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724900.0
|
2022-10-09 00:00:00 UTC
|
Douglas Emmett Inc Shares Approach 52-Week Low - Market Mover
|
DEI
|
https://www.nasdaq.com/articles/douglas-emmett-inc-shares-approach-52-week-low-market-mover-0
|
nan
|
nan
|
Douglas Emmett Inc (DEI) shares closed today at 0.3% above its 52 week low of $16.28, giving the company a market cap of $2B. The stock is currently down 48.9% year-to-date, down 46.5% over the past 12 months, and down 51.4% over the past five years. This week, the Dow Jones Industrial Average rose 2.0%, and the S&P 500 rose 1.6%.
Trading Activity
Trading volume this week was 17.2% lower than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9.
Technical Indicators
The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date lags the peer average by 10.6%
The company's stock price performance over the past 12 months lags the peer average by 10.9%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 175.0% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett Inc (DEI) shares closed today at 0.3% above its 52 week low of $16.28, giving the company a market cap of $2B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 10.6% The company's stock price performance over the past 12 months lags the peer average by 10.9% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 175.0% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 0.3% above its 52 week low of $16.28, giving the company a market cap of $2B. This week, the Dow Jones Industrial Average rose 2.0%, and the S&P 500 rose 1.6%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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Douglas Emmett Inc (DEI) shares closed today at 0.3% above its 52 week low of $16.28, giving the company a market cap of $2B. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 10.6% The company's stock price performance over the past 12 months lags the peer average by 10.9% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 175.0% higher than the average peer. This story was produced by the Kwhen Automated News Generator.
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Douglas Emmett Inc (DEI) shares closed today at 0.3% above its 52 week low of $16.28, giving the company a market cap of $2B. This week, the Dow Jones Industrial Average rose 2.0%, and the S&P 500 rose 1.6%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
|
bdf85a1d-bc1f-415d-8029-c1ca1817a126
|
724901.0
|
2022-10-07 00:00:00 UTC
|
DEI vs. REXR: Which Stock Is the Better Value Option?
|
DEI
|
https://www.nasdaq.com/articles/dei-vs.-rexr%3A-which-stock-is-the-better-value-option
|
nan
|
nan
|
Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Douglas Emmett (DEI) and Rexford Industrial (REXR). But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.
The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our Style Scores highlight stocks with specific traits.
Right now, Douglas Emmett is sporting a Zacks Rank of #2 (Buy), while Rexford Industrial has a Zacks Rank of #4 (Sell). This means that DEI's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is only part of the picture for value investors.
Value investors are also interested in a number of tried-and-true valuation metrics that help show when a company is undervalued at its current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
DEI currently has a forward P/E ratio of 8.40, while REXR has a forward P/E of 27.22. We also note that DEI has a PEG ratio of 1.60. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. REXR currently has a PEG ratio of 2.41.
Another notable valuation metric for DEI is its P/B ratio of 0.72. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, REXR has a P/B of 1.58.
These are just a few of the metrics contributing to DEI's Value grade of B and REXR's Value grade of F.
DEI has seen stronger estimate revision activity and sports more attractive valuation metrics than REXR, so it seems like value investors will conclude that DEI is the superior option right now.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
Rexford Industrial Realty, Inc. (REXR): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Douglas Emmett (DEI) and Rexford Industrial (REXR). This means that DEI's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. DEI currently has a forward P/E ratio of 8.40, while REXR has a forward P/E of 27.22.
|
These are just a few of the metrics contributing to DEI's Value grade of B and REXR's Value grade of F. DEI has seen stronger estimate revision activity and sports more attractive valuation metrics than REXR, so it seems like value investors will conclude that DEI is the superior option right now. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Douglas Emmett (DEI) and Rexford Industrial (REXR).
|
Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Douglas Emmett (DEI) and Rexford Industrial (REXR). These are just a few of the metrics contributing to DEI's Value grade of B and REXR's Value grade of F. DEI has seen stronger estimate revision activity and sports more attractive valuation metrics than REXR, so it seems like value investors will conclude that DEI is the superior option right now. This means that DEI's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook.
|
These are just a few of the metrics contributing to DEI's Value grade of B and REXR's Value grade of F. DEI has seen stronger estimate revision activity and sports more attractive valuation metrics than REXR, so it seems like value investors will conclude that DEI is the superior option right now. Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Douglas Emmett (DEI) and Rexford Industrial (REXR). This means that DEI's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook.
|
e85041be-7014-4b1b-8e46-fa7ee9df2804
|
724902.0
|
2022-10-04 00:00:00 UTC
|
Douglas Emmett Inc Shares Fall 0.7% Below Previous 52-Week Low - Market Mover
|
DEI
|
https://www.nasdaq.com/articles/douglas-emmett-inc-shares-fall-0.7-below-previous-52-week-low-market-mover
|
nan
|
nan
|
Douglas Emmett Inc (DEI) shares closed 0.7% lower than its previous 52 week low, giving the company a market cap of $3B. The stock is currently down 42.6% year-to-date, down 39.8% over the past 12 months, and down 45.4% over the past five years. This week, the Dow Jones Industrial Average rose 4.1%, and the S&P 500 rose 4.0%.
Trading Activity
Trading volume this week was 25.8% lower than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9.
Technical Indicators
The Relative Strength Index (RSI) on the stock was between 30 and 70.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date lags the peer average by 8.4%
The company's stock price performance over the past 12 months lags the peer average by 8.4%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 197.3% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Douglas Emmett Inc (DEI) shares closed 0.7% lower than its previous 52 week low, giving the company a market cap of $3B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9. Technical Indicators The Relative Strength Index (RSI) on the stock was between 30 and 70.
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Douglas Emmett Inc (DEI) shares closed 0.7% lower than its previous 52 week low, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average rose 4.1%, and the S&P 500 rose 4.0%. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 8.4% The company's stock price performance over the past 12 months lags the peer average by 8.4% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 197.3% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed 0.7% lower than its previous 52 week low, giving the company a market cap of $3B. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 8.4% The company's stock price performance over the past 12 months lags the peer average by 8.4% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 197.3% higher than the average peer. This story was produced by the Kwhen Automated News Generator.
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Douglas Emmett Inc (DEI) shares closed 0.7% lower than its previous 52 week low, giving the company a market cap of $3B. Trading Activity Trading volume this week was 25.8% lower than the 20-day average. Technical Indicators The Relative Strength Index (RSI) on the stock was between 30 and 70.
|
7a8b1605-0da0-4767-8337-968d4fa8dcba
|
724903.0
|
2022-10-03 00:00:00 UTC
|
Monday 10/3 Insider Buying Report: LGF.A, DEI
|
DEI
|
https://www.nasdaq.com/articles/monday-10-3-insider-buying-report%3A-lgf.a-dei
|
nan
|
nan
|
As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Lions Gate Entertainment, a filing with the SEC revealed that on Thursday, Director Harry Sloan bought 50,000 shares of LGF.A, for a cost of $7.06 each, for a total investment of $353,000. So far Sloan is in the green, up about 9.3% on their purchase based on today's trading high of $7.72. Lions Gate Entertainment is trading off about 1.1% on the day Monday.
And at Douglas Emmett, there was insider buying on Wednesday, by William E. Simon Jr. who purchased 13,200 shares at a cost of $18.73 each, for a total investment of $247,236. Before this latest buy, Simon Jr. made one other purchase in the past twelve months, buying $497,250 shares at a cost of $19.89 each. Douglas Emmett is trading up about 1.5% on the day Monday. Bargain hunters are able to buy DEI even cheaper than Simon Jr. did, with shares trading as low as $18.03 in trading on Monday -- that's 3.7% below Simon Jr.'s purchase price.
VIDEO: Monday 10/3 Insider Buying Report: LGF.A, DEI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Bargain hunters are able to buy DEI even cheaper than Simon Jr. did, with shares trading as low as $18.03 in trading on Monday -- that's 3.7% below Simon Jr.'s purchase price. VIDEO: Monday 10/3 Insider Buying Report: LGF.A, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. At Lions Gate Entertainment, a filing with the SEC revealed that on Thursday, Director Harry Sloan bought 50,000 shares of LGF.A, for a cost of $7.06 each, for a total investment of $353,000.
|
VIDEO: Monday 10/3 Insider Buying Report: LGF.A, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Bargain hunters are able to buy DEI even cheaper than Simon Jr. did, with shares trading as low as $18.03 in trading on Monday -- that's 3.7% below Simon Jr.'s purchase price. At Lions Gate Entertainment, a filing with the SEC revealed that on Thursday, Director Harry Sloan bought 50,000 shares of LGF.A, for a cost of $7.06 each, for a total investment of $353,000.
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Bargain hunters are able to buy DEI even cheaper than Simon Jr. did, with shares trading as low as $18.03 in trading on Monday -- that's 3.7% below Simon Jr.'s purchase price. VIDEO: Monday 10/3 Insider Buying Report: LGF.A, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. And at Douglas Emmett, there was insider buying on Wednesday, by William E. Simon Jr. who purchased 13,200 shares at a cost of $18.73 each, for a total investment of $247,236.
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Bargain hunters are able to buy DEI even cheaper than Simon Jr. did, with shares trading as low as $18.03 in trading on Monday -- that's 3.7% below Simon Jr.'s purchase price. VIDEO: Monday 10/3 Insider Buying Report: LGF.A, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Lions Gate Entertainment is trading off about 1.1% on the day Monday.
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169dad61-3e12-4cb3-971a-20eef9eb21f7
|
724904.0
|
2022-09-27 00:00:00 UTC
|
Ex-Dividend Reminder: Douglas Emmett, InvenTrust Properties and DigitalBridge Group
|
DEI
|
https://www.nasdaq.com/articles/ex-dividend-reminder%3A-douglas-emmett-inventrust-properties-and-digitalbridge-group
|
nan
|
nan
|
Looking at the universe of stocks we cover at Dividend Channel, on 9/29/22, Douglas Emmett Inc (Symbol: DEI), InvenTrust Properties Corp (Symbol: IVT), and DigitalBridge Group Inc (Symbol: DBRG) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 10/18/22, InvenTrust Properties Corp will pay its quarterly dividend of $0.2052 on 10/14/22, and DigitalBridge Group Inc will pay its quarterly dividend of $0.01 on 10/17/22. As a percentage of DEI's recent stock price of $18.56, this dividend works out to approximately 1.51%, so look for shares of Douglas Emmett Inc to trade 1.51% lower — all else being equal — when DEI shares open for trading on 9/29/22. Similarly, investors should look for IVT to open 0.92% lower in price and for DBRG to open 0.08% lower, all else being equal.
Below are dividend history charts for DEI, IVT, and DBRG, showing historical dividends prior to the most recent ones declared.
Douglas Emmett Inc (Symbol: DEI):
InvenTrust Properties Corp (Symbol: IVT):
DigitalBridge Group Inc (Symbol: DBRG):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 6.03% for Douglas Emmett Inc, 3.66% for InvenTrust Properties Corp, and 0.30% for DigitalBridge Group Inc.
In Tuesday trading, Douglas Emmett Inc shares are currently up about 0.9%, InvenTrust Properties Corp shares are up about 0.2%, and DigitalBridge Group Inc shares are up about 1.7% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a percentage of DEI's recent stock price of $18.56, this dividend works out to approximately 1.51%, so look for shares of Douglas Emmett Inc to trade 1.51% lower — all else being equal — when DEI shares open for trading on 9/29/22. Looking at the universe of stocks we cover at Dividend Channel, on 9/29/22, Douglas Emmett Inc (Symbol: DEI), InvenTrust Properties Corp (Symbol: IVT), and DigitalBridge Group Inc (Symbol: DBRG) will all trade ex-dividend for their respective upcoming dividends. Below are dividend history charts for DEI, IVT, and DBRG, showing historical dividends prior to the most recent ones declared.
|
Looking at the universe of stocks we cover at Dividend Channel, on 9/29/22, Douglas Emmett Inc (Symbol: DEI), InvenTrust Properties Corp (Symbol: IVT), and DigitalBridge Group Inc (Symbol: DBRG) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): InvenTrust Properties Corp (Symbol: IVT): DigitalBridge Group Inc (Symbol: DBRG): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $18.56, this dividend works out to approximately 1.51%, so look for shares of Douglas Emmett Inc to trade 1.51% lower — all else being equal — when DEI shares open for trading on 9/29/22.
|
Looking at the universe of stocks we cover at Dividend Channel, on 9/29/22, Douglas Emmett Inc (Symbol: DEI), InvenTrust Properties Corp (Symbol: IVT), and DigitalBridge Group Inc (Symbol: DBRG) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): InvenTrust Properties Corp (Symbol: IVT): DigitalBridge Group Inc (Symbol: DBRG): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $18.56, this dividend works out to approximately 1.51%, so look for shares of Douglas Emmett Inc to trade 1.51% lower — all else being equal — when DEI shares open for trading on 9/29/22.
|
Looking at the universe of stocks we cover at Dividend Channel, on 9/29/22, Douglas Emmett Inc (Symbol: DEI), InvenTrust Properties Corp (Symbol: IVT), and DigitalBridge Group Inc (Symbol: DBRG) will all trade ex-dividend for their respective upcoming dividends. As a percentage of DEI's recent stock price of $18.56, this dividend works out to approximately 1.51%, so look for shares of Douglas Emmett Inc to trade 1.51% lower — all else being equal — when DEI shares open for trading on 9/29/22. Below are dividend history charts for DEI, IVT, and DBRG, showing historical dividends prior to the most recent ones declared.
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e325771e-c835-4621-bb4c-63e74115f04c
|
724905.0
|
2022-09-26 00:00:00 UTC
|
Douglas Emmett Inc Shares Near 52-Week Low - Market Mover
|
DEI
|
https://www.nasdaq.com/articles/douglas-emmett-inc-shares-near-52-week-low-market-mover-1
|
nan
|
nan
|
Douglas Emmett Inc (DEI) shares closed today at 0.8% above its 52 week low of $17.89, giving the company a market cap of $3B. The stock is currently down 45.1% year-to-date, down 43.0% over the past 12 months, and down 46.3% over the past five years. This week, the Dow Jones Industrial Average fell 5.1%, and the S&P 500 fell 5.4%.
Trading Activity
Trading volume this week was 11.9% higher than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9.
Technical Indicators
The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date lags the peer average by 5.4%
The company's stock price performance over the past 12 months lags the peer average by 6.6%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 202.3% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Douglas Emmett Inc (DEI) shares closed today at 0.8% above its 52 week low of $17.89, giving the company a market cap of $3B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 5.4% The company's stock price performance over the past 12 months lags the peer average by 6.6% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 202.3% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 0.8% above its 52 week low of $17.89, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average fell 5.1%, and the S&P 500 fell 5.4%. Trading Activity Trading volume this week was 11.9% higher than the 20-day average.
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Douglas Emmett Inc (DEI) shares closed today at 0.8% above its 52 week low of $17.89, giving the company a market cap of $3B. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 5.4% The company's stock price performance over the past 12 months lags the peer average by 6.6% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 202.3% higher than the average peer. This story was produced by the Kwhen Automated News Generator.
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Douglas Emmett Inc (DEI) shares closed today at 0.8% above its 52 week low of $17.89, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average fell 5.1%, and the S&P 500 fell 5.4%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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e1b463bd-347c-4238-8c7c-f9820b5ac5b0
|
724906.0
|
2022-09-26 00:00:00 UTC
|
Douglas Emmett Enters Oversold Territory
|
DEI
|
https://www.nasdaq.com/articles/douglas-emmett-enters-oversold-territory-0
|
nan
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nan
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The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Monday, shares of DEI entered into oversold territory, changing hands as low as $18.65 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Douglas Emmett Inc, the RSI reading has hit 29.1 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 32.8. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 5.83% based upon the recent $19.21 share price.
A bullish investor could look at DEI's 29.1 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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A bullish investor could look at DEI's 29.1 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Monday, shares of DEI entered into oversold territory, changing hands as low as $18.65 per share.
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Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 5.83% based upon the recent $19.21 share price. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Monday, shares of DEI entered into oversold territory, changing hands as low as $18.65 per share.
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Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Monday, shares of DEI entered into oversold territory, changing hands as low as $18.65 per share.
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Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Monday, shares of DEI entered into oversold territory, changing hands as low as $18.65 per share.
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f132a45d-2b65-4acd-8de6-eabfe91ba032
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724907.0
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2022-09-14 00:00:00 UTC
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DEI vs. CUBE: Which Stock Is the Better Value Option?
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DEI
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https://www.nasdaq.com/articles/dei-vs.-cube%3A-which-stock-is-the-better-value-option
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nan
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nan
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Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Douglas Emmett (DEI) and CubeSmart (CUBE). But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Right now, both Douglas Emmett and CubeSmart are sporting a Zacks Rank of # 2 (Buy). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that these stocks have improving earnings outlooks. However, value investors will care about much more than just this.
Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.
The Style Score Value grade factors in a variety of key fundamental metrics, including the popular P/E ratio, P/S ratio, earnings yield, cash flow per share, and a number of other key stats that are commonly used by value investors.
DEI currently has a forward P/E ratio of 10.28, while CUBE has a forward P/E of 18.24. We also note that DEI has a PEG ratio of 1.96. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. CUBE currently has a PEG ratio of 2.32.
Another notable valuation metric for DEI is its P/B ratio of 0.88. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, CUBE has a P/B of 3.60.
These are just a few of the metrics contributing to DEI's Value grade of B and CUBE's Value grade of D.
Both DEI and CUBE are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that DEI is the superior value option right now.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
CubeSmart (CUBE): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Douglas Emmett (DEI) and CubeSmart (CUBE). DEI currently has a forward P/E ratio of 10.28, while CUBE has a forward P/E of 18.24. We also note that DEI has a PEG ratio of 1.96.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Douglas Emmett (DEI) and CubeSmart (CUBE). DEI currently has a forward P/E ratio of 10.28, while CUBE has a forward P/E of 18.24.
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These are just a few of the metrics contributing to DEI's Value grade of B and CUBE's Value grade of D. Both DEI and CUBE are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that DEI is the superior value option right now. Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Douglas Emmett (DEI) and CubeSmart (CUBE). DEI currently has a forward P/E ratio of 10.28, while CUBE has a forward P/E of 18.24.
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These are just a few of the metrics contributing to DEI's Value grade of B and CUBE's Value grade of D. Both DEI and CUBE are impressive stocks with solid earnings outlooks, but based on these valuation figures, we feel that DEI is the superior value option right now. Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Douglas Emmett (DEI) and CubeSmart (CUBE). DEI currently has a forward P/E ratio of 10.28, while CUBE has a forward P/E of 18.24.
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d14682be-a602-46c9-9ea8-2120942d347d
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724908.0
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2022-09-12 00:00:00 UTC
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Monday 9/12 Insider Buying Report: AMH, DEI
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DEI
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https://www.nasdaq.com/articles/monday-9-12-insider-buying-report%3A-amh-dei
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nan
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nan
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Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Thursday, American Homes 4 Rent's Director, Tamara Hughes Gustavson, made a $15.43M purchase of AMH, buying 422,203 shares at a cost of $36.55 a piece. Gustavson was up about 3.2% on the buy at the high point of today's trading session, with AMH trading as high as $37.73 at last check today. American Homes 4 Rent is trading up about 1.6% on the day Monday. Before this latest buy, Gustavson made one other buy in the past twelve months, purchasing $27.66M shares at a cost of $36.63 a piece.
And also on Thursday, Shirley Wang purchased $6.01M worth of Douglas Emmett, purchasing 284,000 shares at a cost of $21.17 a piece. This buy marks the first one filed by Wang in the past twelve months. Douglas Emmett is trading up about 2.8% on the day Monday. Wang was up about 5.4% on the buy at the high point of today's trading session, with DEI trading as high as $22.31 at last check today.
VIDEO: Monday 9/12 Insider Buying Report: AMH, DEI
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Wang was up about 5.4% on the buy at the high point of today's trading session, with DEI trading as high as $22.31 at last check today. VIDEO: Monday 9/12 Insider Buying Report: AMH, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money.
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Wang was up about 5.4% on the buy at the high point of today's trading session, with DEI trading as high as $22.31 at last check today. VIDEO: Monday 9/12 Insider Buying Report: AMH, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. On Thursday, American Homes 4 Rent's Director, Tamara Hughes Gustavson, made a $15.43M purchase of AMH, buying 422,203 shares at a cost of $36.55 a piece.
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Wang was up about 5.4% on the buy at the high point of today's trading session, with DEI trading as high as $22.31 at last check today. VIDEO: Monday 9/12 Insider Buying Report: AMH, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Gustavson was up about 3.2% on the buy at the high point of today's trading session, with AMH trading as high as $37.73 at last check today.
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Wang was up about 5.4% on the buy at the high point of today's trading session, with DEI trading as high as $22.31 at last check today. VIDEO: Monday 9/12 Insider Buying Report: AMH, DEI The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. On Thursday, American Homes 4 Rent's Director, Tamara Hughes Gustavson, made a $15.43M purchase of AMH, buying 422,203 shares at a cost of $36.55 a piece.
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666ca9ba-12e4-47bf-bed5-9774141aba17
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724909.0
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2022-09-12 00:00:00 UTC
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Bargain Hunters Take Note: Insider Cluster-Buying At DEI
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DEI
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https://www.nasdaq.com/articles/bargain-hunters-take-note%3A-insider-cluster-buying-at-dei
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nan
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nan
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A particularly strong insider buying signal is what we call a "cluster-buy" where three or more different insiders make open market purchases within a short period of one another. At Douglas Emmett Inc (Symbol: DEI), 5 different insiders purchased 407,750 shares at an average price of $20.88/share, for a total of $8.51M, with the most recent purchase on September 2, 2022.
Presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money. So when multiple insiders all decide to make purchases around the same time, it could be a strong indication that the stock is undervalued. Below is a table summarizing the insider buys that make up this "cluster":
PURCHASED INSIDER TITLE SHARES PRICE/SHARE VALUE
08/31/2022 William E. Simon Jr. 25,000 $19.89 $497,250.00
08/31/2022 Leslie E. Bider 25,000 $19.94 $498,500.00
09/07/2022 Jordan L. Kaplan Chief Exec Officer, President 48,750 $20.48 $998,400.00
09/08/2022 Shirley Wang 284,000 $21.17 $6,012,280.00
09/02/2022 David T. Feinberg 25,000 $20.31 $507,750.00
The chart below shows the one year performance of DEI shares, versus its 200 day moving average. Note that DEI's low point in its 52 week range is $18.99 per share, with $36.97 as the 52 week high point — that compares with a last trade of $21.79, with shares currently trading up about 2.5% on the day.
The current annualized dividend paid by Douglas Emmett Inc is $1.12/share, currently paid in quarterly installments, and its most recent dividend has an upcoming ex-date of 09/29/2022. Below is a long-term dividend history chart for DEI, which can be of good help in judging whether the most recent dividend with approx. 5.3% annualized yield is likely to continue.
Ten Bargains You Can Buy Cheaper Than The Insiders Did »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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08/31/2022 William E. Simon Jr. 25,000 $19.89 $497,250.00 08/31/2022 Leslie E. Bider 25,000 $19.94 $498,500.00 09/07/2022 Jordan L. Kaplan Chief Exec Officer, President 48,750 $20.48 $998,400.00 09/08/2022 Shirley Wang 284,000 $21.17 $6,012,280.00 09/02/2022 David T. Feinberg 25,000 $20.31 $507,750.00 The chart below shows the one year performance of DEI shares, versus its 200 day moving average. At Douglas Emmett Inc (Symbol: DEI), 5 different insiders purchased 407,750 shares at an average price of $20.88/share, for a total of $8.51M, with the most recent purchase on September 2, 2022. Note that DEI's low point in its 52 week range is $18.99 per share, with $36.97 as the 52 week high point — that compares with a last trade of $21.79, with shares currently trading up about 2.5% on the day.
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At Douglas Emmett Inc (Symbol: DEI), 5 different insiders purchased 407,750 shares at an average price of $20.88/share, for a total of $8.51M, with the most recent purchase on September 2, 2022. 08/31/2022 William E. Simon Jr. 25,000 $19.89 $497,250.00 08/31/2022 Leslie E. Bider 25,000 $19.94 $498,500.00 09/07/2022 Jordan L. Kaplan Chief Exec Officer, President 48,750 $20.48 $998,400.00 09/08/2022 Shirley Wang 284,000 $21.17 $6,012,280.00 09/02/2022 David T. Feinberg 25,000 $20.31 $507,750.00 The chart below shows the one year performance of DEI shares, versus its 200 day moving average. Note that DEI's low point in its 52 week range is $18.99 per share, with $36.97 as the 52 week high point — that compares with a last trade of $21.79, with shares currently trading up about 2.5% on the day.
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At Douglas Emmett Inc (Symbol: DEI), 5 different insiders purchased 407,750 shares at an average price of $20.88/share, for a total of $8.51M, with the most recent purchase on September 2, 2022. 08/31/2022 William E. Simon Jr. 25,000 $19.89 $497,250.00 08/31/2022 Leslie E. Bider 25,000 $19.94 $498,500.00 09/07/2022 Jordan L. Kaplan Chief Exec Officer, President 48,750 $20.48 $998,400.00 09/08/2022 Shirley Wang 284,000 $21.17 $6,012,280.00 09/02/2022 David T. Feinberg 25,000 $20.31 $507,750.00 The chart below shows the one year performance of DEI shares, versus its 200 day moving average. Note that DEI's low point in its 52 week range is $18.99 per share, with $36.97 as the 52 week high point — that compares with a last trade of $21.79, with shares currently trading up about 2.5% on the day.
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At Douglas Emmett Inc (Symbol: DEI), 5 different insiders purchased 407,750 shares at an average price of $20.88/share, for a total of $8.51M, with the most recent purchase on September 2, 2022. 08/31/2022 William E. Simon Jr. 25,000 $19.89 $497,250.00 08/31/2022 Leslie E. Bider 25,000 $19.94 $498,500.00 09/07/2022 Jordan L. Kaplan Chief Exec Officer, President 48,750 $20.48 $998,400.00 09/08/2022 Shirley Wang 284,000 $21.17 $6,012,280.00 09/02/2022 David T. Feinberg 25,000 $20.31 $507,750.00 The chart below shows the one year performance of DEI shares, versus its 200 day moving average. Note that DEI's low point in its 52 week range is $18.99 per share, with $36.97 as the 52 week high point — that compares with a last trade of $21.79, with shares currently trading up about 2.5% on the day.
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dc70901a-1b9d-4387-a352-6b71d6f1d3d4
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724910.0
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2022-09-02 00:00:00 UTC
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Insiders may be rethinking their US$996k Douglas Emmett, Inc. (NYSE:DEI) investment now that the company has lost US$202m in value
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DEI
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https://www.nasdaq.com/articles/insiders-may-be-rethinking-their-us%24996k-douglas-emmett-inc.-nyse%3Adei-investment-now-that
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nan
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nan
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The recent price decline of 5.6% in Douglas Emmett, Inc.'s (NYSE:DEI) stock may have disappointed insiders who bought US$996k worth of shares at an average price of US$19.92 in the past 12 months. Insiders buy with the expectation to see their investments rise in value over a period of time. However, recent losses have rendered their above investment worth US$974k which is not ideal.
While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, we do think it is perfectly logical to keep tabs on what insiders are doing.
The Last 12 Months Of Insider Transactions At Douglas Emmett
In fact, the recent purchase by Leslie Bider was the biggest purchase of Douglas Emmett shares made by an insider individual in the last twelve months, according to our records. So it's clear an insider wanted to buy, even at a higher price than the current share price (being US$19.47). Their view may have changed since then, but at least it shows they felt optimistic at the time. To us, it's very important to consider the price insiders pay for shares. As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price.
In the last twelve months Douglas Emmett insiders were buying shares, but not selling. The chart below shows insider transactions (by companies and individuals) over the last year. If you want to know exactly who sold, for how much, and when, simply click on the graph below!
NYSE:DEI Insider Trading Volume September 2nd 2022
Douglas Emmett is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
Douglas Emmett Insiders Bought Stock Recently
Over the last quarter, Douglas Emmett insiders have spent a meaningful amount on shares. In total, insiders bought US$996k worth of shares in that time, and we didn't record any sales whatsoever. This could be interpreted as suggesting a positive outlook.
Does Douglas Emmett Boast High Insider Ownership?
Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. Usually, the higher the insider ownership, the more likely it is that insiders will be incentivised to build the company for the long term. Insiders own 2.3% of Douglas Emmett shares, worth about US$94m. While this is a strong but not outstanding level of insider ownership, it's enough to indicate some alignment between management and smaller shareholders.
So What Do The Douglas Emmett Insider Transactions Indicate?
It is good to see recent purchasing. And the longer term insider transactions also give us confidence. Insiders likely see value in Douglas Emmett shares, given these transactions (along with notable insider ownership of the company). So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. You'd be interested to know, that we found 1 warning sign for Douglas Emmett and we suggest you have a look.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The recent price decline of 5.6% in Douglas Emmett, Inc.'s (NYSE:DEI) stock may have disappointed insiders who bought US$996k worth of shares at an average price of US$19.92 in the past 12 months. NYSE:DEI Insider Trading Volume September 2nd 2022 Douglas Emmett is not the only stock that insiders are buying. While we would never suggest that investors should base their decisions solely on what the directors of a company have been doing, we do think it is perfectly logical to keep tabs on what insiders are doing.
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The recent price decline of 5.6% in Douglas Emmett, Inc.'s (NYSE:DEI) stock may have disappointed insiders who bought US$996k worth of shares at an average price of US$19.92 in the past 12 months. NYSE:DEI Insider Trading Volume September 2nd 2022 Douglas Emmett is not the only stock that insiders are buying. In the last twelve months Douglas Emmett insiders were buying shares, but not selling.
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The recent price decline of 5.6% in Douglas Emmett, Inc.'s (NYSE:DEI) stock may have disappointed insiders who bought US$996k worth of shares at an average price of US$19.92 in the past 12 months. NYSE:DEI Insider Trading Volume September 2nd 2022 Douglas Emmett is not the only stock that insiders are buying. The Last 12 Months Of Insider Transactions At Douglas Emmett In fact, the recent purchase by Leslie Bider was the biggest purchase of Douglas Emmett shares made by an insider individual in the last twelve months, according to our records.
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The recent price decline of 5.6% in Douglas Emmett, Inc.'s (NYSE:DEI) stock may have disappointed insiders who bought US$996k worth of shares at an average price of US$19.92 in the past 12 months. NYSE:DEI Insider Trading Volume September 2nd 2022 Douglas Emmett is not the only stock that insiders are buying. As a general rule, we feel more positive about a stock if insiders have bought shares at above current prices, because that suggests they viewed the stock as good value, even at a higher price.
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15677e9d-dcf2-4fa2-8619-f8cc358e4de7
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724911.0
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2022-09-02 00:00:00 UTC
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Douglas Emmett (DEI) Could Find Support Soon, Here's Why You Should Buy the Stock Now
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-could-find-support-soon-heres-why-you-should-buy-the-stock-now
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nan
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nan
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The price trend for Douglas Emmett (DEI) has been bearish lately and the stock has lost 5.6% over the past week. However, the formation of a hammer chart pattern in its last trading session indicates that the stock could witness a trend reversal soon, as bulls might have gained significant control over the price to help it find support.
The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish case for the stock. On the fundamental side, strong agreement among Wall Street analysts in raising earnings estimates for this real estate investment trust enhances its prospects of a trend reversal.
Understanding Hammer Chart and the Technique to Trade It
This is one of the popular price patterns in candlestick charting. A minor difference between the opening and closing prices forms a small candle body, and a higher difference between the low of the day and the open or close forms a long lower wick (or vertical line). The length of the lower wick being at least twice the length of the real body, the candle resembles a 'hammer.'
In simple terms, during a downtrend, with bears having absolute control, a stock usually opens lower compared to the previous day's close, and again closes lower. On the day the hammer pattern is formed, maintaining the downtrend, the stock makes a new low. However, after eventually finding support at the low of the day, some amount of buying interest emerges, pushing the stock up to close the session near or slightly above its opening price.
When it occurs at the bottom of a downtrend, this pattern signals that the bears might have lost control over the price. And, the success of bulls in stopping the price from falling further indicates a potential trend reversal.
Hammer candles can occur on any timeframe -- such as one-minute, daily, weekly -- and are utilized by both short-term as well as long-term investors.
Like every technical indicator, the hammer chart pattern has its limitations. Particularly, as the strength of a hammer depends on its placement on the chart, it should always be used in conjunction with other bullish indicators.
Here's What Increases the Odds of a Turnaround for DEI
An upward trend in earnings estimate revisions that DEI has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. That's because empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
The consensus EPS estimate for the current year has increased 0% over the last 30 days. This means that the Wall Street analysts covering DEI are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.
If this is not enough, you should note that DEI currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. And stocks carrying a Zacks Rank #1 or 2 usually outperform the market. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Moreover, the Zacks Rank has proven to be an excellent timing indicator, helping investors identify precisely when a company's prospects are beginning to improve. So, for the shares of Douglas Emmett, a Zacks Rank of 2 is a more conclusive fundamental indication of a potential turnaround.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The price trend for Douglas Emmett (DEI) has been bearish lately and the stock has lost 5.6% over the past week. Here's What Increases the Odds of a Turnaround for DEI An upward trend in earnings estimate revisions that DEI has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. This means that the Wall Street analysts covering DEI are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.
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The price trend for Douglas Emmett (DEI) has been bearish lately and the stock has lost 5.6% over the past week. Here's What Increases the Odds of a Turnaround for DEI An upward trend in earnings estimate revisions that DEI has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. This means that the Wall Street analysts covering DEI are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.
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If this is not enough, you should note that DEI currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. The price trend for Douglas Emmett (DEI) has been bearish lately and the stock has lost 5.6% over the past week. Here's What Increases the Odds of a Turnaround for DEI An upward trend in earnings estimate revisions that DEI has been witnessing lately can certainly be considered a bullish indicator on the fundamental side.
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Here's What Increases the Odds of a Turnaround for DEI An upward trend in earnings estimate revisions that DEI has been witnessing lately can certainly be considered a bullish indicator on the fundamental side. The price trend for Douglas Emmett (DEI) has been bearish lately and the stock has lost 5.6% over the past week. This means that the Wall Street analysts covering DEI are majorly in agreement about the company's potential to report better earnings than what they predicted earlier.
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12d57ea8-ff2f-4443-a569-9da13bf5c865
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724912.0
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2022-08-31 00:00:00 UTC
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Relative Strength Alert For Douglas Emmett
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DEI
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https://www.nasdaq.com/articles/relative-strength-alert-for-douglas-emmett
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nan
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nan
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The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of DEI entered into oversold territory, changing hands as low as $19.53 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Douglas Emmett Inc, the RSI reading has hit 29.7 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 45.3. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 5.68% based upon the recent $19.72 share price.
A bullish investor could look at DEI's 29.7 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
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Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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A bullish investor could look at DEI's 29.7 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of DEI entered into oversold territory, changing hands as low as $19.53 per share.
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Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 5.68% based upon the recent $19.72 share price. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of DEI entered into oversold territory, changing hands as low as $19.53 per share.
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Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of DEI entered into oversold territory, changing hands as low as $19.53 per share. Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 5.68% based upon the recent $19.72 share price.
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Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Wednesday, shares of DEI entered into oversold territory, changing hands as low as $19.53 per share.
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01827a2b-8e58-4768-9292-4ed9273b4e99
|
724913.0
|
2022-08-29 00:00:00 UTC
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Douglas Emmett Inc Shares Close in on 52-Week Low - Market Mover
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DEI
|
https://www.nasdaq.com/articles/douglas-emmett-inc-shares-close-in-on-52-week-low-market-mover-1
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nan
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nan
|
Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $19.59, giving the company a market cap of $3B. The stock is currently down 39.9% year-to-date, down 37.4% over the past 12 months, and down 39.9% over the past five years. This week, the Dow Jones Industrial Average fell 3.4%, and the S&P 500 fell 3.4%.
Trading Activity
Trading volume this week was 4.1% lower than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9.
Technical Indicators
The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date lags the peer average by 12.9%
The company's stock price performance over the past 12 months lags the peer average by 15.8%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 245.7% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $19.59, giving the company a market cap of $3B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 12.9% The company's stock price performance over the past 12 months lags the peer average by 15.8% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 245.7% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $19.59, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average fell 3.4%, and the S&P 500 fell 3.4%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $19.59, giving the company a market cap of $3B. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 12.9% The company's stock price performance over the past 12 months lags the peer average by 15.8% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 245.7% higher than the average peer. This story was produced by the Kwhen Automated News Generator.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $19.59, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average fell 3.4%, and the S&P 500 fell 3.4%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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2c2014c0-eeab-477c-9817-4484dd9d15b9
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724914.0
|
2022-08-29 00:00:00 UTC
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DEI vs. CUBE: Which Stock Should Value Investors Buy Now?
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DEI
|
https://www.nasdaq.com/articles/dei-vs.-cube%3A-which-stock-should-value-investors-buy-now
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nan
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nan
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Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Douglas Emmett (DEI) or CubeSmart (CUBE). But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look.
Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.
Right now, Douglas Emmett is sporting a Zacks Rank of #2 (Buy), while CubeSmart has a Zacks Rank of #3 (Hold). Investors should feel comfortable knowing that DEI likely has seen a stronger improvement to its earnings outlook than CUBE has recently. But this is just one piece of the puzzle for value investors.
Value investors also tend to look at a number of traditional, tried-and-true figures to help them find stocks that they believe are undervalued at their current share price levels.
Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.
DEI currently has a forward P/E ratio of 9.74, while CUBE has a forward P/E of 19.42. We also note that DEI has a PEG ratio of 1.86. This popular figure is similar to the widely-used P/E ratio, but the PEG ratio also considers a company's expected EPS growth rate. CUBE currently has a PEG ratio of 2.47.
Another notable valuation metric for DEI is its P/B ratio of 0.83. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, CUBE has a P/B of 3.83.
Based on these metrics and many more, DEI holds a Value grade of B, while CUBE has a Value grade of D.
DEI stands above CUBE thanks to its solid earnings outlook, and based on these valuation figures, we also feel that DEI is the superior value option right now.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
CubeSmart (CUBE): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Douglas Emmett (DEI) or CubeSmart (CUBE). Investors should feel comfortable knowing that DEI likely has seen a stronger improvement to its earnings outlook than CUBE has recently. DEI currently has a forward P/E ratio of 9.74, while CUBE has a forward P/E of 19.42.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Douglas Emmett (DEI) or CubeSmart (CUBE). Investors should feel comfortable knowing that DEI likely has seen a stronger improvement to its earnings outlook than CUBE has recently.
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Based on these metrics and many more, DEI holds a Value grade of B, while CUBE has a Value grade of D. DEI stands above CUBE thanks to its solid earnings outlook, and based on these valuation figures, we also feel that DEI is the superior value option right now. Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Douglas Emmett (DEI) or CubeSmart (CUBE). Investors should feel comfortable knowing that DEI likely has seen a stronger improvement to its earnings outlook than CUBE has recently.
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Based on these metrics and many more, DEI holds a Value grade of B, while CUBE has a Value grade of D. DEI stands above CUBE thanks to its solid earnings outlook, and based on these valuation figures, we also feel that DEI is the superior value option right now. Investors looking for stocks in the REIT and Equity Trust - Other sector might want to consider either Douglas Emmett (DEI) or CubeSmart (CUBE). Investors should feel comfortable knowing that DEI likely has seen a stronger improvement to its earnings outlook than CUBE has recently.
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8d7f628a-71fe-4682-8c6a-25a8f82dfd2c
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724915.0
|
2022-08-29 00:00:00 UTC
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Here's Why Douglas Emmett (DEI) is Poised for a Turnaround After Losing 15.6% in 4 Weeks
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DEI
|
https://www.nasdaq.com/articles/heres-why-douglas-emmett-dei-is-poised-for-a-turnaround-after-losing-15.6-in-4-weeks
|
nan
|
nan
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Douglas Emmett (DEI) has been on a downward spiral lately with significant selling pressure. After declining 15.6% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.
Guide to Identifying Oversold Stocks
We use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock is oversold. This is a momentum oscillator that measures the speed and change of price movements.
RSI oscillates between zero and 100. Usually, a stock is considered oversold when its RSI reading falls below 30.
Technically, every stock oscillates between being overbought and oversold irrespective of the quality of their fundamentals. And the beauty of RSI is that it helps you quickly and easily check if a stock's price is reaching a point of reversal.
So, by this measure, if a stock has gotten too far below its fair value just because of unwarranted selling pressure, investors may start looking for entry opportunities in the stock for benefitting from the inevitable rebound.
However, like every investing tool, RSI has its limitations, and should not be used alone for making an investment decision.
Why DEI Could Bounce Back Before Long
The RSI reading of 29.28 for DEI is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.
This technical indicator is not the only factor that calls for a potential rebound for the stock. There is a fundamental indicator as well. A strong agreement among sell-side analysts covering DEI in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 0.2% over the last 30 days. And an upward trend in earnings estimate revisions usually translates into price appreciation in the near term.
Moreover, DEI currently has a Zacks Rank #2 (Buy), which means it is in the top 20% of more than the 4,000 stocks that we rank based on trends in earnings estimate revisions and EPS surprises. This is a more conclusive indication of the stock's potential turnaround in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.8% per year. So be sure to give these hand-picked 7 your immediate attention.
See them now >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (DEI) has been on a downward spiral lately with significant selling pressure. Why DEI Could Bounce Back Before Long The RSI reading of 29.28 for DEI is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand. A strong agreement among sell-side analysts covering DEI in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 0.2% over the last 30 days.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett (DEI) has been on a downward spiral lately with significant selling pressure. Why DEI Could Bounce Back Before Long The RSI reading of 29.28 for DEI is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand.
|
Why DEI Could Bounce Back Before Long The RSI reading of 29.28 for DEI is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand. Douglas Emmett (DEI) has been on a downward spiral lately with significant selling pressure. A strong agreement among sell-side analysts covering DEI in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 0.2% over the last 30 days.
|
Douglas Emmett (DEI) has been on a downward spiral lately with significant selling pressure. Why DEI Could Bounce Back Before Long The RSI reading of 29.28 for DEI is an indication that the heavy selling could be in the process of exhausting itself, so the stock could bounce back in a quest for reaching the old equilibrium of supply and demand. A strong agreement among sell-side analysts covering DEI in raising earnings estimates for the current year has led to an increase in the consensus EPS estimate by 0.2% over the last 30 days.
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342d7f03-0bde-4932-8c47-cf2d5611efdd
|
724916.0
|
2022-08-24 00:00:00 UTC
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Douglas Emmett Inc Shares Near 52-Week Low - Market Mover
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DEI
|
https://www.nasdaq.com/articles/douglas-emmett-inc-shares-near-52-week-low-market-mover-0
|
nan
|
nan
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Douglas Emmett Inc (DEI) shares closed today at 1.5% above its 52 week low of $20.31, giving the company a market cap of $3B. The stock is currently down 37.2% year-to-date, down 33.5% over the past 12 months, and down 37.0% over the past five years. This week, the Dow Jones Industrial Average fell 2.0%, and the S&P 500 fell 2.0%.
Trading Activity
Trading volume this week was 55.0% lower than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9.
Technical Indicators
The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date lags the peer average by 15.1%
The company's stock price performance over the past 12 months lags the peer average by 14.3%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 237.0% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett Inc (DEI) shares closed today at 1.5% above its 52 week low of $20.31, giving the company a market cap of $3B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 15.1% The company's stock price performance over the past 12 months lags the peer average by 14.3% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 237.0% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 1.5% above its 52 week low of $20.31, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average fell 2.0%, and the S&P 500 fell 2.0%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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Douglas Emmett Inc (DEI) shares closed today at 1.5% above its 52 week low of $20.31, giving the company a market cap of $3B. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 15.1% The company's stock price performance over the past 12 months lags the peer average by 14.3% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 237.0% higher than the average peer. This story was produced by the Kwhen Automated News Generator.
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Douglas Emmett Inc (DEI) shares closed today at 1.5% above its 52 week low of $20.31, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average fell 2.0%, and the S&P 500 fell 2.0%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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86114a48-4514-45b1-aa88-2e19bd0b20b5
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724917.0
|
2022-08-17 00:00:00 UTC
|
Douglas Emmett Inc Shares Close in on 52-Week Low - Market Mover
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DEI
|
https://www.nasdaq.com/articles/douglas-emmett-inc-shares-close-in-on-52-week-low-market-mover-0
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nan
|
nan
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $21.35, giving the company a market cap of $3B. The stock is currently down 31.6% year-to-date, down 27.1% over the past 12 months, and down 30.8% over the past five years. This week, the Dow Jones Industrial Average rose 4.2%, and the S&P 500 rose 4.5%.
Trading Activity
Trading volume this week was 23.0% lower than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9.
Technical Indicators
The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date lags the peer average by 17.3%
The company's stock price performance over the past 12 months lags the peer average by 8.0%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 262.7% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $21.35, giving the company a market cap of $3B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 17.3% The company's stock price performance over the past 12 months lags the peer average by 8.0% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 262.7% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $21.35, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average rose 4.2%, and the S&P 500 rose 4.5%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $21.35, giving the company a market cap of $3B. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date lags the peer average by 17.3% The company's stock price performance over the past 12 months lags the peer average by 8.0% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is 262.7% higher than the average peer. This story was produced by the Kwhen Automated News Generator.
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Douglas Emmett Inc (DEI) shares closed today at 0.7% above its 52 week low of $21.35, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average rose 4.2%, and the S&P 500 rose 4.5%. Technical Indicators The Relative Strength Index (RSI) on the stock was under 30, indicating it may be underbought.
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c11f6845-18d2-4705-856a-2b360600afbe
|
724918.0
|
2022-08-17 00:00:00 UTC
|
DEI Dividend Yield Pushes Above 5%
|
DEI
|
https://www.nasdaq.com/articles/dei-dividend-yield-pushes-above-5
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nan
|
nan
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $21.95 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the iShares Russell 3000 ETF (IWV) back on 5/31/2000 — you would have paid $78.27 per share. Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 5% would appear considerably attractive if that yield is sustainable. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 5% annual yield.
Click here to find out which 9 other dividend stocks just recently went on sale »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $21.95 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 5% annual yield.
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $21.95 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 5% annual yield.
|
Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $21.95 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 5% annual yield.
|
Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 5% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $21.95 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 5% annual yield.
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2022-08-02 00:00:00 UTC
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Douglas Emmett (DEI) Q2 2022 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q2-2022-earnings-call-transcript
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q2 2022 Earnings Call
Aug 02, 2022, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Douglas Emmett's quarterlyearnings call Today's call is being recorded. [Operator instructions] I will now turn the conference over to Stuart McElhinney, vice president of investor relations for Douglas Emmett.
Stuart McElhinney -- Vice President, Investor Relations
Thank you. Joining us today on the call are: Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the investor relations section of our website. When we reach the question and answer portion, in consideration Of others, please limit yourself to one question and one follow up.
Thank you. I will now turn the call over to Jordan.
Jordan Kaplan -- President and Chief Executive Officer
Good morning, everyone. Thank you for joining us. As pandemic concerns subsided, we saw strong tenant demand in our local office markets. During the second quarter, we leased over 1 million square feet, including 355,000 square feet of new deals.
Based on parking income and feedback from our property managers, we estimate that our office utilization has meaningfully improved and now exceeds 80% of pre-pandemic levels. Despite leasing over 1 million square feet during the second quarter, our net absorption metric was slightly negative. With the expiration of commercial eviction moratoriums in our markets, we are finally able to replace non-paying tenants while still pursuing collection of their outstanding balances. So during the second quarter, we recovered approximately 100,000 square feet from such tenants, and that turned our net absorption metric slightly negative.
We still have about 100,000 square feet occupied by non-paying tenants, which we expect to address by year-end. Although these efforts impact our nominal occupancy, they will actually have a positive impact on our financial results as we have not been recognizing revenue from those tenants. Our growing residential portfolio is performing well. It remains fully leased, and rents on new leases are increasing at a very strong pace.
We added 162 units to our apartment portfolio during the second quarter through the acquisition of 1221 Ocean Avenue and our ongoing conversion project at 1132 Bishop. Our portfolio now includes over 4,500 apartment units. While tenant demand remained strong in Q2, we're closely monitoring the macro environment for recessionary impacts, and we are already adapting to the impacts of inflation. With that, I'll turn the call over to Kevin.
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. During the second quarter, we acquired 1221 Ocean Avenue, an iconic 120-unit apartment property overlooking the ocean in Santa Monica. The property is essentially fully leased. We are upgrading the common area and the individual units as they roll and we are achieving significantly higher rents in our upgraded units.
Our development projects at 1132 Bishop and downtown Honolulu and The Landmark Los Angeles and Brentwood continue to progress nicely. With the recent spike in interest rates, we are fortunate that our program to refinance $1.3 billion last year extended our maturities and locked in a very favorable 2021 rate. We now have more than two years before any significant maturities. With that, I'll turn the call over to Stuart.
Stuart McElhinney -- Vice President, Investor Relations
Thanks, Kevin. Good morning, everyone. We had an extremely successful leasing quarter, signing 261 leases covering over 1 million square feet, including 355,000 square feet of new leases. For the reasons described by Jordan, our nominal net absorption was slightly negative, bringing our lease rate down to 87.5%.
As Jordan mentioned, our lease-to-occupied spread widened to 3.7% as a result of the large amount of new leasing we did during the quarter. That number was also impacted by the permitting delays and on-site inspection delays that we have been experiencing during the pandemic. Nearly half of our current occupancy backlog is scheduled to move in during Q3. As we've been saying these past several quarters, we expect rent spreads to be choppy as our primary focus remains on recovering paying occupancy at this point in the cycle.
Our leasing spreads this quarter were positive 3.5% for straight line and negative 7.4% for cash. Our multifamily portfolio remains full at 99.6% leased, and we continue to achieve very strong rent roll-ups on new leases across our various residential submarkets. With that, I'll turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. Turning to our results. Compared to the second quarter of 2021, revenues increased by 9.8%.
Same-property cash NOI increased by 5.1%. FFO increased by 9% to $0.51 per share, driven by increases in both Office and Residential revenue, including improved office parking income, partly offset by higher expenses, primarily utilities. AFFO increased 15% to $89.6 million. Our G&A at only 4.7% of revenues, remains very low relative to our benchmark group.
Turning to guidance. We are narrowing the range of our full year FFO guidance to now be between $2.03 and $2.07 per share. For information on assumptions underlying our guidance, please refer to the schedule in the earnings package. As usual, our guidance does not assume the impact of future acquisitions, dispositions or financings.
I will now turn the call over to the operator so we can take your questions.
Questions & Answers:
Operator
[Operator instructions] The first question comes from the line of Steve Sakwa with Evercore ISI. You may proceed.
Steve Sakwa -- Evercore ISI -- Analyst
Jordan, I was wondering if you could just provide a little bit more color on the leasing environment. I certainly can understand the desire to want to take back the space. But can you give us some sense as to what may be the pipeline looks like? I know you've got a lot of space coming due both in the second half and next year. And just trying to sort of figure out the cadence of occupancy improvement over the next say, 12 to 18 months?
Jordan Kaplan -- President and Chief Executive Officer
OK. Well, I think -- so I focus more on leasing and occupancy because leasing is sort of the lead that tells you where you're going to end up with occupancy. Because as the market comes down, that spread just keep shrinking and shrinking, so I'm always looking for leasing. But I can tell you, obviously, we had a great quarter last quarter.
I know there was a slight loss in the occupancy number, but it really was driven by the fact that we've started now moving people out, taking space back or more turns over. And so it's really just impacting a stat, it didn't impact revenue. The great news is we did 350,000 feet of leasing. So a lot of what I'm telling you is driven by the experience I saw.
I mean, we've had a little bit of July, right, happen. And we're on track, but I'm definitely hearing a lot of the same things all of you are hearing about a potential slowdown in economy. I can't say we're seeing that yet, obviously, but we're watching carefully for that to happen. So it's hard to make go-forward predictions other than to say, assuming we don't have a recession and assuming everything is -- goes along good, I would look at the last quarter and actually the last few quarters, on the amount of leasing we've been doing, going, we're really starting to come back strong.
And so strong, we have the confidence in getting people out and saying, OK, let's start putting people in. And if these people don't want to pay, we're going to sort of have it out with them but get them out of the space.
Steve Sakwa -- Evercore ISI -- Analyst
OK. And as a follow-up, you sort of mentioned Bishop and The Landmark. Can you just kind of provide any more financial commentary around the pace of leasing at, say, The Landmark, where our rents are coming in versus pro forma and sort of where Bishop is in the kind of evolution of that lease up?
Jordan Kaplan -- President and Chief Executive Officer
Sure. So Bishop is -- both of them are moving quite well. Bishop is -- when it's done, it's going to be a little under 500 units, 493 units. I think we've done about 300 of the units.
We're now gotten some floors back. We're working on some more floors. You have to wait for tenants to move out to finish. We've done all the common areas.
It's a beautiful project. I encourage anyone of our investors, when you're in Hawaii, to go by and check it out. And we're still working through it. It is definitely a sort of poster child, both in Hawaii and here, for an extremely successful conversion for Office to Residential.
Including maintaining a reasonable level of income, because we still have tenants, all those tenants paying. And as they move out, we convert the floor and it shifts over. So that was an engineering feat and very successful. And as I said, we're over 300 units down there and still building out floors.
Landmark, Los Angeles, which we've been calling LMLA, it really opened for tenants in April. The leasing has gone extremely well. We had a little bit of a lag in terms of -- we've leased a lot, we can't move that many people in, so there's a lag between the amount of people that have moved in and the amount of leasing we've done. So I think we've done over 150 units of leasing.
That project is 376 units. But we're kind of just now catching up on getting them into the project because there's one freight elevator, you can only move so many people at time, etc., etc. So that project has also been very successful. The rents are so far above kind of all of our initial pro formas about the project and even some later product formas that I think we've sort of abandoned the original pro formas at this point.
Did that answer your question, Steve or?
Steve Sakwa -- Evercore ISI -- Analyst
Yeah. I mean -- well, yeah. I mean, I think you were tracking around $9 a foot, maybe I just didn't know if that was still sort of holding or you had to sort of pull back on that?
Jordan Kaplan -- President and Chief Executive Officer
Yeah, yeah. I mean, we hold on to the $9 number, which so far so good. That's an incredible result for that project. That's correct.
Steve Sakwa -- Evercore ISI -- Analyst
Great. Thanks. That's it for me.
Operator
Thank you, Mr. Sakwa. The next question comes from the line of Michael Griffin with Citi. You may proceed.
Michael Griffin -- Citi -- Analyst
Hey. Thanks for taking the question. Maybe to get back on the leasing. I noticed the lease terms, at least relative to last quarter, were up this quarter, both on new and renewals.
Can you sort of comment on that and kind of seeing how you're expecting lease terms for leases signed to be trending throughout the rest of the year?
Jordan Kaplan -- President and Chief Executive Officer
Frankly, I think our lease terms have bounced around a little bit. And while, yes, I'd like seeing the longer term, particularly in the new deals, I don't take a lot out of that. It depends on some larger ones. It can be longer.
So I -- yes, lease terms look longer, but I'm not sure that I would read a lot into that. And though I will say that the number that I would read a lot into is the volume of activity that we have because that's the number that I'm looking at to try and quantify, qualify the market and the demand and what's out there for us to get to our No. 1 goal, which is our No. 1 goal is to get our lease rate back up over 90%.
Remember, we went into this around 93%, and so that's what we're primarily focused on. And the only thing that can get on our way there is if we get hit with a real recession and end up without the volume being out there that we can get people into the space. And that volume number, which you saw this time in 1 million feet, fantastic million-plus feet, but the 355,000 feet and it is just a really wonderful number. I mean, it's telling you that people are really coming back in.
And as you heard in our prepared remarks, the other thing that's very gratifying is that we're now, I think, soundly up over 80% utilization. So we're getting up into really good territory there, too. All of which are very positive signs, although I've been reading a lot of articles about the other markets and thinking that we might be looking a little bit like an outlier.
Michael Griffin -- Citi -- Analyst
OK. No, that's helpful. Maybe for my second question, just touching on recession. I think we've seen some of your office peers come out and say potentially that a recession could be good for the office space.
I think we've seen kind of how historically that may not necessarily be the case, but curious kind of to get your thoughts of what we could expect from an impact on the portfolio just given the central recessionary environment on the horizon?
Jordan Kaplan -- President and Chief Executive Officer
Well, do you think the recession could be good for the office space or inflation could be good for the office space? Look, the only way I would call recession to be good is if it comes with a level of unemployment that puts employers back in the driver seat and allows them to get all their employees back into the office. I don't think it's something our markets necessarily need, as you just heard, people are coming back in. Beyond that, recessions are a revenue-hitting activity. And if my tenants are feeling the impact of recession, then I can't imagine how I think that's good.
Now, you could take the position that inflation, because fixed assets rise in value during time and place. Inflation has a long-term effect that's very positive for real estate. It has a short-term effect of the costs of running the buildings and our interest costs going up, and we're an industry that's under some level of leverage, so the interest rates have an impact on us. I do think over the long haul, inflation has generally left real estate in better shape than when it arrived.
But a recession, I could only imagine maybe the thought would be that unemployment would be up. And therefore, employers would be in the driver seat to bring people back in the office, which is where they want them. Rather than that, I would not be pleased to have us going a recession.
Michael Griffin -- Citi -- Analyst
OK, that's it for. Appreciate the time.
Jordan Kaplan -- President and Chief Executive Officer
All right. Thanks.
Operator
Thank you, Mr. Griffin. The next question comes from the line of Alexander Goldfarb with Piper Sandler. You may proceed.
Alexander Goldfarb -- Piper Sandler -- Analyst
Good morning, out there. Jordan, you must have been pretty excited to get that 100,000 square feet back, and I'm guessing the same will be when you get the remainder. Maybe a two-part on that space. One, what are the steps that you need to go through to get back the remaining 100,000 square feet? And then, Stuart, if we just do simple math on the space, should we just take like $40 a foot times the 200,000 square feet and spread it out over two years and then assume that that's the income pickup over the next two years? Or is it something more to the math than that?
Jordan Kaplan -- President and Chief Executive Officer
Well, each -- the process for getting each space back varies. Certainly, you start with payer quits and UDs. And a lot of times, that's the end of it. And then you're in a position.
The calculation about what pick -- I mean -- so we just said it wasn't going to be -- it wasn't going to be negative because we're not recognizing any income from those people. I've always said, them included, that we will collect a lot of money from the people that haven't paid us. And we have collected a lot of money on the people who haven't paid us and I've said we won't have more than 2% default, and we won't have more than 2% default, including collecting money from these people. But in the end, once you make decision to get them out, a mixture of things happens, including that they kind of owe you the whole lease, but you have the obligation to mitigate and release the space to figure out a net what they owe you, and then you end up making some kind of deal about that.
So that's a pretty complicated process. It would be hard to make a prediction. Certainly, it would be hard to say you take a number and you spread it out over the next couple of years because they're going to -- there are obviously people that have resisted paying, we decided it was time to just get them out. And we also believe they have money and so they can pay.
And so we're now need to do our -- we'll do some mitigation. We'll try and clear from them, and it will play out just like it's been happening under California a while for 50 years.
Alexander Goldfarb -- Piper Sandler -- Analyst
Right. But Jordan, I guess, let me -- maybe I made it too complicated. Just simply, 200,000 square feet, $40 a foot, that's like $8 million. Should we assume $8 million of NOI pickup over the next two years, so add in $4 million next year and added an incremental $4 million? Like, I'm just trying to think of earnings.
We should think about earnings going up 2024 by $8 million? Or is it not that simple?
Jordan Kaplan -- President and Chief Executive Officer
I think that -- well, the fact that we have another couple of hundred -- 100,000 and probably 200,000 feet that we'll have available for lease. It obviously has value, which can be calculated in some way. But the reality is we've been saying for a while, we have -- I think we have 600 basis points or maybe now 500-and-some basis points of pickup that I think we will pick up as the economy recovers, and that's a lot more money than you just mentioned. But I would just mix this space in with the rest of it.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. And then moving to the balance sheet. You guys finally have some floating rate debt, I think there's about $550 million that just had swaps burn off. And I think it's due in 2027.
Can you just talk about your thoughts on floating rate debt in the current environment? Are you thinking about implementing some near-term swaps? Or what are your thoughts around -- because you haven't had any floating rate for a while? So now that you have it and rates are rising, just trying to see what you're thinking about it.
Kevin Crummy -- Chief Investment Officer
Well, hey Alex, it's Kevin. I'll answer that. Our program is to borrow for seven years and swap for five, which gives us a lot of flexibility with a 24-month runway to refy. And that strategy provides flexibility, which is exactly what you need in the current market.
As you're well aware, there's a lot of turmoil, rates have gone up and just as importantly, spreads have gapped out. So it's really not an ideal time to do anything until things calm down. And we're monitoring the market and we're going to take advantage of it when it makes sense. But right now, it's just not an ideal time to do anything.
Jordan Kaplan -- President and Chief Executive Officer
So can you let that -- so we let that go to floating because it's just not a good time to lock things in right now. There's too much turmoil in the market.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK, thank you.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
Thank you, Mr. Goldfarb. The next question comes from the line of Nick Yulico with Scotiabank. You may proceed.
Nick Yulico -- Scotiabank -- Analyst
Thanks. Hi, everyone. First question is just going back to the occupied versus lease number, that gap you talked about, the 3.7%. And then in the release, you talked about half of that is -- or half of the current occupancy backlog scheduled to move in the third quarter.
I just want to be clear, are you suggesting that we take the 3.7%, take half of that, just under 2% of occupancy pickup next quarter just from -- is that the right way to think about that?
Jordan Kaplan -- President and Chief Executive Officer
Well, the change in the occupancy have a lot more to do with just absorbing that you have some outs, and you have that going in. And actually, even though I think we'll pick up, saying that half of the people -- half of the 3.7% will move in is simply giving you pacing for what's happening. As a matter of fact, we can end up with that number again next quarter. If we do a lot of leasing -- this quarter, we could do a lot of leasing and that number could stay there.
But what we were trying to give you a feel for is, and I think it was in, I can't say, but maybe in Stuart's section, is there's a couple -- it's a very wide gap and we were just trying to give you a feel for the pacing and the cause of that gap. Because when you look at it, you go, what the heck? I mean, all these people 12 months to move in or what? Which is why we said about half of them are actually moving in next quarter. But then we also said -- but here's what's driving this. Number one, we're doing a lot of leasing, particularly a lot of new leasing, which is obviously what drives that number.
But numbers two and 3, both relate to just the pace at which you can get the city out to do inspections, the pace of which you can get plans approved. I mean, the world has just slowed down. And we're very good at speeding things up during tough times, but it's just the world is slower. And by the world being slower, especially in terms of getting people's TIs done and getting the final sign-off, that by itself, when you're leasing a lot, even exacerbates the gapping out.
And you can tell that, that's what's going on because it's not even a ton of work we're having to do in these situations, they're just slowing us down so much that, as we pointed out to you, out of that 3.7%, half of it is moving in this quarter that we're now in. I'm -- I know that wasn't exactly the question you asked, but I don't want you to take half the 3.7% and say, now that number will be 1.85% next quarter or some or now, I know I can just change occupancy by 1.85% because that's not what's going to happen.
Nick Yulico -- Scotiabank -- Analyst
Yeah. No, that's helpful. I'm just trying to think about the components of how you guys get to your full year occupancy guidance, which is -- the midpoint is roughly 100 basis points higher than where you're at right now. So you have some of that occupancy pick up as a benefit, and then there's still the expirations to deal within the back half of the year, which I guess any insight on visibility into those expirations right now? I think that's still about 6% of your square footage for the rest of the year.
Has any of that spoken for? So just as we think about the benefit from releasing some of those expirations as well.
Jordan Kaplan -- President and Chief Executive Officer
Well, look, we're going to have -- so my recollection, we have a little bit lighter expirations in the second half of the year than we do in the first half of the year, but it's a calculation that has four or five points to it. And we look at all those numbers when we provide guidance, and we still think we're going to be within that range that we gave guidance on. So we said don't change that range. But you're right to say, I mean, right now, we're only halfway through the year.
So we'll see how the rest of the year plays out.
Nick Yulico -- Scotiabank -- Analyst
OK. I guess because you didn't change your occupancy guidance. I wasn't sure if you're now suggesting you're more likely to be at the lower end of the range because of the extra space you got back. Or if you still feel like the middle of the range is possible, which assumes some occupancy growth through the back half of the year.
That was kind of the point of the question.
Jordan Kaplan -- President and Chief Executive Officer
I mean, I think it has really small changes. I don't know that -- I know that in the meeting I sat in, we thought that range was still a valid range or anything like it had the main bell curve standard. That's what I think it is. I mean, we will hit the dead center, I don't know.
Probably not, but we'll be somewhere in there.
Nick Yulico -- Scotiabank -- Analyst
All right. Thanks, Jordan.
Operator
Thank you, Mr. Yulico. The next question comes from the line of Jamie Feldman with Bank of America. You may proceed.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Great. Thank you. Can you talk more about the 355,000 square feet of new leases? What kind of tenants are they? Are there certain buildings, certain submarkets? I'm just curious what the incremental demand is looking like. And then as you think about the pipeline, is it more of the same?
Stuart McElhinney -- Vice President, Investor Relations
Yeah. I think it's -- the great thing about our market is the diversity of tenants that are driving it. I think we're still seeing that in our demand. We're getting good demand kind of across the board of industries, so nothing noteworthy to point to that one industry is driving anything more than usual.
We had several -- some markets go up in the lease rate and some go down, so it was kind of a mixed bag. So I wouldn't point to anything submarket wise or industry-wise that was noteworthy or new, a new trend that we felt like was worth pointing out. It's still a healthy demand across the board. I think the same is true for the pipeline.
We haven't seen anything in the pipeline that would be a noteworthy change to kind of the typical diverse demand that we get.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
And would you say the new or more tenants who didn't have space at all? Or you're winning deals from other buildings, other landlords?
Stuart McElhinney -- Vice President, Investor Relations
It's always a mix of that. We have tenants moving from other buildings in the markets. We have new business creation, so it's always a combination of all those factors. I mean, like we had over 261 leases, so it's a various group.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
All right. So it sounds like no real perceivable trend or change in trend.
Jordan Kaplan -- President and Chief Executive Officer
Yeah, I think it's normal.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Yeah. OK. And then shifting gears to 1221 Ocean. Can you talk about the expected yield on that or stabilized yield on that? I know it sounds like you're having great success with the upgraded units.
And then, I guess, just bigger picture. I mean how big do you think you'd want apartments to be in terms of your total NOI stream?
Jordan Kaplan -- President and Chief Executive Officer
Well, I mean -- but I have apparently, however big of the amount of projects we find that we like. So it's not a calculate -- I think right now, it's like 15%. I mean, if it was 20% or 25% or 30%, it would be fine with me. But the problem is it's very hard, in at least the markets we're focused in, to find large, high-quality institutional apartment projects, and most of where we're getting them now are by building them.
I mean, we aren't really doing much in the way of building office. We're primarily focused on building apartments. So maybe from that perspective, things will go up. But if the office market goes up a little bit or if the office market transactions start coming around again, then office will catch up, and it will go back to that 15%, 85% number.
In terms of -- and your question was, are we still having success on the remodeled units at 1221?
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Oh, no. What's your -- I know you're having success. What's the targeted yield or expected yield on that project or that investment?
Jordan Kaplan -- President and Chief Executive Officer
You mean like cap rates or -- I mean, I think in general on that project, it's -- I would call it sort of down the center line. Job pretty well done would be an all-cash IRR on 10 years, around 7, maybe a hair under seven because it's such a high-quality apartment project. And I think the leverage number, it doesn't have a lot of leverage. I think the leverage number will be -- because we've made -- got a good loan on that project and we have a partner in it.
I think it will be somewhere in the 9th.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK.
Jordan Kaplan -- President and Chief Executive Officer
Is that what you're asking?
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
What are you assuming? Well, I mean, even just the yield. I mean, kind of use the model.
Jordan Kaplan -- President and Chief Executive Officer
You mean, what am I assuming in the cash flow, right?
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Correct. Your cash flow, your earnings yield.
Jordan Kaplan -- President and Chief Executive Officer
Well, I just gave the IRRs. So you mean what's, like, what was the going in cap rate or?
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Sure, if you can give that.
Jordan Kaplan -- President and Chief Executive Officer
I think going in, we're around a 3.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
A 3. OK.
Jordan Kaplan -- President and Chief Executive Officer
A little higher. A little higher than a 3.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
So I guess if you -- like for every incremental dollar you have to put to work, I mean, do you prefer apartments here? Or do you prefer office? How do you think about that decision?
Jordan Kaplan -- President and Chief Executive Officer
If it was two equally very high-quality projects, I would be willing to do both. I've never had to make the decision to choose one or the other. We usually -- we've done a pretty good job of having capital available, so I haven't been forced in that position. But if the projects aren't of equal quality, we always go toward the higher quality one.
So if I only had a fixed amount of money in the same market, and whether it was an apartment or office, I would do the higher-quality product.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right. Sounds good. Thank you.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
Thank you, Mr. Feldman. The next question comes from the line of Rich Anderson with SMBC. You may proceed.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Thanks. Good morning out there. So on the estimate of 80% plus utilization, obviously, a good number. And you're right, it compares well to the broader national industry, I would guess.
But and logically, it makes -- we'd rather see more utilization than less, of course, but from the standpoint of future leasing, you've got nearly three million square feet expiring next year. How does utilization play a role in your ability to lease vacating space or expiring space? Is it more just optics and a good kind of coincident indicator of interest in using your space? Or is there something material that you can use in the leasing process that I'm not seeing? And if it's a dumb question, sorry.
