DEIDouglas Emmett Inc

Real Estate Investment Trusts

Revenue: $1.0B; 1.8% YoY
Operating margin: —
EBITDA: —
Market cap: $1.7B
Employees: 778; $1M revenue each
Net debt / EBITDA: —; $5.4B net debt
AI in 10-K: 2.1; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
24× net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentYes
30% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 59th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.1 per 10K words · 57th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.9× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$1.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$1M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$69M	$85M	$1.0B	$986M	$1.0B	1.8%
Net income	$65M	$97M	−$43M	$24M	$16M	31%
Operating cash flow	$447M	$497M	$427M	$409M	$387M	5.3%
Stock-based comp	$21M	$21M	$20M	$21M	$21M	0.8%
Buybacks	$0	$0	$109M	$0	$0
Dividends	$197M	$197M	$130M	$127M	$127M	0.1%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 3
Open-market sells, 12 mo: $0 · 0
Net: $1M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$3M	48	73
FY2024	$9M	$12M	53	73
FY2023	$8M	$9M	40	67
FY2022	$9M	$4M	40	63
FY2021	$9M	$12M	82	101