Douglas Emmett IncDEI
Douglas Emmett Inc Debt Disclosure
Secured Notes Payable, Net
Description | Maturity Date(1) | Principal Balance as of December 31, 2025 | Principal Balance as of December 31, 2024 | Variable Interest Rate(2) | Fixed Interest Rate(3) | Swap Maturity Date | ||||||||||||||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||||||||||||||
| Consolidated Wholly-Owned Subsidiaries | ||||||||||||||||||||||||||||||||||||||
Fannie Mae loan(4) | N/A | $ | — | $ | 102,400 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||
Term loan(5) | N/A | — | 200,000 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Fannie Mae loan(6) | N/A | — | 550,000 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Fannie Mae loan(6) | N/A | — | 255,000 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Fannie Mae loan(6) | N/A | — | 125,000 | N/A | N/A | N/A | ||||||||||||||||||||||||||||||||
Term loan(7) | 8/15/2026 | 415,000 | 415,000 | SOFR + 1.20% | N/A | N/A | ||||||||||||||||||||||||||||||||
| Term loan | 9/19/2026 | 366,000 | 366,000 | SOFR + 1.25% | N/A | N/A | ||||||||||||||||||||||||||||||||
| Term loan | 11/1/2026 | 400,000 | 400,000 | SOFR + 1.25% | N/A | N/A | ||||||||||||||||||||||||||||||||
| Term loan | 5/18/2028 | 300,000 | 300,000 | SOFR + 1.51% | 2.21% | 6/1/2026 | ||||||||||||||||||||||||||||||||
| Term loan | 1/1/2029 | 300,000 | 300,000 | SOFR + 1.56% | 2.66% | 1/1/2027 | ||||||||||||||||||||||||||||||||
Fannie Mae loan(4) | 4/1/2030 | 127,200 | — | N/A | 4.99% | N/A | ||||||||||||||||||||||||||||||||
Fannie Mae loans(6) | 9/1/2030 | 941,477 | — | N/A | 4.80% | N/A | ||||||||||||||||||||||||||||||||
Construction loan(8) | 12/10/2030 | 49,506 | — | SOFR + 2.45% | N/A | N/A | ||||||||||||||||||||||||||||||||
Term loan(9) | 3/3/2032 | 336,639 | 335,000 | N/A | 4.57% | N/A | ||||||||||||||||||||||||||||||||
Term loan(5) | 7/29/2032 | 200,000 | — | SOFR + 2.00% | 5.60% | 8/1/2030 | ||||||||||||||||||||||||||||||||
Fannie Mae loan(10) | 8/1/2033 | 350,000 | 350,000 | SOFR + 1.37% | 3.65% | 6/1/2027 | ||||||||||||||||||||||||||||||||
Term loan(11) | 6/1/2038 | 25,795 | 26,739 | N/A | 4.55% | N/A | ||||||||||||||||||||||||||||||||
| Total Wholly-Owned Subsidiary Debt | 3,811,617 | 3,725,139 | ||||||||||||||||||||||||||||||||||||
| Consolidated JVs | ||||||||||||||||||||||||||||||||||||||
Term loan(12) | 5/15/2027 | 380,000 | 450,000 | SOFR + 1.45% | N/A | N/A | ||||||||||||||||||||||||||||||||
Term loan(13) | 8/19/2028 | 565,000 | 625,000 | SOFR + 1.45% | 4.79% | 12/5/2027 | ||||||||||||||||||||||||||||||||
Term loan(14) | 9/14/2028 | 115,000 | — | SOFR + 1.46% | 2.19% | 10/1/2026 | ||||||||||||||||||||||||||||||||
Term loan(15) | 12/11/2028 | 325,000 | 325,000 | SOFR + 2.50% | 6.36% | 1/5/2028 | ||||||||||||||||||||||||||||||||
Term loan(16) | 4/26/2029 | 175,000 | 175,000 | SOFR + 1.25% | 3.90% | 5/1/2026 | ||||||||||||||||||||||||||||||||
| Fannie Mae loan | 6/1/2029 | 160,000 | 160,000 | SOFR + 1.09% | 3.25% | 7/1/2027 | ||||||||||||||||||||||||||||||||
Term loan(17) | 1/9/2030 | 61,750 | 61,750 | N/A | 6.00% | N/A | ||||||||||||||||||||||||||||||||
Total Consolidated Debt(18) | 5,593,367 | 5,521,889 | ||||||||||||||||||||||||||||||||||||
Unamortized loan premium/discount, net(19) | 1,085 | 2,754 | ||||||||||||||||||||||||||||||||||||
Unamortized deferred loan costs, net(20) | (45,582) | (26,621) | ||||||||||||||||||||||||||||||||||||
| Total Consolidated Debt, net | $ | 5,548,870 | $ | 5,498,022 | ||||||||||||||||||||||||||||||||||
