A Legacy of Excellence… … · Sherman Oaks/Encino 21% Westside LA 52% Office Annualized Rent by Submarket Burbank 3% Honolulu 10% Warner Center/Woodland Hills 14% Sherman Oaks/Encino

A Legacy of Excellence…

Over the last 43 years we have grown to become the largest owner and operator of high-quality office and multifamily assets in the prestigious coastal submarkets of Los Angeles County and Honolulu, Hawaii. We started with multifamily properties and soon expanded into high-quality office properties, which now provide approximately 87% of our revenues. After years of operating as a successful private company through numerous economic cycles and sponsoring nine institutional funds (which collectively achieved an IRR in excess of 20%), we went public in 2006 with the largest REIT IPO in history.

Today…

We are a New York Stock Exchange listed company (ticker symbol “DEI”). We own and operate over 15 million SF of Class A office space and approximately 2,900 apartment units within premier submarkets of Los Angeles and Honolulu: Beverly Hills, Brentwood, Burbank, Century City, Honolulu CBD, Olympic Corridor, Santa Monica, Sherman Oaks/Encino, Warner Center/Woodland Hills and Westwood.

With an average of 25 years working together, our executive team uses a focused business strategy we have developed over the last four decades:

First, we select submarkets that are supply constrained, with high barriers to entry, robust lifestyle amenities, proximity to high-end executive housing, and a strong, diverse economic base. Our submarkets are dominated by small, affluent tenants, whose rent is typically a very small portion of their revenues and thus not the paramount factor in their leasing decision.

Once we select a submarket, we follow a disciplined acquisition strategy of gaining substantial market share that provides us extensive local market information, pricing power in lease and vendor negotiations, economies of scale in property management, and an enhanced ability to identify and negotiate investment opportunities. On average, we own over 25% of the Class A office space in our target Los Angeles submarkets; in Honolulu we own and operate about 34% of the Central Business District Class A office space.

Finally, our fully integrated operating platform, which includes in-house leasing, proactive asset and property management, and internal design and construction services, provides the unsurpassed tenant service demanded in our submarkets.

Additional Information

Please contact Stuart McElhinney, Vice President-Investor Relations at (310) 255-7751, or via email at [email protected]. Updates, financial information and additional property information can be obtained at www.douglasemmett.com.

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www.douglasemmett.com

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Honolulu Submarket

Los Angeles Properties

Honolulu Properties


Premium Buildings in Premier West Coast Submarkets

Highly desirable, world famous neighborhoods.

Adjacent to high-end executive housing, shopping, restaurants and entertainment venues.

Challenging traffic congestion limits competition from other submarkets.

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Our Submarkets lead Los Angeles Our submarkets include approximately 57 million of the

180 million sq. ft. Los Angeles Class A office market.

Our Los Angeles submarkets function like the central business districts in other cities, with supply constraints, higher occupancy and 15-20% higher rents than the Los Angeles County average.

In 2012, employment grew by 3.4% in West LA and 1.9% in Los Angeles County.

West LA has the nation’s best City Human Capital Index (reflecting average resident education) (source: UCLA Anderson Forecasting)

Office Annualized Rent by Submarket

Burbank 3%

Honolulu 10%

Warner Center/Woodland

Hills 14%Sherman

O aks/Encino 21%

Westside LA 52%

Office Annualized Rent by Submarket

Burbank 3%

Honolulu 10%

Warner Center/Woodland

Hills 14%Sherman

O aks/Encino 21%

Westside LA 52%

Historical Occupancy DEI LA Portfolio, DEI Markets and LA County

82%

84%

86%

88%

90%

92%

94%

96%

Q107

Q307

Q108

Q308

Q109

Q309

Q110

Q310

Q111

Q311

Q112

Q312

Q113

Q313

Q114

DEI Portfolio DEI Submarkets LA County

Source for Los Angeles data: CoStar.

Historical Occupancy DEI LA Portfolio, DEI Markets and LA County

82%

84%

86%

88%

90%

92%

94%

96%

Q107

Q307

Q108

Q308

Q109

Q309

Q110

Q310

Q111

Q311

Q112

Q312

Q113

Q313

Q114

DEI Portfolio DEI Submarkets LA County

Source for Los Angeles data: CoStar.

