Douglas Emmett (DEI) FY2025 results: revenue $1.0 billion, up 1.8% on the year
Douglas Emmett Inc. (DEI) reported revenue of $1.0 billion for fiscal 2025, the year ended 31 December 2025, up 1.8% on the year before. Net income was $16 million, down 30.8%, and diluted earnings per share $0.09. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$1.0 billion
+1.8% on the year
FY2018FY2025
Operating margin
19.0%
21.0% a year earlier
FY2018FY2025
Net income
$16 million
-30.8% on the year
FY2018FY2025
Diluted EPS
$0.09
-30.8% on the year
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 11 new.
Net loss to common holders widened: Net loss attributable to common stockholders was $6.8 million for the quarter, against $0.9 million a year earlier. Full-year net income was $16.3 million, against $23.5 million.
FFO per share fell to $0.35: FFO per fully diluted share was $0.35 for the quarter, against $0.38 a year earlier and $0.34 in the prior quarter. Full-year FFO per share was $1.45, against $1.71.
Office net absorption turned positive: Office net absorption was 0.6% of the in-service portfolio, against (0.9)% in the prior quarter. Leased rate rose to 80.4% from 79.8%, and occupancy to 78.0% from 77.5%.
Cash rents on new leases fell 10.1%: Cash rent on leases signed in the quarter was 10.1% below the expiring rate, against 11.4% lower in the prior quarter. Straight-line rent rose 1.8%, the same as the prior quarter.
Office cash NOI fell 3.0%: Same property office cash revenues fell 0.8% and office cash expenses rose 2.7%, leaving office cash NOI at $114.4 million, down 3.0%.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
387
409
427
-5.3%
Capital expenditure
192
167
189
+15.0%
Free cash flow
194
241
238
-19.4%
Free cash flow margin
19.4%
24.5%
23.3%
Cash from investing
-265
-241
-234
Cash from financing
-225
-246
60.9
Depreciation and amortisation
399
384
460
+3.9%
Share-based compensation
21.2
21.0
19.8
+0.8%
Buybacks
0.0
0.0
109
Dividends paid
127
127
130
+0.1%
Dividend per share
$0.76
$0.76
$0.76
0.0%
Diluted shares, weighted
167m
167m
170m
+0.0%
Shares outstanding at period end
167m
167m
167m
+0.0%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,905
2,059
2,220
-7.5%
Non-controlling interest
1,570
1,600
1,626
-1.8%
Debt
5,549
5,498
5,543
+0.9%
Other liabilities
264
247
256
+6.8%
Total liabilities and equity
9,288
9,404
9,644
-1.2%
Fixed assets
7.0
6.8
7.0
+2.1%
Intangible assets
4.7
2.5
3.0
+90.2%
Cash and equivalents
341
445
523
-23.4%
Other assets
8,936
8,950
9,111
-0.2%
Total assets
9,288
9,404
9,644
-1.2%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.