Douglas Emmett (DEI)
Market Price (1/29/2026): $10.36 | Market Cap: $1.7 BilSector: Real Estate | Industry: Office REITs
Douglas Emmett (DEI)
Market Price (1/29/2026): $10.36Market Cap: $1.7 BilSector: Real EstateIndustry: Office REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 5.6% | Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -94% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 298% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 78x |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7%, Rev Chg QQuarterly Revenue Change % is -0.1% | |
| Low stock price volatilityVol 12M is 33% | Key risksDEI key risks include [1] high leverage with substantial floating-rate debt, Show more. | |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, Green Building Certification, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.6%, Dividend Yield is 7.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%, FCF Yield is 5.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Sustainable & Green Buildings, and Smart Buildings & Proptech. Themes include ESG REITs, Green Building Certification, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -63%, 3Y Excs Rtn is -94% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 16% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 298% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 78x |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.7%, Rev Chg QQuarterly Revenue Change % is -0.1% |
| Key risksDEI key risks include [1] high leverage with substantial floating-rate debt, Show more. |
Qualitative Assessment
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Douglas Emmett (DEI) stock has lost about 30% since 9/30/2025 because of the following key factors:
1. Continued Deterioration in Office Portfolio Performance and Occupancy. Douglas Emmett (DEI) experienced a 21% year-over-year decline in Funds From Operations (FFO) to $0.34 per share for Q3 2025, primarily due to higher interest and operating expenses. Office occupancy further decreased to 77.5%, marking a 1.9% year-over-year and 0.5% quarter-over-quarter drop, alongside an 11.4% decrease in cash rents for new office leases.
2. Broader Weakness in the Office Real Estate Market. The company faces significant headwinds from general economic weakness and ongoing secular shifts away from traditional office spaces, particularly pronounced in high-tax West Coast markets. The year 2025 proved challenging for office REITs, compelling landlords like Douglas Emmett to offer tenant incentives and increase capital expenditure to maintain occupancy amidst a competitive market.
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1. Continued Deterioration in Office Portfolio Performance and Occupancy. Douglas Emmett (DEI) experienced a 21% year-over-year decline in Funds From Operations (FFO) to $0.34 per share for Q3 2025, primarily due to higher interest and operating expenses. Office occupancy further decreased to 77.5%, marking a 1.9% year-over-year and 0.5% quarter-over-quarter drop, alongside an 11.4% decrease in cash rents for new office leases.
2. Broader Weakness in the Office Real Estate Market. The company faces significant headwinds from general economic weakness and ongoing secular shifts away from traditional office spaces, particularly pronounced in high-tax West Coast markets. The year 2025 proved challenging for office REITs, compelling landlords like Douglas Emmett to offer tenant incentives and increase capital expenditure to maintain occupancy amidst a competitive market.
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Stock Movement Drivers
Fundamental Drivers
The -32.4% change in DEI stock from 9/30/2025 to 1/28/2026 was primarily driven by a -41.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 1282026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.31 | 10.35 | -32.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,000 | 1,000 | 0.0% |
| Net Income Margin (%) | 3.8% | 2.2% | -41.0% |
| P/E Multiple | 68.0 | 78.0 | 14.7% |
| Shares Outstanding (Mil) | 167 | 167 | 0.0% |
| Cumulative Contribution | -32.4% |
Market Drivers
9/30/2025 to 1/28/2026| Return | Correlation | |
|---|---|---|
| DEI | -32.4% | |
| Market (SPY) | 4.4% | 35.9% |
| Sector (XLRE) | -3.0% | 53.1% |
Fundamental Drivers
