Property-level profitability has deteriorated significantly, with NOI margins plummeting to a negative 13.9% in 2026Q1 from historical levels exceeding 60%.
| 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 |
|---|
| Revenue | 1B | 1B | 986.48M | 1.02B | 993.65M | 918.4M | 888.05M | 943.61M | 881.32M | 812.05M | 742.55M | 635.77M | 599.54M | 591.54M | 579M | 575.34M | 570.84M | 571.06M | 608.09M | 518.22M | 433.66M | 393.79M |
| Revenue Growth % | 1.04% | 1.77% | -3.33% | 2.7% | 8.19% | 3.42% | -5.89% | 7.07% | 8.53% | 9.36% | 16.79% | 6.04% | 1.35% | 2.17% | 0.64% | 0.79% | -0.04% | -6.09% | 17.34% | 19.5% | 10.13% | - |
| Property Operating Expenses | 760.52M | 1.17B | 350.26M | 821.58M | 333.82M | 303.4M | 305.41M | 298.16M | 280.87M | 258.03M | 237.86M | 210.42M | 201.84M | 194.88M | 190.4M | 187.88M | 177.48M | 172.19M | 0 | 154.05M | 183.21M | 0 |
| Net Operating Income (NOI) | 242.89M | -161.82M | 636.22M | 198.91M | 659.83M | 615M | 582.64M | 645.44M | 600.45M | 554.02M | 504.69M | 425.36M | 397.7M | 396.66M | 388.6M | 387.46M | 393.36M | 398.87M | 608.09M | 364.17M | 250.46M | 393.79M |
| NOI Margin % | 24.21% | -16.12% | 64.49% | 19.49% | 66.4% | 66.96% | 65.61% | 68.4% | 68.13% | 68.22% | 67.97% | 66.9% | 66.33% | 67.06% | 67.12% | 67.34% | 68.91% | 69.85% | 100% | 70.27% | 57.75% | 100% |
| Operating Expenses | 56.13M | -352.27M | 429.4M | 49.24M | 418.2M | 413.84M | 39.6M | 38.07M | 348.5M | 313M | 283.87M | 235.83M | 229.84M | 217.97M | 212.79M | 234.98M | 253.34M | 422.7M | 453.86M | 376.99M | 323.3M | 254.85M |
| G&A Expenses | 48.78M | 46.66M | 45.36M | 49.24M | 45.41M | 42.55M | 39.6M | 38.07M | 38.64M | 36.23M | 34.96M | 30.5M | 27.33M | 26.61M | 27.94M | 29.29M | 28.3M | 196.08M | 22.65M | 150.25M | 48.06M | 6.46M |
| EBITDA | 585.26M | 589.38M | 590.86M | 609.62M | 614.43M | 572.44M | 912.41M | 948.85M | 853.25M | 812.05M | 742.4M | 394.86M | 370.37M | 370.04M | 360.66M | 358.17M | 365.06M | 374.98M | 402.25M | 349.66M | 238.34M | 252.1M |
| EBITDA Margin % | 58.33% | 58.7% | 59.9% | 59.74% | 61.84% | 62.33% | 102.74% | 100.56% | 96.82% | 100% | 99.98% | 62.11% | 61.78% | 62.56% | 62.29% | 62.25% | 63.95% | 65.66% | 66.15% | 67.47% | 54.96% | 64.02% |
| Depreciation & Amortization | 398.5M | 398.93M | 384.05M | 459.95M | 372.8M | 371.29M | 369.37M | 341.48M | 601.31M | 571.03M | 521.59M | 205.33M | 202.51M | 191.35M | 184.85M | 205.7M | 225.03M | 226.62M | 248.01M | 208.43M | 127.98M | 113.17M |
| D&A / Revenue % | 39.71% | 39.73% | 38.93% | 45.07% | 37.52% | 40.43% | 41.59% | 36.19% | 68.23% | 70.32% | 70.24% | 32.3% | 33.78% | 32.35% | 31.93% | 35.75% | 39.42% | 39.68% | 40.78% | 40.22% | 29.51% | 28.74% |
| Operating Income | 186.76M | 190.45M | 206.82M | 149.67M | 241.63M | 201.15M | 543.04M | 607.37M | 251.94M | 241.02M | 220.82M | 189.53M | 167.85M | 178.69M | 175.81M | 152.47M | 140.03M | 148.36M | 154.23M | 141.23M | 110.37M | 138.94M |
| Operating Margin % | 18.61% | 18.97% | 20.97% | 14.67% | 24.32% | 21.9% | 61.15% | 64.37% | 28.59% | 29.68% | 29.74% | 29.81% | 28% | 30.21% | 30.36% | 26.5% | 24.53% | 25.98% | 25.36% | 27.25% | 25.45% | 35.28% |
| Interest Expense | 4M | 266.68M | 229.44M | 209.47M | 150.19M | 147.5M | 142.87M | 143.31M | 133.4M | 145.18M | 146.15M | 135.45M | 128.51M | 130.55M | 146.69M | 148.46M | 166.91M | 184.8M | 193.73M | 160.62M | 122.15M | 115.67M |
