Douglas Emmett, Inc. (DEI) 10-Year Financial Performance & Capital Metrics

DEI • • REIT / Real Estate

Real EstateOffice REITsUrban CBD Office REITsMulti-Market Urban Office Operators

AboutDouglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.Show more

Revenue $986M -3.3%
FFO $408M -2.3%
FFO/Share 2.43 -1.0%
FFO Payout 31.21% +0.2%
FFO per Share 2.43 -1.0%
NOI Margin 64.49% +230.9%
FFO Margin 41.32% +1.0%
ROE 0.63% +159.6%
ROA 0.25% +156.0%
Debt/Assets 58.58% +1.7%
Net Debt/EBITDA 8.57 +3.9%
Book Value/Share 21.85 -3.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FFO growing 14.5% TTM
✓Sustainable FFO payout ratio of 31.2%
✓High NOI margin of 64.5%
✓Trading at only 0.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 0.6%
✗Profits declining 42.2% over 5 years
✗Weak momentum: RS Rating 16 (bottom 16%)
✗Dividend payout exceeds 100% of earnings
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.11%

5Y0.89%

3Y2.41%

TTM3.72%

Profit (Net Income) CAGR

10Y-6.2%

5Y-42.17%

3Y-28.84%

TTM238.46%

EPS CAGR

10Y-8.02%

5Y-

3Y-

TTM225.38%

ROCE

10Y Avg3.43%

5Y Avg2.91%

3Y Avg2.12%

Latest2.21%

Peer Comparison

Multi-Market Urban Office Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
DEIDouglas Emmett, Inc.	1.84B	10.97	84.38	-3.33%	2.22%	0.63%	9.22%	1.51
CMCTCreative Media & Community Trust Corporation	3.02M	3.19	-0.01	4.41%	-37.27%	-15.24%		1.55
BDNBrandywine Realty Trust	533.26M	3.07	-2.69	-1.77%	-38.38%	-22%	9.63%	2.14
ELMEElme Communities	273.3M	3.10	-20.67	6.15%	-54.57%	-14.82%	34.77%	0.65

