Supplemental Operating and Financial Data

For the Quarter Ended December 31, 2009

Douglas Emmett, Inc. TABLE OF CONTENTS

	PAGE
Corporate Data	2
Investor Information	3
CONSOLIDATED FINANCIAL RESULTS
Balance Sheets	5
Quarterly Operating Results	6
Funds from Operations and Adjusted Funds from Operations	7
Same Property Statistical and Financial Data	8
Reconciliation of Same Property NOI to GAAP Net Income (Loss)	9
Definitions	10
Debt Balances	11
PORTFOLIO DATA
Office Portfolio Summary	13
Office Portfolio Percent Leased and In-Place Rents	14
Multifamily Portfolio Summary	15
Tenant Diversification	16
Industry Diversification	17
Lease Distribution	18
Lease Expirations	19
Quarterly Lease Expirations – Next Four Quarters	20
Office Portfolio Leasing Activity	21

This Supplemental Operating and Financial Data contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements.  You should not rely on forward looking statements as predictions of future events.  Forward-looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statement made by us. These risks and uncertainties include, but are not limited to: adverse economic and real estate developments in Southern California and Honolulu; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, early terminations of, or non-renewal of leases by tenants; increased interest rates and operating costs; failure to generate sufficient cash flows to service our outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; failure to successfully operate acquired properties and operations; failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in rent control laws and regulations; environmental uncertainties; risks related to natural disasters; lack or insufficient amount of insurance; inability to successfully expand into new markets or submarkets; risks associated with property development; conflicts of interest with our officers; changes in real estate and zoning laws and increases in real property tax rates; the consequences of any possible future terrorist attacks; and other risks and uncertainties detailed in our Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Douglas Emmett, Inc.

CORPORATE DATA

Douglas Emmett, Inc. CORPORATE DATA as of December 31, 2009

Douglas Emmett, Inc. (NYSE: DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in submarkets in California and Hawaii. The Company’s properties are concentrated in ten submarkets – Brentwood, Olympic Corridor, Century City, Santa Monica, Beverly Hills, Westwood, Sherman Oaks/Encino, Warner Center/Woodland Hills, Burbank, and Honolulu.  The Company focuses on owning and acquiring a substantial 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.

This Supplemental Operating and Financial Data supplements the information provided in our reports filed with the Securities and Exchange Commission.  We maintain a website at www.douglasemmett.com.

Number of office properties owned (1)		55
Square feet owned (in thousands) (1)		13,329
Office leased rate as of December 31, 2009 (1)		90.3	%
Office occupied rate as of December 31, 2009 (1) (2)		89.0	%
Number of multifamily properties owned		9
Number of multifamily units owned		2,868
Multifamily leased rate as of December 31, 2009		99.0	%
Market capitalization (in thousands):
	Total debt (3) (4)	3,430,193
	Common equity capitalization (5)	2,213,219
	Total market capitalization	5,643,412
Debt/total market capitalization		60.8	%
Common stock data (NYSE:DEI):
	Range of closing prices  (6)	$11.64 - $14.85
	Closing price at quarter end	$14.25
	Weighted average fully diluted shares outstanding (in thousands) (6) (7)	155,657
	Shares of common stock outstanding on December 31, 2009 (in thousands) (8)	121,596

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a consolidated joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Represents percent leased less signed leases not yet commenced.
(3)	Excludes non-cash loan premium.
(4)	Excludes one-third of the $18 million debt attributable to the noncontrolling interest in a consolidated joint venture; includes $178 million of debt carried by an unconsolidated entity in which our operating partnership (OP) owns an equity interest.
(5)	Common equity capitalization represents the total number of shares of common stock and OP units outstanding multiplied by the closing price of our stock at the end of the period.
(6)	For the quarter ended December 31, 2009.
(7)	Diluted shares represent ownership in our company through shares of common stock, OP units and other convertible equity instruments.
(8)	This amount represents undiluted shares, and does not include OP units and other convertible equity instruments.

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Douglas Emmett, Inc. INVESTOR INFORMATION

CORPORATE

808 Wilshire Boulevard, Suite 200, Santa Monica, California 90401

(310) 255-7700

BOARD OF DIRECTORS

Dan A. Emmett Chairman of the Board Douglas Emmett, Inc	Leslie E. Bider Chief Executive Officer PinnacleCare	Dr. Andrea L. Rich Former President and Chief Executive Officer Los Angeles Museum of Art (LACMA) Former Executive Vice Chancellor and Chief Operating Officer University of California Los Angeles (UCLA)
Jordan L. Kaplan Chief Executive Officer and President Douglas Emmett, Inc.	Ghebre Selassie Mehreteab Former Chief Executive Officer NHP Foundation	William Wilson III Managing Partner – Wilson Meany Sullivan, LLC Former Chairman – Cornerstone Properties, Inc.
Kenneth M. Panzer Chief Operating Officer Douglas Emmett, Inc.	Thomas E. O’Hern Executive V.P., Chief Financial Officer & Treasurer Macerich Company

EXECUTIVE AND SENIOR MANAGEMENT

Jordan L. Kaplan President and Chief Executive Officer	Kenneth M. Panzer Chief Operating Officer	William Kamer Chief Financial Officer
Allan B. Golad SVP, Property Management	Gregory R. Hambly Chief Accounting Officer	Michael J. Means SVP, Commercial Leasing

INVESTOR RELATIONS

Mary C. Jensen

Vice President - Investor Relations

(310) 255-7751

Email Contact:  mjensen@douglasemmett.com

Please visit our corporate website at:  www.douglasemmett.com

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Douglas Emmett, Inc.

