Executive Summary

We own and operate 18.4 million square feet of Class A office properties and 3,642 apartment units (excluding our residential development pipeline) in the premier coastal submarkets of Los Angeles and Honolulu.

• Financial Results: Three months ended March 31, 2019 compared to three months ended March 31, 2018:

◦ Revenues increased by 5.6% to $224.2 million.

◦ Net income attributable to common stockholders increased by 1.8% to $28.7 million.

◦ FFO increased by 7.4% to $103.1 million, or $0.52 per fully diluted share.

◦ AFFO increased by 19.9% to $85.1 million.

◦ Same property Cash NOI increased by 7.6% to $133.7 million.

Office: Our office portfolio was 91.8% leased at quarter end, up 0.1% from the fourth quarter of 2018, and our occupancy rate remained consistent at 90.3%. We signed over 770,000 square feet of leases during the first quarter. Comparing leases we signed during the first quarter to the expiring leases covering the same space, straight-line rents increased by 20.5% and starting cash rents increased by 9.1% compared to expiring cash rents, reflecting a high concentration of leases in the Valley.

• Multifamily: Our multifamily portfolio remains fully leased at 99.6%.

• Office to Residential Conversion Project: In downtown Honolulu, we are converting a 25 story, 490,000 square foot office tower into approximately 500 rental apartments, which will help address a severe shortage of rental housing and revitalize the central business district. We expect the conversion to occur in phases over a number of years as the office space is vacated, with construction costs currently estimated to be $80 million to $100 million, although the inherent uncertainties of development in our markets is compounded by the multi-year and phased nature of the conversion. See page 22.

• Development and Repositioning Projects: We’ve completed construction at our Moanalua apartment community, which now has almost 1,200 units. With the upgrades to our existing buildings and new amenities, this is now one of the most modern and desirable workforce housing communities in Hawaii. In Brentwood we are continuing with construction at our 376 unit apartment tower. See page 22. We are wrapping up our first group of office repositioning projects, and pursuing additional opportunities that we believe will provide a high return on our invested capital.

• Debt:

◦ In March, we renewed our $400 million non-recourse, revolving credit facility, secured by 6 properties. In addition to extending the maturity date, we lowered the interest rate and reduced the unused facility fees. The extended credit line bears interest at LIBOR plus 1.15% and matures in August 2023. See page 13.

◦ With the exception of a loan on our completed development project at Moanalua, our next term loan maturity is approximately three years away in 2022. We also have a large number of unencumbered properties that provide flexibility for future financings.

• Dividends: On April 16, 2019, we paid a quarterly cash dividend of $0.26 per common share, or $1.04 on an annualized basis.

• Guidance: We are decreasing our 2019 full year guidance for Net Income Per Common Share - Diluted to $0.68 to $0.74 and increasing our full year guidance for FFO to $2.09 to $2.15 per fully diluted share. The decrease in Net Income Per Common Share reflects depreciation charges from repositioning and development activities. See page 23.

NOTE:  See the non-GAAP reconciliations for FFO & AFFO on page 8 and same property NOI on page 10.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Table of Contents

COMPANY OVERVIEW
Corporate Data	3
Property Map	4
Board of Directors and Executive Officers	5
FINANCIAL RESULTS
Consolidated Balance Sheets	6
Consolidated Operating Results	7
Funds from Operations & Adjusted Funds From Operations	8
Same Property Statistics & Net Operating Income	9
Reconciliation of Same Property NOI to Net Income	10
Financial Data for Joint Ventures & Funds	11
Loans	12
PORTFOLIO DATA
Office Portfolio Summary	13
Office Percentage Leased and In-Place Rents	14
Office Lease Diversification	15
Largest Office Tenants	16
Office Industry Diversification	17
Office Lease Expirations	18
Office Lease Expirations – Next Four Quarters	19
Office Leasing Activity	20
Multifamily Portfolio Summary	21
Multifamily Development Projects	22
GUIDANCE	23
Reconciliation of Non-GAAP Guidance	24
DEFINITIONS	25

Forward Looking Statements

This First Quarter 2019 Earnings Results and Operating Information, which we refer to as our Earnings Package, supplements the information provided in our reports filed with the Securities and Exchange Commission.  It 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, and we claim the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995.  Forward-looking statements presented in this Earnings Package, and those that we may make orally or in writing from time to time, are based on our beliefs and assumptions.  Our actual results will be affected by known and unknown risks, trends, uncertainties and factors, some of which are beyond our control or ability to predict, including, but not limited to: adverse economic and real estate developments in Southern California and Honolulu; a general downturn in the economy; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, and early terminations and 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 acquiring properties; failure to successfully operate properties; failure to maintain our status as a REIT; possible adverse changes in rent control laws and regulations; environmental uncertainties; risks related to natural disasters; lack of or insufficient 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; possible future terrorist attacks; and other risks and uncertainties detailed in our Annual Report on Form 10-K and other documents filed with the Securities and Exchange Commission. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect.  As a result, our actual future results can be expected to differ from our expectations, and those differences may be material.  Accordingly, please use caution in relying on previously reported forward-looking statements to anticipate future results or trends. This Earnings Package and all subsequent written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. We do not undertake any obligation to release publicly any revisions to our forward-looking statements.

2

Company Overview

Corporate Data

as of March 31, 2019

Office Portfolio
	Consolidated		Total
Properties	63		71
Rentable square feet (in thousands)	16,527		18,367
Leased rate	91.9	%	91.8	%
Occupancy rate	90.4	%	90.3	%
Multifamily Portfolio
			Total
Properties			10
Units			3,642
Leased rate			99.6	%

Market Capitalization (in thousands, except price per share)
Fully diluted shares outstanding as of March 31, 2019	198,941
Common stock closing price per share (NYSE:DEI)	$	40.42
Equity capitalization	$	8,041,179

Net Debt(in thousands)(1)
	Consolidated			Our Share
Debt principal	$	4,158,806		$	3,745,054
Less: cash and cash equivalents	(149,722		)	(78,487		)
Net debt	$	4,009,084		$	3,666,567

Leverage Ratio (in thousands, except percentage)
Pro forma enterprise value	$	11,707,745
Our share of net debt to pro forma enterprise value	31		%

AFFO Payout Ratio
Three Months ended March 31, 2019	60.9	%

_______________________________________

(1) See page 12 for details and a reconciliation of this non-GAAP measure to the consolidated debt on our balance sheet.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Company Overview