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	635.77M	742.55M	812.05M	881.32M	943.61M	888.05M	918.4M	993.65M	1.02B	986.48M
Revenue Growth %	0.06%	0.17%	0.09%	0.09%	0.07%	-0.06%	0.03%	0.08%	0.03%	-0.03%
Property Operating Expenses	210.42M	237.86M	258.03M	280.87M	298.16M	305.41M	303.4M	333.82M	821.58M	350.26M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	235.83M	283.87M	313M	348.5M	38.07M	39.6M	413.84M	418.2M	49.24M	429.4M
G&A Expenses	30.5M	34.96M	36.23M	38.64M	38.07M	39.6M	42.55M	45.41M	49.24M	45.36M
EBITDA+	394.86M	742.4M	812.05M	853.25M	948.85M	912.41M	572.44M	614.43M	609.62M	590.86M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	205.33M	521.59M	571.03M	601.31M	341.48M	369.37M	371.29M	372.8M	459.95M	384.05M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	189.53M	220.82M	241.02M	251.94M	607.37M	543.04M	201.15M	241.63M	149.67M	206.82M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	135.45M	146.15M	145.18M	133.4M	143.31M	142.87M	147.5M	150.19M	209.47M	229.44M
Interest Coverage	1.40x	1.51x	1.66x	1.89x	4.24x	3.80x	1.36x	1.61x	0.71x	0.90x
Non-Operating Income	-14.68M	-21.42M	-8.58M	-10.07M	357.74M	385.25M	-2.47M	-5.1M	16.04M	0
Pretax Income+	68.75M	96.09M	104.43M	128.61M	418.7M	38.55M	56.13M	96.54M	-75.84M	7.59M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	58.38M	85.4M	94.44M	116.09M	363.71M	50.42M	65.27M	97.14M	-42.71M	23.52M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.31%	0.46%	0.11%	0.23%	2.13%	-0.86%	0.29%	0.49%	-1.44%	1.55%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.07%	1.3%	0.1%	0.08%	-0.02%	-0.4%	0.04%	0.08%	-0.11%	-0.02%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.39	0.55	0.58	0.68	-0.57	-0.61	-0.48	-0.31	-0.26	0.13
EPS Growth %	0.3%	0.41%	0.05%	0.17%	-1.84%	-0.07%	0.21%	0.35%	0.16%	1.5%
EPS (Basic)	0.40	0.57	0.58	0.68	-0.57	-0.61	-0.48	-0.31	-0.26	0.13
Diluted Shares Outstanding	150.6M	153.19M	161.23M	169.9M	173.36M	175.38M	175.48M	175.76M	169.6M	167.39M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	6.07B	7.61B	8.29B	8.26B	9.35B	9.25B	9.35B	9.75B	9.64B	9.4B
Asset Growth %	0.02%	0.26%	0.09%	-0%	0.13%	-0.01%	0.01%	0.04%	-0.01%	-0.02%
Real Estate & Other Assets+	87.72M	11.91M	18.44M	14.76M	8.96B	8.87B	8.8B	9B	8.75B	8.58B
PP&E (Net)	1.45M	1.09M	1.16M	1.1M	9.85M	9.83M	9.96M	14.6M	14.46M	14.27M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	183.54M	208.26M	285.65M	275.43M	325.17M	320.72M	495.69M	680.9M	855.64M	782.56M
Cash & Equivalents	101.8M	112.93M	176.65M	146.23M	153.68M	172.38M	335.9M	268.84M	523.08M	444.62M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	-8.59M	-13.64M	-15.84M	101K	0	0
Intangible Assets	4.48M	5.15M	4.29M	3.25M	8.39M	7.13M	6.16M	5.52M	4.96M	4.47M
Total Liabilities	3.78B	4.6B	4.39B	4.41B	4.98B	5.25B	5.37B	5.47B	5.8B	5.75B
Total Debt+	3.61B	4.37B	4.12B	4.13B	5.19B	4.76B	5.02B	5.2B	5.55B	5.51B
Net Debt	3.51B	4.26B	3.94B	3.99B	5.04B	4.58B	4.69B	4.93B	5.03B	5.06B
Long-Term Debt	3.61B	4.37B	4.12B	3.99B	4.62B	4.67B	5.01B	5.19B	5.54B	5.5B
Short-Term Borrowings	0	0	807K	1000K	1000K	1000K	0	0	0	0
Capital Lease Obligations	28.61M	67.19M	75.64M	52.57M	10.88M	10.87M	10.86M	10.85M	10.84M	10.82M
Total Current Liabilities+	89.74M	110.09M	146.35M	174.42M	180.52M	268.48M	194.62M	174.34M	163.02M	162.84M
Accounts Payable	23.72M	36.88M	62.74M	75.11M	66.44M	81.59M	83.15M	80.24M	61.77M	60.13M
Deferred Revenue	23.67M	28.79M	31.38M	44.39M	53.27M	50.55M	50.06M	47.15M	50.82M	51.3M
Other Liabilities	-3.57B	-4.36B	-4.1B	-3.95B	113.29M	91.47M	80M	92.79M	81.8M	73.78M
Total Equity+	2.28B	3.01B	3.9B	3.85B	4.37B	4B	3.99B	4.28B	3.85B	3.66B
Equity Growth %	-0.01%	0.32%	0.29%	-0.01%	0.14%	-0.09%	-0%	0.07%	-0.1%	-0.05%
Shareholders Equity	1.93B	1.92B	2.44B	2.4B	2.71B	2.44B	2.42B	2.56B	2.22B	2.06B
Minority Interest	355.34M	1.09B	1.46B	1.45B	1.66B	1.56B	1.57B	1.71B	1.63B	1.6B
Common Stock	1.47M	1.51M	1.7M	1.7M	1.75M	1.75M	1.75M	1.76M	1.67M	1.67M
Additional Paid-in Capital	2.71B	2.73B	3.27B	3.28B	3.49B	3.49B	3.49B	3.49B	3.39B	3.4B
Retained Earnings	-772.73M	-820.68M	-879.81M	-935.63M	-758.58M	-904.52M	-1.04B	-1.12B	-1.29B	-1.39B
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.01%	0.04%	0.01%	0.01%	0.01%	-0%	0%
Return on Equity (ROE)	0.03%	0.03%	0.03%	0.03%	0.09%	0.01%	0.02%	0.02%	-0.01%	0.01%
Debt / Assets	0.6%	0.57%	0.5%	0.5%	0.56%	0.51%	0.54%	0.53%	0.58%	0.59%
Debt / Equity	1.58x	1.45x	1.06x	1.07x	1.19x	1.19x	1.26x	1.22x	1.44x	1.51x
Net Debt / EBITDA	8.89x	5.73x	4.85x	4.67x	5.31x	5.02x	8.19x	8.03x	8.25x	8.57x
Book Value per Share	15.15	19.68	24.20	22.65	25.21	22.78	22.72	24.33	22.67	21.85