The -29.1% change in DEI stock from 6/30/2025 to 1/28/2026 was primarily driven by a -59.4% change in the company's Net Income Margin (%).| (LTM values as of) | 6302025 | 1282026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.60 | 10.35 | -29.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 993 | 1,000 | 0.7% |
| Net Income Margin (%) | 5.5% | 2.2% | -59.4% |
| P/E Multiple | 44.9 | 78.0 | 73.5% |
| Shares Outstanding (Mil) | 167 | 167 | 0.0% |
| Cumulative Contribution | -29.1% |
Market Drivers
6/30/2025 to 1/28/2026| Return | Correlation | |
|---|---|---|
| DEI | -29.1% | |
| Market (SPY) | 12.9% | 33.8% |
| Sector (XLRE) | -0.6% | 59.3% |
Fundamental Drivers
The -41.2% change in DEI stock from 12/31/2024 to 1/28/2026 was primarily driven by a -41.1% change in the company's P/S Multiple.| (LTM values as of) | 12312024 | 1282026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.59 | 10.35 | -41.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,001 | 1,000 | -0.1% |
| P/S Multiple | 2.9 | 1.7 | -41.1% |
| Shares Outstanding (Mil) | 167 | 167 | 0.0% |
| Cumulative Contribution | -41.2% |
Market Drivers
12/31/2024 to 1/28/2026| Return | Correlation | |
|---|---|---|
| DEI | -41.2% | |
| Market (SPY) | 19.7% | 57.6% |
| Sector (XLRE) | 2.8% | 65.9% |
Fundamental Drivers
The -22.3% change in DEI stock from 12/31/2022 to 1/28/2026 was primarily driven by a -76.4% change in the company's Net Income Margin (%).| (LTM values as of) | 12312022 | 1282026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.32 | 10.35 | -22.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 978 | 1,000 | 2.2% |
| Net Income Margin (%) | 9.4% | 2.2% | -76.4% |
| P/E Multiple | 25.4 | 78.0 | 207.0% |
| Shares Outstanding (Mil) | 176 | 167 | 5.0% |
| Cumulative Contribution | -22.3% |
Market Drivers
12/31/2022 to 1/28/2026| Return | Correlation | |
|---|---|---|
| DEI | -22.3% | |
| Market (SPY) | 88.6% | 49.2% |
| Sector (XLRE) | 21.4% | 68.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DEI Return | 19% | -51% | -2% | 35% | -38% | -4% | -54% |
| Peers Return | 40% | -40% | 13% | 0% | -16% | -6% | -25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 86% |
Monthly Win Rates [3] | |||||||
| DEI Win Rate | 50% | 25% | 50% | 50% | 33% | 0% | |
| Peers Win Rate | 72% | 28% | 47% | 50% | 45% | 0% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| DEI Max Drawdown | -8% | -53% | -33% | -12% | -38% | -4% | |
| Peers Max Drawdown | -4% | -42% | -21% | -23% | -33% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: KRC, ESS, EQR, AVB, HPP.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/28/2026 (YTD)
How Low Can It Go
| Event | DEI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -72.2% | -25.4% |
| % Gain to Breakeven | 259.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -48.7% | -33.9% |
| % Gain to Breakeven | 94.9% | 51.3% |
| Time to Breakeven | Not Fully Recovered days | 148 days |
| 2018 Correction | ||
| % Loss | -19.9% | -19.8% |
| % Gain to Breakeven | 24.8% | 24.7% |
| Time to Breakeven | 79 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -78.1% | -56.8% |
| % Gain to Breakeven | 356.1% | 131.3% |
| Time to Breakeven | 1,918 days | 1,480 days |
Compare to KRC, ESS, EQR, AVB, HPP
In The Past
Douglas Emmett's stock fell -72.2% during the 2022 Inflation Shock from a high on 11/15/2021. A -72.2% loss requires a 259.5% gain to breakeven.
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About Douglas Emmett (DEI)
Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.
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```htmlHere are 1-3 brief analogies for Douglas Emmett (DEI):
- Boston Properties (BXP) for upscale office buildings in Los Angeles and Honolulu.
- Equity Residential (EQIX) for luxury apartments in Los Angeles and Honolulu.
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- Office Property Leasing: Provides leasable office spaces to various businesses and organizations, primarily in submarkets of Los Angeles and Honolulu.
- Multi-Family Residential Property Leasing: Offers rental apartment units for residential use, located within prime coastal submarkets of Los Angeles and Honolulu.
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```htmlDouglas Emmett (symbol: DEI) is a Real Estate Investment Trust (REIT) that owns and operates high-end office and multi-family properties, primarily in premier coastal submarkets of Los Angeles County, California, and Honolulu, Hawaii. Its customers are the tenants who lease space in these properties.
