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Douglas Emmett
(NYSE:DEI)
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Rating:50Neutral
Price Target:
$10.00
â–¼(-16.39% Downside)
Action:Reiterated
Date:08/08/26
DEI scores as a mid-range setup primarily due to high balance-sheet leverage and currently negative net income, which outweigh strong operating cash flow and improving top-line/operational leasing signals. The earnings call supports a steady operational trajectory and improved debt maturity profile, but higher interest rates and negative net income guidance cap near-term upside. Technical indicators also reflect recent weakness, while the high dividend yield provides partial valuation support.
Positive Factors
Office leasing momentum
High leasing volume, positive absorption, and improved lease economics indicate continuing tenant demand across the office portfolio. The leased-but-not-yet-occupied pipeline should support future NOI as tenants move in, providing a durable operating benefit beyond the quarter.
Negative Factors
Elevated balance-sheet leverage
A debt-heavy capital structure leaves DEI more exposed to refinancing costs and changes in property-level earnings. High leverage can constrain acquisitions, redevelopment, and shareholder distributions, while thin or negative returns reduce the cushion available to absorb operating setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Office leasing momentum
High leasing volume, positive absorption, and improved lease economics indicate continuing tenant demand across the office portfolio. The leased-but-not-yet-occupied pipeline should support future NOI as tenants move in, providing a durable operating benefit beyond the quarter.
Read all positive factors
Douglas Emmett Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down rental and related income across segments so you can see where the company earns most of its money. Shifts in revenue mix highlight growth opportunities or concentration risks tied to specific property types or markets.
Breaks down rental and related income across segments so you can see where the company earns most of its money. Shifts in revenue mix highlight growth opportunities or concentration risks tied to specific property types or markets.
Data provided by:
The Fly
The FlyDouglas Emmett (DEI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.64B
Dividend Yield7.76%
Average Volume (3M)2.13M
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth0.78%
EPS Growth-167.70%
CountryUS
Employees778
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)-0.14
Shares Outstanding167,485,260
10 Day Avg. Volume2,443,742
30 Day Avg. Volume2,129,980
Financial Highlights & Ratios
PEG Ratio-4.47
Price to Book (P/B)0.97
Price to Sales (P/S)1.83
P/FCF Ratio9.46
Enterprise Value/Market Cap5.52
Enterprise Value/Revenue8.98
Enterprise Value/Gross Profit14.21
Enterprise Value/Ebitda15.06
Forecast
1Y Price Target
$13.14Price Target Upside9.89% Upside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)-0.13
Revenue Forecast (FY)$1.02B
Douglas Emmett Business Overview & Revenue Model
Company Description
Douglas Emmett, Inc. is a fully integrated, self-administered and self-managed real estate investment trust , and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets o...
How the Company Makes Money
DEI makes money primarily by generating recurring rental income from leasing space in its office buildings and renting apartments in its multifamily communities. For office properties, revenue is earned through base rent paid by tenants under leas...
Douglas Emmett Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful operational momentum — strong leasing (960k sq ft), improving rental economics (+3.2% straight-line lease value), successful acquisitions (Bedford Collection) and substantial refinancing activity (~$815M fixed at ~6.15–6.18%) — alongside a healthy residential business (>99% leased, +2% cash NOI). However, elevated interest rates are a material headwind that management expects will offset much of the operational upside, reflected in lowered office occupancy guidance (75%–77%) and negative 2026 net income guidance (-$0.20 to -$0.16). Overall, the company appears operationally strong with clear growth and value-creation initiatives, but near-term financial results are constrained by higher financing costs.Positive Updates
Strong Leasing Volume
Signed ~960,000 sq ft of office leases in Q2 (including ~375,000 sq ft of new leases and ~584,000 sq ft of renewals), producing positive absorption of ~60,000 sq ft and a straight-line lease value increase of ~3.2% vs prior leases.
Negative Updates
Interest-Rate Headwind and Earnings Impact
Higher market interest rates are expected to more than offset operational improvements; guidance now assumes increased interest expense pressure and management cited interest as 'taking the cream off' results.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Leasing Volume
Signed ~960,000 sq ft of office leases in Q2 (including ~375,000 sq ft of new leases and ~584,000 sq ft of renewals), producing positive absorption of ~60,000 sq ft and a straight-line lease value increase of ~3.2% vs prior leases.