Jordan Kaplan -- President and Chief Executive Officer
No, that's not a dumb question. And part of what you're saying is, I think it's always better to show a building with activity and people in it and things happening. People want to be around that same thing. I will say the utilization stat is probably more used than not as much from marketing, although I think it's useful to have a building with activity, but it's more used as a predictor for the level of activity and demand we should expect going forward.
So when utilization was very low, we had low demand. Now, utilization is higher. Now, you only have a few things. You have -- we did a lot of leasing last quarter.
You go, OK, that's good, all right? And you go, now what are other things I can link my kind of analytics around to say what I suspect for the future? Here's another thing. The other thing would be, well, utilization is just keeps running up, which means more and more people are getting back in, and therefore, they're going to be needing space and maybe reevaluating, saying I need a little more space or I just need space because I let my space go, and now I'm coming back in. So utilization is another sign, a positive sign. What's a negative sign? The negative side being too much discussion around recession.
It's going to scare tenants and you go, wow, we're just hearing a lot about recession. So therefore, you take that and go, maybe I need to be a little more on guard because maybe it isn't just clear sailing with a straight arrow up. So utilization is just one of those stats that helps us predict where we're headed.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK, fair enough. And the second question is the 200,000 square feet, is that everything that you can get back? Or is there some amount that's out there that's particularly stingy and for one reason or another, politically or otherwise, you can't get to it in the short term?
Jordan Kaplan -- President and Chief Executive Officer
So the way you're saying it that can we get back, so we don't want to get space back. We want to make a deal to mind how to multiply the space, just to be clear. So when you say that, it's when we go there's -- having a guy there is making no use. We're just going to go legal around and click what we can, or actually have to settle out and get them out of the space.
We're better off that way. And that is the amount of space we think we have left, maybe that, may be a little less. But that's kind of what we think we have left at this point of people that would call the fall in that bucket.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. And is there anything about that space that's kind of particularly different than everything else that's expiring, maybe non-paying rent, get space that's a little bit more beaten up? Is it well located? I mean, how competitive is it relative to what you would normally see in the leasing process in terms of quality?
Jordan Kaplan -- President and Chief Executive Officer
I think it's just like the stuff we've been leasing, I don't think there's any special thing about the space that are a worst space has tenants that, that are -- so resistant space. It's just same as the rest of the space in our portfolio.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Fair enough. Thanks very much.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
Thank you, Mr. Anderson. The next question comes from the line of Dave Rodgers with Baird. You may proceed.
Dave Rodgers -- Robert W. Baird -- Analyst
Yeah, I wanted to ask about the uncollected rent balance. I know it's not in the favorite topic, but I guess, I'm curious about the 200,000 square feet of kind of the eviction tenants you're talking about this year. How much of that balance from them? And then maybe a second question just to kind of layer on top of that is the tenants that aren't being evicted, that still owe you money, how is that going to start coming in now that the eviction go over? Do we see that in the fourth quarter? Are you going to start kind of aggressively renegotiating leases with those guys early? But how does that work? So maybe those two questions separately, if I could, please.
Jordan Kaplan -- President and Chief Executive Officer
So they're in the number that's been decreasing anyway, but they're in the numbers that we've been saying is outstanding that sell to us. Although their number is going to be hard to calculate now, right? So if you're in the space and you haven't hit us up to now, and we go, well, you owe some money up to now. Now once you get evicted from the space, you also owe the money from the whole lease. But of course, we are also obliged to mitigate, right? Now, we obviously feel that we can get someone else in there, get them out.
We get something else send there, get that money, and then we can kind of figure out what you owe us, and then we're going to go at you and go, you owe it. So it's hard to say these guys pull money out or expand it or do whatever. But that number is -- as I've said many times, I think last time I looked at, it was $130 million. So that number is coming down, the 200,000 feet is not a very big number.
All these numbers are coming down to small and smaller numbers. I would not -- because it's complicated to collect from most people in particular because of all of our obligations to mitigate, and there might be a legal process attached to it. I think it would be very hard to predict timing for that money particularly coming in. Although I will say in many, many most of those cases, I think they have the money and they will end up paying.
They're just -- it just put them in a bad habit of not paying in the past. And so it's just a bigger battle to get the money out of them.
Dave Rodgers -- Robert W. Baird -- Analyst
On the flip side of that, the other part of that was the tenants that are still in, they didn't pay for a while. They owed you another paying, so you're not evicting them, but they have some time to catch up. Can you talk about what percentage of that remaining balance that is and how that comes in?
Jordan Kaplan -- President and Chief Executive Officer
Well, I don't know the split between the two groups of tenants. I could tell you that people are still in are paying some amount, probably paying current, probably paying current plus something, and it's slowly causing the balance of decline. And this group that we're talking about are the ones that were causing the balance to increase because they warrant. The way you characterize it, now we can start aggressively pursuing is not right.
We've been aggressively pursuing collection the entire pandemic. So the folks that are still in, most of them we've made bills with. They owe us some past due balance, and they're starting to pay that. They're paying current rent, and some of them are hanging out and paying according to what the moratorium allows.
But we prefer to sign a new lease with them or extend out their lease and let them pay us back what they own over time, so we've been doing that for two years now. We haven't been waiting until now to start aggressively pursuing those balances.
Dave Rodgers -- Robert W. Baird -- Analyst
Yeah. Sorry for the mischaracterization, I think I was thinking about the eviction where you could pursue those now more aggressively. Last just for me, I wanted to clarify on the occupancy guidance, both your lease and your occupied number for the end of the year. Before or after these evictions, those numbers don't change.
Is that correct? I mean, you've already taken them out of occupancy, they're not in the lease number, so there is no change regardless of whether they leave or not.
Jordan Kaplan -- President and Chief Executive Officer
Occupants leased and occupied stats are impacted now by 100,000 feet that's left when they move out. But none of the account -- there's been no income, none the accounting stats are impacted by them because we didn't accrue for rent it, so we didn't take anything into revenue. We didn't do any of that. But they were in the stats for the fact that, that space was leased, it wasn't available for us at least to someone else and occupied.
The spread between lease and occupied is driven by you've signed a lease but the person hasn't moved in. That's the difference between leased and occupied. There is no calculation about -- what we've been giving you is third number that just got created by the pandemic called utilization and that some of these people could actually be in the space utilizing it and it's leased and it's occupied, but they haven't paid us. Maybe many of them have, I don't know.
Dave Rodgers -- Robert W. Baird -- Analyst
All right. Thank you very much.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
Thank you, Mr. Rodgers. The next question comes from the line of John Kim with BMO Capital Markets. You may proceed.
John Kim -- BMO Capital Markets -- Analyst
Good morning. I had a couple of questions on leasing activity. You did over 1 million square feet during the quarter, that was great. 440,000 square feet expiring in the second quarter, according to your last couple of months and then you captured another 100,000 square feet.
This remaining 500,000 square feet or so that I thought would have improved your leasing number and then said it went down during the quarter, so I was just wondering if there was some other unknown vacate or termination that offsets the leased rate?
Stuart McElhinney -- Vice President, Investor Relations
Yeah, John. It's Stuart. So if you just go back one quarter before this quarter and look at what we had expiring, it does not capture nearly the population of the expirations that we had in that quarter because, of course, nobody waits. Most folks wait till last day of their lease to renew.
So we're renewing tenants a year and a half in advance of their expiration, year in advance, six months all along the way, and that expiring number that we're telling you that we're putting the supplemental is what's left to address. Not working out, so if we've addressed it, if we renewed it, it comes out of the expirations. So you can't do the math the way that you laid it out, and you had to go back in the quarter and look at what you have expiring and then add the leasing you did and tie it out, you can't do it that way.
Jordan Kaplan -- President and Chief Executive Officer
And in fact, as long as it's kind of sound, many tenants renew after expiration. So the lease theoretically expired, they're on holdover, you're still negotiating the deal, you make a deal. Some months later, they go, OK, put us back, give us a refund for our holdover portion, and now you have another new deal with them. But that happens with small tenants.
That's just -- they're not as focused on the exact date.
John Kim -- BMO Capital Markets -- Analyst
I see. So you have this additional 68,000 square feet of signed leases not commenced that's not in your exploration schedule? And that may be part of that.
Jordan Kaplan -- President and Chief Executive Officer
It's somewhere in the exploration, it just isn't necessarily in that quarter. And as you -- I don't know if you kind of watched it for a while, but every year as you approach the year, especially the year before, the next year starts shrinking in terms of its expirations because you're doing those deals. And then when you get to the year, you might think the next year -- I'm making this up a little but I'm not, is around 14%. But usually, by the time we get to the year, it's usually less than 10%, 8%, 7%, because we've done a ton of deals.
Peter Seymour -- Chief Financial Officer
But John, it's Peter. You were asking about the signed leases not commenced, the $680,000. What was the question about it? Those are leases where -- go ahead.
John Kim -- BMO Capital Markets -- Analyst
If we have a signed lease on that, they are in our exploration schedule.
Peter Seymour -- Chief Financial Officer
Yes. Yes. So those are -- there are essentially leases we've done recently, right? So they're considered leased. They just haven't moved into occupancy yet.
They will be in an exploration schedule, but if it's a five-year lease, it will be expiring five years from now, right? Those are newer leases. The signed leases not commenced, the 680,000 square feet. That's part of that gap, the gap between leased and occupied is those leases.
John Kim -- BMO Capital Markets -- Analyst
OK. I'll follow up offline. But my second question was on seasonality. So you see at 1 million square feet of leases signed this quarter and $900,000 last quarter.
Is there typically any seasonality in leasing? Or can this be resolvable in the second year?
Jordan Kaplan -- President and Chief Executive Officer
Yes, there's seasonality. Some are slow. Some just tend to be slower.
John Kim -- BMO Capital Markets -- Analyst
What about the fourth quarter?
Jordan Kaplan -- President and Chief Executive Officer
Yes. I mean, there's a lot of leases that end the last day of the fourth quarter. So a lot of times, the first quarter is one of our toughest quarters because leases ended at the end of the year right on that day. So it looks like it was in that day, but it's not.
Made later the next quarter. But if you say beyond that, if you're talking about seasonality, the only seasonality of people signing is all I know that some are slow for all the reasons you know.
John Kim -- BMO Capital Markets -- Analyst
Right.
Jordan Kaplan -- President and Chief Executive Officer
I'm not sure that the seasonality has held -- has had a lot of validity during the pandemic, to be frank. I mean, I think the pandemic has reordered the seasonality to move in accordance with people's views on the economy and whether they think there's ticks up, a tick up in COVID or COVID's relaxing. I mean, that's had more to do with shifting the pace of leasing than the seasonality that, let's say, would have been more recognizable from 2019 and prior.
John Kim -- BMO Capital Markets -- Analyst
Appreciate it. Thank you.
Jordan Kaplan -- President and Chief Executive Officer
All right.
Operator
Thank you, Mr. Kim. The next question comes from the line of John Nickodemus with BTIG. You may proceed.
John Nickodemus -- BTIG -- Analyst
Hi. Good morning, out there. So I know this past quarter was robust for multifamily rent growth across the country. Obviously, your markets were no exception.
You had an average rent roll-up over 8% across your portfolio during that time. I was just curious if you had any further detail about the rent roll up, sort of that number that came from your market rate apartments? And how much of a drag there was from any sort of rent-controlled units you have? Thanks.
Stuart McElhinney -- Vice President, Investor Relations
Yeah. The number we're giving you is on new leases, so there is no rent control component to that. That's on new leases signed, which when we get it back when it's vacant, that's not subject to rent control on the new lease that side. We can sign a market rate deal.
So we're giving you the stat unblemished by the rent control.
John Nickodemus -- BTIG -- Analyst
Got it, Stuart. Thank you. Very helpful, and we'll definitely keep that in mind going forward. Then my other question was just on the 1221 Ocean Ave.
acquisition. I know with that, you now have an entire block of frontage between that property, 1299 Ocean and 100 Wilshire. With that entire block of frontage on Ocean Avenue, are there any opportunities you're looking at for operating synergies or any other revenue-enhancing upgrades across these contiguous sites?
Jordan Kaplan -- President and Chief Executive Officer
Yes. So one of the things -- it's a good question because one of the things that made that acquisition special for us is they, 100 Wilshire and that building -- well, all three buildings were built by, yes, Lawrence Welk. And the 100 Wilshire and 1299 have a common parking garage. And when we bought 100 Wilshire, I actually negotiated that agreement which was somewhat good for 100 Wilshire, not fantastic for 100 Wilshire.
The garage is actually controlled by 1299 Ocean, and -- I mean, 1221. And so they had these separate floors provided. There's a lot of things going on there, let me just say it that way. This has totally opened up that situation.
And by the way, these buildings also own a lot of other parking. We have another parking garage. So in parking, in management, it's making a big difference. And we are redoing the buildings.
I think they're all going to look to have a more consistent front. I think they're going to have a very nice look to them. And I think when we're done, they -- I think they're pretty undisputed, the premium properties in L.A. now.
But there will be even less disputers out there because it will be that nice. It's really going to be a beautiful lineup of properties with incredible views, incredibly well-located. Top class all the way down the line and that's what we're shooting for.
John Nickodemus -- BTIG -- Analyst
Great. Thanks so much, Jordan. Really appreciate the color.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
Thank you, Mr. Nickodemus. Next is a follow-up question from the line of Michael Griffin with Citigroup. You may proceed.
Michael Bilerman -- Citi -- Analyst
Great. It's Michael Bilerman here with Griff. Jordan, I wanted to come back and sort of look at sort of stock price valuation and sort of firm valuation, and just how you're sort of thinking about where the shares are today. And I know you're not alone in the office world, trading where you are, but I suspect you're as frustrated as other office CEOs are.
And I know you've been reluctant to want to do stock buybacks by taking off capacity, raising leverage and not having that for acquisition development. But you've done, obviously, personal purchases alongside other members of management. You've also been reluctant to sell assets to joint venture partners because I think you've always preferred going arm and arm on a new deal where you're both going in at the same basis. Does -- where the stock trade today...
Jordan Kaplan -- President and Chief Executive Officer
Everything you just said is exactly right.
Michael Bilerman -- Citi -- Analyst
I know. The question is like -- no, no, it's OK. It's totally fine, so you don't have to answer it. But the question is that at this point, is your mind shift -- you just added three new board members here last year, right? So I don't know if it's Shirley and Sugar Ray and Doreen have different views, but you also have new views in the boardroom.
So I'm just -- where is your and the board and Tan and Dan's view today? Given the shares in the low 20s, I'm sure you've never imagined that the stock would be trading at a 7% implied cap, almost a double-digit AFFO yield. So help me sort of understand where this is, how it's taking importance within the organization? And are there other steps that you can take to drive shareholder value?
Jordan Kaplan -- President and Chief Executive Officer
So that's a great question. So what -- yes, it -- I don't take the share price to be a threat for the company. But I will say we had a long conversation about what kind of opportunity does what's going on for Dan. And we've had that conversation with the board.
And it's a very mixed opportunity, but it does, in some sense, maybe that's what you're willing to present an opportunity. And I know that the down the center line, conversation about that opportunity to buy your stock, and you've heard all my opinions about buying the stock. And I'm not saying that never should be done. And by the way, we bought back our stock.
But that's one of the options. The other option is that it allows us maybe to pick up some buildings like we did just get 1221, a building I wanted since the 90s. Are there buildings that we can buy that this type of condition, especially around the office which we're still very positive on office, and we have a platform that absorbs it extremely well, is there an opportunity to kind of finish our kind of office portfolio synergy, whatever you want, global enhancement of our position? So because office is very negative right now. So of course, you want to -- when people are very negative about something, it's good to look at it because that -- maybe they're right, and then maybe it's an opportunity.
And then as I've said in the past, Residential has -- and the upturn that may come from that is, number one, we're building, we're still building. But my comment is that I think a lot of people had residential deals that leans more heavily than usual on interest rates and cheap debt. And is that going to flush out some essential projects that we wanted? So there is sort of an opportunity set that's out there, and you have to think about what to do with it. And there's obviously, always risks associated with the recession, especially -- or inflation or whatever we're in right now, kind of a negative bias on office certainly.
And we're looking at all those things and I'm hoping that we can walk the line properly between taking advantage of opportunities. The company has a very strong balance sheet, and it's -- we're very well run. We have a lot of cash flow every year. Even now in the middle of everything that's going on, the company produces a lot of cash flow beyond its dividend.
And so I don't -- you don't want to weaken your company during a time like this, but you also want to take advantage of opportunities because opportunities like this don't come around that often, and we're talking that through. That's been the biggest subject in our boardroom.
Michael Bilerman -- Citi -- Analyst
And does the opportunity to sell existing assets either outright or to a number of your long-standing institutional partners, has that changed at all? Like obviously, your partners have appetite as evidenced by some of the deals you've done over the last 36 months. And so I know you haven't liked to do that, but why not liquidate a couple of assets and use that capital to either reinvest in the stock or -- and create NAV value that way? We'll just continue to reap proceeds and reinvest in a lot of those redevelopment and development activities or future acquisitions where you can earn a higher return.
Jordan Kaplan -- President and Chief Executive Officer
Well, I mean, I guess one thing I'd say is if I think there's an opportunity to buy, and it's this again, it will be a long conversation with the website. I finally think there's an opportunity to buy office buildings and apartment buildings, then that kind of contradicts things. It's an opportunity to sell to my partners. So the only reason you would say -- there's two ways to buy back your stock, and you're highlighting one of them, which is you can sell assets, which if your stock is way down, probably asset values are down.
So you can sell assets and buy back stock. That doesn't -- at least your debt structure. The other way is just to borrow money and buy back stock, because they are really the only two ways you can do it. If I think there's a buying opportunity right now, not very inclined to sell.
I mean, that's -- I don't want to be the seller in a situation where I think it's a good time to buy. And I do think it's a good time to buy.
Michael Bilerman -- Citi -- Analyst
Right. But then you still have to come up with the money. And at $22, I think you have 0, probably negative interest in issuing equity. And any of your private partners who you'd say, OK, we'll take my take units because they're valued in the 30s.
Someone will say, well, I can buy some of the screen at 23%. And as much as I care about taxes, I'll take the half discount. So like -- I just don't know how you get out of this or whether there's -- or maybe it's just time? Like I just didn't know how by having the new board members buying where the stock is, whether things have changed at all in the mindset around some of these items?
Jordan Kaplan -- President and Chief Executive Officer
Well, I can't say having new board members has changed the mindset around this. I think what's changed the mindset is saying this was, say, its own type of opportunity. Different from the opportunity that happened in 2008, different than other recessions when we were private that created opportunities, and we've got to look at this one and do this one right. But in the end, it means there's two real simple things.
Number one, when the company is way off, it usually presents a supplement opportunity. And number two, make sure that you protect the company and don't put a risk, and those are the two primary things I'm looking at.
Michael Bilerman -- Citi -- Analyst
I appreciate the conversation, Jordan, on that. Just one follow-up just on occupancy and lease rates, just so were perfectly clear. So as you mentioned today, 87 and a half percent leased, 83.8% occupied, that 370-basis-point delta, call it about 680,000 square feet, it sounded like half of that takes occupancy potentially in the third or fourth quarter. And then the only question is what happens with the role which you have about 1.4 million in the back half, about 800 basis points? How should we just think about the retention on that to really understand how occupancy and lease rate move in the back half of the year? And then obviously, 2023 is a whole different area.
I just want to understand that aspect of where these two numbers go in tandem over the back half?
Jordan Kaplan -- President and Chief Executive Officer
So our hope is to gain on both fronts. I don't think those are -- obviously, they're not insurmountable numbers for the next -- for the third and fourth quarter. I'm not sure beyond that what I can say. I mean, that -- you have our guidance for the numbers and where we think we end up.
Michael Bilerman -- Citi -- Analyst
You have the guidance for office, of occupancy, 84%, 86%. Did you also give an office lease rate? Because I don't see that on Page 22, I see residential.
Stuart McElhinney -- Vice President, Investor Relations
We don't give guidance on lease.
Jordan Kaplan -- President and Chief Executive Officer
Yes. We haven't been giving guidance on lease other than we reported, obviously, every quarter.
Stuart McElhinney -- Vice President, Investor Relations
And Michael, you asked about retention?
Michael Bilerman -- Citi -- Analyst
Right. So that's what I'm going with it, right.
Stuart McElhinney -- Vice President, Investor Relations
Yeah. So historically, our retention has been in the mid high, 60%. That's typically what we've retained. No reason to think that, that wouldn't continue to be the case going forward.
Michael Bilerman -- Citi -- Analyst
Right. But then there's also new leasing for those that vacate. I'm just trying to understand what's effectively -- what you expect to happen in the back half, given the 1.4 million square feet of expirations and the 700,000 square feet of signed but not occupied. Just how those two pieces move, whether we expect to end the year at the same sort of spread, but occupancy and lease rates just moved up? Or if that spread narrows with occupancy staying relatively flat, which is the bottom end of the guidance? I'm just trying to understand the leased portion too of the equation.
Stuart McElhinney -- Vice President, Investor Relations
Yeah. Well, I think we've laid out all the components, but we have to -- now we have to do the work. We have to see how the rest of the year plays out. So there's new leasing to be done, there's retention to be done.
And we got a lot of folks moving in Q3, so we know we've got those move-ins scheduled. But there's a lot of unknowns in the components that we just laid out. We've got to continue doing the leasing and see how the retention plays out for the remainder of the year. So.
Jordan Kaplan -- President and Chief Executive Officer
But as I said in answer to an earlier call, I'm not sure that all those factors also go along with shrinking the gap between occupancy and leased. That gap [Inaudible] wide open.
Michael Bilerman -- Citi -- Analyst
Right, because you're going to be in the next six months, you're leasing for '23 and '24 expirations of people coming to you, and you're getting ahead, and we believe that's part of the activity, yes. All right. Hopefully, you didn't get knocked out by Sugar Ray when you told them the answers to all your questions.
Jordan Kaplan -- President and Chief Executive Officer
No. He joined the meeting.
Operator
That concludes the question-and-answer session. I will now pass the conference back to the management team for closing or additional remarks.
Jordan Kaplan -- President and Chief Executive Officer
Well, thank you all for joining us, and we look forward to speaking with you again next quarter.
Operator
[Operator signoff]
Duration: 0 minutes
Call participants:
Stuart McElhinney -- Vice President, Investor Relations
Jordan Kaplan -- President and Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Steve Sakwa -- Evercore ISI -- Analyst
Michael Griffin -- Citi -- Analyst
Alexander Goldfarb -- Piper Sandler -- Analyst
Nick Yulico -- Scotiabank -- Analyst
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Rich Anderson -- SMBC Nikko Securities -- Analyst
Dave Rodgers -- Robert W. Baird -- Analyst
John Kim -- BMO Capital Markets -- Analyst
John Nickodemus -- BTIG -- Analyst
Michael Bilerman -- Citi -- Analyst
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q2 2022 Earnings Call Aug 02, 2022, 2:00 p.m. Operator [Operator signoff] Duration: 0 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Michael Griffin -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Nick Yulico -- Scotiabank -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst John Kim -- BMO Capital Markets -- Analyst John Nickodemus -- BTIG -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Jamie Feldman -- Bank of America Merrill Lynch -- Analyst So I guess if you -- like for every incremental dollar you have to put to work, I mean, do you prefer apartments here?
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Operator [Operator signoff] Duration: 0 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Michael Griffin -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Nick Yulico -- Scotiabank -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst John Kim -- BMO Capital Markets -- Analyst John Nickodemus -- BTIG -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2022 Earnings Call Aug 02, 2022, 2:00 p.m. We had an extremely successful leasing quarter, signing 261 leases covering over 1 million square feet, including 355,000 square feet of new leases.
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Operator [Operator signoff] Duration: 0 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Michael Griffin -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Nick Yulico -- Scotiabank -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst John Kim -- BMO Capital Markets -- Analyst John Nickodemus -- BTIG -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2022 Earnings Call Aug 02, 2022, 2:00 p.m. Jordan Kaplan -- President and Chief Executive Officer Well, do you think the recession could be good for the office space or inflation could be good for the office space?
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Operator [Operator signoff] Duration: 0 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Michael Griffin -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Nick Yulico -- Scotiabank -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst John Kim -- BMO Capital Markets -- Analyst John Nickodemus -- BTIG -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2022 Earnings Call Aug 02, 2022, 2:00 p.m. Number one, we're doing a lot of leasing, particularly a lot of new leasing, which is obviously what drives that number.
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1969a529-b2e4-45f3-8551-2116b88fe5c8
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724920.0
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2022-08-02 00:00:00 UTC
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Peek Under The Hood: IJK Has 20% Upside
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DEI
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https://www.nasdaq.com/articles/peek-under-the-hood%3A-ijk-has-20-upside
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nan
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares S&P Mid-Cap 400 Growth ETF (Symbol: IJK), we found that the implied analyst target price for the ETF based upon its underlying holdings is $86.58 per unit.
With IJK trading at a recent price near $71.85 per unit, that means that analysts see 20.50% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of IJK's underlying holdings with notable upside to their analyst target prices are Omnicell Inc (Symbol: OMCL), Globus Medical Inc (Symbol: GMED), and Douglas Emmett Inc (Symbol: DEI). Although OMCL has traded at a recent price of $111.31/share, the average analyst target is 45.54% higher at $162.00/share. Similarly, GMED has 32.32% upside from the recent share price of $58.82 if the average analyst target price of $77.83/share is reached, and analysts on average are expecting DEI to reach a target price of $30.75/share, which is 31.24% above the recent price of $23.43. Below is a twelve month price history chart comparing the stock performance of OMCL, GMED, and DEI:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
iShares S&P Mid-Cap 400 Growth ETF IJK $71.85 $86.58 20.50%
Omnicell Inc OMCL $111.31 $162.00 45.54%
Globus Medical Inc GMED $58.82 $77.83 32.32%
Douglas Emmett Inc DEI $23.43 $30.75 31.24%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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iShares S&P Mid-Cap 400 Growth ETF IJK $71.85 $86.58 20.50% Omnicell Inc OMCL $111.31 $162.00 45.54% Globus Medical Inc GMED $58.82 $77.83 32.32% Douglas Emmett Inc DEI $23.43 $30.75 31.24% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of IJK's underlying holdings with notable upside to their analyst target prices are Omnicell Inc (Symbol: OMCL), Globus Medical Inc (Symbol: GMED), and Douglas Emmett Inc (Symbol: DEI). Similarly, GMED has 32.32% upside from the recent share price of $58.82 if the average analyst target price of $77.83/share is reached, and analysts on average are expecting DEI to reach a target price of $30.75/share, which is 31.24% above the recent price of $23.43.
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Three of IJK's underlying holdings with notable upside to their analyst target prices are Omnicell Inc (Symbol: OMCL), Globus Medical Inc (Symbol: GMED), and Douglas Emmett Inc (Symbol: DEI). Similarly, GMED has 32.32% upside from the recent share price of $58.82 if the average analyst target price of $77.83/share is reached, and analysts on average are expecting DEI to reach a target price of $30.75/share, which is 31.24% above the recent price of $23.43. iShares S&P Mid-Cap 400 Growth ETF IJK $71.85 $86.58 20.50% Omnicell Inc OMCL $111.31 $162.00 45.54% Globus Medical Inc GMED $58.82 $77.83 32.32% Douglas Emmett Inc DEI $23.43 $30.75 31.24% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now?
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Similarly, GMED has 32.32% upside from the recent share price of $58.82 if the average analyst target price of $77.83/share is reached, and analysts on average are expecting DEI to reach a target price of $30.75/share, which is 31.24% above the recent price of $23.43. Three of IJK's underlying holdings with notable upside to their analyst target prices are Omnicell Inc (Symbol: OMCL), Globus Medical Inc (Symbol: GMED), and Douglas Emmett Inc (Symbol: DEI). Below is a twelve month price history chart comparing the stock performance of OMCL, GMED, and DEI: Below is a summary table of the current analyst target prices discussed above:
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iShares S&P Mid-Cap 400 Growth ETF IJK $71.85 $86.58 20.50% Omnicell Inc OMCL $111.31 $162.00 45.54% Globus Medical Inc GMED $58.82 $77.83 32.32% Douglas Emmett Inc DEI $23.43 $30.75 31.24% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of IJK's underlying holdings with notable upside to their analyst target prices are Omnicell Inc (Symbol: OMCL), Globus Medical Inc (Symbol: GMED), and Douglas Emmett Inc (Symbol: DEI). Similarly, GMED has 32.32% upside from the recent share price of $58.82 if the average analyst target price of $77.83/share is reached, and analysts on average are expecting DEI to reach a target price of $30.75/share, which is 31.24% above the recent price of $23.43.
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978c020b-4a6b-4586-a847-cd09e7d3ad57
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724921.0
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2022-08-01 00:00:00 UTC
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Douglas Emmett (DEI) Meets Q2 FFO Estimates
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-meets-q2-ffo-estimates
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nan
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nan
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.51 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.47 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this real estate investment trust would post FFO of $0.50 per share when it actually produced FFO of $0.50, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates just once.
Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $246.97 million for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 2.17%. This compares to year-ago revenues of $225.01 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Douglas Emmett shares have lost about 29.4% since the beginning of the year versus the S&P 500's decline of -13.3%.
What's Next for Douglas Emmett?
While Douglas Emmett has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Douglas Emmett: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus FFO estimate is $0.51 on $245.47 million in revenues for the coming quarter and $2.04 on $982.24 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 33% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Global Medical REIT (GMRE), is yet to report results for the quarter ended June 2022. The results are expected to be released on August 3.
This real estate investment trust is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents a year-over-year change of +13%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Global Medical REIT's revenues are expected to be $31.82 million, up 12.6% from the year-ago quarter.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
Global Medical REIT Inc. (GMRE): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.51 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.51 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $246.97 million for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 2.17%.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.51 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $246.97 million for the quarter ended June 2022, surpassing the Zacks Consensus Estimate by 2.17%.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.51 per share, in line with the Zacks Consensus Estimate. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
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6d439608-a112-4e8f-affa-53ac7c0acae6
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724922.0
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2022-07-10 00:00:00 UTC
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Douglas Emmett Inc Shares Close in on 52-Week Low - Market Mover
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc-shares-close-in-on-52-week-low-market-mover
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nan
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nan
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Douglas Emmett Inc (DEI) shares closed today at 1.9% above its 52 week low of $21.60, giving the company a market cap of $3B. The stock is currently down 32.2% year-to-date, down 32.4% over the past 12 months, and down 29.6% over the past five years. This week, the Dow Jones Industrial Average rose 0.8%, and the S&P 500 rose 1.9%.
Trading Activity
Trading volume this week was 43.5% lower than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9.
Technical Indicators
The Relative Strength Index (RSI) on the stock was between 30 and 70.
MACD, a trend-following momentum indicator, indicates an upward trend.
The stock closed below its Bollinger band, indicating it may be oversold.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date beats the peer average by -0.3%
The company's stock price performance over the past 12 months lags the peer average by 3.4%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -924.3% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett Inc (DEI) shares closed today at 1.9% above its 52 week low of $21.60, giving the company a market cap of $3B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.9. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by -0.3% The company's stock price performance over the past 12 months lags the peer average by 3.4% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -924.3% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 1.9% above its 52 week low of $21.60, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average rose 0.8%, and the S&P 500 rose 1.9%. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by -0.3% The company's stock price performance over the past 12 months lags the peer average by 3.4% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -924.3% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 1.9% above its 52 week low of $21.60, giving the company a market cap of $3B. Market Comparative Performance The company's share price is the same as the S&P 500 Index , lags it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , lags it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , lags it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by -0.3% The company's stock price performance over the past 12 months lags the peer average by 3.4% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -924.3% higher than the average peer. This story was produced by the Kwhen Automated News Generator.
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Douglas Emmett Inc (DEI) shares closed today at 1.9% above its 52 week low of $21.60, giving the company a market cap of $3B. This week, the Dow Jones Industrial Average rose 0.8%, and the S&P 500 rose 1.9%. Technical Indicators The Relative Strength Index (RSI) on the stock was between 30 and 70.
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d1e1e968-e53b-4961-a6e7-58af0844cdbd
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724923.0
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2022-06-30 00:00:00 UTC
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Analysts Anticipate 24% Upside For The Holdings of HSMV
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DEI
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https://www.nasdaq.com/articles/analysts-anticipate-24-upside-for-the-holdings-of-hsmv
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nan
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the First Trust Horizon Managed Volatility Small/Mid ETF (Symbol: HSMV), we found that the implied analyst target price for the ETF based upon its underlying holdings is $36.91 per unit.
With HSMV trading at a recent price near $29.79 per unit, that means that analysts see 23.90% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of HSMV's underlying holdings with notable upside to their analyst target prices are Regal Rexnord Corp (Symbol: RRX), Middleby Corp (Symbol: MIDD), and Douglas Emmett Inc (Symbol: DEI). Although RRX has traded at a recent price of $114.12/share, the average analyst target is 51.59% higher at $173.00/share. Similarly, MIDD has 48.68% upside from the recent share price of $125.39 if the average analyst target price of $186.43/share is reached, and analysts on average are expecting DEI to reach a target price of $33.25/share, which is 47.38% above the recent price of $22.56. Below is a twelve month price history chart comparing the stock performance of RRX, MIDD, and DEI:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
First Trust Horizon Managed Volatility Small/Mid ETF HSMV $29.79 $36.91 23.90%
Regal Rexnord Corp RRX $114.12 $173.00 51.59%
Middleby Corp MIDD $125.39 $186.43 48.68%
Douglas Emmett Inc DEI $22.56 $33.25 47.38%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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First Trust Horizon Managed Volatility Small/Mid ETF HSMV $29.79 $36.91 23.90% Regal Rexnord Corp RRX $114.12 $173.00 51.59% Middleby Corp MIDD $125.39 $186.43 48.68% Douglas Emmett Inc DEI $22.56 $33.25 47.38% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of HSMV's underlying holdings with notable upside to their analyst target prices are Regal Rexnord Corp (Symbol: RRX), Middleby Corp (Symbol: MIDD), and Douglas Emmett Inc (Symbol: DEI). Similarly, MIDD has 48.68% upside from the recent share price of $125.39 if the average analyst target price of $186.43/share is reached, and analysts on average are expecting DEI to reach a target price of $33.25/share, which is 47.38% above the recent price of $22.56.
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Three of HSMV's underlying holdings with notable upside to their analyst target prices are Regal Rexnord Corp (Symbol: RRX), Middleby Corp (Symbol: MIDD), and Douglas Emmett Inc (Symbol: DEI). Similarly, MIDD has 48.68% upside from the recent share price of $125.39 if the average analyst target price of $186.43/share is reached, and analysts on average are expecting DEI to reach a target price of $33.25/share, which is 47.38% above the recent price of $22.56. First Trust Horizon Managed Volatility Small/Mid ETF HSMV $29.79 $36.91 23.90% Regal Rexnord Corp RRX $114.12 $173.00 51.59% Middleby Corp MIDD $125.39 $186.43 48.68% Douglas Emmett Inc DEI $22.56 $33.25 47.38% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now?
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Similarly, MIDD has 48.68% upside from the recent share price of $125.39 if the average analyst target price of $186.43/share is reached, and analysts on average are expecting DEI to reach a target price of $33.25/share, which is 47.38% above the recent price of $22.56. Three of HSMV's underlying holdings with notable upside to their analyst target prices are Regal Rexnord Corp (Symbol: RRX), Middleby Corp (Symbol: MIDD), and Douglas Emmett Inc (Symbol: DEI). Below is a twelve month price history chart comparing the stock performance of RRX, MIDD, and DEI: Below is a summary table of the current analyst target prices discussed above:
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First Trust Horizon Managed Volatility Small/Mid ETF HSMV $29.79 $36.91 23.90% Regal Rexnord Corp RRX $114.12 $173.00 51.59% Middleby Corp MIDD $125.39 $186.43 48.68% Douglas Emmett Inc DEI $22.56 $33.25 47.38% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of HSMV's underlying holdings with notable upside to their analyst target prices are Regal Rexnord Corp (Symbol: RRX), Middleby Corp (Symbol: MIDD), and Douglas Emmett Inc (Symbol: DEI). Similarly, MIDD has 48.68% upside from the recent share price of $125.39 if the average analyst target price of $186.43/share is reached, and analysts on average are expecting DEI to reach a target price of $33.25/share, which is 47.38% above the recent price of $22.56.
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dc451a6e-c9f2-4f1e-9809-d622be22fbb1
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724924.0
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2022-06-27 00:00:00 UTC
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Ex-Dividend Reminder: Douglas Emmett, CareTrust REIT and EPR Properties
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-douglas-emmett-caretrust-reit-and-epr-properties
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/22, Douglas Emmett Inc (Symbol: DEI), CareTrust REIT Inc (Symbol: CTRE), and EPR Properties (Symbol: EPR) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 7/15/22, CareTrust REIT Inc will pay its quarterly dividend of $0.275 on 7/15/22, and EPR Properties will pay its monthly dividend of $0.275 on 7/15/22. As a percentage of DEI's recent stock price of $22.78, this dividend works out to approximately 1.23%, so look for shares of Douglas Emmett Inc to trade 1.23% lower — all else being equal — when DEI shares open for trading on 6/29/22. Similarly, investors should look for CTRE to open 1.49% lower in price and for EPR to open 0.58% lower, all else being equal.
Below are dividend history charts for DEI, CTRE, and EPR, showing historical dividends prior to the most recent ones declared.
Douglas Emmett Inc (Symbol: DEI):
CareTrust REIT Inc (Symbol: CTRE):
EPR Properties (Symbol: EPR):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 4.92% for Douglas Emmett Inc, 5.96% for CareTrust REIT Inc, and 6.95% for EPR Properties.
In Monday trading, Douglas Emmett Inc shares are currently off about 0.7%, CareTrust REIT Inc shares are down about 0.2%, and EPR Properties shares are down about 0.2% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a percentage of DEI's recent stock price of $22.78, this dividend works out to approximately 1.23%, so look for shares of Douglas Emmett Inc to trade 1.23% lower — all else being equal — when DEI shares open for trading on 6/29/22. Looking at the universe of stocks we cover at Dividend Channel, on 6/29/22, Douglas Emmett Inc (Symbol: DEI), CareTrust REIT Inc (Symbol: CTRE), and EPR Properties (Symbol: EPR) will all trade ex-dividend for their respective upcoming dividends. Below are dividend history charts for DEI, CTRE, and EPR, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/22, Douglas Emmett Inc (Symbol: DEI), CareTrust REIT Inc (Symbol: CTRE), and EPR Properties (Symbol: EPR) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): CareTrust REIT Inc (Symbol: CTRE): EPR Properties (Symbol: EPR): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $22.78, this dividend works out to approximately 1.23%, so look for shares of Douglas Emmett Inc to trade 1.23% lower — all else being equal — when DEI shares open for trading on 6/29/22.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/22, Douglas Emmett Inc (Symbol: DEI), CareTrust REIT Inc (Symbol: CTRE), and EPR Properties (Symbol: EPR) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): CareTrust REIT Inc (Symbol: CTRE): EPR Properties (Symbol: EPR): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $22.78, this dividend works out to approximately 1.23%, so look for shares of Douglas Emmett Inc to trade 1.23% lower — all else being equal — when DEI shares open for trading on 6/29/22.
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As a percentage of DEI's recent stock price of $22.78, this dividend works out to approximately 1.23%, so look for shares of Douglas Emmett Inc to trade 1.23% lower — all else being equal — when DEI shares open for trading on 6/29/22. Looking at the universe of stocks we cover at Dividend Channel, on 6/29/22, Douglas Emmett Inc (Symbol: DEI), CareTrust REIT Inc (Symbol: CTRE), and EPR Properties (Symbol: EPR) will all trade ex-dividend for their respective upcoming dividends. Below are dividend history charts for DEI, CTRE, and EPR, showing historical dividends prior to the most recent ones declared.
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c24061fa-a09c-495a-8ca1-ed674bbb2555
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724925.0
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2022-06-10 00:00:00 UTC
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Douglas Emmett Becomes Oversold
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-becomes-oversold
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nan
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nan
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The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Friday, shares of DEI entered into oversold territory, changing hands as low as $25.27 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Douglas Emmett Inc, the RSI reading has hit 29.3 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 43.6. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 4.35% based upon the recent $25.76 share price.
A bullish investor could look at DEI's 29.3 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
A bullish investor could look at DEI's 29.3 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Friday, shares of DEI entered into oversold territory, changing hands as low as $25.27 per share.
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Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 4.35% based upon the recent $25.76 share price. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Friday, shares of DEI entered into oversold territory, changing hands as low as $25.27 per share.
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Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Friday, shares of DEI entered into oversold territory, changing hands as low as $25.27 per share.
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Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Friday, shares of DEI entered into oversold territory, changing hands as low as $25.27 per share.
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96cb70e7-1bf4-41b8-a6f0-b22786fe824c
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724926.0
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2022-06-06 00:00:00 UTC
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Pre-market Movers: DIDI, EVTL, YMM, LXRX, BZ…
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DEI
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https://www.nasdaq.com/articles/pre-market-movers%3A-didi-evtl-ymm-lxrx-bz...
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nan
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nan
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(RTTNews) - The following are some of the stocks making big moves in Monday's pre-market trading (as of 06.54 A.M. ET).
In the Green
DiDi Global Inc. (DIDI) is up over 53% at $2.84 Vertical Aerospace Ltd. (EVTL) is up over 44% at $6.90 Full Truck Alliance Co. Ltd. (YMM) is up over 26% at $8.72 Lexicon Pharmaceuticals, Inc. (LXRX) is up over 23% at $2.23 Kanzhun Limited (BZ) is up over 20% at $26.10 Super Group (SGHC) Limited (SGHC) is up over 17% at $7.47 AeroClean Technologies, Inc. (AERC) is up over 15% at $2.73 Charge Enterprises, Inc. (CRGE) is up over 14% at $5.76 Youdao, Inc. (DAO) is up over 13% at $5.33 Energy Vault Holdings, Inc. (NRGV) is up over 12% at $18.00 Standard Lithium Ltd. (SLI) is up over 12% at $6.49 BNY Mellon High Yield Strategies Fund (DHF) is up over 11% at $2.80 Elevation Oncology, Inc. (ELEV) is up over 10% at $2.39 HUYA Inc. (HUYA) is up over 8% at $4.39
In the Red
Douglas Emmett, Inc. (DEI) is down over 10% at $24.39 Inspirato Incorporated (ISPO) is down over 9% at $5.65 Red Robin Gourmet Burgers, Inc. (RRGB) is down over 8% at $9.00 Talos Energy Inc. (TALO) is down over 6% at $22.17 N-able, Inc. (NABL) is down over 6% at $10.16 Q2 Holdings, Inc. (QTWO) is down over 5% at $50.11
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In the Green DiDi Global Inc. (DIDI) is up over 53% at $2.84 Vertical Aerospace Ltd. (EVTL) is up over 44% at $6.90 Full Truck Alliance Co. Ltd. (YMM) is up over 26% at $8.72 Lexicon Pharmaceuticals, Inc. (LXRX) is up over 23% at $2.23 Kanzhun Limited (BZ) is up over 20% at $26.10 Super Group (SGHC) Limited (SGHC) is up over 17% at $7.47 AeroClean Technologies, Inc. (AERC) is up over 15% at $2.73 Charge Enterprises, Inc. (CRGE) is up over 14% at $5.76 Youdao, Inc. (DAO) is up over 13% at $5.33 Energy Vault Holdings, Inc. (NRGV) is up over 12% at $18.00 Standard Lithium Ltd. (SLI) is up over 12% at $6.49 BNY Mellon High Yield Strategies Fund (DHF) is up over 11% at $2.80 Elevation Oncology, Inc. (ELEV) is up over 10% at $2.39 HUYA Inc. (HUYA) is up over 8% at $4.39 In the Red Douglas Emmett, Inc. (DEI) is down over 10% at $24.39 Inspirato Incorporated (ISPO) is down over 9% at $5.65 Red Robin Gourmet Burgers, Inc. (RRGB) is down over 8% at $9.00 Talos Energy Inc. (TALO) is down over 6% at $22.17 N-able, Inc. (NABL) is down over 6% at $10.16 Q2 Holdings, Inc. (QTWO) is down over 5% at $50.11 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Monday's pre-market trading (as of 06.54 A.M. ET).
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In the Green DiDi Global Inc. (DIDI) is up over 53% at $2.84 Vertical Aerospace Ltd. (EVTL) is up over 44% at $6.90 Full Truck Alliance Co. Ltd. (YMM) is up over 26% at $8.72 Lexicon Pharmaceuticals, Inc. (LXRX) is up over 23% at $2.23 Kanzhun Limited (BZ) is up over 20% at $26.10 Super Group (SGHC) Limited (SGHC) is up over 17% at $7.47 AeroClean Technologies, Inc. (AERC) is up over 15% at $2.73 Charge Enterprises, Inc. (CRGE) is up over 14% at $5.76 Youdao, Inc. (DAO) is up over 13% at $5.33 Energy Vault Holdings, Inc. (NRGV) is up over 12% at $18.00 Standard Lithium Ltd. (SLI) is up over 12% at $6.49 BNY Mellon High Yield Strategies Fund (DHF) is up over 11% at $2.80 Elevation Oncology, Inc. (ELEV) is up over 10% at $2.39 HUYA Inc. (HUYA) is up over 8% at $4.39 In the Red Douglas Emmett, Inc. (DEI) is down over 10% at $24.39 Inspirato Incorporated (ISPO) is down over 9% at $5.65 Red Robin Gourmet Burgers, Inc. (RRGB) is down over 8% at $9.00 Talos Energy Inc. (TALO) is down over 6% at $22.17 N-able, Inc. (NABL) is down over 6% at $10.16 Q2 Holdings, Inc. (QTWO) is down over 5% at $50.11 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Monday's pre-market trading (as of 06.54 A.M. ET).
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In the Green DiDi Global Inc. (DIDI) is up over 53% at $2.84 Vertical Aerospace Ltd. (EVTL) is up over 44% at $6.90 Full Truck Alliance Co. Ltd. (YMM) is up over 26% at $8.72 Lexicon Pharmaceuticals, Inc. (LXRX) is up over 23% at $2.23 Kanzhun Limited (BZ) is up over 20% at $26.10 Super Group (SGHC) Limited (SGHC) is up over 17% at $7.47 AeroClean Technologies, Inc. (AERC) is up over 15% at $2.73 Charge Enterprises, Inc. (CRGE) is up over 14% at $5.76 Youdao, Inc. (DAO) is up over 13% at $5.33 Energy Vault Holdings, Inc. (NRGV) is up over 12% at $18.00 Standard Lithium Ltd. (SLI) is up over 12% at $6.49 BNY Mellon High Yield Strategies Fund (DHF) is up over 11% at $2.80 Elevation Oncology, Inc. (ELEV) is up over 10% at $2.39 HUYA Inc. (HUYA) is up over 8% at $4.39 In the Red Douglas Emmett, Inc. (DEI) is down over 10% at $24.39 Inspirato Incorporated (ISPO) is down over 9% at $5.65 Red Robin Gourmet Burgers, Inc. (RRGB) is down over 8% at $9.00 Talos Energy Inc. (TALO) is down over 6% at $22.17 N-able, Inc. (NABL) is down over 6% at $10.16 Q2 Holdings, Inc. (QTWO) is down over 5% at $50.11 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Monday's pre-market trading (as of 06.54 A.M. ET).
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In the Green DiDi Global Inc. (DIDI) is up over 53% at $2.84 Vertical Aerospace Ltd. (EVTL) is up over 44% at $6.90 Full Truck Alliance Co. Ltd. (YMM) is up over 26% at $8.72 Lexicon Pharmaceuticals, Inc. (LXRX) is up over 23% at $2.23 Kanzhun Limited (BZ) is up over 20% at $26.10 Super Group (SGHC) Limited (SGHC) is up over 17% at $7.47 AeroClean Technologies, Inc. (AERC) is up over 15% at $2.73 Charge Enterprises, Inc. (CRGE) is up over 14% at $5.76 Youdao, Inc. (DAO) is up over 13% at $5.33 Energy Vault Holdings, Inc. (NRGV) is up over 12% at $18.00 Standard Lithium Ltd. (SLI) is up over 12% at $6.49 BNY Mellon High Yield Strategies Fund (DHF) is up over 11% at $2.80 Elevation Oncology, Inc. (ELEV) is up over 10% at $2.39 HUYA Inc. (HUYA) is up over 8% at $4.39 In the Red Douglas Emmett, Inc. (DEI) is down over 10% at $24.39 Inspirato Incorporated (ISPO) is down over 9% at $5.65 Red Robin Gourmet Burgers, Inc. (RRGB) is down over 8% at $9.00 Talos Energy Inc. (TALO) is down over 6% at $22.17 N-able, Inc. (NABL) is down over 6% at $10.16 Q2 Holdings, Inc. (QTWO) is down over 5% at $50.11 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Monday's pre-market trading (as of 06.54 A.M. ET).
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6eb80fbe-2072-4bda-8079-8ee00d544c2c
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724927.0
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2022-05-18 00:00:00 UTC
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Douglas Emmett (DEI) Passes Through 4% Yield Mark
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-passes-through-4-yield-mark
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 4% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $27.46 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the iShares Russell 3000 ETF (IWV) back on 5/31/2000 — you would have paid $78.27 per share. Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 4% would appear considerably attractive if that yield is sustainable. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 4% annual yield.
Click here to find out which 9 other dividend stocks just recently went on sale »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 4% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $27.46 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 4% annual yield.
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 4% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $27.46 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 4% annual yield.
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 4% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $27.46 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 4% annual yield.
|
Looking at the universe of stocks we cover at Dividend Channel, in trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 4% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $27.46 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 4% annual yield.
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6d50d4f2-9799-49f7-8b90-72b746a387e6
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724928.0
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2022-05-10 00:00:00 UTC
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Douglas Emmett Enters Oversold Territory
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-enters-oversold-territory
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nan
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nan
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The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $27.50 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Douglas Emmett Inc, the RSI reading has hit 28.8 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 38.9. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 4.00% based upon the recent $28.025 share price.
A bullish investor could look at DEI's 28.8 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
A bullish investor could look at DEI's 28.8 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $27.50 per share.
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Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 4.00% based upon the recent $28.025 share price. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $27.50 per share.
|
Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $27.50 per share.
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Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $27.50 per share.
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77af76d8-ed2b-4211-9ac8-259ad690ed34
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724929.0
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2022-05-04 00:00:00 UTC
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Douglas Emmett (DEI) Q1 2022 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q1-2022-earnings-call-transcript
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nan
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nan
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q1 2022 Earnings Call
May 04, 2022, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterlyearnings call Today's call is being recorded. [Operator instructions] I will now turn the conference over to Stuart McElhinney, vice president of investor relations for Douglas Emmett.
Stuart McElhinney -- Vice President of Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earning package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the investor relations section of our website. When we reached the question-and-answer portion, in consideration of others, please limit yourself to one question and one follow up.
Thank you. I will now turn the call over to Jordan.
Jordan Kaplan -- Chief Executive Officer
Good morning, everyone. Thank you for joining us. I'm pleased to report that 2022 is off to a good start. Compared to a year ago, FFO was up over 15% and AFFO is up over 20%.
We continue to see strong demand from our affluent small tenant base and increasing interest from larger tenants. We leased almost 900,000 square feet last quarter, including more than 325,000 square feet of new leasing. I was very pleased to see positive absorption for the third consecutive quarter, especially considering our typically high roll during the first quarter each year. In addition, our leasing spreads meaningfully improved.
After quarter end, we acquired 12 21 Ocean Avenue in Santa Monica, one of the most prestigious and best-located multifamily assets on the West Coast with panoramic ocean views from every unit. Looking forward, rising interest rates and inflation will present us with both challenges and opportunities. We are prepared for the challenges and remain ready to take advantage of the opportunities. With that, I will turn the call over to Kevin.
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. As Jordan said, on April 26, we acquired 12 21 Ocean Avenue, an iconic apartment property overlooking the beach in Santa Monica. The property is currently 98% leased and includes 120 units, with an average unit size of 1,500 square feet. The purchase price is $330 million, which works out to $2.75 million per unit or $1,800 per square foot.
The purchase is made by a new joint venture that we manage and in which we own a 55% interest. The joint venture obtained $175 million secured, nonrecourse interest-only term loan that matures in April 2029. The loan bears interest at SOFR plus 1.25%, which we fixed at 3.9% through April 2026 with an interest rate swap. Turning to development.
We continue to see strong tenant interest and rents above our pro formas at both 1132 Bishop in downtown Honolulu and the Landmark Los Angeles in Brentwood. When completed, these projects along the 12 21 Ocean, add almost 1,000 units to our portfolio. As I mentioned last quarter, we are also working on repositioning a number of properties that should substantially boost rents. At our recently acquired 12 21 Ocean Avenue, we will be continuing on a major renovation project, which includes significant upgrade to every unit as well as the common areas.
We have plenty of dry powder and strong JV relationships. I remain hopeful that 2022 will bring more transactions to the market. Stuart?
Stuart McElhinney -- Vice President of Investor Relations
Thanks, Kevin. Good morning, everyone. Leasing demand was strong during the first quarter. In Q1, we signed 246 office leases, covering almost 900,000 square feet, including 571,000 square feet of renewal leases and 326,000 square feet of new leases.
As Jordan mentioned, we achieved our third consecutive quarter of positive absorption, with our office lease rate increasing to 87.7%. Our leased occupied spread increased to 3.1%, an all-time high. I'm happy to report that our leasing spreads this quarter improved to positive 9.4% for straight line and negative 3.7% for cash. We remain focused on recovering occupancy at this point in the cycle and expect rent spreads to remain choppy.
Our multifamily portfolio remains full at 99.7% leased, and rents continue to rise at a strong clip. With that, I'll turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. Turning to our results. Compared to the first quarter of 2021, revenues increased by 10.4%.
Same property cash NOI increased by 10.7%. FFO increased by 15.4% to $0.50 per share, mostly driven by both office and residential revenue increases, partly offset by higher expenses, and AFFO increased 20.2% to $94.1 million. Our G&A, at only 4.7% of revenues, remains very low relative to our benchmark group. Turning to guidance.
We are raising our FFO guidance for 2022 by $0.01 to be between $2.02 and $2.08 per share, which reflects an increase from our recent acquisition, partially offset by higher interest rate assumptions. For information on assumptions underlying our guidance, please refer to the schedule in the earnings package. As usual, our guidance does not assume the impact of future acquisitions, dispositions or financings. I will now turn the call over to the operator, so we can take your questions.
Questions & Answers:
Operator
Thank you. [Operator instructions] Our first question today comes from Jamie Feldman from Bank of America. Your line is open.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Great. Thanks. Thanks for taking my question. I guess I just want to go back to your first comment.
You said strong demand from affluent small tenant base and increasing interest from larger tenants. Can you talk more about the leases you did sign in the quarter? And how the pipeline looks today? Do you think you can maintain this 800-plus thousand leasing volume, especially given your expirations start to moderate going into the back half of the year?
Stuart McElhinney -- Vice President of Investor Relations
Hey, Jamie. Yeah, I mean it was, like I said, a strong quarter for leasing. We signed 246 office leases, which is a real good number from us. And like we're seeing good demand from small tenants, medium-sized tenants, larger tenants for us, which I think are small for most people but larger for us.
So a really good quarter, and the pipeline still remains healthy. So we're happy about that.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
I mean, would you say, is there anything you can tell us about who is actually signing leases now? Are there different sectors? Are there tenants that have been on the sidelines for a while, especially on the larger side? And then also, what does the pipeline look like today than maybe this time last quarter?
Stuart McElhinney -- Vice President of Investor Relations
Yeah, I think one of the strengths of our portfolio is kind of diverse our tenant base is and the demand drivers we have here, and that continues to be true. We put that nice pie chart in the supplemental for you guys that shows kind of all the industries that we have. And we haven't seen any real material changes to those groups. We're still getting demand, kind of, across the board from all those industries that we've typically had.
So no notable shift there that I would point to. We're in kind of a slow business here, and we don't call out individual leases. We're doing a lot of transactions, several a day really. Every business day, we signed three or four office leases.
So that continues to be the case and we're seeing good broad-based demand.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
And you say the pipeline is still -- the pipeline today is as good as it was three months ago, like you could easily put up similar numbers next quarter?
Stuart McElhinney -- Vice President of Investor Relations
Yeah. I mean, I'm not going to make a prediction for Q2 or early in the quarter, but the pipeline remains healthy, yes.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right. Thank you.
Operator
Our next question comes from John Kim from BMO Capital Markets. Please go ahead.
John Kim -- BMO Capital Markets -- Analyst
Thanks. Good morning. I was wondering if you could share any characteristics on your new joint venture on multifamily? Any characteristics about the partner that you're with? How big can this fund be? Is it a one-off acquisition or are you pursuing other apartment acquisitions?
Kevin Crummy -- Chief Investment Officer
It's -- hey, John, it's Kevin. The partners and existing sovereign partner that we have in some of our other joint ventures. And we haven't set up anything formal, where we've got a plan to go out and buy a certain amount of multifamily, but it's certainly an asset class that when we can get larger properties that have the rightsizing units, we're all over it and very aggressive for it.
Jordan Kaplan -- Chief Executive Officer
I don't think your question -- it's Jordan. It's not a problem of having the money available. If we set up a fund to do additional deals, then we have an obligation to feed it with deals. It's more a problem of finding the deals.
I don't think there's any problem having access to the equity to do the deals. So when we -- when they come up, it's easy to make calls and then we have a partner.
John Kim -- BMO Capital Markets -- Analyst
So I was just wondering, this is a more luxury higher price point asset than typical in your portfolio. So I was just wondering if you were targeting the higher-end rental market.
Jordan Kaplan -- Chief Executive Officer
We definitely are. We definitely are. So all the way across our portfolio, both in office and residential, we are trying -- we're targeting the high end, and this was a fantastic fit for us. We just built something that at the top end, we own other stuff here along the coast that we're doing work on, that is at the top end.
All the moves we've made have been to have the highest and the most premium residential and office portfolio.
John Kim -- BMO Capital Markets -- Analyst
You mentioned doing renovations on the assets, can you describe the timeline of that? Will that be as the units vacate? Because I would imagine the turnover on that asset is pretty low.
Jordan Kaplan -- Chief Executive Officer
The turnover is a little lower in this asset, but we're just continuing a program that the previous owners started, where when we get back a unit that's unrenovated that we spend the money to upgrade it and then release it.
John Kim -- BMO Capital Markets -- Analyst
OK, great. Thank you.
Operator
Our next question comes from Manny Korchman from Citi. Your line is open.
Manny Korchman -- Citi -- Analyst
Hey. Jordan, just following on the line of question about the renovation program. How much money do you intend to put into the asset by the time that program is done? And how should we think about certainly yield on that incremental capital?
Jordan Kaplan -- Chief Executive Officer
Most of -- as I told -- as I said in the past, most of these deals are yielding over 20% on putting the capital in to reduce the buildings. And I've -- this one isn't any different. I suspect we'll put something less than $20 million in the project. That's -- it will be within that range.
There's also work we're doing it a -- if you're taking the new deal we just bought to the lobby and to the arrival experience that I think will be small dollars to make a big difference.
Manny Korchman -- Citi -- Analyst
And then I appreciate the point on moving to sort of the higher end of the market on the resi stuff. I mean, if that's the goal, why not take this one on wholly owned and JVs, some of your sort of more run rate properties you've owned for a while and have the public investors exposure to the high end be higher and the JV exposure to sort of more be a commodity market.
Jordan Kaplan -- Chief Executive Officer
We don't have a lot that is commodity, but I will tell you that you're right lined up with our investors, you'd also like to have us put those projects and JV does along with the new stuff we're buying. So you need an agreement with them. It's much harder to put a joint venture together, where I'm selling something. It's much easier when we're buying something, we're all going in at the same price.
That's a really easy phone call. We have documents done to say to people that, OK, here's what we're going to do, I'm going to buy this, which obviously we want a part of that. But I'm also going to put these other things in which then they have to value those. And they're not trusting me to do the valuing because they have to have outside value so it coming back to the seller.
It's just a harder deal to put together.
Manny Korchman -- Citi -- Analyst
And I might have missed this, but have you spoken about the cap rate valuation on this purchase?
Jordan Kaplan -- Chief Executive Officer
I mean, you know from the past, I'm not in love with cap rates. But I think that this thing will stabilize somewhere in the mid-4s, but we're going in, in the low 3s.
Manny Korchman -- Citi -- Analyst
OK. And then one quick question for -- excuse me, for Stuart. Stuart, just the spread between occupied space and leased space has widened a little bit. I know, in the past, you talked about that being attributed to sort of lighter traffic, just on the tour side.
Is there anything to note on that or when does the inflection point come where that flips?
Stuart McElhinney -- Vice President of Investor Relations
Are you talking about the lease to occupied spread, Manny?
Manny Korchman -- Citi -- Analyst
Right. Yeah.
Stuart McElhinney -- Vice President of Investor Relations
Yeah. So yeah, we have seen that gap out. It's kind of -- it's all semi, which I mentioned. So honestly, I hope that we continue doing a ton of leasing over these future quarters and that stays elevated.
But we're probably likely to see it moderate. Really, what we've seen is that during the pandemic slowdown, it stretched out our build times a little bit. So it's taken us a little longer to get folks moved in. So that's caused that gap to stay a little wider than we're used to.
Manny Korchman -- Citi -- Analyst
Thanks very much.
Operator
Our next question comes from Steve Sakwa from Evercore ISI. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Thanks. Good morning. Jordan, I guess, I just wanted to understand a little bit more kind of the absorption trend. And I guess I was a little surprised that given the strength in the leasing, you had over 300,000 square feet of new deals, and you had very good renewal activity.
And if I look back to your fourth quarter supplement, it only showed about 475,000 square feet expiring in the first quarter. So you did almost double the amount of activity, and you add absorption. And the lease trade only went up 10 basis points. So I'm just trying to figure out what am I missing in the math here.
And if you continue at this pace or what pace do you need to actually see more absorption than kind of 10 basis points a quarter?
Jordan Kaplan -- Chief Executive Officer
Well, what I'll tell you is this, we know that the first half of the year is very tough. I don't know exactly where -- I don't want to give too much in the numbers because I don't know what number you're pulling. But we knew we had a huge role first quarter, and we have a pretty good role second quarter, and then we have a more mild second half of the year. So if you would have told me that we were going to get it all positive during the first quarter with leasing, I was definitely happier than you are about it.
I mean, I was thinking we're going to need to do a lot of leasing to get this to be a positive quarter. And as Stuart said to you, we're still seeing a pipeline that looks that way, which is fantastic news. So I consider the leasing that was done during the quarter and the fact that we actually have that amount of role -- look, we did 900,000 feet, a positive 10 basis points. I mean that as -- there was a lot that's going on there.
right? If it was a matter of pulling leases from other places, then you would have been a lot more positive. We had a tough quarter. So that was not only a fantastic quarter, great job done by the crew that did it, but also a good sign that it's a very lively market right now. And that's the main thing I've been looking for.
It's like, are the people out there to backfill and fill this thing up? And we saw all that, and we've now seen that for three quarters in a row, really probably four quarters in a row. But for sure, three because now take this quarter. So I think as long as the rest of the economy and everything holds and the recovery keeps going, I'm feeling very good about, directionally, where we're headed in terms of doing job 1, which is refilling up the portfolio on the losses that we took during the pandemic.
Steve Sakwa -- Evercore ISI -- Analyst
OK. Well, we can certainly follow up offline and go through Page 19 of the supplemental in more detail. I guess, as it relates to the Landmark, when we toured the asset, I guess, in the late March, you were having some very early success on the rents you were achieving against your pro formas. Is there anything you can just sort of share with us on the volume and kind of the pricing since that time?
Jordan Kaplan -- Chief Executive Officer
Yeah. Well, yeah, we're still having that success. I mean, people are moving in, and we're really pleased with the leasing that's going on there. I mean, we didn't really -- I'm not changing it from saying it's going to take two years to lease up the project, but all signs are that we'll make it in two years, and maybe we'll do a little better.
I'm sure we'll make it within two years, for sure now. And we're getting rates that are just substantially above when we start construction that to what we expected.
Steve Sakwa -- Evercore ISI -- Analyst
OK, thanks. That's it for me.
Operator
Our next question comes from Connor Mitchell from Piper Sandler. Your line is open.
Connor Mitchell -- Piper Sandler -- Analyst
Hi. Thanks for taking my question. So given the success and outperformance of Brentwood and Bishop, does it make you want to accelerate the next round of projects?
Jordan Kaplan -- Chief Executive Officer
Well, probably always want to accelerate the next round of projects. Unfortunately, for the last periods of COVID and all the rest of it, the city's been into a deceleration phase. And we're just seeing -- I'm not even sure municipalities are totally back in the office yet, even to respond to things. We just started meaningfully having meetings again in their offices with council members and various people at -- both in Honolulu and here in L.A.
So we're not island. We can't steer on our own. All of these things take agreements with cities, and it's just -- they're just back now. But of course, I think we have -- even though I think with inflation and construction costs, prices have gone up, we have a tremendously good pipeline of very low-hanging fruit for particularly residential construction on property that we already own.
By getting it through the system and getting permits and getting all that done just takes some time as we've been saying all along, but you're right. Of course, this has been super successful, and we'd love to do more quicker.
Connor Mitchell -- Piper Sandler -- Analyst
OK, great. Thank you.
Operator
Our next question comes from Blaine Heck from Wells Fargo. Please go ahead.
Blaine Heck -- Wells Fargo Securities -- Analyst
Great. Thanks. Good morning. Jordan, just to be clear on the initial cap rate, you quoted on 12 21 in the low 3s, does that cap rate include management fees that you guys will be paid by your partner or is that just on the NOI?
Jordan Kaplan -- Chief Executive Officer
Well, it's a cap rate like -- of course, it includes property management fees, if that's your question. I mean, cap rate is the NOI divided by the purchase price. So you take the going-in NOI of whatever expenses are allocated to billing, I mean, and divide it. That's what it is.
Maybe I don't understand your question.
Stuart McElhinney -- Vice President of Investor Relations
He thinks management fee for diventure.
Blaine Heck -- Wells Fargo Securities -- Analyst
Yeah. I'm just asking whether it's...
Jordan Kaplan -- Chief Executive Officer
You mean like a promoter or an asset management fee or something like that? No, it doesn't include that.
Blaine Heck -- Wells Fargo Securities -- Analyst
OK. OK. That's helpful. And then second question, can you just talk about any interesting trends you're seeing in your Valley markets? Are you seeing any incremental demand from companies that may want to have a location in less of an urban environment or less density? Is utilization any different in the Valley? And I guess, how do you just -- how do you see those markets faring during the return to office relative to the west side?
Jordan Kaplan -- Chief Executive Officer
Well, sort of that Encino, Sherman Oaks strip is doing well and it's always kind of follow pattern of the west side. It stands. It's hard to build there. It's got really high in housing nearby.
It's got a lot of amenities on Ventura Boulevard. The area's that's a kind of finally, and -- I've said that -- I don't know if I said it on call. You guys know that I spent like 15 years making excuses for Warner Center at Hawaii. And then a few years ago, we stopped having to make excuses for Hawaii because it came back strong and basically, Hawaii was probably one of our strongest markets all the way through the pandemic.
And now finally, finally, there's great stuff happening at Warner Center. We kept getting hit with new supply of office, and that's -- now we're seeing more than one deal, like multiple deals of shifts of companies out there, whether it be for studio space or taking big plus -- I mean, I don't think it's a secret that the ramps are put to in a practice field right -- literally right next to Warner Center. We will be looking down at the practice field that they're building. And so that takes all that and cleans that up.
There's another project that was office that I think is probably going to convert to residential. So that will clean that up. So there's a lot of -- and then there's -- as I said, there's Amazon and some others that are moving their commitments to that area for very robust stuff, like studios hire a lot of people, use a lot of people right around them. So it's just been one good piece of news after another in that area.
So I'm very optimistic. And by the way, we've been saying for a while that the residential development in that area has been stunning. And it's still going. If you go there, you will see residential being built everywhere.
But now you're seeing all the other amenities, like a lot of retail, additional retail -- little retail centers are being built. And then you're seeing the fact that some larger users, like I just described, going out there saying, this is where our events, where our players are, this is where our coaches or this is where the studio people are now building their facilities out there to be next to their people. So that's all going to make a huge difference for us.
Blaine Heck -- Wells Fargo Securities -- Analyst
That's great color. Thank you.
Operator
Our next question comes from Rich Anderson from SMBC. Please go ahead.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Thanks. Good morning. So can you give some color on the latest sort of cadence of tenant behaviors in L.A. area as it relates to rent relief applications and all that noise? And whether or not this may be closing in on the last time we have to have this conversation, but just curious what the latest observations are.
Jordan Kaplan -- Chief Executive Officer
Well, we said to you quite a while ago that our defaults to be less than 2%. I think at this point, we probably are already less than 2%. And still, we'll collect even more. So I'm feeling pretty good.
We're going to collect a super majority of the money that's owed to us. And the money that's owed to us is down to a much smaller number than it used to be. So as I said -- as I have said and I'll say right now, I don't think the rest of the collections are going to show up in any meaningful way in the numbers that we're showing you guys. I mean it's coming in at a -- it's coming in or it's been put into new deals or whatever the case has been, but it's been vanishing fast.