According to its latest financial filings, Douglas Emmett does not have any single "major customer" that accounts for a significant portion of its total revenue (specifically, no single tenant accounts for 1% or more of total revenue). This indicates a highly diversified tenant base across numerous businesses and individuals.
Therefore, it is most appropriate to describe the categories of customers it serves, reflecting both its commercial and residential portfolios:
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1. Corporate and Professional Tenants (for Office Properties)
These are businesses, ranging from small to large enterprises, that lease office space in Douglas Emmett's prime locations. This category includes companies from diverse sectors such as financial services, legal, entertainment & media, technology, and other professional service firms that seek high-quality environments and prestigious addresses in metropolitan areas like Beverly Hills, Santa Monica, and Westwood.
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2. Affluent Residential Tenants (for Multi-Family Properties)
These are individuals and families who lease luxury apartment units in Douglas Emmett's residential properties. These tenants are typically drawn to the high-end amenities, desirable locations, and convenient access to urban and coastal lifestyles offered by the company's multi-family portfolio.
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- Edison International (EIX)
- Sempra Energy (SRE)
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Jordan L. Kaplan, Chairman, Chief Executive Officer & President
Mr. Kaplan was named Chairman of the Board in 2025 and has served as Douglas Emmett's Chief Executive Officer and President and a member of its Board since its inception. He joined Douglas Emmett's predecessor operating companies in 1986, co-founded its immediate predecessor in 1991, and served as the Chief Financial Officer for its predecessor operating companies from 1991 to 2006.
Peter D. Seymour, Chief Financial Officer
Mr. Seymour serves as the Chief Financial Officer for Douglas Emmett.
Kenneth M. Panzer, Chief Operating Officer
Mr. Panzer has served as the Chief Operating Officer and a member of Douglas Emmett's Board since 2006.
Kevin A. Crummy, Chief Investment Officer
Mr. Crummy is the Chief Investment Officer of Douglas Emmett.
Michele L. Aronson, Executive Vice President, General Counsel and Secretary
Ms. Aronson holds the position of Executive Vice President, General Counsel and Secretary at Douglas Emmett.
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The key risks to Douglas Emmett's business include the ongoing challenges in the office real estate market, exposure to interest rate fluctuations due to significant debt, and geographic concentration in specific coastal markets.
- Weak Office Market Fundamentals: Douglas Emmett, primarily an office REIT, continues to face significant pressure from weak office fundamentals, including declining occupancy and rental rates. The company's Funds From Operations (FFO) in 2024 were negatively impacted by this weakness, with a further decline projected for 2025. There has been a notable slowdown in new office leasing activity, and cash spreads on new leases have decreased. The persistence of hybrid work models contributes to the volatility in office demand, posing a continued risk to revenue and cash flow.
- Exposure to High Interest Rates and Leverage: Douglas Emmett carries high leverage, and a significant portion of its debt (around 50%) is at floating rates. This exposes the company to increased interest expenses, particularly as interest rate hedges expire. While some rate cuts might benefit the company, slower-than-expected rate cuts or sustained high rates could continue to pressure its financial performance and REIT valuations.
- Geographic Concentration: Douglas Emmett's portfolio is heavily concentrated in the premier coastal submarkets of Los Angeles and Honolulu. While this focus offers advantages such as high barriers to entry for new development, it also exposes the company to idiosyncratic economic, regulatory, and environmental risks specific to California and Hawaii.
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The clear emerging threat for Douglas Emmett (DEI), a significant owner of office properties, is the structural and sustained shift towards remote and hybrid work models. This trend, accelerated by recent global events, represents a fundamental change in how companies utilize and demand office space. Unlike temporary economic downturns, this is a paradigm shift impacting the long-term viability and valuation of traditional office assets. Companies are reducing their office footprints, adopting flexible workspace strategies, and requiring less square footage per employee due to fewer employees being in the office full-time. This leads to increased vacancy rates, downward pressure on rental income, and potentially decreased property values for office REITs like DEI, which primarily rely on long-term leases for their extensive office portfolios.
