The company maintains a highly leveraged capital structure with a debt-to-equity ratio consistently above 1.45x, supported by $5.6 billion in total debt as of 2026Q1.
| 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 | 9.3B | 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 % | -6.15% | -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 | -21.89M | -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) | 14.49M | 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 | 552.79M | 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 | 357.25M | 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 | 6.43M | 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 | 5.87B | 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 | 5.59B | 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 | 5.23B | 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 | 5.57B | 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 | 43.24M | 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 | 217.59M | 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 | 101.14M | 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 | 49.55M | 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 | 75.59M | 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 | 3.43B | 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 % | -19.33% | -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 | 1.87B | 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 | 1.56B | 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 | -1.54B | -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) | -0.28% | 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) | -0.74% | 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 | 60.03% | 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 | 8.93x | 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 | 20.49 | 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 |
Geographic concentration in California
According to the provided financial data, Douglas Emmett maintains a debt-to-equity ratio consistently exceeding 1.45x, which, when viewed alongside the company's $5.6 billion in total debt, suggests a highly leveraged capital structure that leaves little room for error in the current high-interest-rate environment.
The persistent reliance on debt to fund operations and capital expenditures appears to limit the company's financial flexibility. Investors should monitor whether this leverage profile necessitates future asset sales or equity dilution to maintain compliance with debt covenants.
As reported in the quarterly balance sheets, cash and cash equivalents have declined from a peak of $561.1 million in 2024Q2 to $357.2 million in 2026Q1, indicating a tightening liquidity position that may constrain the company's ability to fund necessary tenant improvements.
The reduction in cash reserves appears to coincide with the company's struggle to maintain positive net operating income. This trend warrants further investigation into whether the current liquidity buffer is sufficient to cover upcoming debt maturities and ongoing property-level capital requirements.
Based on the reported figures, total assets have remained relatively stable at approximately $9.3 billion to $9.6 billion over the last ten quarters, yet the minimal net property, plant, and equipment values suggest that the portfolio's book value may not reflect current market realities.
The discrepancy between total asset valuation and the reported net PPE figures may indicate significant accounting adjustments or impairment risks. This suggests that the underlying collateral value supporting the company's debt load could be more sensitive to market volatility than the headline asset figures imply.
Analysis of the balance sheet reveals a concerning trend where equity has eroded from $2.2 billion in 2024Q1 to $1.9 billion in 2026Q1, which, as indicated by the financial statements, suggests that the company's net worth is being steadily consumed by operational losses.
This erosion of equity base appears to be a critical risk factor that could trigger covenant breaches if property valuations in the West Los Angeles submarket continue to face downward pressure. The reliance on debt to bridge this gap may lead to a cycle of increasing interest expenses that further suppresses net income.
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.