So I don't think -- I think two big things. Number one, -- well, there are three things. When we went into this recession and -- into this pandemic, recession, there were three big impacts on Douglas Emmett. One was obviously the loss of occupancy, the loss of lease rate, which we've been talking a lot about on this call, which we -- I mean, we for sure turned that corner and we're doing a lot of leasing, and we need to just retain that -- those tenants.
The second was the hit we took in parking, which has been coming back. We had a very strong comeback for a while. Now a lot of people are back, but they had a lot of must-take on their parking spaces. They're using them now.
We're seeing our parking lots full. And I think we'll capture the rest of that money as long as the economy keeps going the way it's going, in a reasonable good -- reasonable timeframe. And the last thing was the fact that you would have never imagined this, but the government told people not to pay their rent. That was kind of craziness.
But -- and some most did, some didn't. And even the ones that didn't, are now paying and paying back rent on some kind of programs or we're making deals and we're down to a very -- we're not down to big numbers left of where we have to make deals with people or do something about with what they owe us. So all three of those metrics were sort of the hits we took, are all back, heading in the right traction.
Rich Anderson -- SMBC Nikko Securities -- Analyst
I recall the owed rent was -- I don't -- I might have this completely wrong, $50 million or $60 million. What's that number now?
Jordan Kaplan -- Chief Executive Officer
We're like closer to half that. I think $30 million or some...
Peter Seymour -- Chief Financial Officer
It's in the 30s.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. Second question, you mentioned we're prepared for the opportunities that inflation brings. I wonder what that means in terms of the opportunities? And specifically, is 12 21 such opportunity, meaning perhaps the pool of people interested in buying it? It got smaller, you could do it, you had the money to do it. Are those -- is that what you mean by opportunities that you stand out relative to the competition to buy stuff or maybe you could just kind of clarify what types of opportunities come from an inflationary environment for you?
Jordan Kaplan -- Chief Executive Officer
Two things coming from inflation for real estate. The classic one is that it's like a perfect hedge against inflation, right? So real estate tends -- because it's a leveraged asset, real estate tends to early get hit with higher interest rates. But then as things calm down again, you end up with like substantial growth in value, which comes from the fact that rents are up and all the rest of it is up. And so that's one opportunity that just happens, inflationary environments tend to on the mid- to longer term be a very good real estate.
The second opportunity is properties becoming available. People there have kind of scooted along with very low leverage debt. Maybe they have been running the buildings to get the maximum cash out of it. And now all of a sudden, the cost of the leverage, not putting them in jeopardy of losing their buildings, but the cost of their leverage is going up and they're saying to themselves, wow, I need to run my building better to deal with the fact that my debt is costing me a little more.
Maybe I'm just tired of this. And it just highlights once again that maybe there's an opportunity to get out of the building. still has a lot of value there and might bring some more stuff for sale. That's what we're hoping for.
Rich Anderson -- SMBC Nikko Securities -- Analyst
So was 12 21 tethered to the environment or is that why it came free or maybe not?
Jordan Kaplan -- Chief Executive Officer
I think 12 -- well 12 21 was basically -- no, that wasn't the cause for 12 21. I think 12 21, it wasn't -- the seller didn't feel it was the right fit. It was a very good fit for us, and we were able to negotiate a deal that made everybody happy.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. Good enough. Thanks very much.
Operator
Our next question comes from Dave Rodgers from Baird. Your line is open.
Dave Rodgers -- Robert W. Baird and Company -- Analyst
Yeah. Good morning out there. I think last quarter, you said something with the effect of expect most of the deferrals to come back in the way of blend-and-extend transactions or at least kind of model it out that way as you go forward. Can you talk about maybe the impact of those transactions on the leasing economics that you quoted? And I guess the second part of that question is just trying to kind of reconcile same-store cash revenues between last year and this year.
There seems like a bigger delta maybe in where you're collecting a little bit more on the cash side? So those two questions, please.
Jordan Kaplan -- Chief Executive Officer
Well, I think the main reason we're collecting more on the cash side is even if people owe us money, almost everybody has come current. So like some people that weren't paying us, are paying us now. And what we're dealing with is the part that they own us. So that's going to make a big difference.
Is that what you're asking?
Peter Seymour -- Chief Financial Officer
Meaning that they're paying this month's rent and continuing to pay on a regular basis. So then they have some amount that they owe us from the past -- this is Peter. And so we're working through with them the past amounts. When you were talking blend-and-extend, I mean, typically, what we do is we recognize the outstanding balance and come up with a payment program.
And then the new lease is a new lease that stands on its own at market rates.
Dave Rodgers -- Robert W. Baird and Company -- Analyst
And I guess to that last point, Peter, that's what you're really kind of quoting from a cash spread. It's not really reflecting kind of the higher rent and past due collections in those numbers.
Peter Seymour -- Chief Financial Officer
That's correct. We're quoting just the lease, not the payment program in our spreads.
Dave Rodgers -- Robert W. Baird and Company -- Analyst
Yeah, I think that answered both questions. So thank you.
Operator
We have a follow-up from Jamie Feldman from Bank of America. Please go ahead.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Thanks. You may have just answered but maybe I didn't hear it right or misunderstood the answer. So your leasing spread spiked up to kind of minus 3% this quarter on a cash basis, they were as low as minus 9% last quarter, and they've been kind of on this sequential quarterly decline. I mean, how would you explain that move?
Peter Seymour -- Chief Financial Officer
Leasing spreads are on the sequential quarterly increas. They're not on a decline.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
No, I'm saying, last quarter, I think it was minus 9% cash. This quarter, it was minus 3% cash.
Peter Seymour -- Chief Financial Officer
Yeah.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
I think in the past you said...
Peter Seymour -- Chief Financial Officer
Yes. So they're improving. Yes, they're improving. Of course, that number is -- that number tells you something, but I wouldn't grab it too tight because depending on what rolls in any particular quarter, that number can really jump around.
But generally, as things recover, that number hopefully turns positive again. I think, more of what's reflected even in the minus 9% on cash, but -- and the fact that the straight line is now up is, during the pandemic, you'll remember, Jamie, people kept asking, what's happening with rents, what has happened with rents? And we said, rents aren't as far off as you might think. And in fact, I'm not sure rents fell off such a huge amount. They fell off, and we gave you the best of what we could guess to those numbers, and that's what this is a proxy for when you do roll up, roll down and all the rest of it.
But they haven't fallen. So all of these numbers because you're doing -- remember, our leases have very big bumps in them. So when you say ending cash to starting cash, 3% difference, that's one year of growth. Beyond that, you're saying you still got your four years of growth that you got from when that lease was signed.
So that's a good thing to tell you, hey, people are coming back and rents are not. I mean, it doesn't -- rents are not going that meaningfully different. And we're seeing that. You're seeing it.
Kevin Crummy -- Chief Investment Officer
I think the straight-line comparison gives you the total value of the lease, compared to the prior lease. And you see those positive spreads. We don't have a lot of free rent anyway. So it's really giving you a pretty good measure of the change in value of the lease.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. Yes, just I'm thinking about your messaging over the last year or so, and you kept talking about, well, if we can get to x occupancy in the portfolio, we can really start pushing rents. Has that changed?
Jordan Kaplan -- Chief Executive Officer
Yes. No, no. I think that it's one thing to push rent, it's another thing to not lose ground on rents. And I just don't think we've lost as much ground as you might have thought through that tough period over the last two years, and now we just need to lease the portfolio.
But I will also say, while I'm happy that we aren't losing as much in rental rate. The thing that we want to is lease up the portfolio. That's the job.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. So it sounds like the takeaway is it -- it was definitely a better quarter. Maybe it's not the trend to think is -- written stone for the -- going forward, but things do feel better.
Stuart McElhinney -- Vice President of Investor Relations
Yes. I don't -- this one quarter, that's the curve, Jamie. Like I said in my opening, it's -- they're going to be choppy quarter to quarter. We'll have -- this number moves around.
A lot depends on -- we have such a mix of leases that get signed in the quarter. So don't -- yes, don't use this as the curve, going forward. We're happy to improve, but it's not a smooth sailing. There's just a very good leasing quarter.
Now, I hope every quarter or the next quarters is this good. But just every recovery -- no recovery happens in a straight line.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. And then, do you have any updates on some of your larger expirations this year or next year, just in terms of known move-outs that we didn't know about three months ago?
Peter Seymour -- Chief Financial Officer
No, nothing noteworthy. I mean, we have a pretty steady role. We always have some of our larger guys rolling out. So nothing that's still worthy.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK, great. Thank you.
Operator
Our next question comes from Bill Crow from Raymond James. Your line is open.
Bill Crow -- Raymond James -- Analyst
Heah. Good morning out there guys, and thanks for the time. That last discussion actually led me into my two questions that I had. And the first one is, Jordan, you talked about rents not really going down, but do you see more tenants leaving because of asking rents or lack of TIs? Or I guess, is there any reason why -- any commonality of the reason why tenants don't renew?
Jordan Kaplan -- Chief Executive Officer
Our renewal rate has been pretty steady and it's been pretty good. As a matter of fact, already last year, it was higher than normal. The reason for the lost lease rate has totally to do with the fact that the new tenants weren't moving around as much. So they were moving less.
Now they're moving more. Now we're getting more new tenants. That's why we -- you guys have gotten focused on that number. I mean, the reason I said it was such a spectacle quarter.
It's 300 -- what's is it? 330,000? That's like a fantastic quarter. 330,000 is new. So if that new number is the key number to grow us back up, we've held steady, very good on our renewal. And the new number is also a good sign if you say what's going on in the economy, what's going on with people going back to work, OK, you're going to see all that in the new number, the new leasing.
Peter Seymour -- Chief Financial Officer
Bill, when we survey our tenants moving out, there's -- obviously, if you guess, there's a million reasons why tenants move out. They're shrinking or they're growing or they're going out of business or they're moving market, something like that. And we're just getting the same list of reasons why guys are moving out. There's no major shift in that.
It's still a big spread of different reasons.
Bill Crow -- Raymond James -- Analyst
Right. No, that's helpful. And then, Jordan, you just mentioned, you look at the new leasing and the side of the local economy. So where are we relative to 2019, whether it's based on new leasing or back-to-office rates or parking revenue, are we 50% back, 75% back of what we've lost? Where are you in the momentum scale?
Jordan Kaplan -- Chief Executive Officer
Well, in income, because a lot of the stuff we've done, we're almost catching up to 2019, but we've done a lot of new business. So when the whole company is up to full tilt, we're going to be looking at some pretty spectacular numbers. But we got to -- look, you can't ignore the fact that we're still down almost 600 basis points, and that's a lot of money. And as that recovers, it's going to make a giant difference.
I mean, part -- the rest of these -- all other numbers will pale next to that number. I mean -- and what we keep -- when I keep pointing out, but it is all around the fringes is -- the good news is huge new tenant activity. Rents are still there and going strong. And every sign is that -- and I keep saying as long as the economy holds.
But every sign is that with this economy, we're on a really good trajectory.
Bill Crow -- Raymond James -- Analyst
And you're not getting into political pushback or you feel better about the overall environment, I guess, today?
Jordan Kaplan -- Chief Executive Officer
Well, certainly, the environments improve politically, in terms of removing rent moratoriums and stuff like that. I'm not -- I mean I'm not loving the politics, but that's not my No. 1 problem at the moment.
Bill Crow -- Raymond James -- Analyst
All right. Listen, thanks for the time. Appreciate it.
Operator
Our final question comes from Daniel Ismail from Green Street. Your line is open.
Daniel Ismail -- Green Street Advisors -- Analyst
Great. Thank you. Maybe just going back to the acquisition in Santa Monica. I'm just curious, is that a rent controlled building? And if so, how many units are currently well below market, if you're able to share that figure?
Jordan Kaplan -- Chief Executive Officer
A good number of them. But it is a rent-controlled building, but I'm not sure that rent control play as big a role in that building as it has in other buildings. I mean some of what's happened in that building is that rents have just moved up very quickly. So even maybe deals that were done during the pandemic or earlier are pretty far off the market of where current rents are.
So as those roll, we'll pick that up. That's why there's such a meaningful spread between the going-in cap and what I would call the stabilized cap.
Daniel Ismail -- Green Street Advisors -- Analyst
Got it. And then, Jordan, appreciate the comments on inflation and interest rates. I'm just curious, have you guys noticed any tangible price movements, either on the office or residential side, in terms of cap rate movements due to rising rates?
Jordan Kaplan -- Chief Executive Officer
I don't think there's been enough in the way of transaction. I mean, this is a phenomenon that, at best, is few months old. So I'm not sure there's enough transactions to show that. The place where there's a lot of transactions, where I think you're going to -- you're seeing the world already slow down as the cash homes, single-family homes.
I think that move in interest rates is effectively -- has very quickly slowed down the trajectory of pricing and transactions around the single-family home market.
Daniel Ismail -- Green Street Advisors -- Analyst
Got it. Thanks for the color.
Jordan Kaplan -- Chief Executive Officer
All right.
Operator
We have a follow-up question from Steve Sakwa from Evercore ISI. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Yeah. Thanks. Just a quick one. Jordan, I guess there was a story or an article about a potential mansion tax in L.A.
that would really go to fund homeless issues. And I mean, the article reads is if it's just on housing that's over like $10 million. I just wanted to be certain that was truly on housing and nothing on commercial.
Jordan Kaplan -- Chief Executive Officer
Yeah, I think that's a transfer tax. So calling it a mansion tax is a little bit of a strange name for it. I think it's -- just like in many of the cities, it's a transfer tax that was proposed. And it will have to make it due to -- people are kind of negative on taxes right now, and that might be one more thing.
And we don't look at all this stuff and see how to fight these various things. It's just a transfer tax.
Steve Sakwa -- Evercore ISI -- Analyst
OK. But just on single-family, not on either your type of residential and certainly not on commercial. Is that correct?
Jordan Kaplan -- Chief Executive Officer
To my knowledge, and I saw what you send me, which was so -- which I suspect is just extremely misleading, that article. To my knowledge, it's just a transfer tax. It just -- it doesn't matter if the house is industrial or anything else. It's just a transfer tax, right? The way they described it in the article you sent me, was so odd that -- I haven't heard of it there being something just on mansions, even though that's the way that newspaper happened to describe that.
Operator
We have no further questions. I will now hand back to Jordan Kaplan for closing remarks.
Jordan Kaplan -- Chief Executive Officer
OK. Well, thank you all for joining us, and we will speak to you again in a quarter.
Operator
[Operator signoff]
Duration: 47 minutes
Call participants:
Stuart McElhinney -- Vice President of Investor Relations
Jordan Kaplan -- Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
John Kim -- BMO Capital Markets -- Analyst
Manny Korchman -- Citi -- Analyst
Steve Sakwa -- Evercore ISI -- Analyst
Connor Mitchell -- Piper Sandler -- Analyst
Blaine Heck -- Wells Fargo Securities -- Analyst
Rich Anderson -- SMBC Nikko Securities -- Analyst
Dave Rodgers -- Robert W. Baird and Company -- Analyst
Bill Crow -- Raymond James -- Analyst
Daniel Ismail -- Green Street Advisors -- Analyst
More DEI analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q1 2022 Earnings Call May 04, 2022, 2:00 p.m. Operator [Operator signoff] Duration: 47 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Jamie Feldman -- Bank of America Merrill Lynch -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Connor Mitchell -- Piper Sandler -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird and Company -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Stuart McElhinney -- Vice President of Investor Relations Yeah, I think one of the strengths of our portfolio is kind of diverse our tenant base is and the demand drivers we have here, and that continues to be true.
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Operator [Operator signoff] Duration: 47 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Jamie Feldman -- Bank of America Merrill Lynch -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Connor Mitchell -- Piper Sandler -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird and Company -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q1 2022 Earnings Call May 04, 2022, 2:00 p.m. Jordan Kaplan -- Chief Executive Officer Well, I think the main reason we're collecting more on the cash side is even if people owe us money, almost everybody has come current.
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Operator [Operator signoff] Duration: 47 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Jamie Feldman -- Bank of America Merrill Lynch -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Connor Mitchell -- Piper Sandler -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird and Company -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q1 2022 Earnings Call May 04, 2022, 2:00 p.m. Jordan Kaplan -- Chief Executive Officer I don't think your question -- it's Jordan.
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Operator [Operator signoff] Duration: 47 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Jamie Feldman -- Bank of America Merrill Lynch -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Connor Mitchell -- Piper Sandler -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Robert W. Baird and Company -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q1 2022 Earnings Call May 04, 2022, 2:00 p.m. And then the new lease is a new lease that stands on its own at market rates.
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260fa030-6a9b-4211-9e73-aacf8efd2bfc
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724930.0
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2022-05-03 00:00:00 UTC
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Douglas Emmett (DEI) Q1 FFO Meet Estimates
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q1-ffo-meet-estimates
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nan
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nan
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.50 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.44 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this real estate investment trust would post FFO of $0.48 per share when it actually produced FFO of $0.48, delivering no surprise.
Over the last four quarters, the company has surpassed consensus FFO estimates two times.
Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $203.14 million for the quarter ended March 2022, missing the Zacks Consensus Estimate by 15.51%. This compares to year-ago revenues of $216.3 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Douglas Emmett shares have lost about 12.8% since the beginning of the year versus the S&P 500's decline of -12.8%.
What's Next for Douglas Emmett?
While Douglas Emmett has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Douglas Emmett: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus FFO estimate is $0.51 on $243.1 million in revenues for the coming quarter and $2.04 on $983.03 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the bottom 42% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, National Health Investors (NHI), has yet to report results for the quarter ended March 2022. The results are expected to be released on May 9.
This health care real estate investment trust is expected to post quarterly earnings of $1.12 per share in its upcoming report, which represents a year-over-year change of -9.7%. The consensus EPS estimate for the quarter has been revised 2.8% lower over the last 30 days to the current level.
National Health Investors' revenues are expected to be $69.7 million, down 13.8% from the year-ago quarter.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
National Health Investors, Inc. (NHI): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.50 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.50 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $203.14 million for the quarter ended March 2022, missing the Zacks Consensus Estimate by 15.51%.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.50 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $203.14 million for the quarter ended March 2022, missing the Zacks Consensus Estimate by 15.51%.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.50 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Over the last four quarters, the company has surpassed consensus FFO estimates two times.
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fa094152-14ee-4886-8a8d-8cd9f7967298
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724931.0
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2022-04-28 00:00:00 UTC
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Analysts Expect IVRA Will Reach $17
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DEI
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https://www.nasdaq.com/articles/analysts-expect-ivra-will-reach-%2417
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nan
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Invesco Real Assets ESG ETF (Symbol: IVRA), we found that the implied analyst target price for the ETF based upon its underlying holdings is $17.15 per unit.
With IVRA trading at a recent price near $15.59 per unit, that means that analysts see 9.98% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of IVRA's underlying holdings with notable upside to their analyst target prices are Clear Channel Outdoor Holdings Inc (Symbol: CCO), Agnico Eagle Mines Ltd (Symbol: AEM), and Douglas Emmett Inc (Symbol: DEI). Although CCO has traded at a recent price of $2.84/share, the average analyst target is 43.03% higher at $4.06/share. Similarly, AEM has 32.23% upside from the recent share price of $55.16 if the average analyst target price of $72.94/share is reached, and analysts on average are expecting DEI to reach a target price of $38.00/share, which is 25.37% above the recent price of $30.31. Below is a twelve month price history chart comparing the stock performance of CCO, AEM, and DEI:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
Invesco Real Assets ESG ETF IVRA $15.59 $17.15 9.98%
Clear Channel Outdoor Holdings Inc CCO $2.84 $4.06 43.03%
Agnico Eagle Mines Ltd AEM $55.16 $72.94 32.23%
Douglas Emmett Inc DEI $30.31 $38.00 25.37%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Invesco Real Assets ESG ETF IVRA $15.59 $17.15 9.98% Clear Channel Outdoor Holdings Inc CCO $2.84 $4.06 43.03% Agnico Eagle Mines Ltd AEM $55.16 $72.94 32.23% Douglas Emmett Inc DEI $30.31 $38.00 25.37% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of IVRA's underlying holdings with notable upside to their analyst target prices are Clear Channel Outdoor Holdings Inc (Symbol: CCO), Agnico Eagle Mines Ltd (Symbol: AEM), and Douglas Emmett Inc (Symbol: DEI). Similarly, AEM has 32.23% upside from the recent share price of $55.16 if the average analyst target price of $72.94/share is reached, and analysts on average are expecting DEI to reach a target price of $38.00/share, which is 25.37% above the recent price of $30.31.
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Three of IVRA's underlying holdings with notable upside to their analyst target prices are Clear Channel Outdoor Holdings Inc (Symbol: CCO), Agnico Eagle Mines Ltd (Symbol: AEM), and Douglas Emmett Inc (Symbol: DEI). Similarly, AEM has 32.23% upside from the recent share price of $55.16 if the average analyst target price of $72.94/share is reached, and analysts on average are expecting DEI to reach a target price of $38.00/share, which is 25.37% above the recent price of $30.31. Invesco Real Assets ESG ETF IVRA $15.59 $17.15 9.98% Clear Channel Outdoor Holdings Inc CCO $2.84 $4.06 43.03% Agnico Eagle Mines Ltd AEM $55.16 $72.94 32.23% Douglas Emmett Inc DEI $30.31 $38.00 25.37% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now?
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Similarly, AEM has 32.23% upside from the recent share price of $55.16 if the average analyst target price of $72.94/share is reached, and analysts on average are expecting DEI to reach a target price of $38.00/share, which is 25.37% above the recent price of $30.31. Three of IVRA's underlying holdings with notable upside to their analyst target prices are Clear Channel Outdoor Holdings Inc (Symbol: CCO), Agnico Eagle Mines Ltd (Symbol: AEM), and Douglas Emmett Inc (Symbol: DEI). Below is a twelve month price history chart comparing the stock performance of CCO, AEM, and DEI: Below is a summary table of the current analyst target prices discussed above:
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Invesco Real Assets ESG ETF IVRA $15.59 $17.15 9.98% Clear Channel Outdoor Holdings Inc CCO $2.84 $4.06 43.03% Agnico Eagle Mines Ltd AEM $55.16 $72.94 32.23% Douglas Emmett Inc DEI $30.31 $38.00 25.37% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of IVRA's underlying holdings with notable upside to their analyst target prices are Clear Channel Outdoor Holdings Inc (Symbol: CCO), Agnico Eagle Mines Ltd (Symbol: AEM), and Douglas Emmett Inc (Symbol: DEI). Similarly, AEM has 32.23% upside from the recent share price of $55.16 if the average analyst target price of $72.94/share is reached, and analysts on average are expecting DEI to reach a target price of $38.00/share, which is 25.37% above the recent price of $30.31.
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0a756ef4-456d-4bf7-ba41-357643a94466
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724932.0
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2022-04-26 00:00:00 UTC
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EastGroup Properties (EGP) Beats Q1 FFO and Revenue Estimates
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DEI
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https://www.nasdaq.com/articles/eastgroup-properties-egp-beats-q1-ffo-and-revenue-estimates
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nan
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nan
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EastGroup Properties (EGP) came out with quarterly funds from operations (FFO) of $1.68 per share, beating the Zacks Consensus Estimate of $1.62 per share. This compares to FFO of $1.45 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of 3.70%. A quarter ago, it was expected that this real estate investment trust would post FFO of $1.58 per share when it actually produced FFO of $1.62, delivering a surprise of 2.53%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
EastGroup Properties, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $112.97 million for the quarter ended March 2022, surpassing the Zacks Consensus Estimate by 1.78%. This compares to year-ago revenues of $97.93 million. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on theearnings call
EastGroup Properties shares have lost about 9.6% since the beginning of the year versus the S&P 500's decline of -9.9%.
What's Next for EastGroup Properties?
While EastGroup Properties has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for EastGroup Properties: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus FFO estimate is $1.64 on $113.19 million in revenues for the coming quarter and $6.67 on $458.62 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Douglas Emmett (DEI), has yet to report results for the quarter ended March 2022. The results are expected to be released on May 3.
This real estate investment trust is expected to post quarterly earnings of $0.50 per share in its upcoming report, which represents a year-over-year change of +13.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Douglas Emmett's revenues are expected to be $240.42 million, up 11.2% from the year-ago quarter.
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EastGroup Properties, Inc. (EGP): Free Stock Analysis Report
Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Another stock from the same industry, Douglas Emmett (DEI), has yet to report results for the quarter ended March 2022. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on theearnings call EastGroup Properties shares have lost about 9.6% since the beginning of the year versus the S&P 500's decline of -9.9%.
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Another stock from the same industry, Douglas Emmett (DEI), has yet to report results for the quarter ended March 2022. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report EastGroup Properties, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $112.97 million for the quarter ended March 2022, surpassing the Zacks Consensus Estimate by 1.78%.
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Another stock from the same industry, Douglas Emmett (DEI), has yet to report results for the quarter ended March 2022. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report EastGroup Properties (EGP) came out with quarterly funds from operations (FFO) of $1.68 per share, beating the Zacks Consensus Estimate of $1.62 per share.
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Another stock from the same industry, Douglas Emmett (DEI), has yet to report results for the quarter ended March 2022. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report EastGroup Properties (EGP) came out with quarterly funds from operations (FFO) of $1.68 per share, beating the Zacks Consensus Estimate of $1.62 per share.
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e4f9085b-78a0-4054-831a-1e6938920936
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724933.0
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2022-04-04 00:00:00 UTC
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DEI Makes Notable Cross Below Critical Moving Average
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DEI
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https://www.nasdaq.com/articles/dei-makes-notable-cross-below-critical-moving-average
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nan
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nan
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In trading on Monday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.26, changing hands as low as $33.20 per share. Douglas Emmett Inc shares are currently trading down about 1.6% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $29.38 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.16.
Free Report: Top 7%+ Dividends (paid monthly)
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Monday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.26, changing hands as low as $33.20 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $29.38 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.16. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Monday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.26, changing hands as low as $33.20 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $29.38 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.16. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Monday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.26, changing hands as low as $33.20 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $29.38 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.16. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Monday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.26, changing hands as low as $33.20 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $29.38 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.16. Douglas Emmett Inc shares are currently trading down about 1.6% on the day.
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16a1e283-2adc-450c-87d0-cc1f8af47b18
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724934.0
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2022-03-28 00:00:00 UTC
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Ex-Dividend Reminder: Paramount Group, Douglas Emmett and Kilroy Realty
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-paramount-group-douglas-emmett-and-kilroy-realty
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/22, Paramount Group Inc (Symbol: PGRE), Douglas Emmett Inc (Symbol: DEI), and Kilroy Realty Corp (Symbol: KRC) will all trade ex-dividend for their respective upcoming dividends. Paramount Group Inc will pay its quarterly dividend of $0.0775 on 4/15/22, Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 4/19/22, and Kilroy Realty Corp will pay its quarterly dividend of $0.52 on 4/13/22. As a percentage of PGRE's recent stock price of $10.97, this dividend works out to approximately 0.71%, so look for shares of Paramount Group Inc to trade 0.71% lower — all else being equal — when PGRE shares open for trading on 3/30/22. Similarly, investors should look for DEI to open 0.82% lower in price and for KRC to open 0.68% lower, all else being equal.
Below are dividend history charts for PGRE, DEI, and KRC, showing historical dividends prior to the most recent ones declared.
Paramount Group Inc (Symbol: PGRE):
Douglas Emmett Inc (Symbol: DEI):
Kilroy Realty Corp (Symbol: KRC):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 2.83% for Paramount Group Inc, 3.30% for Douglas Emmett Inc, and 2.70% for Kilroy Realty Corp.
In Monday trading, Paramount Group Inc shares are currently down about 0.6%, Douglas Emmett Inc shares are trading flat, and Kilroy Realty Corp shares are down about 0.6% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/22, Paramount Group Inc (Symbol: PGRE), Douglas Emmett Inc (Symbol: DEI), and Kilroy Realty Corp (Symbol: KRC) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for DEI to open 0.82% lower in price and for KRC to open 0.68% lower, all else being equal. Below are dividend history charts for PGRE, DEI, and KRC, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/22, Paramount Group Inc (Symbol: PGRE), Douglas Emmett Inc (Symbol: DEI), and Kilroy Realty Corp (Symbol: KRC) will all trade ex-dividend for their respective upcoming dividends. Paramount Group Inc (Symbol: PGRE): Douglas Emmett Inc (Symbol: DEI): Kilroy Realty Corp (Symbol: KRC): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for DEI to open 0.82% lower in price and for KRC to open 0.68% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/22, Paramount Group Inc (Symbol: PGRE), Douglas Emmett Inc (Symbol: DEI), and Kilroy Realty Corp (Symbol: KRC) will all trade ex-dividend for their respective upcoming dividends. Paramount Group Inc (Symbol: PGRE): Douglas Emmett Inc (Symbol: DEI): Kilroy Realty Corp (Symbol: KRC): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for DEI to open 0.82% lower in price and for KRC to open 0.68% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/22, Paramount Group Inc (Symbol: PGRE), Douglas Emmett Inc (Symbol: DEI), and Kilroy Realty Corp (Symbol: KRC) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for DEI to open 0.82% lower in price and for KRC to open 0.68% lower, all else being equal. Below are dividend history charts for PGRE, DEI, and KRC, showing historical dividends prior to the most recent ones declared.
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b0d8f2fa-51ea-4f60-aad9-274e873629d5
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724935.0
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2022-03-17 00:00:00 UTC
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Peek Under The Hood: IVRA Has 10% Upside
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DEI
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https://www.nasdaq.com/articles/peek-under-the-hood%3A-ivra-has-10-upside
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nan
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Invesco Real Assets ESG ETF (Symbol: IVRA), we found that the implied analyst target price for the ETF based upon its underlying holdings is $16.51 per unit.
With IVRA trading at a recent price near $15.02 per unit, that means that analysts see 9.98% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of IVRA's underlying holdings with notable upside to their analyst target prices are JBG SMITH Properties (Symbol: JBGS), Douglas Emmett Inc (Symbol: DEI), and Grupo Aeroportuario del Centro Norte SAB de CV (Symbol: OMAB). Although JBGS has traded at a recent price of $28.56/share, the average analyst target is 27.22% higher at $36.33/share. Similarly, DEI has 17.98% upside from the recent share price of $32.49 if the average analyst target price of $38.33/share is reached, and analysts on average are expecting OMAB to reach a target price of $61.45/share, which is 13.29% above the recent price of $54.24. Below is a twelve month price history chart comparing the stock performance of JBGS, DEI, and OMAB:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
Invesco Real Assets ESG ETF IVRA $15.02 $16.51 9.98%
JBG SMITH Properties JBGS $28.56 $36.33 27.22%
Douglas Emmett Inc DEI $32.49 $38.33 17.98%
Grupo Aeroportuario del Centro Norte SAB de CV OMAB $54.24 $61.45 13.29%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Invesco Real Assets ESG ETF IVRA $15.02 $16.51 9.98% JBG SMITH Properties JBGS $28.56 $36.33 27.22% Douglas Emmett Inc DEI $32.49 $38.33 17.98% Grupo Aeroportuario del Centro Norte SAB de CV OMAB $54.24 $61.45 13.29% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of IVRA's underlying holdings with notable upside to their analyst target prices are JBG SMITH Properties (Symbol: JBGS), Douglas Emmett Inc (Symbol: DEI), and Grupo Aeroportuario del Centro Norte SAB de CV (Symbol: OMAB). Similarly, DEI has 17.98% upside from the recent share price of $32.49 if the average analyst target price of $38.33/share is reached, and analysts on average are expecting OMAB to reach a target price of $61.45/share, which is 13.29% above the recent price of $54.24.
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Three of IVRA's underlying holdings with notable upside to their analyst target prices are JBG SMITH Properties (Symbol: JBGS), Douglas Emmett Inc (Symbol: DEI), and Grupo Aeroportuario del Centro Norte SAB de CV (Symbol: OMAB). Similarly, DEI has 17.98% upside from the recent share price of $32.49 if the average analyst target price of $38.33/share is reached, and analysts on average are expecting OMAB to reach a target price of $61.45/share, which is 13.29% above the recent price of $54.24. Invesco Real Assets ESG ETF IVRA $15.02 $16.51 9.98% JBG SMITH Properties JBGS $28.56 $36.33 27.22% Douglas Emmett Inc DEI $32.49 $38.33 17.98% Grupo Aeroportuario del Centro Norte SAB de CV OMAB $54.24 $61.45 13.29% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now?
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Similarly, DEI has 17.98% upside from the recent share price of $32.49 if the average analyst target price of $38.33/share is reached, and analysts on average are expecting OMAB to reach a target price of $61.45/share, which is 13.29% above the recent price of $54.24. Three of IVRA's underlying holdings with notable upside to their analyst target prices are JBG SMITH Properties (Symbol: JBGS), Douglas Emmett Inc (Symbol: DEI), and Grupo Aeroportuario del Centro Norte SAB de CV (Symbol: OMAB). Below is a twelve month price history chart comparing the stock performance of JBGS, DEI, and OMAB: Below is a summary table of the current analyst target prices discussed above:
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Invesco Real Assets ESG ETF IVRA $15.02 $16.51 9.98% JBG SMITH Properties JBGS $28.56 $36.33 27.22% Douglas Emmett Inc DEI $32.49 $38.33 17.98% Grupo Aeroportuario del Centro Norte SAB de CV OMAB $54.24 $61.45 13.29% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of IVRA's underlying holdings with notable upside to their analyst target prices are JBG SMITH Properties (Symbol: JBGS), Douglas Emmett Inc (Symbol: DEI), and Grupo Aeroportuario del Centro Norte SAB de CV (Symbol: OMAB). Similarly, DEI has 17.98% upside from the recent share price of $32.49 if the average analyst target price of $38.33/share is reached, and analysts on average are expecting OMAB to reach a target price of $61.45/share, which is 13.29% above the recent price of $54.24.
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35bc7058-40d6-4091-906a-d8554d9eeef9
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724936.0
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2022-03-04 00:00:00 UTC
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Daily Dividend Report: DLR,MDT,DEI,AVGO,RGLD
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DEI
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https://www.nasdaq.com/articles/daily-dividend-report%3A-dlrmdtdeiavgorgld
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nan
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nan
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Digital Realty, the leading global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today that its board of directors has authorized quarterly cash dividends for common and preferred stock for the first quarter of 2022.
"Our board of directors has approved a 5% increase in our quarterly common stock cash dividend to $1.22 per share, reflecting confidence in the underlying strength of our business as well as the strength of the recurring cash flows that support a steadily growing and well covered dividend, while retaining capital to fund future growth opportunities," commented Andrew P. Power, President and Chief Financial Officer. "This marks the 17th consecutive year we have grown our dividend, and we are pleased to be among a select group of REITs to have raised the dividend each and every year since our initial public offering in 2004." Digital Realty's board of directors authorized a cash dividend of $1.22 per share to common stockholders of record as of the close of business on March 15, 2022. The common stock cash dividend will be paid on March 31, 2022.
The board of directors of Medtronic on Thursday, March 3, 2022, approved the fiscal year 2022 fourth quarter cash dividend of $0.63 per ordinary share, representing an 8.6 percent increase over the prior year. This quarterly declaration is consistent with the dividend announcement made by the company in May 2021. Medtronic is a constituent of the S&P 500 Dividend Aristocrats index, having increased its annual dividend payment for the past 44 consecutive years. The dividend is payable on April 22, 2022, to shareholders of record at the close of business on March 25, 2022.
Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on April 19, 2022 to shareholders of record as of March 31, 2022.
Broadcom's Board of Directors has approved a quarterly cash dividend on its common stock of $4.10 per share. The common stock dividend is payable on March 31, 2022 to common stockholders of record at the close of business on March 22, 2022.
Royal Gold announced today that its Board of Directors has declared its second quarter dividend of $0.35 per share of common stock. The dividend is payable on April 14, 2022, to shareholders of record at the close of business on April 1, 2022.
VIDEO: Daily Dividend Report: DLR,MDT,DEI,AVGO,RGLD
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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VIDEO: Daily Dividend Report: DLR,MDT,DEI,AVGO,RGLD The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. "Our board of directors has approved a 5% increase in our quarterly common stock cash dividend to $1.22 per share, reflecting confidence in the underlying strength of our business as well as the strength of the recurring cash flows that support a steadily growing and well covered dividend, while retaining capital to fund future growth opportunities," commented Andrew P. Power, President and Chief Financial Officer. Digital Realty's board of directors authorized a cash dividend of $1.22 per share to common stockholders of record as of the close of business on March 15, 2022.
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VIDEO: Daily Dividend Report: DLR,MDT,DEI,AVGO,RGLD The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. "Our board of directors has approved a 5% increase in our quarterly common stock cash dividend to $1.22 per share, reflecting confidence in the underlying strength of our business as well as the strength of the recurring cash flows that support a steadily growing and well covered dividend, while retaining capital to fund future growth opportunities," commented Andrew P. Power, President and Chief Financial Officer. Digital Realty's board of directors authorized a cash dividend of $1.22 per share to common stockholders of record as of the close of business on March 15, 2022.
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VIDEO: Daily Dividend Report: DLR,MDT,DEI,AVGO,RGLD The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Digital Realty, the leading global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, announced today that its board of directors has authorized quarterly cash dividends for common and preferred stock for the first quarter of 2022. "Our board of directors has approved a 5% increase in our quarterly common stock cash dividend to $1.22 per share, reflecting confidence in the underlying strength of our business as well as the strength of the recurring cash flows that support a steadily growing and well covered dividend, while retaining capital to fund future growth opportunities," commented Andrew P. Power, President and Chief Financial Officer.
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VIDEO: Daily Dividend Report: DLR,MDT,DEI,AVGO,RGLD The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Digital Realty's board of directors authorized a cash dividend of $1.22 per share to common stockholders of record as of the close of business on March 15, 2022. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on April 19, 2022 to shareholders of record as of March 31, 2022.
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bc7edfaa-e382-4e32-a432-cb49acec6013
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724937.0
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2022-02-18 00:00:00 UTC
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First Week of October 21st Options Trading For Douglas Emmett (DEI)
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DEI
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https://www.nasdaq.com/articles/first-week-of-october-21st-options-trading-for-douglas-emmett-dei
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nan
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the October 21st expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 245 days until expiration the newly trading contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new October 21st contracts and identified one put and one call contract of particular interest.
The put contract at the $30.00 strike price has a current bid of $1.40. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $30.00, but will also collect the premium, putting the cost basis of the shares at $28.60 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $32.62/share today.
Because the $30.00 strike represents an approximate 8% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 67%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 4.67% return on the cash commitment, or 6.95% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $30.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $35.00 strike price has a current bid of $1.00. If an investor was to purchase shares of DEI stock at the current price level of $32.62/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $35.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 10.36% if the stock gets called away at the October 21st expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red:
Considering the fact that the $35.00 strike represents an approximate 7% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 60%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 3.07% boost of extra return to the investor, or 4.57% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 63%, while the implied volatility in the call contract example is 54%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 254 trading day closing values as well as today's price of $32.62) to be 29%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 7% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the October 21st expiration.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 7% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the October 21st expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new October 21st contracts and identified one put and one call contract of particular interest.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 7% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the October 21st expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new October 21st contracts and identified one put and one call contract of particular interest.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new October 21st contracts and identified one put and one call contract of particular interest. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 7% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the October 21st expiration.
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6534eab3-1948-4333-8624-a491a0f9f038
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724938.0
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2022-02-10 00:00:00 UTC
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Douglas Emmett (DEI) Q4 2021 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q4-2021-earnings-call-transcript
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nan
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nan
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q4 2021 Earnings Call
Feb 09, 2022, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterlyearnings call Today's call is being recorded. [Operator instructions].
I will now turn the conference over to Stuart McElhinney, vice president of investor relations for Douglas Emmett.
Stuart McElhinney -- Vice President of Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the investor relations section of our website. [Operator instructions].
Thank you. I will now turn the call over to Jordan.
Jordan Kaplan -- Chief Executive Officer
Good morning, everyone. Thank you for joining us. We continue to recover from the impacts of the pandemic. In 2021, we leased more office space than in any prior year with strong tenant retention above 70%.
In addition, we kept our lease transaction costs meaningfully below our pre-pandemic averages. Our multifamily properties are fully leased, with average rent roll-up this quarter in excess of 8% across our portfolio. We completed construction of our 376-unit residential high-rise in Brentwood and delivered 101 new apartment units last year at our conversion project in Honolulu. Leasing at each project has exceeded our expectations.
In 2021, we completed over $1.3 billion in financing transactions. Our average interest rate is now only 2.89%, and our next maturity is not until December 2024. We continue to convert noncash to cash revenue. During 2021, our cash revenue represented over 99% of our total revenue.
We estimate our office utilization at 70%. Despite lingering uncertainty around COVID, I remain optimistic about our improving fundamentals and our development pipeline that Kevin will discuss in more detail. Kevin?
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. As Jordan mentioned, we are excited to report that we have completed construction of Landmark Los Angeles, our 376-unit Brentwood residential tower. This is the first new residential high-rise development west of the 405 Freeway in more than 40 years, offering stunning ocean views and luxury amenities. We have already pre-leased just under 100 units, and expect tenants to move in over the next month.
At 1132 Bishop, our downtown Honolulu office to residential conversion, we have completed all our common areas and amenities, and approximately half of our planned 493 units. The remainder of the units will be constructed in phases as office tenants move out. Given our progress at these two properties, we are focused on our next development projects. As we have mentioned in the past, we own a number of sites in Los Angeles and Honolulu that accommodate new ground-up residential development, and we would expect to continue to finance our new development, primarily through our excess operating cash flow.
In addition, we continue to modernize and upgrade our portfolio through asset repositionings. In 2021, our repositioning program focused on two office buildings and two residential properties. In 2022, we plan to start repositioning an additional three office buildings. During the fourth quarter, we refinanced another $300 million of debt.
The new secured nonrecourse interest-only term loan matures in January 2029, with interest effectively fixed at 2.66%. Our overall portfolio weighted average interest rate is fixed at only 2.89%. And we have no outstanding debt maturing for nearly three years. Although property sales in our markets remain slow, I am hopeful that 2022 will bring more transactions to the market.
Our access to liquidity remains excellent with over $330 million of cash on our balance sheet, nothing drawn on our credit line, good cash flow after dividends, strong JV relationships, low leverage, and approximately half of our office properties unencumbered. Stuart?
Stuart McElhinney -- Vice President of Investor Relations
Thanks, Kevin. Good morning, everyone. We continue to see good leasing demand from the diverse set of industries in our markets. In Q4, we signed 216 office leases, covering 858,000 square feet, consisting of 254,000 square feet of new leases and 604,000 square feet of renewal leases.
For all of 2021, we signed 910 office leases, covering 3.7 million square feet, including 1.2 million square feet of new leases and 2.5 million square feet of renewals, that is our highest leasing volume since becoming a public company. Our leasing spreads during the fourth quarter were positive 3.5% for straight line and negative 9.7% for cash. We are focused on recovering occupancy at this point in the cycle and expect rent spreads to remain choppy until our leased rate climbs back near 90% with an upward trend. Our leasing costs this quarter were $5.03 per square foot per year, in line with our recent trends and well below our Benchmark Group average.
Turning to multifamily. Our portfolio remains essentially full at 99.3% leased. We saw further strengthening in rents during Q4 with average rent roll-ups for new tenants over 8%. With that, I'll turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. Turning to our results compared to the fourth quarter of 2020, revenues increased by 10.9%, FFO increased by 5.3% to $0.48 per share, AFFO increased 20.1% to $91.3 million, and same-property cash NOI increased by 19.1%. Our G&A remains very low relative to our benchmark group at only 5% of revenues.
As we see promising signs of the pandemic abating, we are resuming full year guidance. For 2022, we expect FFO to be between $2.01 and $2.07 per share. For information on assumptions underlying our guidance, please refer to the schedule in the earnings package. As usual, our guidance does not assume the impact of future acquisitions, dispositions, or financings.
I will now turn the call over to the operator, so we can take your questions.
Questions & Answers:
Operator
Thank you. [Operator instructions]. Our first question comes from Alexander Goldfarb with Piper Sandler. Alexander, your line is now open.
Alexander Goldfarb -- Piper Sandler -- Analyst
Great. Good morning up there. Hey. How are you? And sorry, I've been -- a busy earnings day.
So two questions. The first question, big picture, is if you look in Southern California this apartment earnings season, the rent growth rebound has been phenomenal. All the apartment REITs have spoken about the amount of demand they've gotten to the apartments, the amount that content is driving employment in L.A. And when we look at your leasing, you guys have been phenomenal in the leasing, but it's still like a treadmill.
So I guess the question is, is there a read-through between the strong apartment results and the strong employment that's driving that, that we should start to see that translate to positive absorption in the next few quarters? Or you would say, hey, while the two logically would seem to be tied in this case, there's not necessarily that direct correlation?
Jordan Kaplan -- Chief Executive Officer
Well, population definitely correlates to more full real estate, so that's simply said. But I got -- I think we are seeing -- you've seen our leasing has been recovering for a while now. I mean, if you think about it, we lost 6% -- 600 basis points during this entire sort of COVID recession. 500 of it was in 2020.
Over 80 -- 86 or 90 of it was in the first quarter. And then the following three quarters of the last year, we pretty much broke even with the last two quarters being positive. So I mean, I think we're already seeing that office, at least on the leasing front recovery. Now you already know that we've told you that we think the utilization is way up.
So I mean maybe it's because of the -- if you're around the residential leasing, it certainly has been spectacular.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. So that -- so it sounds like there's -- than what you just described, it sounds like we should expect this trend to continue, and we should see you guys gain traction, that positive absorption on the lease rate translates to occupancy growing as we go on over the course of this year?
Jordan Kaplan -- Chief Executive Officer
Yes. I mean when you're talking about a subject like this, should and hope to kind of go together. But yes, I think I probably agree with you.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. We love should and hope. The next question is you announced in the press release about starting next three batch of buildings on the rehab program. Historically, you've discussed that you only do that when you view that you can get rent that's commensurate with the spending.
And you guys don't really have competitive supply that's -- there's probably less defensive capex. So is the read-through from that, that you think that rent growth is coming. So by the time that these upgrades deliver, rents will be higher? Or is part of this just defensive just to encourage tenants to come back to the office and make sure that they aren't relocating to other parts of the West side, I don't know, maybe down it's go maybe just away or imply investor other places?
Jordan Kaplan -- Chief Executive Officer
Well, there's two things there. Number one, let me just say, I definitely think we'll recover our occupancy get back in the 90s, and you'll see meaningful rent growth. So that's 100%, I think that's happening. Now separately, when you say just redoing the buildings, does that mean we think we'll get rent growth? It's not rent growth at that.
I think we'll get a marginal as compared to them not being done, I think we'll get higher rent in that building as a result of redoing that building. That's not a statement about rent growth across the whole community. That's just a statement that I think that when we spend this money to redo the building, we're going to get sudden such more per foot in rent, and that justifies that money being spent. So I definitely still feel that way.
I think that the segregation of the nicer to medium to low-end buildings and the difference in rents that you get is just getting that gap just even gapping out more. So it's really well spent money and we're experiencing that we're getting much higher returns when we do that. But just putting that aside, I have absolutely no doubt in my mind that we will recover the occupancy that we lost during the pandemic and that we will see rent recover with that process, especially once -- as Stuart said, once we get back to approaching that 90% number, I think it will recover smartly.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. OK. Thank you, Jordan.
Jordan Kaplan -- Chief Executive Officer
Thanks.
Operator
Thank you, Alexander. Our next question comes from Craig Mailman with KeyBanc Capital Markets. Craig, your line is now open.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Hey, guys. Maybe just a follow-up on the occupancy and I ask in a different way. And Jordan, I appreciate your commentary, but if you look at guidance, you guys are kind of flat on occupancy for the year from where you ended. And your -- you had an easier fourth quarter from an expiration schedule and then it kind of ramps up again in '22 and accelerates in '23 and '24.
So I'm just kind of curious what on the demand side do you see accelerating further for you guys to keep retention high here, get back that 500 basis points? And kind of when do you see rent growth pick back up in that context?
Jordan Kaplan -- Chief Executive Officer
So I know -- and it's a proxy. It's not a perfect proxy. I know you're using occupancy instead of lease rate. When we -- when I'm trying to predict where we're headed, I look more at lease rate than occupancy.
Because as you've already seen in the past, lease rate and occupancy can gap out, which is always positive. Because when you're doing a lot of leasing, you'll gap out against occupancy, right, because you got more leases done, it takes time for them to move in. So when you ask about the next two years or the next year. I don't think the roll -- it might be slightly, slightly higher, it's not meaningfully higher.
It's -- if you look at our historical of the next two years that we're facing, they don't look very different than the two years we're about to face. Separate from that, I do think we -- when you ask just the separate question, why would I from that think that we're going to recover or regain, I'm seeing us average over 800,000 feet a quarter now with very strong renewal, and we've been doing that now for, I guess, three quarters. And I know that when we get into those kinds of numbers, we start gaining on leasing. And so I know if we do the leasing, the occupancy will catch-up and catch us as people are moving in, that's what makes me optimistic about what's coming.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
OK. And so, Stuart, I guess, to the commentary is once you get to that 90% lease rate, you guys feel better about spreads picking back up, not necessarily getting the spread to narrow to occupancy? I just want to try to be clear.
Jordan Kaplan -- Chief Executive Officer
Well, certainly, when you get over 90%, first of all, it's hard to make meaningful gains, right? I mean, you saw we were up at like 93%, 97% or something. And so we were still inching up. I think we felt like 95% was kind of where we would end up until we hit this recession. But at that time, you saw the leased occupied a crunched way down because your churn on the amount of new people moving in shrunk way down.
And so then you're not going to have as big of a spread as we have right now where we're doing a lot of leasing and filling space that was vacated to catch-up from 86% to the 87% to the 88%, whatever.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
All right. And then just one quick one. As you guys restarted --
Kevin Crummy -- Chief Investment Officer
I was just going to Craig, but you're right. I was speaking about the leased rate moving over 90% where we think we'll be able to push on rate.
Jordan Kaplan -- Chief Executive Officer
Rental rate.
Kevin Crummy -- Chief Investment Officer
On Rental rate. Yes.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Right. OK. And then just one quick one on as you guys restart the redevelopment program, kind of what's the -- how quickly do you get back to that kind of maybe $200 million of annual spend you guys had talked about pre-COVID?
Jordan Kaplan -- Chief Executive Officer
Immediately. Now we're there.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
OK.
Jordan Kaplan -- Chief Executive Officer
We're doing that.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
OK. Great. Appreciate it.
Jordan Kaplan -- Chief Executive Officer
Thanks.
Operator
Thank you, Craig. Our next question comes from Elvis Rodriguez with Bank of America. Elvis, your line is now open.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Thank you. Good morning, guys. A quick question. I think you mentioned that rental rates are kind of back or rents are kind of back to pre-COVID levels, but that cash spread was negative in 4Q.
Can you help us sort of think about the two statements -- the statement you made relative to the actual leasing spread?
Stuart McElhinney -- Vice President of Investor Relations
I think we may have been speaking about residential, if you're thinking of rents being back to pre-pandemic levels. We're seeing that for sure on our multifamily business. On the office side, our rental rates are down, as you'd expect from pre-pandemic levels.
Jordan Kaplan -- Chief Executive Officer
Which gap are you talking? I didn't know what the gap. Elvis?
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Yes. No, no, no. Well, the gap spreads were positive in 4Q, but I thought I heard a comment that on a GAAP basis or maybe rents were sort of back to pre-COVID level from that perspective. And so I was just trying to -- to make the correlation between the two?
Jordan Kaplan -- Chief Executive Officer
Yes, no, we didn't make that comment. I mean, as tenants are paying and -- go ahead that answer. I'm not sure. I mean, if you're just looking at the same-store growth, the huge same-store growth, it's because it's a great comparison period because -- you look at the fourth quarter of '21, you compared to the fourth quarter of '20, and like that's such an easy comparison.
So that number is way up. But that has more to do with comparison than something of rent -- of saying rents have risen.
Stuart McElhinney -- Vice President of Investor Relations
It sounds like you misheard us, Elvis, on the office side.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
All right. Sorry about that, so. And then in terms of -- Stuart, you mentioned the volatility and rents are going to be choppy until you get some sort of high -- into the high occupancy levels and the market sort of stabilizes. Can you talk about what we should be seeing quarter to quarter throughout the year or what your expectations are?
Stuart McElhinney -- Vice President of Investor Relations
Very hard to predict because we have -- we do a lot of leases. We do over 200 leases a quarter, and we're still having plenty of leases that are rolling up. But on average, the -- on a cash basis, they've been rolling down. So you can see quarters were depending on what submarket you're doing more leases in or what leases actually get signed, that move -- that number can move around a lot.
We've seen that through the cycle where this number is really hard to predict. We spent a lot of time on successfully trying to predict it. So that was my comment about it being choppy. Hopefully, we see this moving back in the right direction as rent will follow occupancy up.
But at this point, to see the cash spreads negative, now it's not surprising. Glad that the overall economics with our strong rent bumps in the leases that we're still getting keeps those gap spreads positive at this point.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Thank you.
Operator
Thank you, Elvis. Our next question comes from Steve Sakwa with Evercore. Steve, your line is now open.
Steve Sakwa -- Evercore ISI -- Analyst
Yes. Thanks. Good morning. Jordan, I guess, as we sort of think about the model and the numbers.
One of the big swing factors to me seems to be the retention rate. And I know in your press release, you mentioned that you were 70% in '21, which, if memory serves me, I thought long term, the longer-term average was probably closer to 60. So I'm just curious, what are you embedding in your 84, 86% range because that just seems to be the big swing factor in terms of how quickly you can regain the occupancy?
Jordan Kaplan -- Chief Executive Officer
So in terms of retention, our historical retention is like 69.8, some number like that. So that's our normal retention. And I said it was above 70, and my recollection is, but Peter can correct me, I think it's 72 was last --
Peter Seymour -- Chief Financial Officer
Yes. Something like that. Yes.
Jordan Kaplan -- Chief Executive Officer
Which makes a big difference. I mean, I know that -- I will tell you that number loves to be like between 69.5 and 70. So it's almost odd that we got so far above 70 last year. And so we mentioned it.
Now your next question was, I think, how do we get from, what, 87 back to 93 in terms of our lease rate? Is that what it is?
Peter Seymour -- Chief Financial Officer
[Inaudible] assumption was for retention in our guidance for 2020?
Jordan Kaplan -- Chief Executive Officer
Our -- it's pretty much typically right there in the high-60s, it always is. We might have a little bit of info about what some tenants are doing. But statistically, there's so many tenants moving in and out all the time that the averages tend to dominate. You can have quarters that are way off.
You can have a quarter that's very low, and then you got a quarter that's very high. But whenever you look at a block a quarter, say, four quarters or whatever, it's just extremely hard to get free of that number of, say, call it, 69.5.
Steve Sakwa -- Evercore ISI -- Analyst
OK. So it sounds like for modeling purposes, you generally use 70 kind of as a placeholder for kind of retention and then you've got obviously backfill the 30% that's obviously not renewing?
Jordan Kaplan -- Chief Executive Officer
Well, our model is very complicated, but I probably if I view that, that I would do. Yes. I'm sure we spend a lot of time trying to guess what everyone is doing, but I suspect it comes out. Like I said, it's like 69.8 or something, it's an odd number.
Steve Sakwa -- Evercore ISI -- Analyst
OK. And then second question, you sort of mentioned the other development sites that you have for residential with the Brentwood project sort of completed here. What are your thoughts on starting a new ground-up development, whether it's something in Hawaii or on maybe a redevelopment or knockdown type opportunity in L.A?
Jordan Kaplan -- Chief Executive Officer
My thoughts are as we're doing it and we're working on it. We got politicians coming back in the office. We're talking to them. We're putting together all the pictures and all the stuff to show to them, and we're saying that's what we want to do next.
And we hope you're behind it since like all the -- both Hawaii and in L.A., people are talking about housing. And so we're fully working on it.
Stuart McElhinney -- Vice President of Investor Relations
And, Steve, I think we'd like to have projects going in both Hawaii and in L.A --
Jordan Kaplan -- Chief Executive Officer
Correct.
Stuart McElhinney -- Vice President of Investor Relations
Concurrently.
Jordan Kaplan -- Chief Executive Officer
Yes.
Steve Sakwa -- Evercore ISI -- Analyst
So you think it's likely that you could have actual announcements this year? Or is it just the gestation period of getting these to the finish line sort of longer than, say, the next calendar year here?
Jordan Kaplan -- Chief Executive Officer
I would say -- I mean I'm hopeful of some -- I mean when we announced it, I mean, in fact we have announced it right now because I know we're going to try to make that happen. I think we won't make it happen in both places. Now it's such a long process and it process going. I mean, I'm doing it right now.
So maybe we announced breaking ground or something. I don't know if that would have to be near the end of the year. But we're doing it right now. We're doing -- we're -- the basics of your question is, are you guys working as quickly as possible to start construction on new projects in L.A.
and in Hawaii? And the answer is, yes. And talking to cities and contractors and architects and the whole thing.
Steve Sakwa -- Evercore ISI -- Analyst
Got it. Thank you.
Jordan Kaplan -- Chief Executive Officer
Thanks.
Operator
Thank you, Steve. Our next question comes from John Kim with BMO Capital Markets. John, your line is now open.
John Kim -- BMO Capital Markets -- Analyst
Thank you. You guys talked about the importance of the leased rate, just given that you get the pricing power at 90%. Can you give any indication of where you think that lease rate is by the end of the year?
Jordan Kaplan -- Chief Executive Officer
Where are we?
Peter Seymour -- Chief Financial Officer
John, no, we give guidance on occupancy. We're not going to give leased -- we're not going to give guidance on leased rate as well. Obviously, we're hopeful that it continues to go up. We've been doing a lot of leasing.
Demand has been really good. But we gave you the guidance that we're going to give, which is on occupancy.
Jordan Kaplan -- Chief Executive Officer
We -- did you ask something in the last year?
Peter Seymour -- Chief Financial Officer
No, at the end of this year.
Jordan Kaplan -- Chief Executive Officer
Are you asking at the end of this year? John?
John Kim -- BMO Capital Markets -- Analyst
Yes.
Jordan Kaplan -- Chief Executive Officer
I'll tell you, just a minute in the last year, but -- OK.
John Kim -- BMO Capital Markets -- Analyst
Well, I'll put it another way, it took you six quarters at the last recession to get from trust leased rate to 90%. I'm assuming it's going to take a little bit longer this year because that will take you to the end of this year to get from trough to 90. Is that a fair assumption just given uncertainty in the market and you're starting off a lower leased rate that you did last recession?
Jordan Kaplan -- Chief Executive Officer
You're trying to figure out when we're going to be able to put pressure on rents?
John Kim -- BMO Capital Markets -- Analyst
Pretty much.
Jordan Kaplan -- Chief Executive Officer
Yes. I mean, I don't know. You know what, I think things are really opening up. I don't want to like be really optimistic and then don't be wrong.
But I'm optimistic that the economy is opening up, and I see it opening here. And I see the state saying master going off in like next week and kids are at school, and I mean all the stuff is happening and these are getting going. Now all of that bodes extremely well. I mean, right up in the elevator this morning with a girl that I watched, or she was getting a new parking card.
And I go get your parking card and said, well, we're all back in now, and I lost my parking card for being home so long, now we're all back in. So that's going on everywhere, OK? So with all that going on, I'm pretty positive that we should have a good year, but I don't know where we'll really play out. I mean we have a whole year ahead of us. And we've been through like paddle kind of lacking over the last seven quarters.
So we've got to see it play out.
John Kim -- BMO Capital Markets -- Analyst
OK. My next -- second question is on Landmark. You gave the leased percentage, which is roughly 25%. Where does occupancy trend for the year? Just so we can model what the contribution is for this year versus next? And also, what is -- what ended up being your yield on the development versus your initial expectations?
Jordan Kaplan -- Chief Executive Officer
So we already have said that we think we build it for a cap rate that's above a seven and we'll have the answer when we finish leasing it, but I'm extremely confident that it's above the seven. And so I'd like to wait and see as that plays out, where we end up. But having only leased one-fourth of it, I can say it's well above seven, but I don't want to say where it's at because we've got to finish leasing it. How does that trend up? That's a tougher one.
I mean, I don't know, if you guys have any type or anything for that or?
Kevin Crummy -- Chief Investment Officer
Yes, we -- it's Kevin. We're thinking that it's probably going to be a two-year lease-up on this. And so we're just opening up. So by the end of the year, you should have about half leased if things go as we're hoping.
John Kim -- BMO Capital Markets -- Analyst
That's great. Thank you so much.
Jordan Kaplan -- Chief Executive Officer
Did that answer it for you? Thanks.
John Kim -- BMO Capital Markets -- Analyst
Yes.
Jordan Kaplan -- Chief Executive Officer
Danny? Or --
Kevin Crummy -- Chief Investment Officer
Operator?
Operator
Thank you, John. Our next question comes from Manny Korchman with Citi. Manny, your line is now open.
Manny Korchman -- Citi -- Analyst
Jordan, you jumped ahead there. I thought that I'd missed something.
Jordan Kaplan -- Chief Executive Officer
Well, I was ready to start backing it.
Manny Korchman -- Citi -- Analyst
Given everything we've talked about with whether it be the fact that it might be a tenants -- the pricing power might be with a tenant right now or that people are confident in making their decisions. Are you seeing tenants come to you to renew early? And how are you thinking about those given the fact that you'll have better pricing power if you get to 90%, but if you can lock them in now, then you've got the surety of that tenant renewing?
Jordan Kaplan -- Chief Executive Officer
So for sure, tenants are coming to us say there was money and saying, "Hey, can I renew at the same time to spread this out." So yes, that's definitely happening. And you've seen our collections just keep rising and that's one of the ways that they're rising, right? Now the second thing of -- since we have a pretty positive view on where things are going, do we want to gain the system and hold off or press for to do shorter deals and press for higher rates? And there's never been a market where we've done that. We always meet the market. We signed the longer leases, and we have so much churn that we're always able to pick up.
When there's gains in rate, we pick it up. But we just lease to the market. And I don't -- I think actually we probably put on a cash basis at the bottom line. I think we actually do better that way than trying to top tick rates or gain our leasing program for winning.
Michael Bilerman -- Citi -- Analyst
Jordan, it's Michael Bilerman here with Manny. Just as a follow-up, I was thinking about sources and uses of capital as you ramp up the desire for redevelopment and development opportunities as well as continuing the scour of the acquisition market. How are you thinking about funding those capital needs? And do you sort of have some goal posts in mind in terms of how much capital you're looking to deploy, let's say, over the next two to three years, and where that's going to come from? And I suspect your stock is not going to be high on your list given it's a large discount to its inherent value. But I'm not sure if you're actively seeking to sell assets or enter the joint ventures in order to fund this increased spend and not take leverage up?
Jordan Kaplan -- Chief Executive Officer
OK. So first, my goal, we hope to put out between 200 and 400 million a year of new capital. The company itself actually generates a significant amount of free cash flow even after the dividend, somewhere in the 150 million range, OK? So you're saying beyond that number, where does the rest of the money come from? And I mean, we're obviously, we're sitting on a lot of cash right now, and we have credit lines, and we have low leverage. And we have joint venture partners that are anxious to be getting the stuff.
And that would be all the methods. You correctly stated that considering where stock prices are, that would not be -- that would be extremely low on the list.
Michael Bilerman -- Citi -- Analyst
Do you have dispositions that you're working on? I mean, are you trying to generate more capital at this point? Look, I know it's hard to buy, which means maybe it could be a good time to sell some things?
Jordan Kaplan -- Chief Executive Officer
I don't -- I mean if you're saying do, we have any building for selling? We sold the one building I wanted to sell and that was Honolulu, but beginning of last year. Maybe it was the end of '20.
Peter Seymour -- Chief Financial Officer
End of '20.
Michael Bilerman -- Citi -- Analyst
They'll blend it to each other these days. OK. All right. Thanks for the time.
See you in Florida.
Jordan Kaplan -- Chief Executive Officer
See you.
Operator
Thank you, Manny. Our next question comes from Blaine Heck with Wells Fargo. Blaine, your line is now open.
Blaine Heck -- Wells Fargo Securities -- Analyst
Great. Thanks. Just a follow-up on that and maybe take the other side of that, that question. Given your low leverage profile and meaningful discounts to NAV, your high implied cap rate, however you want to look at it, and kind of the lack of acquisitions that you've seen the bid on recently.
I know you've addressed this, Jordan, on prior calls. But just for an update, does it make sense to get active on share buybacks here? Or do you think you want to keep that dry powder for developments and other opportunistic acquisitions that might come about in the future?
Jordan Kaplan -- Chief Executive Officer
Well, Obviously, I'll say -- I mean, I know you're right, I've said this in the past. I mean, I've been buying our stock. I personally been buying our stock. But -- and I believe our stock is a very good buy.
But I don't -- when you talk about the company, it's a much more complicated decision because the company -- our business isn't to be participating in the stock market and guessing of ups and downs of the stock market and where the stock is going. Our business is to run the real estate and let the stock market run itself. And frankly, I'm wrong a lot by what I think is taking a lot of times. I think while we're killing it and the stock goes down and other times it goes high.
So I don't think I'm not good at predicting that. So let's start with that. Secondly, it's not -- that you would never buy back your stock because I have bought back our stock, but it's a complicated decision because unless you're selling something, it means your de facto, you're increasing leverage and you're taking away the opportunity to do some of these other things, whether it be development or an acquisition or whatever that may be. So that's a -- you have to really be not just a little thing, it's a good idea, you got to be wildly in extreme position to choose to raise your leverage, buy back your stock when you're not an expert in the stock market and then obviously reduce the range of things that you can now do vis-a-vis acquisitions or development projects or redevelopment projects.
So that's why you don't see us really -- that's why you see it being a very rare activity for us.
Blaine Heck -- Wells Fargo Securities -- Analyst
OK. That's helpful. And then for my second question, can you just talk about kind of the underlying health of your smaller tenants? We saw a small business optimism numbers erode in January and some of the commentary heard around that release was that these small businesses were struggling to handle the increase in inflation and associated increase in costs for their businesses. I know your tenant base is probably a lot different than the average business that's included in these studies.
But when you talk to your tenants, are you hearing any rumors that are having trouble keeping up with the rising costs or even wage inflation?
Jordan Kaplan -- Chief Executive Officer
So I think probably in small retailers, that's the case, although I actually think even our retail is pretty healthy at this point. But now you're saying our office tenants, I think they should be embarrassed to how much money they're making of anybody that hasn't paid us their rent. So that definitely is not the case. These people -- this colossal majority of the costs are in their company is in their people that they employ and they're employing people that live in expensive housing all around this area and to not pay the rent is absolutely observe with how much money they've been making.
A lot of them, they're making -- having some of their best years, whether it would be law firms, accounting firms, hedge fund managers, and wealth managers. I mean the list goes on. These small companies that see the entertainment industry and tech industry it's almost laughable that they would have thought that take advantage of not paying with the money they've been making. I know that's not the question you asked, but I'm still pissed off about that.
Blaine Heck -- Wells Fargo Securities -- Analyst
Fair enough. Thanks, Jordan.
Operator
Thank you, Blaine. Our next question comes from Rich Anderson with SMBC. Rich, your line is now open.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Thanks. Good morning up there. For the guidance range, do you allow for any sort of hiccup in occupancy? I know you're expecting -- actually, excuse me, lease rate. I know you're expecting a ramp in that.
But as now, I think statewide eviction moratorium burned off, but still some county level stuff continuing. I'm wondering, what you're thinking about the behaviors of some of your tenants that might actually, despite what you said about the money they're making and some not paying, would they perhaps vacate when that time comes? And are you allowing for any of that in your range for this year?
Jordan Kaplan -- Chief Executive Officer
Well, certainly, the width of the range could allow for a lot of things to happen and that could be on the list and some of that might happen. I mean -- but I don't, I would -- right now, looking at the office side, I think that's more likely to happen on the residential side. On the office side, I don't see that necessarily being that meaningful, but we'll see as it plays out.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. And then a big picture question. I don't know if you've ever talked about expansion markets to any specific detail, but a lot of dislocation going on in San Francisco these days. Is there anything about that market that's got any amount of your attention these days? Or are you sticking where you're at right now and expanded from within?
Jordan Kaplan -- Chief Executive Officer
I mean, I know that Downtown San Francisco has taken a liken right now for a number of reasons, in my opinion, a lot of itself from forfeit. But -- and I still think that, that is going to be a good market in the end because it's surrounded by -- like colossal incubator institutions, like Stanford and Bert, Macau and what are all the rest of them. That's actually separate from the issue of would we put money up there versus putting money here, whether it would be in an acquisition or into additional development. And I think that our kind of local edge that we have here and the returns we're able to get with our money, probably would argue at the moment just to stay here in comparison to kind of what we'd have to set up, up in San Francisco to be effective.
I'm also not so sure that values are -- even though I know the fundamentals in San Francisco are way off. I'm not sure how far off values are in terms of what stuff's trading for. So I don't think it's like -- I don't think it's some type of gray advancing market or anything.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. Good enough. Thanks very much.
Jordan Kaplan -- Chief Executive Officer
Thanks.
Operator
Thank you, Rich. Our next question comes from Bill Crow with Raymond James. Bill, your line is now --
Bill Crow -- Raymond James -- Analyst
Thanks. Good morning, guys. Similar to Rich's question, but keeping it local, I guess. It struck me as I was out in L.A.
not too long ago, but the focus on the news about all the crime that's going on and it seems to be expanding its area. So I guess my question is, what's going on from a submarket perspective? How much change are you seeing in orders of good submarkets versus challenging submarkets, etc.? I guess, how do you play the evolution of the market?