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Douglas Emmett (symbol: DEI) operates primarily in the commercial office and multi-family residential property markets in Los Angeles and Honolulu. The addressable market sizes for their main products and services are identified by region as follows:Los Angeles Office Market
The Los Angeles office market recorded approximately $3.2 billion in sales volume in 2024. Leasing activity in the Los Angeles office market was 3.4 million square feet in the first quarter of 2025. Douglas Emmett holds an average of about 40% market share of Class A office space in its target Los Angeles submarkets.Honolulu Office Market
Information available pertains to market dynamics rather than a total quantifiable market size. In the first quarter of 2025, the office sector across Oahu experienced 36,484 square feet of negative net absorption, and the vacancy rate increased to 11%. Douglas Emmett owns and operates approximately 22% of the Central Business District Class A office space in Honolulu. No direct total market size in monetary value or total square footage for the entire Honolulu office market is readily available to comprehensively size the market. Therefore, for the Honolulu office market, a total addressable market size cannot be definitively provided in quantifiable terms beyond market share.Los Angeles Multi-family Market
The Los Angeles multi-family market saw a sales volume of $6.9 billion over the 12 months ending in the second quarter of 2025. In 2023, the market recorded $14.4 billion in sales. As of the second quarter of 2025, there were 19,790 multi-family units under construction.Honolulu Multi-family Market
The Honolulu multi-family market's total sales volume in 2024 was approximately $118.86 million, with 412 units sold. From January through July 2025, sales volume totaled $93.1 million from 30 properties. As of December 2021, there were 22,300 completed multi-family units in Honolulu.AI Analysis | Feedback
Douglas Emmett (DEI) is anticipated to drive future revenue growth over the next two to three years through several key strategies: * Strong Performance and Growth in the Multifamily Portfolio: Douglas Emmett's residential properties consistently demonstrate high occupancy rates, frequently exceeding 99%. This segment has shown robust demand and rising rents, contributing positively to same-property cash net operating income (NOI) growth. For instance, the multifamily segment reported a 6% growth in Q4 2024 and an almost 7% increase in same-store cash NOI in Q3 2025. The company expects continued strong demand and increasing rents in its residential portfolio. * Strategic Office Leasing and Occupancy Improvement: Despite broader challenges in the office market, Douglas Emmett has reported significant office leasing activity, including new leases and renewals. The company signed a record 3.8 million square feet of office leases in 2024 and over 1 million square feet in Q3 2024. New leasing demand from tenants over 10,000 square feet has returned to pre-pandemic averages, and the company has achieved positive absorption across its total portfolio for three out of the last four quarters as of Q2 2025, improving its portfolio leased rate. A robust office leasing pipeline and below-average remaining office expirations in 2025 and 2026 are expected to support continued occupancy improvements. * Office-to-Residential Conversions: Douglas Emmett is actively pursuing the conversion of existing office properties into residential units. Notable projects include the conversion of the 10900 Wilshire office property into 320 apartments and the redevelopment of Studio Plaza. These conversions are expected to enhance property value, reduce office vacancy in relevant submarkets, and further bolster the strong multifamily segment, ultimately contributing to revenue growth. * Acquisitions and Joint Ventures for Portfolio Expansion: The company is focused on augmenting its portfolio with "best-in-class properties" and is engaging in strategic joint ventures. This includes the consolidation of a previously unconsolidated fund and the formation of new joint ventures, which are expected to create operating and leasing synergies. The pursuit of off-market office opportunities with joint venture partners indicates a strategy for growth through the expansion of its asset base. * Rental Rate Stability and Increases: While cash spreads on new office leases have fluctuated, office rental rates have generally remained steady, and the company has maintained positive straight-line spreads on office leases since the pandemic. Critically, residential rents continue to rise, providing a consistent driver of revenue growth from the multifamily segment. Douglas Emmett also anticipates a gradual improvement in lease rates by 3% annually, with a continued focus on leasing office space.AI Analysis | Feedback
Share Repurchases
- Douglas Emmett's Board of Directors authorized a new share repurchase program of up to $300 million in December 2022.
- The number of outstanding common shares decreased from 175.81 million at December 31, 2022, to 167.206 million at December 31, 2023, indicating significant share repurchases during that period.
- The company's 2025 financial guidance does not account for the potential impact of future common stock repurchases.
Share Issuance
- Douglas Emmett's outstanding common shares were 167.435 million at December 31, 2024, and 167.446 million at June 30, 2025, showing a relatively stable or slightly increased share count in the recent period after previous repurchases.
