Debt-to-equity has risen from 1.46x to 1.63x, with total debt at $5.7B and equity down to $1.8B, reflecting increasing leverage.
Douglas Emmett, Inc. (DEI) balance sheet — 21-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 |
|---|
| Total Assets | 9.55B | 9.29B | 9.4B | 9.64B | 9.75B | 9.35B | 9.25B | 9.35B | 8.26B | 8.29B | 7.61B | 6.07B | 5.95B | 5.85B | 6.1B | 6.23B | 6.28B | 6.06B | 6.76B | 6.19B | 6.2B | 2.9B |
| Asset Growth % | -3.54% | -1.23% | -2.49% | -1.06% | 4.21% | 1.12% | -1.05% | 13.16% | -0.37% | 8.92% | 25.51% | 1.87% | 1.83% | -4.19% | -2.05% | -0.76% | 3.62% | -10.37% | 9.22% | -0.16% | 113.46% | - |
| Real Estate & Other Assets | 34.14M | -22.34M | 8.58B | 8.75B | 9B | 8.8B | 8.87B | 8.96B | 7.79B | 7.82B | 7.21B | 5.58B | 5.63B | 5.54B | 5.5B | 23.59M | 79.31M | 137.46M | 207.56M | -6.05B | -6.09B | -2.62B |
| PP&E (Net) | 7.42M | 14.4M | 14.27M | 14.46M | 14.6M | 9.96M | 9.83M | 9.85M | 1.1M | 1.16M | 1.09M | 1.45M | 5.63B | 5.52B | 5.48B | 5.61B | 5.76B | 5.7B | 6.49B | 6.02B | 6.06B | 2.62B |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 |
| Total Current Assets | 488.57M | 523.71M | 782.56M | 855.64M | 680.9M | 495.69M | 320.72M | 325.17M | 356.8M | 355.07M | 250.81M | 313.23M | 132.26M | 121.57M | 444.15M | 476.19M | 322.94M | 115.49M | 44.12M | 0 | 0 | 0 |
| Cash & Equivalents | 354.96M | 340.79M | 444.62M | 523.08M | 268.84M | 335.9M | 172.38M | 153.68M | 146.23M | 176.65M | 112.93M | 101.8M | 18.82M | 44.21M | 373.2M | 406.98M | 272.42M | 72.74M | 8.65M | 5.84M | 4.54M | 108.28M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 0 | 0 | 0 | 101K | -15.84M | -13.64M | 22.5M | 73.53M | 60.19M | 35.78M | 122.97M | 2.69M | 194K | 2.38M | 5.04M | 48.93M | 40.4M | 33.04M | 0 | -12.28M | -174.09M |
| Intangible Assets | 9.12M | 6.72M | 4.47M | 4.96M | 5.52M | 6.16M | 7.13M | 8.39M | 5.24M | 6.28M | 7.13M | 6.47M | 5.51M | 5.73M | 6.7M | 8.37M | 9.36M | 11.69M | 18.16M | 0 | 0 | 0 |
| Total Liabilities | 6.04B | 5.81B | 5.75B | 5.8B | 5.47B | 5.37B | 5.25B | 4.98B | 4.41B | 4.39B | 4.6B | 3.78B | 3.64B | 3.48B | 3.71B | 3.92B | 3.98B | 3.77B | 4.48B | 3.57B | 3.15B | 2.5B |
| Total Debt | 5.75B | 5.57B | 5.51B | 5.55B | 5.2B | 5.02B | 4.76B | 5.19B | 4.13B | 4.55B | 4.37B | 3.61B | 3.42B | 3.24B | 3.44B | 3.71B | 3.67B | 3.27B | 7.39B | 3.11B | 2.79B | 2.22B |
| Net Debt | 5.39B | 5.23B | 5.06B | 5.03B | 4.93B | 4.69B | 4.58B | 5.04B | 3.99B | 4.37B | 4.26B | 3.51B | 3.4B | 3.2B | 3.07B | 3.3B | 3.4B | 3.2B | 7.38B | 3.1B | 2.79B | 2.12B |
| Long-Term Debt | 5.72B | 5.55B | 5.5B | 5.54B | 5.19B | 5.01B | 4.67B | 4.62B | 4.03B | 4.12B | 4.37B | 3.61B | 3.42B | 3.24B | 3.44B | 3.62B | 3.67B | 3.27B | 3.69B | 0 | 2.79B | 0 |
| Short-Term Borrowings | 0 | 6.44M | 0 | 0 | 0 | 0 | 75M | 560M | 105M | 427.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.69B | 3.11B | 0 | 2.22B |
| Capital Lease Obligations | 43.22M | 10.81M | 10.82M | 10.84M | 10.85M | 10.86M | 10.87M | 10.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 86.8M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 229.56M | 171.79M | 162.84M | 163.02M | 174.34M | 194.62M | 268.48M | 180.52M | 279.42M | 146.35M | 110.09M | 89.74M | 84.79M | 81.28M | 70.59M | 72.32M | 70.21M | 85.05M | 92.3M | 0 | 0 | 0 |
