derivative contracts do not provide for right of offset between derivative contracts. See Note 10 for the details of our derivative contracts. We seek to minimize our credit risk by entering into agreements with a variety of counterparties with investment grade ratings.

Cash Balances

We have significant cash balances invested in a variety of short-term money market funds that are intended to preserve principal value and maintain a high degree of liquidity while providing current income. These investments are not insured against loss of principal and there is no guarantee that our investments in these funds will be redeemable at par value. We also have significant cash balances in bank accounts with high quality financial institutions with investment grade ratings.  Interest bearing bank accounts at each U.S. banking institution are insured by the FDIC up to $250 thousand.

Asset Retirement Obligations

Conditional asset retirement obligations represent a legal obligation to perform an asset retirement activity in which the timing and/or method of settlement is conditional on a future event that may or may not be within our control.  A liability for a conditional asset retirement obligation must be recorded if the fair value of the obligation can be reasonably estimated.  Environmental site assessments have identified thirty-three buildings in our Total 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 June 30, 2025, 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 June 30, 2025, the obligations to remove the asbestos from our other properties have indeterminable settlement dates, and we are unable to reasonably estimate the fair value of the associated conditional asset retirement obligations.

Contractual Commitments

As of June 30, 2025, we had an aggregate remaining contractual commitment for development projects, repositioning projects, capital expenditure projects and tenant improvements of approximately $319.3 million.

Loan Guarantees

In November 2023, we signed a guarantee for the $175.0 million consolidated JV loan which guarantees the portion of the loan principal that would need to be paid down to meet the minimum debt yield in the loan agreement. The loan matures in April 2029. The guarantee will remain in effect until either the guarantee obligation or the loan is paid in full. As of June 30, 2025, we estimate the risk of loss for this guarantee to be low. See Note 8 for more information regarding our debt.

During 2023, we removed our Barrington Plaza Apartments property in Los Angeles from the rental market. The reconstruction of this property is expected to take a number of years at a cost of several hundred million dollars. The lender is treating the $210.0 million Barrington Plaza loan, which matures in June 2027, as a construction loan, and we signed a construction completion guarantee in January 2024. The guarantee will remain in effect until either the construction is completed or the loan is paid in full. As of June 30, 2025, we estimate the risk of loss for this guarantee to be low. See Note 8 for more information regarding our debt.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
During July 2025, we refinanced a $200.0 million office term loan that was scheduled to mature in September 2026. The new, non-recourse, interest-only term loan has a floating interest rate of SOFR + 2%, which we swapped to a fixed rate of 5.60% through 2030. The new loan matures in July 2032.
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying consolidated financial statements are the consolidated financial statements of Douglas Emmett, Inc. and its subsidiaries, including our Operating Partnership and our consolidated JVs.  All significant intercompany balances and transactions have been eliminated in our consolidated financial statements.

We consolidate entities in which we are considered to be the primary beneficiary of a VIE or have a majority of the voting interest of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of that VIE that most significantly impact its economic performance, and (ii) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. We do not consolidate entities in which the other parties have substantive kick-out rights to remove our power to direct the activities, most significantly impacting the economic performance, of that VIE. In determining whether we are the primary beneficiary, we consider factors such as ownership interest, management representation, authority to control decisions, and contractual and substantive participating rights of each party.
Basis of Accounting
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the SEC in conformity with US GAAP as established by the FASB in the ASC. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in conformity with US GAAP may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited interim consolidated financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2025. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements in our 2024 Annual Report on Form 10-K and the notes thereto. Any references to the number or class of properties, square footage, per square footage amounts, apartment units and geography, are outside the scope of our independent registered public accounting firm’s review of our consolidated financial statements in accordance with the standards of the PCAOB.
Use of Estimates
Use of Estimates

The preparation of consolidated financial statements in conformity with US GAAP requires management to make certain estimates that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Revenue Recognition
Revenue Recognition

Rental revenues and tenant recoveries

We account for our rental revenues, and variable lease payments such as tenant recoveries and parking revenues, in accordance with Topic 842. We adopted a practical expedient which allows us to account for our rental revenues, tenant recoveries and certain parking revenues on a combined basis. Rental revenues and tenant recoveries from tenant leases are included in Rental revenues and tenant recoveries on our consolidated statements of operations. Tenant recoveries were
$12.9 million and $11.5 million for the three months ended June 30, 2025 and 2024, respectively, and $25.1 million and $20.5 million for the six months ended June 30, 2025 and 2024, respectively. Parking revenues are included in Parking and other income on our consolidated statements of operations.

Collectibility

In accordance with Topic 842, we perform an assessment as to whether or not substantially all of the amounts due under a tenant’s lease agreement is deemed probable of collection. This assessment involves using a methodology that requires judgment and estimates about matters that are uncertain at the time the estimates are made, including tenant specific factors, specific industry conditions, and general economic trends and conditions.
For leases where we have concluded it is probable that we will collect substantially all the lease payments due under those leases, we continue to record lease income on a straight-line basis over the lease term. For leases where we have concluded that it is not probable that we will collect substantially all the lease payments due under those leases, we limit the lease income to the lesser of the income recognized on a straight-line basis or cash basis. We write-off tenant receivables and deferred rent receivables as a charge against rental revenues and tenant recoveries in the period we conclude that substantially all of the lease payments are not probable of collection. If we subsequently collect amounts that were previously written off then the amounts collected are recorded as an increase to our rental revenues and tenant recoveries in the period they are collected. If our conclusion of collectibility changes, we will record the difference between the lease income that would have been recognized on a straight-line basis and cash basis as a current-period adjustment to rental revenues and tenant recoveries.
Income Taxes
Income Taxes

We have elected to be taxed as a REIT under the Code. Provided that we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. We are subject to corporate-level income tax on the earnings that we derive through our TRS.
New Accounting Pronouncements
New Accounting Pronouncements

Changes to US GAAP are implemented by the FASB in the form of ASUs.  We consider the applicability and impact of all ASUs. As of the date of this Report, the FASB has not issued any ASUs that we expect to be applicable and have a material impact on our consolidated financial statements.
EPS We calculate basic EPS by dividing the net (loss) 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 (loss) 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.
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.
v3.25.2
Overview (Tables)
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Real Estate Properties As of June 30, 2025, our portfolio consisted of the following (including ancillary retail space and excluding two parcels of land from which we receive rent under ground leases):
 Total
Portfolio
Office
Wholly-owned properties52
Consolidated JV properties18
70
Multifamily
Wholly-owned properties12
Consolidated JV properties3
15
Total85
v3.25.2
Investment in Real Estate (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Investment in Real Estate
The table below summarizes our investment in real estate:

(In thousands)June 30, 2025December 31, 2024
Land$1,199,291$1,185,977
Buildings and improvements10,448,76610,190,502
Tenant improvements and lease intangibles1,074,3651,032,373
Property under development142,07986,400
Investment in real estate, gross$12,864,501$12,495,252
Schedule Of Asset Acquisitions Purchase Price Allocation The table below summarizes the adjusted relative purchase price allocation for the initial consolidation of the JV.
(In thousands)JV Consolidation
Land$4,286 
Buildings and improvements157,956 
Tenant improvements and lease intangibles7,861 
Acquired lease intangible assets and liabilities, net(602)
Interest rate contract assets6,459 
Secured note payable, net(112,995)
Other assets and liabilities, net23,501 
Net assets and liabilities consolidated$86,466 
The table below summarizes the relative fair values of the assets acquired and liabilities assumed.
(In thousands)10900 Wilshire
Land$9,029 
Buildings and improvements$80,865 
Tenant improvements and lease intangibles$4,035 
Acquired lease intangible assets and liabilities, net$1,074 
v3.25.2
Ground Lease (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025:
Twelve months ending June 30,(In thousands)
2026$733 
2027733 
2028733 
2029733 
2030733 
Thereafter41,414 
Total future minimum ground lease payments$45,079 
v3.25.2
Acquired Lease Intangibles (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Acquired Lease Intangibles
Summary of our Acquired Lease Intangibles