| Interest Coverage | - | 0.96x | 1.03x | 0.64x | 1.64x | 1.38x | 1.10x | 1.74x | 1.96x | 1.72x | 1.66x | 1.51x | 1.41x | 1.40x | 1.19x | 1.02x | 0.80x | 0.80x | 0.80x | 0.88x | 0.90x | 0.20x |
| Non-Operating Income | -15.76M | -64.8M | -30.21M | 16.04M | -5.1M | -2.47M | 385.25M | 357.74M | -10.07M | -8.58M | -21.42M | -14.68M | -13.51M | -4.69M | 772K | 1.76M | 6.08M | 0 | 0 | 0 | 0 | 115.67M |
| Pretax Income | -68.62M | -11.43M | 7.59M | -75.84M | 96.54M | 56.13M | 38.55M | 418.7M | 128.61M | 104.43M | 96.09M | 68.75M | 52.85M | 52.84M | 28.34M | 2.26M | -26.42M | -27.06M | -27.99M | -13.01M | -36.95M | -16.52M |
| Pretax Margin % | -6.84% | -1.14% | 0.77% | -7.43% | 9.72% | 6.11% | 4.34% | 44.37% | 14.59% | 12.86% | 12.94% | 10.81% | 8.82% | 8.93% | 4.9% | 0.39% | -4.63% | -4.74% | -4.6% | -2.51% | -8.52% | -4.2% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26.42M | 27.06M | 27.99M | 13.01M | 36.95M | 16.52M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | -26.03M | 16.27M | 23.52M | -42.71M | 97.14M | 65.27M | 50.42M | 363.71M | 116.09M | 94.44M | 85.4M | 58.38M | 44.62M | 45.31M | 22.94M | 1.45M | -26.42M | -27.06M | -27.99M | -13.01M | -36.95M | -16.52M |
| Net Margin % | -2.59% | 1.62% | 2.38% | -4.18% | 9.78% | 7.11% | 5.68% | 38.55% | 13.17% | 11.63% | 11.5% | 9.18% | 7.44% | 7.66% | 3.96% | 0.25% | -4.63% | -4.74% | -4.6% | -2.51% | -8.52% | -4.2% |
| Net Income Growth % | -147.84% | -30.83% | 155.07% | -143.96% | 48.84% | 29.44% | -86.14% | 213.31% | 22.92% | 10.59% | 46.27% | 30.84% | -1.52% | 97.5% | 1481.12% | 105.49% | 2.37% | 3.32% | -115.2% | 64.8% | -123.69% | - |
| Funds From Operations (FFO) | 372.47M | 415.2M | 407.56M | 417.24M | 469.94M | 436.56M | 419.79M | 705.19M | 717.39M | 665.47M | 606.99M | 263.72M | 247.13M | 236.66M | 207.79M | 207.15M | 198.61M | 199.56M | 220.02M | 195.42M | 91.02M | 96.65M |
| FFO Margin % | 37.12% | 41.36% | 41.32% | 40.89% | 47.29% | 47.53% | 47.27% | 74.73% | 81.4% | 81.95% | 81.74% | 41.48% | 41.22% | 40.01% | 35.89% | 36% | 34.79% | 34.94% | 36.18% | 37.71% | 20.99% | 24.54% |
| FFO Growth % | -55.73% | 1.87% | -2.32% | -11.21% | 7.65% | 3.99% | -40.47% | -1.7% | 7.8% | 9.64% | 130.17% | 6.71% | 4.42% | 13.89% | 0.31% | 4.3% | -0.48% | -9.3% | 12.58% | 114.69% | -5.82% | - |
| FFO per Share | 2.22 | 2.48 | 2.43 | 2.46 | 2.67 | 2.49 | 2.39 | 4.07 | 4.22 | 4.13 | 3.96 | 1.75 | 1.40 | 1.35 | 1.20 | 1.29 | 1.62 | 1.64 | 1.82 | 1.73 | 0.79 | 0.85 |
| FFO Payout Ratio % | 34.17% | 30.65% | 31.21% | 31.13% | 41.88% | 45.02% | 46.77% | 25.48% | 23.67% | 21.94% | 21.55% | 46.46% | 46.55% | 43.28% | 38.53% | 27.89% | 24.66% | 29.72% | 39.78% | 37.42% | 16.41% | 18.27% |
| EPS (Diluted) | -0.16 | 0.10 | 0.13 | -0.26 | -0.31 | -0.48 | -0.61 | -0.57 | 0.68 | 0.58 | 0.55 | 0.39 | 0.30 | 0.31 | 0.16 | 0.01 | -0.22 | -0.22 | -0.23 | -0.12 | -0.32 | -0.14 |
| EPS Growth % | -149.5% | -25.23% | 150% | 16.13% | 35.42% | 21.31% | -7.02% | -183.82% | 17.24% | 5.45% | 41.03% | 30% | -3.23% | 93.75% | 1500% | 104.55% | 0% | 4.35% | -91.67% | 62.5% | -128.57% | - |
| EPS (Basic) | - | 0.10 | 0.13 | -0.26 | -0.31 | -0.48 | -0.61 | -0.57 | 0.68 | 0.58 | 0.57 | 0.40 | 0.31 | 0.32 | 0.16 | 0.01 | -0.22 | -0.22 | -0.23 | -0.12 | -0.32 | -0.14 |
| Diluted Shares Outstanding | 167.47M | 167.45M | 167.39M | 169.6M | 175.76M | 175.48M | 175.38M | 173.36M | 169.9M | 161.23M | 153.19M | 150.6M | 176.22M | 174.8M | 173.12M | 159.97M | 122.72M | 121.55M | 120.73M | 112.65M | 115.01M | 114.28M |
