NYSE : DEI
Douglas Emmett, Inc. — Financial statements
Real Estate · REIT - Office · United States
Last price 10.21 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.10B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 866.52M | 867.41M | 858.18M | 889.04M | 876.45M | 821.04M |
| Other Revenue | 141.00M | 136.57M | 130.89M | 96.81M | 114.53M | 93.50M |
| Total Revenue | 1.01B | 1.00B | 989.07M | 985.85M | 990.98M | 914.54M |
| Property Expenses | 371.00M | 367.94M | 350.26M | 361.63M | 333.82M | 303.40M |
| Selling, General & Administrative | 48.98M | 46.66M | 45.36M | 49.24M | 45.41M | 42.55M |
| Depreciation & Amortization | 396.08M | 398.93M | 384.05M | 377.85M | 372.80M | 371.29M |
| Total Operating Expenses | 816.06M | 813.53M | 779.66M | 788.72M | 752.02M | 717.24M |
| Operating Income | 191.46M | 190.45M | 209.41M | 197.13M | 238.95M | 197.30M |
| Interest Expense | -274.06M | -266.68M | -229.44M | -209.47M | -150.19M | -147.50M |
| Other Non-Operating Income | 14.10M | 17.58M | 27.62M | 18.60M | 3.87M | 1.53M |
| EBT Excluding Unusual Items | -68.50M | -58.64M | 7.59M | 6.26M | 92.64M | 51.33M |
| Total Insurance Settlements | 3.90M | 4.80M | ||||
| Asset Writedown | -82.10M | |||||
| Other Unusual Items | 47.21M | |||||
| Pretax Income | -68.50M | -11.43M | 7.59M | -75.84M | 96.54M | 56.13M |
| Earnings From Continuing Operations | -68.50M | -11.43M | 7.59M | -75.84M | 96.54M | 56.13M |
| Minority Interest in Earnings | 45.62M | 27.70M | 15.93M | 33.13M | 605.00K | 9.14M |
| Net Income | -22.88M | 16.27M | 23.52M | -42.71M | 97.14M | 65.27M |
| Preferred Dividends & Other Adjustments | 1.66M | 1.47M | 1.38M | 1.19M | 912.00K | 876.00K |
| Net Income to Common | -24.53M | 14.80M | 22.14M | -43.90M | 96.23M | 64.39M |
| Basic Shares Outstanding | 167.47M | 167.45M | 167.39M | 169.60M | 175.76M | 175.48M |
| Diluted Shares Outstanding | 167.47M | 167.45M | 167.39M | 169.60M | 175.76M | 175.48M |
| EPS (Basic) | -0.15 | 0.09 | 0.13 | -0.26 | 0.55 | 0.37 |
| EPS (Diluted) | -0.15 | 0.09 | 0.13 | -0.26 | 0.55 | 0.37 |
| Dividend Per Share | 0.76 | 0.76 | 0.76 | 0.76 | 1.03 | 1.12 |
| Operating Margin | 19.00% | 18.97% | 21.17% | 20.00% | 24.11% | 21.57% |
| Profit Margin | -2.44% | 1.47% | 2.24% | -4.45% | 9.71% | 7.04% |
| EBITDA | 583.67M | 584.55M | 585.43M | 564.01M | 600.50M | 559.05M |
| EBITDA Margin | 57.93% | 58.22% | 59.19% | 57.21% | 60.60% | 61.13% |
| D&A For Ebitda | 392.20M | 394.11M | 376.02M | 366.89M | 361.54M | 361.75M |
| EBIT | 191.46M | 190.45M | 209.41M | 197.13M | 238.95M | 197.30M |
| EBIT Margin | 19.00% | 18.97% | 21.17% | 20.00% | 24.11% | 21.57% |
| Funds From Operations (FFO) | 292.01M | 295.29M | 345.53M | 377.29M | 419.68M | 383.46M |
| FFO Per Share | 1.42 | 1.45 | 1.71 | 1.86 | 2.03 | |
| Adjusted Funds From Operations (AFFO) | 209.47M | 221.31M | 276.53M | 299.54M | 355.25M | 383.46M |
| AFFO Per Share | 1.08 | 1.08 | 1.37 | 1.48 | 1.72 | |
| FFO Payout Ratio | 43.58% | 43.10% | 36.81% | 34.43% | 46.89% | 51.25% |
| Revenue as Reported | 1.01B | 1.00B | 986.48M | 1.02B | 993.65M | 918.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 9.00B | 8.76B | 8.59B | 8.77B | 9.01B | 8.80B |
| Cash & Equivalents | 354.96M | 340.79M | 444.62M | 523.08M | 268.84M | 335.90M |
| Accounts Receivable | 133.60M | 125.61M | 121.81M | 121.42M | 121.86M | 128.28M |