CONSOLIDATED

FINANCIAL RESULTS

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Douglas Emmett, Inc. BALANCE SHEETS (unaudited and in thousands)

	December 31, 2009			December 31, 2008
Assets
Investment in real estate:
Land	$	835,407		$	900,213
Buildings and improvements		5,017,569			5,528,567
Tenant improvements and lease intangibles		534,084			552,536
Investment in real estate, gross		6,387,060			6,981,316
Less: accumulated depreciation		(688,893	)		(490,125	)
Investment in real estate, net		5,698,167			6,491,191
Cash and cash equivalents		72,740			8,655
Tenant receivables, net		1,841			2,427
Deferred rent receivables, net		40,395			33,039
Interest rate contracts		108,027			176,255
Acquired lease intangible assets, net		11,691			18,163
Investment in unconsolidated real estate fund		97,127			-
Other assets		29,944			31,304
Total assets	$	6,059,932		$	6,761,034
Liabilities
Secured notes payable	$	3,258,000		$	3,672,300
Unamortized non-cash debt premium		15,459			20,485
Interest rate contracts		237,194			407,492
Accrued interest payable		26,263			22,982
Accounts payable and accrued expenses		46,630			46,463
Acquired lease intangible liabilities, net		139,340			195,036
Security deposits		32,501			35,890
Dividends payable		12,160			22,856
Other liabilities		-			57,316
Total liabilities		3,767,547			4,480,820
Equity
Douglas Emmett, Inc. stockholders' equity
Common stock		1,216			1,219
Additional paid-in capital		2,290,419			2,284,429
Accumulated other comprehensive income (loss)		(186,255	)		(274,111	)
Accumulated deficit		(312,017	)		(236,348	)
Total Douglas Emmett, Inc. stockholders' equity		1,793,363			1,775,189
Noncontrolling interests		499,022			505,025
Total equity		2,292,385			2,280,214
Total liabilities and equity	$	6,059,932		$	6,761,034

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Douglas Emmett, Inc. QUARTERLY OPERATING RESULTS (unaudited and in thousands, except per share data)

		Three Months Ended December 31,						Twelve Months Ended December 31,
		2009	(1)		2008	(2)		2009	(1)		2008	(2)
Revenues:
Office rental:
Rental revenues	$	98,898		$	110,471		$	406,117		$	433,487
Tenant recoveries		8,248			9,869			31,407			32,392
Parking and other income		15,266			17,726			65,243			71,498
Total office revenues		122,412	(3)		138,066	(3)		502,767	(4)		537,377	(4)
Multifamily rental:
Rental revenues		15,953			16,380			64,127			66,510
Parking and other income		1,056			1,124			4,166			4,207
Total multifamily revenues		17,009			17,504			68,293			70,717
Total revenues		139,421			155,570			571,060			608,094
Operating Expenses:
Office expenses		38,602	(5)		44,200	(5)		154,270	(6)		166,124	(6)
Multifamily expenses		4,562			4,191			17,925			17,079
General and administrative		5,992			6,389			23,887			22,646
Depreciation and amortization		54,288			63,793			226,620			248,011
Total operating expenses		103,444			118,573			422,702			453,860
Operating income		35,977			36,997			148,358			154,234
Gain on disposition of interest in unconsolidated real estate fund		-			-			5,573			-
Other income (loss)		439			3,091			(12)			3,580
Loss, including depreciation, from unconsolidated real estate fund		(2,050)			-			(3,279)			-
Interest expense		(45,643)			(48,147)			(184,797)			(193,727)
Net loss		(11,277)			(8,059)			(34,157)			(35,913)
Less:  Net loss attributable to noncontrolling interests		2,368			1,690			7,093			7,920
Net loss attributable to common stockholders	$	(8,909)		$	(6,369)		$	(27,064)		$	(27,993)
Net loss per common share – basic and diluted(7)	$	(0.07)		$	(0.05)		$	(0.22)		$	(0.23)
Weighted average shares of common stock outstanding – basic and diluted(7)		121,568			121,777			121,553			120,726

(1)   Douglas Emmett Fund X, LLC (Fund X) was deconsolidated from our financial statements as of the end of February 2009 and is presented on an unconsolidated basis beginning March 2009.  As a result, the consolidated operating results of Douglas Emmett, Inc. for 2009 presented above reflect the impact of the properties owned by Fund X only for the months of January and February 2009 on a consolidated basis.

(2)   The properties currently owned by Fund X were acquired by us at the end of March 2008.  As such, our consolidated operating results reflect the impact of the properties now owned by Fund X for the period from March 26, 2008 through December 31, 2008.