Small Affluent Office Tenants Our median office tenant size is only approximately 2,400 square feet.

The tenant decision maker typically works in our suite and lives nearby, so any move has significant personal impact.

Our high end tenants are generally less rent sensitive, as rent represents a small percentage of their revenues.

With consistent annual lease expirations of between 11% and 13%, we have minimal exposure to any single tenant.

By avoiding the higher tenant improvement costs for larger tenants, we minimize our recurring capex.

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Our Diverse Tenant Mix is supported by a variety of vibrant industries, minimizing dependence on any one sector:

Entertainment

Tourism

Technology

Health Services

Medical research

Foreign Trade

Education

Manufacturing, especially green tech

Legal, Accounting and Financial Services

Percentage of Annualized Rent by Industry

Commanding Market Share. We average over 24% of the Class A Office space in our submarkets. This leads to pricing power in lease and vendor negotiations and enhanced ability to identify and seize investment opportunities.

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Disciplined Acquisition Strategy

We pursue a disciplined investment process developed over multiple real estate cycles.

Our strong operating platform provides an advantage in purchasing undermanaged buildings with significant vacancy.

Our dominant market presence provides extensive local relationships and transactional market information.

Since our IPO in October 2006, we have grown the square footage of our total office portfolio by 31%.


Submarkets# Office

Properties Rentable Sq. Ft. Market Share# Apt

Properties UnitsBeverly Hills 8 1,643,911 21.2% Brentwood 14 1,700,889 50.7% 5 950 Burbank 1 420,949 6.3% Century City 3 916,952 9.1% Honolulu 4 1,716,708 33.7% 2 1,098 Olympic Corridor 5 1,098,073 36.4% Santa Monica 8 972,795 11.2% 2 820 Sherman Oaks / Encino 12 3,372,129 54.6% Warner Center / Woodland Hills 3 2,855,911 39.6% Westwood 2 396,808 8.9% Total 60 15,095,125 24.1% 9 2,868

Market data from CBRE

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Severe Supply Constraints. Even with office rents now moving upward, new office development in our targeted submarkets continues to be severely constrained by restrictive zoning laws and well organized community groups. There has been virtually no Class A office space delivered in any phase of the business cycle for over a decade, and none is scheduled for delivery in the near future.

Source: REIS


New Class A Office Construction Deliveries as a Percent of Total Submarket

0%1%

0% 0%0% 0%

1%0% 0% 0%

1%0%

2%

0%

3% 3%

0% 0% 0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F

% o

f Tot

al S

ubm

arke

t

West LA & Sherman Oaks/Encino Warner Center Honolulu

West LA submarkets included: Beverly Hills, Brentwood, Century City, Olympic Corridor, Santa M onica & Westwood. Total o f West LA & S.O. / Encino submarkets is 43M SF. Warner Center total submarket is 7.2M SF. Honolulu to tal submarket is 5.1M SF.

New Class A Office Construction Deliveries as a Percent of Total Submarket

0%1%

0% 0%0% 0%

1%0% 0% 0%

1%0%

2%

0%

3% 3%

0% 0% 0% 0% 0% 0% 0% 0%0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F 2015F 2016F

% o

f Tot

al S

ubm

arke

t

West LA & Sherman Oaks/Encino Warner Center Honolulu

West LA submarkets included: Beverly Hills, Brentwood, Century City, Olympic Corridor, Santa M onica & Westwood. Total o f West LA & S.O. / Encino submarkets is 43M SF. Warner Center total submarket is 7.2M SF. Honolulu to tal submarket is 5.1M SF.

Our Trophy Multifamily Assets are located in premier neighborhoods in Santa Monica, Brentwood and Honolulu. As one of the largest apartment owners in each of these submarkets, we benefit from the same advantages that make our submarkets attractive for our office investments.

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Multifamily Annualized Rent by Submarket

Brentwood, 36%

Honolulu, 29%

Santa Monica, 35%

Multifamily Annualized Rent by Submarket

Brentwood, 36%

Honolulu, 29%

Santa Monica, 35%

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Strong Multifamily Performance

Our apartment communities command premium rents, with significantly greater average revenues per unit.