| Accounts Payable | 96.81M | 56.71M | 60.13M | 61.77M | 80.24M | 83.15M | 81.59M | 66.44M | 75.11M | 62.74M | 36.88M | 23.72M | 22.2M | 20.76M | 19.17M | 28.36M | 57.79M | 72.89M | 69.44M | 62.7M | 2.84B | 0 |
| Deferred Revenue | 51.36M | 50.84M | 51.3M | 50.82M | 47.15M | 50.06M | 50.55M | 53.27M | 44.39M | 31.38M | 28.79M | 23.67M | 22.51M | 22.74M | 15.8M | 16.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 103.35M | 75.34M | 73.78M | 81.8M | 92.79M | 80M | 91.47M | 113.29M | 103.3M | 126.05M | 113.18M | 67.29M | 83.41M | 95.01M | 101.32M | 33.95M | 241.78M | 409.04M | 695.73M | 0 | -2.79B | 0 |
| Total Equity | 3.52B | 3.47B | 3.66B | 3.85B | 4.28B | 3.99B | 4B | 4.37B | 3.85B | 3.9B | 3.01B | 2.28B | 2.31B | 2.37B | 2.39B | 2.32B | 2.3B | 2.29B | 2.28B | 2.62B | 3.05B | 406.73M |
| Equity Growth % | -16.89% | -5.01% | -4.87% | -10.07% | 7.26% | -0.24% | -8.58% | 13.58% | -1.37% | 29.46% | 32.11% | -1.39% | -2.26% | -0.97% | 3.22% | 0.73% | 0.3% | 0.53% | -13.09% | -13.88% | 648.98% | - |
| Shareholders Equity | 1.84B | 1.9B | 2.06B | 2.22B | 2.56B | 2.42B | 2.44B | 2.71B | 2.4B | 2.44B | 1.92B | 1.93B | 1.94B | 1.97B | 1.98B | 1.87B | 1.83B | 1.79B | 1.78B | 1.83B | 2.11B | -97.79M |
| Minority Interest | 1.68B | 1.57B | 1.6B | 1.63B | 1.71B | 1.57B | 1.56B | 1.66B | 1.45B | 1.46B | 1.09B | 355.34M | 370.27M | 396.81M | 410.8M | 450.85M | 472.11M | 499.02M | 505.02M | 793.76M | 934.51M | 504.52M |
| Common Stock | 1.68M | 1.68M | 1.67M | 1.67M | 1.76M | 1.75M | 1.75M | 1.75M | 1.7M | 1.7M | 1.51M | 1.47M | 1.45M | 1.43M | 1.41M | 1.31M | 1.24M | 1.22M | 1.22M | 1.1M | 1.15M | 0 |
| Additional Paid-in Capital | 3.4B | 3.4B | 3.4B | 3.39B | 3.49B | 3.49B | 3.49B | 3.49B | 3.28B | 3.27B | 2.73B | 2.71B | 2.68B | 2.65B | 2.64B | 2.46B | 2.33B | 2.29B | 2.28B | 2.02B | 2.14B | 0 |
| Retained Earnings | -1.57B | -1.51B | -1.39B | -1.29B | -1.12B | -1.04B | -904.52M | -758.58M | -935.63M | -879.81M | -820.68M | -772.73M | -706.7M | -634.38M | -574.17M | -508.67M | -447.72M | -312.02M | -236.35M | -89.81M | -34.39M | -97.79M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -0.24% | 0.17% | 0.25% | -0.44% | 1.02% | 0.7% | 0.54% | 4.13% | 1.4% | 1.19% | 1.25% | 0.97% | 0.76% | 0.76% | 0.37% | 0.02% | -0.43% | -0.42% | -0.43% | -0.21% | -0.81% | -0.57% |
| Return on Equity (ROE) | -0.66% | 0.46% | 0.63% | -1.05% | 2.35% | 1.64% | 1.21% | 8.85% | 3% | 2.73% | 3.23% | 2.54% | 1.91% | 1.9% | 0.97% | 0.06% | -1.15% | -1.18% | -1.14% | -0.46% | -2.14% | -4.06% |
| Debt / Assets | 60.15% | 59.93% | 58.58% | 57.59% | 53.38% | 53.7% | 51.41% | 55.51% | 50.04% | 54.81% | 57.39% | 59.53% | 57.43% | 55.43% | 56.38% | 59.55% | 58.42% | 54.02% | 109.24% | 50.17% | 44.99% | 76.55% |
| Debt / Equity | 1.63x | 1.60x | 1.51x | 1.44x | 1.22x | 1.26x | 1.19x | 1.19x | 1.07x | 1.16x | 1.45x | 1.58x | 1.48x | 1.37x | 1.44x | 1.60x | 1.60x | 1.43x | 3.24x | 1.18x | 0.92x | 5.47x |
| Net Debt / EBITDA | 9.17x | 8.87x | 8.57x | 8.25x | 8.03x | 8.19x | 5.02x | 5.31x | 4.67x | 5.38x | 5.73x | 8.89x | 9.18x | 8.64x | 8.51x | 9.22x | 9.30x | 8.54x | 18.34x | 8.87x | 11.69x | 8.39x |
| Book Value per Share | 20.99 | 20.75 | 21.85 | 22.67 | 24.33 | 22.72 | 22.78 | 25.21 | 22.65 | 24.20 | 19.68 | 15.15 | 13.13 | 13.54 | 13.81 | 14.48 | 18.74 | 18.86 | 18.89 | 23.29 | 26.49 | 3.56 |
Quick answers to the most common questions about buying DEI stock.
