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Here are 1-3 brief analogies for Douglas Emmett (DEI):

• Like NetJets for premium real estate – they own and operate top-tier office and luxury apartment properties in exclusive Los Angeles and Honolulu submarkets.
• The Tiffany & Co. of Los Angeles and Honolulu real estate – owning a curated portfolio of prime office buildings and luxury apartments in exclusive coastal enclaves.
• Like Ritz-Carlton for prime office buildings and luxury apartments in Los Angeles and Honolulu – owning and operating high-quality properties in exclusive coastal locations.

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• Office Property Rentals: Providing leasable office spaces within high-quality commercial buildings in premier coastal submarkets.
• Multifamily Property Rentals: Offering residential units for lease in premier apartment communities located in desirable urban areas.

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Douglas Emmett, Inc. (DEI) is a real estate investment trust (REIT) that owns and operates both office and multifamily properties. As such, its customer base consists of two primary groups:

Customers for Office Properties (Other Companies)

For its high-quality office properties, Douglas Emmett's customers are businesses that lease office space. REITs typically have a diverse tenant base to mitigate risk, and it is uncommon for any single tenant to represent a material portion of revenue (e.g., often less than 5-10% in a diversified portfolio). Public REITs generally do not disclose the names of all their corporate tenants, especially not individually, unless a specific tenant constitutes a significant and reportable concentration.

Given DEI's focus on "premier coastal submarkets of Los Angeles and Honolulu," its office tenants likely include a wide range of companies across various industries that seek prime locations for their operations. These may include, but are not limited to:

• Professional services firms (e.g., law, accounting, consulting)
• Technology and media companies
• Financial services institutions
• Entertainment industry companies (in Los Angeles)
• Regional or corporate headquarters for various businesses

Due to the diversified nature of a REIT's tenant roster and lack of public disclosure of specific customer names, it is not possible to list individual customer companies and their symbols.

Categories of Customers for Multifamily Properties (Individuals)

For its premier multifamily communities, Douglas Emmett's customers are individuals and households who rent apartments. Based on the description of focusing on "high-end executive housing" and "premier multifamily communities" with "key lifestyle amenities" in desirable coastal submarkets, the primary categories of customers served are:

1. High-income Professionals and Executives: Individuals and families often employed in demanding, high-earning professions, including corporate executives, tech professionals, and entertainment industry professionals, who seek luxury living spaces commensurate with their income and lifestyle in prime urban and coastal locations.
2. Affluent Individuals and Couples: Those who prioritize a premium lifestyle, desiring top-tier amenities, modern finishes, and convenience, and are willing to pay for luxury rental living in highly desirable, supply-constrained markets like coastal Los Angeles and Honolulu.
3. Sophisticated Urban Dwellers: Individuals or couples who value the flexibility, services, and community aspects of luxury rental living over home ownership, often seeking to live in vibrant neighborhoods close to work, entertainment, and cultural amenities.

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• Edison International (EIX)
• Sempra Energy (SRE)
• Hawaiian Electric Industries (HEI)
• Chubb Limited (CB)
• Otis Worldwide Corporation (OTIS)

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Jordan L. Kaplan Chairman & Chief Executive Officer

Mr. Kaplan was named Chairman of Douglas Emmett's Board in 2025 and has served as its Chief Executive Officer and a member of its Board since the company's inception. He joined Douglas Emmett's predecessor operating companies in 1986 and co-founded its immediate predecessor in 1991. From 1991 to 2006, Mr. Kaplan served as the Chief Financial Officer for the predecessor operating companies. He also holds presidential and CEO roles in several Douglas Emmett subsidiaries. Mr. Kaplan earned his bachelor's degree from the University of California, Santa Barbara, in 1983 and an M.B.A. from the University of California, Los Angeles, in 1986.

Peter D. Seymour Chief Financial Officer

Mr. Seymour assumed the role of Chief Financial Officer in February 2019, succeeding Mona Gisler. He initially joined Douglas Emmett in 2017 as its Chief Strategic Officer. Before his tenure at Douglas Emmett, Mr. Seymour dedicated 20 years to The Walt Disney Company, where he held the position of Executive Vice President and Chief Financial Officer of the Disney-ABC Television Group. He holds a Bachelor of Arts degree from Stanford University and an M.B.A. from Stanford Graduate School of Business.

Kenneth M. Panzer President & Chief Operating Officer

Mr. Panzer serves as Douglas Emmett's President and Chief Operating Officer, and he has been a member of its Board since 2006. He joined the company's predecessor operating companies in 1984, co-founded its immediate predecessor in 1991, and was the Chief Operating Officer of the predecessor operating companies from 1991 to 2006. Mr. Panzer received his bachelor's degree from Penn State University in 1982.

Kevin A. Crummy Chief Investment Officer

Mr. Crummy is the Chief Investment Officer for Douglas Emmett. Prior to joining the company in 2014, he spent 20 years at Eastdil Secured, a real estate investment banking company, where he was a Managing Director. In that role, he was responsible for sales and recapitalizations in Los Angeles, Hawaii, and other major West Coast markets, and also led the team that sourced Asian-based capital for real estate transactions in the United States and Europe. Mr. Crummy holds a Bachelor of Business Administration and a Master of Science in Real Estate and Urban Land Economics from the University of Wisconsin School of Business.