Property Map

as of March 31, 2019

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Company Overview

Board of Directors and Executive Officers

as of March 31, 2019

BOARD OF DIRECTORS

______________________________________________________________________________________________________________

Dan A. Emmett	Our Executive Chairman of the Board
Jordan L. Kaplan	Our Chief Executive Officer and President
Kenneth M. Panzer	Our Chief Operating Officer
Christopher H. Anderson	Retired Real Estate Executive and Investor
Leslie E. Bider	Vice Chairman, PinnacleCare
Dr. David T. Feinberg	Vice President, Google Health
Virginia A. McFerran	Partner, Optum Ventures
Thomas E. O’Hern	Chief Executive Officer, Macerich
William E. Simon, Jr.	Partner, Massey Quick Simon & Co., LLC

EXECUTIVE OFFICERS

______________________________________________________________________________________________________________

Dan A. Emmett	Chairman of the Board
Jordan L. Kaplan	Chief Executive Officer and President
Kenneth M. Panzer	Chief Operating Officer
Peter D. Seymour	Chief Financial Officer
Kevin A. Crummy	Chief Investment Officer

CORPORATE OFFICES

1299 Ocean Avenue, Suite 1000, Santa Monica, California 90401

Phone: (310) 255-7700

For more information, please visit our website at www.douglasemmett.com or contact:

Stuart McElhinney, Vice President, Investor Relations

(310) 255-7751

smcelhinney@douglasemmett.com

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Financial Results

Consolidated Balance Sheets

(In thousands)

	March 31, 2019			December 31, 2018
	Unaudited
Assets
Investment in real estate:
Land	$	1,067,639		$	1,065,099
Buildings and improvements	8,088,899			7,995,203
Tenant improvements and lease intangibles	847,471			840,653
Property under development	57,527			129,753
Investment in real estate, gross	10,061,536			10,030,708
Less: accumulated depreciation and amortization	(2,309,901		)	(2,246,887		)
Investment in real estate, net	7,751,635			7,783,821
Ground lease right-of-use asset	7,483			—
Cash and cash equivalents	149,722			146,227
Tenant receivables, net	5,281			4,371
Deferred rent receivables, net	129,203			124,834
Acquired lease intangible assets, net	3,092			3,251
Interest rate contract assets	46,880			73,414
Investment in unconsolidated real estate funds	105,526			111,032
Other assets	17,087			14,759
Total assets	$	8,215,909		$	8,261,709
Liabilities
Secured notes payable and revolving credit facility, net	$	4,129,271		$	4,134,030
Ground lease liability	10,887			—
Interest payable, accounts payable and deferred revenue	142,339			130,154
Security deposits	50,802			50,733
Acquired lease intangible liabilities, net	44,883			52,569
Interest rate contract liabilities	5,283			1,530
Dividends payable	44,262			44,263
Total liabilities	4,427,727			4,413,279
Equity
Douglas Emmett, Inc. stockholders' equity:
Common stock	1,702			1,702
Additional paid-in capital	3,282,388			3,282,316
Accumulated other comprehensive income	30,943			53,944
Accumulated deficit	(953,335		)	(935,630		)
Total Douglas Emmett, Inc. stockholders' equity	2,361,698			2,402,332
Noncontrolling interests	1,426,484			1,446,098
Total equity	3,788,182			3,848,430
Total liabilities and equity	$	8,215,909		$	8,261,709

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Financial Results

Consolidated Operating Results

(Unaudited; in thousands, except per share data)

	Three Months Ended March 31,
	2019			2018
Revenues
Office rental
Rental revenues and tenant recoveries	$	167,235		$	158,824
Parking and other income	30,055			28,509
Total office revenues	197,290			187,333
Multifamily rental
Rental revenues	24,893			23,061
Parking and other income	2,003			1,853
Total multifamily revenues	26,896			24,914
Total revenues	224,186			212,247
Operating Expenses
Office expenses	63,449			60,356
Multifamily expenses	7,555			6,698
General and administrative expenses	9,832			9,567
Depreciation and amortization	79,873			72,498
Total operating expenses	160,709			149,119
Operating income	63,477			63,128
Other income	2,898			2,630
Other expenses	(1,845		)	(1,733		)
Income, including depreciation, from unconsolidated funds	1,551			1,506
Interest expense	(33,293		)	(32,900		)
Net income	32,788			32,631
Less:  Net income attributable to noncontrolling interests	(4,087		)	(4,425		)
Net income attributable to common stockholders	$	28,701		$	28,206
Net income per common share - basic	$	0.17		$	0.17
Net income per common share - diluted	$	0.17		$	0.17
Dividends declared per common share	$	0.26		$	0.25
Weighted average shares of common stock outstanding - basic	170,221			169,601
Weighted average shares of common stock outstanding - diluted	170,221			169,625

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Financial Results

Funds From Operations & Adjusted Funds From Operations⁽¹⁾ 

(Unaudited; in thousands, except per share data)

	Three Months Ended March 31,
	2019			2018
Funds From Operations (FFO)
Net income attributable to common stockholders	$	28,701		$	28,206
Depreciation and amortization of real estate assets	79,873			72,498
Net income attributable to noncontrolling interests	4,087			4,425
Adjustments attributable to unconsolidated funds(2)	4,514			4,097
Adjustments attributable to consolidated joint ventures(2)	(14,077		)	(13,242		)
FFO	$	103,098		$	95,984
Adjusted Funds From Operations (AFFO)
FFO	$	103,098		$	95,984
Straight-line rent	(4,369		)	(5,172		)
Net accretion of acquired above- and below-market leases	(4,120		)	(6,152		)
Loan costs	1,867			2,309
Recurring capital expenditures, tenant improvements and capitalized leasing expenses(3)	(17,783		)	(23,267		)
Non-cash compensation expense	4,507			5,059
Adjustments attributable to unconsolidated funds(2)	(1,994		)	(2,386		)
Adjustments attributable to consolidated joint ventures(2)	3,921			4,618
AFFO	$	85,127		$	70,993
Weighted average shares of common stock outstanding - diluted	170,221			169,625
Weighted average units in our operating partnership outstanding	28,652			28,263
Weighted average fully diluted shares outstanding	198,873			197,888
Net income per common share - diluted	$	0.17		$	0.17
FFO per share - fully diluted	$	0.52		$	0.49
Dividends paid per share(4)	$	0.26		$	0.25

______________________________________________

(1) Presents the FFO and AFFO attributable to our common stockholders and noncontrolling interests in our Operating Partnership, including our share of our consolidated joint ventures and our unconsolidated Funds.