(3)   If the properties contributed to Fund X had been an unconsolidated equity investment for the entire fourth quarter of 2008, total office revenues for the fourth quarter of 2008 would have been $122,612 (after subtracting office revenues attributable to the properties contributed to Fund X of $15,454) in comparison to the total office revenues of $122,412 for the fourth quarter of 2009 shown above.

(4)   If the properties contributed to Fund X had been an unconsolidated equity investment for the period during 2008 following our acquisition of the properties and for all of 2009, total office revenues would have been $491,567 for 2008 (after subtracting office revenues attributable to the properties contributed to Fund X of $45,810) in comparison to total office revenues of $493,191 for 2009 (after subtracting office revenues attributable to the properties contributed to Fund X of $9,576).

(5)   If the properties contributed to Fund X had been an unconsolidated equity investment for the entire fourth quarter of 2008, total office expenses for the fourth quarter of 2008 would have been $38,949 (after subtracting office expenses attributable to the properties contributed to Fund X of $5,251) in comparison to the total office expenses of $38,602 for the fourth quarter of 2009 shown above.

(6)   If the properties contributed to Fund X had been an unconsolidated equity investment for the period during 2008 following our acquisition of the properties and for all of 2009, total office expenses would have been $150,423 for 2008 (after subtracting office expenses attributable to the properties contributed to Fund X of $15,701) in comparison to total office expenses of $151,572 for 2009 (after subtracting office expenses attributable to the properties contributed to Fund X of $2,698).

(7)   Diluted shares are calculated in accordance with accounting principles generally accepted in the United States (GAAP) and include common stock plus dilutive equity instruments, as appropriate.  This amount excludes OP units and vested LTIP units (Long-Term Incentive Plan units that are limited partnership units in our OP), which are included in the non-GAAP calculation of diluted shares on the “Corporate Data” page preceding this section.

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Douglas Emmett, Inc. FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS (unaudited and in thousands, except per share data)

	Three Months Ended December 31,						Twelve Months Ended December 31,
	2009			2008			2009			2008
Funds From Operations (FFO)
Net loss attributable to common stockholders	$	(8,909	)	$	(6,369	)	$	(27,064	)	$	(27,993	)
Depreciation and amortization of real estate assets		54,288			63,793			226,620			248,011
Net loss attributable to noncontrolling interests		(2,368	)		(1,690	)		(7,093	)		(7,920	)
Loss on asset disposition		-			-			-			65
Gain on disposition of interest in unconsolidated real estate fund		-			-			(5,573	)		-
Less: adjustments attributable to consolidated joint venture and unconsolidated                 investment in real estate fund		3,249			(157	)		11,183			(470	)
FFO	$	46,260		$	55,577		$	198,073		$	211,693
Adjusted Funds From Operations (AFFO)
FFO	$	46,260		$	55,577		$	198,073		$	211,693
Straight-line rent adjustment		(2,287	)		(1,348	)		(8,961	)		(12,234	)
Amortization of acquired above and below market leases		(6,998	)		(10,577	)		(32,468	)		(42,907	)
Amortization of interest rate contracts and loan premium		3,807			(315	)		15,036			9,063
Amortization of prepaid financing		445			666			2,018			2,083
Recurring capital expenditures, tenant improvements and leasing commissions		(11,905	)		(10,618	)		(32,031	)		(29,018	)
Non-cash compensation expense		1,542			1,137			6,534			6,596
Less: adjustments attributable to consolidated joint venture and unconsolidated                 investment in real estate fund		(816	)		48			(2,952	)		154
AFFO	$	30,048		$	34,570		$	145,249		$	145,430
Weighted average share equivalents outstanding - fully diluted		155,657			156,062			155,561			156,172
FFO per share- fully diluted	$	0.30		$	0.36		$	1.27		$	1.36
Dividends per share declared	$	0.10		$	0.1875		$	0.40		$	0.75
AFFO payout ratio		51.69	%		84.66	%		42.75	%		80.40	%
NOTE: Our definitions of FFO and AFFO are contained on the page titled "Definitions" which follows.

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Douglas Emmett, Inc. SAME PROPERTY STATISTICAL AND FINANCIAL DATA (unaudited and in thousands, except statistics)

			As of December 31,
			2009			2008
Same Property Office Statistics
Number of properties			49			49
Rentable square feet			11,889,282			11,888,907
% leased			91.7	%		94.0	%
% occupied			90.6	%		93.3	%
Same Property Multifamily Statistics
Number of properties			9			9
Number of units			2,868			2,868
% leased			99.0	%		99.1	%
			Three Months Ended December 31,					% Favorable
			2009			2008		(Unfavorable)
Same Property Net Operating Income - GAAP Basis
Total office revenues		$	122,412		$	122,612		(0.2)	%
Total multifamily revenues			17,009			17,504		(2.8)
	Total revenues		139,421			140,116		(0.5)
Total office expense			(38,602)			(38,949)		0.9
Total multifamily expense			(4,562)			(4,191)		(8.9)
	Total property expense		(43,164)			(43,140)		(0.1)
Same Property NOI - GAAP basis		$	96,257		$	96,976		(0.7)	%
Same Property Net Operating Income - Cash Basis
Total office revenues		$	114,053		$	114,503		(0.4)	%
Total multifamily revenues			16,129			16,621		(3.0)
	Total revenues		130,182			131,124		(0.7)
Total office expense			(38,648)			(38,994)		0.9
Total multifamily expense			(4,562)			(4,191)		(8.9)
	Total property expense		(43,210)			(43,185)		(0.1)
Same Property NOI - cash basis		$	86,972		$	87,939		(1.1)	%
NOTE:  Our definitions of NOI, same property and cash basis are contained on the page titled "Definitions" which follows.