Read all positive updates
Company Guidance
Douglas Emmett reiterated full‑year guidance while flagging the inclusion of Studio Plaza (now >50% leased) in the occupancy assumption, which lowers office occupancy guidance to 75%–77%; management said operating income expectations improved but that higher market interest rates will more than offset that benefit, and therefore now expects 2026 diluted net income per common share of -$0.20 to -$0.16 and fully diluted FFO per share of $1.39–$1.43 (guidance excludes future property acquisitions/dispositions, common stock transactions, financings, insurance recoveries, impairment charges or other capital markets activity). For context, Q2 revenue was $257M (vs. $252M a year ago), FFO was ~$0.37 per share, AFFO rose to $56M (from $54M), same‑property cash NOI was down 1.2%, G&A ran ~4.9% of revenue, and the company refinanced over $800M of debt this quarter (a $400M loan effectively fixed at 6.15% to June 2029 and a $415M loan at 6.18% to July 2029).Douglas Emmett Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
38
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.01B | 1.00B | 986.48M | 1.02B | 993.65M | 918.40M |
| Gross Profit | 636.52M | 636.04M | 636.22M | 198.91M | 659.83M | 615.00M |
| EBITDA | 600.58M | 649.35M | 621.08M | 593.58M | 619.52M | 574.92M |
| Net Income | -22.88M | 16.27M | 23.52M | -42.71M | 97.14M | 65.27M |
Balance Sheet | ||||||
| Total Assets | 9.55B | 9.29B | 9.40B | 9.64B | 9.75B | 9.35B |
| Cash, Cash Equivalents and Short-Term Investments | 354.96M | 340.79M | 444.62M | 523.08M | 268.84M | 335.90M |
| Total Debt | 5.75B | 5.57B | 5.51B | 5.55B | 5.20B | 5.02B |
| Total Liabilities | 6.04B | 5.81B | 5.75B | 5.80B | 5.47B | 5.37B |
| Stockholders Equity | 1.84B | 1.90B | 2.06B | 2.22B | 2.56B | 2.42B |
Cash Flow | ||||||
| Free Cash Flow | 190.88M | 194.46M | 169.30M | 237.81M | 258.77M | 153.86M |
| Operating Cash Flow | 429.49M | 386.85M | 408.69M | 426.96M | 496.89M | 446.95M |
| Investing Cash Flow | -648.52M | -259.94M | -240.76M | -233.59M | -560.95M | -288.71M |
| Financing Cash Flow | 147.33M | -230.74M | -246.46M | 60.87M | -3.00M | 5.25M |
Douglas Emmett Technical Analysis
Negative
11.96
Price Trends
10.75
Negative
11.20
Negative
10.59
Negative
Market Momentum
-0.29
Negative
40.20
Neutral
65.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DEI, the sentiment is Negative. The current price of 11.96 is above the 20-day moving average (MA) of 9.85, above the 50-day MA of 10.75, and above the 200-day MA of 10.59, indicating a bearish trend. The MACD of -0.29 indicates Negative momentum. The RSI at 40.20 is Neutral, neither overbought nor oversold. The STOCH value of 65.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DEI.
Douglas Emmett Risk Analysis
Douglas Emmett disclosed 51 risk factors in its most recent earnings report. Douglas Emmett reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Douglas Emmett Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $4.02B | 23.78 | 3.17% | 6.31% | -3.76% | -22.82% | |
59 Neutral | $10.31B | 31.75 | 5.80% | 4.74% | 1.88% | 7630.99% | |
53 Neutral | $4.55B | 672.02 | 0.14% | 4.63% | 11.89% | -89.22% | |
53 Neutral | $664.07M | -1.35 | -18.64% | 2.06% | 2.54% | 54.94% | |
52 Neutral | $7.93B | -8.17 | -5.70% | 6.33% | -8.40% | -4485.62% | |
50 Neutral | $1.64B | -71.67 | -1.21% | 7.76% | 0.78% | -167.70% |
* Real Estate Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.