(2) Adjusts for the portion of each other listed adjustment item on our share of the results of our unconsolidated Funds and for each other listed adjustment item that is attributed to the noncontrolling interests in our consolidated joint ventures.

(3) We adopted the new lease accounting rules in the first quarter of 2019. Under the new rules, we expense non-incremental leasing expenses (leasing expenses not directly related to the signing of a lease) and capitalize incremental leasing expenses. Since non-incremental leasing expenses are included in the calculation of net income attributable to common stockholders and FFO, the 2019 adjustment to AFFO only includes incremental leasing expenses.

(4) Reflects dividends paid within the respective quarters.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Financial Results

Same Property Statistics & Net Operating Income (NOI)⁽¹⁾ 

(Unaudited; in thousands, except statistics)

	As of March 31,
	2019		2018
Office Statistics
Number of properties	59		59
Rentable square feet (in thousands)	15,286		15,223
Ending % leased	91.8	%	90.9	%
Ending % occupied	90.3	%	89.2	%
Quarterly average % occupied	90.5	%	89.8	%
Multifamily Statistics
Number of properties	9		9
Number of units	2,640		2,640
Ending % leased	99.8	%	99.5	%

	Three Months Ended March 31,						% Favorable
	2019			2018			(Unfavorable)
Net Operating Income (NOI)
Office revenues	$	181,989		$	170,977		6.4	%
Office expenses	(56,952		)	(54,280		)	(4.9	)%
Office NOI	125,037			116,697			7.1	%
Multifamily revenues	21,526			20,845			3.3	%
Multifamily expenses	(5,602		)	(5,330		)	(5.1	)%
Multifamily NOI	15,924			15,515			2.6	%
Total NOI	$	140,961		$	132,212		6.6	%
Cash Net Operating Income (NOI)
Office cash revenues	$	174,733		$	163,018		7.2	%
Office cash expenses	(56,952		)	(54,280		)	(4.9	)%
Office cash NOI	117,781			108,738			8.3	%
Multifamily cash revenues	21,517			20,839			3.3	%
Multifamily cash expenses	(5,602		)	(5,330		)	(5.1	)%
Multifamily cash NOI	15,915			15,509			2.6	%
Total Cash NOI	$	133,696		$	124,247		7.6	%

_________________________________________________

(1) The amounts presented include 100% (not our pro-rata share). See page 10 for a reconciliation of these non-GAAP measures to net income attributable to common stockholders.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Financial Results

Reconciliation of Same Property NOI to Net Income

(Unaudited and in thousands)

	Three Months Ended March 31,
	2019			2018
Same property office cash revenues	$	174,733		$	163,018
Non cash adjustments per definition of NOI	7,256			7,959
Same property office revenues	181,989			170,977
Same property office expenses	(56,952		)	(54,280		)
Office NOI	125,037			116,697
Same property multifamily cash revenues	21,517			20,839
Non cash adjustments per definition of NOI	9			6
Same property multifamily revenues	21,526			20,845
Same property multifamily expenses	(5,602		)	(5,330		)
Multifamily NOI	15,924			15,515
Same Property NOI	140,961			132,212
Non-comparable office revenues	15,301			16,356
Non-comparable office expenses	(6,497		)	(6,076		)
Non-comparable multifamily revenues	5,370			4,069
Non-comparable multifamily expenses	(1,953		)	(1,368		)
NOI	153,182			145,193
General and administrative expenses	(9,832		)	(9,567		)
Depreciation and amortization	(79,873		)	(72,498		)
Operating income	63,477			63,128
Other income	2,898			2,630
Other expenses	(1,845		)	(1,733		)
Income, including depreciation, from unconsolidated real estate funds	1,551			1,506
Interest expense	(33,293		)	(32,900		)
Net income	32,788			32,631
Less: Net income attributable to noncontrolling interests	(4,087		)	(4,425		)
Net income attributable to common stockholders	$	28,701		$	28,206

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Financial Results

Financial Data for Joint Ventures & Funds

(Unaudited, in thousands)

	Three months ended March 31, 2019
	Wholly-Owned Properties		Consolidated Joint Ventures(1)		Unconsolidated Funds(2)
Revenues	$	182,707	$	41,479	$	20,158
Office and multifamily operating expenses	$	57,252	$	13,752	$	6,827
Straight-line rent	$	2,428	$	1,941	$	206
Above/below-market lease revenue	$	1,378	$	2,742	$	(3	)
Cash NOI attributable to outside interests(3)	$	—	$	15,302	$	4,658
Our share of cash NOI(4)	$	121,649	$	7,742	$	8,470

______________________________________________________

(1) Represents stand-alone financial data (with property management fees excluded from operating expenses as a consolidating entry) for three consolidated joint ventures ("JVs") which we manage and in which we own a weighted average interest of approximately 28% based on square footage. The JVs own a combined ten Class A office properties totaling 2.8 million square feet in our submarkets. We are entitled to (i) distributions based on invested capital, (ii) fees for property management and other services, (iii) reimbursement of certain acquisition-related expenses and certain other costs and (iv) in most cases, additional distributions based on Cash NOI.

(2) Represents stand-alone financial data (with property management fees excluded from operating expenses as a consolidating entry) for three unconsolidated Funds which we manage and in which we own a weighted average interest of approximately 62% based on square footage. The Funds own a combined eight Class A office properties totaling 1.8 millionsquare feet in our submarkets. We are entitled to (i) priority distributions, (ii) distributions based on invested capital, (iii) a carried interest if the investors’ distributions exceed a hurdle rate, (iv) fees for property management and other services and (v) reimbursement of certain costs.  

(3) Represents the share of Cash NOI allocable under the applicable agreements to interests other than our fully diluted shares.