| Other Intangible Assets | 11.11M | 6.72M | 4.47M | 4.96M | 5.52M | 6.16M |
| Restricted Cash | 29.00K | 101.00K | 101.00K | |||
| Other Current Assets | 24.86M | 35.00M | 138.50M | 40.26M | 19.87M | 15.94M |
| Trading Asset Securities | 26.02M | 22.31M | 77.62M | 170.88M | 270.23M | 15.47M |
| Other Long-Term Assets | 23.77M | 15.98M | 52.81M | 51.79M | ||
| Total Assets | 9.55B | 9.29B | 9.40B | 9.64B | 9.75B | 9.35B |
| Current Portion of Long-Term Debt | 747.95M | 1.19B | 1.79M | 69.93M | ||
| Current Portion of Leases | 733.00K | 733.00K | ||||
| Long-Term Debt | 4.98B | 4.37B | 5.50B | 5.54B | 5.19B | 5.01B |
| Long-Term Leases | 10.07M | 10.07M | 10.82M | 10.84M | 10.85M | 10.86M |
| Accounts Payable | 96.81M | 56.71M | 60.13M | 61.77M | 80.24M | 83.15M |
| Accrued Expenses | 39.52M | 32.42M | 19.58M | 18.65M | 13.53M | 12.25M |
| Other Current Liabilities | 102.41M | 98.90M | 94.27M | 93.74M | 94.84M | 104.44M |
| Long-Term Unearned Revenue | 51.36M | 50.84M | 51.30M | 50.82M | 47.15M | 50.06M |
| Other Long-Term Liabilities | 11.69M | 8.28M | 11.33M | 19.84M | 31.36M | 24.71M |
| Total Liabilities | 6.04B | 5.81B | 5.75B | 5.80B | 5.47B | 5.37B |
| Common Stock | 1.68M | 1.68M | 1.67M | 1.67M | 1.76M | 1.75M |
| Additional Paid-In Capital | 3.40B | 3.40B | 3.40B | 3.39B | 3.49B | 3.49B |
| Retained Earnings | -1.57B | -1.51B | -1.39B | -1.29B | -1.12B | -1.04B |
| Comprehensive Income & Other | 13.90M | 11.45M | 54.92M | 115.92M | 187.06M | -38.77M |
| Total Common Equity | 1.84B | 1.90B | 2.06B | 2.22B | 2.56B | 2.42B |
| Minority Interest | 1.68B | 1.57B | 1.60B | 1.63B | 1.71B | 1.57B |
| Shareholders' Equity | 3.52B | 3.47B | 3.66B | 3.85B | 4.28B | 3.99B |
| Total Liabilities & Equity | 9.55B | 9.29B | 9.40B | 9.64B | 9.75B | 9.35B |
| Total Debt | 5.73B | 5.57B | 5.51B | 5.55B | 5.20B | 5.09B |
| Net Cash (Debt) | -5.35B | -5.20B | -4.99B | -4.86B | -4.67B | -4.74B |
| Net Cash Per Share | -31.97 | -31.07 | -29.79 | -28.66 | -26.55 | -27.02 |
| Filing Date Shares Outstanding | 167.49M | 167.46M | 167.45M | 167.35M | 175.81M | 175.72M |
| Total Common Shares Outstanding | 167.49M | 167.46M | 167.44M | 167.21M | 175.81M | 175.53M |
| Book Value Per Share | 10.98 | 11.37 | 12.30 | 13.28 | 14.57 | 13.76 |
| Tangible Book Value | 1.83B | 1.90B | 2.05B | 2.21B | 2.56B | 2.41B |
| Tangible Book Value Per Share | 10.91 | 11.33 | 12.27 | 13.25 | 14.54 | 13.73 |
| Land | 1.21B | 1.20B | 1.19B | 1.19B | 1.19B | 1.15B |
| Buildings | 10.58B | 10.34B | 10.19B | 10.14B | 10.06B | 9.34B |
| Construction In Progress | 269.68M | 195.53M | 86.40M | 56.44M | 70.04M | 388.53M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -22.88M | 16.27M | 23.52M | -42.71M | 97.14M | 65.27M |
| Depreciation & Amortization | 392.20M | 394.11M | 376.02M | 366.89M | 361.54M | 361.75M |
| Other Amortization | 13.69M | 11.90M | 9.34M | 8.86M | 7.94M | 10.90M |
| Asset Writedown | 82.10M | |||||
| Stock-Based Compensation | 21.31M | 21.21M | 21.04M | 19.83M | 21.02M | 20.89M |
| Income (Loss) on Equity Investments | -1.37M | 35.93M | -3.00K | |||
| Change in Accounts Receivable | -2.16M | 2.25M | 1.85M | 783.00K | 6.25M | 5.10M |
| Change in Other Net Operating Assets | 38.45M | 21.75M | -3.20M | -9.17M | 3.88M | -8.40M |