Jordan Kaplan -- Chief Executive Officer
Well, your lead-in would cause me you want a answer that the borders have tightened up, but actually, I think the borders have expanded. So certainly, I always consider the border of concerts to the East or whatever to all the way out to West Hollywood and in that area to be very good. And I would say the border to the South of us, where I may not have included Culver City or certainly, if you go a decade ago, Playa Vista, now I would go down that deep because these are all great markets. And I think Playa Vista, for the most part, is built out, and it's now maturing as a market.
Culver City certainly has some development, but it's also a very hot market, and it's a classic submarket where you have a lot of amenities and people that are kind of living near where they're working. So that's also a very strong submarket. I think as you get up to like, I don't know what you would call East of Westwood, I think that market has also expanded. I think what Victor did over on Pico is going to like kind of incubate a lot around it.
The big deal that we did with Google. So I actually think what's considered like good West L.A. submarkets has expanded instead of contracted. Now look, that's not to say everyone is not very aggravated about the crime and what's happening.
But when I see what's going on the recall of [Inaudible], and even the extremely far left politicians that are running now in our markets are talking about law-and-order and crime in dealing with it. The state legislatures talking about repealing some of the things that made at misdemeanors smash-and-grab, which will probably be on the ballot this year. I mean, there's just a lot going on to shift back to a law and order kind of structure. That was a moment in time that I hope is way behind us and I'll never see again.
So I'm pretty optimistic about where all those things are going. In California and specifically here, when you look at people running for the Counsel, County, and Mayor across the board are all sort of now talking, clean it up, cleanup the homeless, cleanup the crime. So they're all going in that I think they got the message from the orders.
Bill Crow -- Raymond James -- Analyst
I appreciate your views on the city. Just as a follow-up. You're talking about capital sources and uses before. I don't know it's been several years, but there was talk before that you might look at a Hawaii joint venture and kind of bringing some of the back -- and the money back into L.A.
And I'm just -- is that off the table well together at this point? Or what are your updated thoughts on doing a big JV in Hawaii?
Jordan Kaplan -- Chief Executive Officer
My thoughts are that with the right opportunity, the right opportunity to bring some money back, I would do it, but I also like -- I still obviously believe in Hawaii. I'm talking about investing more capital there and building there. And Hawaii has been -- I actually think you can remember going back to a time when I was making excuses for Hawaii and now Hawaii is like a, a complete stud. I mean it's cranking out the money and our office leasing is doing great and residential is doing great.
So -- but I love Hawaii.
Bill Crow -- Raymond James -- Analyst
OK. All right. Thanks, guys. Appreciate it.
Jordan Kaplan -- Chief Executive Officer
All right. Thank you.
Operator
Thank you, Bill. Our next question comes from Daniel Ismail with Green Street. Daniel, your line is now open.
Daniel Ismail -- Green Street Advisors -- Analyst
Great. Thank you. I'm curious, if you can share what kind of recovery in parking revenue is embedded in 2022 guidance?
Jordan Kaplan -- Chief Executive Officer
So our parking revenue, which is one of the reasons why we're comfortable telling you that we're over 70% utilized is over 70% of what it would be for a full boat. Does that answer your question?
Daniel Ismail -- Green Street Advisors -- Analyst
Well, I mean, can you give a percentage? Is it anticipated to be up with 70% utilization throughout the year?
Jordan Kaplan -- Chief Executive Officer
[Inaudible] it was almost 75%. Do you remember, Kevin?
Kevin Crummy -- Chief Investment Officer
Yes, it's over 70% of adjusted for occupancy, what it was before the pandemic. But you're asking how we think it's going to recover over the course of the year. I mean --
Jordan Kaplan -- Chief Executive Officer
You mean the 70 to the 100? That's he's asking.
Kevin Crummy -- Chief Investment Officer
That's what he's asking. Yes. And how fast. I mean, look, I think that's going to --
Jordan Kaplan -- Chief Executive Officer
Utilization.
Peter Seymour -- Chief Financial Officer
I mean it's based on people coming back to the office and when they're back to 100% utilization of the existing occupancy and then -- and how fast that happens. So [Inaudible]
Daniel Ismail -- Green Street Advisors -- Analyst
I mean apologies I just have the total parking revenue relative to 2019 levels is my question?
Kevin Crummy -- Chief Investment Officer
Right. So I mean, you have to adjust for occupant -- the occupancy that we've lost since 2019. So what we're saying is we're somewhere over 70% now adjusted for occupancy, and then you expect that to improve, but it's all based on attendance coming back to the office at the existing occupancy levels. So it's hard to predict exactly how that's going to play out over the course of the next year.
But we expect it to get better.
Daniel Ismail -- Green Street Advisors -- Analyst
OK. And just last one for me, Jordan. 2022 is an election year and we call wind of a -- another potential Prop 13 challenge. I'm curious if that's something you guys are expecting on the November ballot and any thoughts you guys might have on any potential challenges to Prop 13 in November?
Jordan Kaplan -- Chief Executive Officer
You're talking about the nurses union up in Northern California?
Daniel Ismail -- Green Street Advisors -- Analyst
Yes, we're -- not exactly split role, but properties over 5 million is subject to a surtax of about 1% or so?
Jordan Kaplan -- Chief Executive Officer
Yes. I don't know what -- I don't know whether they're going to actually -- I don't know what's going to happen time. I know that they -- they've discussed it. That's kind of the -- that's kind of where that's at right now.
I mean, there -- to answer your question. I mean, it's not -- I haven't seen it go much further than that.
Daniel Ismail -- Green Street Advisors -- Analyst
OK. Thanks. That's helpful. Appreciate it.
Operator
Thank you, Daniel. Our next question comes from Elvis Rodriguez with Bank of America. Elvis, your line is now open.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Jordan, just a quick follow-up. I'm just curious on your thoughts on WeWork and co-working. And are you finding them to be competition as you go lease-up space today? They've obviously had some good success in growing occupancy this last year. So just curious on your thoughts there.
Thank you.
Jordan Kaplan -- Chief Executive Officer
No, I don't think we have. We're -- they -- I haven't -- first of all, it's not a ton of WeWork's in the markets we're in. And secondly, I don't -- I forgot what the part of their business is it to call their enterprise business that takes entire leases and sort of they actively -- they build out the space and they subleased to them. I think most of our tenants that maybe whether they want 2,500 or 3,000 or whatever fee, they want their own space and they're -- it's just as easy for them to go to direct and to pay the extra money.
But we haven't seen that at all. No.
Kevin Crummy -- Chief Investment Officer
Elvis, we think co-working is only about 1% of the space on the West side in our markets. It's not a huge jump.
Jordan Kaplan -- Chief Executive Officer
Yes, it's not a big piece of it.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Thanks, guys.
Jordan Kaplan -- Chief Executive Officer
All right. Anyone else? Operator? All right. I guess we lost our Operator. [Inaudible] the answer.
Well, it's good speaking with all of you, and I don't believe we have any further questions. So we look forward to speaking with you again in next quarter. Thank you.
Operator
[Operator signoff]
Duration: 54 minutes
Call participants:
Stuart McElhinney -- Vice President of Investor Relations
Jordan Kaplan -- Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Alexander Goldfarb -- Piper Sandler -- Analyst
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Steve Sakwa -- Evercore ISI -- Analyst
John Kim -- BMO Capital Markets -- Analyst
Manny Korchman -- Citi -- Analyst
Michael Bilerman -- Citi -- Analyst
Blaine Heck -- Wells Fargo Securities -- Analyst
Rich Anderson -- SMBC Nikko Securities -- Analyst
Bill Crow -- Raymond James -- Analyst
Daniel Ismail -- Green Street Advisors -- Analyst
More DEI analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q4 2021 Earnings Call Feb 09, 2022, 2:00 p.m. Operator [Operator signoff] Duration: 54 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Steve Sakwa -- Evercore ISI -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. We are focused on recovering occupancy at this point in the cycle and expect rent spreads to remain choppy until our leased rate climbs back near 90% with an upward trend.
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Operator [Operator signoff] Duration: 54 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Steve Sakwa -- Evercore ISI -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q4 2021 Earnings Call Feb 09, 2022, 2:00 p.m. Our access to liquidity remains excellent with over $330 million of cash on our balance sheet, nothing drawn on our credit line, good cash flow after dividends, strong JV relationships, low leverage, and approximately half of our office properties unencumbered.
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Operator [Operator signoff] Duration: 54 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Steve Sakwa -- Evercore ISI -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q4 2021 Earnings Call Feb 09, 2022, 2:00 p.m. Jordan Kaplan -- Chief Executive Officer I'll tell you, just a minute in the last year, but -- OK. John Kim -- BMO Capital Markets -- Analyst Well, I'll put it another way, it took you six quarters at the last recession to get from trust leased rate to 90%.
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Operator [Operator signoff] Duration: 54 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Steve Sakwa -- Evercore ISI -- Analyst John Kim -- BMO Capital Markets -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q4 2021 Earnings Call Feb 09, 2022, 2:00 p.m. Now your next question was, I think, how do we get from, what, 87 back to 93 in terms of our lease rate?
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2d5fdcd2-f3b5-4cb1-808a-d1f776081f4a
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724939.0
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2022-02-08 00:00:00 UTC
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Douglas Emmett (DEI) Meets Q4 FFO Estimates
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-meets-q4-ffo-estimates
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.48 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.46 per share a year ago. These figures are adjusted for non-recurring items.
A quarter ago, it was expected that this real estate investment trust would post FFO of $0.45 per share when it actually produced FFO of $0.48, delivering a surprise of 6.67%.
Over the last four quarters, the company has surpassed consensus FFO estimates three times.
Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $204.45 million for the quarter ended December 2021, missing the Zacks Consensus Estimate by 14.09%. This compares to year-ago revenues of $215.39 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Douglas Emmett shares have lost about 6.1% since the beginning of the year versus the S&P 500's decline of -5.9%.
What's Next for Douglas Emmett?
While Douglas Emmett has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Douglas Emmett: mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus FFO estimate is $0.50 on $241.96 million in revenues for the coming quarter and $2.03 on $973.67 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Physicians Realty Trust (DOC), another stock in the same industry, has yet to report results for the quarter ended December 2021. The results are expected to be released on February 23.
This health care real estate investment trust is expected to post quarterly earnings of $0.26 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Physicians Realty Trust's revenues are expected to be $118.67 million, up 6.5% from the year-ago quarter.
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Douglas Emmett, Inc. (DEI): Free Stock Analysis Report
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To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.48 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.48 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $204.45 million for the quarter ended December 2021, missing the Zacks Consensus Estimate by 14.09%.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.48 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Douglas Emmett, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $204.45 million for the quarter ended December 2021, missing the Zacks Consensus Estimate by 14.09%.
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Douglas Emmett (DEI) came out with quarterly funds from operations (FFO) of $0.48 per share, in line with the Zacks Consensus Estimate. Douglas Emmett, Inc. (DEI): Free Stock Analysis Report Over the last four quarters, the company has surpassed consensus FFO estimates three times.
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d8c2ed9d-c7b9-4df0-931b-ac6c692ef6f5
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724940.0
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2022-01-25 00:00:00 UTC
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Douglas Emmett is Oversold
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-is-oversold
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The DividendRank formula at Dividend Channel ranks a coverage universe of thousands of dividend stocks, according to a proprietary formula designed to identify those stocks that combine two important characteristics — strong fundamentals and a valuation that looks inexpensive. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors.
But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $30.73 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Douglas Emmett Inc, the RSI reading has hit 28.7 — by comparison, the universe of dividend stocks covered by Dividend Channel currently has an average RSI of 39.5. A falling stock price — all else being equal — creates a better opportunity for dividend investors to capture a higher yield. Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 3.52% based upon the recent $31.83 share price.
A bullish investor could look at DEI's 28.7 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. In general, dividends are not always predictable; but, looking at the history chart below can help in judging whether the most recent dividend is likely to continue.
Click here to find out what 9 other oversold dividend stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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A bullish investor could look at DEI's 28.7 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $30.73 per share.
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Indeed, DEI's recent annualized dividend of 1.12/share (currently paid in quarterly installments) works out to an annual yield of 3.52% based upon the recent $31.83 share price. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $30.73 per share.
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Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $30.73 per share.
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Among the fundamental datapoints dividend investors should investigate to decide if they are bullish on DEI is its dividend history. Douglas Emmett Inc (Symbol: DEI) presently has an above average rank, in the top 50% of the coverage universe, which suggests it is among the top most "interesting" ideas that merit further research by investors. But making Douglas Emmett Inc an even more interesting and timely stock to look at, is the fact that in trading on Tuesday, shares of DEI entered into oversold territory, changing hands as low as $30.73 per share.
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5b1a6785-8835-427c-80aa-d48cf0431b33
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724941.0
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2022-01-19 00:00:00 UTC
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DEI Crosses Below Key Moving Average Level
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DEI
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https://www.nasdaq.com/articles/dei-crosses-below-key-moving-average-level
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nan
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.67, changing hands as low as $33.65 per share. Douglas Emmett Inc shares are currently trading down about 2.8% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $27.15 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.68.
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.67, changing hands as low as $33.65 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $27.15 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.68. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.67, changing hands as low as $33.65 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $27.15 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.68. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.67, changing hands as low as $33.65 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $27.15 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.68. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $33.67, changing hands as low as $33.65 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $27.15 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.68. Douglas Emmett Inc shares are currently trading down about 2.8% on the day.
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29cf75d4-6fba-486c-8e5c-58d5684c7324
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724942.0
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2022-01-08 00:00:00 UTC
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Douglas Emmett Inc Shares Near 52-Week High - Market Mover
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc-shares-near-52-week-high-market-mover
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Douglas Emmett Inc (DEI) shares closed today at 1.3% below its 52 week high of $36.97, giving the company a market cap of $6B. The stock is currently up 8.9% year-to-date, up 37.9% over the past 12 months, and up 15.0% over the past five years. This week, the Dow Jones Industrial Average fell 0.3%, and the S&P 500 fell 1.9%.
Trading Activity
Trading volume this week was 22.4% lower than the 20-day average.
Beta, a measure of the stock’s volatility relative to the overall market stands at 0.8.
Technical Indicators
The Relative Strength Index (RSI) on the stock was above 70, indicating it may be overbought.
MACD, a trend-following momentum indicator, indicates a downward trend.
The stock closed above its Bollinger band, indicating it may be overbought.
The stock closed at 2.5% higher than its 5-day moving average, 7.9% higher than its 20-day moving average, and 8.4% higher than its 90-day moving average.
Market Comparative Performance
The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis
The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and lags it on a 5-year basis
The company share price is the same as the performance of its peers in the Financials industry sector , beats it on a 1-year basis, and lags it on a 5 year basis
Per Group Comparative Performance
The company's stock price performance year-to-date beats the peer average by 53.8%
The company's stock price performance over the past 12 months beats the peer average by 26.5%
The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -185.2% higher than the average peer.
This story was produced by the Kwhen Automated News Generator. For more articles like this, please visit us at finance.kwhen.com. Write to editors@kwhen.com. © 2020 Kwhen Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett Inc (DEI) shares closed today at 1.3% below its 52 week high of $36.97, giving the company a market cap of $6B. Beta, a measure of the stock’s volatility relative to the overall market stands at 0.8. Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by 53.8% The company's stock price performance over the past 12 months beats the peer average by 26.5% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -185.2% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 1.3% below its 52 week high of $36.97, giving the company a market cap of $6B. This week, the Dow Jones Industrial Average fell 0.3%, and the S&P 500 fell 1.9%. The stock closed at 2.5% higher than its 5-day moving average, 7.9% higher than its 20-day moving average, and 8.4% higher than its 90-day moving average.
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Douglas Emmett Inc (DEI) shares closed today at 1.3% below its 52 week high of $36.97, giving the company a market cap of $6B. The stock closed at 2.5% higher than its 5-day moving average, 7.9% higher than its 20-day moving average, and 8.4% higher than its 90-day moving average. Market Comparative Performance The company's share price is the same as the S&P 500 Index , beats it on a 1-year basis, and lags it on a 5-year basis The company's share price is the same as the Dow Jones Industrial Average , beats it on a 1-year basis, and lags it on a 5-year basis The company share price is the same as the performance of its peers in the Financials industry sector , beats it on a 1-year basis, and lags it on a 5 year basis Per Group Comparative Performance The company's stock price performance year-to-date beats the peer average by 53.8% The company's stock price performance over the past 12 months beats the peer average by 26.5% The company's price-to-earnings ratio, which relates a company's share price to its earnings per share, is -185.2% higher than the average peer.
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Douglas Emmett Inc (DEI) shares closed today at 1.3% below its 52 week high of $36.97, giving the company a market cap of $6B. This week, the Dow Jones Industrial Average fell 0.3%, and the S&P 500 fell 1.9%. Technical Indicators The Relative Strength Index (RSI) on the stock was above 70, indicating it may be overbought.
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951d0aa0-ceae-4d30-8c48-0d48f5c74895
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724943.0
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2021-12-29 00:00:00 UTC
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Douglas Emmett, Inc. (DEI) Ex-Dividend Date Scheduled for December 30, 2021
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc.-dei-ex-dividend-date-scheduled-for-december-30-2021
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nan
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nan
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Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on December 30, 2021. A cash dividend payment of $0.28 per share is scheduled to be paid on January 19, 2022. Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 9th quarter that DEI has paid the same dividend. At the current stock price of $33.63, the dividend yield is 3.33%.
The previous trading day's last sale of DEI was $33.63, representing a -9.03% decrease from the 52 week high of $36.97 and a 27.15% increase over the 52 week low of $26.45.
DEI is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). DEI's current earnings per share, an indicator of a company's profitability, is $.35. Zacks Investment Research reports DEI's forecasted earnings growth in 2021 as 1.26%, compared to an industry average of 3.1%.
For more information on the declaration, record and payment dates, visit the dei Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DEI is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). Zacks Investment Research reports DEI's forecasted earnings growth in 2021 as 1.26%, compared to an industry average of 3.1%. For more information on the declaration, record and payment dates, visit the dei Dividend History page.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. DEI's current earnings per share, an indicator of a company's profitability, is $.35. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on December 30, 2021.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 9th quarter that DEI has paid the same dividend. For more information on the declaration, record and payment dates, visit the dei Dividend History page.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on December 30, 2021. This marks the 9th quarter that DEI has paid the same dividend.
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b2fad54b-bb36-406a-bd41-6a98fad44111
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724944.0
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2021-12-28 00:00:00 UTC
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Ex-Dividend Reminder: Douglas Emmett, Apollo Commercial Real Estate Finance and Ameris Bancorp
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-douglas-emmett-apollo-commercial-real-estate-finance-and-ameris
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/21, Douglas Emmett Inc (Symbol: DEI), Apollo Commercial Real Estate Finance Inc. (Symbol: ARI), and Ameris Bancorp (Symbol: ABCB) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 1/19/22, Apollo Commercial Real Estate Finance Inc. will pay its quarterly dividend of $0.35 on 1/15/22, and Ameris Bancorp will pay its quarterly dividend of $0.15 on 1/10/22. As a percentage of DEI's recent stock price of $33.34, this dividend works out to approximately 0.84%, so look for shares of Douglas Emmett Inc to trade 0.84% lower — all else being equal — when DEI shares open for trading on 12/30/21. Similarly, investors should look for ARI to open 2.59% lower in price and for ABCB to open 0.30% lower, all else being equal.
Below are dividend history charts for DEI, ARI, and ABCB, showing historical dividends prior to the most recent ones declared.
Douglas Emmett Inc (Symbol: DEI):
Apollo Commercial Real Estate Finance Inc. (Symbol: ARI):
Ameris Bancorp (Symbol: ABCB):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 3.36% for Douglas Emmett Inc, 10.36% for Apollo Commercial Real Estate Finance Inc., and 1.21% for Ameris Bancorp.
In Tuesday trading, Douglas Emmett Inc shares are currently down about 0.1%, Apollo Commercial Real Estate Finance Inc. shares are up about 0.4%, and Ameris Bancorp shares are down about 0.1% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a percentage of DEI's recent stock price of $33.34, this dividend works out to approximately 0.84%, so look for shares of Douglas Emmett Inc to trade 0.84% lower — all else being equal — when DEI shares open for trading on 12/30/21. Looking at the universe of stocks we cover at Dividend Channel, on 12/30/21, Douglas Emmett Inc (Symbol: DEI), Apollo Commercial Real Estate Finance Inc. (Symbol: ARI), and Ameris Bancorp (Symbol: ABCB) will all trade ex-dividend for their respective upcoming dividends. Below are dividend history charts for DEI, ARI, and ABCB, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/21, Douglas Emmett Inc (Symbol: DEI), Apollo Commercial Real Estate Finance Inc. (Symbol: ARI), and Ameris Bancorp (Symbol: ABCB) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): Apollo Commercial Real Estate Finance Inc. (Symbol: ARI): Ameris Bancorp (Symbol: ABCB): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $33.34, this dividend works out to approximately 0.84%, so look for shares of Douglas Emmett Inc to trade 0.84% lower — all else being equal — when DEI shares open for trading on 12/30/21.
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/21, Douglas Emmett Inc (Symbol: DEI), Apollo Commercial Real Estate Finance Inc. (Symbol: ARI), and Ameris Bancorp (Symbol: ABCB) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): Apollo Commercial Real Estate Finance Inc. (Symbol: ARI): Ameris Bancorp (Symbol: ABCB): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $33.34, this dividend works out to approximately 0.84%, so look for shares of Douglas Emmett Inc to trade 0.84% lower — all else being equal — when DEI shares open for trading on 12/30/21.
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/21, Douglas Emmett Inc (Symbol: DEI), Apollo Commercial Real Estate Finance Inc. (Symbol: ARI), and Ameris Bancorp (Symbol: ABCB) will all trade ex-dividend for their respective upcoming dividends. As a percentage of DEI's recent stock price of $33.34, this dividend works out to approximately 0.84%, so look for shares of Douglas Emmett Inc to trade 0.84% lower — all else being equal — when DEI shares open for trading on 12/30/21. Below are dividend history charts for DEI, ARI, and ABCB, showing historical dividends prior to the most recent ones declared.
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c2535f4a-6ff6-4f76-91a3-6be90112c0f4
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724945.0
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2021-12-21 00:00:00 UTC
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Douglas Emmett Inc Breaks Above 200-Day Moving Average - Bullish for DEI
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc-breaks-above-200-day-moving-average-bullish-for-dei
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nan
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nan
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In trading on Tuesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $33.49, changing hands as high as $33.57 per share. Douglas Emmett Inc shares are currently trading up about 3.6% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $26.45 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.38.
Free Report: Top 7%+ Dividends (paid monthly)
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $33.49, changing hands as high as $33.57 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $26.45 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.38. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $33.49, changing hands as high as $33.57 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $26.45 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.38. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $33.49, changing hands as high as $33.57 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $26.45 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.38. Free Report: Top 7%+ Dividends (paid monthly) Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Tuesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $33.49, changing hands as high as $33.57 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $26.45 per share, with $36.97 as the 52 week high point — that compares with a last trade of $33.38. Douglas Emmett Inc shares are currently trading up about 3.6% on the day.
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a1ed15e6-c166-4f25-85fb-89fe65097a38
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724946.0
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2021-12-19 00:00:00 UTC
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Based On Its ROE, Is Douglas Emmett, Inc. (NYSE:DEI) A High Quality Stock?
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DEI
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https://www.nasdaq.com/articles/based-on-its-roe-is-douglas-emmett-inc.-nyse%3Adei-a-high-quality-stock
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nan
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nan
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One of the best investments we can make is in our own knowledge and skill set. With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. By way of learning-by-doing, we'll look at ROE to gain a better understanding of Douglas Emmett, Inc. (NYSE:DEI).
ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders. In short, ROE shows the profit each dollar generates with respect to its shareholder investments.
How To Calculate Return On Equity?
Return on equity can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Douglas Emmett is:
1.4% = US$53m ÷ US$4.0b (Based on the trailing twelve months to September 2021).
The 'return' is the amount earned after tax over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.01 in profit.
Does Douglas Emmett Have A Good Return On Equity?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification. As is clear from the image below, Douglas Emmett has a lower ROE than the average (6.6%) in the REITs industry.
NYSE:DEI Return on Equity December 19th 2021
That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low. A high debt company having a low ROE is a different story altogether and a risky investment in our books. Our risks dashboard should have the 3 risks we have identified for Douglas Emmett.
Why You Should Consider Debt When Looking At ROE
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, or debt. In the first and second cases, the ROE will reflect this use of cash for investment in the business. In the latter case, the use of debt will improve the returns, but will not change the equity. That will make the ROE look better than if no debt was used.
Combining Douglas Emmett's Debt And Its 1.4% Return On Equity
Douglas Emmett clearly uses a high amount of debt to boost returns, as it has a debt to equity ratio of 1.30. The combination of a rather low ROE and significant use of debt is not particularly appealing. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Conclusion
Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders. A company that can achieve a high return on equity without debt could be considered a high quality business. If two companies have the same ROE, then I would generally prefer the one with less debt.
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. The rate at which profits are likely to grow, relative to the expectations of profit growth reflected in the current price, must be considered, too. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
If you would prefer check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By way of learning-by-doing, we'll look at ROE to gain a better understanding of Douglas Emmett, Inc. (NYSE:DEI). NYSE:DEI Return on Equity December 19th 2021 That's not what we like to see. Although, we think that a lower ROE could still mean that a company has the opportunity to better its returns with the use of leverage, provided its existing debt levels are low.
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By way of learning-by-doing, we'll look at ROE to gain a better understanding of Douglas Emmett, Inc. (NYSE:DEI). NYSE:DEI Return on Equity December 19th 2021 That's not what we like to see. Return on equity can be calculated by using the formula: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Douglas Emmett is: 1.4% = US$53m ÷ US$4.0b (Based on the trailing twelve months to September 2021).
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By way of learning-by-doing, we'll look at ROE to gain a better understanding of Douglas Emmett, Inc. (NYSE:DEI). NYSE:DEI Return on Equity December 19th 2021 That's not what we like to see. ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders.
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By way of learning-by-doing, we'll look at ROE to gain a better understanding of Douglas Emmett, Inc. (NYSE:DEI). NYSE:DEI Return on Equity December 19th 2021 That's not what we like to see. ROE or return on equity is a useful tool to assess how effectively a company can generate returns on the investment it received from its shareholders.
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4aa7fcd6-9d0b-4df7-8f94-d8ad46240559
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724947.0
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2021-11-18 00:00:00 UTC
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DEI July 2022 Options Begin Trading
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DEI
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https://www.nasdaq.com/articles/dei-july-2022-options-begin-trading
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nan
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available today, for the July 2022 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 239 days until expiration the newly available contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2022 contracts and identified the following put contract of particular interest.
The put contract at the $35.00 strike price has a current bid of 50 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $35.00, but will also collect the premium, putting the cost basis of the shares at $34.50 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $36.29/share today.
Because the $35.00 strike represents an approximate 4% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 100%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.43% return on the cash commitment, or 2.18% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $35.00 strike is located relative to that history:
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $36.29) to be 27%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Puts of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available today, for the July 2022 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2022 contracts and identified the following put contract of particular interest. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $36.29/share today.
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available today, for the July 2022 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2022 contracts and identified the following put contract of particular interest. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $36.29/share today.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2022 contracts and identified the following put contract of particular interest. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available today, for the July 2022 expiration. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $36.29/share today.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2022 contracts and identified the following put contract of particular interest. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available today, for the July 2022 expiration. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $36.29/share today.
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4d3b948d-b679-42f8-ace7-29dced79a91c
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724948.0
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2021-11-16 00:00:00 UTC
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DEI Crosses Above Average Analyst Target
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DEI
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https://www.nasdaq.com/articles/dei-crosses-above-average-analyst-target
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nan
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nan
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $36.62, changing hands for $36.92/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 8 different analyst targets within the Zacks coverage universe contributing to that average for Douglas Emmett Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $33.00. And then on the other side of the spectrum one analyst has a target as high as $42.00. The standard deviation is $3.204.
But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $36.62/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $36.62 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Douglas Emmett Inc:
RECENT DEI ANALYST RATINGS BREAKDOWN
» Current 1 Month Ago 2 Month Ago 3 Month Ago
Strong buy ratings: 3 3 3 3
Buy ratings: 0 0 0 0
Hold ratings: 7 8 8 8
Sell ratings: 0 0 0 0
Strong sell ratings: 0 0 0 0
Average rating: 2.4 2.45 2.45 2.45
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on DEI — FREE.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $36.62, changing hands for $36.92/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $36.62/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $36.62 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $36.62, changing hands for $36.92/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $36.62/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $36.62 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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And so with DEI crossing above that average target price of $36.62/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $36.62 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $36.62, changing hands for $36.92/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes.
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $36.62, changing hands for $36.92/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $36.62/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $36.62 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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14c4948b-396d-4ba9-8390-6c3b6870c820
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724949.0
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2021-11-04 00:00:00 UTC
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Douglas Emmett (DEI) Q3 2021 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q3-2021-earnings-call-transcript-2021-11-04
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nan
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nan
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q3 2021 Earnings Call
Nov 03, 2021, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterlyearnings call Today's call is being recorded. [Operator instructions].
I will now turn the conference over to Stuart McElhinney, vice president of investor relations for Douglas Emmett. Please go ahead.
Stuart McElhinney -- Vice President, Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the investor relations section of our website. When we reach the question-and-answer portion, in consideration of others, please limit yourself to one question and one follow-up.
I will now turn the call over to Jordan.
Jordan Kaplan -- President and Chief Executive Officer
Good morning, everyone. Thank you for joining us. In the third quarter, we increased FFO per share by $0.08 compared to the prior year. Compared to last quarter, despite new loan costs and higher utilities, FFO per share was up $0.01 due to stronger rent collections, greater tenant recoveries, increased parking revenues, higher office occupancy, and better multifamily occupancy and rents.
It is worth noting that only 1.5% of our FFO is noncash. These results reflect our recovering submarkets where average vaccination rates now exceed 85% for people 12 and over and COVID rates are among the lowest in the nation. Increased tenant confidence has raised our office utilization to approximately 70% in Los Angeles and to over 80% in Honolulu. We had another strong office leasing quarter, driving 30 basis points of positive absorption.
Our residential portfolio is fully leased, with rents rising in all of our submarkets. Despite the recent California eviction moratorium extensions, past due rent collection continues to accelerate without any meaningful rent forgiveness. Office and residential rent collection for the quarters affected by the pandemic improved to 97%, while retail rose to almost 70%. We continue to deliver highly accretive development projects, while extending and lowering our cost of debt.
And we have the capital to pursue new acquisitions and develop opportunities as they emerge. With that, I will now turn the call over to Kevin.
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. I'm really pleased with the progress of our two multifamily development projects, where we continue to lease units as quickly as they are built at rents above our pro formas. We are already pre-leasing units to our 376-unit Brentwood residential tower, where we expect to begin delivering units before year-end. At 1132 Bishop, our downtown Honolulu office to residential conversion, we have completed and leased approximately 40% of our planned 493 units and continue to convert floors as office tenants vacate.
On the debt front, we are lowering our average interest rate and extending our maturities, having closed two new loans, totaling $740 million in the third quarter, with an average effective interest rate of 2.13% per annum. This new, nonrecourse, interest-only debt consisted of a $625 million loan, due in August 2028, with interest effectively fixed at 2.12% until June 2025, which is secured by four properties owned by one of our consolidated joint ventures. And the $115 million loan due in September 2028, with interest effectively fixed at 2.19% until October 2026, which is secured by two properties owned by our unconsolidated fund. After paying off the prior loans, we generated an additional $55 million in working capital.
Our overall portfolio weighted average interest rate is fixed at only 2.94%, and we have no term debt maturities before 2024. We also have significant financing capacity as 46% of our office properties are currently unencumbered. Office property sales in our markets remained slow, but we are starting to see some multifamily opportunities, and we have ample liquidity for acquisitions as they become available. I will now turn the call over to Stuart.
Stuart McElhinney -- Vice President, Investor Relations
Thanks, Kevin. Good morning, everyone. We continue to see good leasing demand for both our smaller and larger tenant spaces. In Q3, we signed 242 office leases, covering 819,000 square feet, consisting of 262,000 square feet of new leases and 557,000 square feet of renewal leases, including approximately 50,000 square feet of expansions.
As Jordan mentioned, our lease rate improved 30 basis points to 87.6%. Our occupancy increased 20 basis points to 85%. Due to our robust leasing activity during the last two quarters, the spread between our leased and occupied rate increased to 260 basis points. Our leasing spreads during the third quarter were positive 3.9% for straight-line and negative 6.1% for cash.
As a result of significant tenant improvement allowances for one large tenant, our leasing costs this quarter increased to $6.08 per square foot per year. Excluding that tenant, our leasing costs remain below our pre-pandemic average at only $5.52 per annum. Our multifamily portfolio remains essentially fully leased at 99.3% leased, with rents now back to pre-pandemic levels. With that, I'll turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. Turning to our results. Compared to the third quarter of 2020, FFO increased 19% to $0.48 per share, AFFO increased 26.6% to $87.6 million and same-property cash NOI increased by 13.5%.
Compared to the second quarter of 2021, FFO per share increased by $0.01 due to higher rent collections, more tenant recoveries, increased parking revenues, and better multifamily occupancy and rents. Our expenses also increased as a result of fees and interest associated with our new loans and increased seasonal utilities. As Jordan mentioned, only 1.5% of our FFO is noncash as we had minimal noncash rent from straight-line and above and below market lease adjustments. Our G&A also remains very low relative to our benchmark group at only 4.8% of revenues.
Turning to guidance. We expect fourth quarter FFO per share to be between $0.47 and $0.49. As usual, this guidance does not assume the impact of future acquisitions, dispositions, financings or property damage recoveries. I will now turn the call over to the operator so we can take your questions.
Questions & Answers:
Operator
[Operator instructions]. Our first question is from Steve Sakwa with Evercore ISI. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Thanks. A couple of questions. Jordan, on past calls, you sort of talked about, I'll call it, the missing bucket of revenue that were due to tenants that were in place, but not paying. And I think that number was somewhere in the $12 million range of money that was owed you.
Do you have an update on that figure just based on some of the comments you made about better collections and things improving on that front?
Jordan Kaplan -- President and Chief Executive Officer
Well, I wish you were right that it was 12 million. It was -- it got as high as 70 million, that never came up, came down. I said we were sort of down at 60 for a few quarters. And now -- and then it came down to 50, high 40s, 50, may a little over 50.
And that's kind of the zone we're at, although it's declining a little bit every quarter. I mean it's -- I would say, in the last few quarters, it's been on a very similar trajectory. We gained a little bit of ground because more and more people kind of roll into paying. But I don't think we're going to gain big ground on that front until the moratoriums are off.
Last time I looked at it, it was like 47 million.
Steve Sakwa -- Evercore ISI -- Analyst
Right. OK. Just to be clear, that's an annual number. So quarterly, you're kind of in that --
Jordan Kaplan -- President and Chief Executive Officer
No. No, no that's not an annual number. That's everything from the beginning of the pandemic. So take -- anybody -- like, we have basically no defaults in normal times.
I mean, it's less than 20 basis points. So go from the time of the moratorium, all money that's owed to us from that time, that's what I'm telling you. It's not a quarterly number, it's not an annual number. I guess at this point, it's six quarters number what's owed to us.
Steve Sakwa -- Evercore ISI -- Analyst
OK. Understood. Maybe just switching gears on the sort of maybe potential debt refinancing. I know you sort of talked about this a little bit.
You've got some loans coming due, but not until '24, but some swap rates that burn off, maybe at the beginning part of next year. I'm just curious how should we be thinking about that? Some of those look like they're above market today. And so I'm just curious if your ability to get it like that $300 million that comes due 01/01/24 with a swap maturity of 01/01/22.
Jordan Kaplan -- President and Chief Executive Officer
So of course, as I've said, I'm not trying to announce new loans or anything that we haven't already -- we did announce, like, 700 million to loans. And don't worry, we didn't just like do those loans and stop working. Hey, I'm on a tear to refi and bring our cost of debt down, and we've been quoting it to you. So you should be very reasonable to assume that we're able to read our debt chart the same way as you are and working on everything.
Yes.
Steve Sakwa -- Evercore ISI -- Analyst
Right. OK. But I guess it's fair to assume that the benefits will accrue to you sort of when the swap dates mature as opposed to the debt maturity dates.
Jordan Kaplan -- President and Chief Executive Officer
You can even take swaps and extend and blend. You should just assume I'm doing the best economic thing for us I can do for anything, that's at rates that I think we can improve on and extend out and lock in for longer periods of time. And I mean, like -- I mean, we have very little -- aside from swaps, we really don't have debt to have costs associated with redoing it or whatever. I mean, usually, we have 18 months or something where you can't pay it off.
But -- So that means that everything is there. You look at swaps, you look at when that expires, I mean you look at spreads on loans and you go, what's out there that we can work on to keep improving and lengthening our debt ladder at lower cost. And we -- and we're definitely doing that. I mean it's with -- Michelle's, like, super focused on it.
Steve Sakwa -- Evercore ISI -- Analyst
OK.Thanks.
Operator
The next question is from Alexander Goldfarb with Piper Sandler. Please go ahead.
Alexander Goldfarb -- Piper Sandler -- Analyst
Congrats on, I guess, two things. One, people come back to your offices. So hopefully, they're paying a lot in parking, and two, the positive absorption. So digging into these, is it -- Jordan, what do you think is driving the office utilization, and don't say that you guys offer free coffee and concierge service when they come up to park.
Is it really just a small tenant profile that a lot of those tenants are now coming back? Or is there something specific to the Westside L.A. market and the Honolulu market that people in those markets are coming back to work in the office much quicker than we're seeing in the other CBDs.
Jordan Kaplan -- President and Chief Executive Officer
I think there's probably three things that all kind of lead strongly our way. So the first one is our markets, whether it be downtown in Honolulu or obviously, West L.A. or along Ventura in the Valley, have really sort of embraced vaccination. We're up in the 85% range on vaccination.
And we're seeing super-minimal COVID, like, when you do your hospital checks and you see, say, emergency rooms or just how many COVID patients are in the hospital, we're talking about small, small numbers, a single-digit numbers in humongous hospitals, right? So that's number one. Number two is for better or worse, we haven't embraced mass transit. So it's really easy to get in your car and drive into work. And we don't have all the checking and everything when you come into the lot.
I mean, you just drive in, park in your space, come up the elevator and go in your office. So because that's so easy and user-friendly, I think that's bringing a lot of people in. Now the third one, which you brought up, which is right, which is, whether it be our smaller tenants, the nature of our markets, the nature of our buildings and our building floor plates, most of our tenants are built out around 225 feet, something in that range. And so what happens is, we don't have the dense packing here.
And without dense packing, you don't have -- people are more comfortable coming in. And I guess there's a fourth and the fourth is probably the biggest, I should have mentioned it first, which is small tenants, local tenants are not driven by national policies. And so if you have a tenant that has to set a national standard for all over the country, if different things are going on, whether in Northern California or in Ohio, or wherever they may be, they're running a lot more conservative than a local tenant says, "Hey, everything is good, everybody get back in." And so the -- our tenants are much more nimble. So even we are seeing and our largest of tenants, which are driven by national policies, mostly coming out of New York, and then they lean to an extremely conservative side of things, then we see them being slower to come in or many times told they can't come in.
Whereas with smaller tenants, very fast to come in and say everybody get back.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. And then the second is on the absorption. Clearly, great to see it in the quarter. You guys mentioned previously that you're focused on occupancy build before you deal with rent.
So is third quarter -- is this an anomaly and fourth quarter is going to be negative again? Or is fourth quarter shaping up to be like third quarter? And if that's the case, how many quarters of positive absorption do you need before you push more on rate?
Jordan Kaplan -- President and Chief Executive Officer
So I think the market is improving, straight out, that's for sure, the case and people coming back and the pace of activity. But I don't want that to take away from our leasing because they are running on one of those rat treadmill wheels at a hyper pace. And they are scrambling to get us back into the 90% range. So there's sort of two things going on: superfast and aggressive leasing that just keeps getting better and better against a market that's also getting better and better.
And you can't let up on either one. So there's really no coasting, there's not going to be any kind of free ride. But certainly, all that hard work and all the lead generation and all the direct connect, it's all coming through and it's all starting to pay. And so I'm super happy to get that positive number, and I'm hopeful going forward about it.
If you ask me the kind of question of pushing rents, I hope that we get -- tenants during their pandemic get shortened up their leases. So that means we have a little more to lease each quarter. But of course, there's more people wanting to lease and wanting to extend. So I hope we soon get into a position where we're getting more and better positive absorption.
And then -- but with that, first of all, direction matters, right? If the direction is positive absorption that matters. But as equally important is, you got to be up around 90% before you're going to push rents. So however time it takes to get -- to pick up the next 300-or-so basis points that will give you the idea of when to push rents. And that is dependent on our hard work, but also equally dependent on the markets continue to improve.
It's a big improvement to be at that 70-plus percent utilization rate. That makes a big difference.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. Thank you.
Operator
The next question is from Craig Mailman with KeyBanc Capital Markets. Please go ahead.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Jordan, maybe a follow-up on the utilization, how that kind of relates to the rebound in parking revenue. I know you guys had some improvement this quarter, but you're still probably 30-ish percent off of where you were third quarter of '19, kind of pre-pandemic. Is there -- are you guys seeing any different patterns with hybrid work where people are buying monthly, isn't they're buying daily passes and that's impacting it? Or could you just kind of walk us through how much more utilization you need to kind of get back to par of pre-COVID?
Jordan Kaplan -- President and Chief Executive Officer
Yes. So I saw you did that calculation. That -- so when we look back parking as a calculation on its own. If you really -- we have access to more data than you do.
But that number would have given you numbers of closer to 75%, OK? But we have a lot of other ways that we can look at, whether it be card count, whether it be tenant survey and also just our managers at the building is going through and see who's in and occupancy. So what we do to try and figure out utilization is we take all those numbers and try and triangulate. But frankly, that triangulation, we've leaned to the lowest end of that. So some of the numbers, as I just didn't -- told you about parking, some of those numbers actually indicated an even higher number and even to the lowest number of triangulating and Hawaii hit 80.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
But I guess what I was getting at is you guys -- in the buildings, utilization is increasing, but the revenues from parking are still off, right? So how much more utilization do you need to get in the buildings to get kind of back to where you were pre COVID? And is there anything in terms of the schedules of people coming in that's altering it if you're getting monthly versus daily or anything on that front?
Jordan Kaplan -- President and Chief Executive Officer
Well, I would say that the parking utilization, the parking revenue is extremely well tied to utilization. Early on, which you might be indicating to, it was not because there were expense savings over the fact that not as many people are using the garages. But now it's pretty closely tied. So I think we need to get the utilization to get back to 100%.
And now remember, I'm not sure anyone's ever utilizing their space 100%. But we need to get back to the point where people are buying. They're expecting the user space enough that the economic calculation around daily and monthly passes shifts back to monthly passes. Now we're obviously getting there at a pretty good clip because this is being driven by monthly, not daily, but you need to get the rest of the way.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
That's helpful. Then just separately, on same-store, Peter, I don't know if you could kind of walk through the components of what drove the 30%. I know it's revenue, and so part of it is just occupancy, part of it's rate. I'm just kind of, I guess, most curious about how much of that upside is driven by just better collections or the recovery, some of that 60 that's now at 47 million.
Peter Seymour -- Chief Financial Officer
Yes. So it's a combination of all the things that Jordan laid out in the opening remarks that are driving the overall improvement. So yes, there's some collections. Improvement in parking, tenant recoveries, all those play into the office numbers, offset by -- partly by slightly lower occupancy.
And then on the multifamily side, you've got improvement in occupancy versus last year as well as rent improvements and some collection improvement.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
But it's not one thing. It's kind of -- there's no standout that drove the upside.
Peter Seymour -- Chief Financial Officer
Not one thing. It's a combination of all those factors.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Great. Thank you.
Operator
The next question is from John Kim with BMO Capital Markets. Pleas go ahead.
John Kim -- BMO Capital Markets -- Analyst
Thank you. So it looks like William Morris Endeavor has the option to terminate their lease next year. Do you get a sense that they will exercise that option? And when will you know when they make a decision?
Jordan Kaplan -- President and Chief Executive Officer
Well, we don't really discuss individual leases. But even if I would love to discuss that lease, I might be a -- I don't know.
Kevin Crummy -- Chief Investment Officer
Yes, they're not going to going to tip their hand before they need to -- it's going to be a negotiation. They're in one of our best properties, in the heart of the triangle in Beverly Hills. They have an extremely below market lease. So it'd be hard to imagine they want to give that out, but we'll have to wait and see what they decide.
John Kim -- BMO Capital Markets -- Analyst
Can you tell us which quarter the tenant option is in?
Jordan Kaplan -- President and Chief Executive Officer
Yes. It's in --
Kevin Crummy -- Chief Investment Officer
Yes. Well, they have to give us notice by the end of this year.
John Kim -- BMO Capital Markets -- Analyst
OK. Kevin, can you elaborate on your prepared remarks, you mentioned the acquisition opportunities in multifamily? I'm just wondering, has pricing gotten better on a cap rate basis or versus replacement cost? Or -- are you just seeing more sellers in the market today?
Kevin Crummy -- Chief Investment Officer
We're -- so the multifamily market nationally is pretty hot. And when you have a hot market, it draws out product. And so we're seeing a lot more product in the L.A. area of people that are offering properties for sale on the multifamily side than we are on the office side, which is still fairly slow.
John Kim -- BMO Capital Markets -- Analyst
Can you give an indication on cap rates, year-one cap rates of opportunities you're looking at?
Kevin Crummy -- Chief Investment Officer
Well, it's fairly low.
Peter Seymour -- Chief Financial Officer
Well, let me put this out, to me, I think 4% would be a good day. I don't think it's at that. It's really low.
John Kim -- BMO Capital Markets -- Analyst
OK. Thank you very much.
Operator
The next question is from Blaine Heck with Wells Fargo. Please go ahead.
Blaine Heck -- Wells Fargo Securities -- Analyst
Maybe to ask about occupancy a little differently. You guys have a 2.6% spread between your lease rate and actual occupancy within your portfolio. Based on your historical numbers, I think that's typically closer to about 1% on average. Do you guys see any major impediments to occupancy following that lease rate up in the next few quarters? And do you think that 1% spread between leased and occupied is a fair target for us to think about longer term?
Peter Seymour -- Chief Financial Officer
Yes. Blaine, I think if you look at the long-term average, it's more like 1.6, 1.7%, knocked down at 1.1% would be pretty tight for us. I think that as we're coming out of this and gaining occupancy, we're going to see choppiness quarter to quarter. So I don't know that it will be a smooth line up.
But yes, this 260 is historically pretty high for us as we've been doing -- we had a huge leasing quarter Q2 and then another really solid leasing quarter of Q3. So we got to move folks in over the next few quarters. And as folks get moved in, that gap should tighten, although we hope to continue doing a lot of leasing in the future quarters because demand has stayed really good. So it's not a gap that's concerning in any way, but I think we -- long-term average more like 170, 160 basis points.
Jordan Kaplan -- President and Chief Executive Officer
I think it's good. But I'm happy when that's a very wide gap because that means we're doing a lot of leasing and those tons are going to move in and our overall occupancy number move up. And that gap stays -- when we get up to 93%, I think we were maybe even a little higher than that, going into this thing, then it was very small because there's not a lot of room, not a lot of frictional activity happening. But when you have a lot of leasing you need to do, you want that gap to get big because it means they're doing a ton of leasing and those people move in, all your numbers will move out.
Blaine Heck -- Wells Fargo Securities -- Analyst
Right. No, that's helpful. And then maybe sticking with you guys, Jordan or Stuart, can you talk about tenant concessions you're seeing at this point. We noticed leasing costs were up a bit this quarter, and I know that stack can bounce around a lot from quarter to quarter.
But I think in the past couple of quarters, you guys highlighted the tenants were willing to trade TIs for competitive rents. Was there anything in the quarter that would suggest their mindset might have changed? Or was there something else in there that may be skewed the numbers.
Stuart McElhinney -- Vice President, Investor Relations
Yes. I mentioned it briefly in my opening remarks that we did have one large tenant for us, a pretty large tenant that skewed those numbers up this quarter. So taking that one tenant out, our leasing costs were actually below our pre-pandemic average, so they went down like $5.50 from the $6.08 that we posted. So that definitely skewed numbers.
We are -- we have kept concessions low, free rent, all that kind of stuff has never been high for us, has remained low throughout the pandemic. So that's been good to see. So nothing else that really changed, no trends to point to in the quarter other than that one very large lease.
Blaine Heck -- Wells Fargo Securities -- Analyst
Great. Thanks for the color.
Operator
The next question is from Manny Korchman with Citi. Please go ahead.
Manny Korchman -- Citi -- Analyst
Jordan, going back to the utilization for a second. Do you have any idea of how that compares to sort of neighboring buildings or your submarkets? Is everyone seeing that? And then if people are looking at Castle or some other national stats, are those stats just wrong? Or is there something unique about your buildings, your tenants or assets that's bringing that higher -- that number higher than people expected?
Jordan Kaplan -- President and Chief Executive Officer
I don't -- I mean, obviously, we don't have a number. We don't have that kind of information on our neighboring buildings. All I have on those is kind of observation. I mean I live here.
And I will tell you, if you said traffic, community, people walk on the streets, restaurants being full, shops being full, sports events filling up. It's all -- all of that I see visually is consistent with what we just told you about people coming back into the office. But I don't -- we don't have any data on them.
Peter Seymour -- Chief Financial Officer
And, Manny, when you're looking at Castle, they're including, obviously, like Downtown Los Angeles in that for L.A., which is a totally different product type than what we have and has all of the national challenges that Jordan mentioned earlier. They've got corporate policy. They've got huge tenants that we're not dealing with.
Jordan Kaplan -- President and Chief Executive Officer
Yes. And by the way, government, which is branched mostly downtowns, not in. They're not in. They're still home.
So all the city, state, all those guys downtown, federal courts, they're not in. So downtown is still lonely. But if you can go Westside, you wouldn't know there was anything, you would just go at full tilt, traffic and road jams.
Manny Korchman -- Citi -- Analyst
Great. And maybe this is one for Stuart. Just going back to lease occupied spread, is there anything in the commencement timing of the new leases you're signing that would actually have that number expand near term, where people are -- they're signing leases, but they're not moving in as quickly as you had in the past. And so could we see a number expand without occupancy, expanding the leasing continue to be good?
Stuart McElhinney -- Vice President, Investor Relations
No. No, I don't think we've seen anything change in our typical kind of move-in schedule. Typically, our tenants move in pretty quickly. It does take a few quarters to get everybody moved in from when we're signing the leases.
But we haven't seen any trends where that's gapped out on us from what we're typically seeing.
Michael Bilerman -- Citi -- Analyst
It's Michael Bilerman, here with Manny. Maybe one of you just -- can you just explain what is the actual utilization calculation to come up with that 70%? I don't know if that's unique visitors over the course of the quarter. I just -- you don't have the same sort of card swipes and things like that. So I'm just trying to understand what that 70% actually is based on?
Jordan Kaplan -- President and Chief Executive Officer
Sure. So it's what I said on that earlier one. There's four ways where we get information. One is parking revenue and parking parts coming in.
And then there are some buildings with card swipes going up. That's the second way that data. A third way is our managers and our day porters, that whole crew through observation, questioning them, saying, where is it out? How full are the floors? How many tenants are actually coming in and using our space? And the fourth way is we actually sent out tenant questionnaires and ask them about their utilization of their space.
Michael Bilerman -- Citi -- Analyst
But are you like putting all these into a model and triangulating? And is it -- is 70% what you believe was daily average occupancy over the quarter using these four techniques in some way, shape, or form? And the only reason I'm asking is 70% seems, even for friends I speak to on the West Coast, like, they don't say their buildings are 70% full every day. And I wouldn't imagine it's Monday through Friday. And so I just want to really peel down what this actual number represents in terms of human bodies rather than a tenant.
Jordan Kaplan -- President and Chief Executive Officer
OK. So they're each unique in what they give you. We actually -- when you say triangulate, as I said, we gave you kind of the lowest possible number. I know that contradicts what you're expecting, but we did.
So when we do tenant surveys and say we're back in our office, I don't know what -- I mean, I guess from when they answer that survey, that's what they're talking about.
Michael Bilerman -- Citi -- Analyst
But you're counting that a 100%, like, if the tenant writes back again we're back, you're assuming that it's 100% --
Jordan Kaplan -- President and Chief Executive Officer
Yes. I would say, like, if a building has 100 tenants and 70 of them saying we're back in and working, then we go that 70.
Michael Bilerman -- Citi -- Analyst
So it's not -- it's not counting actual people that are coming through each day. So like here at city, right? I mean we're -- city would say we're back in the -- but our density is only 35, 40% on average over the course of the week. Even though there --
Jordan Kaplan -- President and Chief Executive Officer
Yes, I got it. So there's four things, right? So the second is parking. So people are buying their parking passes, and we see that they're coming into the building. OK? So when you say, all right, we look at the revenue we're getting out of people that have come back because we know the revenue tracked very closely to your utilization, you remember how low it troughed.
And we go, "Wow, that revenue," as I said, the revenue and people starting to pay again for parking is actually above the 70%. And then the third thing is in buildings, where we do have tracking of people doing the cars in the elevator, like ours, you come and visited me, you've got to do your card in the elevator to get up to your space. There's a third method, right? And so -- and which ones didn't I mention --
Peter Seymour -- Chief Financial Officer
I think you covered them all.
Jordan Kaplan -- President and Chief Executive Officer
Yes. And the fourth is the manager is going in and opening doors, and saying, are people in here working? Now they're not going in the guys sweet and counting them, but if they're opening doors and now they're saying, "Yes, we're at least at 70%." We open it. There's receptionists, Yes, we're operating. We're back in the office.
We go, "OK, that counts." Right? So I don't know that I can give you a formula where all of those statistics go together, but I'm pretty confident in our numbers.
Michael Bilerman -- Citi -- Analyst
Does the parking affect sort of people that are not necessarily working at building, but going to restaurants or other things? And if people are not carpooling, so you have more people just driving to work on their own, maybe they're not using any form of public transportation. I mean could that be driving it relative to the past as well. And certainly is a lot more traffic here in New York, right, because less people are taking public transport.
Jordan Kaplan -- President and Chief Executive Officer
Yes. I mean, all of those things that you're saying could be. The parking indicated actually a higher utilization rate than 70%. But I don't think they're having the impact that you're indicating, they're pretty minor.
I doubt those things really are highly impacting things.
Michael Bilerman -- Citi -- Analyst
OK. And then just thinking about '22 and '23, right? You got about, I think, like 30, 35% of the rent rolling. How far ahead of you of those can you get? And can you just comment on sort of mark-to-market because those rents were a little bit higher than where you've been signing rents recently. And I know there may be a mix issue or a location issue.
Jordan Kaplan -- President and Chief Executive Officer
Well, our mark-to-market historically has been like 10, 11% and now it's dropped almost flat, maybe it's that flat. And so my comment on mark-to-market is until we get back to lease rates up closer to the 90%, I don't think we're going to be able to do meaningful improvements to that mark-to-market number, OK? So that's number one. And then number two is, you're asking sort of this timing question that for the entire pandemic, I've been saying is the $100,000 question, which is how long is it going to take for us to recover our occupancy and lease rate using occupancy separate from utilization. I think utilization is coming back superfast, probably going to help drive higher occupancy.
But -- and I don't have a good prediction around that. We lost 600 basis points in essentially five quarters, right? And now we've turned it, and I'm not foolish to think five quarters to recover 600, but I don't know how many quarters.
Michael Bilerman -- Citi -- Analyst
Right. Because the '22 and '23 rents are going to be comping some elevated as you came out of the GSE and we're pushing rent pretty hard with higher escalators. You're expiring or you're coming up to the higher rent years just given the lease term that you've had in your markets and how well your markets have performed.
Jordan Kaplan -- President and Chief Executive Officer
Yes. I don't think -- that one step that you're pointing out has not worked as you might instinctively think. I mean, actually, in the higher rent markets, we tend to get like roll up and the lower rent markets tend to stay flat longer because that's why they were lower rent markets. So if you're looking at kind of higher rents rolling, usually, that means that we're going to get better role numbers than when you have lower rents rolling.
But I don't even -- I would caution against using that to predict something. I mean because I think markets like those higher rent markets, whether it be Santa Monica or West L.A. at that point, they did held up pretty well on rent, very strongly on rent.
Michael Bilerman -- Citi -- Analyst
Yes. All right. Thanks for the color, Jordan. Appreciate it.
Jordan Kaplan -- President and Chief Executive Officer
All right.
Operator
The next question is from James Feldman with Bank of America. Please go ahead.
James Feldman -- Bank of America Merrill Lynch -- Analyst
Not to beat a dead horse, but just to confirm, the 70%, is that a percentage of pre-pandemic levels? Or no, that's just of all your tenants, 70% are in the office?
Jordan Kaplan -- President and Chief Executive Officer
That's of all our tenants of how many -- who's coming into the office.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. Cool. I guess just -- you've obviously -- you had a big spike in leasing in the second quarter. It's held up pretty well.
Can you just talk more about who is actually signing leases? How many of these are tenants that took some time off and are now coming back? How much is actually kind of incremental growth. Clearly, there's a lot of sectors that are expanding right now. Maybe just some more color on the current leasing pipeline and what we've seen in the last couple of quarters?
Stuart McElhinney -- Vice President, Investor Relations
Yes, Jamie, I mentioned in my remarks, we did have a good expansion quarter. We did 50,000 feet of expansion. So great to see that our current tenants are growing, and that's net expansion. Our expansions have been outpacing contractions among our tenants for several quarters.
So that's great to see. And we're seeing the typical diverse set of tenants that we always see. We've got that great pie chart in the supplemental for you guys that shows all the different industries that we lease to. It's not dominated by any one industry or kind of tenant.
We're seeing great demand from our smaller tenants. That's been true throughout the pandemic. They've really held us in 2020 when the larger guys seem to be sitting on the sidelines, and that's remained true. But we've -- last quarter, we talked about and again, through this quarter, larger -- medium and larger tenants for us have started transacting again in a meaningful way.
So positive kind of across the board. I think we're seeing -- I haven't heard that we've seen a huge trend of tenants that were sitting on the sidelines that are coming back. I haven't heard that, but I've just been hearing that it's our kind of typical demand. We always have tenants moving from other buildings, new businesses being created.
It's that same mix that we're used to seeing.
James Feldman -- Bank of America Merrill Lynch -- Analyst
I was going to ask about taking from other buildings after all the -- after the money you put into years. I mean is there a consistent trend there, certain assets that are losing tenants or types of assets --
Kevin Crummy -- Chief Investment Officer
We've always outperformed the markets that we're in, even being 40% on average of these submarkets, our occupancy has typically outperformed the buildings in our markets. Sometimes it can be several hundred basis points of occupancy outperformance. So we -- I think we run a great Class A portfolio. We have been investing in some of our buildings with these repositionings.
I think those have been great returns, and we have had tenants move from other buildings into our buildings. So we're going to continue that program. We think it's been successful. But yes, it's not atypical for us to outperform the buildings around us in a meaningful way.
Jordan Kaplan -- President and Chief Executive Officer
I agree with everything which you just said, but I'll also say those repositionings, even in this pandemic, even in everything is paying off grade. So if you said to me, I mean, I think we underestimated the rent differentiation that we would be able to get from the money we're spending. I mean, I wish we had $1 billion of repositioning. But that's why you saw us even during the middle of pandemic, we restarted them.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. And then are tenants looking for any more flexibility in their leases? I know you have relatively short-term leases or smaller tenant leases. But is there anyone asking for stuff that might look a little bit closer to what they can get from a co-working space or a flex office provider or maybe certain days of the week or anything different coming out of the downturn?
Kevin Crummy -- Chief Investment Officer
I haven't heard that. I think tenants are always looking for flexibility. We're in the long-term leasing business. We're not in the flex workspace business.
It's typical in a recession that tenants tend to go shorter on the leases, and we've seen that. We've seen that in every cycle. When the economy is doing great, tenants feel more comfortable signing longer term and vice versa. So that's been true, but we're not -- we're not offering anything that resembles select workspace.
So --
Jordan Kaplan -- President and Chief Executive Officer
Yes, it is like early, can't say none of that, none of them.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. And then you said a lot of the parking has come back, at least from the -- from your utilization count. I mean where do you think you are versus pre-pandemic parking levels in terms of revenue?
Jordan Kaplan -- President and Chief Executive Officer
Well, I actually said that parking on its own would have total 75% by itself. Yes, for those tenants that are in, yes.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right. Thank you.
Operator
Next question is from Rich Anderson with SMBC. Please go ahead.
Rich Anderson -- SMBC Nikko Securities -- Analyst
So this four-pronged approach to calculating that 70%, is this the first quarter you've done that?
Peter Seymour -- Chief Financial Officer
It's not the first quarter, but it's the first quarter I spent a lot of time really nailing down those four things, knowing that it was indicating a much larger number. And I know that people are going to ask a lot about -- I don't think they're going to ask this much about it, but I knew they were going to ask a lot about it.
Rich Anderson -- SMBC Nikko Securities -- Analyst
I would just -- whether 70% is the right or wrong number, I think the most important number is the trend. And so you don't have a reading from the second quarter to throw out there?
Peter Seymour -- Chief Financial Officer
Yes, yes, we did yes. Yes, we did have a reading from the second quarter, and we gave it to you.
Rich Anderson -- SMBC Nikko Securities -- Analyst
What was it?
Peter Seymour -- Chief Financial Officer
You just didn't ask so many questions about it, and therefore, maybe like came and went without a lot of discussion.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. Remind me, because I don't remember.
Peter Seymour -- Chief Financial Officer
What we can say.
Rich Anderson -- SMBC Nikko Securities -- Analyst
I think we thought we were in the 40 to 50% --
Peter Seymour -- Chief Financial Officer
Yes. We gave you. Yes, I think we said 40 to 50% for second quarter utilization, yes.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. So what do you think -- obviously, tenant confidence and all that good stuff. But is this like foreshadowing to better leasing activity just because the people just feel better and you might even expect this to play a role in how well you lease space going forward just because people feel better about things.
Jordan Kaplan -- President and Chief Executive Officer
Well, the leasing activity is foreshadowing the leasing activity. I mean the fact that we've turned a thing to positive absorption, which is no small fee. But that's the biggest foreshadowing thing. I don't know that -- obviously, quarter to quarter, you're going to have some ups and downs.
But I mean, assuming pandemic and government and everybody stays out of the way and we get to keep going, yes, I feel very good. And then I would say one of the symptoms of that is utilization, like, everything is recovering and as is utilization.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. Anything about wage pressure or supply chain disruptions that worries you for any reason? I mean I assume it does, to some degree, but perhaps less so in your neck of the woods, smaller tenants, less kind of capex bites and all that kind of stuff.
Jordan Kaplan -- President and Chief Executive Officer
Well, I don't think this supply chain takes horrible. And you can kind of take the narrow view of our tenants, but it's the wrong way to look at our markets. I mean we have the largest port in the United States, the most containers passing through it. These thing needs to get cleaned up.
I mean I look out my window, I see containerships. I don't -- I mean we never had containerships in Santa Monica Bay. So yes, I mean it needs to get fixed and people need to get back to work.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. And then last, Peter, any reason why we shouldn't expect double-digit type same-store growth in the fourth quarter, you provided guidance. I'm wondering what the underpinnings are from a same-store perspective.
Peter Seymour -- Chief Financial Officer
Well, I mean, we're not giving guidance on same-store, but yes, we did get guidance overall. And we -- you saw the range. We think it's consistent with what we performed this quarter. And you got to go back and look at last year fourth quarter for the comparison.
But I think all the same factors we've talked about, collections, parking, tenant recoveries, those probably all still hold, we'll see where expenses come in and so on. But we gave you the overall guidance.
Rich Anderson -- SMBC Nikko Securities -- Analyst
All right. Good enough. Thanks.
Operator
The next question is from Dave Rodgers with Baird. Please go ahead.
Dave Rodgers -- Baird -- Analyst
Maybe for Jordan or Stuart can help out with some of the numbers, but I wanted to ask about the new leasing volume. It was down 45% this quarter sequentially, and I realize there have already been some catch-up. But can you guys give us some more color on kind of how the quarter trended, because it looks like the quarter came out weaker than you left the second quarter, but that's not what you're saying. So I'm wondering if there's an August impact in there.
And then also, can you give us some color on October leasing, with October in the book, how that might have compared to a five-year average or something comparable to that?
Stuart McElhinney -- Vice President, Investor Relations
Yes. I'll just say, second quarter was an all-time high for leasing for us. It was a record quarter, like record new record renewal. I mean, we did more leasing than we've ever done.
So I wouldn't take an all-time record and expect to trend forward like that. Q3 was a very good leasing quarter for us regardless of the pandemic, anything like that. And I'll just say we had the whole delta surge that happened to us in the middle of the summer. Summer -- August is typically a slow month for leasing anyway.
So all things considered very strong leasing quarter, new and renewal. I wouldn't compare it to Q2 and say it was a big deceleration because I think Q2 was just an anomaly on the high side. We did some very large leases in Q2. that's not typical for us.
So we knew that wasn't going to be a repeat.
Jordan Kaplan -- President and Chief Executive Officer
Yes, and I got to say, if you skip the second quarter, it's the largest quarter we've had since, like, all of 2020, all of 2021. I mean only the second quarter was larger. It's our largest quarter in the last seven or eight quarters.
Dave Rodgers -- Baird -- Analyst
Fair point, I guess, as you guys look at October and how you maybe left August, how you left September and how you left October, were those all sequential improvements in terms of what you're underwriting in terms of new lease deals?
Stuart McElhinney -- Vice President, Investor Relations
I'd say that the pipeline still is very healthy on the leasing front. I think we're feeling good about leasing. So the pipeline is looking good. I don't know about sequential.
Monthly, we're not getting into that. But we feel good about the leasing. As Jordan said, tenants seem to be feeling more confident. We're coming back.
We're doing a lot of transactions. We did 242 leases, that's a lot of leases to sign in a quarter, and the demand is still there, still looking good.
Dave Rodgers -- Baird -- Analyst
Maybe just one follow-up for Peter and on a specific dollar amount. What was the rent and/or reimbursement that you collected in the quarter that you didn't bill in the dollar amount?
Peter Seymour -- Chief Financial Officer
Yes. We're not breaking that out, but we gave you the overall trend in collections that it's been gradually getting better each quarter. I think Jordan said earlier in the call that we're probably not going to see a meaningful impact on the big past due balances until the moratoriums expire. We have a number of tenants who still have past due balances.
A lot of the improvement is existing tenants paying their current rent and having in the end that number go up.
Jordan Kaplan -- President and Chief Executive Officer
So that's an important point because we've been asked this question a few times now on this call. So one thing is collecting past due amounts just to be clear, that number of 60 down to 50, 47, whatever. Another is tenants just going, I'm just going to start paying now. And so like more and more people are just saying, I'm just going to start paying now.
And then, of course, they also might be also catching up on old rent. So that's one of the drivers of the numbers getting better.
Dave Rodgers -- Baird -- Analyst
All right. Thank you very much.
Operator
The next question is from Daniel Ismail with Green Street Advisors. Please go ahead.
Daniel Ismail -- Green Street Advisors -- Analyst
Great. Jordan, you mentioned in the past that apartment development pipeline on building on existing land. And I'm just curious about the status of that plan. And why not accelerate it given how healthy multifamily pricing is?
Jordan Kaplan -- President and Chief Executive Officer
Yes, I'd love to accelerate it, but you need a city to cooperate in both cities, and they don't necessarily even if they have been in the office. So we can't -- accelerating those projects means that council members and staff and all that has to be around and say we're going to work on it. I mean, geez, getting their attention, it's like brutal. So frankly, we push to where we can, but there's a lot of agendas in the city right now and us developing apartments isn't very high up on their agendas.
Daniel Ismail -- Green Street Advisors -- Analyst
I mean, I guess, is it your sense that regardless of the state of city's budget -- regardless any of cities budgets, that the entitlement process has not gotten necessarily easier since the pandemic.
Stuart McElhinney -- Vice President, Investor Relations
Daniel, we're having a lot of trouble hearing you. There's a lot of static on your line. I couldn't make out --
Jordan Kaplan -- President and Chief Executive Officer
Yes. I couldn't understand the question.
Daniel Ismail -- Green Street Advisors -- Analyst
Apologies. Is this better?
Stuart McElhinney -- Vice President, Investor Relations
No.
Daniel Ismail -- Green Street Advisors -- Analyst
Can you guys hear me?
Jordan Kaplan -- President and Chief Executive Officer
Yes.
Daniel Ismail -- Green Street Advisors -- Analyst
OK. Great. My question is related to the process of entitlement given the state of city's budget. So I assume it's not gone any easier since the start of the pandemic and the overall deterioration of city budget.
Kevin Crummy -- Chief Investment Officer
It's not really a budget. This is Kevin speaking. It's not really a budget issue in these cities because the federal government bailed them out, but it's a workforce issue. In that, you have a lot of people that are Zooming from home and they're not as efficient, and then you've also got some vaccination mandates that are hitting where some of the people don't want to vaccinate and so they're out of the office.
And the cities are definitely less efficient than the private sector and adapt into the way that we work right now. And so that's kind of slowed down everything. And then on the political front, too, it's just tougher to arrange meetings with homeowners groups and meetings with the various constituents and stakeholders in the marketplace. So it's slowed down overall.
But we're still focused on areas that we think we can move it forward. We're definitely spending time.
Daniel Ismail -- Green Street Advisors -- Analyst
Great. Thank you.