_____________________________________________________
Except as noted below, our loans: (i) are non-recourse, (ii) are secured by separate collateral pools consisting of one or more properties, (iii) require interest-only monthly payments with the outstanding principal due upon maturity, and (iv) contain certain financial covenants which could require us to deposit excess cash flow with the lender under certain circumstances unless we (at our option) either provide a guarantee or additional collateral or pay down the loan within certain parameters set forth in the loan documents. Certain loans with maturity date extension options require us to meet minimum financial thresholds in order to extend the loan maturity date.
(1)Maturity dates include extension options.
(2)All of our floating rate debt agreements include a zero-percent SOFR floor. If the loan is swap-fixed then the related swaps do not include such a floor.
(3)Effective rate as of December 31, 2025. Includes the effect of interest rate swaps (if applicable) and excludes the effect of points and prepaid loan fees, and loan premiums/discounts. See Note 10 for details of our interest rate swaps. See further below for details of our loan costs and loan premiums/discounts.
(4)During March 2025, we closed a $127.2 million term loan and used part of the proceeds to pay off a $102.4 million term loan. We paid upfront points totaling 125 basis points when we closed the loan.
(5)During July 2025, we refinanced a $200.0 million term loan.
(6)During August 2025, we closed eight loans with an aggregate principal amount of $941.5 million. These loans are aggregated in the table for reporting purposes due to their identical terms. We used part of the proceeds from the new loans to pay off three loans with an aggregate principal amount of $930.0 million. We paid upfront points totaling 125 basis points when we closed the loan.
(7)The interest rate swaps related to this loan expired on August 1, 2025.
(8)In December 2025, we closed a construction loan for up to $375.0 million for The Landmark Residences (formerly Barrington Plaza). The loan has a floating interest rate. We entered into accreting swaps starting January 2, 2026 that mature January 1, 2030 to effectively fix the interest rate on 75% of the increasing estimated balance outstanding under this loan at 5.80%. We made certain guarantees related to the loan, including the completion of the development project.
(9)We modified and extended the loan for seven years, effective March 3, 2025. The loan consists of a $200.0 million note that bears interest at 4.5%, of which 2.825% is accrued, and a $135.0 million note that accrues interest at 6.0%. The accrued interest for both notes is due at maturity and is not subject to compounding. See Note 9 regarding the accrued interest on the loan. The weighted average face rate on the principal balance is 5.10%, and the effective rate as a result of the non-compounding is 4.57%. The loan includes a revolving credit facility of $12.5 million, which accrues interest at 5.5%. As of December 31, 2025, the outstanding balance on the revolving credit facility was $1.6 million.
(10)The loan has a lender-required out-of-the-money interest rate cap at an interest rate of 7.84% until August 2026. $380.0 million of swaps were previously associated with other debt that we paid off in August 2025. They continue to hedge our remaining floating rate debt. For purposes of this table we have applied $350.0 million to this loan and the remaining $30.0 million has been applied to our pool of floating rate debt.
(11)The loan requires monthly payments of principal and interest. The principal amortization is based upon a 30-year amortization schedule.
