道格拉斯艾美特 2024年度报告
Dear Fellow Shareholders,
With high interest rates and occupancy headwinds (including the departure of our largest tenant), 2024 was certainly achallenging year. However, 2024 also incubated some of our greatest opportunities for growth in decades.
•We achieved positive net absorption for our office portfolio in the second half of 2024 excluding Studio Plaza.•We kept our office rental rates stable, even in the face of hesitation from many larger tenants during the first half of the year.•Our multifamily portfolio performance continues to be a testament to the strength of our team and our residential markets.•We exercised disciplined control over operating expenses and kept our leasing costs and G&A among the lowest in ourbenchmark group.•We launched the redevelopment of our 456,000-square-foot Studio Plaza in Burbank transforming it into a multi-tenantproperty, and have already signed leases that will commence as floors are finished.•We laid the groundwork for a major fire life safety redevelopment of our 712-unit Barrington Plaza residential property andhave now secured the permit to begin construction.
As we turn to 2025, our priorities are clear, beginning with office leasing, office leasing, and office leasing. With our team’s provenabilities, large tenants returning to the office market and the enduring value of our focused submarket strategy in Los Angeles andHonolulu, I am optimistic about achieving positive absorption in 2025.
In January 2025, we acquired a 247,000 square foot office tower and by-right residential development site at the intersection ofWilshire and Westwood Boulevards. We expect to see similar opportunities in 2025 and are well positioned to take advantage ofthem. Nearly half of our office portfolio is unencumbered, we have a deep bench of joint venture partners, and balance sheet liquidity.
During this year, we plan to advance our major development projects at Studio Plaza, Barrington Plaza and our newly acquiredproperty in Westwood. Over the past four decades, we have built Douglas Emmett to thrive during downturns and this one is noexception.
Our supply-constrained markets, high-quality assets, and unique operating platform give us a competitive edge. As we look to 2025and beyond, I am confident in our ability to deliver value. So, as I do every year, I promise that Ken and I, and the entire DouglasEmmett team, remain committed to the high standards and hard work ethic that have been our hallmark for over 40 years.
Jordan L. KaplanPresident & CEO
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