(4) Represents the share of Cash NOI allocable to our fully diluted shares.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Financial Results

Loans (As of March 31, 2019, unaudited)
Maturity Date(1)		Principal Balance (In Thousands)		Our Share(2) (In Thousands)		Effective Rate(3)	Swap Maturity Date
Consolidated Wholly-Owned Subsidiaries
10/1/2019		$	145,000	$	145,000	LIBOR + 1.25%	N/A
4/15/2022		340,000		340,000		2.77%	4/1/2020
7/27/2022		180,000		180,000		3.06%	7/1/2020
11/1/2022		400,000		400,000		2.64%	11/1/2020
6/23/2023		360,000		360,000		2.57%	7/1/2021
12/23/2023		220,000		220,000		3.62%	12/23/2021
1/1/2024		300,000		300,000		3.46%	1/1/2022
3/3/2025		335,000		335,000		3.84%	3/1/2023
4/1/2025		102,400		102,400		2.84%	3/1/2020
12/1/2025		115,000		115,000		2.76%	12/1/2020
6/1/2027		550,000		550,000		3.16%	6/1/2022
6/1/2038	(4)	31,406		31,406		4.55%	N/A
8/21/2023	(5)	100,000		100,000		LIBOR + 1.15%	N/A
Subtotal		3,178,806		3,178,806
Consolidated Joint Ventures
2/28/2023		580,000		174,000		2.37%	3/1/2021
12/19/2024		400,000		80,000		3.47%	1/1/2023
Total Consolidated Loans	(6)	$	4,158,806	$	3,432,806
Unconsolidated Funds
3/1/2023		$	110,000	$	26,954	2.30%	3/1/2021
7/1/2024		400,000		285,294		3.44%	7/1/2022
Total Unconsolidated Loans		$	510,000	$	312,248
Total Loans				$	3,745,054

________________________________________________________________________

Except as noted below, each loan (including our revolving credit facility) is non-recourse and secured by one or more separate collateral pools consisting of one or more properties, and requires interest-only monthly payments with the outstanding principal due upon maturity.

(1) Maturity dates include the effect of extension options.

(2) "Our Share" is a non GAAP measure calculated by multiplying the principal balance by our share of the borrowing entity's equity.

(3) Includes the effect of interest rate swaps and excludes the effect of prepaid loan costs.

(4) Requires monthly payments of principal and interest. Principal amortization is based upon a 30-year amortization schedule.

(5) $400 million revolving credit facility. Unused commitment fees range from 0.10% to 0.15%.

(6) Our consolidated debt on the balance sheet of $4.13 billion is calculated by adding $3.9 million of unamortized loan premium and deducting $33.5 million of unamortized deferred loan costs from our total consolidated loans of $4.16 billion.

Statistics for Consolidated Loans with interest fixed under the terms of the loan or a swap
Principal balance (in billions)	$3.91
Weighted average remaining life (including extension options)	5.2 years
Weighted average remaining fixed interest period	2.5 years
Weighted average annual interest rate	3.07%

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Office Portfolio Summary

Total Office Portfolio as of March 31, 2019

Submarket	Number of Properties	Rentable Square Feet	Submarket Rentable Square Feet(1)	Our Market Share in Submarket(2)
Brentwood	15	2,084,627	3,336,801	62.5	%
Sherman Oaks/Encino	12	3,486,941	6,528,253	53.4
Westwood	6	2,133,881	4,259,142	50.1
Warner Center/Woodland Hills	3	2,845,577	7,667,855	37.1
Honolulu(3)	4	1,641,517	4,952,221	33.1
Olympic Corridor	5	1,142,885	3,451,688	33.1
Beverly Hills(4)	11	2,195,912	6,911,291	28.6
Santa Monica	11	1,427,671	9,250,950	15.4
Century City	3	951,534	10,148,454	9.4
Burbank	1	456,205	7,060,975	6.5
Total / Weighted Average(5)	71	18,366,750	63,567,630	39.2	%

_______________________________________________________

(1) Source is the 2019first quarter CBRE Marketview report.

(2) Calculated by dividing Rentable Square Feet by the applicable Submarket Rentable Square Feet.

(3) We removed approximately 122,000 rentable square feet of vacant space at an office building we are converting to residential apartments. Third party submarket data was updated for consistency. See page 22.

(4) Includes a 218,000 square foot property located just outside the Beverly Hills city limits. To calculate our percentage of the submarket, the property is not included in the numerator or the denominator for consistency with third party data.

(5) The average of our market share in all submarkets is weighted based on the square feet of exposure in our total portfolio to each submarket.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Office Percentage Leased and In-Place Rents

Total Office Portfolio as of March 31, 2019

Annualized Rent by Submarket

Submarket	Percent Leased(1)		Annualized Rent(2)		Annualized Rent Per Leased Square Foot(2)		Monthly Rent Per Leased Square Foot(2)
Beverly Hills	95.9	%	$	104,912,777	$	51.47	$	4.29
Brentwood	89.5		79,814,302		44.76		3.73
Burbank	100.0		22,714,720		49.79		4.15
Century City	93.4		40,777,950		48.85		4.07
Honolulu	94.8		50,632,448		34.68		2.89
Olympic Corridor	91.6		39,342,726		39.21		3.27
Santa Monica	93.3		92,316,791		72.13		6.01
Sherman Oaks/Encino	91.7		112,332,520		36.65		3.05
Warner Center/Woodland Hills	87.1		70,116,302		29.43		2.45
Westwood	90.2		91,862,950		49.52		4.13
Total / Weighted Average	91.8	%	$	704,823,486	$	43.62	$	3.63
Recurring Office Capital Expenditures per Rentable Square Foot
Three months ended March 31, 2019							$	0.08

_______________________________________________________________

(1) Includes 272,170 square feet with respect to signed leases not yet commenced at March 31, 2019.

(2) Excludes signed leases not yet commenced at March 31, 2019.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Office Lease Diversification

Total Office Portfolio as of March 31, 2019

Portfolio Tenant Size
	Median	Average
Square feet	2,600	5,500

	Office Leases			Rentable Square Feet			Annualized Rent
Square Feet Under Lease	Number	Percent		Amount	Percent		Amount		Percent
2,500 or less	1,444	49.2	%	1,983,475	12.3	%	$	84,762,752	12.0	%
2,501-10,000	1,120	38.1		5,491,429	34.0		236,166,780		33.5
10,001-20,000	235	8.0		3,247,198	20.1		136,754,290		19.4
20,001-40,000	102	3.5		2,781,944	17.2		119,478,884		17.0
40,001-100,000	31	1.1		1,751,724	10.8		85,819,435		12.2
Greater than 100,000	4	0.1		902,669	5.6		41,841,346		5.9
Total for all leases	2,936	100.0	%	16,158,439	100.0	%	$	704,823,486	100.0	%