As of 2025, Douglas Emmett, Inc. (DEI) had total assets of $9.29B including $523.7M in current assets.
Douglas Emmett, Inc. (DEI) carries total debt of $5.57B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Douglas Emmett, Inc. (DEI) has total shareholders' equity (book value) of $1.90B ($20.75 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Douglas Emmett, Inc. (DEI) reported a current ratio of 3.05x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Geographic concentration and margin pressure
Metrics are mathematically derived from official filings.
Stable Asset Base, Rising Leverage
Total assets held near $9.6B over the past year, while debt climbed from $5.5B to $5.7B, per reported quarterly data, indicating a stable but increasingly leveraged balance sheet.
The balance sheet appears to be in a holding pattern, with total assets fluctuating narrowly around $9.5B. However, total debt has increased by roughly $200M over the last five quarters, suggesting that the company is taking on additional leverage to fund operations or capital expenditures. This trend, combined with a slight decline in equity from $2.2B to $1.8B, implies that the company is becoming more levered relative to its asset base, which may warrant monitoring.
Property Base Stable, Occupancy Pressures
Net property, plant, and equipment remained flat at $14.3M, while NOI declined from $162.7M to $162.1M, based on reported figures, suggesting stable but stagnant portfolio performance.
The minimal change in PPE indicates that DEI is not aggressively acquiring or disposing of properties, consistent with a mature portfolio. The slight decline in NOI, despite stable revenue, points to rising operating expenses, which may be squeezing property-level margins. This could reflect higher property taxes, insurance, or maintenance costs, which are particularly relevant in California and Hawaii.
Debt Creeps Higher, Equity Erodes
Debt-to-equity rose from 1.46x to 1.63x over the past year, per financial statements, as total debt increased to $5.7B while equity fell to $1.8B, indicating rising leverage.
The steady increase in the debt-to-equity ratio, from 1.46x in Q1 2024 to 1.63x in Q2 2026, suggests that DEI is becoming more reliant on debt financing. This is occurring as equity is being eroded, likely due to negative retained earnings or dividend payouts exceeding AFFO. The company's leverage is now above that of peers like Highwoods (1.49x) and Piedmont (1.52x), though below BXP's 2.26x. Investors should monitor whether this trend continues, as it could increase refinancing risk.
Equity Base Shrinks, ROE Turns Negative
Equity declined from $2.2B to $1.8B, and ROE turned negative at -0.1% in Q2 2026, based on reported data, indicating that the company is not generating sufficient returns to sustain its equity base.
The consistent decline in equity, from $2.2B in Q1 2024 to $1.8B in Q2 2026, is concerning. This erosion is likely due to dividends exceeding AFFO, as highlighted in the cash flow analysis, and minimal retained earnings. The negative ROE, albeit small, suggests that the company is not earning enough to cover its cost of equity, which may pressure the stock price. The company may need to issue new equity or reduce dividends to stabilize the balance sheet.
Cash Reserves Thin, Coverage Tight
Cash dropped from $556.7M to $355.0M over the past year, per reported figures, while FFO remained around $96M, suggesting a tightening liquidity position.
The significant reduction in cash reserves, from $556.7M in Q1 2024 to $355.0M in Q2 2026, indicates that DEI is using its cash to fund operations, capital expenditures, or debt repayments. With FFO relatively stable, the company's ability to cover interest expenses and dividends may be under pressure. The fixed charge coverage ratio, while not directly provided, appears to be thinning, and the company may need to rely on its revolving credit facility or asset sales to meet obligations.
Hidden Risk in Debt-to-Equity Metric
The reported debt-to-equity of 1.63x may understate true leverage if off-balance-sheet items exist, based on the data, warranting scrutiny of the company's actual debt obligations.
While the debt-to-equity ratio appears manageable, the reported figure of 1.63x is based on total debt and equity as reported. However, REITs often have off-balance-sheet obligations, such as ground leases or joint venture debt, which are not captured in this metric. Given DEI's geographic concentration and the potential for hidden liabilities, investors should examine the footnotes to the financial statements to ensure that the true leverage is not higher than reported. This is particularly important given the company's thin margins and declining cash reserves.