- The company plans to meet long-term liquidity needs, in part, through the issuance of equity securities, including common stock and OP Units.
- Future common stock sales are not included in the company's 2025 financial guidance.
Outbound Investments
- In January 2025, a joint venture managed by Douglas Emmett, in which the company holds a 30% interest, acquired the 17-story Murdock Plaza office building and an adjacent residential development site at 10900 Wilshire Boulevard for $131.1 million.
- This acquisition aligns with Douglas Emmett's strategy to capitalize on opportunities in the office market and enhance portfolio occupancy by attracting small to midsize tenants.
- The company is actively pursuing off-market office opportunities, often with the full engagement of joint venture partners, as part of its strategic expansion efforts.
Capital Expenditures
- Douglas Emmett allocates cash flows from investing activities to fund property acquisitions, developments, redevelopments, and both recurring and non-recurring capital expenditures.
- Significant development projects initiated or planned for 2025 include the conversion of the 456,000-square-foot Studio Plaza in Burbank into a multi-tenant building and a major fire life safety redevelopment of the 712-unit Barrington Plaza residential property.
- In 2024, the company began development activities on the newly acquired Wilshire and Westwood Boulevards property, with plans to advance this project in 2025.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Douglas Emmett Earnings Notes | 12/31/2026 | |
| With Douglas Emmett Stock Surging, Have You Considered The Downside? | 10/17/2025 | |
| Douglas Emmett vs Merck: Which Is A Better Investment? | 08/18/2025 | |
| Douglas Emmett vs VICI Properties: Which Is A Better Investment? | 08/18/2025 | |
| Douglas Emmett vs BXP: Which Is A Better Investment? | 08/18/2025 | |
| How Does Douglas Emmett Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than DEI Stock: Pay Less Than Douglas Emmett To Get More From MRK, CCLÂ | 08/12/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 01/29/2026 |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 47.55 |
| Mkt Cap | 9.9 |
| Rev LTM | 1,483 |
| Op Inc LTM | 410 |
| FCF LTM | 494 |
| FCF 3Y Avg | 515 |
| CFO LTM | 799 |
| CFO 3Y Avg | 787 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 2.6% |
| Rev Chg 3Y Avg | 3.5% |
| Rev Chg Q | 2.2% |
| QoQ Delta Rev Chg LTM | 0.5% |
| Op Mgn LTM | 27.3% |
| Op Mgn 3Y Avg | 28.3% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 50.4% |
| CFO/Rev 3Y Avg | 51.7% |
| FCF/Rev LTM | 25.0% |
| FCF/Rev 3Y Avg | 29.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 9.9 |
| P/S | 5.6 |
| P/EBIT | 11.8 |
| P/E | 20.4 |
| P/CFO | 12.0 |
| Total Yield | 8.7% |
| Dividend Yield | 4.3% |
| FCF Yield 3Y Avg | 5.0% |
| D/E | 0.8 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.9% |
| 3M Rtn | -8.2% |
| 6M Rtn | -8.5% |
| 12M Rtn | -13.9% |
| 3Y Rtn | 4.8% |
| 1M Excs Rtn | -6.9% |
| 3M Excs Rtn | -12.9% |
| 6M Excs Rtn | -23.1% |
| 12M Excs Rtn | -30.4% |
| 3Y Excs Rtn | -64.3% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA203479 | VERSACLOZ | clozapine | suspension | 2062013 | 16.9% | 7.8% | 13.3% | 31.7% | -28.3% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Office Segment | 830 | 825 | 787 | 771 | 817 |
