DEI
Douglas Emmett, Inc.11.52
-0.15-1.29%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Acquisitions over buybacks to limit leverage
Q&A clarified management's aversion to stock buybacks, which would hike leverage, favoring JV-funded acquisitions at discounts to long-term values instead. Kaplan expects 'good deals' in 2026 without stretching the balance sheet. Leasing insights pinpoint 30%+ new leases as key to positive absorption, with Q4 gains broad-based and pipeline steady—yet one strong quarter isn't a trend. Westside residential pipeline expands with 500-1,000 units in planning, targeting over 8% yields excluding land. Media consolidation, strikes, and rent gouging brushed off as non-threats. Buybacks boost leverage. They pass. Confident tone on leasing and deals; watch absorption persistence.
Key Stats
Market Cap
2.34BP/E (TTM)
96.00Basic EPS (TTM)
0.12Dividend Yield
0.07%Recent Filings
10-K
FY2025 results
Douglas Emmett's FY2025 delivered stable NOI at $636M despite office headwinds, with In-Service office leased rate steady at 80.4% (17.5M sq ft) but occupancy dipping to 78.0% from 79.2% amid repositioning at Studio Plaza. Q4 leasing costs fell to $24.27/sq ft while straight-line rents held at $44.14; multifamily shone with 99.5% leased rate, $3,436 monthly rent/unit, and 6.0% Same Property NOI growth from higher occupancy/rates. FFO dropped 14.5% to $295M on higher interest ($267M) and expenses, yet $387M operating cash flow and $341M liquidity back $5.6B debt (72% fixed). Q4 momentum mixed: parking up 6%, but office revenues flat YoY. Steady $0.19 dividends paid. Elevated rates threaten refinancing.
8-K
Q4 results: revenue up, loss widens
8-K
Panzer named President
10-Q
Q3 FY2025 results
Douglas Emmett held revenues steady at $250.6M for Q3 ended September 30, 2025, flat y/y despite office softness, while multifamily grew 3.0% y/y to $49.5M on higher rates. Office expenses dropped 5.1% y/y to $74.1M, thanks to lower property taxes, yet interest expense surged 28.1% y/y to $72.8M from floating debt and consolidations, driving a $21.2M net loss versus near-breakeven prior year; the gap reflects higher interest and depreciation. Cash swelled to $408.5M after $323.7M operating cash flow (down 3.3% y/y), with $5.6B debt (62% fixed/swapped) and key refinancings extending maturities. JV consolidation added $47.2M YTD gain; acquired Westwood office in Jan 2025. Debt maturities loom large.
8-K
Q3 loss, weak office leasing
Douglas Emmett posted flat Q3 revenues at $251M yet swung to a $11M net loss from prior profit, with FFO per share dropping to $0.34 from $0.43. Same property cash NOI edged up 3.5% to $150M, fueled by 7% multifamily growth, while office leasing disappointed—new leases missed expectations and cash rents fell 11.4%. They refinanced $200M office debt at 5.6% fixed and $941.5M residential at 4.80%. Guidance narrowed FFO to $1.43-$1.47. Office leasing lags.
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