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Douglas Emmett, Inc. RECONCILIATION OF SAME PROPERTY NOI TO GAAP NET INCOME (LOSS) (unaudited and in thousands)

	Three Months Ended December 31,
	2009			2008
Same property office revenues - cash basis	$	114,053		$	114,503
GAAP adjustments		8,359			8,109
Same property office revenues - GAAP basis		122,412			122,612
Same property multifamily revenues - cash basis		16,129			16,621
GAAP adjustments		880			883
Same property multifamily revenues - GAAP basis		17,009			17,504
Same property revenues - GAAP basis		139,421			140,116
Same property office expenses - cash basis		(38,648	)		(38,994	)
GAAP adjustments		46			45
Same property office expenses - GAAP basis		(38,602	)		(38,949	)
Same property multifamily expenses - cash basis		(4,562	)		(4,191	)
GAAP adjustments		-			-
Same property multifamily expenses - GAAP basis		(4,562	)		(4,191	)
Same property expenses - GAAP basis		(43,164	)		(43,140	)
Same property Net Operating Income (NOI) - GAAP basis		96,257			96,976
Non-comparable office revenues		-			15,454
Non-comparable office expenses		-			(5,251	)
Total property NOI - GAAP basis		96,257			107,179
General and administrative expenses		(5,992	)		(6,389	)
Depreciation and amortization		(54,288	)		(63,793	)
Operating income		35,977			36,997
Other income		439			3,091
Loss, including depreciation, from unconsolidated real estate fund		(2,050	)		-
Interest expense		(45,643	)		(48,147	)
Net loss		(11,277	)		(8,059	)
Less: Net loss attributable to noncontrolling interests		2,368			1,690
Net loss attributable to common stockholders	$	(8,909	)	$	(6,369	)
NOTE:  Our definitions of NOI, same property and cash basis are contained on the page titled "Definitions" which follows.

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Douglas Emmett, Inc. DEFINITIONS

Funds From Operations (FFO):  We calculate funds from operations before noncontrolling interest (FFO) in accordance with the standards established by the National Association of Real Estate Investment Trusts (NAREIT). FFO represents net income (loss), computed in accordance with accounting principles generally accepted in the United States of America (GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We use FFO as a supplemental performance measure because, in excluding real estate depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs.  However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that results from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance. FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. FFO should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Adjusted Funds From Operations (AFFO):  Adjusted Funds From Operations (AFFO) is a non-GAAP financial measure we believe is a useful supplemental measure of our performance.  We compute AFFO by adding to FFO the non-cash compensation expense, amortization of prepaid financing costs and straight-line rents, and then subtracting recurring capital expenditures, tenant improvements and leasing commissions.  AFFO is not intended to represent cash flow for the period, and it only provides an additional perspective on our ability to fund cash needs and make distributions to shareholders by adjusting the effect of the non-cash items included in FFO, as well as recurring capital expenditures and leasing costs.  We believe that net income is the most directly comparable GAAP financial measure to AFFO.  We also believe that AFFO provides useful information to the investment community about our financial position as compared to other REITs since AFFO is a widely reported measure used by other REITs.  However, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs.

Net Operating Income (NOI):  Reported net income (or loss) is computed in accordance with GAAP.  In contrast, net operating income (NOI) is a non-GAAP measure consisting of the revenue and expense attributable to the real estate properties that we own and operate.  Although NOI is considered a non-GAAP measure, we present NOI on a “GAAP basis” by using property revenues and expenses calculated in accordance with GAAP.  The most directly comparable GAAP measure to NOI is net income (or loss), adjusted to exclude general and administrative expense, depreciation and amortization expense, interest income, interest expense, income from unconsolidated partnerships, income (or loss) attributable to noncontrolling interests, gains (or losses) from sales of depreciable operating properties, net income from discontinued operations and extraordinary items.  We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.  We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI.  Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends.  NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP.

Same Property NOI:  To facilitate a more meaningful comparison of NOI between periods, we calculate comparable amounts for a subset of our owned properties referred to as “same properties.”  Same property amounts are calculated as the amounts attributable to properties which have been owned and operated by us, and reported in our consolidated results, during the entire span of both periods compared.  Therefore, any properties either acquired after the first day of the earlier comparison period or sold, contributed or otherwise removed from our consolidated financial statements before the last day of the later comparison period are excluded from same properties.  We may also exclude from the same property set any property that is undergoing a major repositioning project that would impact the comparability of its results between two periods.

Cash Basis NOI:  NOI as defined above includes the revenue and expense directly attributable to our real estate properties calculated in accordance with GAAP, and is specifically labeled as “GAAP basis.”  We also believe that NOI calculated on a cash basis is useful for investors to understand our operations.  Cash basis NOI is also a non-GAAP measure, which we calculate by excluding from GAAP basis NOI our straight-line rent adjustments and the amortization of above/below market lease intangible assets and liabilities.  Accordingly, cash basis NOI should be considered only as a supplement to net income as a measure of our performance.  Cash basis NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends.  Cash basis NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP.