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	271.43M	339.45M	402.7M	432.98M	469.59M	420.22M	446.95M	496.89M	426.96M	408.69M
Operating CF Growth %	0.1%	0.25%	0.19%	0.08%	0.08%	-0.11%	0.06%	0.11%	-0.14%	-0.04%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	68.75M	96.09M	104.43M	128.61M	418.7M	38.55M	56.13M	96.54M	-43.9M	7.59M
Depreciation & Amortization	186.23M	230.72M	258.75M	287.84M	341.48M	369.37M	361.75M	361.54M	448.99M	376.02M
Stock-Based Compensation	15.23M	17.45M	18.48M	22.3M	18.36M	21.36M	20.89M	21.02M	19.83M	21.04M
Other Non-Cash Items	2.05M	-4.67M	-2.02M	-10.73M	3.92M	11.19M	11.49M	7.65M	10.42M	5.38M
Working Capital Changes	5.85M	19.53M	23.01M	4.96M	-8.93M	-13.83M	-3.31M	10.13M	-8.38M	-1.34M
Cash from Investing+	-231.59M	-1.37B	-669.6M	-249.55M	-649.67M	-265.18M	-288.71M	-560.95M	-233.59M	-240.76M
Acquisitions (Net)	-11K	459.75M	-4.14M	-9.38M	-51.53M	-6.59M	0	81M	-5.21M	-5.21M
Purchase of Investments	-91.92M	-1.62B	-541.81M	-9.38M	-456.64M	-14.27M	0	-406.22M	-46.69M	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-152.32M	-1.58B	-494.11M	7.35M	51.53M	39.01M	3.04M	470K	7.47M	3.84M
Cash from Financing+	43.14M	1.04B	330.62M	-213.85M	187.54M	-136.33M	5.25M	-3M	60.87M	-246.46M
Dividends Paid	-122.51M	-130.82M	-146.03M	-169.83M	-179.67M	-196.33M	-196.53M	-196.81M	-129.9M	-127.19M
Common Dividends	-122.51M	-130.82M	-146.03M	-169.83M	-179.67M	-196.33M	-196.53M	-196.81M	-129.9M	-127.19M
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K
Share Repurchases	0	-826K	-10.1M	-108K	-734K	-7K	-122K	-337K	-111.64M	-138K
Other Financing	-33.23M	346.2M	181.62M	-55.58M	77.67M	-64.24M	-67.32M	19.96M	-46.73M	-9.24M
Net Change in Cash+	82.97M	11.13M	63.72M	-30.42M	7.46M	18.71M	163.49M	-67.07M	254.25M	-78.53M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	18.82M	101.8M	112.93M	176.77M	146.35M	153.8M	172.52M	336.01M	268.84M	523.18M
Cash at End	101.8M	112.93M	176.65M	146.35M	153.8M	172.52M	336.01M	268.94M	523.08M	444.65M
Free Cash Flow+	192.17M	219.9M	231.35M	185.46M	231.48M	122.62M	153.86M	258.77M	237.81M	169.3M
FCF Growth %	0.22%	0.14%	0.05%	-0.2%	0.25%	-0.47%	0.25%	0.68%	-0.08%	-0.29%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.75	3.96	4.13	4.22	4.07	2.39	2.49	2.67	2.46	2.43
FFO Payout Ratio	46.46%	21.55%	21.94%	23.67%	25.48%	46.77%	45.02%	41.88%	31.13%	31.21%
NOI Margin	66.9%	67.97%	68.22%	68.13%	68.4%	65.61%	66.96%	66.4%	19.49%	64.49%
Net Debt / EBITDA	8.89x	5.73x	4.85x	4.67x	5.31x	5.02x	8.19x	8.03x	8.25x	8.57x
Debt / Assets	59.53%	57.39%	49.65%	50.04%	55.51%	51.41%	53.7%	53.38%	57.59%	58.58%
Interest Coverage	1.40x	1.51x	1.66x	1.89x	4.24x	3.80x	1.36x	1.61x	0.71x	0.90x
Book Value / Share	15.15	19.68	24.2	22.65	25.21	22.78	22.72	24.33	22.67	21.85
Revenue Growth	6.04%	16.79%	9.36%	8.53%	7.07%	-5.89%	3.42%	8.19%	2.7%	-3.33%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Tenant Recoveries	-	-	-	-	-	61.6M	50.1M
Tenant Recoveries Growth	-	-	-	-	-	-	-18.67%
Rental Revenue, Tenant Improvements	-	5.8M	5.9M	5.8M	-	5.8M	7M
Rental Revenue, Tenant Improvements Growth	-	-	1.72%	-1.69%	-	-	20.69%
Office	-	-	-	-	824.57M	-	-
Office Growth	-	-	-	-	-	-	-
Multifamily	-	-	-	-	169.08M	-	-
Multifamily Growth	-	-	-	-	-	-	-
Rental Revenue - Leasehold Improvements	3.5M	-	-	-	-	-	-
Rental Revenue - Leasehold Improvements Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Douglas Emmett, Inc. (DEI) has a price-to-earnings (P/E) ratio of 84.4x. This suggests investors expect higher future growth.

Growth & Financials

Douglas Emmett, Inc. (DEI) reported $999.5M in revenue for fiscal year 2024. This represents a 74% increase from $575.3M in 2011.

Douglas Emmett, Inc. (DEI) saw revenue decline by 3.3% over the past year.

Yes, Douglas Emmett, Inc. (DEI) is profitable, generating $22.2M in net income for fiscal year 2024 (2.4% net margin).

Dividend & Returns

Yes, Douglas Emmett, Inc. (DEI) pays a dividend with a yield of 6.93%. This makes it attractive for income-focused investors.

Douglas Emmett, Inc. (DEI) has a return on equity (ROE) of 0.6%. This is below average, suggesting room for improvement.

Industry Metrics

Douglas Emmett, Inc. (DEI) generated Funds From Operations (FFO) of $418.6M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Douglas Emmett, Inc. (DEI) offers a 6.93% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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