 (In thousands)June 30, 2025December 31, 2024
Above-market tenant leases$7,716 $4,338 
Above-market tenant leases - accumulated amortization(3,052)(2,694)
Above-market ground lease where we are the lessor1,152 1,152 
Above-market ground lease - accumulated amortization(317)(309)
Acquired lease intangible assets, net$5,499 $2,487 
Below-market tenant leases$32,355 $34,704 
Below-market tenant leases - accumulated accretion(21,106)(23,373)
Acquired lease intangible liabilities, net$11,249 $11,331 
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 June 30,Six Months Ended June 30,
 (In thousands)2025202420252024
Net accretion of above- and below-market tenant lease assets and liabilities(1)
$1,163 $1,987 $2,630 $4,334 
Amortization of an above-market ground lease asset(2)
(4)(4)(8)(8)
Total$1,159 $1,983 $2,622 $4,326 
______________________________________________
(1)    Recorded as a net increase to office and multifamily rental revenues.
(2)    Recorded as a decrease to office parking and other income.
v3.25.2
Investment in Unconsolidated Fund (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate Investments, Net [Abstract]  
Summary of Statement of Operations for Investments in Unconsolidated Real Estate Funds and Cash Received from Funds
The tables below present selected financial information for Partnership X before January 1, 2025 (when we accounted for our investment in Partnership X using the equity method). The amounts presented reflect 100% (not our pro-rata share) of the amounts related to Partnership X, and are based upon historical book value:

 (In thousands)December 31, 2024
Total assets$145,626 
Total liabilities$118,825 
Total equity$26,801 

 Six Months Ended June 30,
 (In thousands)2024
Total revenues$8,685 
Operating income$2,104 
Net income$1,248 
v3.25.2
Other Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Other Assets [Abstract]  
Schedule of Other Assets
 (In thousands)June 30, 2025December 31, 2024
Prepaid expenses, note receivable and other(1)
$14,807 $124,430 
Deposit with lender(2)
14,338 14,072 
Furniture, fixtures and equipment, net6,913 6,833 
Indefinite-lived intangibles1,988 1,988 
Total other assets$38,046 $147,323 
_______________________________________________________________________
(1) As of December 31, 2024, includes a note receivable that we purchased during December 2024 through a consolidated JV. The note receivable was secured by a property. In January 2025, the respective JV received the title to the property. See "Acquisition of 10900 Wilshire" in Note 3.
(2) In connection with the Barrington Plaza loan, we deposited cash into an interest-bearing collateral account with the lender. See our debt disclosures in Note 8 (note 5 to the table) for more detail regarding the loan and the cash deposited.
v3.25.2
Secured Notes Payable, Net (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Secured Notes Payable
Description
Maturity
Date(1)
Principal Balance as of June 30, 2025Principal Balance as of December 31, 2024Variable Interest Rate
Fixed Interest
Rate(2)
Swap Maturity Date
(In thousands)
Consolidated Wholly-Owned Subsidiaries
Fannie Mae loan(3)
N/A$— $102,400 N/AN/AN/A
Term loan(4)
8/15/2026415,000 415,000 
SOFR + 1.20%
3.07%8/1/2025
Term loan(4)
9/19/2026366,000 366,000 
SOFR + 1.25%
N/AN/A
Term loan(4)
9/26/2026200,000 200,000 
SOFR + 1.30%
N/AN/A
Term loan(4)
11/1/2026400,000 400,000 
SOFR + 1.25%
N/AN/A
Fannie Mae loan(4)(5)
6/1/2027550,000 550,000 
SOFR + 1.48%
N/AN/A
Term loan(4)
5/18/2028300,000 300,000 
SOFR + 1.51%
2.21%6/1/2026
Term loan(4)
1/1/2029300,000 300,000 
SOFR + 1.56%
2.66%1/1/2027
Fannie Mae loan(4)
6/1/2029255,000 255,000 
SOFR + 1.09%
3.26%6/1/2027
Fannie Mae loan(4)
6/1/2029125,000 125,000 
SOFR + 1.09%
3.25%6/1/2027
Fannie Mae loan(3)(4)
4/1/2030127,200 — N/A4.99%N/A
Term loan(6)
3/3/2032336,134 335,000 N/A4.57%N/A
Fannie Mae loan(4)(7)
8/1/2033350,000 350,000 
SOFR + 1.37%
N/AN/A
Term loan(8)
6/1/203826,272 26,739 N/A4.55%N/A
Total Wholly-Owned Subsidiary Debt3,750,606 3,725,139 
Consolidated JVs
Term loan(4)(9)
5/15/2027380,000 450,000 
SOFR + 1.45%
N/AN/A
Term loan(4)(10)
8/19/2028625,000 625,000 
SOFR + 1.45%
N/AN/A
Term loan(4)(11)
9/14/2028115,000 — 
SOFR + 1.46%
2.19%10/1/2026
Term loan(4)(12)
12/11/2028325,000 325,000 
SOFR + 2.50%
6.36%1/5/2028
Term loan(4)(13)
4/26/2029175,000 175,000 
SOFR + 1.25%
3.90%5/1/2026
Term loan(4)
6/1/2029160,000 160,000 
SOFR + 1.09%
3.25%7/1/2027
Fannie Mae loan(4)(14)
1/9/203061,750 61,750 N/A6.00%N/A
Total Consolidated Debt(15)
5,592,356 5,521,889 
Unamortized loan premium/discount, net(16)
916 2,754 
Unamortized deferred loan costs, net(17)
(30,551)(26,621)
Total Consolidated Debt, net$5,562,721 $5,498,022 
_______________________________________________________________________
Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents.  Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to extend the loan maturity date.
(1)Maturity dates include extension options.
(2)Effective rate as of June 30, 2025. Includes the effect of interest rate swaps (if applicable) and excludes the effect of prepaid loan fees and loan premiums/discounts. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums/discounts.
(3)We closed a $127.2 million loan and used part of the proceeds to pay off a $102.4 million loan during March 2025.
(4)The loan agreement includes a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.
(5)The loan is secured by four residential properties. A portion of the loan totaling $472 million has a lender-required out-of-the-money interest rate cap at a weighted average of 8.99% until July 2026. For the portion of the loan relating to Barrington Plaza, in connection with the removal of that property from the rental market during 2023, the lender is treating the debt as a construction loan, and we signed a construction completion guarantee in January 2024. See "Guarantees" in Note 16. The lender also required a $13.3 million cash deposit, which we placed into an interest bearing collateral account during 2023. The lender will return the deposit at the earlier of August 2026 or when the loan is paid in full. The deposit is included in Other assets in our consolidated balance sheets. See Note 7.
(6)We modified and extended the loan for seven years, effective March 3, 2025. The loan consists of a $200 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. See Note 9 regarding the accrued interest on the loan. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%. The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of June 30, 2025, the outstanding balance on the revolving credit facility was $1.1 million.
(7)The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026.
(8)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.
(9)In May 2025, the JV made a $70.0 million loan principal payment to extend the loan for up to two years. The related interest rate swaps expired in April 2025, and in May 2025, the JV purchased an interest rate cap which capped the interest rate at 7.45% until May 2026.
(10)The interest rate swaps related to this loan expired on June 1, 2025.
(11)The loan for a fund that we commenced consolidating on January 1, 2025. See Note 3.
(12)The loan requires monthly payments of principal and interest for twelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.
(13)We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 16.
(14)The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining term of the loan.
(15)See Note 13 for our debt fair value disclosures.
(16)Balances are net of accumulated amortization/accretion of $1.3 million and $1.4 million at June 30, 2025 and December 31, 2024, respectively.
(17)Balances are net of accumulated amortization of $56.5 million and $56.9 million at June 30, 2025 and December 31, 2024, respectively.