| Other Operating Activities | -54.61M | -80.62M | -18.51M | -35.56M | -896.00K | -8.54M |
| Operating Cash Flow | 386.01M | 386.85M | 408.69M | 426.96M | 496.89M | 446.95M |
| Acquisition of Real Estate Assets | -576.01M | -294.86M | -239.39M | -230.64M | -568.59M | -293.09M |
| Net Sale / Acq. of Real Estate Assets | -576.01M | -294.86M | -239.39M | -230.64M | -568.59M | -293.09M |
| Cash Acquisition | 25.59M | 25.59M | ||||
| Investment in Marketable & Equity Securities | -25.59M | -4.95M | -5.13M | 1.92M | 1.34M | |
| Other Investing Activities | 2.57M | 3.93M | 3.57M | 2.18M | 5.72M | 3.04M |
| Investing Cash Flow | -573.44M | -265.34M | -240.76M | -233.59M | -560.95M | -288.71M |
| Long-Term Debt Issued | 1.32B | 325.00M | 505.00M | 245.00M | 1.34B | |
| Long-Term Debt Repaid | -1.37B | -434.90M | -155.86M | -70.82M | -1.08B | |
| Net Debt Issued (Repaid) | 173.43M | -43.52M | -109.90M | 349.14M | 174.18M | 269.21M |
| Repurchase of Common Stock | -3.00K | -10.00K | -4.00K | -109.23M | -176.00K | -57.00K |
| Common Dividends Paid | -127.27M | -127.26M | -127.19M | -129.90M | -196.81M | -196.53M |
| Other Financing Activities | 69.34M | -54.56M | -9.37M | -49.14M | 19.80M | -67.38M |
| Net Cash Flow | -71.93M | -103.83M | -78.53M | 254.25M | -67.07M | 163.49M |
| Levered Free Cash Flow | 395.81M | 493.31M | 295.07M | 353.56M | 437.24M | 429.35M |
| Unlevered Free Cash Flow | 553.41M | 648.09M | 429.14M | 475.62M | 523.16M | 510.63M |
| Cash Interest Paid | 239.54M | 237.38M | 219.50M | 195.95M | 141.43M | 137.00M |
| Change in Working Capital | 36.30M | 24.00M | -1.34M | -8.38M | 10.13M | -3.31M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.08B | 1.84B | 3.11B | 2.42B | 2.76B | 5.88B |
| Enterprise Value | 7.44B | 8.55B | 9.58B | 8.87B | 9.11B | 12.21B |
| Last Close Price | 10.13 | 10.38 | 16.62 | 12.35 | 12.58 | 25.62 |
| Price/FFO Ratio | 8.14 | 7.16 | 9.72 | 6.64 | 6.20 | |
| Price/AFFO Ratio | 10.75 | 9.57 | 12.15 | 8.36 | 7.34 | |
| PE Ratio | 124.36 | 140.36 | 28.64 | 91.30 | ||
| PS Ratio | 2.07 | 1.83 | 3.14 | 2.45 | 2.78 | 6.43 |
| PB Ratio | 0.92 | 0.53 | 0.85 | 0.63 | 0.65 | 1.48 |
| P/OCF Ratio | 5.40 | 4.76 | 7.60 | 5.66 | 5.55 | 13.15 |
| EV/Sales Ratio | 7.38 | 8.52 | 9.68 | 8.99 | 9.19 | 13.36 |
| EV/EBITDA Ratio | 12.74 | 14.63 | 16.36 | 15.72 | 15.16 | 21.85 |
| EV/EBIT Ratio | 38.84 | 44.92 | 45.74 | 44.98 | 38.11 | 61.91 |
| Debt / Equity Ratio | 1.63 | 1.60 | 1.51 | 1.44 | 1.22 | 1.28 |
| Debt / EBITDA Ratio | 9.81 | 9.51 | 9.40 | 9.83 | 8.66 | 9.10 |
| Net Debt / Equity Ratio | 1.52 | 1.50 | 1.36 | 1.26 | 1.09 | 1.19 |
| Net Debt / EBITDA Ratio | 9.17 | 8.90 | 8.52 | 8.62 | 7.77 | 8.48 |
| Asset Turnover | 0.11 | 0.11 | 0.10 | 0.10 | 0.10 | 0.10 |
| Quick Ratio | 0.52 | 0.35 | 3.70 | 4.68 | 3.47 | 1.78 |
| Current Ratio | 0.55 | 0.38 | 4.50 | 4.91 | 3.58 | 1.84 |
| Return on Equity (ROE) | -1.93% | -0.32% | 0.20% | -1.87% | 2.34% | 1.41% |
| Return on Assets (ROA) | 1.26% | 1.27% | 1.37% | 1.27% | 1.56% | 1.33% |
| Earnings Yield | -1.45% | 0.88% | 0.76% | -1.77% | 3.52% | 1.11% |
| Dividend Yield | 7.50% | 6.92% | 4.09% | 5.26% | 6.57% | 3.34% |
| Payout Ratio | 782.30% | 540.82% | 202.59% | 301.12% | ||
| Buyback Yield / Dilution | -0.02% | -0.04% | 1.30% | 3.50% | -0.16% | -0.06% |
| Total Shareholder Return | 7.48% | 6.88% | 5.40% | 8.76% | 6.41% | 3.29% |