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Largest Office Tenants

Total Office Portfolio as of March 31, 2019

Tenants paying 1% or more of our aggregate annualized rent:
Tenant	Number of Leases	Number of Properties	Lease Expiration(1)	Total Leased Square Feet	Percent of Rentable Square Feet		Annualized Rent		Percent of Annualized Rent
Time Warner(2)	3	3	2020-2024	468,775	2.6	%	$	23,164,538	3.3	%
UCLA(3)	25	10	2019-2027	321,106	1.7		15,914,380		2.2
William Morris Endeavor(4)	1	1	2027	206,782	1.1		11,666,900		1.7
Morgan Stanley(5)	5	5	2022-2027	145,488	0.8		9,221,887		1.3
Equinox Fitness(6)	5	5	2020 - 2033	180,087	1.0		7,533,301		1.1
Total	39	24		1,322,238	7.2	%	$	67,501,006	9.6	%

______________________________________________________

(1) Expiration dates are per lease (expiration dates do not reflect storage and similar leases).

(2) Square footage expires as follows: 2,000 square feet in 2020, 11,000 square feet in 2021, and 456,000 square feet in 2024.

(3) Square footage expires as follows: 6,000 square feet in 2019, 41,000 square feet in 2020, 69,000 square feet in 2021, 55,000 square feet in 2022, 40,000 square feet in 2023, 37,000 square feet in 2024, 6,000 square feet in 2025, and 67,000 square feet in 2027. Tenant has options to terminate 31,000 square feet in 2020, 15,000 square feet in 2023, and 51,000 square feet in 2025.

(4) Tenant has an option to terminate 2,000 square feet in 2020 and 205,000 square feet in 2022.

(5) Square footage expires as follows: 16,000 square feet in 2022, 30,000 square feet in 2023, 26,000 square feet in 2025, and 74,000 square feet in 2027. Tenant has options to terminate 30,000 square feet in 2021, and 26,000 square feet in 2022.

(6) Square footage expires as follows: 42,000 square feet in 2020, 33,000 square feet in 2024, 31,000 square feet in 2027, 44,000 square feet in 2028, and 30,000 square feet in 2033.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Office Industry Diversification

Total Office Portfolio as of March 31, 2019

Percentage of Annualized Rent by Tenant Industry

Industry	Number of Leases	Annualized Rent as a Percent of Total
Legal	581	18.2	%
Financial Services	391	15.0
Entertainment	209	12.8
Real Estate	294	11.3
Accounting & Consulting	358	10.2
Health Services	372	7.4
Retail	187	5.8
Technology	128	5.2
Insurance	106	4.1
Educational Services	58	3.6
Public Administration	94	2.4
Advertising	58	1.6
Manufacturing & Distribution	52	1.3
Other	48	1.1
Total	2,936	100.0	%

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Office Lease Expirations

Total Office Portfolio as of March 31, 2019

(1) Average of the percentage of leases expiring at March 31, 2016, 2017, and 2018 with the same remaining duration as the leases for the labeled year had at March 31, 2019. Acquisitions are included in the comparable average commencing in the quarter after the acquisition.

Year of Lease Expiration	Number of Leases	Rentable Square Feet	Expiring Square Feet as a Percent of Total		Annualized Rent at March 31, 2019		Annualized Rent as a Percent of Total		Annualized Rent Per Leased Square Foot(1)		Annualized Rent Per Leased Square Foot at Expiration(2)
Short Term Leases	59	167,251	0.9	%	$	6,728,829	1.0	%	$	40.23	$	40.36
2019	381	1,332,743	7.2		52,949,203		7.5		39.73		40.16
2020	665	2,732,526	14.9		113,319,006		16.1		41.47		42.89
2021	574	2,675,893	14.6		113,111,656		16.0		42.27		45.09
2022	423	2,133,722	11.6		90,185,286		12.8		42.27		46.91
2023	331	2,158,987	11.8		98,156,108		13.9		45.46		52.12
2024	213	1,974,391	10.8		88,076,253		12.5		44.61		53.77
2025	120	941,219	5.1		43,375,368		6.2		46.08		56.68
2026	51	537,069	2.9		25,390,889		3.6		47.28		59.43
2027	63	953,405	5.2		45,845,848		6.5		48.09		62.38
2028	37	352,301	1.9		19,217,089		2.7		54.55		72.45
Thereafter	19	198,932	1.1		8,467,951		1.2		42.57		61.79
Subtotal/weighted average	2,936	16,158,439	88.0	%	704,823,486		100.0	%	43.62		49.48
Signed leases not commenced		272,170	1.5
Available		1,512,260	8.2
Building management use		130,116	0.7
BOMA adjustment(3)		293,765	1.6
Total/weighted average	2,936	18,366,750	100.0	%	$	704,823,486	100.0	%	$	43.62	$	49.48

___________________________________________________

(1) Represents annualized rent at March 31, 2019 divided by leased square feet.

(2) Represents annualized rent at expiration divided by leased square feet.

(3) Represents the square footage adjustments for leases that do not reflect BOMA remeasurement.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Office Lease Expirations - Next Four Quarters

Total Office Portfolio as of March 31, 2019

	Q2 2019		Q3 2019		Q4 2019		Q1 2020
Expiring Square Feet(1)	335,237		386,029		611,477		628,092
Percentage of Portfolio	2.1	%	2.4	%	3.8	%	3.9	%
Expiring Rent per Square Foot(2)	$36.37		$41.58		$41.34		$42.56

Submarket Data
Due to the small square footage of leases in each quarter in each submarket, and the varying terms and square footage of the individual leases and the individual buildings involved, the data in this table should only be extrapolated with caution.
		Q2 2019	Q3 2019	Q4 2019	Q1 2020
Beverly Hills	Expiring SF(1)	12,144	73,836	69,348	32,391
	Expiring rent per SF(2)	$46.83	$46.94	$64.17	$54.32
Brentwood	Expiring SF(1)	26,724	58,356	65,106	100,489
	Expiring rent per SF(2)	$43.33	$46.41	$49.85	$48.84
Century City	Expiring SF(1)	24,053	9,896	14,571	31,396
	Expiring rent per SF(2)	$35.41	$53.16	$47.60	$49.74
Honolulu	Expiring SF(1)	102,746	31,501	54,879	83,634
	Expiring rent per SF(2)	$31.14	$34.78	$35.42	$34.80
Olympic Corridor	Expiring SF(1)	27,759	34,876	28,405	91,675
	Expiring rent per SF(2)	$37.13	$42.61	$35.29	$38.68
Santa Monica	Expiring SF(1)	3,144	15,937	14,517	43,958
	Expiring rent per SF(2)	$52.30	$66.48	$61.05	$60.79
Sherman Oaks/Encino	Expiring SF(1)	62,922	55,065	263,655	140,917
	Expiring rent per SF(2)	$37.03	$33.90	$35.28	$37.49
Warner Center/Woodland Hills	Expiring SF(1)	44,337	73,524	67,430	63,957
	Expiring rent per SF(2)	$30.42	$31.16	$31.28	$31.02
Westwood	Expiring SF(1)	31,408	33,038	33,566	39,675
	Expiring rent per SF(2)	$49.08	$46.96	$49.10	$53.05