The table below summarizes our consolidated fixed and floating rate debt:
(In thousands)Principal Balance as of June 30, 2025Principal Balance as of December 31, 2024
Aggregate swap-fixed rate loans$2,170,000 $3,130,000 
Aggregate fixed rate loans551,356 88,489 
Aggregate capped rate loans1,202,000 822,000 
Aggregate floating rate loans1,669,000 1,481,400 
Total Debt$5,592,356 $5,521,889 

The table below summarizes certain consolidated debt statistics as of June 30, 2025:
Statistics for consolidated loans with interest fixed under the terms of the loan or a swap
Principal balance (in billions)$2.72
Weighted average remaining life (including extension options)3.7 years
Weighted average remaining fixed interest period2.3 years
Weighted average annual interest rate3.78%
Schedule of Minimum Future Principal Payments
At June 30, 2025, the minimum future principal payments due on our consolidated secured notes payable were as follows:
Twelve months ending June 30,
Including Maturity Extension Options(1)
(In thousands)
2026$965 
20272,312,010 
2028301,057 
20292,081,106 
2030190,107 
Thereafter707,111 
Total future principal payments$5,592,356 
________________________________________________
(1)     Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Schedule of Loan Costs and Amortization of Deferred Loan Costs
The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations:
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Loan premium/discount (amortized)/accreted and written off, net$83 $(114)$166 $(229)
Deferred loan costs amortized and written off2,567 2,206 5,024 4,415 
Loan costs expensed508 1 522 53 
Total$3,158 $2,093 $5,712 $4,239 
v3.25.2
Interest Payable, Accounts Payable and Deferred Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Accounts Payable and Accrued Liabilities [Abstract]  
Schedule of Interest Payable, Accounts Payable and Deferred Revenue
(In thousands)June 30, 2025December 31, 2024
Interest payable(1)
$25,375 $19,584 
Accounts payable and accrued liabilities89,755 60,131 
Deferred revenue42,250 51,296 
Total interest payable, accounts payable and deferred revenue$157,380 $131,011 

________________________________________________
(1)     At June 30, 2025, includes accrued interest of $4.6 million for a term loan that matures in March 2032. See Note 8 for more information regarding our debt.
v3.25.2
Derivative Contracts (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Derivatives
The table below summarizes our derivative contracts as of June 30, 2025:
Number of Interest Rate ContractsNotional
(In thousands)
Derivatives Designated as Cash Flow Hedges:
Consolidated derivatives - swaps(1)(2)(3)
19$2,170,000 
Consolidated derivatives - caps(2)(3)
6$1,202,000 
___________________________________________________
(1)The notional amount reflects 100%, not our pro-rata share, of our consolidated JVs' derivatives. See Note 8 for more information about our hedged consolidated debt.
(2)Our derivative contracts do not provide for right of offset between derivative contracts.
(3)See Note 13 for our derivative fair value disclosures.
Schedule of Derivative Assets at Fair Value The fair value of our interest rate swap and cap contract assets, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands)June 30, 2025December 31, 2024
Consolidated derivatives(1)
$44,251 $85,420 
Unconsolidated Fund's derivatives(2)
$— $6,839 
________________________________________________________
(1)The amounts reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)We consolidated Partnership X commencing on January 1, 2025. See Note 3 regarding the consolidation of Partnership X. The amounts in the comparable period reflect 100%, not our pro-rata share, of Partnership X's derivatives. For more information about Partnership X, including our equity interest percentage, see Note 6.
Schedule of Derivative Liabilities at Fair Value The fair value of our interest rate swap contract liabilities, including accrued interest and excluding credit risk adjustments, was as follows:
(In thousands)June 30, 2025December 31, 2024
Consolidated derivatives(1)(2)
$3,756 $— 
___________________________________________________
(1)The amounts include 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)We did not have any consolidated swaps in a liability position as of December 31, 2024.
Schedule of Effect of Derivative Instruments on Consolidated Statements of Operations
The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations:

(In thousands)Six Months Ended June 30,
 20252024
Derivatives Designated as Cash Flow Hedges:  
Consolidated derivatives:
(Losses) gains recorded in AOCI before reclassifications(1)
$(7,229)$51,587 
Gains reclassified from AOCI to Interest Expense(1)
$(38,377)$(77,965)
Interest expense presented on the consolidated statements of operations$(125,413)$(110,287)
Unconsolidated Fund's derivatives (our share)(2):
Gains recorded in AOCI before reclassifications(1)
$— $5,550 
Gains reclassified from AOCI to Income from unconsolidated Fund(1)
$— $(1,802)
Income from unconsolidated Fund presented on the consolidated statements of operations$— $1,121 
Gain reclassified from AOCI to Gain from consolidation of JV(3)
$(4,762)$— 
Gain from consolidation of JV presented on the consolidated statements of operations(3)
$47,212 $— 
________________________________________________________________
(1)See Note 11 for our AOCI reconciliation.
(2)We did not have any unconsolidated entities during the six months ended June 30, 2025. For the comparable period, we calculate our share by multiplying the total amount for the Fund by our equity interest in the Fund. For more information about the Fund, including our equity interest percentage, see Note 6.
(3)We consolidated Partnership X commencing on January 1, 2025. Our share of the Partnership X's OCI on January 1, 2025 was reclassified to the gain from consolidation we recorded. See Note 3 regarding the consolidation of Partnership X.
Schedule of Future Reclassifications from AOCI
As of June 30, 2025, our estimate of the AOCI related to derivatives designated as cash flow hedges that will be reclassified to earnings during the next twelve months is as follows:
(In thousands)
Consolidated derivatives:
Gains to be reclassified from AOCI to Interest Expense$27,719 
v3.25.2
Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Net Income (Loss) 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:
 Six Months Ended June 30,
(In thousands)20252024
Net income attributable to common stockholders$33,965 $19,787 
Transfers from noncontrolling interests:
Exchange of OP Units with noncontrolling interests159 2,954 
Repurchases of OP Units from noncontrolling interests(7)2 
Net transfers from noncontrolling interests152 2,956 
Change from net income attributable to common stockholders and transfers from noncontrolling interests$34,117 $22,743 
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:

Six Months Ended June 30,
(In thousands)20252024
Accumulated Other Comprehensive Income - Beginning balance$54,917 $115,917 
Consolidated derivatives:
Other comprehensive (loss) income before reclassifications(7,229)51,587 
Reclassification of gains from AOCI to Interest Expense(38,377)(77,965)
Unconsolidated Fund's derivatives (our share)(2):
Other comprehensive income before reclassifications— 5,550 
Reclassification of gains from AOCI to Income from unconsolidated Fund— (1,802)
Consolidation of unconsolidated Fund(3)
(4,762)— 
Net current period OCI(50,368)(22,630)
OCI attributable to noncontrolling interests20,393 7,340 
OCI attributable to common stockholders(29,975)(15,290)
Accumulated Other Comprehensive Income - Ending balance$24,942 $100,627 
___________________________________________________
(1)See Note 10 for the details of our derivatives and Note 13 for our derivative fair value disclosures.
(2)We did not have any unconsolidated entities during the six months ended June 30, 2025. For the comparable period, we calculate our share by multiplying the total amount for our Fund by our equity interest in the Fund. For more information about our Fund, including our equity interest percentage, see Note 6.
(3)We consolidated Partnership X commencing on January 1, 2025. Our share of the Partnership X's OCI on January 1, 2025 was reclassified to the gain from consolidation we recorded. See Note 3 regarding the consolidation of Partnership X.
Schedule of Stock-based Compensation Expense The table below presents our stock-based compensation expense:
Three Months Ended June 30,Six Months Ended June 30,
(In thousands)2025202420252024
Stock-based compensation expense, net$2,409 $2,429 $5,139 $5,292 
Capitalized stock-based compensation$680 $656 $1,335 $1,298 
v3.25.2
EPS (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted The table below presents the calculation of basic and diluted EPS:
 Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Numerator (In thousands):    
Net (loss) income attributable to common stockholders$(5,835)$10,878 $33,965 $19,787 
Allocation to participating securities: Unvested LTIP Units(339)(341)(684)(692)
Net (loss) income attributable to common stockholders - basic and diluted$(6,174)$10,537 $33,281 $19,095 
Denominator (In thousands):
Weighted average shares of common stock outstanding - basic and diluted(1)
167,446 167,385 167,444 167,355 
Net (loss) income per common share - basic and diluted$(0.04)$0.06 $0.20 $0.11 
____________________________________________________
(1) Outstanding OP Units and vested LTIP Units are not included in the denominator in calculating diluted EPS, even though they may be exchanged under certain conditions for common stock on a one-for-one basis, because their associated net income or loss (equal on a per unit basis to the Net income or loss per common share - diluted) was already deducted in calculating Net (loss) income attributable to common stockholders. Accordingly, any exchange would not have any effect on diluted EPS. The table below presents the weighted average OP Units and vested LTIP Units outstanding for the respective periods:

 Three Months Ended June 30,Six Months Ended June 30,
 (In thousands)2025202420252024
OP Units32,806 30,870 32,812 30,900 
Vested LTIP Units2,718 2,806 2,706 2,789 
v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Estimated Fair Value and Carrying Value of Liabilities The table below presents the estimated fair value and carrying value of our secured notes payable, the carrying value includes unamortized loan premium/discount and excludes unamortized deferred loan fees:
(In thousands)June 30, 2025December 31, 2024
Fair value$5,560,681 $5,429,586 
Carrying value$5,593,272 $5,524,643 
The table below presents the estimated fair value and carrying value of our ground lease liability:
(In thousands)June 30, 2025December 31, 2024
Fair value$4,296 $3,764 
Carrying value$10,815 $10,822 
Schedule of Financial Instruments Measured at Fair Value
The table below presents the estimated fair value of our derivatives.

(In thousands)June 30, 2025December 31, 2024
Derivative Assets:
Fair value - consolidated derivatives(1)
$40,149 $77,620 
Fair value - unconsolidated Fund's derivatives(2)
$— $6,459 
Derivative Liabilities:
Fair value - consolidated derivatives(1)
$3,794 $— 
____________________________________________________
(1)    Consolidated derivatives, which reflect 100%, not our pro-rata share, of our consolidated JVs' derivatives, are included in interest rate contracts on our consolidated balance sheets. The fair values exclude accrued interest which is included in interest payable on our consolidated balance sheets. See "Loan Guarantees" in Note 16 regarding Partnership X swap guarantees.
(2)    We consolidated Partnership X commencing on January 1, 2025. See Note 3 regarding the consolidation of Partnership X. For the comparable period, the Unconsolidated Fund's derivatives, reflect 100%, not our pro-rata share, of our unconsolidated Fund's derivatives. Our pro-rata share of the amounts related to the unconsolidated Fund's derivatives is included in our Investment in unconsolidated Fund on our consolidated balance sheets. See Note 6 for more information about our Fund, including our equity interest percentage.
v3.25.2
Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30,Six Months Ended June 30,
2025202420252024
Office Segment
Total office revenues$202,810 $199,240 $404,907 $397,177 
Office expenses(76,559)(67,141)(149,612)(134,361)
Office segment profit126,251 132,099 255,295 262,816 
Multifamily Segment
Total multifamily revenues49,624 46,537 99,062 93,569 
Multifamily expenses(16,230)(15,967)(32,785)(31,817)
Multifamily segment profit33,394 30,570 66,277 61,752 
Total profit from all segments$159,645 $162,669 $321,572 $324,568 
Schedule of Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders
The table below presents a reconciliation of the net (loss) income attributable to common stockholders to the total profit from all segments:

(In thousands)Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Net (loss) income attributable to common stockholders$(5,835)$10,878 $33,965 $19,787 
Net loss attributable to noncontrolling interests(9,228)(1,647)(4,449)(4,425)
Net (loss) income(15,063)9,231 29,516 15,362 
General and administrative expenses12,281 11,488 23,741 23,059 
Depreciation and amortization101,719 95,492 199,559 191,261 
Other income(4,788)(7,430)(9,711)(14,474)
Other expenses161 80 266 194 
Income from unconsolidated Fund— (1,147)— (1,121)
Interest expense65,335 54,955 125,413 110,287 
Gain from consolidation of JV— — (47,212)— 
Total profit from all segments$159,645 $162,669 $321,572 $324,568 
v3.25.2
Future Minimum Lease Rental Receipts (Tables)
 6 Months Ended
Jun. 30, 2025
Lessor Disclosure [Abstract]  
Schedule of Future Minimum Base Rentals on Non-Cancelable Office and Ground Operating Leases The table below presents the future minimum base rentals on our non-cancelable office tenant and ground leases for our consolidated properties at June 30, 2025:
Twelve months ending June 30, (In thousands)
2026$591,195 
2027505,845 
2028417,626 
2029331,661 
2030267,800 
Thereafter1,005,282 
Total future minimum base rentals(1)
$3,119,409 
___________________________________
(1)    Does not include (i) residential leases, which typically have a term of one year or less, (ii) holdover rent, (iii) other types of rent such as storage and antenna rent, (iv) tenant reimbursements, (v) straight-line rent, (vi) amortization/accretion of acquired above/below-market lease intangibles and (vii) percentage rents.  The amounts assume that early termination options held by tenants will not be exercised.
v3.25.2
Overview - Narrative (Details)
$ in Thousands, ft² in Millions
Jun. 30, 2025
USD ($)
ft²
venture
unit
property
parcel
Jan. 01, 2025
ft²
property
Dec. 31, 2024
USD ($)
Real Estate Properties [Line Items]      
Consolidated debt $ 5,592,356   $ 5,521,889
Number of joint ventures consolidated | venture 6    
Number of properties | property 85    
Total assets $ 9,433,532   9,403,700
Consolidated investment in real estate 8,793,399   8,578,627
Total liabilities 5,842,104   5,745,460
Consolidated investment in real estate 5,562,721   5,498,022
Subsidiaries      
Real Estate Properties [Line Items]      
Consolidated debt 3,750,606   3,725,139
Consolidated entities      
Real Estate Properties [Line Items]      
Total assets 3,860,000   3,770,000
Consolidated investment in real estate 3,600,000   3,380,000
Total liabilities 1,910,000   1,860,000
Consolidated investment in real estate $ 1,840,000   $ 1,800,000
Wholly owned and Consolidated properties      
Real Estate Properties [Line Items]      
Number of land parcels subject to ground lease | parcel 2    
Office      
Real Estate Properties [Line Items]      
Number of properties | property 70    
Office | Variable Interest Entity, Primary Beneficiary      
Real Estate Properties [Line Items]      
Number of properties | property   2  
Retail square footage (sq ft) | ft²   0.4  
Office | Wholly owned and Consolidated properties      
Real Estate Properties [Line Items]      
Area of real estate portfolio | ft² 18.0    
Multifamily      
Real Estate Properties [Line Items]      
Number of properties | property 15    
Multifamily | Wholly owned and Consolidated properties      
Real Estate Properties [Line Items]      
Number of multifamily apartment units | unit 5,442    
v3.25.2
Overview - Schedule of Properties Portfolio (Details)
Jun. 30, 2025
property
Real Estate Properties [Line Items]  
Number of properties 85
Office  
Real Estate Properties [Line Items]  
Number of properties 70
Office | Wholly-owned properties  
Real Estate Properties [Line Items]  
Number of properties 52
Office | Consolidated JV properties  
Real Estate Properties [Line Items]  
Number of properties 18
Multifamily  
Real Estate Properties [Line Items]  
Number of properties 15
Multifamily | Wholly-owned properties  
Real Estate Properties [Line Items]  
Number of properties 12
Multifamily | Consolidated JV properties  
Real Estate Properties [Line Items]  
Number of properties 3
v3.25.2
Summary of Significant Accounting Policies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Real Estate Properties [Line Items]        
Total revenues $ 252,434 $ 245,777 $ 503,969 $ 490,746
Tenant Recoveries        
Real Estate Properties [Line Items]        
Total revenues $ 12,900 $ 11,500 $ 25,100 $ 20,500
v3.25.2
Investment in Real Estate - Summary of Investment in Real Estate (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Real Estate [Abstract]    
Land $ 1,199,291 $ 1,185,977
Buildings and improvements 10,448,766 10,190,502
Tenant improvements and lease intangibles 1,074,365 1,032,373
Property under development 142,079 86,400
Investment in real estate, gross $ 12,864,501 $ 12,495,252
v3.25.2
Investment in Real Estate - Narrative (Details)
ft² in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jan. 02, 2025
ft²
story
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
ft²
property
Schedule Of Asset Acquisitions [Line Items]            
Number of properties | property   85   85    
Consolidation of JV       $ 20,246    
Gain from consolidation of JV   $ 0 $ 0 47,212 $ 0  
Consolidated debt   5,592,356   5,592,356   $ 5,521,889
Consolidated JV            
Schedule Of Asset Acquisitions [Line Items]            
Capital interest in consolidated JV ( in percent) 30.00%          
Consolidated JV | Fannie Mae Loan - June 1, 2029 Maturity | Secured Debt            
Schedule Of Asset Acquisitions [Line Items]            
Consolidated debt   $ 61,750   $ 61,750   $ 61,750
Office            
Schedule Of Asset Acquisitions [Line Items]            
Number of properties | property   70   70    
Office | Consolidated JV | 10900 Wilshire            
Schedule Of Asset Acquisitions [Line Items]            
Area of real estate portfolio | ft² 247          
Number of story in real estate portfolio | story 17          
Partnership X            
Schedule Of Asset Acquisitions [Line Items]            
Consolidation of JV       $ 20,200    
Gain from consolidation of JV       $ 47,200    
Partnership X | Office            
Schedule Of Asset Acquisitions [Line Items]            
Number of properties | property           2
Area of real estate portfolio | ft²           400
v3.25.2
Investment in Real Estate - Consolidation (Details) - Partnership X
$ in Thousands
Jan. 01, 2025
USD ($)
Schedule Of Asset Acquisitions [Line Items]  
Tenant improvements and lease intangibles $ 7,861
Acquired lease intangible assets and liabilities, net (602)
Interest rate contract assets 6,459
Secured note payable, net (112,995)
Other assets and liabilities, net 23,501
Net assets and liabilities consolidated 86,466
Land  
Schedule Of Asset Acquisitions [Line Items]  
Land, Buildings and improvements 4,286
Buildings and improvements  
Schedule Of Asset Acquisitions [Line Items]  
Land, Buildings and improvements $ 157,956
v3.25.2
Investment in Real Estate - Summary of Purchase Price Allocation (Details) - 10900 Wilshire
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Schedule Of Asset Acquisitions [Line Items]  
Tenant improvements and lease intangibles $ 4,035
Acquired lease intangible assets and liabilities, net 1,074
Land  
Schedule Of Asset Acquisitions [Line Items]  
Land, Buildings and improvements 9,029
Building Improvements  
Schedule Of Asset Acquisitions [Line Items]  
Land, Buildings and improvements $ 80,865
v3.25.2
Ground Lease - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Lessee Disclosure [Abstract]          
Fixed rent payments due per year on ground lease $ 733   $ 733    
Ground lease right-of-use asset 7,433   7,433   $ 7,438
Ground lease liability 10,815   10,815   $ 10,822
Ground rent expense $ 183 $ 183 $ 366 $ 366  
v3.25.2
Ground Lease - Summary of Ground Lease Payments (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Future minimum ground lease payments due:  
2026 $ 733
2027 733
2028 733
2029 733
2030 733
Thereafter 41,414
Total future minimum ground lease payments $ 45,079
v3.25.2
Acquired Lease Intangibles - Summary of Acquired Lease Intangibles (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Acquired lease intangible assets, net $ 5,499 $ 2,487
Acquired lease intangible liabilities, net 11,249 11,331
Above-market tenant leases    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Off-market lease, assets 7,716 4,338
Accumulated amortization (3,052) (2,694)
Above-market ground lease where we are the lessor    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Off-market lease, assets 1,152 1,152
Accumulated amortization (317) (309)
Below-market tenant leases    
Intangible Asset, Acquired, Finite-Lived [Line Items]    
Below-market tenant leases 32,355 34,704
Below-market tenant leases - accumulated accretion $ (21,106) $ (23,373)