Geographic concentration in California
According to the provided quarterly financial data, Douglas Emmett's revenue growth has remained largely flat, fluctuating between -0.2% and 2.7% over the last five quarters, suggesting that the company is struggling to drive organic top-line expansion within its core West Los Angeles and Honolulu office submarkets.
The lack of meaningful revenue growth indicates that the company's hyper-local strategy is currently facing significant resistance from broader office sector trends. Investors should monitor whether the company can leverage its cluster effect to drive pricing power, or if the current stagnation reflects a permanent shift in tenant demand for high-density office space.
As reported in the company's financial statements, FFO per share has exhibited significant volatility, dropping from a peak of $0.82 in 2025Q1 to $0.57 in 2026Q1, which highlights the difficulty in maintaining consistent earnings quality amidst a challenging leasing environment and rising property-level operating costs.
The sharp decline in FFO per share suggests that the company's core earnings power is under pressure, likely exacerbated by the need for increased tenant concessions. This trend warrants further investigation into whether the current dividend payout remains sustainable if FFO continues to trend toward the lower end of the observed range.
Based on the reported figures, the company experienced a dramatic shift in property-level profitability, with NOI margins plummeting to negative 13.9% in 2026Q1, a stark departure from the 60%+ margins observed in previous periods, which may indicate severe underlying issues in property expense management.
The sudden transition to negative NOI suggests that either property-level expenses have surged unexpectedly or that accounting adjustments are significantly distorting the reported profitability of the portfolio. Analysts should be wary of these figures, as they may imply that the company is currently unable to cover its basic operating costs from rental income alone.
Data from the income statement shows consistent net losses in recent quarters, such as the -$2.5M reported in 2026Q1, which appears to be heavily influenced by non-cash depreciation charges that mask the actual cash-generating capacity of the company's high-value coastal real estate assets.
Because GAAP net income is heavily impacted by depreciation, it remains a poor proxy for the company's actual performance. Investors should focus on the widening gap between FFO and net income to determine if the company is effectively managing its recurring maintenance capital expenditures relative to its cash flow.
Quick answers to the most common questions about buying DEI stock.
For fiscal year 2025, Douglas Emmett, Inc. (DEI) reported total revenue of $1.00B. This represents a 155.0% increase compared to $393.8M in 2005.
Douglas Emmett, Inc. (DEI) is profitable, generating $16.3M in net income for the fiscal year ending 2025 with a net profit margin of 1.6%.
Douglas Emmett, Inc. (DEI) reported an operating income of $190.4M, resulting in an operating profit margin of 19.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Douglas Emmett, Inc. (DEI) generated $-161.8M in gross profit for the year, representing a gross profit margin of -16.1%. This demonstrates the company's core pricing power and production efficiency.