Operator
This concludes our question-and-answer session. I would like to turn the conference back over to Jordan Kaplan for any closing remarks.
Jordan Kaplan -- President and Chief Executive Officer
OK. Well, just thank you all for joining us, and we look forward to speaking with you again next quarter.
Operator
[Operator signoff]
Duration: 63 minutes
Call participants:
Stuart McElhinney -- Vice President, Investor Relations
Jordan Kaplan -- President and Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Steve Sakwa -- Evercore ISI -- Analyst
Alexander Goldfarb -- Piper Sandler -- Analyst
Craig Mailman -- KeyBanc Capital Markets -- Analyst
John Kim -- BMO Capital Markets -- Analyst
Blaine Heck -- Wells Fargo Securities -- Analyst
Manny Korchman -- Citi -- Analyst
Michael Bilerman -- Citi -- Analyst
James Feldman -- Bank of America Merrill Lynch -- Analyst
Rich Anderson -- SMBC Nikko Securities -- Analyst
Dave Rodgers -- Baird -- Analyst
Daniel Ismail -- Green Street Advisors -- Analyst
More DEI analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q3 2021 Earnings Call Nov 03, 2021, 2:00 p.m. Operator [Operator signoff] Duration: 63 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst John Kim -- BMO Capital Markets -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Baird -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. This new, nonrecourse, interest-only debt consisted of a $625 million loan, due in August 2028, with interest effectively fixed at 2.12% until June 2025, which is secured by four properties owned by one of our consolidated joint ventures.
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Operator [Operator signoff] Duration: 63 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst John Kim -- BMO Capital Markets -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Baird -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q3 2021 Earnings Call Nov 03, 2021, 2:00 p.m. Compared to last quarter, despite new loan costs and higher utilities, FFO per share was up $0.01 due to stronger rent collections, greater tenant recoveries, increased parking revenues, higher office occupancy, and better multifamily occupancy and rents.
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Operator [Operator signoff] Duration: 63 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst John Kim -- BMO Capital Markets -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Baird -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q3 2021 Earnings Call Nov 03, 2021, 2:00 p.m. Jordan Kaplan -- President and Chief Executive Officer I don't -- I mean, obviously, we don't have a number.
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Operator [Operator signoff] Duration: 63 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst John Kim -- BMO Capital Markets -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Manny Korchman -- Citi -- Analyst Michael Bilerman -- Citi -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Dave Rodgers -- Baird -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q3 2021 Earnings Call Nov 03, 2021, 2:00 p.m. Jordan Kaplan -- President and Chief Executive Officer I don't -- I mean, obviously, we don't have a number.
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8dc14dcd-2508-405e-8475-d8d56297857f
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724950.0
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2021-11-03 00:00:00 UTC
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Sum Up The Parts: HSMV Could Be Worth $38
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DEI
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https://www.nasdaq.com/articles/sum-up-the-parts%3A-hsmv-could-be-worth-%2438-2021-11-03
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the First Trust Horizon Managed Volatility Small/Mid ETF (Symbol: HSMV), we found that the implied analyst target price for the ETF based upon its underlying holdings is $37.54 per unit.
With HSMV trading at a recent price near $34.05 per unit, that means that analysts see 10.24% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of HSMV's underlying holdings with notable upside to their analyst target prices are Perficient Inc (Symbol: PRFT), Douglas Emmett Inc (Symbol: DEI), and Cousins Properties Inc (Symbol: CUZ). Although PRFT has traded at a recent price of $125.23/share, the average analyst target is 12.86% higher at $141.33/share. Similarly, DEI has 11.12% upside from the recent share price of $32.96 if the average analyst target price of $36.62/share is reached, and analysts on average are expecting CUZ to reach a target price of $43.40/share, which is 10.91% above the recent price of $39.13. Below is a twelve month price history chart comparing the stock performance of PRFT, DEI, and CUZ:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
First Trust Horizon Managed Volatility Small/Mid ETF HSMV $34.05 $37.54 10.24%
Perficient Inc PRFT $125.23 $141.33 12.86%
Douglas Emmett Inc DEI $32.96 $36.62 11.12%
Cousins Properties Inc CUZ $39.13 $43.40 10.91%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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First Trust Horizon Managed Volatility Small/Mid ETF HSMV $34.05 $37.54 10.24% Perficient Inc PRFT $125.23 $141.33 12.86% Douglas Emmett Inc DEI $32.96 $36.62 11.12% Cousins Properties Inc CUZ $39.13 $43.40 10.91% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of HSMV's underlying holdings with notable upside to their analyst target prices are Perficient Inc (Symbol: PRFT), Douglas Emmett Inc (Symbol: DEI), and Cousins Properties Inc (Symbol: CUZ). Similarly, DEI has 11.12% upside from the recent share price of $32.96 if the average analyst target price of $36.62/share is reached, and analysts on average are expecting CUZ to reach a target price of $43.40/share, which is 10.91% above the recent price of $39.13.
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Three of HSMV's underlying holdings with notable upside to their analyst target prices are Perficient Inc (Symbol: PRFT), Douglas Emmett Inc (Symbol: DEI), and Cousins Properties Inc (Symbol: CUZ). Similarly, DEI has 11.12% upside from the recent share price of $32.96 if the average analyst target price of $36.62/share is reached, and analysts on average are expecting CUZ to reach a target price of $43.40/share, which is 10.91% above the recent price of $39.13. First Trust Horizon Managed Volatility Small/Mid ETF HSMV $34.05 $37.54 10.24% Perficient Inc PRFT $125.23 $141.33 12.86% Douglas Emmett Inc DEI $32.96 $36.62 11.12% Cousins Properties Inc CUZ $39.13 $43.40 10.91% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now?
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Similarly, DEI has 11.12% upside from the recent share price of $32.96 if the average analyst target price of $36.62/share is reached, and analysts on average are expecting CUZ to reach a target price of $43.40/share, which is 10.91% above the recent price of $39.13. Three of HSMV's underlying holdings with notable upside to their analyst target prices are Perficient Inc (Symbol: PRFT), Douglas Emmett Inc (Symbol: DEI), and Cousins Properties Inc (Symbol: CUZ). Below is a twelve month price history chart comparing the stock performance of PRFT, DEI, and CUZ: Below is a summary table of the current analyst target prices discussed above:
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First Trust Horizon Managed Volatility Small/Mid ETF HSMV $34.05 $37.54 10.24% Perficient Inc PRFT $125.23 $141.33 12.86% Douglas Emmett Inc DEI $32.96 $36.62 11.12% Cousins Properties Inc CUZ $39.13 $43.40 10.91% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of HSMV's underlying holdings with notable upside to their analyst target prices are Perficient Inc (Symbol: PRFT), Douglas Emmett Inc (Symbol: DEI), and Cousins Properties Inc (Symbol: CUZ). Similarly, DEI has 11.12% upside from the recent share price of $32.96 if the average analyst target price of $36.62/share is reached, and analysts on average are expecting CUZ to reach a target price of $43.40/share, which is 10.91% above the recent price of $39.13.
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c2743a8a-2ddd-4149-8328-62661f6b0f66
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724951.0
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2021-11-03 00:00:00 UTC
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Pre-market Movers: BBBY, RRD, GKOS, TMBR, IRTC…
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DEI
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https://www.nasdaq.com/articles/pre-market-movers%3A-bbby-rrd-gkos-tmbr-irtc...-2021-11-03
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nan
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(RTTNews) - The following are some of the stocks making big moves in Wednesday's pre-market trading (as of 06.15 A.M. EDT).
In the Green
Bed Bath & Beyond Inc. (BBBY) is up over 61% at $27.01 R. R. Donnelley & Sons Company (RRD) is up over 28% at $8.49 Glaukos Corporation (GKOS) is up over 21% at $54.88 iRhythm Technologies, Inc. (IRTC) is up over 19% at $91.51 Cerus Corporation (CERS) is up over 18% at $7.92 ION Geophysical Corporation (IO) is up over 16% at $2.74 Ekso Bionics Holdings, Inc. (EKSO) is up over 13% at $4.55 Lyft, Inc. (LYFT) is up over 12% at $51.19 Surgery Partners, Inc. (SGRY) is up over 12% at $46.05 Longboard Pharmaceuticals, Inc. (LBPH) is up over 8% at $7.95 FG Financial Group, Inc. (FGF) is up over 7% at $6.79 NRx Pharmaceuticals, Inc. (NRXP) is up over 6% at $10.13 Genfit SA (GNFT) is up over 6% at $3.74
In the Red
Timber Pharmaceuticals, Inc. (TMBR) is down over 21% at $0.63 Gravity Co., Ltd. (GRVY) is down over 19% at $82.32 Zillow Group, Inc. (Z) is down over 17% at $72.15 Zillow Group, Inc. (ZG) is down over 15% at $72.10 Douglas Emmett, Inc. (DEI) is down over 14% at $28.16 Nxt-ID, Inc. (NXTD) is down over 14% at $3.91 Freshworks Inc. (FRSH) is down over 13% at $43.45 Activision Blizzard, Inc. (ATVI) is down over 12% at $68.28 Cardiol Therapeutics Inc. (CRDL) is down over 12% at $2.97 Waitr Holdings Inc. (WTRH) is down over 9% at $1.55 SkyWater Technology, Inc. (SKYT) is down over 8% at $29.70 The OLB Group, Inc. (OLB) is down over 8% at $7.90
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In the Green Bed Bath & Beyond Inc. (BBBY) is up over 61% at $27.01 R. R. Donnelley & Sons Company (RRD) is up over 28% at $8.49 Glaukos Corporation (GKOS) is up over 21% at $54.88 iRhythm Technologies, Inc. (IRTC) is up over 19% at $91.51 Cerus Corporation (CERS) is up over 18% at $7.92 ION Geophysical Corporation (IO) is up over 16% at $2.74 Ekso Bionics Holdings, Inc. (EKSO) is up over 13% at $4.55 Lyft, Inc. (LYFT) is up over 12% at $51.19 Surgery Partners, Inc. (SGRY) is up over 12% at $46.05 Longboard Pharmaceuticals, Inc. (LBPH) is up over 8% at $7.95 FG Financial Group, Inc. (FGF) is up over 7% at $6.79 NRx Pharmaceuticals, Inc. (NRXP) is up over 6% at $10.13 Genfit SA (GNFT) is up over 6% at $3.74 In the Red Timber Pharmaceuticals, Inc. (TMBR) is down over 21% at $0.63 Gravity Co., Ltd. (GRVY) is down over 19% at $82.32 Zillow Group, Inc. (Z) is down over 17% at $72.15 Zillow Group, Inc. (ZG) is down over 15% at $72.10 Douglas Emmett, Inc. (DEI) is down over 14% at $28.16 Nxt-ID, Inc. (NXTD) is down over 14% at $3.91 Freshworks Inc. (FRSH) is down over 13% at $43.45 Activision Blizzard, Inc. (ATVI) is down over 12% at $68.28 Cardiol Therapeutics Inc. (CRDL) is down over 12% at $2.97 Waitr Holdings Inc. (WTRH) is down over 9% at $1.55 SkyWater Technology, Inc. (SKYT) is down over 8% at $29.70 The OLB Group, Inc. (OLB) is down over 8% at $7.90 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Wednesday's pre-market trading (as of 06.15 A.M. EDT).
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In the Green Bed Bath & Beyond Inc. (BBBY) is up over 61% at $27.01 R. R. Donnelley & Sons Company (RRD) is up over 28% at $8.49 Glaukos Corporation (GKOS) is up over 21% at $54.88 iRhythm Technologies, Inc. (IRTC) is up over 19% at $91.51 Cerus Corporation (CERS) is up over 18% at $7.92 ION Geophysical Corporation (IO) is up over 16% at $2.74 Ekso Bionics Holdings, Inc. (EKSO) is up over 13% at $4.55 Lyft, Inc. (LYFT) is up over 12% at $51.19 Surgery Partners, Inc. (SGRY) is up over 12% at $46.05 Longboard Pharmaceuticals, Inc. (LBPH) is up over 8% at $7.95 FG Financial Group, Inc. (FGF) is up over 7% at $6.79 NRx Pharmaceuticals, Inc. (NRXP) is up over 6% at $10.13 Genfit SA (GNFT) is up over 6% at $3.74 In the Red Timber Pharmaceuticals, Inc. (TMBR) is down over 21% at $0.63 Gravity Co., Ltd. (GRVY) is down over 19% at $82.32 Zillow Group, Inc. (Z) is down over 17% at $72.15 Zillow Group, Inc. (ZG) is down over 15% at $72.10 Douglas Emmett, Inc. (DEI) is down over 14% at $28.16 Nxt-ID, Inc. (NXTD) is down over 14% at $3.91 Freshworks Inc. (FRSH) is down over 13% at $43.45 Activision Blizzard, Inc. (ATVI) is down over 12% at $68.28 Cardiol Therapeutics Inc. (CRDL) is down over 12% at $2.97 Waitr Holdings Inc. (WTRH) is down over 9% at $1.55 SkyWater Technology, Inc. (SKYT) is down over 8% at $29.70 The OLB Group, Inc. (OLB) is down over 8% at $7.90 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Wednesday's pre-market trading (as of 06.15 A.M. EDT).
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In the Green Bed Bath & Beyond Inc. (BBBY) is up over 61% at $27.01 R. R. Donnelley & Sons Company (RRD) is up over 28% at $8.49 Glaukos Corporation (GKOS) is up over 21% at $54.88 iRhythm Technologies, Inc. (IRTC) is up over 19% at $91.51 Cerus Corporation (CERS) is up over 18% at $7.92 ION Geophysical Corporation (IO) is up over 16% at $2.74 Ekso Bionics Holdings, Inc. (EKSO) is up over 13% at $4.55 Lyft, Inc. (LYFT) is up over 12% at $51.19 Surgery Partners, Inc. (SGRY) is up over 12% at $46.05 Longboard Pharmaceuticals, Inc. (LBPH) is up over 8% at $7.95 FG Financial Group, Inc. (FGF) is up over 7% at $6.79 NRx Pharmaceuticals, Inc. (NRXP) is up over 6% at $10.13 Genfit SA (GNFT) is up over 6% at $3.74 In the Red Timber Pharmaceuticals, Inc. (TMBR) is down over 21% at $0.63 Gravity Co., Ltd. (GRVY) is down over 19% at $82.32 Zillow Group, Inc. (Z) is down over 17% at $72.15 Zillow Group, Inc. (ZG) is down over 15% at $72.10 Douglas Emmett, Inc. (DEI) is down over 14% at $28.16 Nxt-ID, Inc. (NXTD) is down over 14% at $3.91 Freshworks Inc. (FRSH) is down over 13% at $43.45 Activision Blizzard, Inc. (ATVI) is down over 12% at $68.28 Cardiol Therapeutics Inc. (CRDL) is down over 12% at $2.97 Waitr Holdings Inc. (WTRH) is down over 9% at $1.55 SkyWater Technology, Inc. (SKYT) is down over 8% at $29.70 The OLB Group, Inc. (OLB) is down over 8% at $7.90 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Wednesday's pre-market trading (as of 06.15 A.M. EDT).
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In the Green Bed Bath & Beyond Inc. (BBBY) is up over 61% at $27.01 R. R. Donnelley & Sons Company (RRD) is up over 28% at $8.49 Glaukos Corporation (GKOS) is up over 21% at $54.88 iRhythm Technologies, Inc. (IRTC) is up over 19% at $91.51 Cerus Corporation (CERS) is up over 18% at $7.92 ION Geophysical Corporation (IO) is up over 16% at $2.74 Ekso Bionics Holdings, Inc. (EKSO) is up over 13% at $4.55 Lyft, Inc. (LYFT) is up over 12% at $51.19 Surgery Partners, Inc. (SGRY) is up over 12% at $46.05 Longboard Pharmaceuticals, Inc. (LBPH) is up over 8% at $7.95 FG Financial Group, Inc. (FGF) is up over 7% at $6.79 NRx Pharmaceuticals, Inc. (NRXP) is up over 6% at $10.13 Genfit SA (GNFT) is up over 6% at $3.74 In the Red Timber Pharmaceuticals, Inc. (TMBR) is down over 21% at $0.63 Gravity Co., Ltd. (GRVY) is down over 19% at $82.32 Zillow Group, Inc. (Z) is down over 17% at $72.15 Zillow Group, Inc. (ZG) is down over 15% at $72.10 Douglas Emmett, Inc. (DEI) is down over 14% at $28.16 Nxt-ID, Inc. (NXTD) is down over 14% at $3.91 Freshworks Inc. (FRSH) is down over 13% at $43.45 Activision Blizzard, Inc. (ATVI) is down over 12% at $68.28 Cardiol Therapeutics Inc. (CRDL) is down over 12% at $2.97 Waitr Holdings Inc. (WTRH) is down over 9% at $1.55 SkyWater Technology, Inc. (SKYT) is down over 8% at $29.70 The OLB Group, Inc. (OLB) is down over 8% at $7.90 The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. (RTTNews) - The following are some of the stocks making big moves in Wednesday's pre-market trading (as of 06.15 A.M. EDT).
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0b9b79b3-a1b5-4c20-abd2-1479ded8daeb
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724952.0
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2021-10-28 00:00:00 UTC
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Douglas Emmett (DEI) Shares Cross Below 200 DMA
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-shares-cross-below-200-dma-2021-10-28
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nan
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nan
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.69, changing hands as low as $32.34 per share. Douglas Emmett Inc shares are currently trading off about 1.2% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.59.
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.69, changing hands as low as $32.34 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.59. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.69, changing hands as low as $32.34 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.59. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.69, changing hands as low as $32.34 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.59. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.69, changing hands as low as $32.34 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.59. Douglas Emmett Inc shares are currently trading off about 1.2% on the day.
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84c664e0-9153-459e-91e5-dbbaf958e303
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724953.0
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2021-10-20 00:00:00 UTC
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Investing in Douglas Emmett (NYSE:DEI) a year ago would have delivered you a 41% gain
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DEI
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https://www.nasdaq.com/articles/investing-in-douglas-emmett-nyse%3Adei-a-year-ago-would-have-delivered-you-a-41-gain-2021-10
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nan
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nan
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It's always best to build a diverse portfolio of shares, since any stock business could lag the broader market. Of course, the aim of the game is to pick stocks that do better than an index fund. One such company is Douglas Emmett, Inc. (NYSE:DEI), which saw its share price increase 36% in the last year, slightly above the market return of around 31% (not including dividends). Unfortunately the longer term returns are not so good, with the stock falling 8.1% in the last three years.
So let's assess the underlying fundamentals over the last 1 year and see if they've moved in lock-step with shareholder returns.
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
During the last year, Douglas Emmett actually saw its earnings per share drop 85%.
Given the share price gain, we doubt the market is measuring progress with EPS. Therefore, it seems likely that investors are putting more weight on metrics other than EPS, at the moment.
Unfortunately Douglas Emmett's fell 7.8% over twelve months. So the fundamental metrics don't provide an obvious explanation for the share price gain.
The graphic below depicts how earnings and revenue have changed over time (unveil the exact values by clicking on the image).
NYSE:DEI Earnings and Revenue Growth October 20th 2021
It's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. That said, we think earnings and revenue growth trends are even more important factors to consider. So we recommend checking out this free report showing consensus forecasts
What About Dividends?
It is important to consider the total shareholder return, as well as the share price return, for any given stock. The TSR is a return calculation that accounts for the value of cash dividends (assuming that any dividend received was reinvested) and the calculated value of any discounted capital raisings and spin-offs. So for companies that pay a generous dividend, the TSR is often a lot higher than the share price return. As it happens, Douglas Emmett's TSR for the last 1 year was 41%, which exceeds the share price return mentioned earlier. The dividends paid by the company have thusly boosted the total shareholder return.
A Different Perspective
It's nice to see that Douglas Emmett shareholders have received a total shareholder return of 41% over the last year. Of course, that includes the dividend. That's better than the annualised return of 1.3% over half a decade, implying that the company is doing better recently. Given the share price momentum remains strong, it might be worth taking a closer look at the stock, lest you miss an opportunity. I find it very interesting to look at share price over the long term as a proxy for business performance. But to truly gain insight, we need to consider other information, too. For instance, we've identified 3 warning signs for Douglas Emmett (1 can't be ignored) that you should be aware of.
Douglas Emmett is not the only stock that insiders are buying. For those who like to find winning investments this free list of growing companies with recent insider purchasing, could be just the ticket.
Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on US exchanges.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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One such company is Douglas Emmett, Inc. (NYSE:DEI), which saw its share price increase 36% in the last year, slightly above the market return of around 31% (not including dividends). NYSE:DEI Earnings and Revenue Growth October 20th 2021 It's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.
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NYSE:DEI Earnings and Revenue Growth October 20th 2021 It's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. One such company is Douglas Emmett, Inc. (NYSE:DEI), which saw its share price increase 36% in the last year, slightly above the market return of around 31% (not including dividends). A Different Perspective It's nice to see that Douglas Emmett shareholders have received a total shareholder return of 41% over the last year.
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One such company is Douglas Emmett, Inc. (NYSE:DEI), which saw its share price increase 36% in the last year, slightly above the market return of around 31% (not including dividends). NYSE:DEI Earnings and Revenue Growth October 20th 2021 It's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. It is important to consider the total shareholder return, as well as the share price return, for any given stock.
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One such company is Douglas Emmett, Inc. (NYSE:DEI), which saw its share price increase 36% in the last year, slightly above the market return of around 31% (not including dividends). NYSE:DEI Earnings and Revenue Growth October 20th 2021 It's probably worth noting we've seen significant insider buying in the last quarter, which we consider a positive. It is important to consider the total shareholder return, as well as the share price return, for any given stock.
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266794e9-6c91-44f1-bfe2-0f5b6352caeb
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724954.0
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2021-09-27 00:00:00 UTC
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Ex-Dividend Reminder: Douglas Emmett, Chimera Investment and Xerox Holdings
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-douglas-emmett-chimera-investment-and-xerox-holdings-2021-09-27
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 9/29/21, Douglas Emmett Inc (Symbol: DEI), Chimera Investment Corp (Symbol: CIM), and Xerox Holdings Corp (Symbol: XRX) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 10/15/21, Chimera Investment Corp will pay its quarterly dividend of $0.33 on 10/28/21, and Xerox Holdings Corp will pay its quarterly dividend of $0.25 on 11/1/21. As a percentage of DEI's recent stock price of $32.83, this dividend works out to approximately 0.85%, so look for shares of Douglas Emmett Inc to trade 0.85% lower — all else being equal — when DEI shares open for trading on 9/29/21. Similarly, investors should look for CIM to open 2.12% lower in price and for XRX to open 1.18% lower, all else being equal.
Below are dividend history charts for DEI, CIM, and XRX, showing historical dividends prior to the most recent ones declared.
Douglas Emmett Inc (Symbol: DEI):
Chimera Investment Corp (Symbol: CIM):
Xerox Holdings Corp (Symbol: XRX):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 3.41% for Douglas Emmett Inc, 8.49% for Chimera Investment Corp, and 4.73% for Xerox Holdings Corp.
Free Report: Top 7%+ Dividends (paid monthly)
In Monday trading, Douglas Emmett Inc shares are currently up about 1.2%, Chimera Investment Corp shares are up about 0.7%, and Xerox Holdings Corp shares are up about 1.7% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a percentage of DEI's recent stock price of $32.83, this dividend works out to approximately 0.85%, so look for shares of Douglas Emmett Inc to trade 0.85% lower — all else being equal — when DEI shares open for trading on 9/29/21. Looking at the universe of stocks we cover at Dividend Channel, on 9/29/21, Douglas Emmett Inc (Symbol: DEI), Chimera Investment Corp (Symbol: CIM), and Xerox Holdings Corp (Symbol: XRX) will all trade ex-dividend for their respective upcoming dividends. Below are dividend history charts for DEI, CIM, and XRX, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 9/29/21, Douglas Emmett Inc (Symbol: DEI), Chimera Investment Corp (Symbol: CIM), and Xerox Holdings Corp (Symbol: XRX) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): Chimera Investment Corp (Symbol: CIM): Xerox Holdings Corp (Symbol: XRX): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $32.83, this dividend works out to approximately 0.85%, so look for shares of Douglas Emmett Inc to trade 0.85% lower — all else being equal — when DEI shares open for trading on 9/29/21.
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Looking at the universe of stocks we cover at Dividend Channel, on 9/29/21, Douglas Emmett Inc (Symbol: DEI), Chimera Investment Corp (Symbol: CIM), and Xerox Holdings Corp (Symbol: XRX) will all trade ex-dividend for their respective upcoming dividends. As a percentage of DEI's recent stock price of $32.83, this dividend works out to approximately 0.85%, so look for shares of Douglas Emmett Inc to trade 0.85% lower — all else being equal — when DEI shares open for trading on 9/29/21. Below are dividend history charts for DEI, CIM, and XRX, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 9/29/21, Douglas Emmett Inc (Symbol: DEI), Chimera Investment Corp (Symbol: CIM), and Xerox Holdings Corp (Symbol: XRX) will all trade ex-dividend for their respective upcoming dividends. As a percentage of DEI's recent stock price of $32.83, this dividend works out to approximately 0.85%, so look for shares of Douglas Emmett Inc to trade 0.85% lower — all else being equal — when DEI shares open for trading on 9/29/21. Below are dividend history charts for DEI, CIM, and XRX, showing historical dividends prior to the most recent ones declared.
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967aa249-700c-4f06-b9a5-ae7efd202e07
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724955.0
|
2021-09-17 00:00:00 UTC
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Douglas Emmett Breaks Below 200-Day Moving Average - Notable for DEI
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-breaks-below-200-day-moving-average-notable-for-dei-2021-09-17
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nan
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nan
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.25, changing hands as low as $32.23 per share. Douglas Emmett Inc shares are currently trading off about 1.2% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.24.
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.25, changing hands as low as $32.23 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.24. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.25, changing hands as low as $32.23 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.24. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.25, changing hands as low as $32.23 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.24. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $32.25, changing hands as low as $32.23 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.24. Douglas Emmett Inc shares are currently trading off about 1.2% on the day.
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5678eb6e-deec-4db0-b68c-e441e0e9eba9
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724956.0
|
2021-08-26 00:00:00 UTC
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Kilroy Realty Stock Has 35% Upside
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DEI
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https://www.nasdaq.com/articles/kilroy-realty-stock-has-35-upside-2021-08-26
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nan
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nan
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We believe that Kilroy Realty’s stock (NYSE: KRC) has an upside potential of 35% in the next 1-1.5 years, once the employees start resuming work from offices in numbers comparable to the pre-Covid-19 level. Kilroy Realty, a real estate investment trust (REIT) which mainly deals in premier office spaces and mixed-use submarkets, trades at $66 currently and has gained 14% in value so far this year. It traded at a pre-Covid high of $88 in February 2020 and is 26% below that level now. Also, KRC stock has gained 34% from the low of $49 seen in March 2020, after the multi-billion dollar stimulus package announced by the U.S. government, which has helped the stock market recover to a large extent. The stock is lagging the broader markets by a huge margin (S&P 500 is up about 100% since year ago March lows), as investors are concerned about the impact of work from home (WFH) and the economic recession on the office space requirement of its tenets.
The company owns a portfolio of 121 properties, including 118 offices and three residential properties. The occupancy rates of its office properties declined from 94.6% in 2019 to 91.2% in 2020 due to the Covid-19 crisis. Further, the numbers are still below the pre-Covid-19 levels, with average occupancy rates of around 91.6% for the first half of 2021. This has weighed on the revenue growth rate of the company. That said, the company owns premier properties at highly desirable locations, which is likely to ensure higher demand for its assets. Further, as the Covid-19 vaccination rate increases, employers are likely to call their workforce back to offices. In view of the meager growth in Kilroy Realty stock since late March 2020, we believe that the stock has strong growth potential in the next 1-1.5 years (back to its pre-Covid peak). Our conclusion is based on our detailed analysis of Kilroy Realty’s stock during the 2008 recession vs. now in an interactive dashboard analysis.
2020 Coronavirus Crisis
12/12/2019: Coronavirus cases first reported in China
1/31/2020: WHO declares a global health emergency.
2/19/2020: Signs of effective containment in China and hopes of monetary easing by major central banks helps S&P 500 reach a record high
3/23/2020: S&P 500 drops 34% from the peak level seen on Feb 19, as Covid-19 cases accelerate outside China. Doesn’t help that oil prices crash in mid-March amid Saudi-led price war
From 3/24/2020: S&P 500 recovers 100% from the lows seen on Mar 23, 2020, as the Fed’s multi-billion dollar stimulus package suppresses near-term survival anxiety and infuses liquidity into the system.
In contrast, here’s how KRC and the broader market performed during the 2007/2008 crisis.
Timeline of 2007-08 Crisis
10/1/2007: Approximate pre-crisis peak in the S&P 500 index
9/1/2008 – 10/1/2008: Accelerated market decline corresponding to Lehman bankruptcy filing (9/15/08)
3/1/2009: Approximate bottoming out of the S&P 500 index
12/31/2009: Initial recovery to levels before the accelerated decline (around 9/1/2008)
Kilroy Realty vs S&P 500 Performance Over 2007-08 Financial Crisis
Kilroy Realty stock declined from levels of around $63 in October 2007 (the pre-crisis peak) to roughly $19 in March 2009 (as the markets bottomed out), implying that the stock lost around 70% of its value from its approximate pre-crisis peak. This marked a sharper drop than the broader S&P, which fell by about 51%.
KRC partially recovered post the 2008 crisis to about $31 in early 2010 – rising by 65% between March 2009 and January 2010. In comparison, the S&P bounced back by about 48% over the same period.
Kilroy Realty’s Fundamentals in Recent Years Look Strong
Kilroy Realty revenues grew by 25% from $719 million in 2017 to $898 million in 2020, primarily led by the growth in rental income. Similarly, the company’s net income improved 24% to $187 million over the same period. The company’s Q2 2021 revenues were 3% above the year-ago period and its EPS figure increased from $0.17 to $0.30.
Does Kilroy Realty Have A Sufficient Cash Cushion To Meet Its Obligations Through The Coronavirus Crisis?
Kilroy Realty’s total debt increased from $2.35 billion in 2017 to $3.95 billion at the end of Q2 2021, while its cash and cash equivalent increased from $57.6 million to around $519.3 million over the same period. Further, the company generated around $216.5 million in cash from its operations in the first half of 2021 and has an unsecured revolving credit facility of $1.1 billion to support its liquidity needs. Overall, the company appears to be in a good condition to weather the crisis.
CONCLUSION
Phases of Covid-19 crisis:
Early- to mid-March 2020: Fear of the coronavirus outbreak spreading rapidly translates into reality, with the number of cases accelerating globally
Late-March 2020 onward: Social distancing measures + lockdowns
April 2020: Fed stimulus suppresses near-term survival anxiety
May-June 2020: Recovery of demand, with the gradual lifting of lockdowns – no panic anymore despite a steady increase in the number of cases
Since late 2020: Weak quarterly results, but continued improvement in demand and progress with vaccine development buoy market sentiment
Keeping in mind the trajectory over 2009-10, this suggests a potential recovery to around $88 (35% upside) once the Covid-19 crisis subsides and the economic conditions improve. This marks a full recovery to the $88 level KRC stock was at before the coronavirus outbreak gained global momentum.
What if you’re looking for a more balanced portfolio instead? Here’s a high-quality portfolio that’s beaten the market since 2016
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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We believe that Kilroy Realty’s stock (NYSE: KRC) has an upside potential of 35% in the next 1-1.5 years, once the employees start resuming work from offices in numbers comparable to the pre-Covid-19 level. The stock is lagging the broader markets by a huge margin (S&P 500 is up about 100% since year ago March lows), as investors are concerned about the impact of work from home (WFH) and the economic recession on the office space requirement of its tenets. Phases of Covid-19 crisis: Early- to mid-March 2020: Fear of the coronavirus outbreak spreading rapidly translates into reality, with the number of cases accelerating globally Late-March 2020 onward: Social distancing measures + lockdowns April 2020: Fed stimulus suppresses near-term survival anxiety May-June 2020: Recovery of demand, with the gradual lifting of lockdowns – no panic anymore despite a steady increase in the number of cases Since late 2020: Weak quarterly results, but continued improvement in demand and progress with vaccine development buoy market sentiment Keeping in mind the trajectory over 2009-10, this suggests a potential recovery to around $88 (35% upside) once the Covid-19 crisis subsides and the economic conditions improve.
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Doesn’t help that oil prices crash in mid-March amid Saudi-led price war From 3/24/2020: S&P 500 recovers 100% from the lows seen on Mar 23, 2020, as the Fed’s multi-billion dollar stimulus package suppresses near-term survival anxiety and infuses liquidity into the system. Timeline of 2007-08 Crisis 10/1/2007: Approximate pre-crisis peak in the S&P 500 index 9/1/2008 – 10/1/2008: Accelerated market decline corresponding to Lehman bankruptcy filing (9/15/08) 3/1/2009: Approximate bottoming out of the S&P 500 index 12/31/2009: Initial recovery to levels before the accelerated decline (around 9/1/2008) Kilroy Realty vs S&P 500 Performance Over 2007-08 Financial Crisis Kilroy Realty stock declined from levels of around $63 in October 2007 (the pre-crisis peak) to roughly $19 in March 2009 (as the markets bottomed out), implying that the stock lost around 70% of its value from its approximate pre-crisis peak. Phases of Covid-19 crisis: Early- to mid-March 2020: Fear of the coronavirus outbreak spreading rapidly translates into reality, with the number of cases accelerating globally Late-March 2020 onward: Social distancing measures + lockdowns April 2020: Fed stimulus suppresses near-term survival anxiety May-June 2020: Recovery of demand, with the gradual lifting of lockdowns – no panic anymore despite a steady increase in the number of cases Since late 2020: Weak quarterly results, but continued improvement in demand and progress with vaccine development buoy market sentiment Keeping in mind the trajectory over 2009-10, this suggests a potential recovery to around $88 (35% upside) once the Covid-19 crisis subsides and the economic conditions improve.
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In view of the meager growth in Kilroy Realty stock since late March 2020, we believe that the stock has strong growth potential in the next 1-1.5 years (back to its pre-Covid peak). Timeline of 2007-08 Crisis 10/1/2007: Approximate pre-crisis peak in the S&P 500 index 9/1/2008 – 10/1/2008: Accelerated market decline corresponding to Lehman bankruptcy filing (9/15/08) 3/1/2009: Approximate bottoming out of the S&P 500 index 12/31/2009: Initial recovery to levels before the accelerated decline (around 9/1/2008) Kilroy Realty vs S&P 500 Performance Over 2007-08 Financial Crisis Kilroy Realty stock declined from levels of around $63 in October 2007 (the pre-crisis peak) to roughly $19 in March 2009 (as the markets bottomed out), implying that the stock lost around 70% of its value from its approximate pre-crisis peak. Phases of Covid-19 crisis: Early- to mid-March 2020: Fear of the coronavirus outbreak spreading rapidly translates into reality, with the number of cases accelerating globally Late-March 2020 onward: Social distancing measures + lockdowns April 2020: Fed stimulus suppresses near-term survival anxiety May-June 2020: Recovery of demand, with the gradual lifting of lockdowns – no panic anymore despite a steady increase in the number of cases Since late 2020: Weak quarterly results, but continued improvement in demand and progress with vaccine development buoy market sentiment Keeping in mind the trajectory over 2009-10, this suggests a potential recovery to around $88 (35% upside) once the Covid-19 crisis subsides and the economic conditions improve.
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Also, KRC stock has gained 34% from the low of $49 seen in March 2020, after the multi-billion dollar stimulus package announced by the U.S. government, which has helped the stock market recover to a large extent. In contrast, here’s how KRC and the broader market performed during the 2007/2008 crisis. Kilroy Realty’s total debt increased from $2.35 billion in 2017 to $3.95 billion at the end of Q2 2021, while its cash and cash equivalent increased from $57.6 million to around $519.3 million over the same period.
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724957.0
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2021-08-25 00:00:00 UTC
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DEI Crosses Above Key Moving Average Level
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DEI
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https://www.nasdaq.com/articles/dei-crosses-above-key-moving-average-level-2021-08-25
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nan
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $32.09, changing hands as high as $32.41 per share. Douglas Emmett Inc shares are currently trading up about 1.2% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.16.
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $32.09, changing hands as high as $32.41 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.16. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $32.09, changing hands as high as $32.41 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.16. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $32.09, changing hands as high as $32.41 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.16. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Wednesday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $32.09, changing hands as high as $32.41 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $36.95 as the 52 week high point — that compares with a last trade of $32.16. Douglas Emmett Inc shares are currently trading up about 1.2% on the day.
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724958.0
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2021-08-21 00:00:00 UTC
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President Jordan Kaplan Just Bought 1.1% More Shares In Douglas Emmett, Inc. (NYSE:DEI)
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DEI
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https://www.nasdaq.com/articles/president-jordan-kaplan-just-bought-1.1-more-shares-in-douglas-emmett-inc.-nyse%3Adei-2021
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Douglas Emmett, Inc. (NYSE:DEI) shareholders (or potential shareholders) will be happy to see that the President, Jordan Kaplan, recently bought a whopping US$996k worth of stock, at a price of US$32.12. While that only increased their holding size by 1.1%, it is still a big swing by our standards.
Douglas Emmett Insider Transactions Over The Last Year
In fact, the recent purchase by President Jordan Kaplan was not their only acquisition of Douglas Emmett shares this year. Earlier in the year, they paid US$25.48 per share in a US$997k purchase. We do like to see buying, but this purchase was made at well below the current price of US$31.84. Because the shares were purchased at a lower price, this particular buy doesn't tell us much about how insiders feel about the current share price.
Jordan Kaplan bought a total of 70.30k shares over the year at an average price of US$28.35. You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. By clicking on the graph below, you can see the precise details of each insider transaction!
NYSE:DEI Insider Trading Volume August 21st 2021
There are always plenty of stocks that insiders are buying. So if that suits your style you could check each stock one by one or you could take a look at this free list of companies. (Hint: insiders have been buying them).
Insider Ownership
For a common shareholder, it is worth checking how many shares are held by company insiders. We usually like to see fairly high levels of insider ownership. Douglas Emmett insiders own 3.5% of the company, currently worth about US$229m based on the recent share price. I like to see this level of insider ownership, because it increases the chances that management are thinking about the best interests of shareholders.
So What Does This Data Suggest About Douglas Emmett Insiders?
The recent insider purchase is heartening. We also take confidence from the longer term picture of insider transactions. Once you factor in the high insider ownership, it certainly seems like insiders are positive about Douglas Emmett. One for the watchlist, at least! So while it's helpful to know what insiders are doing in terms of buying or selling, it's also helpful to know the risks that a particular company is facing. Our analysis shows 3 warning signs for Douglas Emmett (1 is significant!) and we strongly recommend you look at them before investing.
If you would prefer to check out another company -- one with potentially superior financials -- then do not miss this free list of interesting companies, that have HIGH return on equity and low debt.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett, Inc. (NYSE:DEI) shareholders (or potential shareholders) will be happy to see that the President, Jordan Kaplan, recently bought a whopping US$996k worth of stock, at a price of US$32.12. NYSE:DEI Insider Trading Volume August 21st 2021 There are always plenty of stocks that insiders are buying. Douglas Emmett insiders own 3.5% of the company, currently worth about US$229m based on the recent share price.
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Douglas Emmett, Inc. (NYSE:DEI) shareholders (or potential shareholders) will be happy to see that the President, Jordan Kaplan, recently bought a whopping US$996k worth of stock, at a price of US$32.12. NYSE:DEI Insider Trading Volume August 21st 2021 There are always plenty of stocks that insiders are buying. Douglas Emmett Insider Transactions Over The Last Year In fact, the recent purchase by President Jordan Kaplan was not their only acquisition of Douglas Emmett shares this year.
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Douglas Emmett, Inc. (NYSE:DEI) shareholders (or potential shareholders) will be happy to see that the President, Jordan Kaplan, recently bought a whopping US$996k worth of stock, at a price of US$32.12. NYSE:DEI Insider Trading Volume August 21st 2021 There are always plenty of stocks that insiders are buying. Douglas Emmett Insider Transactions Over The Last Year In fact, the recent purchase by President Jordan Kaplan was not their only acquisition of Douglas Emmett shares this year.
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Douglas Emmett, Inc. (NYSE:DEI) shareholders (or potential shareholders) will be happy to see that the President, Jordan Kaplan, recently bought a whopping US$996k worth of stock, at a price of US$32.12. NYSE:DEI Insider Trading Volume August 21st 2021 There are always plenty of stocks that insiders are buying. Insider Ownership For a common shareholder, it is worth checking how many shares are held by company insiders.
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5b619648-f26b-45f6-b0f4-10a1e4852a0d
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724959.0
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2021-08-06 00:00:00 UTC
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Need To Know: Douglas Emmett, Inc. (NYSE:DEI) Insiders Have Been Buying Shares
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DEI
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https://www.nasdaq.com/articles/need-to-know%3A-douglas-emmett-inc.-nyse%3Adei-insiders-have-been-buying-shares-2021-08-06
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We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The flip side of that is that there are more than a few examples of insiders dumping stock prior to a period of weak performance. So shareholders might well want to know whether insiders have been buying or selling shares in Douglas Emmett, Inc. (NYSE:DEI).
What Is Insider Buying?
It's quite normal to see company insiders, such as board members, trading in company stock, from time to time. However, most countries require that the company discloses such transactions to the market.
Insider transactions are not the most important thing when it comes to long-term investing. But logic dictates you should pay some attention to whether insiders are buying or selling shares. As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise'.
The Last 12 Months Of Insider Transactions At Douglas Emmett
The President Jordan Kaplan made the biggest insider purchase in the last 12 months. That single transaction was for US$997k worth of shares at a price of US$25.48 each. Although we like to see insider buying, we note that this large purchase was at significantly below the recent price of US$32.81. Because the shares were purchased at a lower price, this particular buy doesn't tell us much about how insiders feel about the current share price.
You can see a visual depiction of insider transactions (by companies and individuals) over the last 12 months, below. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date!
NYSE:DEI Insider Trading Volume August 6th 2021
Douglas Emmett is not the only stock insiders are buying. So take a peek at this free list of growing companies with insider buying.
Insider Ownership of Douglas Emmett
Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own. A high insider ownership often makes company leadership more mindful of shareholder interests. Douglas Emmett insiders own about US$234m worth of shares (which is 3.5% of the company). Most shareholders would be happy to see this sort of insider ownership, since it suggests that management incentives are well aligned with other shareholders.
So What Do The Douglas Emmett Insider Transactions Indicate?
It doesn't really mean much that no insider has traded Douglas Emmett shares in the last quarter. However, our analysis of transactions over the last year is heartening. It would be great to see more insider buying, but overall it seems like Douglas Emmett insiders are reasonably well aligned (owning significant chunk of the company's shares) and optimistic for the future. So these insider transactions can help us build a thesis about the stock, but it's also worthwhile knowing the risks facing this company. Every company has risks, and we've spotted 3 warning signs for Douglas Emmett (of which 1 can't be ignored!) you should know about.
Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies.
For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions, but not derivative transactions.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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So shareholders might well want to know whether insiders have been buying or selling shares in Douglas Emmett, Inc. (NYSE:DEI). NYSE:DEI Insider Trading Volume August 6th 2021 Douglas Emmett is not the only stock insiders are buying. Insider Ownership of Douglas Emmett Another way to test the alignment between the leaders of a company and other shareholders is to look at how many shares they own.
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So shareholders might well want to know whether insiders have been buying or selling shares in Douglas Emmett, Inc. (NYSE:DEI). NYSE:DEI Insider Trading Volume August 6th 2021 Douglas Emmett is not the only stock insiders are buying. It doesn't really mean much that no insider has traded Douglas Emmett shares in the last quarter.
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NYSE:DEI Insider Trading Volume August 6th 2021 Douglas Emmett is not the only stock insiders are buying. So shareholders might well want to know whether insiders have been buying or selling shares in Douglas Emmett, Inc. (NYSE:DEI). The Last 12 Months Of Insider Transactions At Douglas Emmett The President Jordan Kaplan made the biggest insider purchase in the last 12 months.
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So shareholders might well want to know whether insiders have been buying or selling shares in Douglas Emmett, Inc. (NYSE:DEI). NYSE:DEI Insider Trading Volume August 6th 2021 Douglas Emmett is not the only stock insiders are buying. Douglas Emmett insiders own about US$234m worth of shares (which is 3.5% of the company).
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1404743e-f9bb-490c-a715-f3c9df66c8de
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724960.0
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2021-08-05 00:00:00 UTC
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Douglas Emmett (DEI) Q2 2021 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q2-2021-earnings-call-transcript-2021-08-05
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nan
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q2 2021 Earnings Call
Aug 04, 2021, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to the Douglas Emmett's second-quarter 2021earnings conference call [Operator instructions] Please note that this event is being recorded. I would now like to turn the conference over to Stuart McElhinney. Please go ahead, sir.
Stuart McElhinney -- Vice President, Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings which can be found in the investor relations section of our website. [Operator instructions].
I will now turn the call over to Jordan.
Jordan Kaplan -- President and Chief Executive Officer
Good morning, everyone. Thank you for joining us. During the second quarter, we signed a record 253 office leases, covering an all-time high of 1.3 million square feet. That included our second highest quarter of new leasing since becoming a public company and a substantial increase in the average tenant size.
As expected, even record leasing was not enough to completely offset our abnormally high-lease expirations during the quarter, so we still had a slight decline in our lease rate. In addition, it takes time for new tenants to move in our leased-to-occupied spread is at its highest point in many years. Happily, we are once again recording straight-line rent roll-up and are continuing to see substantial savings in our retenanting costs. While our leasing pipeline remains healthy, we still face headwinds from our local government's response to the pandemic.
Los Angeles has extended its lease enforcement moratorium until September 30th and has returned to a mask mandate despite our submarkets vaccination rate of approximately 80% for people over 16 and over 65% for teens. Even with the moratorium extension, we have made additional progress collecting past due balances still without giving any meaningful rent forgiveness. Our aggregate rent collections for the five quarters affected by the pandemic is now 95%, including 96% of our residential rent, 96% of our office rent, and 63% of our retail rent. The next few quarters may be choppy depending on the course of the pandemic and the timing of the expiration of the moratoriums.
As I have said, we expect to collect much of our remaining unpaid rent once the moratoriums expire, although those collections will be spread over a number of quarters. In addition, some tenants who have not been paying rent during the moratoriums will move out once we can enforce their leases, though we do not expect the impact on our occupancy to be meaningful. Once the turbulence moves out, I'm excited about our future. We are emerging from this downturn as a stronger and more efficient company.
For example, I am confident that our new seamless leasing platform, as well as the diversity and strength of our markets resulted in this quarter's record leasing volume. I'll now turn the call over to Kevin, who will give you an update on our development efforts and recent balance sheet activity. Kevin?
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. Our two multifamily development projects continue to progress nicely. We have leased all of the 174 apartments we completed at 1132 Bishop. Our 493 units downtown Honolulu office to residential conversion.
Our Brentwood apartment tower is ahead of schedule as we now expect to deliver our first units in fourth-quarter 2021. We plan to begin pre-leasing units in the coming months. During the quarter, we closed a new secured nonrecourse $300 million interest-only term loan that matures in May 2028. The loan bears interest of LIBOR plus 140, which we have effectively fixed at 2.21% until June 2026.
The loan is secured by three previously unencumbered office properties. We used $175 million of the proceeds to pay off our revolving credit facility balance. This new loan lowered our weighted average fixed interest rate to only 2.94%. We still have no debt maturities before 2023, and 46% of our office portfolio remains unencumbered.
Given the current attractive interest rates, we continue to pursue opportunities to lower our average rate and further ladder out our debt maturities. As I've discussed in prior quarters, although property sales in our markets remain slow, we have ample liquidity for acquisitions as they become available. I will now turn the call over to Stuart.
Stuart McElhinney -- Vice President, Investor Relations
Thanks, Kevin. Good morning, everyone. In Q2, we signed 253 office leases covering a record 1.3 million square feet. We signed 451,000 square feet of new leases and 846,000 square feet of renewal leases.
Our leasing recovery was initially led by smaller tenants, but in the second quarter, we saw progress with medium and large tenants. Indeed, the average lease signed in Q2 increased to 5,100 square feet, which is not only above the last few quarters but also exceeds our long-term average. As we wait for tenants to move in, our record leasing activity has increased the spread between our leased and occupied rate to 250 basis points. Our leasing spreads during the second quarter improved to positive 9.5% for straight line and negative 6.6% for cash.
Our net effective rents continue to benefit from lower leasing costs, which declined again in Q2 to their lowest level in almost a decade. At 99.4% leased, our multifamily portfolio is essentially full, with rents now increasing across all of our residential submarkets. With that, I'll turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. Turning to our results. Compared to the second quarter of 2020, FFO increased 14.3% to $0.47 per share.
AFFO declined 3.3% to $77.9 million, and same-property cash NOI increased by 0.7%. Compared to the first quarter of 2021, FFO per share increased by $0.03, primarily due to better rent collections and about $0.01 per share of higher business interruption insurance recoveries. It's worth noting that only 1.2% of our revenue came from noncash, straight-line rent, and above and below market lease adjustments. The decline in AFFO this quarter was due to higher TIs and leasing commissions, driven by the strong leasing volume in the last couple of quarters.
And with only 4.2% of revenues, our G&A for the second quarter remains well below that of our benchmark group. Turning to guidance. We expect third-quarter FFO per share to be between $0.44 and $0.46. This reflects the usual higher seasonal utility expenses, as well as additional interest expense from our new loan, lower office occupancy, and lower business interruption insurance recoveries.
We are not comfortable giving guidance for the fourth quarter as our results will depend on the course of the pandemic and the timing and immediate impact of the expiration of the moratoriums. As usual, this guidance does not assume the impact of future acquisitions, dispositions, financings, or property damage recoveries. I will now turn the call over to the operator so we can take your questions.
Questions & Answers:
Operator
Thank you. [Operator instructions]. Our first question today will come from Craig Mailman with KeyBanc Capital Markets. Please go ahead.
Ardie Kamran -- KeyBanc Capital Markets -- Analyst
This is Ardie Kamran on for Craig. I appreciate the color on the rent collections. But can you guys give an update on the cash rents outstanding on kind of a nominal dollar basis? I know last quarter, you mentioned it was closer to the 60 to 70 million range. But where does that kind of stand today? And as you guys continue to make deals with tenants, can you talk about what these deals look like in terms of timing and term of repayment?
Jordan Kaplan -- President and Chief Executive Officer
Yes. So well, depending on where you are in the month because that number rise a little bit, but if you go to the middle of the month, you're in the 50s, with the number moves, 50 to 60. Like you asked me how much cash like we snapped our fingers we would collect, if the moratoriums are off and everyone paid what they owed. The -- in terms of the deals that are being made, basically, people are making early deals to be able to extend their payments over more than three or six months, but four quarters, five quarters, six quarters whatever the case may be and they're also maybe extending leases or doing something else or putting interest on it.
Doing something to give us some benefit for being willing to do that.
Ardie Kamran -- KeyBanc Capital Markets -- Analyst
Great. Thanks. And just on the leasing front, you guys did a nice job in the second quarter. Can you comment on kind of how that momentum has continued into the third quarter, given some of the recent COVID-related rollbacks? And on the occupancy front, how should we think about occupancy? You guys mentioned the spread.
So it seems like you're going to get a little bit of a pickup in occupancy, but how should we kind of think about that through the remaining of the year? And how are you guys kind of underwriting the bottom in occupancy?
Jordan Kaplan -- President and Chief Executive Officer
Well, obviously, I started out my remarks talking about the leasing because I felt like over the last, I don't know, whatever it's been five quarters of the pandemic. People have been questioning the strength of the market, market coming back or tenants coming back or only small guys coming back or big guys coming back. Well, this -- if there was ever a question about the pulse of the market, I mean, the market's performing like an Olympic athlete, I mean I was really impressed. And that's aside from our platform and how well the platform is able to take advantage of that now.
So I'm really happy about that. In terms of moving forward, obviously, we've got some better quarters coming because we don't have as much move out in the next few quarters, and we're hopeful that we can turn things. What was your second question?
Ardie Kamran -- KeyBanc Capital Markets -- Analyst
Just kind of thinking about -- so you kind of mentioned the less move out, but like thinking about kind of how leasing has picked up in the last -- quarter to date, given how things have kind of rolled back. I mean have you noticed any sort of impact?
Jordan Kaplan -- President and Chief Executive Officer
Well, they'll be in -- yes, if COVID heats up again, I'm sure there's going to be an impact. But it's kind of interesting. And back to your question on collections, but that people are just sort of adjusting even to the moratorium being extended and whether the mass mandates back on, people want to get back so badly that as you've already heard, I mean, they're making deals. I think we've now made deals on something in the range of 25-plus percent of what was owed to us in the past, which is all in the face of more trying to be extended, though, I think people are realizing that the end is coming and they want to get back.
Ardie Kamran -- KeyBanc Capital Markets -- Analyst
Got it. And just last one for me. Can you guys talk about kind of the biggest pain points for tenants who have been leaving the portfolio? And as you guys are kind of thinking about the leverage you can pull between rents or occupancy and retention and lease term, kind of how you guys are thinking about that in your leasing process moving forward?
Jordan Kaplan -- President and Chief Executive Officer
Well, the difference between lease and occupied is almost totally a function of how much we do in the way of new deals. This was a huge new deal quarter. So when you do a ton of new deals, you're going to have a much bigger spread as compared to renewals between leased and occupied because they have to move in. We got the -- I'd like to leave some questions for some other people.
So let's keep moving. You've had a good list -- good run here. Let's move on from here. But thank you for asking all these questions.
Operator
And our next question will come from Elvis Rodriguez with Bank of America. Please go ahead.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Nice job on the leasing, and thanks for taking the questions. Jordan, are you able to share what your portfolio cash mark-to-market is today relative to where it's been in recent months?
Jordan Kaplan -- President and Chief Executive Officer
Yes.
Peter Seymour -- Chief Financial Officer
Yes, Elvis, so today, it's slightly positive. It's around 1% for the overall portfolio. That's stronger in our Honolulu and West Side submarkets, and softer in the Valley, as you might imagine. So still slightly positive.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Great. And then on your Brentwood apartment project, are you able to share where market rents are today versus your underwriting and your expectation for the lease-up of that project?
Jordan Kaplan -- President and Chief Executive Officer
Well, I wouldn't say -- I mean, we don't go into individual buildings. So I wouldn't say that. I would say, in general, the apartment portfolio is seeing real increases in rents, and you see that in the numbers that we present you with, the same-store numbers and you can see it in all kinds of studies about what's happening in residential market rents in all of our markets, both in LA and in Honolulu.
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Great. I'll leave some more questions for the others. Thanks.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
And our next question will come from Manny Korchman with Citi.
Unknown speaker
Hey, everyone. This is [Inaudible] on for Manny. Thanks for taking the question. My first one is just about the Macerich lease that appeared on your guys' largest tenant schedule.
I think that there's some space in the building that is currently out on sublease, but a little bit lower than what Macerich is currently paying. I was just wondering if you guys can talk about a potential rent roll down, as well as just your thoughts on whether that space is comparable to Macerich, just overall?
Jordan Kaplan -- President and Chief Executive Officer
I don't even know the sublease space you're talking about, and we don't talk about individual leases. Although, of course, just sort of the tide going out has caused the Macerich lease to show up on that schedule. If you go back a ways, it was on the schedule. And then as we leased up, it fell off the schedule.
Now it's come back on. But I don't have a lot of comments about the Macerich release in particular.
Unknown speaker
OK. Yes, that's fine. I guess, and then my second question is just about any differences that you guys saw from an industry perspective that came through in leasing activity this quarter just with it increasing so much?
Peter Seymour -- Chief Financial Officer
No. I think we still had great demand across our broad center industries, which is what we love so much about these markets is we do have such a diverse group here, and we did see that show up in Q2. No real trends to read through, although the one trend that was notable was the one I mentioned in my prepared remarks, which is we did see the average size increase significantly. So the larger tenants and the medium tenants for us were back transacting in Q2, which was great to see.
Unknown speaker
OK. Thanks. That's all for me.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
And our next question will come from Steve Sakwa with Evercore ISI. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Hi. I guess it's still good morning out there. Jordan, I was just wondering if you could talk a little bit about the new leasing activity. I'm just curious were these tenants that were working from home and decided to take space now? Were these tenants that just had outgrown their old space and needed to move? Just trying to get a better sense for kind of the big surge in new activity and maybe how the footprint of the 450 compared to what they were in prior.
Jordan Kaplan -- President and Chief Executive Officer
Well, I can tell you that big tenants are coming back and they're grabbing space. And the size differentiation makes a difference. I will tell -- I myself was done by how much new leasing we did of over 400 -- I think it was 450,000 feet. That's wild.
I was so happy and impressed both that we were able to do that much. And I'll say again, I credit the platform for even be able to process 250 deals in the quarter and get them closed and reach out and getting all those tenants in, including some larger deals. But I also credit that the market is moving back in terms of wanting to get back in the space in a very aggressive way. Now will this continue, and I know there was another question about that because we seem to be going in the wrong way vis-a-vis the pandemic right now.
But the fact that the market has got that sort of pent-up growth or pent-up demand really made me extremely happy. The nature of the tenants was across all industries. Certainly, you saw more strength in the areas that we've always told you were strong. I mean, Hawaii has -- since we made our change, our Hawaii, it stayed strong and it's still strong.
And of course, West L.A. and a lot of activity along Ventura Boulevard in the valley. But all the way through, though, tenant size, industry all the cuts, all came in very well.
Steve Sakwa -- Evercore ISI -- Analyst
Great. Thanks. And then maybe secondly, I just wanted to follow up a little bit on the apartment question. We are seeing a pretty big rebound in many of the coastal markets.
You're obviously at full occupancy at 99.4%. So I'm not going to fill that up much more. But can you maybe just expand a little bit on the types of rent increases that you're kind of putting through to existing tenants in the current portfolio today? Or how are renewal discussions going with folks?
Peter Seymour -- Chief Financial Officer
Yes. I think we were super pleased to see great activity in the resi portfolio this quarter. Like you said, occupancy has remained strong. We're getting good roll ups.
You saw a 4% increase in revenues. Our average in-place rents are up. So good news across the board and activity remains strong.
Steve Sakwa -- Evercore ISI -- Analyst
Thanks. That's it for me.
Peter Seymour -- Chief Financial Officer
Thank you.
Operator
And our next question will come from Daniel Santos with Piper Sandler. Please go ahead.
Daniel Santos -- Piper Sandler -- Analyst
Hey, thanks for taking my questions. My first one is on the eviction moratorium extension? And whether or not you think that might impact deal flow going into the second half of the year? I'd say prior to this, all science pointed to a pretty busy second half. So I'm wondering if your view on that might have changed.
Jordan Kaplan -- President and Chief Executive Officer
Well, my first view is it was supposed to end June 30th. So that changed my view and they extended, I can tell you that. I think what's happening is the eviction moratorium is still certainly impacting us -- definitely impacting us from the perspective of collecting rent. I think we have some people, as I said before, that aren't paying and they'll move out.
I don't think there's enough of that, that will show up in any meaningful occupancy statistics, but it will like give us that space to lease, which we've been waiting to get back. I think it's -- I don't think it's per se what's gating the market as eviction moratoriums. I think what's gating the market is the just the whole COVID and going back to mask and then everyone wearing a mask even if they're vaccinated inside and all of that. That's more of the types of headwinds that push against us.
The eviction moratorium just impacts us vis-a-vis rent collection. As you may or may not realize, if someone signed something now during the pandemic, even during the moratorium, that's enforceable. So all the new leases, they're not -- they don't have eviction moratorium. It's only from leases prior to the pandemic.
Daniel Santos -- Piper Sandler -- Analyst
Got it. That's helpful. And then I was wondering if you could comment on activity up in the Valley. From our conversations with other management teams, it seems like the market is particularly strong.
Peter Seymour -- Chief Financial Officer
Yes. We had really good activity, as Jordan mentioned, on Ventura Boulevard and through the Valley. So that's always been a strong market for us. Sherman Oaks/Encino, we've kind of grouped that in with the core Westside markets.
And so great to see tenants coming back there and some larger deals in that market.
Daniel Santos -- Piper Sandler -- Analyst
Perfect. Thanks.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Operator
And our next question will come from Rich Anderson with SMBC. Please go ahead.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Thanks. Good morning. So do you guys -- I guess, I'll ask one question two ways. First of all, do you have a kind of a retention rate that you're working toward in the office space.
And more abstractly, when you're having conversations, are people changing their plans in any meaningful way about how much space they want to keep if their lease comes due? I'm just curious if you can speak kind of quantitatively and qualitatively about the leasing experience when you're renewing a lease.
Jordan Kaplan -- President and Chief Executive Officer
Sure. So in terms of the retention rates, I think what we've discovered over the last 30 years or whatever is that, even though we target higher retention, and I've actually seen Ken -- the retention rate seems to be extremely stuck at an average of 69%, between 69 and 70. And I've seen Ken go all out and try and move that number even like 2%. And it is just very hard.
Now it doesn't go down. I mean, that just seems to be the number. I don't know why all the forces hitting a quarter, but that seems to be not any particular quarter, but if you go over a series of quarters, you just keep landing around that number. So I think that, that's probably our target and what you should expect all at the same time.
What was your second question?
Rich Anderson -- SMBC Nikko Securities -- Analyst
So like when you're having -- doing a deal, do you consider a tenant retained if they go from 5,000 to 3,000 square feet? Or is your retention rate based on square feet or based on the actual just the tenant staying or leaving?
Jordan Kaplan -- President and Chief Executive Officer
So it would be 3,000 foot of retention instead of 5,000.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. OK. So it's on a square-foot basis. So are you saying then that people are not readjusting downward much -- they are either making the decision --
Jordan Kaplan -- President and Chief Executive Officer
Yes. I think that -- I mean I know we've got a lot of questions trying to understand the psychology or the reasoning behind my tenants are leasing or not leasing or this or that. And I don't know that we could ever give it like a summary of that. I hear anecdotal stuff, but I'm really not anxious to give like one or two anecdotal stories and have everyone run away and go.
That's the reason people are now taking space again. So I think there's all types of reasons. But for the most part, I just think that the economy here is coming back and people want to come back into work.
Peter Seymour -- Chief Financial Officer
And, Rich, I talked, I think, a little bit about this on the last call. But as far as the way we're planning our space and our spec fleet program, which has been great for us and continues to generate outsized business on the new leasing front. That's in our kind of 2,000 square foot sweet spot in that range, 2,500 feet, where we do a ton of leasing. And we have not changed the way we're laying out that space.
It already provides good, call it, 225 feet a person, which we find still -- worked well for us for a long time and continues to work really well.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. And then real quickly, on the 50 to 60 million rents that are still kind of outstanding, how much of that is in retail utilization? Or is that just office?
Jordan Kaplan -- President and Chief Executive Officer
There's -- so compared to our company, it's overweighted in retail.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK.
Jordan Kaplan -- President and Chief Executive Officer
Well, you have it -- I mean, right, we're telling you, 96% collection office, 96% collection resi, and 65% retail. So retail is representing too much of that number, more than it's fair share.
Rich Anderson -- SMBC Nikko Securities -- Analyst
I know I have a dumb question because you said that. But I guess my thought was when you said people might leave once the moratorium ends, are you kind of most worried about that in the retail part of the portfolio?
Jordan Kaplan -- President and Chief Executive Officer
I'm not most worried about that in any of the sections. I would say I don't expect a lot of that. Actually, the areas where -- and I'll say this again, anecdotally, I'm hearing that is in residential, not necessarily in retail or office. When I read the list of everyone, while more often in residential, I'll see something that says when the moratorium's over, this tenant is going to just move out and this is unlikely to be collectible.
I see that on the list.
Rich Anderson -- SMBC Nikko Securities -- Analyst
OK. Got it. Thanks very much. Appreciate it.
Operator
And our next question will come from Frank Lee with BMO.
Frank Lee -- BMO Capital Markets -- Analyst
Hi. Good morning, everyone. If we look at the average lease term on the leases signed in the quarter, it looks like the terms are over five years now versus 3.5 or so in the past couple of quarters. Do you get the sense that tenants are willing to commit to more term now that reopening plans are in motion? Or was there anything unusual in the quarter?
Peter Seymour -- Chief Financial Officer
Frank, I think mostly what that had to do with was the larger leases that we signed. So larger tenants tend to sign longer-term deals. And you saw that I mentioned the average lease size was way up this quarter, and that was really the driving factor to increase the average term of the leases that you saw.
Frank Lee -- BMO Capital Markets -- Analyst
OK. Thanks. And then you provided the remaining spend for the multifamily developments in the South this quarter. Just wondering if there are any changes to the total cost? Or are the construction costs still tracking within the initial budget range?
Jordan Kaplan -- President and Chief Executive Officer
I think that things are still tracking. We've got a lot of questions from people about what's our remaining spend. I know that at The Landmark project, we've increased our spend, but I don't think it's -- I mean, within 10%, for sure, because we're trying to move a little quicker. I don't know, nobody asked the question, nobody noticed that we had originally planned to start leasing next year.
We've accelerated things that hasn't been a cheap process, especially with the kind of supply chain crush. And so we've been willing to spend money to get open and be leasing this year. But beyond that, I feel pretty good about where we're coming in. I feel very good actually about where we're coming in on both projects.
Frank Lee -- BMO Capital Markets -- Analyst
OK, guys. Thank you.
Operator
And our next question will come from Bill Crow with Raymond James.
Bill Crow -- Raymond James -- Analyst
Yes. Thanks. Good morning. On the commercial leases signed during the quarter, have you seen any increase in the tenants relocating from downtown? And maybe any sense of how many of those new move-ins are coming from larger spaces?
Peter Seymour -- Chief Financial Officer
Well, I mean we certainly saw a lot of large tenant activity this quarter, which we hadn't seen kind of throughout the pandemic. We had been relying on very small tenants. I think our average tenant size a couple of quarters ago was only 3,100 feet, and it was up to 5,100 feet in Q2. So certainly, larger tenants showed up.
Your first comment about relocations from downtown. I don't know that we ever draw tenants from downtown. It's not something I ever hear from our leasing guy.
Jordan Kaplan -- President and Chief Executive Officer
Yes, I haven't -- I agree. I haven't seen us trade with downtown much.
Peter Seymour -- Chief Financial Officer
Yes. That's not a typical move. If you're on the Westside, if you live on the Westside and you're in submarkets, you've got a long commute downtown. So most folks tend to want to keep a short commute and they're somewhere in and around our submarkets and maybe they're moving between submarkets on the west side between buildings that we don't own and the buildings we do own.
But I don't -- it's almost like newsworthy to hear something going for -- especially newsworthy for someone to go from the Westside to downtown. But I don't think we trade often between those markets.
Frank Lee -- BMO Capital Markets -- Analyst
OK. And we are seeing that in other markets where as workers are working part time from home, a little bit of a shift in the location of office space. But, Jordan, how politically --
Peter Seymour -- Chief Financial Officer
I think, Bill, we may see that headed out to Warner Center. We've got guys that commute in from those areas into the Westside. And we've seen that in the past where people open satellite offices out toward Warner Center in the Valley, just to shorten the commute up that way. So that's something we're looking for.
Jordan Kaplan -- President and Chief Executive Officer
And I think that -- by the way, I know I've been reading that the same articles that you're talking about. And frankly, I think the Westside went through that sometime in the 80s or something when the traffic was so bad to get downtown that people just insisted on having their office space closer to their homes, and that's what really created the Westside.
Frank Lee -- BMO Capital Markets -- Analyst
Yes. Interesting. Jordan, how politically difficult is it going to be to actually evict residential tenants? I mean even though you have all the right to, once this moratorium ends, how tough is that going to be from a PR perspective?
Jordan Kaplan -- President and Chief Executive Officer
I don't think we're going to have very many tenants we're going to need to evict. I mean, first of all, only 4% is not paying. I think most of them are going to pay. I mean -- so you're talking about numbers that could be as small as single digits or 10, 20.
I mean it's not a lot. I mean I think --
Frank Lee -- BMO Capital Markets -- Analyst
Most of that's in rent controls spots. Is that fair?
Jordan Kaplan -- President and Chief Executive Officer
No, I don't think so. I mean, the ones I saw wasn't ranked 12 people with businesses and stuff, not rent control, actually renting pretty nice places that then something happen with their business or their -- or they played games and the games turned into the -- we don't even know if they're there anymore, but we can't get the space back.
Frank Lee -- BMO Capital Markets -- Analyst
Yes. All right. Appreciate the insights.
Jordan Kaplan -- President and Chief Executive Officer
All right.
Operator
And this will conclude our question-and-answer session. I'd like to turn the conference back over to Jordan Kaplan for any closing remarks.
Jordan Kaplan -- President and Chief Executive Officer
Well, thank you all for joining us, and we will speak with you again next quarter.
Operator
[Operator signoff]
Duration: 40 minutes
Call participants:
Stuart McElhinney -- Vice President, Investor Relations
Jordan Kaplan -- President and Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Ardie Kamran -- KeyBanc Capital Markets -- Analyst
Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst
Unknown speaker
Steve Sakwa -- Evercore ISI -- Analyst
Daniel Santos -- Piper Sandler -- Analyst
Rich Anderson -- SMBC Nikko Securities -- Analyst
Frank Lee -- BMO Capital Markets -- Analyst
Bill Crow -- Raymond James -- Analyst
More DEI analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q2 2021 Earnings Call Aug 04, 2021, 2:00 p.m. Operator [Operator signoff] Duration: 40 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Ardie Kamran -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Unknown speaker Steve Sakwa -- Evercore ISI -- Analyst Daniel Santos -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Los Angeles has extended its lease enforcement moratorium until September 30th and has returned to a mask mandate despite our submarkets vaccination rate of approximately 80% for people over 16 and over 65% for teens.