v3.25.2
Acquired Lease Intangibles - Impact on Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Total $ 1,159 $ 1,983 $ 2,622 $ 4,326
Rental revenues | Tenant Lease        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Total 1,163 1,987 2,630 4,334
Office parking and other income | Above-market ground lease where we are the lessor        
Intangible Asset, Acquired, Finite-Lived [Line Items]        
Total $ (4) $ (4) $ (8) $ (8)
v3.25.2
Investment in Unconsolidated Fund - Narrative (Details)
$ in Thousands, ft² in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
property
Jun. 30, 2024
USD ($)
Jan. 01, 2025
ft²
property
Dec. 31, 2024
ft²
property
Feb. 29, 2024
Feb. 28, 2024
Schedule of Equity Method Investments [Line Items]            
Number of office properties | property 85          
Operating distributions from unconsolidated Fund | $ $ 0 $ 573        
Proceeds from equity method investment, distribution, return of capital | $ $ 0 147        
Amounts related to the fund (percent) 100.00%          
Office            
Schedule of Equity Method Investments [Line Items]            
Number of office properties | property 70          
Office | Variable Interest Entity, Primary Beneficiary            
Schedule of Equity Method Investments [Line Items]            
Number of office properties | property     2      
Area of real estate portfolio | ft²     0.4      
Partnership X            
Schedule of Equity Method Investments [Line Items]            
Equity interest of the fund (percent)         74.00% 53.80%
Equity method investment, purchased additional equity interest (percent)         20.20%  
Operating distributions from unconsolidated Fund | $   573        
Proceeds from equity method investment, distribution, return of capital | $   $ 147        
Partnership X | Office            
Schedule of Equity Method Investments [Line Items]            
Number of office properties | property       2    
Area of real estate portfolio | ft²       0.4    
v3.25.2
Investment in Unconsolidated Fund - Summary of Statement of Financial Position Information for Funds (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Total assets $ 9,433,532 $ 9,403,700
Total liabilities 5,842,104 5,745,460
Total equity $ 1,999,161 2,058,649
Unconsolidated Funds    
Schedule of Equity Method Investments [Line Items]    
Total assets   145,626
Total liabilities   118,825
Total equity   $ 26,801
v3.25.2
Investment in Unconsolidated Fund - Summary of Statement of Operations Information for Funds (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]        
Total revenues $ 252,434 $ 245,777 $ 503,969 $ 490,746
Net income $ (5,835) $ 10,878 $ 33,965 19,787
Unconsolidated Funds        
Schedule of Equity Method Investments [Line Items]        
Total revenues       8,685
Operating income       2,104
Net income       $ 1,248
v3.25.2
Other Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Other Assets [Abstract]    
Prepaid expenses, note receivable and other $ 14,807 $ 124,430
Deposits with lender 14,338 14,072
Furniture, fixtures and equipment, net 6,913 6,833
Indefinite-lived intangibles 1,988 1,988
Other assets $ 38,046 $ 147,323
v3.25.2
Secured Notes Payable, Net - Summary (Details)
$ in Thousands
 1 Months Ended 6 Months Ended
May 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
Jun. 30, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Principal balance     $ 5,592,356 $ 5,521,889
Unamortized loan premium/discount, net     916 2,754
Unamortized deferred loan costs, net     (30,551) (26,621)
Total Consolidated Debt, net     $ 5,562,721 5,498,022
Minimum number of separate collateral pools used to secure loans | property     1  
Cash deposit     $ 14,338 14,072
Weighted average annual interest rate     3.78%  
Loan premium accumulated amortization     $ 1,300 1,400
Accumulated amortization on deferred loan costs     $ 56,500 56,900
Secured Debt        
Debt Instrument [Line Items]        
Loan agreement SOFR floor     0  
Secured Debt | Term Loan - Fixed - June 1, 2038 Maturity        
Debt Instrument [Line Items]        
Principal amortization period     30 years  
Secured Debt | Term Loan - December 11, 2028 Maturity        
Debt Instrument [Line Items]        
Principal amortization period     25 years  
Periodic payment term     12 months  
Subsidiaries        
Debt Instrument [Line Items]        
Principal balance     $ 3,750,606 3,725,139
Subsidiaries | Fannie Mae Loan - June 1, 2027 Maturity        
Debt Instrument [Line Items]        
Interest rate     8.99%  
Subsidiaries | Fannie Mae Loan - August 1, 2033 Maturity        
Debt Instrument [Line Items]        
Interest rate     7.84%  
Subsidiaries | Fannie Mae Loan - June 1, 2029 Maturity | Minimum        
Debt Instrument [Line Items]        
Fixed Interest Rate     6.00%  
Subsidiaries | Fannie Mae Loan - June 1, 2029 Maturity | Maximum        
Debt Instrument [Line Items]        
Interest rate     6.25%  
Subsidiaries | Secured Debt        
Debt Instrument [Line Items]        
Interest rate     5.50%  
Revolving credit facility     $ 12,500  
Outstanding balance on revolving credit facility     1,100  
Subsidiaries | Secured Debt | Fannie Mae Loan        
Debt Instrument [Line Items]        
Principal balance     $ 0 102,400
Debt instrument, face amount   $ 127,200    
Repayment of debt   $ 102,400    
Subsidiaries | Secured Debt | Term Loan - Aug 15, 2026 Maturity        
Debt Instrument [Line Items]        
Maturity date     Aug. 15, 2026  
Principal balance     $ 415,000 415,000
Variable Interest Rate     1.20%  
Fixed Interest Rate     3.07%  
Swap Maturity Date     Aug. 01, 2025  
Subsidiaries | Secured Debt | Term Loan - Sep 19, 2026 Maturity        
Debt Instrument [Line Items]        
Maturity date     Sep. 19, 2026  
Principal balance     $ 366,000 366,000
Variable Interest Rate     1.25%  
Subsidiaries | Secured Debt | Term Loan - Sep 26, 2026 Maturity        
Debt Instrument [Line Items]        
Maturity date     Sep. 26, 2026  
Principal balance     $ 200,000 200,000
Variable Interest Rate     1.30%  
Subsidiaries | Secured Debt | Term Loan - Nov 1, 2026 Maturity        
Debt Instrument [Line Items]        
Maturity date     Nov. 01, 2026  
Principal balance     $ 400,000 400,000
Variable Interest Rate     1.25%  
Subsidiaries | Secured Debt | Fannie Mae Loan - June 1, 2027 Maturity        
Debt Instrument [Line Items]        
Maturity date     Jun. 01, 2027  
Principal balance     $ 550,000 550,000
Variable Interest Rate     1.48%  
Debt instrument, face amount     $ 472,000  
Number of residential properties | property     4  
Cash deposit       13,300
Subsidiaries | Secured Debt | Term Loan - May 18, 2028 Maturity        
Debt Instrument [Line Items]        
Maturity date     May 18, 2028  
Principal balance     $ 300,000 300,000
Variable Interest Rate     1.51%  
Fixed Interest Rate     2.21%  
Swap Maturity Date     Jun. 01, 2026  
Subsidiaries | Secured Debt | Term Loan - January 1, 2029 Maturity        
Debt Instrument [Line Items]        
Maturity date     Jan. 01, 2029  
Principal balance     $ 300,000 300,000
Variable Interest Rate     1.56%  
Fixed Interest Rate     2.66%  
Swap Maturity Date     Jan. 01, 2027  
Subsidiaries | Secured Debt | Fannie Mae Loan (MHA) - June 1, 2029 Maturity        
Debt Instrument [Line Items]        
Maturity date     Jun. 01, 2029  
Principal balance     $ 255,000 255,000
Variable Interest Rate     1.09%  
Fixed Interest Rate     3.26%  
Swap Maturity Date     Jun. 01, 2027  
Subsidiaries | Secured Debt | Fannie Mae Loans (Boutiques) - June 1, 2029 Maturity        
Debt Instrument [Line Items]        
Maturity date     Jun. 01, 2029  
Principal balance     $ 125,000 125,000
Variable Interest Rate     1.09%  
Fixed Interest Rate     3.25%  
Swap Maturity Date     Jun. 01, 2027  
Subsidiaries | Secured Debt | Fannie Mae Loan - April 1, 2030 Maturity        
Debt Instrument [Line Items]        
Maturity date     Apr. 01, 2030  
Principal balance     $ 127,200  
Fixed Interest Rate     4.99%  
Subsidiaries | Secured Debt | Term Loan - March 3, 2032 Maturity        
Debt Instrument [Line Items]        
Maturity date     Mar. 03, 2032  
Principal balance     $ 336,134 335,000
Fixed Interest Rate     4.57%  
Term of loan 2 years   7 years  
Interest rate 7.45%      
Weighted average annual interest rate     5.10%  
Debt instrument, interest rate, effective percentage     4.57%  
Principal payment $ 70,000      
Subsidiaries | Secured Debt | Fannie Mae Loan - August 1, 2033 Maturity        
Debt Instrument [Line Items]        
Maturity date     Aug. 01, 2033  
Principal balance     $ 350,000 350,000
Variable Interest Rate     1.37%  
Subsidiaries | Secured Debt | Term Loan - Fixed - June 1, 2038 Maturity        
Debt Instrument [Line Items]        
Maturity date     Jun. 01, 2038  
Principal balance     $ 26,272 26,739