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Douglas Emmett, Inc. DEBT BALANCES as of December 31, 2009 (unaudited and in thousands)

	Maturity Date(1)		Principal Balance			Variable Rate	Effective Annual Fixed Rate(2)				Swap Maturity Date(1)
Variable Rate Swapped to Fixed Rate:
Fannie Mae Loan I(3)	06/01/12		$	293,000		DMBS + 0.60%		4.70	%		08/01/11
Fannie Mae Loan II(3)	06/01/12			95,080		DMBS + 0.60%		5.78			08/01/11
Modified Term Loan(4)(5)	08/31/12			2,300,000		LIBOR + 0.85%		5.13			08/01/10 - 08/01/12
Fannie Mae Loan III(3)	02/01/15			36,920		DMBS + 0.60%		5.78			08/01/11
Fannie Mae Loan IV(3)	02/01/15			75,000		DMBS + 0.76%		4.86			08/01/11
Term Loan(6)	04/01/15			340,000		LIBOR + 1.50%		4.77			01/02/13
Fannie Mae Loan V(3)	02/01/16			82,000		LIBOR + 0.62%		5.62			03/01/12
Fannie Mae Loan VI(3)	06/01/17			18,000		LIBOR + 0.62%		5.82			06/01/12
Subtotal				3,240,000				5.10	%	(2)
Variable Rate:
Wells Fargo Loan(7)	03/01/11			12,000		LIBOR + 1.25%		--			--
Secured Revolving Credit Facility(8)	10/30/11	(9)		-		LIBOR / Fed Funds +(10)		--			--
Subtotal				12,000
Consolidated total, net of portion attributable to noncontrolling interest in consolidated joint venture				3,252,000	(11)
Debt Attributable from Unconsolidated Real Estate Fund:
Term Loan(12)	08/18/13			178,193		LIBOR + 1.65%		5.52	%		09/04/12
Total consolidated and unconsolidated debt			$	3,430,193

(1)	As of December 31, 2009, the weighted average remaining life of our consolidated outstanding debt is 3.1 years, and the weighted average remaining life of the interest rate swaps is 1.4 years.
(2)	Includes the effect of interest rate contracts.  Based on actual/360-day basis and excludes amortization of loan fees and unused fees on credit line.  The total consolidated effective rate on an actual/365-day basis is 5.17% at December 31, 2009.
(3)	Secured by four separate collateralized pools.  Fannie Mae Discount Mortgage-Backed Security (DMBS) has historically tracked 90-day LIBOR, although volatility may exist between the two rates, resulting in an immaterial amount of swap ineffectiveness.
(4)	Secured by seven separate collateralized pools.  Requires monthly payments of interest only, with outstanding principal due upon maturity.
(5)	Includes $1.11 billion swapped to 4.89% until August 1, 2010; $545.0 million swapped to 5.75% until December 1, 2010; $322.5 million swapped to 4.98% until August 1, 2011; and $322.5 million swapped to 5.02% until August 1, 2012.  Each of these rates is based on actual/360-day basis.
(6)	Secured by four properties in a collateralized pool.  Requires monthly payments of interest only, with outstanding principal due upon maturity.
(7)	This is an $18 million loan held by a consolidated entity in which our Operating Partnership owns a two-thirds interest.
(8)	This credit facility is secured by nine properties and has no borrowings outstanding.  We exercised a one-year extension option and renewed the credit facility for $350 million (reduced from $370 million, but on the same pricing and otherwise on the same terms and conditions as prior to the extension).  A second one-year extension option remains available.
(9)	Represents the current maturity date of October 30, 2010 which we may extend to October 30, 2011.
(10)	This revolver bears interest at either LIBOR +0.70% or Fed Funds +0.95% at our election.  If the amount outstanding exceeds $262.5 million, the credit facility bears interest at either LIBOR +0.80% or Fed Funds +1.05% at our election.
(11)	Excludes the unamortized non-cash debt premium of $15,459 which represents the mark-to-market adjustment recorded on all variable rate debt outstanding at the time of our IPO.
(12)	This is a $365 million loan held by an unconsolidated real estate fund in which our Operating Partnership owns an equity interest.  Secured by six properties in a cross-collateralized pool.  Requires monthly payments of interest only, with outstanding principal due upon maturity.

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Douglas Emmett, Inc.

PORTFOLIO DATA

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Douglas Emmett, Inc. OFFICE PORTFOLIO SUMMARY (1) as of December 31, 2009

Submarket		Number of Properties	Rentable Square Feet (2)	Square Feet as a Percent of Total
West Los Angeles
	Brentwood	13	1,390,773	10.4	%
	Olympic Corridor	5	1,096,081	8.2
	Century City	3	915,980	6.9
	Santa Monica	8	969,982	7.3
	Beverly Hills	6	1,343,649	10.1
	Westwood	2	396,807	3.0
San Fernando Valley
	Sherman Oaks/Encino	11	3,181,038	23.9
	Warner Center/Woodland Hills	3	2,855,868	21.4
Tri-Cities
	Burbank	1	420,949	3.1
Honolulu		3	757,904	5.7
Total		55	13,329,031	100.0	%

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Based on BOMA 1996 remeasurement.  Total consists of 11,876,619 leased square feet, 1,297,619 available square feet, 76,441 building management use square feet, and 78,352 square feet of BOMA 1996 adjustment on leased space.