Benchmark data based on average of 2013 reported same store data from : AIV, AVB, BRE, CPT, EQR, ESS, HME, PPS and UDR

Our efficient multifamily operating platform creates above average operating margins.

Multifamily Operating Margin

74%

66%

50%

55%

60%

65%

70%

75%

80%

DEI Benchmark

Multifamily Operating Margin

74%

66%

50%

55%

60%

65%

70%

75%

80%

DEI Benchmark

Multifamily Revenue per Apartment Unit

$2,235

$1,573

$0

$500

$1,000

$1,500

$2,000

$2,500

DEI Benchmark

Multifamily Revenue per Apartment Unit

$2,235

$1,573

$0

$500

$1,000

$1,500

$2,000

$2,500

DEI Benchmark

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Rendering of The Landmark project (center), with our existing Barrington Plaza and Landmark II properties in foreground

Moanalua Hillside Apartments, Honolulu:We expect to break ground on 496 new units in late 2014 to

add to the current 696 apartments units we own on 27 acres of rolling hills, a short commute from downtown Honolulu and nearby military bases. We also plan to upgrade the existing buildings and to add a brand new community center to serve the entire project.

Our Current Development Projects. We are currently pursuing two residential development projects:

The Landmark, Brentwood:The Landmark would be the first new residential high-rise

development project west of the 405 freeway in more than 40 years, offering stunning oceans views and luxury amenities. Current plans call for a 34 story, 376 unit tower located on a site we own, using the existing underground parking for our existing supermarket being replaced. With good progress through the protracted Los Angeles development process, we expect to break ground in late 2015.

Rendering of some of the new buildings at our Moanalua Hillside Apartments, with our lower rise existing buildings in middle

Benchmark data based on average of reported data from Boston Properties, Brookfield, Hudson Pacific Properties, Kilroy, SL Green and Vornado

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Our Efficient Integrated Operating Platform Our unsurpassed tenant service is a key advantage in handling a very large number of small, affluent tenants.

Our in-house leasing agents and lawyers complete an average of about 3 office leases each business day.

Our internal tenant improvement, design and construction team compresses vacancy time, resulting in lower costs and easier transitions for tenants inexperienced in office build-outs.

Our office occupancy rates generally exceed those in our submarkets by between 200 and 500 basis points.

By keeping our G&A, recurring capex and straight-line rent low, we convert a higher percentage of our FFO into free cash flow.


G&A & Recurring Capex as % of Revenue2013

4.5%

7.1% 7.4%

13.2%

0%

5%

10%

15%

20%

DEI DEIBenchmark

G&A as % of Revenue Capex as % of Revenue

Benchmark

G&A & Recurring Capex as % of Revenue2013

4.5%

7.1% 7.4%

13.2%

0%

5%

10%

15%

20%

DEI DEIBenchmark

G&A as % of Revenue Capex as % of Revenue

Benchmark

Percentage of FFO Converted to AFFOTrailing 4 Quarters

79%

56%

0%

25%

50%

75%

100%

DEI Benchmark

Percentage of FFO Converted to AFFOTrailing 4 Quarters

79%

56%

0%

25%

50%

75%

100%

DEI Benchmark

Benchmark data based on average of reported data from Boston Properties, Hudson Pacific Properties, Kilroy, SL Green and Vornado. Brookfield does not disclose average lease term.

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Structured to Benefit from Growth The high contractual annual rent bumps in virtually all of our leases:

Protected our cash flow during the recession

Can accelerate cash flow growth in good times

Our short average lease term makes us the least bond like investment among our benchmark group:

More quickly captures the benefits of increases in rents

Better matches our debt maturities to hedge against interest rate increases and inflation

Average Lease Term (Years)for leases executed during prior two years

4.9

8.3

0

2

4

6

8

10

Ave

rage

Lea

se T

erm

(yea

rs)

DEI Benchmark

Average Lease Term (Years)for leases executed during prior two years

4.9

8.3

0

2

4

6

8

10

Ave

rage

Lea

se T

erm

(yea

rs)

DEI Benchmark

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Strong Earnings Growth In the seven full years we have been public:

We have grown our Funds From Operations (FFO)1 by more than 36%.

We have grown our Adjusted Funds From Operations (AFFO)1 by more than 78%.