Fixed Interest Rate     4.55%  
Subsidiaries | Secured Debt | Term Loan 1 - March 3, 2032 Maturity        
Debt Instrument [Line Items]        
Debt instrument, face amount     $ 200,000  
Interest rate     4.50%  
Accrued interest rate     2.825%  
Subsidiaries | Secured Debt | Term Loan 2 - March 3, 2032 Maturity        
Debt Instrument [Line Items]        
Debt instrument, face amount     $ 135,000  
Interest rate     6.00%  
Consolidated JV | Secured Debt | Term Loan - May 15, 2027 Maturity        
Debt Instrument [Line Items]        
Maturity date     May 15, 2027  
Principal balance     $ 380,000 450,000
Variable Interest Rate     1.45%  
Consolidated JV | Secured Debt | Term Loan - August 19, 2028 Maturity        
Debt Instrument [Line Items]        
Maturity date     Aug. 19, 2028  
Principal balance     $ 625,000 625,000
Variable Interest Rate     1.45%  
Consolidated JV | Secured Debt | Term Loan September 14, 2028 Maturity        
Debt Instrument [Line Items]        
Maturity date     Sep. 14, 2028  
Principal balance     $ 115,000  
Variable Interest Rate     1.46%  
Fixed Interest Rate     2.19%  
Swap Maturity Date     Oct. 01, 2026  
Consolidated JV | Secured Debt | Term Loan - December 11, 2028 Maturity        
Debt Instrument [Line Items]        
Maturity date     Dec. 11, 2028  
Principal balance     $ 325,000 325,000
Variable Interest Rate     2.50%  
Fixed Interest Rate     6.36%  
Swap Maturity Date     Jan. 05, 2028  
Consolidated JV | Secured Debt | Term Loan - April 26, 2029 Maturity        
Debt Instrument [Line Items]        
Maturity date     Apr. 26, 2029  
Principal balance     $ 175,000 175,000
Variable Interest Rate     1.25%  
Fixed Interest Rate     3.90%  
Swap Maturity Date     May 01, 2026  
Consolidated JV | Secured Debt | Term Loan - June 1, 2029 Maturity        
Debt Instrument [Line Items]        
Maturity date     Jun. 01, 2029  
Principal balance     $ 160,000 160,000
Variable Interest Rate     1.09%  
Fixed Interest Rate     3.25%  
Swap Maturity Date     Jul. 01, 2027  
Consolidated JV | Secured Debt | Fannie Mae Loan - June 1, 2029 Maturity        
Debt Instrument [Line Items]        
Maturity date     Jan. 09, 2030  
Principal balance     $ 61,750 $ 61,750
Fixed Interest Rate     6.00%  
v3.25.2
Secured Notes Payable, Net - Debt by Type (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Consolidated debt $ 5,592,356 $ 5,521,889
Principal balance (in billions) $ 2,720,000  
Weighted average remaining life (including extension options) 3 years 8 months 12 days  
Weighted average remaining fixed interest period 2 years 3 months 18 days  
Weighted average annual interest rate 3.78%  
Aggregate swap-fixed rate loans    
Debt Instrument [Line Items]    
Consolidated debt $ 2,170,000 3,130,000
Aggregate fixed rate loans    
Debt Instrument [Line Items]    
Consolidated debt 551,356 88,489
Aggregate capped rate loans    
Debt Instrument [Line Items]    
Consolidated debt 1,202,000 822,000
Aggregate floating rate loans    
Debt Instrument [Line Items]    
Consolidated debt $ 1,669,000 $ 1,481,400
v3.25.2
Secured Notes Payable, Net - Future Principal Payments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Minimum Future Principal Payments Due    
2026 $ 965  
2027 2,312,010  
2028 301,057  
2029 2,081,106  
2030 190,107  
Thereafter 707,111  
Total future principal payments $ 5,592,356 $ 5,521,889
v3.25.2
Secured Notes Payable, Net - Loan Costs and Accumulated Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Loan Costs Included In Interest Expense        
Loan premium/discount (amortized)/accreted and written off, net     $ 166 $ (229)
Interest Expense        
Loan Costs Included In Interest Expense        
Loan premium/discount (amortized)/accreted and written off, net $ 83 $ (114) 166 (229)
Deferred loan costs amortized and written off 2,567 2,206 5,024 4,415
Loan costs expensed 508 1 522 53
Total $ 3,158 $ 2,093 $ 5,712 $ 4,239
v3.25.2
Interest Payable, Accounts Payable and Deferred Revenue - Summary of Balances (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Interest payable $ 25,375 $ 19,584
Accounts payable and accrued liabilities 89,755 60,131
Deferred revenue 42,250 51,296
Total interest payable, accounts payable and deferred revenue 157,380 131,011
Accrued interest on term loan 25,375 $ 19,584
Subsidiaries | Term Loan - March 3, 2032 Maturity | Secured Debt    
Debt Instrument [Line Items]    
Interest payable 4,600  
Accrued interest on term loan $ 4,600  
v3.25.2
Derivative Contracts - Summary of Derivatives (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
instrument
Derivative [Line Items]  
Percentage of notional amount disclosed 100.00%
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging  
Derivative [Line Items]  
Number of Interest Rate Contracts | instrument 19
Notional | $ $ 2,170,000
Percentage of notional amount disclosed 100.00%
Interest Rate Cap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging  
Derivative [Line Items]  
Number of Interest Rate Contracts | instrument 6
Notional | $ $ 1,202,000
v3.25.2
Derivative Contracts - Counterparty Credit Risk (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value of derivatives in an asset position $ 40,149 $ 77,620
Percentage of notional amount disclosed 100.00%  
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value of derivatives in an asset position $ 44,251 85,420
Percentage of notional amount disclosed 100.00%  
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging | Unconsolidated Funds    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value of derivatives in an asset position $ 0 $ 6,839
Percentage of notional amount disclosed 100.00%  
v3.25.2
Derivative Contracts - Credit-risk related Contingent Features (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Percentage of notional amount disclosed 100.00%  
Interest Rate Swap | Derivatives Designated as Cash Flow Hedges | Cash Flow Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value derivatives in net liability position $ 3,756 $ 0
Percentage of notional amount disclosed 100.00%  
v3.25.2
Derivative Contracts - Impact of Hedges on AOCI and Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Derivative [Line Items]        
Gains (losses) recorded in AOCI before reclassifications     $ (7,229) $ 51,587
Interest expense presented on the consolidated statements of operations $ (65,335) $ (54,955) (125,413) (110,287)
Income from unconsolidated Fund presented on the consolidated statements of operations 0 1,147 0 1,121
Gain reclassified from AOCI to Gain from consolidation of JV     (4,762) 0
Gain from consolidation of JV presented on the consolidated statements of operations $ 0 $ 0 47,212 0
Unconsolidated Funds        
Derivative [Line Items]        
Gains (losses) recorded in AOCI before reclassifications     0 5,550
Gain reclassified from AOCI to Gain from consolidation of JV     (4,762) 0
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges        
Derivative [Line Items]        
Gains (losses) recorded in AOCI before reclassifications     (7,229) 51,587
Gains reclassified from AOCI to interest expense     (38,377) (77,965)
Cash Flow Hedging | Derivatives Designated as Cash Flow Hedges | Unconsolidated Funds        
Derivative [Line Items]        
Gains (losses) recorded in AOCI before reclassifications     0 5,550
Gains reclassified from AOCI to interest expense     $ 0 $ (1,802)
v3.25.2
Derivative Contracts - Future Reclassifications from AOCI (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Gains to be reclassified from AOCI to Interest Expense $ 27,719
v3.25.2
Equity - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]                  
Number of OP units converted to shares of common stock (in shares)       11,000 193,000        
Number of OP units redeemed (in shares)       16,000 1,164        
OP Units redeemed with cash   $ 187 $ 10 $ 235 $ 16        
Common stock, outstanding (in shares) 167,446,350 167,446,350   167,446,350     167,435,259    
Common stock shares for future awards 12,800,000 12,800,000   12,800,000          
Number of shares of common stock issued upon redemption of one OP unit (in shares)       1          
OP unit conversion rate 1 1   1          
Consolidated entities                  
Schedule of Equity Method Investments [Line Items]                  
Additional capital raised $ 12,000                
Parent                  
Schedule of Equity Method Investments [Line Items]                  
Additional capital raised 6,600                
Variable Interest Entity, Primary Beneficiary | Investor                  
Schedule of Equity Method Investments [Line Items]                  
Additional capital raised $ 5,400                
Common Stock                  
Schedule of Equity Method Investments [Line Items]                  