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Douglas Emmett, Inc. OFFICE PORTFOLIO PERCENT LEASED AND IN-PLACE RENTS(1) as of December 31, 2009

Submarket	Percent Leased(2)		Annualized Rent(3)		Annualized Rent Per Leased Square Foot(4)			Monthly Rent Per Leased Square Foot
West Los Angeles
Brentwood	95.4	%	$	51,960,077		$	40.12	$3.34
Olympic Corridor	92.2			33,142,369			33.69	2.81
Century City	98.5			33,392,390			37.80	3.15
Santa Monica (5)	93.9			46,478,152			51.52	4.29
Beverly Hills	88.3			45,857,663			40.43	3.37
Westwood	88.3			13,155,233			38.04	3.17
San Fernando Valley
Sherman Oaks/Encino	89.4			88,352,032			32.06	2.67
Warner Center/Woodland Hills	83.7			68,341,194			29.21	2.43
Tri-Cities
Burbank	100.0			14,173,451			33.67	2.81
Honolulu	90.5			22,603,651			34.73	2.89
Total / Weighted Average	90.3		$	417,456,212			35.64	2.97
Recurring Capital Expenditures (1)
- Office (per rentable square foot) for the three months ended December 31, 2009						$	0.07
- Office (per rentable square foot) for the twelve months ended December 31, 2009						$	0.23

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Includes 164,616 square feet with respect to signed leases not yet commenced.
(3)	Represents annualized monthly cash base rent under leases commenced as of December 31, 2009 (excluding 164,616 square feet with respect to signed leases not yet commenced).  The amount reflects total cash base rent before abatements.  For our Burbank and Honolulu office properties, annualized base rent is converted from triple net to gross by adding expense reimbursements to base rent.
(4)	Represents annualized rent divided by leased square feet (excluding 164,616 square feet with respect to signed leases not commenced) as set forth in note (2) above for the total.
(5)	Includes $1,287,232 of annualized rent attributable to our corporate headquarters at our Lincoln/Wilshire property.

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Douglas Emmett, Inc. MULTIFAMILY PORTFOLIO SUMMARY as of December 31, 2009

Submarket	Number of Properties			Number of Units		Units as a Percent of Total
West Los Angeles
Brentwood		5			950		33	%
Santa Monica		2			820		29
Honolulu		2			1,098		38
Total		9			2,868		100	%
Submarket	Percent Leased			Annualized Rent (1)		Monthly Rent Per Leased Unit
West Los Angeles
Brentwood		98.5	%	$	22,271,447	$	1,983
Santa Monica(2)		99.6			20,434,020		2,084
Honolulu		98.8			17,817,178		1,368
Total / Weighted Average		99.0		$	60,522,645		1,777
Recurring Capital Expenditures
- Multifamily (per unit) for the three months ended December 31, 2009						$	124
- Multifamily (per unit) for the twelve months ended December 31, 2009						$	390

(1)	Represents annualized monthly multifamily rental income under leases commenced as of December 31, 2009.
(2)	Excludes 10,013 square feet of ancillary retail space, which generates $300,545 of annualized rent as of December 31, 2009.

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Douglas Emmett, Inc. TENANT DIVERSIFICATION (1) (1.0% or Greater ofAnnualized Rent) as of December 31, 2009

	Number of Leases		Number of Properties		Lease Expiration(2)	Total Leased Square Feet		Percent of Rentable Square Feet			Annualized Rent(3)		Percent of Annualized Rent
Time Warner(4)		4		4	2010-2020		642,845		4.8	%	$	22,268,046		5.3	%
AIG (Sun America Life Insurance)		1		1	2013		182,010		1.4			5,725,351		1.4
William Morris Endeavor		2		1	2019		118,612		0.9			5,602,506		1.4
Bank of America(5)		13		9	2010-2018		134,561		1.0			5,462,536		1.3
The Macerich Partnership, L.P.		1		1	2018		90,832		0.7			4,316,881		1.0
Total		21		16			1,168,860		8.8	%	$	43,375,320		10.4	%

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Expiration dates are per leases and do not assume exercise of renewal, extension or termination options.  For tenants with multiple leases, expirations are shown as a range.
(3)	Represents annualized monthly cash base rent under leases commenced as of December 31, 2009.  The amount reflects total cash base rent before abatements. For our Burbank and Honolulu office properties, annualized base rent is converted from triple net to gross by adding expense reimbursements to base rent.
(4)	Includes a 62,000 square foot lease expiring in June 2010, in which 45,000 square feet was renewed with a new expiration date in December 2020, a 10,000 square foot lease expiring in October 2013, a 150,000 square foot lease expiring in April 2016, and a 421,000 square foot lease expiring in September 2019.
(5)	The notable leases include a 9,000 square foot lease expiring in September 2010, a 7,000 square foot lease expiring in December 2010, two leases totaling 19,000 square feet expiring in January 2011, a 2,000 square foot lease expiring in May 2011, a 16,000 square foot lease expiring in July 2011, a 41,000 square foot lease expiring in January 2012, a 6,000 square foot lease expiring in May 2012, an 8,000 square foot lease expiring in July 2013, a 11,000 square foot lease expiring in November 2014, a 4,000 square foot lease expiring in February 2015, and a 12,000 square foot lease expiring in March 2018; as well as a small ATM lease.