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Operator [Operator signoff] Duration: 40 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Ardie Kamran -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Unknown speaker Steve Sakwa -- Evercore ISI -- Analyst Daniel Santos -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2021 Earnings Call Aug 04, 2021, 2:00 p.m. This reflects the usual higher seasonal utility expenses, as well as additional interest expense from our new loan, lower office occupancy, and lower business interruption insurance recoveries.
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Operator [Operator signoff] Duration: 40 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Ardie Kamran -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Unknown speaker Steve Sakwa -- Evercore ISI -- Analyst Daniel Santos -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2021 Earnings Call Aug 04, 2021, 2:00 p.m. People have been questioning the strength of the market, market coming back or tenants coming back or only small guys coming back or big guys coming back.
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Operator [Operator signoff] Duration: 40 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Ardie Kamran -- KeyBanc Capital Markets -- Analyst Elvis Rodriguez -- Bank of America Merrill Lynch -- Analyst Unknown speaker Steve Sakwa -- Evercore ISI -- Analyst Daniel Santos -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2021 Earnings Call Aug 04, 2021, 2:00 p.m. In addition, some tenants who have not been paying rent during the moratoriums will move out once we can enforce their leases, though we do not expect the impact on our occupancy to be meaningful.
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Douglas Emmett, Inc. (DEI) Ex-Dividend Date Scheduled for June 29, 2021
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc.-dei-ex-dividend-date-scheduled-for-june-29-2021-2021-06-28
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Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on June 29, 2021. A cash dividend payment of $0.28 per share is scheduled to be paid on July 15, 2021. Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 7th quarter that DEI has paid the same dividend. At the current stock price of $35.31, the dividend yield is 3.17%.
The previous trading day's last sale of DEI was $35.31, representing a -4.44% decrease from the 52 week high of $36.95 and a 54.33% increase over the 52 week low of $22.88.
DEI is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). DEI's current earnings per share, an indicator of a company's profitability, is $.19. Zacks Investment Research reports DEI's forecasted earnings growth in 2021 as -1.73%, compared to an industry average of 1.1%.
For more information on the declaration, record and payment dates, visit the DEI Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. DEI is a part of the Consumer Services sector, which includes companies such as Prologis, Inc. (PLD) and Crown Castle International Corporation (CCI). Zacks Investment Research reports DEI's forecasted earnings growth in 2021 as -1.73%, compared to an industry average of 1.1%.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. DEI's current earnings per share, an indicator of a company's profitability, is $.19. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on June 29, 2021.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 7th quarter that DEI has paid the same dividend. For more information on the declaration, record and payment dates, visit the DEI Dividend History page.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on June 29, 2021. This marks the 7th quarter that DEI has paid the same dividend.
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7b681e34-8728-4a5d-8495-1814c44b47ce
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724962.0
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2021-06-25 00:00:00 UTC
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Ex-Dividend Reminder: Kennedy-Wilson Holdings, STORE Capital and Douglas Emmett
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-kennedy-wilson-holdings-store-capital-and-douglas-emmett-2021-06-25
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/21, Kennedy-Wilson Holdings Inc (Symbol: KW), STORE Capital Corp (Symbol: STOR), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Kennedy-Wilson Holdings Inc will pay its quarterly dividend of $0.22 on 7/8/21, STORE Capital Corp will pay its quarterly dividend of $0.36 on 7/15/21, and Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 7/15/21. As a percentage of KW's recent stock price of $20.52, this dividend works out to approximately 1.07%, so look for shares of Kennedy-Wilson Holdings Inc to trade 1.07% lower — all else being equal — when KW shares open for trading on 6/29/21. Similarly, investors should look for STOR to open 1.03% lower in price and for DEI to open 0.80% lower, all else being equal.
Below are dividend history charts for KW, STOR, and DEI, showing historical dividends prior to the most recent ones declared.
Kennedy-Wilson Holdings Inc (Symbol: KW):
STORE Capital Corp (Symbol: STOR):
Douglas Emmett Inc (Symbol: DEI):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 4.29% for Kennedy-Wilson Holdings Inc, 4.13% for STORE Capital Corp, and 3.20% for Douglas Emmett Inc.
In Friday trading, Kennedy-Wilson Holdings Inc shares are currently up about 1%, STORE Capital Corp shares are up about 0.3%, and Douglas Emmett Inc shares are trading flat on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/21, Kennedy-Wilson Holdings Inc (Symbol: KW), STORE Capital Corp (Symbol: STOR), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for STOR to open 1.03% lower in price and for DEI to open 0.80% lower, all else being equal. Below are dividend history charts for KW, STOR, and DEI, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/21, Kennedy-Wilson Holdings Inc (Symbol: KW), STORE Capital Corp (Symbol: STOR), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Kennedy-Wilson Holdings Inc (Symbol: KW): STORE Capital Corp (Symbol: STOR): Douglas Emmett Inc (Symbol: DEI): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for STOR to open 1.03% lower in price and for DEI to open 0.80% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/21, Kennedy-Wilson Holdings Inc (Symbol: KW), STORE Capital Corp (Symbol: STOR), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Kennedy-Wilson Holdings Inc (Symbol: KW): STORE Capital Corp (Symbol: STOR): Douglas Emmett Inc (Symbol: DEI): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for STOR to open 1.03% lower in price and for DEI to open 0.80% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/21, Kennedy-Wilson Holdings Inc (Symbol: KW), STORE Capital Corp (Symbol: STOR), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for STOR to open 1.03% lower in price and for DEI to open 0.80% lower, all else being equal. Below are dividend history charts for KW, STOR, and DEI, showing historical dividends prior to the most recent ones declared.
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a27b35db-8e0d-4fe3-87df-9d96e62f9e09
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724963.0
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2021-05-24 00:00:00 UTC
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Interesting DEI Put And Call Options For January 2022
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DEI
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https://www.nasdaq.com/articles/interesting-dei-put-and-call-options-for-january-2022-2021-05-24
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nan
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2022 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 242 days until expiration the newly trading contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2022 contracts and identified one put and one call contract of particular interest.
The put contract at the $25.00 strike price has a current bid of 25 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $25.00, but will also collect the premium, putting the cost basis of the shares at $24.75 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $35.07/share today.
Because the $25.00 strike represents an approximate 29% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 90%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.00% return on the cash commitment, or 1.51% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $25.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $40.00 strike price has a current bid of 65 cents. If an investor was to purchase shares of DEI stock at the current price level of $35.07/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $40.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 15.91% if the stock gets called away at the January 2022 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $40.00 strike highlighted in red:
Considering the fact that the $40.00 strike represents an approximate 14% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 65%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 1.85% boost of extra return to the investor, or 2.79% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 98%, while the implied volatility in the call contract example is 60%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $35.07) to be 35%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $40.00 strike highlighted in red: Considering the fact that the $40.00 strike represents an approximate 14% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2022 expiration.
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Below is a chart showing DEI's trailing twelve month trading history, with the $40.00 strike highlighted in red: Considering the fact that the $40.00 strike represents an approximate 14% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2022 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2022 contracts and identified one put and one call contract of particular interest.
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Below is a chart showing DEI's trailing twelve month trading history, with the $40.00 strike highlighted in red: Considering the fact that the $40.00 strike represents an approximate 14% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2022 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2022 contracts and identified one put and one call contract of particular interest.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2022 contracts and identified one put and one call contract of particular interest. Below is a chart showing DEI's trailing twelve month trading history, with the $40.00 strike highlighted in red: Considering the fact that the $40.00 strike represents an approximate 14% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2022 expiration.
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0658a959-3881-44ef-b483-0fc5efbfacc8
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724964.0
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2021-05-21 00:00:00 UTC
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Here's Why Shareholders Should Examine Douglas Emmett, Inc.'s (NYSE:DEI) CEO Compensation Package More Closely
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DEI
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https://www.nasdaq.com/articles/heres-why-shareholders-should-examine-douglas-emmett-inc.s-nyse%3Adei-ceo-compensation
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nan
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nan
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Shareholders will probably not be too impressed with the underwhelming results at Douglas Emmett, Inc. (NYSE:DEI) recently. Shareholders will be interested in what the board will have to say about turning performance around at the next AGM on 27 May 2021. It would also be an opportunity for shareholders to influence management through voting on company resolutions such as executive remuneration, which could impact the firm significantly. We present the case why we think CEO compensation is out of sync with company performance.
Comparing Douglas Emmett, Inc.'s CEO Compensation With the industry
Our data indicates that Douglas Emmett, Inc. has a market capitalization of US$7.0b, and total annual CEO compensation was reported as US$8.5m for the year to December 2020. Notably, that's a decrease of 10% over the year before. While we always look at total compensation first, our analysis shows that the salary component is less, at US$867k.
For comparison, other companies in the same industry with market capitalizations ranging between US$4.0b and US$12b had a median total CEO compensation of US$6.4m. Hence, we can conclude that Jordan Kaplan is remunerated higher than the industry median. Moreover, Jordan Kaplan also holds US$95m worth of Douglas Emmett stock directly under their own name, which reveals to us that they have a significant personal stake in the company.
Component 2020 2019 Proportion (2020)
Salary US$867k US$1.0m 10%
Other US$7.6m US$8.4m 90%
Total Compensation US$8.5m US$9.4m 100%
Speaking on an industry level, nearly 15% of total compensation represents salary, while the remainder of 85% is other remuneration. It's interesting to note that Douglas Emmett allocates a smaller portion of compensation to salary in comparison to the broader industry. If total compensation is slanted towards non-salary benefits, it indicates that CEO pay is linked to company performance.
NYSE:DEI CEO Compensation May 21st 2021
Douglas Emmett, Inc.'s Growth
Over the last three years, Douglas Emmett, Inc. has shrunk its funds from operations (FFO) by 1.5% per year. Its revenue is down 12% over the previous year.
A lack of FFO improvement is not good to see. This is compounded by the fact revenue is actually down on last year. So given this relatively weak performance, shareholders would probably not want to see high compensation for the CEO. Historical performance can sometimes be a good indicator on what's coming up next but if you want to peer into the company's future you might be interested in this free visualization of analyst forecasts.
Has Douglas Emmett, Inc. Been A Good Investment?
Since shareholders would have lost about 0.08% over three years, some Douglas Emmett, Inc. investors would surely be feeling negative emotions. This suggests it would be unwise for the company to pay the CEO too generously.
In Summary...
Given that shareholders haven't seen any positive returns on their investment, not to mention the lack of earnings growth, this may suggest that few of them would be willing to award the CEO with a pay rise. At the upcoming AGM, they can question the management's plans and strategies to turn performance around and reassess their investment thesis in regards to the company.
We can learn a lot about a company by studying its CEO compensation trends, along with looking at other aspects of the business. We did our research and identified 3 warning signs (and 1 which is significant) in Douglas Emmett we think you should know about.
Arguably, business quality is much more important than CEO compensation levels. So check out this free list of interesting companies that have HIGH return on equity and low debt.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shareholders will probably not be too impressed with the underwhelming results at Douglas Emmett, Inc. (NYSE:DEI) recently. NYSE:DEI CEO Compensation May 21st 2021 Douglas Emmett, Inc.'s Growth Over the last three years, Douglas Emmett, Inc. has shrunk its funds from operations (FFO) by 1.5% per year. Moreover, Jordan Kaplan also holds US$95m worth of Douglas Emmett stock directly under their own name, which reveals to us that they have a significant personal stake in the company.
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Shareholders will probably not be too impressed with the underwhelming results at Douglas Emmett, Inc. (NYSE:DEI) recently. NYSE:DEI CEO Compensation May 21st 2021 Douglas Emmett, Inc.'s Growth Over the last three years, Douglas Emmett, Inc. has shrunk its funds from operations (FFO) by 1.5% per year. Comparing Douglas Emmett, Inc.'s CEO Compensation With the industry Our data indicates that Douglas Emmett, Inc. has a market capitalization of US$7.0b, and total annual CEO compensation was reported as US$8.5m for the year to December 2020.
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NYSE:DEI CEO Compensation May 21st 2021 Douglas Emmett, Inc.'s Growth Over the last three years, Douglas Emmett, Inc. has shrunk its funds from operations (FFO) by 1.5% per year. Shareholders will probably not be too impressed with the underwhelming results at Douglas Emmett, Inc. (NYSE:DEI) recently. Comparing Douglas Emmett, Inc.'s CEO Compensation With the industry Our data indicates that Douglas Emmett, Inc. has a market capitalization of US$7.0b, and total annual CEO compensation was reported as US$8.5m for the year to December 2020.
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NYSE:DEI CEO Compensation May 21st 2021 Douglas Emmett, Inc.'s Growth Over the last three years, Douglas Emmett, Inc. has shrunk its funds from operations (FFO) by 1.5% per year. Shareholders will probably not be too impressed with the underwhelming results at Douglas Emmett, Inc. (NYSE:DEI) recently. Comparing Douglas Emmett, Inc.'s CEO Compensation With the industry Our data indicates that Douglas Emmett, Inc. has a market capitalization of US$7.0b, and total annual CEO compensation was reported as US$8.5m for the year to December 2020.
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0fdc4401-8a8c-4b9e-9d9b-aa00a6697409
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724965.0
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2021-05-11 00:00:00 UTC
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Douglas Emmett Reaches Analyst Target Price
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-reaches-analyst-target-price-2021-05-11
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nan
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nan
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.70, changing hands for $32.88/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 10 different analyst targets contributing to that average for Douglas Emmett Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $30.00. And then on the other side of the spectrum one analyst has a target as high as $35.00. The standard deviation is $2.002.
But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.70/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.70 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Douglas Emmett Inc:
RECENT DEI ANALYST RATINGS BREAKDOWN
» Current 1 Month Ago 2 Month Ago 3 Month Ago
Strong buy ratings: 2 2 2 2
Buy ratings: 0 0 0 0
Hold ratings: 9 10 10 10
Sell ratings: 0 0 0 0
Strong sell ratings: 0 0 0 0
Average rating: 2.64 2.67 2.67 2.67
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on DEI — FREE.
The Top 25 Broker Analyst Picks of the S&P 500 »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.70, changing hands for $32.88/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.70/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.70 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.70, changing hands for $32.88/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.70/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.70 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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And so with DEI crossing above that average target price of $32.70/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.70 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.70, changing hands for $32.88/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes.
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.70, changing hands for $32.88/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.70/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.70 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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83291f77-73a7-448d-92cf-eb5a44597ee9
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724966.0
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2021-05-05 00:00:00 UTC
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Douglas Emmett (DEI) Q1 2021 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q1-2021-earnings-call-transcript-2021-05-06
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nan
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nan
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q1 2021 Earnings Call
May 05, 2021, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterlyearnings conference call Today's call is being recorded. [Operator instructions] I will now turn the conference over to Stuart McElhinney, vice president of investor relations for Douglas Emmett.
Stuart McElhinney -- Vice President of Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; and Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings which can be found in the investor relations section of our website. [Operator instructions] I will now turn the call over to Jordan.
Jordan Kaplan -- Chief Executive Officer
Good morning, everyone. Thank you for joining us. In Los Angeles, we have seen a remarkable shift in the prevalence of COVID over the last six weeks. During the first quarter, L.A.
County was reporting three times the infection rate of any other U.S. County. By early April, L.A. County was reporting the lowest infection rate among the nation's 10 largest counties.
On April 5, L.A. County permitted nonessential workers to return to their offices. And on April 6, Governor Newsom announced plans to fully reopen California by June 15. Our first-quarter results still reflect the impact of the pandemic.
Our collections during the quarter continued to improve so that during the four quarters, affected by the pandemic, our aggregate rent collections totaled 93.1%, including 96% of our residential rent, 96% of our office rent, and 44% of our retail rent. We executed more workout agreements with minimal rent forgiveness. Less than $100,000 in the first quarter, mostly for retail tenants. But the big catalyst for collections will come once the eviction moratoriums expire, which we believe will accompany the full reopening in June.
Some medium and larger tenants are starting to make leasing decisions. In the first quarter, we signed leases totaling 750,000 square feet. Given our seasonally larger expirations, this leasing was not enough to create positive absorption. As we have said, we expect to lose occupancy during the first half of the year.
I feel confident and optimistic as the pandemic subsides. Our operations and our markets are uniquely positioned considering our supply constraints, industries driving demand, and tenant build-outs that already accommodate a COVID-sensitive return to work. Our operating platform, which is designed for the small tenants that are leading office reoccupancy is the largest and most effective in our markets. Our development and repositioning activities are progressing nicely, and our balance sheet is strong.
We are pursuing refinancing opportunities that may even further lower our cost of debt and working on new acquisitions as they emerge. Last quarter, we discussed our now completely digitized leasing experience. This quarter, Kevin will describe the progress we have made on sustainability. With that, I will turn the call over to Kevin.
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. We remain very pleased with the progress of our two multifamily development projects. At 1132 Bishop, our downtown Honolulu office to residential conversion, we have now leased 100% of the 174 total units we've delivered, validating the demand for high-quality rental housing in the heart of Honolulu. Our Brentwood high-rise apartment construction has topped off at 34 stories.
Once finished, our 376 units will offer stunning ocean views and the first new high-rise residential tower west of the 405 Freeway in more than 40 years. We plan to begin pre-leasing the units after the summer and remain on schedule for occupancy in early 2022. Property transactions in our markets remained slow with potential sellers still in a watch and wait mode. We're hopeful that the signs of recovery and planned reopening will bring some deferred sales to the market.
Our investment in sustainable systems and technology at our properties continues to produce outstanding results. At year-end, more than 88% of our eligible office space had qualified for ENERGY STAR certification. During 2020, we took advantage of lower tenant attendance at our properties to aggressively accelerate our LED lighting retrofit program. These efforts will generate annual energy savings of 3.3 million kilowatt-hours per year.
You can find more information about our environmental performance, as well as our social and governance efforts in our recently published 2020 ESG report on our website. I will now turn the call over to Stuart.
Stuart McElhinney -- Vice President of Investor Relations
Thanks, Kevin. Good morning, everyone. In Q1, we signed 199 office leases covering 751,000 square feet, including 204,000 square feet of new leases and 547,000 square feet of renewal leases. Our leasing in recent quarters has been led by our small tenants, although we saw some activity during the first quarter from a few medium and larger tenants.
This increased the average size of the leases we signed last quarter to 3,800 square feet from 3,100 square feet in the fourth quarter, though it is still below our 5,600-square-foot portfolio average. As a result of the seasonally high lease expirations during the first half of this year and lower recent leasing activity, Our office lease percentage declined 86 basis points to 87.7%. Our leasing spreads during the first quarter were negative 9.1% for cash and negative 0.3% for straight line. However, we have mitigated the impact to our net effective rents by lowering our leasing costs 10% from Q4 as tenants remain willing to trade tenant improvements for competitive office rents.
The lease rate for our multifamily communities has fully recovered at 99.6%. With that, I'll turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. Our first-quarter results reflected the continuing impacts from the pandemic. Compared to the first quarter of 2020, which was largely unaffected by the pandemic, FFO was down 19.6% to $0.44 per share.
AFFO declined 21% to $78.3 million, and same-property cash NOI declined by 16.8%. When we reported our results last quarter, We noted that our FFO per share included a net $0.04 gain from insurance offset by advocacy spending. Excluding this $0.04, our first-quarter FFO per share improved by $0.02 per share, primarily from better collections and lower expenses. And only 4.4% of revenues, our G&A for the first quarter remains well below that of our benchmark group.
Turning to guidance. We expect second-quarter FFO per share to be between $0.43 and $0.45. This reflects our belief that occupancy will continue to decline. We expect significant improvements in collections and parking revenue once the economy opens up and local moratoriums expire.
As usual, this guidance does not assume the impact of future acquisitions, dispositions, or financings. I will now turn the call over to the operator so we can take your questions.
Questions & Answers:
Operator
[Operator instructions] Our first question comes from Steve Sakwa with Evercore ISI. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Jordan or maybe whoever wants to take it on leasing. Can you maybe just talk a little bit about the pipeline? I realize given the smaller nature of your tenants, your pipeline may not be as visible as some of your peers that are dealing with larger tenants, but just sort of curious, what's kind of in the hopper today and as you look out one to two quarters? What's giving you the confidence to think that occupancy may bottom after Q2?
Jordan Kaplan -- Chief Executive Officer
Well, what's giving us the confidence is the amount of leasing that's getting done now and I was really happy about the 750,000 feet. And I know we had a little bit of negative absorption, but the work that was done, the hard work that was done to kind of -- what we shortened the name of to digitize our leasing experience and all of the work that was done around that, and the amount of flow we're now able to push and generate and speed up. I mean I just -- I know I keep reiterating it on every call, but as things open, I don't think you're going to see the full power of how this system has shifted itself until things really start rolling up because what we're seeing already against these horrific pandemics, shut things down, you know, wait for the coming open headwinds is just so impressive in numbers of deals and total square footage of deals and all the rest of it. And as we look forward, you know, you still face pandemic style move-outs or people that are calling it quits or whatever the case may be.
But at the same time, you're seeing very strong trend of returning, leasing, deal flow. And we gave you -- Stuart gave you some good info when we track like square footage of deals compared to our typical square footage and then, you know we were much smaller if you go back a quarter. But now even the average size is getting larger, the number of deals still in that 200 range, which is very strong and then now up to 750,000 feet in terms of volume. You go, "OK, all that's going in a very good direction." And I would say, "I'd like to say as expected, as hoped, as expected, all of -- both those words together," but that's what's giving me the confidence.
Steve Sakwa -- Evercore ISI -- Analyst
OK. And then, you know, you sort of mentioned the executive orders and, you know, L.A. opening, I guess, June 15. Can you just remind us kind of what the dollar size is of the bucket of tenants that are not currently paying or, you know, whether the retail tenants or some office tenants that are not paying but are maybe in current occupancy? How large is that bucket in dollar terms? And I guess, what would be your expectations of when that may start to flow back into the P&L?
Jordan Kaplan -- Chief Executive Officer
Well, you know, we've told you that we're making deals, right? And so -- and we said it's in the range of 15%. So each quarter, the same guys don't pay, but also we make deals. So the number is running in the $60 million to $70 million range of what's out there that we still want to get that we've written off, right? And you go -- that should be growing much faster if everyone who was just not paying, but we weren't making deals with people that had not been paying in the past, but we are making deals. So depending on when you catch us in the quarter, depending on the time during the month, and wherever you are, it seems to be running in that range, but we've stopped growing that number.
Actually, we stopped growing that number last quarter. So that's also a good kind of directional trend sign on all of that.
Steve Sakwa -- Evercore ISI -- Analyst
Great. Thanks, Jordan.
Operator
The next question comes from Manny Korchman with Citi. Please go ahead, sir.
Manny Korchman -- Citi -- Analyst
Can you remind us or help us think about how long it would take once sort of the small tenants, maybe the moratoriums burn off, small tenants decide they do want space. What's sort of the timing from them going on to your digital platform or calling you to sort of getting into that space and becoming cash volume?
Peter Seymour -- Chief Financial Officer
Yeah, Manny, what we've seen on average is that --
Jordan Kaplan -- Chief Executive Officer
It's Michael.
Peter Seymour -- Chief Financial Officer
Is that Michael?
Manny Korchman -- Citi -- Analyst
No, it's Manny.
Peter Seymour -- Chief Financial Officer
On average, from the time we sign an LOI with the tenant until they moved into our space is on average for us about four months. So it's very quick relative to probably the larger folks that our peers are talking to.
Manny Korchman -- Citi -- Analyst
Right. And then just has there been any activity that you can share on the space that's up for sublease within your portfolio?
Peter Seymour -- Chief Financial Officer
I mean we haven't seen a material uptick in sublease space in our own portfolio that we're tracking. I know the sublease space is up generally in the market pretty materially. What we've seen in those reports is that it's generally concentrated in the larger tenant space, [Inaudible] type style space, larger footprint. So we haven't seen a material impact.
Manny Korchman -- Citi -- Analyst
I could be wrong, but I thought there was a couple of news reports about some specific spaces in the sort of medium-sized space that your tenants had put up for sublease was the [Inaudible]?
Peter Seymour -- Chief Financial Officer
Yeah. I think -- I certainly think we've got tenants listing their space for sublease. I don't think it's material to the overall.
Jordan Kaplan -- Chief Executive Officer
Yeah. When you say -- I'm actually surprised to see a broker listing a space that's in our building that's a sublease deal because obviously, I get all of them. And I don't think there's a ton of it compared to how much we have. But what's most important is I don't think there's any meaningful competition being created by that sublease space against the direct leasing that we're doing.
Manny Korchman -- Citi -- Analyst
Thanks, everyone.
Operator
The next question comes from Frank Lee with BMO. Please go ahead.
Frank Lee -- BMO Capital Markets -- Analyst
Good morning, everyone. Can you talk a bit about what you're seeing in Century City and Beverly Hills? Curious those two submarkets experienced the largest sequential decline in terms of the lease percentage during the quarter. Thanks.
Peter Seymour -- Chief Financial Officer
Yeah, Frank, I don't -- when you look across all our submarkets, you know, we had some that went up a little bit this quarter, you know, most went down. I think that's kind of been the case we've seen kind of a downward trajectory in occupancy throughout the pandemic. We haven't seen a read-through specifically to any submarkets where they're acting – you know, a trend that we noticed or something different that would be worthy to point out to you guys between the submarkets. There's going to be noise from quarter to quarter.
Like we said, we're still expecting some declines overall in Q2, but, you know, nothing I would point you to in those specific submarkets that we're seeing.
Frank Lee -- BMO Capital Markets -- Analyst
OK. And then just a follow-up on the average lease size being modestly higher in the quarter. Are you starting to see any tenants taking more space now that rents have come down a bit or even tenants making floor plan changes where there's a higher square footage allocation per employee?
Peter Seymour -- Chief Financial Officer
I think on the attendance taking more space. You know, every quarter, we look at tenants expanding tenants contracting. And obviously, for a long time, we had our expansions kind of outpacing our contractions. Tenants are always kind of moving around and their space changes or shifting.
But I haven't seen like a material uptick in expansions that I would point you to in Q1 in the numbers. It seemed pretty consistent with what we've seen historically. Your second question about space needs changing. I think the great, you know, thing about our portfolio and the way our space is already built out, and we've talked a lot about this over the recent quarters.
But we think, on average, our tenants are already built out to 200-plus feet per person. If you think about a typical space that's 2,600 square feet, it's a couple of window line offices. It's a couple of workstations, kitchen, conference room. Everybody is pretty well distanced.
So we haven't had to make a material shift in how we plan our spec suites, for example, and those have been leasing at really a tremendous pace throughout. That's really been a strong point for us throughout pandemic. Those ready-to-build move-in spec suites that we build. So we haven't seen – you know, we haven't had to shift that.
I don't think we've seen tenants really changing that. They're pretty well set up, you know, the way they've been doing it.
Frank Lee -- BMO Capital Markets -- Analyst
OK. Thank you.
Operator
The next question comes from Jamie Feldman with Bank of America. Please go ahead.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Great. Thank you. So as your leasing pipeline starts to pick up, any kind of read-throughs for types of sectors or types of tenants that are either, you know, more aggressive than you thought coming back or maybe less aggressive and maybe, you know, shifting more toward a longer-term work-from-home strategy? Just wondering what the data is telling you.
Peter Seymour -- Chief Financial Officer
Yeah. You know that we have that great diverse pie chart in the supplemental of our tenants and all the industries driving demand here, and it continues to be pretty broad-based demand. We haven't seen any trends from industries or sectors that have shifted dramatically.
Jordan Kaplan -- Chief Executive Officer
We pointed out the one -- the only trend we've seen is in size, right? I mean, it's been a smaller guys coming earlier than the larger guys. And it's not in industry, it's not in market.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. More to get out of the house, I guess. And then, I guess, just shifting gears to the investment sales market. I mean, a, can you talk about anything new you guys are looking at or interested in? And then b, just what's the market overall feel like? Are you seeing a pickup or any changes in how people are underwriting or willing to take risk?
Jordan Kaplan -- Chief Executive Officer
The market is still fairly slow. Now that things have opened up, I'm hopeful that people are going to start bringing things back to market as people get a little bit more certainty and optimistic on the overall market. But it's been abysmally slow in our markets, and there just hasn't been a lot. We're underwriting everything that's out there, but there hasn't been a lot that is super appealing.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
I mean is there any change in tone from either the brokers or competitors in terms of what people are willing to look at and how comfortable they are writing -- underwriting rents or occupancies?
Jordan Kaplan -- Chief Executive Officer
I think that people are bullish on L.A. long term in the industries that we've got here and the supply constraints in our markets. And so I think that when something does get offered, it's going to be a very competitive offering. And I just think that we're easier to underwrite a recovery than some of the other major markets out there that are more bigger buildings, more vertical, different transportation, et cetera.
So when it comes, I'm anticipating that pricing is going to be fairly aggressive.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. And then do you have an appetite for -- to try new submarkets that you're not in right now as we hit into a recovery?
Jordan Kaplan -- Chief Executive Officer
We're always looking at everything in our markets and in markets that we're not in, we're tracking it. I think that between the development platform and the repositions that we've got going that, you know, we're deploying a fair amount of capital. And then when things come out in our market, I think that the opportunities there are going to be more compelling and easier to fold into the portfolio than necessarily branching out to other submarkets. But we continue to underwrite them.
And if something really interesting comes up, you know, we'll definitely underwrite it.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. Thank you.
Operator
The next question comes from Alexander Goldfarb with Piper Sandler. Please go ahead.
Alexander Goldfarb -- Piper Sandler -- Analyst
I wanted to go back to Steve's initial question. And so I'm going to ask the, you know, standard sell-side two-parter. Jordan, the rents that you guys are still not being paid and you're not accruing from a GAAP perspective. Last quarter, you said it was $6 million a month.
So one, just want to confirm that $6 million is still the number. You know, and two, given the propensity for these moratoriums to get, you know, just sort of extended almost indefinitely. What is the local [Inaudible] in California on whether or not, you know, Newsom will stick to the June 30 extension? Or given his recall campaign, is up to punt it and extend it like they did here in New York?
Jordan Kaplan -- Chief Executive Officer
Well, I -- I mean, I know New York extended I think, August, but of course, they were expiring this like May, right? So they had to face it. I'm not sure, you know, by June, I think a little -- it will be quite ingenuine to extend it, but that doesn't mean I have any particular insight into what they're actually going to do. In terms of the rent, I mean if you -- when -- as we were getting into the pandemic, you may or may not remember, it was actually over $7 million a month. And then we started, you know, putting pressure on people.
It calmed down to $6 million a month. And it was really jumping around between $6 million, $6.2 million, $6.5 million, I remember watching that. Then as we started making deals and the month stretch out, now the numbers come down pretty substantially. I mean, if you count the -- people stop paying in April, and you go, here we are 12 months later, and I gave you a number, I think it's 60-something million.
You go, "Well, obviously, that's well below $6 million a month." And that's -- that number for better – you know, that number, you would think, it's just going to keep shrinking as we make deals, as people start paying again and coming back, as people start settling up. We ought to be able to keep shrinking that number, and it has been shrinking, right? I mean, it's now down in the $5 million range.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. And then just confirming, you're still not -- from a GAAP FFO perspective, you're not booking the accrued rents? You're only booking basically, what you receive on a cash basis, correct?
Peter Seymour -- Chief Financial Officer
Any -- it's Peter, everybody that, you know, we move to a cash basis, it's all – you know, the cash comes in, we book it, but we don't book it other than that.
Alexander Goldfarb -- Piper Sandler -- Analyst
Great. OK. So this is upside to the numbers. That's the point.
The second question is, you know, on the capex, normally in other markets, you know, is a sort of soft leasing or soft market, you know, concessions rise. But here, you had your leasing capex decline. Is it basically a one-for-one because a lot of what you do are prebuilt suite. So, therefore, you know, it's effectively a percentage of? Or do you see that there's going to be pressure from tenants? And therefore, you're going to have to increase your leasing capex.
Jordan Kaplan -- Chief Executive Officer
I would say our leasing capex has meaningfully gone down. Now and add, if you're -- the math of the question would be rents down and leasing capex causing that effective to be, you know, better than just what the rents are down by. It's improving the situation, not that bad for it. So right now, just like you think, right? You see the market and everybody starts losing occupancy, that starts impacting rents.
And then as that impact rents, our rent face rate impacted or face rate plus the leasing capex. And the leasing capex has shrunk in the face of the declining rents. So our net effectives are actually better than the reductions in just rents. And so when you look at some of the stats we give you roll down and whatnot, you know, when you start looking at net effectives you go, well, looks like things are actually not that bad.
Now I'm not saying not down, but I'm saying better than they look of just looking at roll downs.
Alexander Goldfarb -- Piper Sandler -- Analyst
So basically, Jordan, you don't expect concessions to suddenly rise absent rents rising. You view the two as moving in sort of lockstep. You don't think there's going to be pressure, competition for tenants where you're going to have to increase capex before the rents rise.
Jordan Kaplan -- Chief Executive Officer
OK. So just to be narrowly accurate, So you have commissions and TIs. And, you know, you've been tracking what's been happening. We have a, you know -- we went -- we digitized our platform.
We have some certain percent, and, you know, that's maybe not as much market-driven. When you say -- when you go over to the TI side of all of that. What I'm saying to you is our TIs per foot are coming down. Now, why are they coming down? One reason is we've just rolled through and we have a ton of space that generally works and it's built out to the right size and tenants want it.
Even when the guy does want something, it's paint, carpet, moving walls and that takes time to happen. I mean if you think all the way back to the Blackstone portfolio buying, you know, millions of square feet, it takes a long time for us to roll through and get that space more standardized so that the capex that we're spending is not as high. So that's one thing. Another thing is renewals are very much saying, we just want to renew and keep going.
And I told you guys about that a couple of quarters ago. And the last thing is, you know, we're doing deals with smaller tenants, and we all know there's less capex associated with small tenants. When you do big multi-floor tenants, they come in with big demands. And that's the reality, the net effective on large tenants is not as good as a net effective on small tenants.
And that's mostly because of the very demanding capex of carrying everything out and redoing it when you're a full-pledged tenant, right? So for all those reasons, probably and the fact that during the pandemic, we happen to be built out in ways that are already extremely user-friendly to someone that just wants to return to work. We're just seeing our TIs go down.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. Thank you.
Operator
Our next question comes from Rich Anderson with SMBC. Please go ahead.
Rich Anderson -- SMBC Nikko Securities --Analyst
Thanks. Good morning out there. So can you talk a little bit about or maybe bookend what making deals means? And what I mean by that is, are you just kind of deferring rent for a period of short period of time? Or there -- is anyone coming back to you and saying, you know, "Look, we'll sign something early, like we don't renew until next year, but we'll do it early at a depressed rent and you could keep us for four or five years at that level." Is any of that happening anywhere? Or is that not the right way to color it?
Jordan Kaplan -- Chief Executive Officer
Most of what I'm hearing is extensions, spreading what's due out, combination deals. That's most of what I'm hearing. I mean there's -- believe me, there's like 31 flavors, but most of what I'm hearing is extending leases and stretching out what's owed now as opposed to being bunk on the head with it, you know when the moratorium ends.
Rich Anderson -- SMBC Nikko Securities --Analyst
OK. And, you know, prior to all this, you had a nice little redevelopment business, as mentioned about, you know, outlaying capital in this market. You know, we're doing something like 30% returns on incremental dollars. I think last quarter, you said you're talking about ramping that business back up.
What's the pipeline there? And are you -- have you started to ramp that incremental business up?
Jordan Kaplan -- Chief Executive Officer
Yeah, we actually returned -- I guess we returned on paper more than two quarters ago. We returned physically doing more last quarter. So we have four projects now back in the pipeline.
Rich Anderson -- SMBC Nikko Securities --Analyst
And what kind of -- is it similar in terms of incremental return?
Jordan Kaplan -- Chief Executive Officer
Yeah. Yeah. One, there's a reskirting of the building, like we did at 1801. There's all kinds of stuff going on.
Yeah. And, you know, unfortunately, fortunate whatever. So if you look at the last projects we did, the numbers were spectacular. And by the way, in retrospect, panned out spectacular, right? We looked at like how rents changed, how leasing changed, all of that.
It's going to be harder to do during pandemic market with all the external noise against rents, hard to prepare whatnot. But it was such a successful program, and we're optimistic to where things are coming to returning. And we don't want to like, you know, putting our shoes on when the gun fires and everyone starts racing, we want to be like ready and fire off the line. And so we said this was just too successful, and we believe the market is going to recover in a strong way.
And so we're just -- we're back at it. And so we put forward projects in and we're doing them.
Rich Anderson -- SMBC Nikko Securities --Analyst
Awesome, thanks.
Operator
The next question comes from Craig Mailman with KeyBanc. Please go ahead.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Could you guys maybe touch on the refinancing opportunities? It looks like you have some expirations here about $600-plus million that probably makes sense to get to. Is there any costs associated with the swaps and, you know, getting rid of those? And where do you think you guys would price? And what term would you guys look to -- or what's the most interesting term at this point for a pricing perspective?
Jordan Kaplan -- Chief Executive Officer
First of all, of course, you're correct. Great time to look at refinancing. We are looking and fully working on it. We have a goal, and I think I had it and it wasn't one of ours -- I might have been Kevin, I thought I said, but we have a goal.
We are looking at refinancing, our average cost of debt right now is just a hair under three, like two 99, two 98, something like that. I'd like to see that number come down. And I think we have an opportunity to do that. You're naming some.
There's maybe even be more than that. We have very flexible debt. A typical loan for us is a seven-year loan, we swapped five years. And I don't know why we would go off that program.
And super aggressively in the – you know, Michelle Aronson and the team, and all the people over there are working on those -- on that.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
What do you think would be anticipate timing if you guys kind of pull the trigger?
Jordan Kaplan -- Chief Executive Officer
What I'd like to do is way to be able to announce and then you'll have the stats of an actual deal. So I'm just going to wait for that because I don't want to like sour my -- but we [Inaudible] with announcement aware of what needs to be. So let it play out. I mean, obviously, you know, I wouldn't be squawk at about refinancing, and I thought it was going to stay at 3%.
So, you know, we're headed down. So but see how much improvement Hearn or Tim can get out of the program as of course, rates have -- certainly, you can look at five-year swap, see where that is, then you could -- what can we do with spreads and then combine those and see how much can we improve our cost of debt and how fast can we move to take advantage of that.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
That's helpful. And then just 1 other one. You guys -- Brentwood resi developments coming on in '22. What's happened to rents for that type of product in L.A.? And do you still feel like you're in a good spot from an underwriting perspective?
Jordan Kaplan -- Chief Executive Officer
Yeah. Matter of fact, and I know I say this all the time, with the office leasing portfolio where people go, where do you think rents are -- don't worry about rents. It's all about -- rents follow occupancy. And we got to get occupancy up and then we push rents.
So as you watched us lease up the apartment portfolio, which we're now certainly, at or above what you would call fully occupied, now we're seeing rents move. So we're seeing rents start moving back up again. That's great. If you're more narrowly asking the question, in the higher-end market of the product that we're putting in Brentwood right now, we don't have any reason to believe that that's not going to be equivalently or more successful than we expected going into the pandemic.
And of course, we've been giving you some good feedback on what's happening in Honolulu with the project we did, and that has been during -- that's in leasing right now, right? And then we've leased 100-whatever, 175 units -- 174 units, and so we have really hard stats on that, and we know that that's been -- that would have been called very successful, not with the pandemic, almost stunning with the fact that the thing is still under construction and a pandemic.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
That's helpful. Thank you. All right.
Operator
The next question comes from Dave Rodgers with Baird. Please go ahead.
Dave Rodgers -- Robert W. Baird -- Analyst
Morning out there. Jordan, maybe you addressed this a little bit with your redevelopment comment, but I guess I was curious in terms of kind of flight to quality. We hear it pretty much across the country as tenants come back looking for better quality space. Curious if outside of the leasing capex bucket, tenants are asking for better air handling, better air movement, those types of things, just within the portfolio, and any movement you're seeing within existing submarkets within the Valley versus the Westside in terms of kind of flight to quality.
Jordan Kaplan -- Chief Executive Officer
Well, that's -- OK. So we keep looking -- we look at acquisitions and we look at our existing portfolio. And when we see something in the bottom quartile, we go, "How do we move it to the top quartile?" So I want to buy into the top quartile of quality. And when we look at our buildings, we go, that's in the bottom quartile, what can we do to it to put it to the top quartile, OK? So that type of aggressive recycling, which you've been seeing us doing now, we think you get paid for it.
And we were for sure being paid for it before the pandemic. Now the pandemic has completely shaken up the table. And so it's hard to go look at stats and just prove that in the direct way we were able to do before the pandemic. But we still think, as you're obviously indicating that, that exists at or -- or more today.
And that's why you hear us committing to capital and restarting for new projects. I mean to whatever ability someone can run on a treadmill, I want 100% about what we own to be in the top quartile and quality of what we own. I mean -- and whether it's through buying and or repositioning, that's our goal. And that goal puts you in the top and we're definitely in the top, and we're probably above the top quartile of our markets in terms of what we own.
Dave Rodgers -- Robert W. Baird -- Analyst
OK. Thanks for that. And then maybe just a question for Peter following up. Peter, you have mentioned a lot in terms of bad debt workouts and the like during the quarter.
Do you have the straight-line rent write-off and the cash bad debt for the quarter that you specifically recorded? And then maybe just a quick follow-up for Kevin. Rents in Honolulu for the conversion relative to pro forma?
Peter Seymour -- Chief Financial Officer
Yes. So for -- it's Peter. For the most part, the tenants who haven't been paying are still the tenants not paying. But every quarter, we have had a few new tenants come on the list and getting written off, not meaningful this quarter.
Kevin Crummy -- Chief Investment Officer
And then regarding the Honolulu rents, we're nailing pro forma, which in the middle of pandemic, who would have sunk, it's really unique product. It's very, very high quality, and we're 100% leased now. So it's in high demand. So we're very pleased with how that project is progressing.
Dave Rodgers -- Robert W. Baird -- Analyst
Thank you.
Operator
The next question comes from Jamie Feldman with Bank of America.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Thanks. I just had a quick follow-up. You have I think, four UCLA leases expiring this year. Do you guys have visibility on renewal yet?
Peter Seymour -- Chief Financial Officer
Yeah, you're right. They're 65,000 feet. I think you're right, there's four leases. There are different departments, different decision-makers on the leases, Jamie.
And, you know, we're not in the business of commenting on individual tenants and how they're going to work out. But it's not all just one big lease and it's not one decision. So, we'll see how those play out.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. But nothing has been renewed at this point?
Peter Seymour -- Chief Financial Officer
If it was renewed, it wouldn't be expiring this year. So no, it would have changed in the stats.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right. Thank you.
Operator
This concludes our question-and-answer session. I would like to turn the conference back over to Jordan Kaplan for any closing remarks.
Jordan Kaplan -- Chief Executive Officer
Thank you all for joining us, and we look forward to speaking with you next quarter.
Operator
[Operator signoff]
Duration: 42 minutes
Call participants:
Stuart McElhinney -- Vice President of Investor Relations
Jordan Kaplan -- Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Steve Sakwa -- Evercore ISI -- Analyst
Manny Korchman -- Citi -- Analyst
Frank Lee -- BMO Capital Markets -- Analyst
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Alexander Goldfarb -- Piper Sandler -- Analyst
Rich Anderson -- SMBC Nikko Securities --Analyst
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Dave Rodgers -- Robert W. Baird -- Analyst
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Douglas Emmett (NYSE: DEI) Q1 2021 Earnings Call May 05, 2021, 2:00 p.m. Operator [Operator signoff] Duration: 42 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Manny Korchman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities --Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Jamie Feldman -- Bank of America Merrill Lynch -- Analyst I mean is there any change in tone from either the brokers or competitors in terms of what people are willing to look at and how comfortable they are writing -- underwriting rents or occupancies?
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Operator [Operator signoff] Duration: 42 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Manny Korchman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities --Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q1 2021 Earnings Call May 05, 2021, 2:00 p.m. In Q1, we signed 199 office leases covering 751,000 square feet, including 204,000 square feet of new leases and 547,000 square feet of renewal leases.
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Operator [Operator signoff] Duration: 42 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Manny Korchman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities --Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q1 2021 Earnings Call May 05, 2021, 2:00 p.m. Our collections during the quarter continued to improve so that during the four quarters, affected by the pandemic, our aggregate rent collections totaled 93.1%, including 96% of our residential rent, 96% of our office rent, and 44% of our retail rent.
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Operator [Operator signoff] Duration: 42 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Steve Sakwa -- Evercore ISI -- Analyst Manny Korchman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Rich Anderson -- SMBC Nikko Securities --Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Dave Rodgers -- Robert W. Baird -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q1 2021 Earnings Call May 05, 2021, 2:00 p.m. However, we have mitigated the impact to our net effective rents by lowering our leasing costs 10% from Q4 as tenants remain willing to trade tenant improvements for competitive office rents.
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7d12b9c6-2706-4e59-9de8-6d8c730b6e0d
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724967.0
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2021-04-14 00:00:00 UTC
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Can Douglas Emmett, Inc. (NYSE:DEI) Improve Its Returns?
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DEI
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https://www.nasdaq.com/articles/can-douglas-emmett-inc.-nyse%3Adei-improve-its-returns-2021-04-14
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nan
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nan
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While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important. We'll use ROE to examine Douglas Emmett, Inc. (NYSE:DEI), by way of a worked example.
Return on equity or ROE is an important factor to be considered by a shareholder because it tells them how effectively their capital is being reinvested. Simply put, it is used to assess the profitability of a company in relation to its equity capital.
How To Calculate Return On Equity?
Return on equity can be calculated by using the formula:
Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity
So, based on the above formula, the ROE for Douglas Emmett is:
1.0% = US$39m ÷ US$4.0b (Based on the trailing twelve months to December 2020).
The 'return' is the profit over the last twelve months. One way to conceptualize this is that for each $1 of shareholders' capital it has, the company made $0.01 in profit.
Does Douglas Emmett Have A Good ROE?
Arguably the easiest way to assess company's ROE is to compare it with the average in its industry. However, this method is only useful as a rough check, because companies do differ quite a bit within the same industry classification. As is clear from the image below, Douglas Emmett has a lower ROE than the average (5.0%) in the REITs industry.
NYSE:DEI Return on Equity April 14th 2021
That certainly isn't ideal. However, a low ROE is not always bad. If the company's debt levels are moderate to low, then there's still a chance that returns can be improved via the use of financial leverage. A high debt company having a low ROE is a different story altogether and a risky investment in our books. Our risks dashboard should have the 3 risks we have identified for Douglas Emmett.
How Does Debt Impact Return On Equity?
Virtually all companies need money to invest in the business, to grow profits. That cash can come from issuing shares, retained earnings, or debt. In the case of the first and second options, the ROE will reflect this use of cash, for growth. In the latter case, the debt required for growth will boost returns, but will not impact the shareholders' equity. Thus the use of debt can improve ROE, albeit along with extra risk in the case of stormy weather, metaphorically speaking.
Douglas Emmett's Debt And Its 1.0% ROE
Douglas Emmett does use a high amount of debt to increase returns. It has a debt to equity ratio of 1.24. Its ROE is quite low, even with the use of significant debt; that's not a good result, in our opinion. Debt does bring extra risk, so it's only really worthwhile when a company generates some decent returns from it.
Summary
Return on equity is one way we can compare its business quality of different companies. A company that can achieve a high return on equity without debt could be considered a high quality business. All else being equal, a higher ROE is better.
Having said that, while ROE is a useful indicator of business quality, you'll have to look at a whole range of factors to determine the right price to buy a stock. It is important to consider other factors, such as future profit growth -- and how much investment is required going forward. So you might want to take a peek at this data-rich interactive graph of forecasts for the company.
Of course Douglas Emmett may not be the best stock to buy. So you may wish to see this free collection of other companies that have high ROE and low debt.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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We'll use ROE to examine Douglas Emmett, Inc. (NYSE:DEI), by way of a worked example. NYSE:DEI Return on Equity April 14th 2021 That certainly isn't ideal. While some investors are already well versed in financial metrics (hat tip), this article is for those who would like to learn about Return On Equity (ROE) and why it is important.
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We'll use ROE to examine Douglas Emmett, Inc. (NYSE:DEI), by way of a worked example. NYSE:DEI Return on Equity April 14th 2021 That certainly isn't ideal. Return on equity can be calculated by using the formula: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Douglas Emmett is: 1.0% = US$39m ÷ US$4.0b (Based on the trailing twelve months to December 2020).
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We'll use ROE to examine Douglas Emmett, Inc. (NYSE:DEI), by way of a worked example. NYSE:DEI Return on Equity April 14th 2021 That certainly isn't ideal. Return on equity can be calculated by using the formula: Return on Equity = Net Profit (from continuing operations) ÷ Shareholders' Equity So, based on the above formula, the ROE for Douglas Emmett is: 1.0% = US$39m ÷ US$4.0b (Based on the trailing twelve months to December 2020).
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We'll use ROE to examine Douglas Emmett, Inc. (NYSE:DEI), by way of a worked example. NYSE:DEI Return on Equity April 14th 2021 That certainly isn't ideal. How Does Debt Impact Return On Equity?
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8d4d90b7-0e50-43d4-b6cb-fbaab2790dbb
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724968.0
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2021-03-29 00:00:00 UTC
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DEI Crosses Above Average Analyst Target
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DEI
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https://www.nasdaq.com/articles/dei-crosses-above-average-analyst-target-2021-03-29
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nan
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nan
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.36, changing hands for $32.98/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 11 different analyst targets contributing to that average for Douglas Emmett Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $30.00. And then on the other side of the spectrum one analyst has a target as high as $35.00. The standard deviation is $1.689.
But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.36/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.36 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Douglas Emmett Inc:
RECENT DEI ANALYST RATINGS BREAKDOWN
» Current 1 Month Ago 2 Month Ago 3 Month Ago
Strong buy ratings: 2 2 2 3
Buy ratings: 0 0 0 1
Hold ratings: 10 10 10 10
Sell ratings: 0 0 0 0
Strong sell ratings: 0 0 0 0
Average rating: 2.67 2.67 2.67 2.5
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on DEI — FREE.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.36, changing hands for $32.98/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.36/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.36 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.36, changing hands for $32.98/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.36/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.36 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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And so with DEI crossing above that average target price of $32.36/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.36 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.36, changing hands for $32.98/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes.
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.36, changing hands for $32.98/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.36/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.36 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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b7512d95-91e2-4f87-9142-1e3461b29ba1
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724969.0
|
2021-03-26 00:00:00 UTC
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Ex-Dividend Reminder: Douglas Emmett, Annaly Capital Management and Franchise Group
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-douglas-emmett-annaly-capital-management-and-franchise-group-2021-03
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/21, Douglas Emmett Inc (Symbol: DEI), Annaly Capital Management Inc (Symbol: NLY), and Franchise Group Inc (Symbol: FRG) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 4/15/21, Annaly Capital Management Inc will pay its quarterly dividend of $0.22 on 4/30/21, and Franchise Group Inc will pay its quarterly dividend of $0.375 on 4/15/21. As a percentage of DEI's recent stock price of $32.47, this dividend works out to approximately 0.86%, so look for shares of Douglas Emmett Inc to trade 0.86% lower — all else being equal — when DEI shares open for trading on 3/30/21. Similarly, investors should look for NLY to open 2.48% lower in price and for FRG to open 1.07% lower, all else being equal.
Below are dividend history charts for DEI, NLY, and FRG, showing historical dividends prior to the most recent ones declared.
Douglas Emmett Inc (Symbol: DEI):
Annaly Capital Management Inc (Symbol: NLY):
Franchise Group Inc (Symbol: FRG):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 3.45% for Douglas Emmett Inc, 9.93% for Annaly Capital Management Inc, and 4.29% for Franchise Group Inc.
In Friday trading, Douglas Emmett Inc shares are currently up about 0.8%, Annaly Capital Management Inc shares are trading flat, and Franchise Group Inc shares are up about 0.3% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a percentage of DEI's recent stock price of $32.47, this dividend works out to approximately 0.86%, so look for shares of Douglas Emmett Inc to trade 0.86% lower — all else being equal — when DEI shares open for trading on 3/30/21. Looking at the universe of stocks we cover at Dividend Channel, on 3/30/21, Douglas Emmett Inc (Symbol: DEI), Annaly Capital Management Inc (Symbol: NLY), and Franchise Group Inc (Symbol: FRG) will all trade ex-dividend for their respective upcoming dividends. Below are dividend history charts for DEI, NLY, and FRG, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/21, Douglas Emmett Inc (Symbol: DEI), Annaly Capital Management Inc (Symbol: NLY), and Franchise Group Inc (Symbol: FRG) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): Annaly Capital Management Inc (Symbol: NLY): Franchise Group Inc (Symbol: FRG): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $32.47, this dividend works out to approximately 0.86%, so look for shares of Douglas Emmett Inc to trade 0.86% lower — all else being equal — when DEI shares open for trading on 3/30/21.
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/21, Douglas Emmett Inc (Symbol: DEI), Annaly Capital Management Inc (Symbol: NLY), and Franchise Group Inc (Symbol: FRG) will all trade ex-dividend for their respective upcoming dividends. Douglas Emmett Inc (Symbol: DEI): Annaly Capital Management Inc (Symbol: NLY): Franchise Group Inc (Symbol: FRG): In general, dividends are not always predictable, following the ups and downs of company profits over time. As a percentage of DEI's recent stock price of $32.47, this dividend works out to approximately 0.86%, so look for shares of Douglas Emmett Inc to trade 0.86% lower — all else being equal — when DEI shares open for trading on 3/30/21.
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Looking at the universe of stocks we cover at Dividend Channel, on 3/30/21, Douglas Emmett Inc (Symbol: DEI), Annaly Capital Management Inc (Symbol: NLY), and Franchise Group Inc (Symbol: FRG) will all trade ex-dividend for their respective upcoming dividends. As a percentage of DEI's recent stock price of $32.47, this dividend works out to approximately 0.86%, so look for shares of Douglas Emmett Inc to trade 0.86% lower — all else being equal — when DEI shares open for trading on 3/30/21. Below are dividend history charts for DEI, NLY, and FRG, showing historical dividends prior to the most recent ones declared.
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b5eb092f-c5df-47b8-aaf8-1aa3cc2e30f6
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724970.0
|
2021-03-19 00:00:00 UTC
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First Week of DEI May 21st Options Trading
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DEI
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https://www.nasdaq.com/articles/first-week-of-dei-may-21st-options-trading-2021-03-19
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nan
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 21st expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 21st contracts and identified one put and one call contract of particular interest.
The put contract at the $30.00 strike price has a current bid of 10 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $30.00, but will also collect the premium, putting the cost basis of the shares at $29.90 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $33.98/share today.
Because the $30.00 strike represents an approximate 12% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 76%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 0.33% return on the cash commitment, or 1.93% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $30.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $35.00 strike price has a current bid of 10 cents. If an investor was to purchase shares of DEI stock at the current price level of $33.98/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $35.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 3.30% if the stock gets called away at the May 21st expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red:
Considering the fact that the $35.00 strike represents an approximate 3% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 55%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 0.29% boost of extra return to the investor, or 1.71% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 61%, while the implied volatility in the call contract example is 60%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $33.98) to be 43%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 3% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 21st expiration.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 3% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 21st expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 21st contracts and identified one put and one call contract of particular interest.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 3% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 21st expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 21st contracts and identified one put and one call contract of particular interest.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 21st contracts and identified one put and one call contract of particular interest. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 3% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 21st expiration.
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229d4d8e-362e-4734-94fb-820f5ea8ee47
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724971.0
|
2021-02-18 00:00:00 UTC
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Douglas Emmett (DEI) Shares Cross Below 200 DMA
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-shares-cross-below-200-dma-2021-02-18
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nan
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nan
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $28.67, changing hands as low as $28.21 per share. Douglas Emmett Inc shares are currently trading off about 2.6% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.30 as the 52 week high point — that compares with a last trade of $28.25.
Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $28.67, changing hands as low as $28.21 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.30 as the 52 week high point — that compares with a last trade of $28.25. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $28.67, changing hands as low as $28.21 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.30 as the 52 week high point — that compares with a last trade of $28.25. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $28.67, changing hands as low as $28.21 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.30 as the 52 week high point — that compares with a last trade of $28.25. Click here to find out which 9 other dividend stocks recently crossed below their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed below their 200 day moving average of $28.67, changing hands as low as $28.21 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.30 as the 52 week high point — that compares with a last trade of $28.25. Douglas Emmett Inc shares are currently trading off about 2.6% on the day.
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05ddc2b8-aec0-4356-aa9e-9d9b6b2b2e23
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724972.0
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2021-02-12 00:00:00 UTC
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Douglas Emmett, Inc. Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Predictions
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc.-just-beat-analyst-forecasts-and-analysts-have-been-updating-their
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nan
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nan
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It's been a good week for Douglas Emmett, Inc. (NYSE:DEI) shareholders, because the company has just released its latest yearly results, and the shares gained 3.8% to US$29.72. Revenues were US$892m, approximately in line with whatthe analysts expected, although statutory earnings per share (EPS) crushed expectations, coming in at US$0.28, an impressive 30% ahead of estimates. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. So we gathered the latest post-earnings forecasts to see what estimates suggest is in store for next year.
NYSE:DEI Earnings and Revenue Growth February 12th 2021
Following last week's earnings report, Douglas Emmett's six analysts are forecasting 2021 revenues to be US$897.5m, approximately in line with the last 12 months. Per-share earnings are expected to increase 6.6% to US$0.31. Yet prior to the latest earnings, the analysts had been anticipated revenues of US$935.3m and earnings per share (EPS) of US$0.33 in 2021. The analysts are less bullish than they were before these results, given the reduced revenue forecasts and the minor downgrade to earnings per share expectations.
The analysts made no major changes to their price target of US$31.23, suggesting the downgrades are not expected to have a long-term impact on Douglas Emmett's valuation. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. Currently, the most bullish analyst values Douglas Emmett at US$35.00 per share, while the most bearish prices it at US$28.00. Even so, with a relatively close grouping of estimates, it looks like the analysts are quite confident in their valuations, suggesting Douglas Emmett is an easy business to forecast or the the analysts are all using similar assumptions.
These estimates are interesting, but it can be useful to paint some more broad strokes when seeing how forecasts compare, both to the Douglas Emmett's past performance and to peers in the same industry. It's pretty clear that there is an expectation that Douglas Emmett's revenue growth will slow down substantially, with revenues next year expected to grow 0.6%, compared to a historical growth rate of 7.2% over the past five years. By way of comparison, the other companies in this industry with analyst coverage are forecast to grow their revenue at 5.6% per year. Factoring in the forecast slowdown in growth, it seems obvious that Douglas Emmett is also expected to grow slower than other industry participants.
The Bottom Line
The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. Unfortunately, they also downgraded their revenue estimates, and our data indicates revenues are expected to perform worse than the wider industry. Even so, earnings per share are more important to the intrinsic value of the business. The consensus price target held steady at US$31.23, with the latest estimates not enough to have an impact on their price targets.
With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have forecasts for Douglas Emmett going out to 2023, and you can see them free on our platform here.
We don't want to rain on the parade too much, but we did also find 2 warning signs for Douglas Emmett (1 is potentially serious!) that you need to be mindful of.
This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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It's been a good week for Douglas Emmett, Inc. (NYSE:DEI) shareholders, because the company has just released its latest yearly results, and the shares gained 3.8% to US$29.72. NYSE:DEI Earnings and Revenue Growth February 12th 2021 Following last week's earnings report, Douglas Emmett's six analysts are forecasting 2021 revenues to be US$897.5m, approximately in line with the last 12 months. The analysts made no major changes to their price target of US$31.23, suggesting the downgrades are not expected to have a long-term impact on Douglas Emmett's valuation.
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NYSE:DEI Earnings and Revenue Growth February 12th 2021 Following last week's earnings report, Douglas Emmett's six analysts are forecasting 2021 revenues to be US$897.5m, approximately in line with the last 12 months. It's been a good week for Douglas Emmett, Inc. (NYSE:DEI) shareholders, because the company has just released its latest yearly results, and the shares gained 3.8% to US$29.72. Revenues were US$892m, approximately in line with whatthe analysts expected, although statutory earnings per share (EPS) crushed expectations, coming in at US$0.28, an impressive 30% ahead of estimates.
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NYSE:DEI Earnings and Revenue Growth February 12th 2021 Following last week's earnings report, Douglas Emmett's six analysts are forecasting 2021 revenues to be US$897.5m, approximately in line with the last 12 months. It's been a good week for Douglas Emmett, Inc. (NYSE:DEI) shareholders, because the company has just released its latest yearly results, and the shares gained 3.8% to US$29.72. Revenues were US$892m, approximately in line with whatthe analysts expected, although statutory earnings per share (EPS) crushed expectations, coming in at US$0.28, an impressive 30% ahead of estimates.
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NYSE:DEI Earnings and Revenue Growth February 12th 2021 Following last week's earnings report, Douglas Emmett's six analysts are forecasting 2021 revenues to be US$897.5m, approximately in line with the last 12 months. It's been a good week for Douglas Emmett, Inc. (NYSE:DEI) shareholders, because the company has just released its latest yearly results, and the shares gained 3.8% to US$29.72. The analysts are less bullish than they were before these results, given the reduced revenue forecasts and the minor downgrade to earnings per share expectations.
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2021-02-10 00:00:00 UTC
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Douglas Emmett (DEI) Q4 2020 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q4-2020-earnings-call-transcript-2021-02-11
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q4 2020 Earnings Call
Feb 10, 2021, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Douglas Emmett's quarterlyearnings call Today's call is being recorded. [Operator instructions] I would now like to turn the conference over to Stuart McElhinney, vice president of investor relations for Douglas Emmett. Please go ahead.
Stuart McElhinney -- Vice President, Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the investor relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website. When we reach the question-and-answer portion, in consideration of others, please limit yourself to one question and one follow-up.
I will now turn the call over to Jordan.
Jordan Kaplan -- President and Chief Executive Officer
Good morning, everyone. Thank you for joining us. I'm pleased to report that our rent collection and leasing activity improved during the fourth quarter, despite continued headwinds from the pandemic and tenant-oriented lease enforcement moratoriums. In recent months, we have started to see movement on tenant payment plans for rent deferred under the pandemic.
To date, we have reached agreements with tenants who own about 15% of the outstanding balances. These deals are exempt from the moratorium protections, and we have already begun collecting deferred rent under them. Except for immaterial amounts, we have not forgiven rent and we still expect to collect a large majority of all past due amounts. In prior downturns, the impact of personal guarantees and small business owners' commitment to their companies have kept our default rate extremely low.
Our cash collections have also improved. As of today, we have collected 92.7% of our rent from the three quarters affected by the pandemic, including 96% of our residential rent, 95% of our office rent and 45% of our retail rent. We saw stronger leasing demand last quarter, driven primarily by small tenants. We signed an impressive 197 leases, and retention was also above average.
We see the economy beginning to recover with tenants increasingly confident about their future. As more tenants engage, we should shift back to positive absorption. Of course, predicting the pace of recovery remains challenging at this early stage. And because occupancy is a lagging indicator, we expect to see some further decline during the first half of this year.
Overall, we remain confident over the longer term. As I've said throughout the pandemic, I believe that companies will return to the office. Our tenants generally have short commutes, and they don't face significant mass transit, parking or vertical transportation barriers to reoccupancy. In the meantime, Douglas Emmett remains well capitalized, with no debt maturities before 2023.
We own a dominant share of the best buildings in the best markets in LA, and there is no threat of material new office supply in the near future. Our integrated operating platform is built to withstand recessions, and our team continues working to get better every day. With that, I will turn the call over to Kevin.
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. Our two multi-family development projects continue to make impressive headway. The demand for new units at 1132 Bishop, our office to residential conversion project in downtown Honolulu, remains robust. As I previously mentioned, we have fully leased the first phase of 98 units, and by year end, it already leased 29 out of the 76 units in the second phase.
Construction at our Brentwood high-rise apartment is nearly topped off, and delivery of the first units remains on schedule for early 2022. In December, one of our joint ventures sold an 80,000-square foot Honolulu office property for $21 million. Our decision to close the health club as a result of the pandemic triggered interest from a number of owner users targeting that type of space. The buyer will use the club for space for youth vocational training and after-school programs.
Property transactions in our markets remain slow as many potential sellers are in a watch-and-wait mode given current uncertainties. I will now turn the call over to Stuart.
Stuart McElhinney -- Vice President, Investor Relations
Thanks, Kevin. Good morning, everyone. In Q4, we signed 197 office leases covering 612,000 square feet, including 202,000 square feet of new leases and 410,000 square feet of renewal leases. As Jordan said, the recovery in demand from our tenants last quarter was led by our smaller tenants.
As a result, the average size of the leases we signed last quarter was 3,100 feet compared to our overall portfolio average of 5,600 square feet. This resulted in our office lease percentage declining to 88.6%. The leases we signed during the fourth quarter will provide almost 10% more rent than the expiring leases for the same space. Although the initial cash rents were 5.8% lower as a result of large annual rent bumps over the term of the prior leases.
On the multifamily side, our lease rate improved to 98.2% from 97.5%, with gains in both West LA and Hawaii. I'll now turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. The fourth quarter reflected the continuing impacts from the pandemic. FFO was $0.46 per share, down 15% from Q4 2019.
AFFO declined 16% to $76 million, and same-property cash NOI declined by 20%. Compared to the third quarter, FFO increased by $0.06 from fire insurance proceeds and $0.02 from better collections and lower expenses. Those increases were partly offset by $0.02 of issue advocacy expenses for the November election. As a result, FFO increased by a net $0.06 per share compared to Q3.
At only 4.6% of revenues, our G&A for the fourth quarter remains well below that of our benchmark group. Given the continuing uncertainties around the pandemic and local government ordinances, we are not providing guidance. However, I do want to share some general observations based on what we currently see. We expect further improvements in collections and parking revenue as the economy opens up and local moratoriums are lucent.
These will be gradual at first, but prior history suggests that we will collect a large majority of past due amounts in the end. We expect that leasing will recover over the course of the year. Because it is a lagging indicator, we expect occupancy to decline at least through the first half of the year. We expect straight-line rent to be minimal in 2021, largely as a result of tenants who were put on a cash basis in 2020.
We expect revenue from above and below market leases to resume its normal decline. As usual, these observations do not assume the impact of future acquisitions, dispositions or financings. I will now turn the call over to the operator so we can take your questions.
Questions & Answers:
Operator
[Operator instructions] Our first question today will come from Nick Yulico with Scotiabank. Please go ahead.
Josh Burr -- Scotiabank -- Analyst
Hey there. This is Josh Burr on with Nick. So I was hoping you could dig into kind of what drove the decision not to provide 2021 guidance. And then, maybe you could provide some of your assumptions a little deeper on office occupancy, such as like retention rates on upcoming lease expirations and then new leasing volumes versus pre-COVID levels?
Jordan Kaplan -- President and Chief Executive Officer
So OK. There's a lot of questions, but I'll hit them all. We didn't provide guidance because we don't have confidence in the way the pandemic is going to kind of withdraw, and the economy is going to recover. And that just plays a huge role in it more so even in our markets because when all the stay at home and the moratoriums are off, we think we're going to see a big change.
You saw -- and we said it in our prepared remarks that we're happy with what we're seeing on the leasing. Because as you look at the last three quarters where the impact quarters, you saw 125 new deals. The second quarter, 150, or third. Now, 200 new deals in the fourth quarter.
That's a very good trajectory, and it gives us confidence that when the market loosens up, when the state home orders are off, when people are feeling more confident about going out, we're going to do a lot of leasing. We know we have a strong market here. But the question of when that happens play such a huge role in the way we lease, in what our numbers end up being, that we don't feel confident that we can give you good information and guidance to the way the year is going to roll out, so that's why we didn't give guidance. In terms of the leasing, it depends on that same set of issues.
What was your last question?
Josh Burr -- Scotiabank -- Analyst
Yeah. It was just your thoughts on retention rates. And then, on the level -- what level of new leasing you would need for occupancy to actually improve?
Jordan Kaplan -- President and Chief Executive Officer
Well, I would say that retention usually runs in the very high 60s up to 70. So when you get above 70, you're doing very good on retention. I would say that what kind of leasing do we need to reverse things, our history has been 750,000 to 1 million square feet. And when we were -- I mean, running at those kinds of numbers and even plus, you saw our lease rate go up.
And even at the 93-plus level, we were still moving up. When we're operating down in the 600,000 to 700,000, OK, now you start slowly sliding backward even with good retention. So it's somewhere in that range that we need to get to, to reverse things. The reason I'll say again that I feel good about all that is, I mean, last quarter was brutal, right? We got -- everybody got -- once it was poking their head up, got sent back home again, right? Because it was such -- so tough vis a vis the pandemic.
And still, we did a lot of deals. And I understand that it was 3,100 feet, and our typical is 5,600 feet. But that gives you a very good feel for how the market feels about wanting to come back. And it supports the fact that we've set our kind of our core strategy, and our expectation was that the small tenants were going to lead the recovery.
And they are. Was that too much? Or did I answer all your questions?
Josh Burr -- Scotiabank -- Analyst
No. Yeah, you did. Thank you.
Jordan Kaplan -- President and Chief Executive Officer
Alrighty.
Operator
And our next question will come from Alexander Goldfarb with Piper Sandler. Please go ahead.