Michele L. Aronson Executive Vice President, General Counsel and Secretary

Ms. Aronson is Douglas Emmett's Executive Vice President, General Counsel, and Secretary. Before rejoining Douglas Emmett in 2014, she worked for 13 years at Morgan Stanley as a Managing Director in its global real estate investing business. Her responsibilities there included overseeing the investor relations group and the structuring and financing of MSREF investments in Asia and Europe.

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Here are the key risks to the business of Douglas Emmett (symbol: DEI):

1. Interest Rate Sensitivity and Financing Costs: Douglas Emmett, Inc., like many real estate investment trusts (REITs), is highly sensitive to fluctuations in interest rates, which directly impact its borrowing costs and the valuation of its properties. Recent reports indicate that higher interest expenses are a significant pressure on the company's profitability, and financing costs remain a crucial near-term risk. The ability of its portfolio to generate stable cash flow despite these elevated costs is a key concern for investors.

2. Office Occupancy Trends and Changing Work Patterns: The ongoing shift toward hybrid work models, particularly in the post-pandemic environment, continues to affect occupancy rates in the commercial office sector. While Douglas Emmett's multifamily properties demonstrate strong performance and high occupancy, its office segment has experienced leasing challenges and a slowdown in new leasing activity, leading to decreases in cash rents compared to expiring leases in some instances. This trend directly impacts the revenue and overall profitability of the company's significant office portfolio.

3. Geographic Concentration and Regional Market Risks: Douglas Emmett focuses its investments on high-quality office and multifamily properties primarily within the premier coastal submarkets of Los Angeles and Honolulu. While this geographic concentration in supply-constrained, high-demand areas can provide a competitive advantage, it also exposes the company to a concentrated risk from adverse economic, political, or real estate developments specific to Southern California or Hawaii. Furthermore, potential changes in local regulations, such as rent control laws, could also disproportionately affect the company's operations and financial performance.

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The clear emerging threats for Douglas Emmett (DEI) are:

• Structural reduction in office space demand due to widespread remote and hybrid work models: While DEI focuses on high-quality properties in premier submarkets, the long-term shift towards companies requiring less physical office space, or fundamentally different types of space, poses a significant, still-unfolding threat to traditional office landlords. This paradigm shift could lead to reduced occupancy rates, downward pressure on rents, and increased vacancy across even the most desirable markets, impacting DEI's core office portfolio.
• Increasingly stringent rent control and tenant protection legislation in high-cost markets: In high-demand, supply-constrained markets like Los Angeles and Honolulu, there is ongoing political and social pressure to enact or strengthen rent control measures and other tenant protection laws. Such legislation directly threatens the revenue growth potential, operational flexibility, and overall profitability of DEI's multifamily portfolio by limiting rent increases and imposing additional costs or restrictions on property management.

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Douglas Emmett, Inc. (DEI) focuses on high-quality office and multifamily properties in the premier coastal submarkets of Los Angeles and Honolulu. The addressable market sizes for their main products and services in these regions are as follows:

Office Properties

• Honolulu Office Market: The total office space in Honolulu encompassed approximately 15,196,591 square feet as of 2026. Class A office space, which Douglas Emmett targets, constitutes about 49.2% of this inventory. Douglas Emmett owns and operates approximately 22% of the Central Business District Class A office space in Honolulu.
• Los Angeles Office Market (Premier Coastal Submarkets): Douglas Emmett owns approximately 18 million square feet of Class A office space across Los Angeles and Honolulu, with 1.2 million square feet in Honolulu. This suggests approximately 16.8 million square feet of their Class A office portfolio is in Los Angeles. Douglas Emmett states it owns on average about 40% of the Class A office space in its target Los Angeles submarkets. Based on this, the estimated addressable market for Class A office space in their target Los Angeles submarkets is approximately 42 million square feet (16.8 million sq ft / 0.40).

Multifamily Properties

• Honolulu Multifamily Market: The Honolulu multifamily market comprised 22,300 completed units as of December 2021.
• Los Angeles Multifamily Market (Premier Coastal Submarkets): Null

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Share Repurchases

• Douglas Emmett announced a $300 million share repurchase authorization.
• The company did not engage in any equity repurchases in 2025.
• In February 2026, CEO Jordan Kaplan acquired 98,000 shares of Douglas Emmett Inc common stock through an open-market buy.

Share Issuance

• Douglas Emmett plans to meet long-term liquidity needs, in part, through equity securities issuance.
• The number of shares outstanding increased by 0.04% in the year leading up to March 2026.

Outbound Investments

• In February 2026, Douglas Emmett acquired approximately 17% of the equity in one of its existing unconsolidated real estate funds for about $95 million in cash.
• Strategic initiatives in 2025 included the acquisition of a 17-story office property at 10900 Wilshire Boulevard in Westwood through a joint venture.
• Management currently favors property acquisitions, particularly with joint venture partners, over share buybacks, due to concerns about increasing financial leverage.

Capital Expenditures

• Douglas Emmett continues major redevelopments, including the 712-unit Landmark Residences.
• Construction is underway at the 712-unit Landmark Residences in Brentwood, with completion expected in 2-3 years.
• A planned 2026 start for the 1900 Wilshire conversion aims to create 323 residential units, and planning has begun for additional residential projects (500-1,000 units) on West Side sites, with expected yields above 8% on cost excluding land.