Douglas Emmett, Inc.

Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterly earnings call. Today's call is being recorded. At this time, all participants are in a listen-only mode. After management's prepared remarks, you will receive instructions for participating in the question and answer session. I will now turn the conference over to Stuart McElhenney, Vice President, Investor Relations of Douglas Emmett. Please go ahead.

Thank you. Joining us today on the call are Jordan Kaplan, our chairman and CEO, Kevin Crummey, our CIO, and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website. You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the investor relations section of our website. When we reach the question and answer portion in consideration of others, please limit yourself to one question and one follow-up. Thank you. I will now turn the call over to Jordan.

Good morning, and thank you for joining us. During the fourth quarter, we had good new office demand and very high retention. As a result, we achieved 100,000 square feet of net positive office absorption while maintaining modest concessions and stable market rents. On the multifamily side, our strong demand and increasing rents again led to full occupancy and an increase in same property cash NOI of almost 5% compared to the prior year. You may recall that our Los Angeles residential assets are concentrated in the very high end west side. I am also proud of the fact that by aggressively focusing on revenue growth and expense control, we achieved positive same property cash NOI for the year. For the full year of 2025, we also made substantial progress on several key capital market objectives. We acquired 10900 Wilshire and our close-to-beginning construction converted into a high-end mixed-use residential and office building. We strengthened our relationships with our joint venture partners and, as a result, we were substantially oversubscribed for our 10900 Wilshire acquisition. We started construction at the landmark residences, our 712-unit redevelopment in Brentwood. In the Burbank Media District, we converted Studio Plaza into a multi-tenant office building and leasing is progressing nicely. And we successfully executed almost $2 billion in debt transactions at competitive rates, both extending our maturity profile and further fortifying our balance sheet. Looking ahead, We have a straightforward strategic plan for 2026. Our primary focus remains office leasing, including re-tending Studio Plaza. Our first quarter always has somewhat higher seasonal move outs, but our overall lease expirations during 2026 are relatively low. We will continue to refinance and extend maturities at advantageous rates. Construction of our new high-end residential units at the landmark residences at 10900 Wilshire will, of course, be a key focus. We have begun planning additional residential development sites on our land in the west side. And we believe we can make more very high-quality office acquisitions in our markets, where current valuations offer significant discount to long-term values. 2026 will surely present new challenges and opportunities. We feel well positioned for both. I remain confident in the long-term fundamentals of our markets, the high quality of our portfolio and balance sheet, and our incredibly strong operating team, which has carried us through many other challenging periods. With that, I will turn the call over to Kevin.