Alexander Goldfarb -- Piper Sandler -- Analyst
Hey. Good morning. And sorry, I just hopped off another call, so apologies if you answered. But Jordan, I think in your opening comments, you said that you have addressed 50% of the uncollected rents.
And I recall you guys mentioning that there's about 6 million a month from people basically opting to voluntarily not pay you. So is the 50% addressed? Is that around the 6 million that people who are voluntarily not paying you, or is the 50%...
Jordan Kaplan -- President and Chief Executive Officer
Alex. Alex, it's 15. 15 not 50.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. That's why I asked. OK. So it's OK.
You guys are convincing.
Jordan Kaplan -- President and Chief Executive Officer
You know what the funny is? OK. When I was practicing reading the script, I think that Stuart or someone -- or Peter actually said they're going to think you said 50%. I'm like, no way. I'm such a good orator.
I mean, there's no way that will happen. Apparently, it happened.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. Well, I hope whoever took the over on that, you settle up with them. But basically the 15% then of that 6 million monthly that's not paying that you've addressed, how do those discussions go? And do you anticipate that increasing or was that 15%, those were the tenants who are going to settle up and the rest are only going to do it when the eviction moratoriums end?
Jordan Kaplan -- President and Chief Executive Officer
I think that process is going to continue. I think it will be much more rapid once the moratoriums are over. But I think people want to -- are trying to get back to work and are trying to settle up on all their impacts from the pandemic, and that's why we're able to start making deals now. And basically, if you look at what we're showing you outstanding, it was kind of all the rentals due to us.
We made deals, not 15% of those deals. But what I thought was noteworthy about is we didn't really have to give up any rent. It was really immaterial amounts, like tiny amounts. And so, that tells you that as we had expected, that these people have the ability to pay.
And they're getting to a point now where they're like, well, I need to make a deal now because when the moratorium's up, they're going to just tell us I have to pay the whole thing. So they do it now while moratorium is there and say, well, I'll make a deal. And I'll get some trajectory to pay because they kind of see it come to an end, right? Vaccines are out. The level of hospitalization is just dropping very fast in our area.
So with that visibility offset against the vaccines, I think people figure out it's time to reengage. And they want to get back in their space.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. And then, the second question is, Stuart, I appreciate the comments on the increase in leasing activity, the smaller tenants. But on your rent spreads, they're sort of eroding from where they were in the third quarter. As you guys mentioned the drop in anticipated occupancy is just residual, how should we think about the sort of trajectory of rents going forward? So the market returns to normal, leasing resumes and gets more active.
How do you think about where the rents will ultimately go? And sort of is the prospective view that when we see your upcoming earnings releases over the next few quarters, sort of what we should anticipate as far as rent trajectory?
Jordan Kaplan -- President and Chief Executive Officer
I'll let you just point to me. All right. I can tell you this. No.
1, you need to see absorption, positive absorption. I think once you start seeing positive absorption, you need a couple of quarters of positive absorption, and you'll see rent take off again. I think the markets are still relatively full. They're in pretty good shape.
As long as people's view going forward is a positive view once we get beyond kind of all the lockdowns and the moratoriums, I think you'll see rent pick up again. And I think you already see that level of attitude from the number of small tenants that came in and made deals. They want space. They want to keep their space.
The reason our renewal rates are high is that tenants are coming in and saying, I don't want to lose my space. It may be easy for a small guy to say, I haven't been in my space in months. I'll just lease the space in the future. But they're not doing that.
They want to hold on to their space. So first step is we need to see some positive absorption quarters. But then I feel confident that rents will return to -- start their trajectory to return to the levels they were at before.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. Thank you, Jordan.
Operator
And our next question will come from Frank Lee with BMO. Please go ahead.
Frank Lee -- BMO Capital Markets -- Analyst
Hi. Good morning, everyone. Just a follow-up on your comments on occupancy, expecting to decline through the first half of '21. Are you guys seeing any green shoots in any submarkets where occupancy has pressed bottom a bit? Or is the expectation that occupancy could continue to slip across each of the submarkets?
Jordan Kaplan -- President and Chief Executive Officer
Well, like green shoots, OK, that reminds me of a decade. I have these conversations in the last recession. To me, the biggest green shoots are, I love the number of deals that were done. And I said it, and I've been very focused on that because in terms of telling me that the market is still healthy and its ability to recover strong, that was the most important thing.
I mean, -- and it actually told me a second thing, too, which was that we've retooled our leasing operation. That backbone is so much stronger now with the way it works online. And to think that in a quarter where we were the most shut down, we did the most new deals is just absolutely incredible. So that's applause to that group.
When you say it's one market impacted differently than another market, the impact is coming at a city level, right? So you would say, LA, Beverly Hills, Santa Monica and Honolulu. OK. Honolulu doing obviously better than those other markets. Santa Monica, I know you guys see some negative numbers in Santa Monica, but we're in Downtown Santa Monica, and the numbers that you're seeing are East Santa Monica.
So Downtown Santa Monica is still pretty strong. Santa Monica has also backed off quite a bit on the moratoriums. It doesn't really apply to office. But then when you move to the city of LA, the city of Beverly Hills, which covers a lot of markets.
I mean, I know Beverly Hill is one market, but that would cover Westwood, Century City, etc., they're all impacted by the same thing. And so, it's going to be hard to see a reverse in occupancy or positive absorption until that -- until the city lightens up on us.
Frank Lee -- BMO Capital Markets -- Analyst
OK. And then, any initial thoughts on that bill that's being floated around in Hawaii regarding the fix in moratoriums and commercial leases? It seems to be even more tenant-friendly versus the ordinances in California. Just curious what do you think the likelihood that this passes and thoughts on the impact you could have on the office market there?
Jordan Kaplan -- President and Chief Executive Officer
We're just at the beginning of the fun political season, and there's a lot of stuff that floats around. I can't -- we got to get more into it. I can't comment on -- I feel like I just finished the last round, so I don't have much for you on that stuff yet. Sorry .
Frank Lee -- BMO Capital Markets -- Analyst
OK. Thank you.
Operator
And our next question will come from Steve Sakwa with Evercore ISI. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Thanks. Good morning. Jordan, you mentioned parking. But one line item that's also been negatively impacted has been tenant reimbursements.
I assume that's largely a function of occupancy going down, but you had a pretty big drop between '19 and '20. How do we think about the recovery of tenant reimbursements? Is that solely a function of occupancy, or is there something else going on?
Jordan Kaplan -- President and Chief Executive Officer
Yeah. Well, frankly, the tenant -- that's extremely complicated line item. But I think the primary thing going on there is that we're in a -- our costs of running the buildings have really gone down a lot relative to last year, previous years, maybe even people's base years. So it's hard.
If you say what's going to happen in the bottom-line part, that's a different issue. I think we're just looking at things and saying, we're just to have less costs. And then, they keep kind of relooking at where cams are going to come in. And it's more a function of that than anything.
It's not that there's lower -- there is lower occupancies, so that has a very small impact. But I think the bigger impact of why you see -- when you see smaller expenses, which our expenses are way down, then I would say you better see smaller camps, right, and we are.
Steve Sakwa -- Evercore ISI -- Analyst
OK. Well, I mean, it's just the percentage, if you looked at reimbursements as a percentage of expenses. It went down about 600, 700 basis points. So I realize expenses may be coming down, but it just seemed like the percentage dropped quite a bit.
So I can follow-up with Peter offline. Maybe just switching to the fire insurance proceeds and kind of business interruption. I know that's a very lumpy sort of figure that you guys get. How do we sort of think about the timing of getting the units that were damaged back online? And what's the kind of the timetable? Is that going to be ended by '21, or does that sort of an indefinite time period there?
Jordan Kaplan -- President and Chief Executive Officer
I'll tell you. What's going on is we're working with the city to make some very substantial changes to the fire life safety across all three towers that are in that project. And when you say working with the city, there's a lot of division. There's fire departments.
There's department building and safety. There's the department of housing because this is subject to rent stabilization. And yeah, if you said typical Douglas Emmett, it's getting those units back online. Moving slower than we would like? Yeah.
But I would say, I like the progress we're making with the city. Every department I named said, we're going to find a way to get there to get you to put it -- be able to do a lot of activities in those -- the fire life safety stuff, modifications that you want to do. So I actually feel good about where that's headed. But just like many things, you don't always get what you want.
You get what you need. And I think we will get what we need in the end of the day. But what we're not getting is speed out of the city. But I think we will end up with something that was worth waiting for.
Steve Sakwa -- Evercore ISI -- Analyst
Got it. Thank you.
Operator
And our next question will come from Emmanuel Korchman with Citi. Please go ahead.
Emmanuel Korchman -- Citi -- Analyst
Hi everyone. Good afternoon. Jordan or maybe Stuart, can we dig into those small tenant leases that you discussed earlier, the larger volume? Just give us some flavor as to maybe the types of tenants they are and where they're coming from. And were these tenants maybe that broke leases earlier now just coming back as the moratorium starts to wear off?
Jordan Kaplan -- President and Chief Executive Officer
Do you know how to answer him?
Stuart McElhinney -- Vice President, Investor Relations
I think what we've seen is it's our typical diverse set of industries. We're seeing demand from tenants across the board, which is typical. It's not concentrated in one area or one type of tenant. So that was good.
What was the second part of your question?
Jordan Kaplan -- President and Chief Executive Officer
Was there industry -- was there industry cushion? I think this is Billerman. Is this Manny or Billerman?
Emmanuel Korchman -- Citi -- Analyst
It is Manny. Sorry. Am I starting to sound like Billerman?
Jordan Kaplan -- President and Chief Executive Officer
Yeah. You've been working with him for too long, I guess.
Stuart McElhinney -- Vice President, Investor Relations
You want me to rephrase the question for him?
Emmanuel Korchman -- Citi -- Analyst
I was only trying to get into all the leasing, of where it's coming from? Is there any differences from what you've been doing before? Any green shoots of the types of people that are leasing? Just trying to get more details around it.
Jordan Kaplan -- President and Chief Executive Officer
Yeah. The only thing I checked was it was -- because I think I saw something -- was it industry specific, and it wasn't. It was the same kind of spread on industries. I did get that info for a lot of deals.
But -- and I don't think it's any one market that got it like a lion's share of the deals. Beyond that, I don't know a lot. I mean, to me, the green shoot is I'm really happy we did 200 deal. That's a lot of deal.
I mean, if this is non pandemic time, and I know it's only 3,100 feet average instead of normal 5,600. You would normally say, wow, that was a lot of deal flow for new deals to do 200 deals.
Emmanuel Korchman -- Citi -- Analyst
Right. And then, if we can turn back to operating expenses for a minute. I guess, you guys have cut those as much as you could in the buildings. How much of that is sustainable, whether or not occupancies come up, or is it going to be a lockstep with people coming back to the buildings that the expenses increased?
Jordan Kaplan -- President and Chief Executive Officer
I mean, if you say looking at our goals next year, I think they're energy savings that we will continue to get over the next few years, and we will get this year. I think they're not necessarily huge payroll-style savings. Those just come back as people come back. We've cut the cost around the buildings dramatically.
When the buildings are full again, we will keep a little bit, but not a ton. And of course, insurance is up, so we'll be living with higher insurance. And thankfully, property taxes will only move at the pace that they are prescribed to move under Prop 13. So we know what that increase will be.
Yeah. I don't have -- I think every year, we've done a good job of controlling and keeping the growth of expenses down. I don't know that something happened this year that caused us to say, wow, expenses compared to a full building before and a full building today, it will be down in some dramatic way beyond the gains that we made on energy conservation.
Emmanuel Korchman -- Citi -- Analyst
Thanks, Jordan.
Operator
And our next question will come from Jamie Feldman with Bank of America. Please go ahead.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Great. Thank you. Can you remind us just the timing on some of the -- on the moratoriums that are impacting you and your thoughts on leasing? And I guess as we think about when they do start to burn off, as we think about the fact that occupancy was down 100 basis points this quarter, do you think the decline start to moderate from here until the time the moratoriums burn off? Or how should we be thinking about that?
Jordan Kaplan -- President and Chief Executive Officer
First of all, I don't have that answer. Let me just start. I don't have that answer. And the only -- the two things that I think about when you ask that question is, first, I hate to keep coming back to this, but we did a lot of new deals, OK? So that means that the guy that's not paying us and a guy moved in next door to them that just leased the space.
OK. That's giving a different feel to our community. The second thing is 15% of money that was owed to us, they showed up on our door and said, we want to make deals. We know we're going to have to pay you, and we want to make deals in blah, blah, blah.
OK. That's a very good sign. This is all about attitude in the -- if they can see that -- while these cities have kept you in moratorium, say, the moratorium will end on such a date, and then they go in on that date, and they give political pressure and they go, OK, now I extend it another month. Now extend to three months.
Not extend, OK? I think the community is now thinking, wow, these extensions are coming to an end. And therefore, they're making their own decision about those moratoriums, and they're coming in and wanting to make deals, lease space, whatever the case may be. So that makes me very hopeful for next year. And I don't know whether that will play out in a lot of rhythmic way or just at a 45 ring, or what will happen.
But it's obviously starting to happen.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. But do you have the latest dates for these moratoriums? You're saying it doesn't even matter because they can always get extended.
Jordan Kaplan -- President and Chief Executive Officer
I don't want to be such a negative guy, but you're probably right to it. I've gone and testified in front of city councils and done all kinds of stuff. And they -- you get a lot of -- they're nodding their head and they're going, you're right. We need to pull office out because I don't know why I applied.
But then they just don't seem to be able to do it. Maybe the issue is too complicated to them. I mean, you got a lot of people on the city count. The city councils never thought they were going to ever be doing this type of thing.
Many of them have never seen a commercial lease. So I'm not sure how it wound. And I'm not sure how it's going to unwind.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. So we'll watch closely. And then, you made the comment about short commute times to your buildings. I'm just curious, have you guys run data that shows the commute time by the different submarkets that you guys are in or different buildings you're in? I'm just curious how it ranges across the different assets you own.
Jordan Kaplan -- President and Chief Executive Officer
So if you say we've done a real surveying on what's your commute to work, the answer is no. If you're saying, do we have a feel for the communities that we draw from for what buildings they're in, that answer is yes. And we put that together, and it's in a chart that we have.
Stuart McElhinney -- Vice President, Investor Relations
It's on our investor overview presentation, Jamie. Basically, what we've done is saying the decision maker, the guy that's signing the lease, deciding where the office is, is likely to live in the Palisade or Brentwood or Bel Air or Beverly Hills right up the street from Willshire where we're concentrated on the West side and then in Sherman Oaks or Encino in the valley. And those commutes are 10, 15 minutes down the hill to those major boulevards versus on the west side if you're going from the palisades to downtown, you're more than an hour, you're in the car for two hours total for the day. So we've compared those, and we have a chart in there that illustrates that.
And that's what's driving the decision to stay closer to home for those decision-makers to have that short commute.
Jordan Kaplan -- President and Chief Executive Officer
And we know that because our leasing people look at where the decision-maker lives when they're showing them space and when they're making a decision about whether they're going to engage in space for showing them or whether they're going to renew or whatever the case may be. That's one of the factors that we look at.
Stuart McElhinney -- Vice President, Investor Relations
Right. A guy that lives in Beverly hills, the 405 acts as a pretty big barrier, right? So a guy that lives in Beverly Hills didn't want to stay on the East side of the 405. They'll want to be in Westwood or Beverly Hills or Central city. And same for Westwood and 405, Santa Monica, Brentwood, they'll want to stay in Westwood or 405 typically.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
So would you say the buildings you bought in recent years extend the average commute time for your portfolio or not necessarily?
Jordan Kaplan -- President and Chief Executive Officer
No. I don't think it extends the commute. We -- most of what we bought has been on the West side.
Stuart McElhinney -- Vice President, Investor Relations
It shortens the commute now.
Jordan Kaplan -- President and Chief Executive Officer
Yeah. I think it's short. I think we have a concentration, a bigger concentration of Beverly Hills, which draws a lot from that kind of that Bel Air, Beverly Hills and even the East Brentwood market. And then, the stuff we bought kind of rolling down toward Santa Monica draws out of Palisades, Santa Monica in these areas.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right, thank you.
Operator
And our next question will come from Rich Anderson with SMBC. Please go ahead.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Good morning, folks. so you talked about this 15% of the non -- maybe moratorium manipulators or whatever you want to call them, are starting to make deals. Assuming you weren't booking that revenue last year, how will this impact your earnings profile this year? Will you have like sort of a recapture number in some of your quarterly results that could make it kind of lumpy just in terms of the revenue stream?
Jordan Kaplan -- President and Chief Executive Officer
Well, I think most of these deals kind of go during this year, and they pay monthly, and they pay what they owe. So as more and more deals are made, lumpy might not be exactly the right word. But it is additive to the rental income each year, the rental revenue each quarter.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Right. So you were not --
Jordan Kaplan -- President and Chief Executive Officer
Because we don't -- we didn't include it last year.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Right. Right. So you're kind of getting double -- doubling up on the number, even though maybe it's a small impact, but that's the right way –
Jordan Kaplan -- President and Chief Executive Officer
Yeah. I don't know if I'd say doubling up since we didn't get it last year, but you're right. It will be a boost to this year since we didn't get it last year.
Rich Anderson -- SMBC Nikko Securities -- Analyst
The other question I have is you've mentioned the leasing of smaller average users. I think you said that the gap rents are up 10% but the starting rent is down 5.8%, and you attributed that to big bumps over the course of the lease. Can you give some color on that? How much bigger are these rent escalators? And how are you able to negotiate that?
Stuart McElhinney -- Vice President, Investor Relations
I think what we're saying, Rich, is that if you have a five-year -- a typical five-year lease with a 4% bump, that ending rent is 17% higher than the starting rent was. So that's a big gap to overcome on the ending and the starting number, which has been down 5%. But the overall economics are still 10% better for the new lease. We're just pointing out that our average contractual increases are probably higher than a lot of other markets that you look at.
That was the point there.
Rich Anderson -- SMBC Nikko Securities -- Analyst
What are the -- what are typical rent escalators then relative to, say, other areas of the country?
Stuart McElhinney -- Vice President, Investor Relations
Yeah. Typically, we're getting three and a half. I mean, three to five. Yeah, three to five.
Up until recently, a lot of our deals, three and a half and fours on the majority of our deals in the recent years.
Rich Anderson -- SMBC Nikko Securities -- Analyst
Thanks. Good stuff. Thank you.
Operator
And our next question will come from Blaine Heck with Wells Fargo. Please go ahead.
Blaine Heck -- Wells Fargo Securities -- Analyst
Thanks. Good morning out there. Maybe for Kevin or Jordan. Can you just talk about what you guys are seeing on the investment sales side of things? It's clearly been pretty subdued recently relative to normal deal flow, but are you seeing any deals start to shake loose? And so are you focused more on office or multifamily opportunities or just kind of the best deal that comes across your table?
Kevin Crummy -- Chief Investment Officer
Well the answer is yes. We're always looking for the best deal. Recently, we've been underwriting more multifamily than office. But frankly, it's been slim pickings.
I mean, if you look nationally, the hot hand is industrial. And so, there's a lot of trades in the industrial market because that's a very, very strong market. And on the office side, it's been relatively anemic. We don't have a lot of high leverage players in our market.
And so, there hasn't been a huge pressure for people to put things on the market. And we're starting to see the green shoots. So as that happens and people get more bullish about the market, they're going to be more inclined to put their assets out into a market that people are more positive about.
Blaine Heck -- Wells Fargo Securities -- Analyst
OK. That's helpful and kind of dovetails into the next question. Given your low leverage profile, your discount to NAV or high implied cap rate, however you want to look at it, and the lack of the current lack of deals to bid on. And Jordan, I know you've addressed this on prior calls, but just for an update, does it make any sense to get active on share buybacks here? Or do you think you want to keep that dry powder for opportunistic acquisitions that might come about in the future?
Jordan Kaplan -- President and Chief Executive Officer
I'm not against share buybacks. The problem is share buybacks for the company are very different decision than a buyback decision for an investor. And I know you guys know I've been buying the stock myself because I'm an investor, right? But when I look at decisions for the company, I know that if I'm doing share buybacks, it's either because I'm selling assets and getting cash from that, as was pointed out to me last time. Or it's just because I'm raising my leverage level and trading debt for equity, which has a double sort of a compounding effect.
And I'm not -- so I would say that because of those facts, I lean more to the conservative way that we manage the company's cap balance sheet and capital structure. And because I lean in balance sheet and capital structure, I lean very conservative, it caused there to be less times when I'm pounding a drum of share buybacks for the company, not for investors.
Blaine Heck -- Wells Fargo Securities -- Analyst
All right. Makes sense. Thanks.
Operator
And our next question will come from Craig Mailman with KeyBanc Capital Markets. Please go ahead.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Hey guys. just a question on the leasing front. I did notice your short-term leases in the expiration schedule kind of ticked up about 60,000 square feet quarter over quarter. Could you just talk about what was going on there? Is that just kind of limited visibility on the tenant side? Do they want shorter-term renewals, or maybe there's something else going on there?
Stuart McElhinney -- Vice President, Investor Relations
Yeah. I think you said it right, which is typical for us in a downturn. Tenants feel less secure about the future, they tend to go a little shorter on their lease term. So that's what we'd expect, and that's what we saw.
With all the uncertainty, we did see some tenants that want to elected to sign shorter-term extensions, which is a great sign that they're not giving up their -- they don't want to give up their space. They don't want to just go home and work. They want to keep their space. But they want to short -- sign shorter-term during this period.
And then, when they feel more certain about their business going forward, they tend to sign a little longer. So it's very typical for what we've seen through the cycle.
Jordan Kaplan -- President and Chief Executive Officer
I actually say that what I've noticed over a long time one of the strengths of the company is -- and everybody does this. But when the market's off and rents are off, people sign shorter deals. And then, when the market's up and rents are high, they sign longer deals, which would be obviously the opposite of what you would normally want to do. But it is coordinated with their two types of fear, right? Fear of their company, so then they sign shorter deals when there's a bad economy.
And then, fear keeping their space. They sign longer deals when the rate is higher. And that's been very good for us, obviously, because it's allowed us to have a very good kind of accelerated growth path in terms of our income, our FFO, AFFO, all those numbers.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
OK. That's helpful. Then I know with what's been going on, you guys clearly turned off kind of the redevelopment program here. But it sounds like you're encouraged by the number of leases you've been signing and the platform that you guys have there.
I mean, at what point -- what do you need to see for you guys to feel confident to restart some of those plans that you had pre-pandemic?
Jordan Kaplan -- President and Chief Executive Officer
I would -- I can answer that two ways. If you say, what do we need to see to start planning some of those projects? We've already seen that. We've already started planning them again. If you say to actually start them, I need more visibility on this economy opening up again.
But we know it's coming, and therefore, we are starting to plan again for some of that stuff.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Does the math change at all? I know on a GAAP basis, you guys are seeing still upticks. But at least on the cash side of things, there's been some roll downs. Does the -- are your underwriting rents kind of getting impacted at all with what's going on in your markets? Or are those still generally in a place that it pencils from an economic perspective?
Jordan Kaplan -- President and Chief Executive Officer
Most of the repositionings and work we were doing was -- it'd be hard not to be worth doing. Other than right now the market's in such turmoil because you can't -- frankly, it's very hard to tell where rents are at the moment. But I still feel -- let me say it differently. We feel very good about where these markets are going to end up after this is over, and therefore, we're still going to do the planning.
To do the hard analysis that we always do about if we spend this much money, what's the return going to be, I mean, we're certainly not using what's happening today to figure that out because we're seeing negative absorption, right? But we feel confident enough that we think that as things turn this year, that we will see something that will cause us to really start spending money.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Great. Thanks.
Operator
And our next question will come from Bill Crow with Raymond James. Please go ahead.
Bill Crow -- Raymond James -- Analyst
Appreciate it. Thanks. Jordan. How confused are your tenants about the future use and demand in the space? I mean you signed a lot of short-term leases.
I assume it didn't have expansion space for de-densification. Just can you just kind of take us inside the mind of the tenants and maybe if there's a difference between smaller tenants and larger tenants that you're seeing?
Jordan Kaplan -- President and Chief Executive Officer
That's a tall ask. I can give -- let me give you some steps. I know this. More expansions and contractions on renewals.
So it is actually a lot of expansion. I have not talked to any -- my friends that are tenants, both in our portfolio and other portfolios, I'm not talking to anybody that's saying, oh, yeah, we're sending tons of people home, and we think we're going to stay that way. I know some people are making adjustments to their space or just figure they're just coming back to their space and they were already built out at sort of very liberal numbers. Do you want to add something that?
Stuart McElhinney -- Vice President, Investor Relations
Yeah. I would say the way that we were building our -- if you think about our typical suite, our small suite, 3,000 feet, the way it was built out pre-pandemic was probably, Jordan said, 2 25 a square foot per person, window line offices, a couple of workstations, a conference room, a kitchen. That's a very typical build-out for us. That doesn't really need to change.
We haven't seen a massive change in the way people are planning their space going forward because they were already distanced in a way that they feel comfortable. And that's why I think you've seen our attendance be a lot higher than some of the other markets you're looking at.
Bill Crow -- Raymond James -- Analyst
What has happened to that attendance rate if you go back six months ago to today?
Jordan Kaplan -- President and Chief Executive Officer
Well, at the very beginning, I'd say they were definitely confused. And so, are we. So that would be in second quarter. And the occupancy rates were very low.
Now I think the last time I saw some type of real look at this, we figured our buildings are about 30 to 40% occupied. I can tell you that everyone, all four of us on this call, for sure, would tell you that the traffic in the morning and the evening is up. I'm talking about just driving your car, trying to leave work, come to work, whatever the case may be. So I get my best read on the building I'm sitting in, and I know that parking garage is more full now because I just see it.
And I know there's more traffic. I don't know everybody else's buildings or what's going on, but there's way more traffic on the road in the going to work time and the going home time then there was even like four to six weeks ago.
Bill Crow -- Raymond James -- Analyst
All right. Thanks for the color.
Operator
And our next question will come from Daniel Ismail with Green Street Advisors. Please go ahead.
Daniel Ismail -- Green Street Advisors -- Analyst
Thank you. Maybe just sticking with the mind to the tenants. How are you perceiving tenants looking to upgrade your space? Are you noticing any flight from Class B to Class A tenants look to trade up? Or how are they looking at the quality of their spaces that are out in the market?
Jordan Kaplan -- President and Chief Executive Officer
That's a good question. I remember when we came out of -- we were coming out of the last recession, we had a ton of rebalancing. Now that recession was long, and it gave a lot of people opportunities to -- that still had businesses they were confident in to move into a much nicer space than, let's say, they typically would be in. And then, as we came out of the recession, we started literally letting them out of leases and releasing that space and moving them to back to, let's say, where they more properly would be.
I don't know that this has been around long enough for that kind of shift to happen, and I haven't heard anyone say that there's a shift in that way. So I think this will be in terms of us kind of returning to some sort of normalcy. I don't think we'll see that big kind of shift back and forth that we saw in the recession that happened in 2008, '09, '10, where I remember like '11, '12, you guys were asking these questions. And were like, yes, we're literally letting people out of leases in our most expensive markets and letting them sign leases in cheaper markets because we have tenants for that space right now.
But I don't think we've seen that shift. There isn't even time for people to do that shift. So I doubt that will happen this time.
Daniel Ismail -- Green Street Advisors -- Analyst
And then last quarter, you mentioned the rest sitting, I believe, portfoliowide about 6% above markets. Is that still a decent line to use? Or is this most recent quarter's cash releasing spread more indicative of where rents sit relative to market?
Stuart McElhinney -- Vice President, Investor Relations
Yeah. That's still a good estimate for where things are.
Daniel Ismail -- Green Street Advisors -- Analyst
OK, great.
Operator
And this will conclude the question-and-answer session. I'd like to turn the conference back over to Jordan Kaplan for any closing remarks.
Jordan Kaplan -- President and Chief Executive Officer
Well, thank you all for joining us. And I look forward to speaking with you next quarter.
Operator
[Operator signoff]
Duration: 53 minutes
Call participants:
Stuart McElhinney -- Vice President, Investor Relations
Jordan Kaplan -- President and Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Josh Burr -- Scotiabank -- Analyst
Alexander Goldfarb -- Piper Sandler -- Analyst
Frank Lee -- BMO Capital Markets -- Analyst
Steve Sakwa -- Evercore ISI -- Analyst
Emmanuel Korchman -- Citi -- Analyst
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Rich Anderson -- SMBC Nikko Securities -- Analyst
Blaine Heck -- Wells Fargo Securities -- Analyst
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Bill Crow -- Raymond James -- Analyst
Daniel Ismail -- Green Street Advisors -- Analyst
More DEI analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q4 2020 Earnings Call Feb 10, 2021, 2:00 p.m. Operator [Operator signoff] Duration: 53 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Josh Burr -- Scotiabank -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Emmanuel Korchman -- Citi -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Basically, what we've done is saying the decision maker, the guy that's signing the lease, deciding where the office is, is likely to live in the Palisade or Brentwood or Bel Air or Beverly Hills right up the street from Willshire where we're concentrated on the West side and then in Sherman Oaks or Encino in the valley.
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Operator [Operator signoff] Duration: 53 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Josh Burr -- Scotiabank -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Emmanuel Korchman -- Citi -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q4 2020 Earnings Call Feb 10, 2021, 2:00 p.m. In Q4, we signed 197 office leases covering 612,000 square feet, including 202,000 square feet of new leases and 410,000 square feet of renewal leases.
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Operator [Operator signoff] Duration: 53 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Josh Burr -- Scotiabank -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Emmanuel Korchman -- Citi -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q4 2020 Earnings Call Feb 10, 2021, 2:00 p.m. Jordan Kaplan -- President and Chief Executive Officer And we know that because our leasing people look at where the decision-maker lives when they're showing them space and when they're making a decision about whether they're going to engage in space for showing them or whether they're going to renew or whatever the case may be.
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Operator [Operator signoff] Duration: 53 minutes Call participants: Stuart McElhinney -- Vice President, Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Josh Burr -- Scotiabank -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Emmanuel Korchman -- Citi -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Rich Anderson -- SMBC Nikko Securities -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Bill Crow -- Raymond James -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q4 2020 Earnings Call Feb 10, 2021, 2:00 p.m. But I think people want to -- are trying to get back to work and are trying to settle up on all their impacts from the pandemic, and that's why we're able to start making deals now.
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5551f04a-695c-4479-959c-ad2b6a27d479
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2021-01-14 00:00:00 UTC
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Douglas Emmett Breaks Above 200-Day Moving Average - Bullish for DEI
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-breaks-above-200-day-moving-average-bullish-for-dei-2021-01-14
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $28.81, changing hands as high as $28.87 per share. Douglas Emmett Inc shares are currently trading up about 3.8% on the day. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.59 as the 52 week high point — that compares with a last trade of $28.79.
Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $28.81, changing hands as high as $28.87 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.59 as the 52 week high point — that compares with a last trade of $28.79. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $28.81, changing hands as high as $28.87 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.59 as the 52 week high point — that compares with a last trade of $28.79. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $28.81, changing hands as high as $28.87 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.59 as the 52 week high point — that compares with a last trade of $28.79. Click here to find out which 9 other dividend stocks recently crossed above their 200 day moving average » The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Thursday, shares of Douglas Emmett Inc (Symbol: DEI) crossed above their 200 day moving average of $28.81, changing hands as high as $28.87 per share. The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $22.88 per share, with $45.59 as the 52 week high point — that compares with a last trade of $28.79. Douglas Emmett Inc shares are currently trading up about 3.8% on the day.
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4664f2df-90e3-47af-b961-489d47b2471e
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724975.0
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2020-12-29 00:00:00 UTC
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Douglas Emmett, Inc. (DEI) Ex-Dividend Date Scheduled for December 30, 2020
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc.-dei-ex-dividend-date-scheduled-for-december-30-2020-2020-12-29
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Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on December 30, 2020. A cash dividend payment of $0.28 per share is scheduled to be paid on January 15, 2021. Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 5th quarter that DEI has paid the same dividend. At the current stock price of $29.61, the dividend yield is 3.78%.
The previous trading day's last sale of DEI was $29.61, representing a -35.05% decrease from the 52 week high of $45.59 and a 29.41% increase over the 52 week low of $22.88.
DEI is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). DEI's current earnings per share, an indicator of a company's profitability, is $1.76. Zacks Investment Research reports DEI's forecasted earnings growth in 2020 as -15.18%, compared to an industry average of -3.2%.
For more information on the declaration, record and payment dates, visit the DEI Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. DEI is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). Zacks Investment Research reports DEI's forecasted earnings growth in 2020 as -15.18%, compared to an industry average of -3.2%.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. DEI's current earnings per share, an indicator of a company's profitability, is $1.76. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on December 30, 2020.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 5th quarter that DEI has paid the same dividend. For more information on the declaration, record and payment dates, visit the DEI Dividend History page.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on December 30, 2020. This marks the 5th quarter that DEI has paid the same dividend.
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29a0c9d3-4ab5-488e-973c-679daed2d7ce
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724976.0
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2020-12-28 00:00:00 UTC
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Ex-Dividend Reminder: Fifth Third Bancorp, Douglas Emmett and Pennymac Mortgage Investment Trust
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-fifth-third-bancorp-douglas-emmett-and-pennymac-mortgage-investment
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/20, Fifth Third Bancorp (Symbol: FITB), Douglas Emmett Inc (Symbol: DEI), and Pennymac Mortgage Investment Trust (Symbol: PMT) will all trade ex-dividend for their respective upcoming dividends. Fifth Third Bancorp will pay its quarterly dividend of $0.27 on 1/15/21, Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 1/15/21, and Pennymac Mortgage Investment Trust will pay its quarterly dividend of $0.47 on 1/29/21. As a percentage of FITB's recent stock price of $27.56, this dividend works out to approximately 0.98%, so look for shares of Fifth Third Bancorp to trade 0.98% lower — all else being equal — when FITB shares open for trading on 12/30/20. Similarly, investors should look for DEI to open 0.95% lower in price and for PMT to open 2.57% lower, all else being equal.
Below are dividend history charts for FITB, DEI, and PMT, showing historical dividends prior to the most recent ones declared.
Fifth Third Bancorp (Symbol: FITB):
Douglas Emmett Inc (Symbol: DEI):
Pennymac Mortgage Investment Trust (Symbol: PMT):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 3.92% for Fifth Third Bancorp , 3.79% for Douglas Emmett Inc, and 10.27% for Pennymac Mortgage Investment Trust.
In Monday trading, Fifth Third Bancorp shares are currently down about 0.1%, Douglas Emmett Inc shares are up about 0.2%, and Pennymac Mortgage Investment Trust shares are up about 1.7% on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/20, Fifth Third Bancorp (Symbol: FITB), Douglas Emmett Inc (Symbol: DEI), and Pennymac Mortgage Investment Trust (Symbol: PMT) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for DEI to open 0.95% lower in price and for PMT to open 2.57% lower, all else being equal. Below are dividend history charts for FITB, DEI, and PMT, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/20, Fifth Third Bancorp (Symbol: FITB), Douglas Emmett Inc (Symbol: DEI), and Pennymac Mortgage Investment Trust (Symbol: PMT) will all trade ex-dividend for their respective upcoming dividends. Fifth Third Bancorp (Symbol: FITB): Douglas Emmett Inc (Symbol: DEI): Pennymac Mortgage Investment Trust (Symbol: PMT): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for DEI to open 0.95% lower in price and for PMT to open 2.57% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/20, Fifth Third Bancorp (Symbol: FITB), Douglas Emmett Inc (Symbol: DEI), and Pennymac Mortgage Investment Trust (Symbol: PMT) will all trade ex-dividend for their respective upcoming dividends. Fifth Third Bancorp (Symbol: FITB): Douglas Emmett Inc (Symbol: DEI): Pennymac Mortgage Investment Trust (Symbol: PMT): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for DEI to open 0.95% lower in price and for PMT to open 2.57% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 12/30/20, Fifth Third Bancorp (Symbol: FITB), Douglas Emmett Inc (Symbol: DEI), and Pennymac Mortgage Investment Trust (Symbol: PMT) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for DEI to open 0.95% lower in price and for PMT to open 2.57% lower, all else being equal. Below are dividend history charts for FITB, DEI, and PMT, showing historical dividends prior to the most recent ones declared.
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bb91963f-b5b9-4d05-8793-78c6e1404108
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724977.0
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2020-11-19 00:00:00 UTC
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July 2021 Options Now Available For Douglas Emmett (DEI)
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DEI
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https://www.nasdaq.com/articles/july-2021-options-now-available-for-douglas-emmett-dei-2020-11-19
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nan
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading today, for the July 2021 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 239 days until expiration the newly trading contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2021 contracts and identified the following put contract of particular interest.
The put contract at the $30.00 strike price has a current bid of 50 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $30.00, but will also collect the premium, putting the cost basis of the shares at $29.50 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $31.80/share today.
Because the $30.00 strike represents an approximate 6% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 100%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.67% return on the cash commitment, or 2.55% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $30.00 strike is located relative to that history:
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $31.80) to be 52%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Puts of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading today, for the July 2021 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2021 contracts and identified the following put contract of particular interest. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $31.80/share today.
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading today, for the July 2021 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2021 contracts and identified the following put contract of particular interest. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $31.80/share today.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2021 contracts and identified the following put contract of particular interest. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading today, for the July 2021 expiration. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $31.80/share today.
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading today, for the July 2021 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new July 2021 contracts and identified the following put contract of particular interest. To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $31.80/share today.
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bc8b783e-eedb-4d0e-91df-d1c9cb40a9d7
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724978.0
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2020-11-17 00:00:00 UTC
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DEI Crosses Above Average Analyst Target
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DEI
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https://www.nasdaq.com/articles/dei-crosses-above-average-analyst-target-2020-11-17
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nan
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nan
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.00, changing hands for $32.08/share. When a stock reaches the target an analyst has set, the analyst logically has two ways to react: downgrade on valuation, or, re-adjust their target price to a higher level. Analyst reaction may also depend on the fundamental business developments that may be responsible for driving the stock price higher — if things are looking up for the company, perhaps it is time for that target price to be raised.
There are 13 different analyst targets contributing to that average for Douglas Emmett Inc, but the average is just that — a mathematical average. There are analysts with lower targets than the average, including one looking for a price of $29.00. And then on the other side of the spectrum one analyst has a target as high as $44.00. The standard deviation is $4.0.
But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.00/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? Below is a table showing the current thinking of the analysts that cover Douglas Emmett Inc:
RECENT DEI ANALYST RATINGS BREAKDOWN
» Current 1 Month Ago 2 Month Ago 3 Month Ago
Strong buy ratings: 4 4 4 4
Buy ratings: 1 1 1 1
Hold ratings: 9 8 8 8
Sell ratings: 0 0 0 0
Strong sell ratings: 0 0 0 0
Average rating: 2.36 2.31 2.31 2.31
The average rating presented in the last row of the above table above is from 1 to 5 where 1 is Strong Buy and 5 is Strong Sell. This article used data provided by Zacks Investment Research via Quandl.com. Get the latest Zacks research report on DEI — FREE.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.00, changing hands for $32.08/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.00/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
|
In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.00, changing hands for $32.08/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.00/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
|
And so with DEI crossing above that average target price of $32.00/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table? In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.00, changing hands for $32.08/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes.
|
In recent trading, shares of Douglas Emmett Inc (Symbol: DEI) have crossed above the average analyst 12-month target price of $32.00, changing hands for $32.08/share. But the whole reason to look at the average DEI price target in the first place is to tap into a "wisdom of crowds" effort, putting together the contributions of all the individual minds who contributed to the ultimate number, as opposed to what just one particular expert believes. And so with DEI crossing above that average target price of $32.00/share, investors in DEI have been given a good signal to spend fresh time assessing the company and deciding for themselves: is $32.00 just one stop on the way to an even higher target, or has the valuation gotten stretched to the point where it is time to think about taking some chips off the table?
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171adf94-a1b8-46ad-8d7f-702966a8703b
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724979.0
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2020-11-04 00:00:00 UTC
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Douglas Emmett (DEI) Q3 2020 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q3-2020-earnings-call-transcript-2020-11-04
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nan
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nan
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q3 2020 Earnings Call
Nov 03, 2020, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterlyearnings call Today's call is being recorded. [Operator instructions] Now I'll turn the conference over to Mr.
Stuart McElhinney, vice president of investor relations for Douglas Emmett. Please go ahead.
Stuart McElhinney -- Vice President of Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the Investor Relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings which can be found in the Investor Relations section of our website. [Operator instructions].
I will now turn the call over to Jordan.
Jordan Kaplan -- President and Chief Executive Officer
Good morning, everyone. I know we're competing with the election news. Don't worry, if either candidate for president concedes during the call, we'll let you know. Our third-quarter results still reflect major challenges from the pandemic, though we did see some incremental improvement in rent collection, tenant utilization and leasing activity compared to second quarter.
As of today, we have collected 91.4% of our combined second and third-quarter rent, including 95.9% of our residential rent, 93.7% of our office rent and 39.7% of our retail rent. Once the eviction moratoriums and our markets expire or even just come in line with other major U.S. cities, we expect current collections to improve and to collect a large portion of the past due amounts. In prior downturns, the impact of personal guarantees and small business owners' commitment to their companies have kept our defaults very low.
Compared to last quarter, we increased our deal flow from 125 deals to 175 deals with increases in both new and renewal transactions. We accomplished this despite the fact that many tenants are deferring their decisions during this uncertain period. We have not observed a trend toward tenants giving up space to work from home. And in fact, we are seeing more tenants coming back into the office.
Our small tenants don't face significant mass transit, parking or vertical transportation concerns, making it much easier for them to reoccupy their offices. While cash rent spreads are down and straight-line growth is slower, tenants have become less focused on TIs, which has enhanced our net effective rent. Having managed through three prior recessions, each of which seem unique, we are confident that we will emerge from this downturn stronger than we entered it. With that, I will turn the call over to Kevin.
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. Lease enforcement moratoriums remain in effect in California and are considerably more restrictive than those in place in most other major U.S. cities. While we continue to work toward making these orders less onerous, they are likely to remain in place for the foreseeable future.
Turning to construction. We remain focused on our two large multifamily development projects which are progressing nicely. We are now fully leased in our first phase of 98 units at our office-to-residential conversion project in downtown Honolulu. The demand for this new, high-quality product in the center of the CBD has been outstanding.
We hope to complete the next phase, which is comprised of 76 units and building amenities, in the next few months. Our Brentwood high-rise apartment construction remains on schedule to deliver our first units in 2022. We also continue to work on securing additional entitlements to build more apartment units on sites we already own. In September, we successfully increased the allowable density at our Waena Apartment community in Honolulu.
The 12-acre parcel is a short walk from the CBD and currently has 468 apartment units. A new zoning increased our height limit to 400 feet and allows us to build up to 2,800 additional units on the site. As I discussed last quarter, property sales in our markets remained significantly below normal levels. Reflecting today's low interest rate environment, we have seen a few smaller trades at record prices for long-term lease office properties.
I will now turn the call over to Stuart.
Stuart McElhinney -- Vice President of Investor Relations
Thanks, Kevin. Good morning, everyone. In Q3, we signed 175 office leases, 40% more than during Q2. These leases covered 735,000 square feet, including 171,000 square feet of new leases and 564,000 square feet of renewal leases.
As Jordan mentioned, we are seeing tenants more willing to trade tenant improvements for competitive office rents. As a result, we reduced our annualized office leasing costs per square foot this quarter by 30% from a year ago and 20% from last quarter. Cash leasing spreads for the third quarter were 14.7% for straight-line rent roll-up and negative 0.7% for cash roll-up. While our tenant retention was in line with long-term averages, our office lease percentage declined 1% to 89.8% as new leasing volume remained below pre-COVID levels.
On the multifamily side, our leased rate declined from 98.7% to 97.5% as continued university closures and military deployments in Hawaii have caused slightly higher-than-usual vacancy at a couple of our properties. I will now turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. First, to show the gross impacts of the pandemic and very tenant-oriented lease enforcement moratoriums in Los Angeles, I'll compare this quarter to Q3 2019. FFO was $0.40, down $0.11 per share from Q3 2019.
Major items contributing to this decline were the following: write-offs from slower office collections reduced our FFO by about $0.08 per share; parking utilization, though up from last quarter, reduced our FFO by about $0.045 per share; lower office leasing resulting in lower occupancy reduced our FFO by about $0.02 per share; uncollected insurance recoveries related to this quarter from an apartment fire reduced our FFO by just over $0.01 per share. These negative FFO impacts were offset by about $0.03 from higher-average in-place rent and about $0.03 from operating expense savings. AFFO declined 26.6% to $69.2 million, and same-property cash NOI declined by 15.5% as lower revenue was partly offset by office operating expense savings.Now I will compare Q3 2020 to Q2 2020 to highlight the most recent trends. FFO was down a net $0.01 per share from last quarter, largely as a result of the following: better office collections, lower write-offs and slightly higher parking income increased our FFO by about $0.04 per share; normal seasonality in our utilities and higher insurance premiums reduced our FFO by about $0.04 per share; and the uncollected insurance recoveries reduced our FFO by just over $0.01 per share.
At only 4.4% of revenues, our G&A for the third quarter remains well below that of our benchmark group. Given the continuing uncertainties around the pandemic and local government ordinances, we are not providing guidance. Although it's still early in Q4, the trends in cash collections and parking so far appear to be consistent with the trends in Q3. We expect occupancy to continue to decline until leasing volume improves.
Once the eviction moratoriums in our markets are allowed to expire or come in line with other major U.S. cities, we expect collections to improve and to collect some of the past due amounts that is unlikely to have a material impact on the current year. I will now turn the call over to the operator so we can take your questions.
Questions & Answers:
Operator
[Operator instructions] The first question comes from Dave Rodgers of Baird. Please go ahead.
Dave Rodgers -- Baird -- Analyst
Yes. Good morning out there. Jordan, maybe to start with you, or Stuart, I wanted to talk a little bit about pricing power and the pricing that you saw in the quarter. You guys talked at length there just about how the customers were trading, the TIs and LCs, I guess, for the lower-face rent.
But what do you expect to see in terms of pricing power as you move forward, both on the renewals and the new leases, one, I guess, overall, and then two, I guess, as you divide it up between the Valley or the Westside and maybe, to a lesser extent, Honolulu? What type of pressure do you expect to see in those particular areas?
Jordan Kaplan -- President and Chief Executive Officer
Well, I mean, pricing power, that's a great way to put it. I don't know if we have pricing power. I mean, we're always reacting in the market that we're facing. But just to back up a little bit, in general, what we want to do is keep occupancy as high as possible because that puts pressure on rental rates, right? I mean, vacancy, less pressure up, occupancy keeps pressure up.
We're in markets that are relatively well occupied, so that has allowed us to hold our own pretty well. We're doing even better than that in Hawaii. But -- so put quite in an aside, where it's a very tight market, but if you look at our markets here in L.A., we've been able to do fairly well in terms of rent -- I think your client rental rates, but you're seeing a little bit of slippage each quarter. And that's as a result of the fact that while we're holding our own on renewals, it's hard to get the new deal flow all the way up to where we need it to be.
Now I would say, and I say this all the time, I mean, I'm just so happy with the response from our operations because we were off about 1.5 in the second quarter. We've now started narrowing that and working that number down. Hopefully, we can keep working it down because that's kind of the game until the thing turns around and heads back up, which I'm optimistic will happen sometime in 2021.
Dave Rodgers -- Baird -- Analyst
Maybe I would ask that slightly differently. Just in L.A., what's the difference in your new rents on a new versus renewal basis? If you had said that or given that, I didn't see it. But is there a meaningful delta between those two right now?
Jordan Kaplan -- President and Chief Executive Officer
Well, it's very -- since you don't do an office lease two years in a row, the best stats that we can give you that are based on stats, not a feeling, are the roll-up, roll-down stats, which we give. And we're still obviously rolling up on leases. I think the straight line is about 14%. So if you were to say, "Wow, it used to be up in the high 20s.
Now, it's 14%," that will give you some instinct that things are moving off a bit, which is why we tried to say during the call, which you would expect that they are. But in fact, the overall lease economics seem to be holding on pretty well because, as you've heard in Stuart's section, our other leasing costs are down dramatically compared to last year and even down compared to last quarter.
Dave Rodgers -- Baird -- Analyst
OK, thanks. And then maybe just a follow-up for Peter. Can you break down the write-off that you talked about between anything accounts receivable related, the straight-line rent write-offs and then any security deposits you applied in the third quarter? Those details would be helpful.
Peter Seymour -- Chief Financial Officer
Yes. So a lot of the impacts, I mean, we said it was $0.04 better than the previous quarter. There's -- that includes the better collections. It includes a small amount of write-offs for new tenants.
There's very little straight line in that number this quarter, and it also includes a small positive impact from improved parking.
Dave Rodgers -- Baird -- Analyst
Thanks.
Operator
Thank you. The next question is from Alexander Goldfarb of Piper Sandler. Please go ahead.
Alexander Goldfarb -- Piper Sandler -- Analyst
Hey, good morning. Good morning out there.
Jordan Kaplan -- President and Chief Executive Officer
Good morning, Alex.
Alexander Goldfarb -- Piper Sandler -- Analyst
Hey, how are you, Jordan? So just a few questions here or two questions. First, on the rent collections. As you guys look at your portfolio, especially now that you've been through 2 quarters of the COVID, what percent of the depressed collections are people just ghosting you, like choosing voluntarily to not pay the rent, versus people who literally have gone under? So I'm assuming on the retail side, there are probably a lot of tenants who have either closed or just don't have literally the means to pay the rent. But there's still lots of private space trying to provide amenity, and then there are probably a bunch of other tenants who have decided, "Hey, we don't need to pay.
We'll just keep occupying it, and we'll set up with the house whenever the moratoriums are lifted." I'm trying to understand, from a rent collection, what the snapback would be once the eviction moratoriums end.
Jordan Kaplan -- President and Chief Executive Officer
Well, you probably got it pretty good. I mean, I -- and so, first of all, I would say, if you go back -- we believe that these numbers will hold for this recession. If you go back to the last big recession, which was in 2008, our actual default loss was -- ran around 2%, OK? If you look at what's going on right now and you look at the collections that we're missing from our office tenants, we have a very strong feeling that we'll be able to collect that money and at the end of the day, most of that money. But we'll see.
It's very hard to see through the fact that the moratoriums, when they -- you can tell when people just have a horrible attitude toward you, and that it's like stop bugging me. I'm told I don't have to pay. And therefore, I'm just planning not to pay, all right? So -- and we're definitely getting that. On the retail side, especially small retail, not large retail, it's pretty easy to see what's going on with them.
And so -- and they represent, as we've told you in the past, about half of the money that we aren't collecting. And you might take a guess, that some portion of that, we're going to make deals on. That's where we're trying to make deals because most of that retail acts as an amenity to our office, and retail is only 5% of our portfolio anyway. And there, we want to protect that group, right, because we don't want to lose the amenity.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. So on the office side, Jordan, it sounds like most of the people who weren't paying you were just ghosting you. Whereas on the retail side, it's legit.
Jordan Kaplan -- President and Chief Executive Officer
I don't know how much of the retail side is legit. But I could tell you, if you look at our office buildings and our tenants, I'm -- I suspect our collections would be dramatically higher if we did not have the moratoriums. I mean, I see the people that aren't paying us. It's super aggravating, I mean, super aggravating.
Some of them have -- are managing more capital, and many of them are managing more capital than we are.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. The second question is, Peter, on the effective rent, can you just give us a sense of the impacts of lower TIs for lower rent? But then when you boil it down on an effective rent basis, where do you stand for third-quarter leasing versus prior quarters? So are net effectives, improved a little bit, a lot, the same? Just trying to get a comparison for the net effectives now with the new lease economics versus prior periods.
Jordan Kaplan -- President and Chief Executive Officer
We were talking about -- Peter can answer, but I could just tell you quickly. We were talking about that and looking at it. And I think our net effectives are still as strong as they were like pre-pandemic, we'll call it. So if you look at the net effectives before any pandemic, end of last year or whatever, we're hitting those numbers because of the big dropoff from the -- on the TI side.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. Thank you, Jordan.
Operator
Thank you. Next question is from Jamie Feldman of Bank of America. Please go ahead.
James Feldman -- Bank of America Merrill Lynch -- Analyst
Great. Thanks. So I guess, as you talked about how you think occupancy continues to slip and so you see leasing volumes pick up, where are tenants going? Obviously, that implies that you're just going to continue to see move-outs. What are you hearing from people that are moving out and why?
Stuart McElhinney -- Vice President of Investor Relations
Jamie, I think what we're seeing is kind of a normal course of business from our retention -- from a retention standpoint. So we've had a drop-off in volume of new business that we're doing relative to what we're used to, and we kind of just have our normal course of move-outs, so we're not seeing any trends. Like we said, we're not seeing trends of, "Hey, I want to go work from home or anything like that." We're just seeing the normal level of move-outs that we would normally see, and we're seeing less backfill on the new side that we usually rely on to hold on to occupancy and grow occupancy.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. And then if you read some of the press reports -- or the broker reports, there's definitely different pockets on the Westside that seem to have larger spikes in sublease. Can you just talk about across the different markets where you think things are maybe better or worse in L.A.?
Stuart McElhinney -- Vice President of Investor Relations
Yes. We've seen those reports. Definitely sublease space, if you read those reports, is picking up. But from everything we're reading through, that's largely concentrated in the larger spaces.
So it doesn't tend to impact the smaller tenant that we service. There are some -- we have seen some pockets of larger space in Santa Monica and Century City taking up a little bit. But again, those are concentrated in the very large tenant spaces.
James Feldman -- Bank of America Merrill Lynch -- Analyst
Are you seeing any of those get broken up, though, to become more competitive with smaller?
Stuart McElhinney -- Vice President of Investor Relations
No. I mean, they tend -- we're hearing full floors, multiple floors come back, stuff like that, so bigger spaces. But I don't think people are proactively breaking up space. I mean, that tends to be something that we do that most of our competitors do not is break up larger spaces and go after smaller guys.
Jordan Kaplan -- President and Chief Executive Officer
I think some of that space is also in buildings that would not be very breakupable.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. And if I could just ask a follow-up to one of the earlier questions. Like what would you say your current mark to market is in terms of portfolio rents to market rents?
Stuart McElhinney -- Vice President of Investor Relations
It's about 6%.
James Feldman -- Bank of America Merrill Lynch -- Analyst
Below. Portfolio is 6% below?
Stuart McElhinney -- Vice President of Investor Relations
No. Yes. We would have -- we have a 6% markup to market, yes.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right. Thank you.
Operator
Thank you. The next question comes from Frank Lee of BMO. Please go ahead.
Frank Lee -- BMO Capital Markets -- Analyst
Hey, good morning, everyone. Jordan, you mentioned in the past that 1132 Bishop conversion was going to cause some disruption in the market and possibly create some tightness from an office vacancy standpoint. Just wondering how you think that is playing out. Or is there anything else to read into the lease percentage being down in Honolulu during the quarter?
Jordan Kaplan -- President and Chief Executive Officer
Well, I don't know about the slight least percent reduction. But I could tell you, the 1132 Bishop plan that we've been going through in terms of occupancy in downtown Honolulu has worked spectacularly, I mean, maybe one of the few best ideas that's come out of this company, quite frankly. I think it completely changed the market metrics in terms of office leasing in that downtown market. But even more importantly, it's starting something -- I mean, we're -- obviously, we're in front of the city council a lot.
We're talking to them about what we're doing, and it's starting to change the face and feel of downtown because of not just that project, the work there, but other work that we're doing around that building. And now what's happening is more in the center of town, so it's been just spectacularly successful and both on the OP side. And I mean, boy, we brought out almost 100 units and at least all of them within a quarter. That was, I have to almost say, unexpected.
It moved so fast. So our feel for demand, our feel for rental rate, all extremely well confirmed; our feel for the impact on downtown, extremely well confirmed. There's a little bit of movement from tenants moving in and out in that market. But still, the occupancy is high, and the pressure on rental rates is good.
Peter Seymour -- Chief Financial Officer
Yes. We still need to move out from 1132 way more office tenancy than we have availability in our remaining buildings, so you are going to see some timing noise quarter to quarter, but there's a good up arrow.
Frank Lee -- BMO Capital Markets -- Analyst
OK. And then second question I have. You noted some incremental increase in office utilization rates from last quarter. Do you have a sense of what percentage of your tenant base are back in office now? And where we can see that increase as we close out the year?
Jordan Kaplan -- President and Chief Executive Officer
Well, we think -- I mean, I will tell you, like we think it's around 30% to 40% is the utilization numbers, but it's body and on and off and whatever. But more importantly, and I mean, I particularly see it, I think we all see it, is that while offices are not maybe formally open and not all showing up at 8:30 or 9, then leaving, I mean, we're seeing, at all different times, people coming into the office, including weekends and all the rest of it. So if you were to say, "Oh, I'm going to do a consensus count at a specific time in the week and see where we stand," you're going to come to a 30% to 40% number. But if you said to me, across our portfolio of office tenants, how many of our tenants have some people coming in at different times, it seems like, at one point, we're able to turn one elevator off.
We have floors that we didn't think were being addressed, I mean, now that we have -- people who are also in the buildings.
Frank Lee -- BMO Capital Markets -- Analyst
OK, great. Thank you.
Operator
Thank you. The next question comes from Manny Korchman of Citi. Please go ahead.
Michael Bilerman -- Citi -- Analyst
Hey, it's Michael Bilerman here with Manny. Jordan, I was wondering if you can talk a little bit about sort of your eagerness for external growth. And look I recognize your stock price doesn't allow you to sort of go raise capital today to make those deals accretive. But can you talk a little bit about sort of how private landlords are sort of dealing with the struggles that you have? As a large organization, a public company, you can weather the storm pretty well, but I got to assume a lot of your private landlords that may have leverage and they have rent collection issues and they have capex issues, may have a larger desire to flip those assets into an entity like yours.
And you've done OP unit deals before. The difficulty is your stock's at $25, $26, and I think you would believe that NAV is held a lot higher. So is there some way to structure transactions for the -- where one plus one is greater than two? Or is that just not really a focus of yours today?
Jordan Kaplan -- President and Chief Executive Officer
We are working I can't tell you how hard. So the foundation of what you're asking is do we still believe in the market so much that we want to continue to grow in the market? And the answer is absolutely yes, and we're doing everything we can to acquire assets, believe me. Every trick, every -- figure out a way for -- obviously, I don't want to do an OP unit deal or I'm selling them my building for $500, and I'm buying theirs for $1,000 a foot. But we are working on that on every front that we can.
Now I will tell you, if we're successful, that the market as would be the case for you or anybody else, right, if you own a building in this market and you've weathered a lot of recessions, you know about the sort of long-term strength of the market, and you're not going sit there and do a deal in the recession that you feel has, well, I'll put quotes on "recessionary pricing." But even if we can just break these people lose at the normal good pricing, we would do it. And we are working on it, but it's even slower now than usual. But yes, we're doing our best. I don't think we have -- the stock being down is -- hasn't been that big of a problem.
People with OP unit deals, they understand that. And we have plenty of other ways to access capital. But we're working on it the best we can. Certainly, there are some older families that could be wearing out.
But they also have been emboldened by living through many recessions, and especially this one where they feel like, wow, why would I take any kind of discount or anything at a time when I'm pretty sure, the next year, we're going to be back to where we were in 2019. And so it's just fine, I'm willing to take those assumptions if we can get them to make deals. So we're doing our best.
Michael Bilerman -- Citi -- Analyst
But I guess if you take those two comments, one, just your enthusiasm for staying invested in the market but then also potentially sellers wanting to hold on because they sort of view the other side positively, why aren't you using some capital more aggressively to buy into your portfolio, which you know extraordinarily well, and on the screen where it trades on a per foot and a yield basis?
Jordan Kaplan -- President and Chief Executive Officer
We are assisting, but why aren't we buying back stock? And I would say this, I don't believe, the way you're kind of implying, it's that simple of a decision for a company to buy back its own stock. It has a lot of other ramifications, what your debt levels are. And frankly, when you buy back stock, if I was to buy back the stock at 25, and it went to 20, would you say I was a smart guy at 25? Probably not, right? So it puts me in the business. And I'm not saying I'm against buying back stock, by the way, but it puts me in the business, in your guys' business, right, not making the decision about the stock price and where it's moving around as opposed to a decision about real estate, where I have a lot more confidence.
I'm not -- obviously, I'm not against buying back stock. I bought -- personally, I've been buying the stock. But it's a very different decision for the company than it is for me personally. And so, I mean, I'm slow and careful to make that decision, but I'm not necessarily against that either.
Michael Bilerman -- Citi -- Analyst
Right. I guess the difficulty is if you do find an acquisition, the story about it, right, if you're not going to be paying $500 a foot, right, you're not going to be paying where your stock is trading, it's going to be something higher, right, where you said, I want to get good pricing, not prerecession pricing. It's going to be able to demonstrate the value of that acquisition to The Street relative to purchasing your own portfolio. So I think that's the -- the capital-allocation decisions are linked together.
Jordan Kaplan -- President and Chief Executive Officer
I don't think they're linked as tightly as you're saying, that -- I mean, that would be a longer conversation. I mean, I would always add good quality real estate in the markets where we're focused, which I think we get great long-term gains on. And I think it's a -- you have to have tremendous extraordinary confidence to trade within your stock against where -- not where my real estate is going, but where the stock market is going. And stock market trades, will march to its own drum, not the drum of a real estate market, which I have a lot more confidence around directionally in supply/demand characteristics and industries driving demand and all the rest of that.
Michael Bilerman -- Citi -- Analyst
Just last one. I assume joint venture capital is one of the arrows in your quiver that you can use. Can you talk a little bit about their desire to partner with you to buy office assets?
Jordan Kaplan -- President and Chief Executive Officer
They have a high desire to partner to buy office assets, and it's killing me that we're not able to provide them with more -- I want to provide them with more product. We're trying to provide them with more product. And when you hear me discussing, you're saying, I know you're trying to buy assets, believe me, in our conversations with them, we're saying that double. I mean we're going to get it.
We are doing our best. We're trying to shake anything loose as we can.
Michael Bilerman -- Citi -- Analyst
OK. And I think it's great that you're buying stock personally. I don't want to make it seem as though that's not a good thing. That's certainly demonstrating your, obviously, focus.
You obviously own a lot of the stock already. So it was just much more talking about sort of capital allocation at the firm level. So thank you, and have a great afternoon.
Jordan Kaplan -- President and Chief Executive Officer
Thanks. You, too.
Operator
Thank you. The next question, Steve Sakwa of Evercore ISI. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Hi. I guess two quick questions. I noticed the income of multifamily was down, the other income, I guess, and Peter talked about the insurance payment. I'm just curious sort of what happened there.
And if it's just a timing issue, was there a reason that wasn't booked in the quarter? And I guess, what are you expecting for fourth quarter? Is there kind of a catch-up payment, where you'll get two? Or how does that sort of work going forward?
Peter Seymour -- Chief Financial Officer
Yes. It's Peter. Insurance is always unpredictable. Things moved a little slower than we would have liked.
And we hope it moves fast, and we catch up, but it's too early to tell.
Steve Sakwa -- Evercore ISI -- Analyst
So we should not expect any additional payments? Or this was just kind of an off quarter?
Peter Seymour -- Chief Financial Officer
No, no. We're going to recover this. It's just a question of when. And is it this quarter? And is it -- do we double-up this quarter? Do we end up with one quarter's worth? Yes.
So --
Jordan Kaplan -- President and Chief Executive Officer
You realize we can't book it until we get it. So we know each quarter, money will go to us, but then you have a bigger negotiation with the insurance company by getting checks out of them. So -- and the checks would come and they could go, "Oh, this is for your work in the units, not for the rent." You're still arguing about how much rent they owe you. So it's not such an obvious -- I mean, it just comes in, and I don't want to say in a bad way, but in a way that wouldn't be smooth to match up perfectly with the quarters of the income that you go to because you can't book it until you get it.
Peter Seymour -- Chief Financial Officer
Yes. So it's coming. It's just a question of when.
Steve Sakwa -- Evercore ISI -- Analyst
Got it. OK. And then I was a little surprised that your office expenses were up. They were a lot higher than what we were assuming, and I know there's some seasonality in the business on expenses.
But given still the low utilization rates of the buildings, any thoughts on maybe what expenses do in the fourth quarter and maybe in the first half of next year? I guess I would have thought they would have been a little bit lower.
Peter Seymour -- Chief Financial Officer
Yes. Well, so I mean, let's start with just the seasonality. We typically get about 30% of our utility costs in the third quarter. It's the summer months, right? So you got in July, August and September, people are running the air conditioning.
And at the utilization rates that we've been talking about, 30% to 40%, you can't run the air conditioning just for one person. You're running for the entire suite. So that kind of pushes us. The numbers are down versus the prior year, so we're still saving money versus prior year on utilities.
As far as the fourth quarter goes, yes. I mean, typically, we see utilities come back down, but we have other things. We've got some political spending. I would expect to see about a $0.02 impact or so of that in Q4.
We also had, in those expenses, an increase in our insurance premiums, and we only had two months' worth in the quarter. So we'll get the full impact of that in the fourth quarter. So we're going to see some offsets there on expenses in the fourth quarter.
Steve Sakwa -- Evercore ISI -- Analyst
OK. Thanks.
Operator
Thank you. The next question is from Nick Yulico of Scotiabank. Please go ahead.
Nick Yulico -- Scotiabank -- Analyst
Thanks. So just first question is on the write-off, the $0.08. I just want to be clear if that was -- that's a new receivable write-off in the quarter. And what drove that happening third quarter versus the second quarter and how we should think about, going forward, the chance that there would be additional write-offs on the office side?
Peter Seymour -- Chief Financial Officer
Yes. So what we gave you is -- what we gave you was the $0.08 as a comparison to last year and what we're really focused on there. There's -- as I said earlier in the call that there's very little in terms of new write-offs with new tenants. So -- and most of that is just the impact of continued non-collection against the people that we wrote off last quarter.
Nick Yulico -- Scotiabank -- Analyst
OK. That's helpful. My second question is just about your portfolio. And I guess, any lessons you're learning or hearing from tenants as they are doing renewals or contemplating changing their space now in a COVID world going forward.
I mean, what are you kind of learning about your buildings and whether you think they are well set up and well-positioned for the office environment that could change now post COVID?
Jordan Kaplan -- President and Chief Executive Officer
I have to say, I mean, one of the things it's allowed us because, obviously, we listen to other people's calls and we hear occupancies at 15% and lesser numbers. And one of the reasons, I think, we're at such high numbers is that, in general, not the very large tenant, giant floor place, but in general, our tenants across our portfolio, and I think actually most of the Westside since it's a small tenant market, they're already built out like 225 feet per person. So I don't think there is a lot of TI or rebuilding needing to go on. And you're seeing it in our renewals.
They're not coming in and saying, "I need to renew and I need to rebuild my space." I think people's spaces are pretty much built for a little bit of a more relaxed environment, and it already accommodates the six feet or eight feet or whatever you want to go to in terms of occupancy. So I mean, I think, frankly, if I was guessing, the occupancy would be even higher if we were in markets where they were saying people could go back into work in the office. And even without that, they seem to be coming in.
Nick Yulico -- Scotiabank -- Analyst
OK. That's helpful. Just last question is on prop 15. What have you guys spent? I assume you guys are spending money to fight this.
What have you spent? Have you already incurred any charges to FFO? Is there another choice to come in the fourth quarter? And then, I guess, the other question is are you guys still -- I mean, let's say there's a scenario where this does pass. Are you guys still going to take the approach of not giving an estimate on what your tax liability would be if this passes?
Jordan Kaplan -- President and Chief Executive Officer
So all right, I'll just answer them both. So the question of what we spent, which Peter said in the last call, it's probably about $0.02 on that and some other political stuff in the fourth quarter and maybe like a little less than $0.01 in the third quarter. In terms of not giving an estimate, it's not that there's a number we know and we're keeping it close in because we don't want to make it out. We really don't think, even when people do give estimates, there's any way to give any kind of estimate.
I don't think, functionally, it's operational. I don't think they're functionally would be able to do it if it passed. So start out with how -- for how many years is it going to be before someone figured out some way to do this, or does someone come up and say, "Hey, this just doesn't work, and there's another proposition or something like that." That's number one. And then number two is across all these properties telling me where you're going to end up, in a board of three judges, of trickling out a new value for it when there hasn't been any market transaction related to that property, there's huge swings in that process all the time, right now, even without all the properties needing to be reappraised.
So I just don't think that it's reasonable to make any kind of an estimate. It's not that we have a secret estimate, we're not giving it out.
Nick Yulico -- Scotiabank -- Analyst
OK. Thanks, Jordan.
Operator
Thank you. The next question is from Rick Anderson, SMBC. Please go ahead.
Rick Anderson -- SMBC -- Analyst
Thanks. Good morning. So on the issue of moratoriums, I guess it's true that there's no credit impact if they take advantage of it, regardless of their circumstances. But is there a kind of a credit black market where their reputation would precede them among the landlords in the area? Is that a real dynamic that could happen to folks that are sort of playing this card?
Jordan Kaplan -- President and Chief Executive Officer
I -- you can only hope, right? I mean, there's not going to be any great way to know until we're in recovery and to see to what degree a landlord will start saying to people, "Yes. I got it. You're saying your credit, but we saw the way you acted and therefore we're going to require, whatever, a bigger LC, a bigger this, a bigger that." You will see the market reconcile that. You'll probably see some reaction from long-term owners.
Maybe short-term owners, you'll see less of a reaction. That's always been the case. I would say, for Douglas Emmett, we've always been such a hawk on credit, anyway, that it is unfortunate that it more speaks to the morality of these people than anything that they're choosing not to pay. But I do think, in the end, they will end up paying because I have confidence in the way we evaluate credit and whenever I look at the tenant base.