1. Our 2011 and 2012 FFO were adjusted because we reflect the full impact of the termination of any debt interest rate swaps in the period of termination. For complete definitions of FFO and AFFO, as well as a reconciliation of each to the equivalent GAAP measurements, please refer to our quarterly Earnings Package which can be viewed atwww.douglasemmett.com/investors.

DEI Funds From Operations(in millions)

$170

$190

$210

$230

$250

$270

2007 2008 2009 2010 2011 2012 2013

FFO

DEI Funds From Operations(in millions)

$170

$190

$210

$230

$250

$270

2007 2008 2009 2010 2011 2012 2013

FFO

DEI Adjusted Funds From Operations(in millions)

$100

$120

$140

$160

$180

$200

$220

2007 2008 2009 2010 2011 2012 2013

AFF

O

DEI Adjusted Funds From Operations(in millions)

$100

$120

$140

$160

$180

$200

$220

2007 2008 2009 2010 2011 2012 2013

AFF

O

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Dividend Increases with Best in Class Dividend Coverage Our projected 2014 annualized dividend of $0.80 per share provides a cash yield of approximately 3.4%.

We have increased our quarterly dividends by 100% over the last two and a half years.

Our superior AFFO payout ratio and strong AAFO growth means ample liquidity and room for additional dividend growth.


DEI Dividends and AFFO per share

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

2010 2011 2012 2013 2014*

Dividends/share

AFFO/share

*2014 Dividends are projected based on declared Q1 14 dividend of $0.20. 2014 AFFO projection is mid-point of our guidance.

DEI Dividends and AFFO per share

$0.00

$0.20

$0.40

$0.60

$0.80

$1.00

$1.20

2010 2011 2012 2013 2014*

Dividends/share

AFFO/share

*2014 Dividends are projected based on declared Q1 14 dividend of $0.20. 2014 AFFO projection is mid-point of our guidance.

Ranks 21st among the world’s economies, with 2012 GDP of approximately $572 billion.

Population of approximately 10,000,000, more than all but seven states.

World entertainment capital, with more than 200,000 employed in motion pictures and television.

Largest U.S. manufacturing center, with more than 365,000 workers.

Largest Port U.S. Port, LA/Long Beach handles 44% of all containerized US imports.

Leader in education, with more than 115 colleges and research universities.

Tourist magnet, with a record 42.2 million visitors in 2013.

Diverse vibrant industries, such as international trade, entertainment, tourism, technology, education,

healthcare services and manufacturing.

Los Angeles County Economic Highlights

Source: LAEDC Kyser Center for Economic Research – Economic Forecast, July 2013.

Founded 43 years ago in 1971.

Approximately 25% average market share of Class A office space in our target submarkets.

One of the largest office landlords in Los Angeles County and in Hawaii.

Approximately 2,500 offices leases, with a median size of approximately 2,400 square feet.

Total capitalization of approximately $7.3 billion.

Annual revenues exceeding $590 million.

Approximately 525 employees.

Annualized 2014 dividend of $0.80 per share and dividend yield of approximately 3.4%.

Douglas Emmett by the Numbers

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Years Associated with Douglas Emmett

Dan Emmett - Chairman of the Board 43

Jordan Kaplan - President & Chief Executive Officer 27

Ken Panzer - Chief Operating Officer 30

Theodore Guth - Chief Financial Officer 9

Seasoned Management Team With Proven Track Record

This profile is not intended to be a complete statement of all of the material facts concerning our company or to solicit purchase of, or to be used to evaluate, any securities. Unless otherwise indicated, all data about us is as of September 30, 2013. Except for the historical facts, the statements are forward-looking statements based on the beliefs of, assumptions made by and information currently available to us. Some will inevitably prove to be incorrect. Potential investors should read and carefully consider all of the information in our filings with the Securities and Exchange Commission. For a discussion of some risks and uncertainties that could cause actual results to differ from those contained in any forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K. Copies can be viewed at www.douglasemmett.com or www.sec.gov.

808 Wilshire Blvd., Suite 200, Santa Monica, CA 90401

Documents

A Legacy of Excellence… … · Sherman Oaks/Encino 21% Westside LA 52% Office Annualized Rent by Submarket Burbank 3% Honolulu 10% Warner Center/Woodland Hills 14% Sherman Oaks/Encino