_________________________________________________________________

(1) Includes leases with an expiration date in the applicable quarter where the space had not been re-leased as of March 31, 2019, other than 167,251 square feet of Short-Term Leases.

(2) Includes the impact of rent escalations over the entire term of the expiring lease, and is therefore not directly comparable to starting rents. Fluctuations in this number from quarter to quarter primarily reflects the mix of buildings/submarkets involved, as well as the varying terms and square footage of the individual leases expiring.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Office Leasing Activity

Total Office Portfolio during the Three Months ended March 31, 2019

Net Absorption During Quarter⁽¹⁾ 0.06%

Office Leases Signed During Quarter	Number of leases	Rentable Square Feet	Weighted Average Lease Term (months)
New leases	83	280,401	58
Renewal leases	113	491,394	39
All leases	196	771,795	46

Change in Annual Rental Rates (Per Square Foot) for Office Leases Executed during the Quarter(2)
	Starting Cash Rent	Straight-line Rent	Expiring Cash Rent
Leases signed during the quarter	$44.21	$45.52	N/A
Prior leases for the same space	$36.62	$37.78	$40.54
Percentage change	20.7%	20.5%	9.1%	(3)

Average Office Lease Transaction Costs (Per Square Foot)
	Lease Transaction Costs	Lease Transaction Costs per Annum
New leases signed during the quarter	$32.03	$6.61
Renewal leases signed during the quarter	$13.88	$4.27
All leases signed during the quarter	$20.48	$5.34

________________________________________________________________

(1) Net absorption represents the change in percentage leased between the last day of the current and prior quarter, excluding properties acquired or sold during the current quarter.

(2) Represents the average initial stabilized cash and straight-line rents on new and renewed leases signed during the quarter compared to the prior leases for the same space. Excludes Short Term Leases, leases where the prior lease was terminated more than a year before signing of the new lease, leases for tenants relocated from space being taken out of service, and leases in acquired buildings where we believe the information about the prior agreement is incomplete or where we believe base rent reflects other off-market inducements to the tenant that are not reflected in the prior lease document.

(3) The percentage change for expiring cash rent represents the comparison between the starting cash rent on leases signed during the quarter and the expiring cash rent for the prior leases for the same space.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Portfolio Data

Multifamily Portfolio Summary

as of March 31, 2019

Annualized Rent by Submarket

Submarket	Number of Properties		Number of Units		Units as a Percent of Total
Brentwood	5		950		26		%
Honolulu(1)	3		1,872		51
Santa Monica	2		820		23
Total	10		3,642		100		%
Submarket	Percent Leased		Annualized Rent(2)		Monthly Rent Per Leased Unit
Brentwood	99.9	%	$	31,882,032	$	2,800
Honolulu(1)	99.5		41,458,020		1,857
Santa Monica	99.6		29,773,008		3,041
Total / Weighted Average	99.6	%	$	103,113,060	$	2,370

Recurring Multifamily Capital Expenditures per Unit(3)
Three months ended March 31, 2019	$	178

________________________________________________________________

(1) Includes newly developed units just made available for rent.

(2) The multifamily portfolio also includes 10,495 square feet of ancillary retail space generating annualized rent of $399,962, which is not included in multifamily annualized rent.

(3) Excludes new development units.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Developments

Development Projects

1132 Bishop Street, Honolulu, Hawaii
In downtown Honolulu, we are converting a 25 story, 490,000 square foot office tower into approximately 500 rental apartments. This project will help address the severe shortage of rental housing in Honolulu, and revitalize the central business district, where we own a significant portion of the Class A office space. We expect the conversion to occur in phases over a number of years as the office space is vacated. In select cases, we will relocate tenants to our other office buildings in Honolulu, although we do not have enough vacancy to accommodate all of them. We currently estimate that construction costs will be $80 million to $100 million, although the inherent uncertainties of development are compounded by the multi-year and phased nature of the conversion. Assuming timely approvals, we expect the first units to be delivered in 2020.
Moanalua Hillside Apartments, Honolulu, Hawaii
Shortly after the 2018 year-end we completed construction of our 491 unit apartment development at Moanalua. This project now includes a total of 1,171 units on 28 acres. We have also completed upgrades to the existing buildings, improved the parking and landscaping, built a new leasing and management office and constructed a new fitness center and two pools, resulting in one of the most modern and desirable workforce housing communities in Hawaii.
Residential High Rise Tower, Brentwood, California
In Brentwood, we are building the first new residential high-rise development west of the 405 freeway in more than 40 years, offering stunning ocean views and luxury amenities. The 34 story, 376 unit tower is being built on a site that is directly adjacent to an office building and a 712 unit residential property that we own. The estimated budget is between $180 million and $200 million, not including the cost of the land which we have owned since 1997. As part of the project, we are investing additional capital to build a one acre park on Wilshire Boulevard that will be available to the public and provide a valuable amenity to our surrounding properties and community. We expect construction to take about 3 years.	Rendering of our new residential tower in Brentwood (center), with a new park in the foreground, and our existing residential and office buildings (left and right, respectively).