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Douglas Emmett, Inc. INDUSTRY DIVERSIFICATION (1) as of December 31, 2009

Industry	Number of Leases		Annualized Rent as a Percent of Total
Legal		346		16.1	%
Financial Services		249		14.2
Entertainment		116		12.1
Real Estate		156		9.6
Accounting & Consulting		211		8.4
Health Services		294		8.4
Insurance		86		7.9
Retail		158		6.9
Technology		66		3.8
Advertising		53		3.3
Public Administration		31		1.8
Educational Services		10		0.8
Other		257		6.7
Total		2,033		100.0	%

(1) All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.

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Douglas Emmett, Inc. LEASE DISTRIBUTION (1) as of December 31, 2009

	Number of Leases	Leases as a Percent of Total		Rentable Square Feet (2)		Square Feet as a Percent of Total		Annualized Rent(3)		Annualized Rent as a Percent of Total
2,500 or less	1,025	50.4	%	1,398,794		10.5	%	$	52,610,286	12.6	%
2,501-10,000	732	36.0		3,594,016		27.0			129,824,645	31.1
10,001-20,000	185	9.1		2,583,271		19.4			91,080,131	21.8
20,001-40,000	62	3.1		1,698,422		12.7			59,558,274	14.3
40,001-100,000	23	1.1		1,324,010		9.9			47,821,433	11.4
Greater than 100,000	6	0.3		1,113,490		8.4			36,561,443	8.8
Subtotal	2,033	100.0	%	11,712,003	(5)	87.9	%		417,456,212	100.0	%
Available	-	-		1,297,619		9.7			-	-
BOMA Adjustment(4)	-	-		78,352		0.6			-	-
Building Management Use	-	-		76,441		0.6			-	-
Signed leases not commenced	-	-		164,616		1.2			-	-
Total	2,033	100.0	%	13,329,031		100.0	%	$	417,456,212	100.0	%

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Based on BOMA 1996 remeasurement. Total consists of 11,876,619 leased square feet (includes 164,616 square feet with respect to signed leases not commenced), 1,297,619 available square feet, 76,441 building management use square feet, and 78,352 square feet of BOMA 1996 adjustment on leased space.
(3)	Represents annualized monthly cash base rent (i.e., excludes tenant reimbursements, parking and other revenue) under leases commenced as of December 31, 2009 (does not include 164,616 square feet with respect to signed leases not yet commenced). The amount reflects total cash base rent before abatements. For our Burbank and Honolulu office properties, annualized base rent is converted from triple net to gross by adding expense reimbursements to base rent.
(4)	Represents square footage adjustments for leases that do not reflect BOMA 1996 remeasurement.
(5)	Average tenant size is approximately 5,800 square feet. Median is approximately 2,500 square feet.

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Douglas Emmett, Inc. LEASE EXPIRATIONS (1) as of December 31, 2009

Year of Lease Expiration	Number of Leases Expiring		Rentable Square Feet(2)		Expiring Square Feet as a Percent of Total			Annualized Rent(3)		Annualized Rent as a Percent of Total			Annualized Rent Per Leased Square Foot(4)		Annualized Rent Per Leased Square Foot at Expiration(5)
Available		-		1,297,619		9.7	%	$	-		-	%	$	-	$	-
2010		483		1,774,512		13.3			60,446,979		14.5			34.06		34.21
2011		406		1,800,868		13.5			64,456,966		15.4			35.79		37.09
2012		358		1,640,184		12.3			56,872,102		13.6			34.67		37.41
2013		282		1,628,909		12.2			62,113,532		14.9			38.13		42.43
2014		228		1,386,478		10.4			47,674,973		11.4			34.39		39.69
2015		116		905,925		6.8			30,822,879		7.4			34.02		40.02
2016		50		728,902		5.5			24,405,885		5.9			33.48		39.56
2017		34		381,771		2.9			13,522,893		3.2			35.42		46.30
2018		31		335,968		2.5			15,759,298		3.8			46.91		62.66
2019		30		821,232		6.2			29,737,527		7.1			36.21		45.13
2020		10		158,347		1.2			6,299,478		1.5			39.78		48.51
Thereafter		5		148,907		1.1			5,343,700		1.3			35.89		51.79
BOMA Adjustment(6)		-		78,352		0.6			-		-			-		-
Building Management Use		-		76,441		0.6			-		-			-		-
Signed leases not commenced		-		164,616		1.2			-		-			-		-
Total/Weighted Average		2,033		13,329,031		100.0	%	$	417,456,212		100.0	%	$	35.64	$	40.07

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Based on BOMA 1996 remeasurement. Total consists of 11,876,619 leased square feet (includes 164,616 square feet with respect to signed leases not commenced), 1,297,619 available square feet, 76,441 building management use square feet, and 78,352 square feet of BOMA 1996 adjustment on leased space.
(3)	Represents annualized monthly base rent under leases commenced as of December 31, 2009.  The amount reflects total base rent before abatements.
(4)	Represents annualized base rent divided by leased square feet.
(5)	Represents annualized base rent at expiration divided by leased square feet.
(6)	Represents the square footage adjustments for leases that do not reflect BOMA 1996 remeasurement.