(12)In May 2025, the JV made a $70.0 million loan principal payment to extend the loan for up to two years. The related interest rate swaps expired in April 2025, and in May 2025, the JV purchased an interest rate cap which capped the interest rate at 7.45% until May 2026.
(13)The interest rate swaps related to this loan expired on June 1, 2025. In November 2025, the JV made a $60.0 million loan principal payment and entered into a new interest rate swap agreement.
(14)The loan for a fund that we commenced consolidating on January 1, 2025. See Note 3.
(15)The loan requires monthly payments of principal and interest for twelve months commencing on January 5, 2028 based upon a 25-year principal amortization schedule.
(16)We guaranteed the portion of the loan principal that would need to be paid down in order to meet the minimum debt yield in the loan agreement. See "Guarantees" in Note 17.
(17) The interest rate is fixed at 6% until July 8, 2027 and then increases to 6.25% for the remaining loan term.
(18)See Note 14 for our debt fair value disclosures.
(19)Balances are net of accumulated amortization/accretion of $1.1 million and $1.4 million at December 31, 2025 and December 31, 2024, respectively.
(20)Balances are net of accumulated amortization of $55.8 million and $56.9 million at December 31, 2025 and December 31, 2024, respectively.
The table below summarizes our consolidated fixed and floating rate debt. The statistics include the impact of $30.0 million of swaps and $472.0 million of caps that are not assigned to loans in the debt table at the beginning of this footnote.
| (In thousands) | Principal Balance as of December 31, 2025 | Principal Balance as of December 31, 2024 | ||||||||||||
| Aggregate swap-fixed rate loans | $ | 2,520,000 | $ | 3,130,000 | ||||||||||
| Aggregate fixed rate loans | 1,492,861 | 88,489 | ||||||||||||
| Aggregate capped rate loans | 1,202,000 | 822,000 | ||||||||||||
| Aggregate floating rate loans | 378,506 | 1,481,400 | ||||||||||||
| Total Debt | $ | 5,593,367 | $ | 5,521,889 | ||||||||||
The table below summarizes certain consolidated debt statistics as of December 31, 2025. The statistics include the impact of $30.0 million of swaps (maturing June 1, 2027) that are not assigned to loans in the debt table at the beginning of this footnote.
| Statistics for consolidated loans with interest fixed under the terms of the loan or a swap | |||||
| Principal balance (in thousands) | $4,012,861 | ||||
| Weighted average remaining life (including extension options) | 4.3 years | ||||
| Weighted average remaining fixed interest period | 2.9 years | ||||
| Weighted average annual interest rate | 4.39% | ||||
Future Principal Payments
At December 31, 2025, the minimum future principal payments due on our consolidated secured notes payable were as follows:
| Year ending December 31: | Including Maturity Extension Options(1) | |||||||
| (In thousands) | ||||||||
| 2026 | $ | 1,181,987 | ||||||
| 2027 | 381,033 | |||||||
| 2028 | 1,306,081 | |||||||
| 2029 | 636,131 | |||||||
| 2030 | 1,181,117 | |||||||
| Thereafter | 907,018 | |||||||
| Total future principal payments | $ | 5,593,367 | ||||||
____________________________________________
(1) Some of our loan agreements require that we meet certain minimum financial thresholds to be able to extend the loan maturity.
Loan Premium and Loan Costs
The table below presents loan premium and loan costs, which are included in Interest expense on our consolidated statements of operations:
| Year Ended December 31, | |||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Loan premium/discount (amortized)/accreted and written off, net | $ | 336 | $ | (333) | $ | (460) | |||||||||||
| Deferred loan costs amortized and written off | 11,896 | 9,335 | 8,858 | ||||||||||||||
| Loan costs expensed | 1,922 | 168 | 210 | ||||||||||||||
| Total | $ | 14,154 | $ | 9,170 | $ | 8,608 | |||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Feb 17, 2023 | |
| 2021 | Feb 18, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2017 | Feb 16, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.