All figures are estimates, as development in our markets is long and complex and subject to inherent uncertainties.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Guidance

2019 Guidance

Metric	Per Share
Net income per common share - diluted	$0.68 to $0.74
FFO per share - fully diluted	$2.09 to $2.15

Assumptions

Metric	Commentary	Assumption Range	Compared to Prior Assumption
Average Office Occupancy		89% to 91%	Unchanged
Residential Leased Rate	Our assumption excludes the impact of leasing up new units.	Essentially fully leased	Unchanged
Same Property Cash NOI Growth		5.5% to 6.5%	Increased
Above/Below Market Net Revenue	Includes 100% of our consolidated JVs share (not our pro-rata share).	$14 to $16 million	Unchanged
Straight-line Revenue	Includes 100% of our consolidated JVs share (not our pro rata share).	$9 to $11 million	Decreased
G&A		$39 to $43 million	Unchanged
Interest Expense	Includes 100% of our consolidated JVs share (not our pro rata share).	$134 to $137 million	Unchanged

___________________________________________

Except as disclosed, our guidance does not include the impact of future property acquisitions or dispositions, financings, or other possible capital markets activities or impairment charges. The guidance and representative assumptions on this page are forward looking statements, subject to the safe harbor contained at the beginning of this Earnings Package, and reflect our views of current and future market conditions. Ranges represent a set of likely assumptions, but actual results could fall outside the ranges presented. Only a few of our assumptions underlying our guidance are disclosed above, and our actual results will be affected by known and unknown risks, trends, uncertainties and other factors, some of which are beyond our control or ability to predict. Although we believe that the assumptions underlying our guidance are reasonable, they are not guarantees of future performance and some of them will inevitably prove to be incorrect.  As a result, our actual future results can be expected to differ from our expectations, and those differences could be material. See page 24 for a reconciliation of our Non-GAAP guidance.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Guidance

Reconciliation of our 2019 Non-GAAP Guidance⁽¹⁾ 

(Unaudited; in millions, except per share amounts)

Reconciliation of our guided Net income per common share - diluted to FFO per share - fully diluted:

Reconciliation of net income attributable to common stockholders to FFO	Low			High
Net income attributable to common stockholders	$	115.6		$	125.8
Adjustments for depreciation and amortization of real estate assets	325.0			315.0
Adjustments for noncontrolling interests, consolidated JVs and unconsolidated funds	(24.7		)	(12.9		)
FFO	$	415.9		$	427.9
Reconciliation of shares outstanding	High			Low
Weighted average shares of common stock outstanding - diluted	170.0			170.0
Weighted average units in our operating partnership outstanding	29.0			29.0
Weighted average fully diluted shares outstanding	199.0			199.0
Per share	Low			High
Net income per common share - diluted	$	0.68		$	0.74
FFO per share - fully diluted	$	2.09		$	2.15

_____________________________________________

(1)    This reconciliation should be used as an example only, with the numbers presented only as representative assumptions. Ranges represent a set of likely assumptions, but actual results could fall outside the ranges presented. All assumptions are forward looking statements, subject to the safe harbor contained at the beginning of this Earnings Package, and reflect our views of current and future market conditions. Our actual results will be affected by known and unknown risks, trends, uncertainties and other factors, some of which are beyond our control or ability to predict. Although we believe that the assumptions underlying the guidance are reasonable, they are not guarantees of future performance and some of them will inevitably prove to be incorrect.  As a result, our actual future results can be expected to differ from our expectations, and those differences could be material.

NOTE:  See the "Definitions" section for definitions of certain terms used in this Earnings Package.

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Definitions

Adjusted Funds From Operations (AFFO):  We calculate AFFO from FFO by (i) eliminating the impact on FFO of straight-line rent; amortization/accretion of acquired above/below market leases; loan costs such as amortization/accretion of loan premiums/discounts; amortization and hedge ineffectiveness of interest rate contracts; amortization/expense of loan costs; non-cash compensation expense, and (ii) subtracting recurring capital expenditures, tenant improvements and capitalized leasing expenses (including adjusting for the effect of such items attributable to consolidated joint ventures and unconsolidated real estate funds, but not for noncontrolling interests included in our calculation of fully diluted equity). Recurring capital expenditures, tenant improvements and leasing expenses are those required to maintain current revenues once a property has been stabilized, generally excluding those for acquired buildings being stabilized, newly developed space and upgrades to improve revenues or operating expenses, as well as those resulting from casualty damage or bringing the property into compliance with governmental requirements. We report AFFO because it is a widely reported measure of the performance of equity Real Estate Investments Trusts (REITs), and is also used by some investors to compare our performance with other REITs.  However, the National Association of Real Estate Investment Trusts (NAREIT) has not defined AFFO, and other REITs may use different methodologies for calculating AFFO, and accordingly, our AFFO may not be comparable to the AFFO of other REITs. AFFO is a non-GAAP financial measure for which we believe that net income is the most directly comparable GAAP financial measure. AFFO should be considered only as a supplement to net income as a measure of our performance and should not be used as a measure of our liquidity or cash flow, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends.

AFFO Payout Ratio:Represents dividends paid within each period divided by the AFFO for that period.

Annualized Rent:  Represents annualized cash base rent (i.e. excludes tenant reimbursements, parking and other revenue) before abatements under leases commenced as of the reporting date and expiring after the reporting date (does not include 272,170 square feet with respect to signed leases not yet commenced at March 31, 2019).  For our triple net office properties (in Honolulu and two single tenant buildings in Los Angeles), annualized rent is calculated by adding expense reimbursements and estimates of normal building expenses paid by tenants to base rent. Annualized Rent does not include lost rent recovered from insurance and rent for building management use. Annualized Rent does include rent for a health club that we own and operate in Honolulu and our corporate headquarters in Santa Monica.

Average Office Occupancy: Calculated by averaging the Occupancy Rates on the last day of the current and prior quarter and, for reporting periods longer than a quarter, by averaging the Occupancy Rates for all the quarters in the respective reported period.

Consolidated Portfolio: Includes all of the properties included in our consolidated results, including our consolidated joint ventures. We own 100% of our consolidated portfolio except for ten office properties totaling 2.8 million square feet which we own through three consolidated joint ventures and in which we own a weighted average of approximately 28% based on square footage.

Consolidated Net Debt: Represents our consolidated debt, net of cash and cash equivalents, and before adding unamortized loan premium and deducting unamortized deferred loan costs. Cash and cash equivalents are subtracted because they could be used to reduce the debt obligations and unamortized loan premium and deferred loan costs are not adjusted for because they do not require cash settlement. Consolidated Net Debt is a non-GAAP financial measure for which we believe that consolidated debt is the most directly comparable GAAP financial measure. We report Consolidated Net Debt because some investors use it to evaluate and compare our leverage and financial position with that of other REITs. A limitation associated with using Consolidated Net Debt is that it subtracts cash and cash equivalents and may therefore imply that there is less debt than the most comparable GAAP financial measure indicates.