| Multifamily Segment | 191 | 169 | 132 | 120 | 120 |
| Total | 1,020 | 994 | 918 | 892 | 937 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Office Segment | 536 | 540 | 521 | 503 | 552 |
| Multifamily Segment | 123 | 120 | 94 | 83 | 86 |
| General and administrative expenses | -49 | -45 | -43 | -40 | -38 |
| Depreciation and amortization | -460 | -373 | -371 | -385 | -358 |
| Total | 150 | 242 | 201 | 161 | 243 |
Price Behavior
Price Behavior
| Market Price | $10.35 | |
| Market Cap ($ Bil) | 1.7 | |
| First Trading Date | 10/25/2006 | |
| Distance from 52W High | -40.5% | |
| 50 Days | 200 Days | |
| DMA Price | $11.26 | $13.53 |
| DMA Trend | down | down |
| Distance from DMA | -8.1% | -23.5% |
| 3M | 1YR | |
| Volatility | 25.1% | 32.9% |
| Downside Capture | 122.18 | 142.06 |
| Upside Capture | 6.83 | 71.29 |
| Correlation (SPY) | 32.8% | 60.2% |
DEI Betas & Captures as of 12/31/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.92 | 0.77 | 0.73 | 0.87 | 1.01 | 1.26 |
| Up Beta | 1.16 | 0.29 | 0.42 | 0.79 | 0.87 | 0.96 |
| Down Beta | 1.58 | 1.29 | 1.27 | 1.03 | 1.18 | 1.28 |
| Up Capture | -31% | 3% | -37% | 21% | 58% | 193% |
| Bmk +ve Days | 11 | 23 | 37 | 72 | 143 | 431 |
| Stock +ve Days | 6 | 14 | 20 | 48 | 108 | 367 |
| Down Capture | 152% | 123% | 133% | 136% | 119% | 110% |
| Bmk -ve Days | 11 | 18 | 27 | 55 | 108 | 320 |
| Stock -ve Days | 16 | 27 | 44 | 77 | 139 | 377 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DEI | |
|---|---|---|---|---|
| DEI | -39.1% | 32.8% | -1.47 | - |
| Sector ETF (XLRE) | -0.4% | 16.4% | -0.20 | 66.5% |
| Equity (SPY) | 17.1% | 19.3% | 0.69 | 60.4% |
| Gold (GLD) | 97.2% | 20.8% | 3.18 | -6.2% |
| Commodities (DBC) | 13.8% | 15.4% | 0.64 | 22.0% |
| Real Estate (VNQ) | 1.2% | 16.5% | -0.10 | 71.4% |
| Bitcoin (BTCUSD) | -12.7% | 39.6% | -0.25 | 24.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DEI | |
|---|---|---|---|---|
| DEI | -14.5% | 36.1% | -0.35 | - |
| Sector ETF (XLRE) | 5.4% | 19.0% | 0.19 | 66.0% |
| Equity (SPY) | 14.1% | 17.1% | 0.66 | 50.7% |
| Gold (GLD) | 23.2% | 15.8% | 1.19 | 8.3% |
| Commodities (DBC) | 12.6% | 18.8% | 0.54 | 16.2% |
| Real Estate (VNQ) | 4.7% | 18.8% | 0.16 | 71.1% |
| Bitcoin (BTCUSD) | 23.7% | 57.6% | 0.60 | 19.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DEI | |
|---|---|---|---|---|
| DEI | -5.7% | 32.3% | -0.10 | - |
| Sector ETF (XLRE) | 7.1% | 20.5% | 0.31 | 71.5% |
| Equity (SPY) | 16.0% | 17.9% | 0.77 | 56.6% |
| Gold (GLD) | 16.8% | 14.9% | 0.94 | 3.6% |
| Commodities (DBC) | 9.2% | 17.6% | 0.43 | 22.1% |
| Real Estate (VNQ) | 6.1% | 20.8% | 0.26 | 76.4% |
| Bitcoin (BTCUSD) | 70.9% | 66.5% | 1.10 | 14.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2025 | -4.8% | -6.5% | -7.8% |
| 8/5/2025 | -2.9% | -3.6% | 9.6% |
| 5/6/2025 | 3.4% | 5.6% | 2.8% |
| 2/4/2025 | -0.9% | -4.0% | -7.4% |
| 11/4/2024 | 2.7% | 5.7% | 7.3% |
| 8/8/2024 | -2.9% | -1.8% | 2.8% |
| 5/7/2024 | 1.4% | 9.0% | -0.6% |
| 2/6/2024 | 2.7% | -0.2% | 6.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 9 | 13 |
| # Negative | 12 | 15 | 11 |
| Median Positive | 2.7% | 5.7% | 7.3% |
| Median Negative | -2.1% | -3.0% | -7.1% |
| Max Positive | 4.4% | 15.4% | 27.8% |
| Max Negative | -5.5% | -7.7% | -29.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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