Balanced Outlook for Douglas Emmett: Strong Multifamily Performance Offset by Office Sector ChallengesDEI reported an in-line 3Q25 and maintained 2025 FFOps guidance in-line with the Street, driven by reduced office expenses and strong multifamily results. However, office continues to disappoint, with occupancy sliding 50bps q/q to 77.5%, resulting in lower occupancy guidance, and weak leasing spreads. Leasing volumes were below DEI's quarterly average, with decision-making slow in August and September. Positively, DEI noted its ability to add a 500-unit residential development adjacent to its Landmark redevelopment.