Equity Capitalization: Represents our Fully Diluted Shares multiplied by the closing price of our common stock on March 29, 2019.

Fully Diluted Shares:  Calculated according to the treasury stock method, based on our diluted outstanding stock and units in our Operating Partnership.

Funds: Fund X Opportunity Fund, LLC, Douglas Emmett Fund X, LLC and Douglas Emmett Partnership X, LP.

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Definitions

Funds From Operations (FFO):  We calculate FFO in accordance with the standards established by NAREIT by excluding gains (or losses) on sales of investments in real estate, gains (or losses) from changes in control of investments in real estate, real estate depreciation and amortization (other than amortization of right-of-use assets for which we are the lessee and amortization of deferred loan costs) from our net income (including adjusting for the effect of such items attributable to consolidated joint ventures and unconsolidated real estate funds, but not for noncontrolling interests included in our calculation of fully diluted equity). We report FFO because it is a widely reported measure of the performance of equity REITs, and is also used by some investors to identify trends in occupancy rates, rental rates and operating costs from year to year, and to compare our performance with other REITs. FFO is a non-GAAP financial measure for which we believe that net income is the most directly comparable GAAP financial measure. FFO has limitations as a measure of our performance because it excludes depreciation and amortization of real estate, and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures, tenant improvements and leasing expenses necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations. FFO should be considered only as a supplement to net income as a measure of our performance and should not be used as a measure of our liquidity or cash flow, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, our FFO may not be comparable to the FFO of other REITs.

GAAP: Refers to accounting principles generally accepted in the United States.

Lease Transaction Costs: Represents the weighted average of tenant improvements and leasing commissions for leases signed by us during the quarter, excluding leases substantially negotiated by the seller in the case of acquired properties and excluding leases for tenants relocated from space being taken out of service.

Net Income Per Common Share - Diluted: We calculate Net Income Per Common Share - Diluted by dividing the net income attributable to common stockholders for the period by the weighted average number of common shares and dilutive instruments outstanding during the period using the treasury stock method. We account for unvested LTIP awards that contain nonforfeitable rights to dividends as participating securities and include these securities in the computation using the two-class method.

Net Operating Income (NOI):  We calculate NOI as revenue less operating expenses attributable to the properties that we own and operate. We present two forms of NOI:

•NOI: is calculated by excluding the following from our net income: general and administrative expense, depreciation and amortization expense, other income, other expense, income, including depreciation, from unconsolidated real estate funds, interest expense, gains (or losses) on sales of investments in real estate and net income attributable to noncontrolling interests.

•Cash NOI: is calculated by excluding from NOI our straight-line rent and the amortization/accretion of acquired above/below market leases.

We report NOI because it is a widely recognized measure of the performance of equity REITs, and is used by some investors to identify trends in occupancy rates, rental rates and operating costs and to compare our operating performance with that of other REITs. NOI is a non-GAAP financial measure for which we believe that net income is the most directly comparable GAAP financial measure.  NOI has limitations as a measure of our performance because it 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, tenant improvements and leasing expenses necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations. NOI should be considered only as a supplement to net income as a measure of our performance and should not be used as a measure of our liquidity or cash flow, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends. Other REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to the NOI of other REITs.

Occupancy Rate:  The percentage leased, excluding signed leases not yet commenced, as of March 31, 2019. Management space is considered leased and occupied, while space taken out of service during a repositioning is excluded from both the numerator and denominator for calculating percentage leased and occupied.

Operating Partnership: Douglas Emmett Properties, LP

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Definitions

Our Share of Net Debt: We calculate our share of net debt by multiplying the principal balance of our consolidated loans and our unconsolidated Funds loans by our equity interest in the relevant borrower, and subtracting the product of cash and cash equivalents multiplied by our equity interest in the entity that owns the cash or equivalent. We subtract cash and cash equivalents because they could be used to reduce the debt obligations, but do not add unamortized loan premium or subtract unamortized deferred loan costs because they do not require cash settlement. Our share of net debt is a non-GAAP financial measure for which we believe that consolidated debt is the most directly comparable GAAP financial measure. We report our share of net debt because some investors use it to evaluate and compare our leverage and financial position with that of other REITs.

Recurring Capital Expenditures:  Building improvements required to maintain revenues once a property has been stabilized, and excludes capital expenditures for (i) acquired buildings being stabilized, (ii) newly developed space, (iii) upgrades to improve revenues or operating expenses, (iv) casualty damage and (v) bringing the property into compliance with governmental requirements.

Rentable Square Feet:  Based on the BOMA measurement.  At March 31, 2019, total consists of 16,430,609 leased square feet (including 272,170 square feet with respect to signed leases not commenced), 1,512,260 available square feet, 130,116 building management use square feet and 293,765 square feet of BOMA adjustment on leased space.

Same Property NOI:  To facilitate a comparison of NOI between reported periods, we report NOI for a subset of our properties referred to as our “same properties,” which are properties that have been owned and operated by us during both periods being compared.  We exclude from our same property subset properties that during the comparable periods were: (i) acquired, (ii) sold, (iii) held for sale, contributed or otherwise removed from our consolidated financial statements, or (iv) that underwent a major repositioning project or were impacted by development activity that we believed significantly affected the properties' results. Our Same Property NOI is not adjusted for noncontrolling interests in properties which are not wholly owned. Our same properties for 2019 include all of our Consolidated Portfolio properties, other than (1) a 80,500 square foot property in Honolulu, where the largest tenant is a health club that we own and operate, (2) a 492,600 square foot office property in Honolulu and a multifamily property in Honolulu which we expect to be affected by development activities, and (3) two office properties in Los Angeles totaling 790,000 square feet which we expect to be affected by repositioning activity and carryover leases from before our purchase.

Short Term Leases:  Represents leases that expired on or before the reporting date or had a term of less than one year, including hold over tenancies, month to month leases and other short term occupancies.

Total Portfolio: Includes our Consolidated Portfolio plus eight properties totaling 1.8 million square feet owned by our three unconsolidated real estate Funds, in which we own a weighted average of approximately 62% based on square footage.

"We" and "our" refers to Douglas Emmett, Inc., our Operating Partnership and its subsidiaries, as well as our consolidated JVs and our unconsolidated Funds.

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