Number of OP units converted to shares of common stock (in shares)     27,000 11,000 193,000        
Common stock, outstanding (in shares) 167,446,000 167,446,000 167,399,000 167,446,000 167,399,000 167,446,000 167,435,000 167,372,000 167,206,000
Operating Partnership                  
Schedule of Equity Method Investments [Line Items]                  
Noncontrolling interests units ownership in Operating Partnership (in units) 35,500,000 35,500,000   35,500,000          
Investors' ownership in joint venture (percent) 17.50% 17.50%   17.50%          
Operating Partnership | Common Stock                  
Schedule of Equity Method Investments [Line Items]                  
Percentage of operating partnership's total outstanding interests 82.50% 82.50%   82.50%          
v3.25.2
Equity - Net Income Attributable to Common Stockholders and Transfers (to) from Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stockholders' Equity Note [Abstract]        
Net income attributable to common stockholders $ (5,835) $ 10,878 $ 33,965 $ 19,787
Transfers from noncontrolling interests:        
Exchange of OP Units with noncontrolling interests     159 2,954
Repurchases of OP Units from noncontrolling interests     (7) 2
Net transfers from noncontrolling interests     152 2,956
Change from net income attributable to common stockholders and transfers from noncontrolling interests     $ 34,117 $ 22,743
v3.25.2
Equity - Accumulated Other Comprehensive Income Schedule (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ 3,658,240 $ 3,845,397
Other comprehensive (loss) income before reclassifications (7,229) 51,587
Reclassification of gains from AOCI to Interest Expense/ income from unconsolidated fund (38,377) (77,965)
Consolidation of unconsolidated Fund (4,762) 0
Net current period OCI (50,368) (22,630)
OCI attributable to noncontrolling interests 20,393 7,340
OCI attributable to common stockholders (29,975) (15,290)
Ending balance 3,591,428 3,762,995
Unconsolidated Funds    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Other comprehensive (loss) income before reclassifications 0 5,550
Reclassification of gains from AOCI to Interest Expense/ income from unconsolidated fund 0 (1,802)
Consolidation of unconsolidated Fund (4,762) 0
Accumulated Other Comprehensive Income    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 54,917 115,917
Ending balance $ 24,942 $ 100,627
v3.25.2
Equity - Equity Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Stockholders' Equity Note [Abstract]        
Stock-based compensation expense, net $ 2,409 $ 2,429 $ 5,139 $ 5,292
Capitalized stock-based compensation $ 680 $ 656 $ 1,335 $ 1,298
v3.25.2
EPS (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Net (loss) income attributable to common stockholders $ (5,835) $ 10,878 $ 33,965 $ 19,787
Allocation to participating securities: Unvested LTIP Units (339) (341) (684) (692)
Net (loss) income attributable to common stockholders - basic (6,174) 10,537 33,281 19,095
Net (loss) income attributable to common stockholders - diluted $ (6,174) $ 10,537 $ 33,281 $ 19,095
Weighted average shares of common stock outstanding, basic (in shares) 167,446,000 167,385,000 167,444,000 167,355,000
Weighted average shares of common stock outstanding, diluted (in shares) 167,446,000 167,385,000 167,444,000 167,355,000
Net (loss) income per common share - basic (in usd per share) $ (0.04) $ 0.06 $ 0.20 $ 0.11
Net (loss) income per common share – diluted (in usd per share) $ (0.04) $ 0.06 $ 0.20 $ 0.11
Number of shares of common stock issued upon exchange of one OP unit or one vested LTIP unit (in shares) 1 1 1 1
OP Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares) 32,806,000 30,870,000 32,812,000 30,900,000
Vested LTIP Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from the computation of weighted average diluted shares (in shares) 2,718,000 2,806,000 2,706,000 2,789,000
v3.25.2
Fair Value of Financial Instruments - Estimated Fair Value of Secured Notes Payable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Ground lease liability $ 10,815 $ 10,822
Fair value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Secured notes payable 5,560,681 5,429,586
Ground lease liability 4,296 3,764
Carrying value | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Secured notes payable 5,593,272 5,524,643
Ground lease liability $ 10,815 $ 10,822
v3.25.2
Fair Value of Financial Instruments - Financial Instruments Measured at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Derivative Assets:    
Fair value - derivatives $ 40,149 $ 77,620
Derivative Liabilities:    
Fair value - consolidated derivatives $ 3,794 0
Percentage of notional amount disclosed 100.00%  
Level 2    
Derivative Assets:    
Fair value - derivatives $ 40,149 77,620
Derivative Liabilities:    
Fair value - consolidated derivatives 3,794 0
Level 2 | Unconsolidated Funds    
Derivative Assets:    
Fair value - derivatives $ 0 $ 6,459
Derivative Liabilities:    
Percentage of notional amount disclosed 100.00%  
v3.25.2
Segment Reporting - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of reportable business segments 2
v3.25.2
Segment Reporting - Operating Activity Within Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Total revenues $ 252,434 $ 245,777 $ 503,969 $ 490,746
Total profit from all segments 159,645 162,669 321,572 324,568
Office Segment        
Segment Reporting Information [Line Items]        
Total revenues 202,810 199,240 404,907 397,177
Operating expenses (76,559) (67,141) (149,612) (134,361)
Multifamily Segment        
Segment Reporting Information [Line Items]        
Total revenues 49,624 46,537 99,062 93,569
Operating expenses (16,230) (15,967) (32,785) (31,817)
Reportable Segments        
Segment Reporting Information [Line Items]        
Total profit from all segments 159,645 162,669 321,572 324,568
Reportable Segments | Office Segment        
Segment Reporting Information [Line Items]        
Total revenues 202,810 199,240 404,907 397,177
Operating expenses (76,559) (67,141) (149,612) (134,361)
Total profit from all segments 126,251 132,099 255,295 262,816
Reportable Segments | Multifamily Segment        
Segment Reporting Information [Line Items]        
Total revenues 49,624 46,537 99,062 93,569
Operating expenses (16,230) (15,967) (32,785) (31,817)
Total profit from all segments $ 33,394 $ 30,570 $ 66,277 $ 61,752
v3.25.2
Segment Reporting - Reconciliation of Segment Profit to Net Income Attributable to Common Stockholders (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]        
Net (loss) income attributable to common stockholders $ (5,835) $ 10,878 $ 33,965 $ 19,787
Net loss attributable to noncontrolling interests (9,228) (1,647) (4,449) (4,425)
Net (loss) income (15,063) 9,231 29,516 15,362
General and administrative expenses 12,281 11,488 23,741 23,059
Depreciation and amortization 101,719 95,492 199,559 191,261
Other income (4,788) (7,430) (9,711) (14,474)
Other expenses 161 80 266 194
Income from unconsolidated Fund 0 (1,147) 0 (1,121)
Interest expense 65,335 54,955 125,413 110,287
Gain from consolidation of JV 0 0 (47,212) 0
Total profit from all segments $ 159,645 $ 162,669 $ 321,572 $ 324,568
v3.25.2
Future Minimum Lease Rental Receipts - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
parcel
Lessor, Lease, Description [Line Items]  
Maximum term of residential leases not included in total future minimum base rentals 1 year
Wholly-owned properties  
Lessor, Lease, Description [Line Items]  
Number of land parcels subject to ground lease 2
v3.25.2
Future Minimum Lease Rental Receipts - Future Minimum Rental Receipts (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Future Minimum Base Rentals  
2026 $ 591,195
2027 505,845
2028 417,626
2029 331,661
2030 267,800
Thereafter 1,005,282
Total future minimum base rentals $ 3,119,409
v3.25.2
Commitments, Contingencies and Guarantees - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
building
Dec. 31, 2024
USD ($)
Nov. 30, 2023
USD ($)
Other Commitments [Line Items]      
Number of buildings containing asbestos | building 33    
Development Projects, Repositioning Projects, Capital Expenditure Projects, And Tenant Improvements      
Other Commitments [Line Items]      
Aggregate remaining contractual commitment $ 319.3    
Secured Debt | Subsidiaries | Term Loan - April 26, 2029 Maturity      
Other Commitments [Line Items]      
Maximum future payments under swap agreement     $ 175.0
Secured Debt | Subsidiaries | Fannie Mae Loan - June 1, 2027 Maturity      
Other Commitments [Line Items]      
Maximum future payments under swap agreement   $ 210.0  
v3.25.2
Subsequent Events (Details) - Term Loan - July 2032 - Secured Debt - Subsidiaries - Subsequent Event
$ in Millions
 1 Months Ended
Jul. 31, 2025
USD ($)
Subsequent Event [Line Items]  
Debt instrument, face amount $ 200.0
Variable interest rate 2.00%
Fixed interest rate 5.60%