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Douglas Emmett, Inc. QUARTERLY LEASE EXPIRATIONS – NEXT FOUR QUARTERS (1) as of December 31, 2009

Submarket			Q1 2010			Q2 2010			Q3 2010			Q4 2010
West Los Angeles
Brentwood	Expiring SF		41,017			39,702			36,494			84,181
	Rent per SF(2)	$	37.49		$	38.18		$	36.58		$	41.89
Olympic Corridor	Expiring SF		55,794			32,927			75,113			48,535
	Rent per SF(2)	$	30.67		$	32.35		$	31.03		$	29.42
Century City	Expiring SF		45,739			14,739			29,116			98,936
	Rent per SF(2)	$	38.03		$	32.83		$	39.16		$	41.75
Santa Monica	Expiring SF		12,220			66,975			37,074			34,796
	Rent per SF(2)	$	49.89		$	36.95		$	44.09		$	56.82
Beverly Hills	Expiring SF		82,986			37,141			47,666			21,715
	Rent per SF(2)	$	30.69		$	39.99		$	39.32		$	37.17
Westwood	Expiring SF		6,084			19,652			31,408			41,518
	Rent per SF(2)	$	34.91		$	36.93		$	35.83		$	36.59
San Fernando Valley
Sherman Oaks/Encino	Expiring SF		96,390			56,198			75,199			100,021
	Rent per SF(2)	$	30.20		$	30.82		$	30.21		$	30.51
Warner Center/Woodland Hills	Expiring SF		91,949			58,525			133,766			46,538
	Rent per SF(2)	$	26.78		$	29.20		$	30.42		$	24.29
Tri-Cities
Burbank	Expiring SF		-			-			-			-
	Rent per SF(2)		-			-			-			-
Honolulu	Expiring SF		21,738			23,365			16,901			12,394
	Rent per SF(2)	$	32.25		$	33.66		$	31.61		$	32.70
Total	Expiring SF		453,917	(3)		349,224	(4)		482,737	(5)		488,634	(6)
	Rent per SF(2)	$	31.79		$	34.30		$	33.80		$	36.79

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Represents annualized base rent (i.e., excludes tenant reimbursements, parking and other revenue) per leased square foot at expiration. The amount reflects total cash base rent before abatements. For our Burbank and Honolulu office properties, annualized base rent is converted from triple net to gross by adding expense reimbursements to base rent.
(3)	As of December 31, 2009, 170,223 rentable square feet had been renewed for leases that were previously scheduled to expire in the quarter ending March 31, 2010.
(4)	As of December 31, 2009, 158,969 rentable square feet had been renewed for leases that were previously scheduled to expire in the quarter ending June 30, 2010.
(5)	As of December 31, 2009, 11,724 rentable square feet had been renewed for leases that were previously scheduled to expire in the quarter ending September 30, 2010.
(6)	As of December 31, 2009, 67,413 rentable square feet had been renewed for leases that were previously scheduled to expire in the quarter ending December 31, 2010.

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Douglas Emmett, Inc. OFFICE PORTFOLIO LEASING ACTIVITY (1) for the three months ended December 31, 2009

Total Gross Leasing Activity
Rentable square feet				715,349
Number of leases				157
Gross New Leasing Activity
Rentable square feet				191,851
Number of leases				58
Gross Renewal Leasing Activity
Rentable square feet				523,498
Number of leases				99
Net Absorption
Leased rentable square feet				(16,170)
Cash Rent Growth (2)
Expiring Rate				$34.42
New/Renewal Rate				$31.63
Change				(8.1%)
Straight-Line Rent Growth (3)
Expiring Rate				$32.48
New/Renewal Rate				$33.82
Change				4.1%
Weighted Average Lease Terms
New (in months)				68
Renewal (in months)				66
	Total Lease		Annual Lease
	Transaction		Transaction
Tenant Improvement and Leasing Commissions(4)	Costs		Costs
New leases	$	21.05	$	3.73
Renewal leases	$	16.66	$	3.02
Blended	$	17.84	$	3.21

(1)	All properties are 100% owned except Honolulu Club (78,000 square feet) owned by a joint venture in which we own a 66.7% interest and 6 properties totaling 1.4 million square feet owned by an unconsolidated real estate fund.
(2)	Represents the difference between initial stabilized cash rents on new and renewal leases as compared to the expiring cash rents on the same space.
(3)	Represents a comparison between straight-line rent on expiring leases and the straight-line rent for new and renewal leases on the same space.
(4)	Per rentable square foot. Represents weighted average lease transaction costs based on the leases executed in the current quarter in our properties, including repositioned properties.

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