So I'm not sure how -- whether there's a shadow mark on their credit profile or not. We'll see what happens.
Rick Anderson -- SMBC -- Analyst
OK. And then your commentary about work from home not being kind of a factor in your tenant's decisions. And I guess, you're seeing that in the numbers, just by the way the cadence of your renewals and all that sort of stuff seems kind of normal. But are you asking the question? I mean, are you -- I mean, you guys -- all these tenants that are -- that can provide you a lot of information about just mindset or centering around work from home and how it might change.
I know all of your peers are kind of saying the same thing and I happen to agree that work from home will perhaps be the exception, not the rule, but maybe an option here or there but not as big as the motions of the moment are suggesting. I'm wondering if you're really asking the question to sort of form a really informed opinion about it.
Jordan Kaplan -- President and Chief Executive Officer
So we track when we lose a tenant out of our portfolio, and we also track new tenants that we chase and don't get, OK? And what you saw in the prepared remarks was we're -- nothing of what we're seeing is any kind of trend of work from home playing a factor in that, OK? Obviously, new tenants, I mean, they're saying we're looking to lease space. We're trying to get them on our portfolio. When we don't get them, they went somewhere else, right? And on the renewals, I mean, you said it yourself. The -- there's a lot of levels of work from home.
Are people going to just take -- I don't think many people are so extreme to go, that the office market is going away is everyone's going to work from home. But you see stuff as well will be a little less because there's some kind of -- some percent of people work from home or some percent of people do this thing of sharing office or hotseating. And I have to tell you, the only mechanical thing that makes sense when you address work from home, at least in our markets, would be for tenants because we're not hearing anybody say, "I'm going to have a group of people working for me that are never going to come in the office." So mechanically, the only thing that makes sense is there's going to be a complete conversion of people who are going, we really embrace hotseating even when it comes to offices, which is that, Kevin, you're in Monday and Tuesday; Peter, you're in Wednesday and Thursday; and Stuart, have at it on Friday, OK? So -- and everything we're hearing is the opposite. Like I mean, like everything.
Like people don't like sharing space. They want their own space, and people want them in the office in the entire week. And certainly, COVID doesn't encourage people toward a hotseating type of environment. So when you look at the mechanics of -- for some percent, reducing the amount of office demand, I'm just speaking for our markets, there are mechanics that nobody likes, I mean, nobody.
So I don't know how a work-from-home scenario would have more -- would be particularly impactful. In fact, I think it might be the reversal a little bit of people appreciating the space, being back in their office, wanting to be back in the office. When they feel like they can come back in, I think you will have people looking forward to getting back to that routine of going to work. I think a lot of people miss it.
Rick Anderson -- SMBC -- Analyst
And I don't want to be the one -- because I don't want to be the one to Lysol the seat after Stuart's been sitting in it anyway. So --
Jordan Kaplan -- President and Chief Executive Officer
Absolutely. But also, you don't want to be the one that gets told, "Hey, everyone's coming back, except for you." I mean, I actually think people take that poorly.
Rick Anderson -- SMBC -- Analyst
Yes. All right. I agree. Thanks very much.
Operator
Thank you. The next question is from Craig Mailman, KeyBanc Capital. Please go ahead.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
You guys were very successful at keeping capex down on the renewals this quarter, and you kind of mentioned that on a net effective basis, you're still kind of positive here. I'm just curious, as new leasing kind of runs back up here and the market may be getting used to kind of lower-face rents, I mean, what's your prediction or expectation on your ability to maintain positive net effectives, even in kind of a negative face-rate environment?
Jordan Kaplan -- President and Chief Executive Officer
I think that -- I mean, I think that all depends on how long -- how many quarters we go with a negative number and how well we're able to hold our own in terms of occupancy. If we -- if the world starts, if we go through fourth quarter, first quarter next year and then things start back, improving again and people sort of come out and start focusing on growth, I think we should be able to do pretty well. I mean, if this thing becomes an all-of-2021 experience, then I don't know how any markets hold their own against it. It's going to be very tough.
But I'm optimistic that, especially considering the performance of the company, particularly operations, leasing, property management, the way it's operated, and second quarter, third quarter, what I see going on right now that we certainly can hold our own well for the next couple of quarters and be very well-positioned to come out of it with a lot of strength. And that's what I'm hoping.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
That's helpful. And then maybe taking the other side of prop 15, assuming maybe it doesn't pass today, do you think this issue ever dies? Or does it just come back in a new iteration at the midterms and maybe next presidential election? Can the market ever -- or California ever kind of shake this overhang?
Jordan Kaplan -- President and Chief Executive Officer
Yes, I think it can, yes. I think if it gets beaten, then I think that it will not be something that you see again and again, but I hate to make a prediction of that, and who knows. There's certainly a trend toward taxation. But at the moment, it's so heavily discussed, it might be an overstated trend.
So we actually have to see what happens. I think people are even more on guard than what the reality will be, but I don't know. And California was in a -- before the pandemic, California was in a very strong cash-positive position in terms of taxation. Like we were adding money to savings.
I think we were like $25 billion plus in terms of taxes versus the expenses. So we're not a state that we need to recover from what we spent on the pandemic, but we're not a state that has a permanent negative -- it's in a permanent negative or a deficit spending situation the way the federal government is.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Understood. And then just one quick one. Peter, did you say the $0.02 of political spending was in operating expenses or G&A?
Peter Seymour -- Chief Financial Officer
I expect that to run through operating expenses in the fourth quarter. Yes.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
OK. So margins should get better once all the spending on the election goes away?
Peter Seymour -- Chief Financial Officer
We would hope so. We would hope so.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
All right. Thanks.
Operator
Thank you. The next question comes from Venkat Kommineni of Mizuho. Please go ahead.
Venkat Kommineni -- Mizuho Securities -- Analyst
Hi. good morning. On eviction moratorium, is there any update in terms of carving out exclusions for office tenants in Santa Monica and Beverly Hills? And it seems like commercial tenants in Santa Monica are now required to pay 50% of rent owed -- sorry, 50% of rent due during 4Q? If that applies, do you think that leads to an incremental improvement in rent collection in 4Q?
Jordan Kaplan -- President and Chief Executive Officer
Well, Santa Monica -- look, our collections in Santa Monica are very good. Santa Monica, frankly, has already carved out most office. Beverly Hills is the place where we have our largest problems because they've included all office and of course, so has, functionally, so has L.A. And then our collections are good again in Hawaii, which has much less of the moratoriums.
So I don't know about the 50% then. I think you might be talking about residential, but the -- in terms of the office collections, we don't need any improvement in Santa Monica. They already -- there's still a little bit that's covered. But basically, what's covered now in San Monica's retail.
Venkat Kommineni -- Mizuho Securities -- Analyst
OK. That's helpful. And in the multifamily segment, it looks like Santa Monica seems to be outperforming less than L.A. in terms of occupancy and rental rate.
Any color that you can provide there?
Stuart McElhinney -- Vice President of Investor Relations
I talked a little bit about it on the call. I mean, we're having some university closures and some military deployment issues in Hawaii. So those are, in fact, those are impacting kind of the properties that we have closer to UCLA and obviously the Hawaii stuff more.
Venkat Kommineni -- Mizuho Securities -- Analyst
OK. Thank you.
Operator
Thank you. The next question comes from Bill Crow, Raymond James. Please go ahead.
Bill Crow -- Raymond James -- Analyst
Hey, good morning. Jordan, I want to get back into the political question and ask if by looking at prop 15 and work from home, we're not missing the bigger picture, which is higher state income taxes, potentially wealth tax, maybe an exit tax. And you've been outspoken on these things in the past. I'm just -- the number of headlines indicating move-outs from California is picking up speed.
I just -- could you give us a picture of the environment out there and the challenges it may pose?
Jordan Kaplan -- President and Chief Executive Officer
Well, I'll take -- I think the -- I know there was talk about a wealth tax, and we're not even going to let people leave. We're going to trap the -- I mean, I saw some of that. I think that talk was bigger than the walk. In terms of people exiting or leaving, I think there's more anecdotal people that are leaving out of frustration, maybe making more noise about it than people that are coming and working.
I just have a hard time believing an economy as large as ours, that still has pretty strong population growth is going to -- well, everybody is frustrated by the tax situation. But I also think that the state is focused on business recovering and getting back to being able to employ people. And so while I know there's been a lot of conversation about additional taxes and focus on taxes, I also think that, in every area, people are focused on creating a better environment for jobs and employment recovery. So that's why I just don't think it's so obvious what's going to happen in the next year or so following as the pandemic is relieved and following the election.
I just don't think it's that obvious.
Bill Crow -- Raymond James -- Analyst
OK. Appreciate that. And then my follow-up is focused on the multifamily portfolio. Can you kind of give us an estimate of what percentage of your tenant base is in the kind of restaurant, retail, hospitality area that has been particularly hard hit?
Jordan Kaplan -- President and Chief Executive Officer
Well, about 5% of our tenants are retail.
Stuart McElhinney -- Vice President of Investor Relations
Bill, I think you're asking of our multifamily tenants, how many --
Bill Crow -- Raymond James -- Analyst
Correct, correct.
Stuart McElhinney -- Vice President of Investor Relations
Employed in those industries? I don't know that we have a good -- I don't know that we have a good feel for that. My guess is that the rent levels we're talking about in Santa Monica and West L.A., that we're not -- most of our tenants are not in the service industry.
Jordan Kaplan -- President and Chief Executive Officer
No, no. They're not. If you're saying like working at Starbucks and stuff, I would say we have very little of that.
Bill Crow -- Raymond James -- Analyst
Yes. OK. That's it. Thank you.
Operator
Thank you. Next, we have a follow-up question from Jamie Feldman of Bank of America. Please go ahead.
James Feldman -- Bank of America Merrill Lynch -- Analyst
Thank you. I think you guys said your rent collections are improving. And then you provided rent collection data that's 2Q and 3Q combined, if I heard that right. Do you have a breakout for 2Q versus 3Q versus even October?
Peter Seymour -- Chief Financial Officer
Jamie, it's Peter. We actually combine them because you get a lot of noise based on when you collect the cash, you're putting it against the old balance, the April balance, the July balance, the September balance and so on. And rather than view that and then try to explain why one month looks like this and another month looks like that. We think the best picture is just to do the average since the pandemic started.
And you can see that if the average of the whole is slightly better, then there could be a sense that we're trending better.
Jordan Kaplan -- President and Chief Executive Officer
We did give you that we collected more cash, but it does get applied backwards. And so if you get beyond just did you collect more cash, it gets very complicated.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. So I guess, to boil it all down, how much better is it? Like can you say basis point-wise or gut feel, which has improved?
Peter Seymour -- Chief Financial Officer
Jamie, it's Peter. We probably collected about $6 million more cash this quarter than we did the previous quarter, so it's moving in the right direction. But obviously, there's a lot of work to do.
James Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right Thank you.
Operator
Thank you. [Operator instructions] The next question comes from Blaine Heck of Wells Fargo. Please go ahead.
Blaine Heck -- Wells Fargo Securities -- Analyst
Just a quick one from me. Can you talk about any interesting trends you're seeing in your Valley markets? Are you seeing any incremental demand from companies that may want to have a location and less of an urban environment or kind of less density? Is utilization any higher in the Valley than what you're seeing on the Westside? And I guess, just generally, how do you see those submarkets faring throughout the pandemic and the recovery relative to the Westside?
Jordan Kaplan -- President and Chief Executive Officer
I don't think we've seen big differences, quite frankly. I mean, there are maybe a few, but not many anymore larger tenants in our Valley portfolio than they are in the Westside portfolio, which is overwhelmingly small tenants. But when you say utilization and kind of responses to the pandemic in terms of kind of the market, I don't think there's a big difference. Maybe it's early.
I don't know.
Operator
This concludes our question-and-answer session. Now I'll turn the conference back over to Mr. Jordan Kaplan for closing remarks. Please go ahead.
Jordan Kaplan -- President and Chief Executive Officer
All right. Well, thank you all for joining us this quarter, and we will speak to you again in three months.
Operator
[Operator signoff]
Duration: 59 minutes
Call participants:
Stuart McElhinney -- Vice President of Investor Relations
Jordan Kaplan -- President and Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Dave Rodgers -- Baird -- Analyst
Alexander Goldfarb -- Piper Sandler -- Analyst
James Feldman -- Bank of America Merrill Lynch -- Analyst
Frank Lee -- BMO Capital Markets -- Analyst
Michael Bilerman -- Citi -- Analyst
Steve Sakwa -- Evercore ISI -- Analyst
Nick Yulico -- Scotiabank -- Analyst
Rick Anderson -- SMBC -- Analyst
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Venkat Kommineni -- Mizuho Securities -- Analyst
Bill Crow -- Raymond James -- Analyst
Blaine Heck -- Wells Fargo Securities -- Analyst
More DEI analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q3 2020 Earnings Call Nov 03, 2020, 2:00 p.m. Operator [Operator signoff] Duration: 59 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Dave Rodgers -- Baird -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Michael Bilerman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Nick Yulico -- Scotiabank -- Analyst Rick Anderson -- SMBC -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Bill Crow -- Raymond James -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. On the multifamily side, our leased rate declined from 98.7% to 97.5% as continued university closures and military deployments in Hawaii have caused slightly higher-than-usual vacancy at a couple of our properties.
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Operator [Operator signoff] Duration: 59 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Dave Rodgers -- Baird -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Michael Bilerman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Nick Yulico -- Scotiabank -- Analyst Rick Anderson -- SMBC -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Bill Crow -- Raymond James -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q3 2020 Earnings Call Nov 03, 2020, 2:00 p.m. Major items contributing to this decline were the following: write-offs from slower office collections reduced our FFO by about $0.08 per share; parking utilization, though up from last quarter, reduced our FFO by about $0.045 per share; lower office leasing resulting in lower occupancy reduced our FFO by about $0.02 per share; uncollected insurance recoveries related to this quarter from an apartment fire reduced our FFO by just over $0.01 per share.
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Operator [Operator signoff] Duration: 59 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Dave Rodgers -- Baird -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Michael Bilerman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Nick Yulico -- Scotiabank -- Analyst Rick Anderson -- SMBC -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Bill Crow -- Raymond James -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q3 2020 Earnings Call Nov 03, 2020, 2:00 p.m. Major items contributing to this decline were the following: write-offs from slower office collections reduced our FFO by about $0.08 per share; parking utilization, though up from last quarter, reduced our FFO by about $0.045 per share; lower office leasing resulting in lower occupancy reduced our FFO by about $0.02 per share; uncollected insurance recoveries related to this quarter from an apartment fire reduced our FFO by just over $0.01 per share.
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Operator [Operator signoff] Duration: 59 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Dave Rodgers -- Baird -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst James Feldman -- Bank of America Merrill Lynch -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Michael Bilerman -- Citi -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Nick Yulico -- Scotiabank -- Analyst Rick Anderson -- SMBC -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Bill Crow -- Raymond James -- Analyst Blaine Heck -- Wells Fargo Securities -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q3 2020 Earnings Call Nov 03, 2020, 2:00 p.m. I will now turn the call over to the operator so we can take your questions.
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2020-10-22 00:00:00 UTC
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After Hours Most Active for Oct 22, 2020 : INTC, GILD, ACWX, ET, IMGN, DEI, AMD, STOR, VIPS, WELL, NIO, EXEL
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DEI
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https://www.nasdaq.com/articles/after-hours-most-active-for-oct-22-2020-%3A-intc-gild-acwx-et-imgn-dei-amd-stor-vips-well
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The NASDAQ 100 After Hours Indicator is down -4.03 to 11,688.54. The total After hours volume is currently 124,485,603 shares traded.
The following are the most active stocks for the after hours session:
Intel Corporation (INTC) is -5.05 at $48.85, with 12,911,540 shares traded. INTC's current last sale is 82.8% of the target price of $59.
Gilead Sciences, Inc. (GILD) is +4.31 at $64.98, with 7,836,813 shares traded.GILD is scheduled to provide an earnings report on 10/28/2020, for the fiscal quarter ending Sep2020. The consensus earnings per share forecast is 1.83 per share, which represents a 165 percent increase over the EPS one Year Ago
iShares MSCI ACWI ex US Index Fund (ACWX) is unchanged at $47.06, with 5,558,840 shares traded. This represents a 45.25% increase from its 52 Week Low.
Energy Transfer L.P. (ET) is unchanged at $6.25, with 5,392,197 shares traded. As reported by Zacks, the current mean recommendation for ET is in the "buy range".
ImmunoGen, Inc. (IMGN) is +0.07 at $5.57, with 4,648,509 shares traded. As reported in the last short interest update the days to cover for IMGN is 8.518632; this calculation is based on the average trading volume of the stock.
Douglas Emmett, Inc. (DEI) is unchanged at $24.92, with 3,877,638 shares traded. DEI's current last sale is 76.68% of the target price of $32.5.
Advanced Micro Devices, Inc. (AMD) is +0.62 at $80.04, with 3,301,569 shares traded.AMD is scheduled to provide an earnings report on 10/27/2020, for the fiscal quarter ending Sep2020. The consensus earnings per share forecast is 0.31 per share, which represents a 14 percent increase over the EPS one Year Ago
STORE Capital Corporation (STOR) is -0.09 at $27.60, with 3,150,160 shares traded. STOR's current last sale is 96.84% of the target price of $28.5.
Vipshop Holdings Limited (VIPS) is +0.03 at $18.83, with 2,857,199 shares traded. As reported by Zacks, the current mean recommendation for VIPS is in the "buy range".
Welltower Inc. (WELL) is unchanged at $55.25, with 2,814,870 shares traded.WELL is scheduled to provide an earnings report on 10/28/2020, for the fiscal quarter ending Sep2020. The consensus earnings per share forecast is 0.81 per share, which represents a 105 percent increase over the EPS one Year Ago
NIO Inc. (NIO) is +0.05 at $27.43, with 2,796,590 shares traded. NIO's current last sale is 126.11% of the target price of $21.75.
Exelixis, Inc. (EXEL) is +0.06 at $21.89, with 2,645,996 shares traded. As reported by Zacks, the current mean recommendation for EXEL is in the "buy range".
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett, Inc. (DEI) is unchanged at $24.92, with 3,877,638 shares traded. DEI's current last sale is 76.68% of the target price of $32.5. Gilead Sciences, Inc. (GILD) is +4.31 at $64.98, with 7,836,813 shares traded.GILD is scheduled to provide an earnings report on 10/28/2020, for the fiscal quarter ending Sep2020.
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Douglas Emmett, Inc. (DEI) is unchanged at $24.92, with 3,877,638 shares traded. DEI's current last sale is 76.68% of the target price of $32.5. The consensus earnings per share forecast is 1.83 per share, which represents a 165 percent increase over the EPS one Year Ago
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Douglas Emmett, Inc. (DEI) is unchanged at $24.92, with 3,877,638 shares traded. DEI's current last sale is 76.68% of the target price of $32.5. The consensus earnings per share forecast is 1.83 per share, which represents a 165 percent increase over the EPS one Year Ago
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Douglas Emmett, Inc. (DEI) is unchanged at $24.92, with 3,877,638 shares traded. DEI's current last sale is 76.68% of the target price of $32.5. As reported by Zacks, the current mean recommendation for VIPS is in the "buy range".
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cfa82986-0281-482b-8788-b52759f062bc
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724981.0
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2020-09-28 00:00:00 UTC
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Douglas Emmett, Inc. (DEI) Ex-Dividend Date Scheduled for September 29, 2020
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc.-dei-ex-dividend-date-scheduled-for-september-29-2020-2020-09-28
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Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on September 29, 2020. A cash dividend payment of $0.28 per share is scheduled to be paid on October 15, 2020. Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 4th quarter that DEI has paid the same dividend. At the current stock price of $24.59, the dividend yield is 4.55%.
The previous trading day's last sale of DEI was $24.59, representing a -46.06% decrease from the 52 week high of $45.59 and a 6.17% increase over the 52 week low of $23.16.
DEI is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). DEI's current earnings per share, an indicator of a company's profitability, is $1.87. Zacks Investment Research reports DEI's forecasted earnings growth in 2020 as -5.3%, compared to an industry average of -3.1%.
For more information on the declaration, record and payment dates, visit the DEI Dividend History page. Our Dividend Calendar has the full list of stocks that have an ex-dividend today.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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DEI is a part of the Consumer Services sector, which includes companies such as American Tower Corporation (REIT) (AMT) and Prologis, Inc. (PLD). Zacks Investment Research reports DEI's forecasted earnings growth in 2020 as -5.3%, compared to an industry average of -3.1%. For more information on the declaration, record and payment dates, visit the DEI Dividend History page.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. DEI's current earnings per share, an indicator of a company's profitability, is $1.87. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on September 29, 2020.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. This marks the 4th quarter that DEI has paid the same dividend. For more information on the declaration, record and payment dates, visit the DEI Dividend History page.
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Shareholders who purchased DEI prior to the ex-dividend date are eligible for the cash dividend payment. Douglas Emmett, Inc. (DEI) will begin trading ex-dividend on September 29, 2020. This marks the 4th quarter that DEI has paid the same dividend.
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98187979-c75b-460b-8371-82087a2fc538
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724982.0
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2020-08-24 00:00:00 UTC
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Interesting DEI Put And Call Options For April 2021
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DEI
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https://www.nasdaq.com/articles/interesting-dei-put-and-call-options-for-april-2021-2020-08-24
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available this week, for the April 2021 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 235 days until expiration the newly available contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new April 2021 contracts and identified one put and one call contract of particular interest.
The put contract at the $17.50 strike price has a current bid of 20 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $17.50, but will also collect the premium, putting the cost basis of the shares at $17.30 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $27.45/share today.
Because the $17.50 strike represents an approximate 36% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 91%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.14% return on the cash commitment, or 1.78% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $17.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $30.00 strike price has a current bid of $1.15. If an investor was to purchase shares of DEI stock at the current price level of $27.45/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $30.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 13.48% if the stock gets called away at the April 2021 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red:
Considering the fact that the $30.00 strike represents an approximate 9% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 54%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 4.19% boost of extra return to the investor, or 6.51% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 63%, while the implied volatility in the call contract example is 49%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 251 trading day closing values as well as today's price of $27.45) to be 48%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 9% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available this week, for the April 2021 expiration.
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Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 9% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available this week, for the April 2021 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new April 2021 contracts and identified one put and one call contract of particular interest.
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Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 9% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available this week, for the April 2021 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new April 2021 contracts and identified one put and one call contract of particular interest.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new April 2021 contracts and identified one put and one call contract of particular interest. Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 9% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options become available this week, for the April 2021 expiration.
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724983.0
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2020-08-20 00:00:00 UTC
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Surprising Analyst 12-Month Target For ICF
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DEI
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https://www.nasdaq.com/articles/surprising-analyst-12-month-target-for-icf-2020-08-20
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Cohen & Steers REIT ETF (Symbol: ICF), we found that the implied analyst target price for the ETF based upon its underlying holdings is $114.31 per unit.
With ICF trading at a recent price near $102.83 per unit, that means that analysts see 11.17% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of ICF's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Kilroy Realty Corp (Symbol: KRC), and AvalonBay Communities, Inc. (Symbol: AVB). Although DEI has traded at a recent price of $27.94/share, the average analyst target is 25.86% higher at $35.17/share. Similarly, KRC has 19.45% upside from the recent share price of $56.51 if the average analyst target price of $67.50/share is reached, and analysts on average are expecting AVB to reach a target price of $175.85/share, which is 15.57% above the recent price of $152.15. Below is a twelve month price history chart comparing the stock performance of DEI, KRC, and AVB:
Combined, DEI, KRC, and AVB represent 5.93% of the iShares Cohen & Steers REIT ETF. Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
iShares Cohen & Steers REIT ETF ICF $102.83 $114.31 11.17%
Douglas Emmett Inc DEI $27.94 $35.17 25.86%
Kilroy Realty Corp KRC $56.51 $67.50 19.45%
AvalonBay Communities, Inc. AVB $152.15 $175.85 15.57%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Below is a twelve month price history chart comparing the stock performance of DEI, KRC, and AVB: Combined, DEI, KRC, and AVB represent 5.93% of the iShares Cohen & Steers REIT ETF. iShares Cohen & Steers REIT ETF ICF $102.83 $114.31 11.17% Douglas Emmett Inc DEI $27.94 $35.17 25.86% Kilroy Realty Corp KRC $56.51 $67.50 19.45% AvalonBay Communities, Inc. AVB $152.15 $175.85 15.57% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of ICF's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Kilroy Realty Corp (Symbol: KRC), and AvalonBay Communities, Inc. (Symbol: AVB).
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Three of ICF's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Kilroy Realty Corp (Symbol: KRC), and AvalonBay Communities, Inc. (Symbol: AVB). Below is a twelve month price history chart comparing the stock performance of DEI, KRC, and AVB: Combined, DEI, KRC, and AVB represent 5.93% of the iShares Cohen & Steers REIT ETF. iShares Cohen & Steers REIT ETF ICF $102.83 $114.31 11.17% Douglas Emmett Inc DEI $27.94 $35.17 25.86% Kilroy Realty Corp KRC $56.51 $67.50 19.45% AvalonBay Communities, Inc. AVB $152.15 $175.85 15.57% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now?
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Three of ICF's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Kilroy Realty Corp (Symbol: KRC), and AvalonBay Communities, Inc. (Symbol: AVB). Although DEI has traded at a recent price of $27.94/share, the average analyst target is 25.86% higher at $35.17/share. Below is a twelve month price history chart comparing the stock performance of DEI, KRC, and AVB: Combined, DEI, KRC, and AVB represent 5.93% of the iShares Cohen & Steers REIT ETF.
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Although DEI has traded at a recent price of $27.94/share, the average analyst target is 25.86% higher at $35.17/share. Three of ICF's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Kilroy Realty Corp (Symbol: KRC), and AvalonBay Communities, Inc. (Symbol: AVB). Below is a twelve month price history chart comparing the stock performance of DEI, KRC, and AVB: Combined, DEI, KRC, and AVB represent 5.93% of the iShares Cohen & Steers REIT ETF.
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2020-08-08 00:00:00 UTC
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Douglas Emmett (DEI) Q2 2020 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-dei-q2-2020-earnings-call-transcript-2020-08-08
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Image source: The Motley Fool.
Douglas Emmett (NYSE: DEI)
Q2 2020 Earnings Call
Aug 07, 2020, 2:00 p.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's quarterlyearnings call Today's call is being recorded. [Operator instructions] I will now turn the conference over to Stuart McElhinney, vice president of investor relations for Douglas Emmett.
Please go ahead.
Stuart McElhinney -- Vice President of Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our president and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the Investor Relations section of our website.
You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package. During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict.
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Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website. When we reach the question-and-answer portion, in consideration of others, please limit yourself to one question and one follow-up.
I will now turn the call over to Jordan.
Jordan Kaplan -- President and Chief Executive Officer
Good morning, everyone. I hope you're staying healthy. Our rent collections continued to be negatively impacted by the pandemic and our market's very tenant-oriented lease enforcement moratoriums, which are considerably out of sync with the other gateway markets. However, our second-quarter collections were somewhat better than the numbers we previously disclosed for April.
As of today, we have collected 91% of our second-quarter billings, including 96% from residential, 93% from office, and 35% from retail. These numbers are based on our current tenants' pre-pandemic rent obligations. At the end of the second quarter, pursuant to GAAP, we wrote off certain tenant receivables. That reduced our second-quarter FFO by about $0.04 per share, most of which related to the retail and hospitality tenants in our portfolio.
We also wrote off all noncash straight-line balances related to those tenants, which further reduced FFO by $0.06 per share. Of course, any collections from those receivables will be included in future quarters' FFO. The pandemic also reduced second-quarter FFO by about $0.05 per share from lower parking income. Overall, the cash and non-cash write-offs and the lower parking income related to this crisis reduced our FFO for the second quarter by about $0.15 to $0.41 per share.
As the commercial moratoriums are amended and expired, we should see improved collections. During the past downturns, free from government intervention, our actual tenant defaults have been just under 2%. Despite the current uncertainties driven by the pandemic, during the quarter, we executed 125 office leases for over 650,000 square feet, only a notch behind Q1 and with longer average lease terms. This is a remarkable accomplishment and a testament to our investment in virtual tours and remote leasing technology.
We don't know exactly how the present challenges will impact our local economy, but having managed through three prior recessions, our strategy and platform are built to withstand downturns. We own a dominant share of the best buildings in the best markets in Los Angeles. Unlike some other markets, we do not face significant potential supply overhang from new buildings. We believe that our small tenant focus diversifies our risk.
In prior downturns, the impact of personal guarantees and the small business owners' commitment to their business have kept our defaults very low. We have a robust, vertically integrated operating platform, and we have no debt maturities before 2023. Our buildings have remained open and available to our tenants throughout the pandemic. Fortunately, we do not have the significant mass transit, parking, or vertical transportation concerns faced in other markets.
We are proud of the customer service our team has provided and the safety protocols we have implemented in response to this crisis. With that, I will turn the call over to Kevin.
Kevin Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. On the development front, construction is continuing on our two large multifamily development projects. Demand for the new apartments at our conversion project in Honolulu has exceeded expectations. By quarter-end, we have completed the first 98 units, and to date, we have leased 61 units at our pro forma rental rates.
We've begun construction for our next phase, which involves four floors and is comprised of 76 units and building amenities. Delivery of those units is expected to begin later this year. Construction is progressing steadily at our 34-story 376-unit apartment tower in Brentwood. This project will be the first residential high-rise west of the 405 in more than 40 years.
The development includes a one-acre park fronting Wilshire Boulevard. We still expect to deliver our first units in 2022. On May 15, 2020, we refinanced a loan for one of our consolidated joint ventures. The new secured, nonrecourse, $450 million interest-only loan will mature in May 2027 and bears interest at LIBOR plus 1.35%.
And we entered into interest rate swaps that effectively fixed the rate at 2.26% following the expiration of the current swaps for an average fixed interest rate of 2.6% per annum through April 2025. We used part of the proceeds to pay off a $400 million loan secured by the same properties that was scheduled to mature in July 2024. Deal volume is significantly below normal, but going forward, we hope to see more offerings as deferred transactions come to market. We and our joint venture partners have ample liquidity to capitalize on opportunities that match our investment criteria.
I will now turn the call over to Stuart.
Stuart McElhinney -- Vice President of Investor Relations
Thanks, Kevin. Good morning, everyone. In Q2, we signed 125 office leases, covering 651,000 square feet, including 151,000 square feet of new leases. Leasing spreads for the second quarter were 19.7% for straight-line rent roll-up and 6.7% for cash roll-up.
Our tenant retention was in line with our pre-COVID expectations. Although the decline in our office occupancy during the quarter was expected, leasing volume would have to improve significantly to recover that occupancy this year. On the multifamily side, several of our residential properties experienced higher-than-usual move-outs at the start of the pandemic. These move-outs came from a variety of factors, including the closing of nearby universities and military deployments in Hawaii.
As a result, our same-property comparison reflects lower-than-usual occupancy during the quarter. Fortunately, very strong leasing moved our residential portfolio back to 98.7% leased at quarter-end. I'll now turn the call over to Peter to discuss our results.
Peter Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. Compared to a year ago, in the second quarter of 2020, FFO declined 21.7% to $84.4 million or $0.41 per share. This decline was a result of the $0.10 COVID-related cash and noncash write-offs, as well as the $0.05 reduction in parking income that Jordan discussed.
AFFO declined 15.7% to $80.6 million. Same-property cash NOI declined by 9.4%. Same-property operating expense savings of 12.9% partly offset the cash write-offs and the decline in parking revenue. At only 4.7% of revenues, our G&A for the second quarter remains well below that of our benchmark group.
Given the continuing uncertainties around the pandemic and local government ordinances, we are not providing guidance this quarter. I can say that although it's still early in the process, so far, Q3 appears to be consistent with the trends in Q2. As moratoriums expire, we expect collections to improve and to collect some of the past due amounts, but it's too soon to tell. We expect that parking will stay at current levels until there is a change in office utilization.
Finally, as Stuart mentioned, to recover occupancy later this year, leasing volume would have to improve significantly. I will now turn the call over to the operator so we can take your questions.
Questions & Answers:
Operator
Thank you. [Operator instructions] And the first question will come from Alexander Goldfarb with Piper Sandler. Please go ahead.
Alexander Goldfarb -- Piper Sandler -- Analyst
Good morning. So two questions. The first is, can you just give a little bit more perspective on the tenants and the rent collections? We hear a lot that L.A., in particular, as you mentioned, Jordan, is really an outlier as far as the eviction moratoriums and that there are a number of people basically ghosting their landlords. So across your office, retail and residential, can you give us a sense for how many people are basically ghosting you versus how many of the tenants are actually engaged in trying to do lease modification discussions?
Jordan Kaplan -- President and Chief Executive Officer
OK. So that's a good question. That's complicated. So let's back up to just trying to understand the profile of tenants.
So one thing we did is we gave you the 91% collections, 9% not collected. So when you look at that, you would say, all right, 9% of tenants in some way during the second quarter didn't pay us. We tried to be really clear on that number because we used the rent that the tenant would have had to pay prior to COVID even happening. So that's a very clean number, right? Out of that 9%, we'll call 4% of that were tenants that amazingly aren't paying us but have such strong balance sheets, such strong collateral that it makes it -- it would not be reasonable to write them off, right? Then what are we left with? We're left with 5%, that last 5%.
Out of that last 5%, we have said you guys, we think that in past recessions, what our real defaults have been, have been less than 2%. So that's to say that out of that last 5%, we think that 60% of those tenants, at least, and I've seen better, are going to pay. Now, when you look at them, you go, all right, 9%. I believe that 9% is being driven by these moratoriums.
It's an absolutely penalty-free, do not pay your rent, regardless of who you are type of moratorium. So you could be a two-floor hedge fund. You still have nothing to do with means. You still don't have to pay a rent.
And when it is time to start paying, you still don't have any penalties or any fees, you get a free ride. That's very hard to collect against that. Now, I will say the cities are starting to make some changes, so we might see some improvements. But at the same time, as the Governor of California keeps moving the ordinance out, the cities make adjustments to that.
So it's hard to predict going forward, but we went to a lot of effort in what we prepared to try and make it clear where we are today. It seems like there's a lot of questions around that you asked, and I wanted to really kind of hit that straight on. Does that answer that question?
Alexander Goldfarb -- Piper Sandler -- Analyst
A bit more about – yes. There was -- it sounds, really, like it's not so much the office maybe a little bit. But it sounds like -- is it fair to say that the retail tenants are trying to work with you and that maybe more of the ghosting is in a little bit of office and in residential? Is that fair to think about it that way?
Jordan Kaplan -- President and Chief Executive Officer
Well, you know, the numbers we gave you, it was 93% office, 96% retail. And it was only...
Peter Seymour -- Chief Financial Officer
Residential.
Jordan Kaplan -- President and Chief Executive Officer
And the residential. And what was the retail?
Peter Seymour -- Chief Financial Officer
35%
Jordan Kaplan -- President and Chief Executive Officer
35% retail. So you know retail is mostly not paying. And we tried to include in there -- when we said hospitality, we've tried to include -- we have some -- what is that theaters they're in?
Peter Seymour -- Chief Financial Officer
Screening rooms.
Jordan Kaplan -- President and Chief Executive Officer
Yes. We have some screening rooms and stuff that aren't paying, too. They aren't just movie theaters. So we wanted to get them in there, some of the live venue stuff.
But we gave you that out of the numbers that we aren't collecting, when you shift over and you go now how much is uncollected, and we said, wow, they actually turn out to be a majority of that number. Still, it's very disheartening looking at a number of the office tenants that aren't paying us if you were to look at their profiles.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. So, Jordan, that leads to the second question. You've been active and vocal in trying to get the local regulations to change last time? You said you mentioned specifically about getting office out of there and having more of the eviction moratoriums for like retail, which actually needs it. How are the conversations going with either Garcetti or the local officials or Newsom around trying to modify these evictions to really get it to the people who need it versus giving it carte blanche?
Jordan Kaplan -- President and Chief Executive Officer
So, city of L.A. -- I'm not going to go after any individual politicians, but city of L.A. is very tough, very tough to get them to listen to us at all. And it's a mix of council members and Garcetti and getting them to pass up or do something to stop, what they put in motion, very tough.
When you go to the cities like Beverly Hills or Santa Monica, I mean, they want to do the right thing, but figuring out, from their point of view, the right thing is not that easy. Santa Monica has, for the most part, pulled commercial office out. They still have residential and they still have small retail and commercial office just is coming out now, like this month. So we'll see if there's some impact from that in September.
But it just ended this month. Beverly Hills had also followed Santa Monica but then when the governor extended the statewide...
Peter Seymour -- Chief Financial Officer
Statewide emergency order.
Jordan Kaplan -- President and Chief Executive Officer
The emergency order, right, the statewide emergency order. When the governor extended it, Beverly Hills took that extension to say we should extend our order. So they did. So theirs would have expired, but they've now extended for commercial for another couple of months.
Hawaii has generally done what I think most of these have done, which is they just stopped evictions and the rest of it is up to the negotiations between the landlords and tenants. And there, our collections have been better, and we've been able to work on deals with tenants, and that's worked out a lot better. Here, it's very hard to work on deals with tenants because unilaterally, they don't have to pay the rent without penalty. So until that's off, it's going to be hard to make a bilateral deal.
Alexander Goldfarb -- Piper Sandler -- Analyst
OK. Thank you, Jordan.
Jordan Kaplan -- President and Chief Executive Officer
All right.
Operator
And our next question comes from Steve Sakwa with Evercore. Please go ahead.
Steve Sakwa -- Evercore ISI -- Analyst
Thanks. Good morning. Jordan, it was interesting to see that you guys actually had a decent amount of new leasing activity. I know it's lower than normal, but given what we've seen from some others, your number was a bit more encouraging.
Can you maybe just talk about the dynamic in the leasing environment, kind of what you're hearing from kind of the smaller tenants, and maybe what the pipeline looks like today for the back half of the year?
Jordan Kaplan -- President and Chief Executive Officer
Yeah. So I love our operations. I love what our operations are doing. And when we hit this, they went pretty quick.
And started really pressing harder on the virtual side, DocuSign, all the stuff that allows people to lease space right off. I have to say when we finish the quarter, and I'm watching this all quarter, and I saw that we had done actually 125 lease transactions, even my job could bounce off the floor. Now, that's not an anecdotal number, 125. That means assistant that got put in place, during that quarter, literally, was ramping up and getting working.
So from that perspective, if you said to me, what have I seen this quarter? And what have I seen in this recession so far that's maybe the happiest? It is the further and further refinement of the backbone of our leasing operations. And the fact that we were able to a do that many deals. Now, look, at the same time, we did about 650,000 feet. You would have expected us to do higher numbers.
750,000, 735,000, would be more typical. And most of that is the fact that we did about half of the new leasing, you would have you otherwise thought we would do in a normal time. But the impressive side of that is that we did a full 50% in new leasing compared to a normal time and did a lot of renewals. So I feel -- look, the pipeline is certainly slower, but I feel great about how leasing has been able to adapt to that and really drive transactions.
Now, we'll see how we do in the next quarter. It's very hard to predict right now. It's even harder to predict with the kind of up and down. We have totally stay at home, then we have lightened up and start going in.
And then we went back to stay-at-home. And maybe now we're getting some news of lightening up again, quite frankly, at least in the areas we're in. So I don't know how that mix will impact the next couple of quarters. But certainly, I'm very happy about the fact that we were able to knock out so many transactions.
Steve Sakwa -- Evercore ISI -- Analyst
OK. And I guess the second question. I realize it's still sort of early, and there's probably not a lot that shakes and lose. But just anything on the transaction side that maybe is getting a bit more interesting? Any kind of distress in the system that would allow you and your partners to take advantage of some investment opportunities?
Kevin Crummy -- Chief Investment Officer
Hey, Steve. It's Kevin. I'll take that. It's still slow.
A lot got put off by the pandemic, but we're just starting to get some inbounds. And so it's a type of thing where a lot of people deferred their transactions and wanted to wait and see what happens. And so I would expect over the next couple of months that we'll start seeing some things pop out, whether or not they meet our investment criteria or not, I'm not sure. We don't have a lot of assets where people levered up.
And so I think it's more about, as I said last call, discretionary sellers that are kind of tired of having to manage through this that might take something out to market. And we and our partners have ample liquidity, and for things that we really like, we're ready to pounce.
Operator
And our next question will come from Craig Mailman with KeyBanc Capital Markets. Please go ahead.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Hey, guys. Maybe just following on to the investment question a little bit. You guys have, in the past, been pretty opportunistic with buybacks. Are you at the level where that starts to make sense versus investment opportunities? Or do you want to keep kind of the powder dry?
Jordan Kaplan -- President and Chief Executive Officer
Well, look, we want to -- we definitely want to buy, all right? So if the question is -- if there are opportunities that were in our wheelhouse, the right stuff, the stuff you know we typically buy, we would buy it. And then go to second thing. Are we actually doing our own outreach, trying to find stuff? That answer is even, yes. So we are working that avenue quite hard, and there's a variety of transactions that are super appealing right now, not that they're very plentiful, but one of them is certainly acquisitions.
We believe in the markets long term. You already heard from me that I believe in the tenant base. I actually think our tenant base has a better track record. And at the end of the day, regardless of the moratoriums will be better at paying long-term as the more times roll off, our defaults will be even lower than most.
But with that said, there's also refinancing, which we're trying to keep an eye on that and waiting for those banks to open. And we're continuing on our two big development projects, and they're moving along well. I know, Kevin, in his prepared remarks, gave you some information on the leasing that we're doing out in Hawaii. We're moving forward with another three floors there.
And the last thing is putting money into repositioning. And on the repositionings, we're kind of watching and seeing whether we still think there's a return there. I mean, we have capital. So we don't want to waste an opportunity to use it if a good opportunity comes up.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
OK. And you brought repositioning is kind of the $200 million of spending you guys have talked about over the last couple of quarters. I mean, how should we think about the probability of that kind of being viable here in the next year or two as we emerge from COVID?
Jordan Kaplan -- President and Chief Executive Officer
Well, out of that, there's over $100 million of it that comes out of just developing the two buildings, right, of new equity that goes in. And then you had repositionings and new acquisitions. Really, the number -- I mean, $200 million, in a normal time, I would like to see us put out more than that. Do I think that a new investment, we could hit a run rate of $200 million? Probably just with the construction, if we got lucky over a year and got one or two things came up, we would probably hit that number.
But as I said, I would hope to do better than that. But we're getting like inquiries, like, if this came out, it would be interested. Nobody's coming out and running a new bid on something that we would say, OK, this deal is in the market.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
And then maybe just one quick one. The 13% expense savings this quarter, how much of that was R&M versus kind of just lower utilities? Just trying to figure out kind of the -- what may come in the next couple of quarters that may have just been deferred a little bit.
Jordan Kaplan -- President and Chief Executive Officer
I don't think the expense savings came from any source of deferrals. I think they're spread across all the categories. And I think...
Peter Seymour -- Chief Financial Officer
I mean, some of the lower parking expenses, lower janitorial and a lot of scheduled services, and not a whole lot on the R&M side. It's Peter, by the way.
Jordan Kaplan -- President and Chief Executive Officer
Yeah. Yeah. I think the expense savings comes from acting quickly when billings aren't as fully occupied to not spend the money that gets spent on a fully occupied building.
Peter Seymour -- Chief Financial Officer
Yes.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Thank you.
Operator
The next question will be from Rich Anderson with SMBC. Please go ahead.
Rich Anderson -- SMBC -- Analyst
Thanks. Good morning out there. Hopefully, this isn't a question. I just want to make sure I understood what you said.
Jordan, you said 4% of the 9% that have strong balance sheets and great collateral, and you then said, just write them off. I assume you meant that they were...
Jordan Kaplan -- President and Chief Executive Officer
No, I didn't. Yes, we didn't write them off.
Rich Anderson -- SMBC -- Analyst
OK. I just didn't hear you correctly. OK. Understood.
Jordan Kaplan -- President and Chief Executive Officer
Yes. We didn't write them off. So what happens is 9% that didn't pay. So you start out going right off 9%.
They didn't pay us for three months, right? But then you look tenant by tenant, you go, well, wait a minute, maybe you're talking about telecom companies that didn't pay, they're obviously going to pay, and we have others like that. So we have, like I said, we might have hedge funds. We have accountants, lawyers, they might have a floor or two floors, they didn't pay, OK? We know they're going to pay. So there's a group that you have to sit there and go, OK, modern-day languages write them off.
If you would have gone a few years ago, we would have said reserve against them, OK, which sounds more like what it feels to me but now it's called write-off. So you don't write those people off. Now, you got 5% leftover, and we wrote them all off or, I would say, reserved them. And then I broke that down.
And I said, that's why we keep saying to you. When we look back in history, we go, look, our real default rate ends up being less than 2%. So you take that 5% and you go 3% of that 5%, are we going to collect it? And I think we are and better, right? That's 60% of that number. So that's why we keep getting back to this number that we keep telling you guys long term.
And it's unfortunate with what the cities have done. But long term, we don't expect our defaults to exceed 2%.
Rich Anderson -- SMBC -- Analyst
OK. Can you talk about the range of time that moratoriums will expire? I know perhaps they just kind of keep getting reset, particularly in the city. But I'm just curious if you can give your expectation of how the cadence by which moratoriums will expire over the next whatever period of time.
Jordan Kaplan -- President and Chief Executive Officer
Well, I don't have any experience. Nobody does in this. I think what's going to need to happen is the governor is going to have to do something that modifies emergency ordinance because there's too many cities that are just -- certainly, L.A., I think it will be very tough. Now, L.A.
is suffering from what they're doing because they're getting a tremendous number of complaints from landlords. And it's getting to be long enough that they're just trying to break some landlords. I don't know, though, that they have the -- that they care, quite frankly, to the level which they would react to that happening. I think that the constitution of the City Council is more focused, heavily focused to the tenant side.
Beverly Hills cares about both. They care tenant. They care landlords. They just want to do the right thing.
And I think it's unfortunate to what happened that they extended this thing for another month or two. But I'll say they care about both sides, and they're trying to get to the right place. And then Santa Monica, I think, actually put in place something that's very workable. They're protecting residential.
They're protecting small retail. They've said the larger guys, you got to pay. They said the office tenants, you got to pay.
Rich Anderson -- SMBC -- Analyst
OK. And then finally, you mentioned your small tenants, they sort of have a commitment to their business sort of like it's personal to them, I guess. Do you do you have an idea of how much and what degree it mattered that they were able to get some of the stimulus checks, small business, and whatnot?
Jordan Kaplan -- President and Chief Executive Officer
Yeah. I think that the stimulus checks made a big difference to them staying current. I thought that that was a great way to see it. That was actually something Stuart wrote.
And I thought it really captured it because in past recessions, if you look at -- large companies look, almost, at bankruptcy as an option. They're like, well, what's the financial result of that option? What's the financial result of not doing it? And if we do it, we get to close these 20 offices, etc., etc. The smaller tenants around our portfolio, I think they take personally that they own their companies. They are not looking at bankruptcy as an option, they're looking at a personal decision, and it slows them way down.
And once they drop that as an option because it doesn't work in their kind of framework of how they see themselves, it's not hard to make deals with them in the stretch of money, maybe stretch out what they owe, they come through, they pay it. That's why we keep saying that while I know that people have been characterizing our small tenants and profiling them as being less credit-worthy or less likely to pay. I've said on time and again, I think the reverse is true. I think they're more likely to pay and they're more interested in continuing for it.
They all just like old view and us, they're waiting for this thing to end. They want to go back to their old lives with their business and everything going. Maybe someone sitting in New York that's making decisions about offices all over the country and saying close, close, close. Leave that one open.
That one was profitable. That's not what's going on here, and that's why we have a lot of confidence in the long-term prospects of our markets.
Rich Anderson -- SMBC -- Analyst
That's great. Thanks very much.
Jordan Kaplan -- President and Chief Executive Officer
All righty.
Operator
And our next question is from Jamie Feldman with Bank of America Merrill Lynch. Please go ahead.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Great. Thank you. So it's impressive you guys were able to get the multifamily occupancy back up after the dip when the quarter started. Can you talk about how you're approaching rents? And was that a big factor in terms of getting people into the buildings? Or how were you able to get that leasing done so quickly?
Jordan Kaplan -- President and Chief Executive Officer
I don't think a lot of it came out of discounting rent. What it came out -- so what really happened was, and I thought it was in the prepared remarks. We had some -- whether it be universities, whether it be military, we had just a little bit of a shock of move-outs, right? People think they're going to go to school, universities, and might have blocks of rooms, whatever. And so they all just went in one like snap of the fingers, whether it be in Hawaii or in L.A., the stuff you have with.
So we just had to really amp up our leasing team. It's good product. They're tight markets, and it's impressive that at least back up so quickly. I was very happy by that.
We went into the quarter good. We went the middle of quarter, horrible. And then at the end of the quarter, we were good again. So that did impact us in terms of overall revenue a bit, not terribly, but it also left us in good shape moving forward.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
So you feel like you didn't really have to move rents much. You can kind of keep knocking rents forward.
Jordan Kaplan -- President and Chief Executive Officer
I think rents -- I don't think we're increasing rents the way we were before. But I don't have a lot of information that we really dropped rents.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
And then what about on the office side? I mean, where would you say face rents and net effective rents have moved since this whole thing started, if they moved at all?
Jordan Kaplan -- President and Chief Executive Officer
Well, I hate even saying this, but it doesn't -- like in Hawaii, they have not moved. Hawaii is a very tight market. Hawaii is still for the plus side. In L.A., I can't imagine we're going to go through this, and it's not going to impact rents, OK? So that was a double negative.
But as we sit here right now, we seem to be holding our own because they're relatively full markets. But I can't imagine that we're not going to see some of this entire pandemic recession reflect in rental rates.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Have you seen a change in concessions?
Jordan Kaplan -- President and Chief Executive Officer
No, not yet. No. It's not our style. We're kind of know your rates, your rate.
We don't love the method of concessions to boost up rate because we're such long term owners. So that's not -- I don't know that I would think that would be like the first sign of rates falling off. I think the first sign of rates falling off is rates just falling off.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
OK. All right. Thank you.
Operator
Our next question is from Manny Korchman with Citi. Please go ahead.
Michael Bilerman -- Citi -- Analyst
It's Michael Bilerman here with Manny. Jordan, I just wanted to come back to this whole element on the rent and the collection and the reserves. So you talked about, historical, about 2% bad debt rate historically. What percentage would that be for each of the property types that you operate in? Because I would imagine that it's not uniform, at least in history between office, multi, and retail.
So can you just -- that's the first question, then I had some others.
Jordan Kaplan -- President and Chief Executive Officer
OK. So let me start by saying if you look back at our bad debt expense, when you say historically, I got to be very careful because it's typically like 20, 30 basis points. It's not 2%. So what I'm saying is, you go back to the recession, 2008, 2009, 2010, that's when it was 2%.
I'm not saying that's the number like one year ago, OK? But this is going to be an unsatisfactory answer to you because I don't know the numbers broken out by sectors. This is in the times of eight, nine, 10, I do know our default rate, and we've gone back and reflected on and looked at it. But at that time, maybe we just keep getting better and better. And I guess the longer we've been public, we've been better putting together the statistics that you guys care about, but I don't have that information.
Michael Bilerman -- Citi -- Analyst
Right. I mean, the issue today is the retail and other income part, which I think is only like 4% of your total or something. That is acting very different today than at any other point in any other recession, given the pandemic's effect on retail. So one would imagine, as you talk about that 9%, right, that 900 basis points is obviously in aggregate.
So if you could break down, you talked about 400 basis points that is well-capitalized. If you can break down that 900 basis points of reserve by property type, that would be helpful as well. And then between the 4% and 5% that you talked about -- yeah?
Jordan Kaplan -- President and Chief Executive Officer
Wait, Michael. We did not reserve 9%. 4% of the 9% wasn't reserved because reserved, written off, whatever the right word is, was not because you can't write off a tenant that has -- like I said, if they don't pay you, you don't write them off, then you do have to just -- then that just flows through income. It's not written off, it's a receivable.
It becomes receivable, OK? The 5% is what was written off. So I'm going to try -- so start with 9%, 9% didn't pay. 4%, we did not write-off, which means they didn't pay us, but we took it as owed revenue and put it as a receivable because they'll obviously pay. They're super strong.
It's a joke that they didn't pay, all right? So that would be...
Michael Bilerman -- Citi -- Analyst
Right. And just when you're on that 400 basis points of the 900 that didn't pay rent. Of that 400, how much of that was office versus retail and multifamily?
Jordan Kaplan -- President and Chief Executive Officer
Yes. So let me just keep going for sec, OK? I don't have that exact number. I'm going to give you another number. So now, we take the 5%, right? And the 5% that we did write off.
And I think we said or I'll say it right now, more than half of that was retail, and where we probably should have given a better title to we call hospitality, which was that the theaters and the screening rooms and...
Peter Seymour -- Chief Financial Officer
Live venue.
Jordan Kaplan -- President and Chief Executive Officer
Yes, live venue guys, all of that. So I don't have the reverse number that you asked for, but I'm able to tell you that over half of the 5%, that's remaining 5% with those guys.
Michael Bilerman -- Citi -- Analyst
Right. And then arguably, it just sounds like the 400 basis points is predominantly maybe office-related tenants where you have a good perspective of the quality here. The remaining 500 that you did write off was -- half of it was probably in these retail and other uses and half of it relative to multifamily. Is that probably directionally right?
Jordan Kaplan -- President and Chief Executive Officer
I wouldn't say -- I would say half retail, and I'd say the other half was a little mixture of office, whatever, the rest of the group.
Michael Bilerman -- Citi -- Analyst
OK. And then just as a request for -- in 90 days, when you report next quarter or any updates in between now and then. I would just say putting out all these details similar to the office and multifamily peers in terms of collection rates and by property type, I think it would be helpful to put out in the supplemental or the press release rather than trying to go through all the gymnastics on a call.
Jordan Kaplan -- President and Chief Executive Officer
Thanks.
Michael Bilerman -- Citi -- Analyst
And we can send you some examples of others.
Jordan Kaplan -- President and Chief Executive Officer
OK. Yeah. We have to choose somewhere to put it, and we chose to put it in the -- I mean, it's not like we're not giving it to you. You don't like where it ended up.
Michael Bilerman -- Citi -- Analyst
Yeah. I think just having the -- just given the fact that you are multi-property type and given the fact that you have other things going on, I think just getting out all the numbers in terms of collections and deferrals and reserves and abatement. I would say that the -- a lot of the office, multifamily and retail companies are putting out a lot of disclosure around those items. So analysts and investors can have a hard copy of something rather than numbers that are going around on a call where it's just as not as fluid to be able to capture.
Jordan Kaplan -- President and Chief Executive Officer
OK. All right.
Michael Bilerman -- Citi -- Analyst
Thank you.
Jordan Kaplan -- President and Chief Executive Officer
All right. Thanks.
Operator
Next question is from Frank Lee with BMO. Please go ahead.
Frank Lee -- BMO Capital Markets -- Analyst
Good morning, Jordan. Just want to get your thoughts on your Sherman Oaks and Warner Center markets. With all the ongoing discussions of a potential shift away from urban markets, do you think maybe in the medium or longer term, the value could be a beneficiary if this plays out?
Jordan Kaplan -- President and Chief Executive Officer
Well, that's an interesting way to ask that question. So the reverse of that question is, are the people going to move out of places like, I guess, for us, you're saying the Westside or downtown. I don't think that. I think the areas in the Valley, more to the point or beneficiaries of industries that are moving out there for the employment base and the fact that the housing is cheaper and quality of life.
I think that when you look at -- when this is over and you look at whether people want to be in cities or work at home or whatever, I think the thing that people don't like about going into work in the morning and being at work is the commute. And I think most of the people working on the Westside have a very short commute. So I don't think there's anything gating them from when they're able to and feel safe coming in. I think that people in the Valley sometimes are drawn to having to drive into the Westside because it's such a -- there's so much business here.
But as they kind of rise up, I think more and more of them make demand for offices to be out there, which is why we kind of took our positions out there, both along Ventura Boulevard and Warner Center. And we're seeing it. I mean, you're seeing the tension in those markets in terms of office space buildup, and you're seeing those populations grow very fast. I mean, there's been apartment building out there and, frankly, home building like crazy, and they're just -- they've been very successful and very rapid absorption.
So I think that's more driving the success that up until COVID times we've been seeing out in Warner Center and certainly along Ventura Boulevard. I don't see it as a shift from whether it be downtown or West L.A.
Frank Lee -- BMO Capital Markets -- Analyst
OK. Thank you. And then can you update us on how parking revenue has been trending so far? Did you see this pick up in July? Or should we expect a similar level of parking income that was in the second quarter?
Jordan Kaplan -- President and Chief Executive Officer
Yes. So, you know, I think -- but for the fact that people have must takes and whatnot on parking, you'd expect parking income to track occupancy in the office buildings and retail has barely been getting anything done. I think our parking has been running about 50%. I think that relates to must takes.
But beyond that, I would expect parking level to track occupancy -- parking revenue to track occupancy. So we are a bit above occupancy, but from then on, to the extent occupancy increases, I think we'll get some pickup in parking.
Frank Lee -- BMO Capital Markets -- Analyst
OK. Great. Thank you.
Operator
The next question is from Daniel Ismail with Green Street Advisors. Please go ahead.
Daniel Ismail -- Green Street Advisors -- Analyst
Thank you. On the acquisition front, we've seen a few of your peers buying El Segundo and Culver City. Historically, these weren't markets on your radar, but I'm curious, can you guys expand into new submarkets and if -- or the acquisitions you're looking at or just color on your existing footprints?
Jordan Kaplan -- President and Chief Executive Officer
So, well, they are markets that we're following. So let's start out with that, particularly whether it be Culver City and everything all the way down to the south. I think one of the things going on is -- we're not in love with buying single-tenant buildings. And usually, we like multi-tenant.
We're set up for multi-tenant. And a lot of the trades that you've seen have been one or two large tenants in those buildings, and that's what's trading. And until those -- as those markets mature and gets more multi-tenant and all that, we might be better bidders for that kind of stuff. Then these sort of -- whether be triple net or just long-term credit-leased buildings with one or two tenants that have seven, eight years left on the lease, we're just not going to be winning bids on those.
Now, putting that aside, is Clover City a good market? Absolutely. I think it's a very good market. It's got a great mix of housing. They did a great job with their retail in their downtown area, and there's a lot of good companies that are out there.
And maybe similar could be said as you go further south, expect further the south, you don't have the supply restrictions that we're used to here on the Westside into these areas.
Daniel Ismail -- Green Street Advisors -- Analyst
And presumably, these would all be office investments, correct? You're not looking at any multifamily.
Jordan Kaplan -- President and Chief Executive Officer
Yes. I was referring to office. But I mean, refer to residential in a similar way, and we've got Playa Vista, which I think has done quite well. But, of course, they've added thousands of apartment units.
So because there's not a lot of supply constraint out there, it's harder to say this is a good idea for us to now buy apartment building. Now, in general, our markets trade at very low cap rates. And so why you see we've shifted over our construction platform, and we're being more aggressive on building apartments, which we're building at, obviously, much better cap rates. And that's most of the ground-up construction, most is residential, both in Hawaii and in L.A.
And most of the entitlements we're working on are for residential on excess land we have on the Westside and in the Valley.
Daniel Ismail -- Green Street Advisors -- Analyst
And just shifting over to the tenant side. Is it your sense that tenant retention will be higher over the next few quarters as tenants choose to stay in place as they figure out their space telling needs or how are you seeing tenant behavior changing?
Jordan Kaplan -- President and Chief Executive Officer
Well, if you say exactly what's the impact of COVID on tenant retention, I don't know that we have enough information to give that answer. I can give you like a longer-term answer, which is over all the time we've tracked tenant retention, we've had quarters that have been fluctuated highly, which had to do with maybe a larger tenant moving out or something like that. But if you started to average it, rows of quarters, like four quarters at a time, a lot of times, you end up at that 69% to 70%. So there's some other kind of force on that process that causes tenant retention to want to zero in on that 70% number.
Daniel Ismail -- Green Street Advisors -- Analyst
Thanks for the color.
Operator
And the next question will come from Venkat Kommineni with Mizuho. Please go ahead.
Venkat Kommineni -- Mizuho Securities -- Analyst
Good morning. This is Venkat on for Tayo. Just a few quick ones. It looks like multifamily parking and other income doubled quarter over quarter.
Just curious what drove that.
Peter Seymour -- Chief Financial Officer
Yeah. It's Peter. So overall, you also saw a decline in the rental revenue. There's sort of two offsetting issues associated with one property.
You'll recall that we had a fire at a property in January, and so you see lower rent and then the insurance recoveries run through parking and other income. So it almost net out when you get down to total multifamily revenue.
Venkat Kommineni -- Mizuho Securities -- Analyst
OK. And then it looks like the lease rate in the Valley declined about 240 basis points sequentially. Could you provide some color on that?
Peter Seymour -- Chief Financial Officer
The lease rate in the Valley declined 240 basis points sequentially.
Jordan Kaplan -- President and Chief Executive Officer
Yeah. Like I said in my prepared remarks, our retention was in line with our kind of pre-COVID expectations. Retention was, as we had previously said, we thought Q1 and Q2 were going to be rough quarters from a move-out perspective, but we had such releasing volume. We thought we recovered that throughout the year and kind of -- our original guidance was flat for the year.
Of course, we haven't seen the new leasing volume that we expected to see, see the declines in those markets. But none of it had to do with any like COVID move-outs or anything like that. These are all known and natural terminations we were expecting.
Venkat Kommineni -- Mizuho Securities -- Analyst
OK. Great. Thank you.
Operator
Next question is from Josh Burr with Scotiabank. Please go ahead.
Joshua Burr -- Scotiabank -- Analyst
Hey, thanks. I want to go back to the uncollected rents. And specifically, the 4% of rents that were not collected but still deemed collectible and booked as revenue. It makes sense that those are straight-lined in GAAP NOI, but are those also included in cash same-store NOI numbers for the quarter? Or is there a negative adjustment, I mean, since the cash wasn't collected?
Peter Seymour -- Chief Financial Officer
Well, everything that we write off comes out of the NOI, and anything that's still receivable stays in the NOI.
Joshua Burr -- Scotiabank -- Analyst
So is that in cash NOI also?
Jordan Kaplan -- President and Chief Executive Officer
Yes.
Peter Seymour -- Chief Financial Officer
Yes. Correct.
Jordan Kaplan -- President and Chief Executive Officer
You're talking about the not written-off cash that went to a receivable that goes into cash NOI.
Joshua Burr -- Scotiabank -- Analyst
Yeah. OK. Thank you.
Jordan Kaplan -- President and Chief Executive Officer
All right.
Operator
The next question will come from Jamie Feldman with Bank of America Merrill Lynch. Please go ahead.
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Hi. I just want to get some thoughts on your progress at Bishop Street, the conversions. I mean, do you think that the second-quarter pace is about what you had expected in terms of getting leases signed? And then how do the rents compare to your initial underwriting?
Peter Seymour -- Chief Financial Officer
Do you want to answer or want me to answer?
Kevin Crummy -- Chief Investment Officer
Sure. Jamie, it's Kevin. I would say that Bishop Street has been a pleasant surprise in this whole COVID mess. I mean, we're moving along at a pace that you would think in the middle of the pandemic, things have slowed down, we're hitting our underwriting.
And as we updated in my remarks, we're up to 61 units. We're like over 60% leased. So we're very, very pleased with the product we're delivering, and the market is responding in a very positive manner.
Jordan Kaplan -- President and Chief Executive Officer
Yes, Jamie, I'm going to just add to that. There's no way I thought that within four months, we'd have at least 61 out of the first 98 units out of the gate. And this is during the COVID, that's even crazier. I mean we've already launched the next three floors, getting back and building.
All right. Great questions. So we're ending on the lights of one great piece of news. That's good.
All right.
Operator
Ladies and gentlemen, this concludes our question-and-answer session. Now, I'd like to turn the conference back over to Jordan Kaplan for any closing remarks.
Jordan Kaplan -- President and Chief Executive Officer
Well, thank you all for joining us, and we look forward to speaking with you again next quarter.
Operator
[Operator signoff]
Duration: 66 minutes
Call participants:
Stuart McElhinney -- Vice President of Investor Relations
Jordan Kaplan -- President and Chief Executive Officer
Kevin Crummy -- Chief Investment Officer
Peter Seymour -- Chief Financial Officer
Alexander Goldfarb -- Piper Sandler -- Analyst
Steve Sakwa -- Evercore ISI -- Analyst
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Rich Anderson -- SMBC -- Analyst
Jamie Feldman -- Bank of America Merrill Lynch -- Analyst
Michael Bilerman -- Citi -- Analyst
Frank Lee -- BMO Capital Markets -- Analyst
Daniel Ismail -- Green Street Advisors -- Analyst
Venkat Kommineni -- Mizuho Securities -- Analyst
Joshua Burr -- Scotiabank -- Analyst
More DEI analysis
All earnings call transcripts
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability.
Motley Fool Transcribing has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (NYSE: DEI) Q2 2020 Earnings Call Aug 07, 2020, 2:00 p.m. Operator [Operator signoff] Duration: 66 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Rich Anderson -- SMBC -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Michael Bilerman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Joshua Burr -- Scotiabank -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Craig Mailman -- KeyBanc Capital Markets -- Analyst OK. And you brought repositioning is kind of the $200 million of spending you guys have talked about over the last couple of quarters.
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Operator [Operator signoff] Duration: 66 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Rich Anderson -- SMBC -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Michael Bilerman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Joshua Burr -- Scotiabank -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2020 Earnings Call Aug 07, 2020, 2:00 p.m. Peter Seymour -- Chief Financial Officer 35% Jordan Kaplan -- President and Chief Executive Officer 35% retail.
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Operator [Operator signoff] Duration: 66 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Rich Anderson -- SMBC -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Michael Bilerman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Joshua Burr -- Scotiabank -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2020 Earnings Call Aug 07, 2020, 2:00 p.m. Peter Seymour -- Chief Financial Officer 35% Jordan Kaplan -- President and Chief Executive Officer 35% retail.
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Operator [Operator signoff] Duration: 66 minutes Call participants: Stuart McElhinney -- Vice President of Investor Relations Jordan Kaplan -- President and Chief Executive Officer Kevin Crummy -- Chief Investment Officer Peter Seymour -- Chief Financial Officer Alexander Goldfarb -- Piper Sandler -- Analyst Steve Sakwa -- Evercore ISI -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Rich Anderson -- SMBC -- Analyst Jamie Feldman -- Bank of America Merrill Lynch -- Analyst Michael Bilerman -- Citi -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Daniel Ismail -- Green Street Advisors -- Analyst Venkat Kommineni -- Mizuho Securities -- Analyst Joshua Burr -- Scotiabank -- Analyst More DEI analysis All earnings call transcripts This article is a transcript of this conference call produced for The Motley Fool. Douglas Emmett (NYSE: DEI) Q2 2020 Earnings Call Aug 07, 2020, 2:00 p.m. So when you look at that, you would say, all right, 9% of tenants in some way during the second quarter didn't pay us.
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b90d682c-ed9c-4171-8f3b-aff4f1e9191a
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724985.0
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2020-06-25 00:00:00 UTC
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Ex-Dividend Reminder: Kennedy-Wilson Holdings, Kilroy Realty and Douglas Emmett
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DEI
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https://www.nasdaq.com/articles/ex-dividend-reminder%3A-kennedy-wilson-holdings-kilroy-realty-and-douglas-emmett-2020-06-25
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nan
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/20, Kennedy-Wilson Holdings Inc (Symbol: KW), Kilroy Realty Corp (Symbol: KRC), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Kennedy-Wilson Holdings Inc will pay its quarterly dividend of $0.22 on 7/9/20, Kilroy Realty Corp will pay its quarterly dividend of $0.485 on 7/15/20, and Douglas Emmett Inc will pay its quarterly dividend of $0.28 on 7/15/20. As a percentage of KW's recent stock price of $14.96, this dividend works out to approximately 1.47%, so look for shares of Kennedy-Wilson Holdings Inc to trade 1.47% lower — all else being equal — when KW shares open for trading on 6/29/20. Similarly, investors should look for KRC to open 0.84% lower in price and for DEI to open 0.94% lower, all else being equal.
Below are dividend history charts for KW, KRC, and DEI, showing historical dividends prior to the most recent ones declared.
Kennedy-Wilson Holdings Inc (Symbol: KW):
Kilroy Realty Corp (Symbol: KRC):
Douglas Emmett Inc (Symbol: DEI):
In general, dividends are not always predictable, following the ups and downs of company profits over time. Therefore, a good first due diligence step in forming an expectation of annual yield going forward, is looking at the history above, for a sense of stability over time. This can help in judging whether the most recent dividends from these companies are likely to continue. If they do continue, the current estimated yields on annualized basis would be 5.88% for Kennedy-Wilson Holdings Inc, 3.35% for Kilroy Realty Corp, and 3.78% for Douglas Emmett Inc.
In Thursday trading, Kennedy-Wilson Holdings Inc shares are currently down about 1.2%, Kilroy Realty Corp shares are down about 1.7%, and Douglas Emmett Inc shares are trading flat on the day.
Click here to learn which 25 S.A.F.E. dividend stocks should be on your radar screen »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/20, Kennedy-Wilson Holdings Inc (Symbol: KW), Kilroy Realty Corp (Symbol: KRC), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for KRC to open 0.84% lower in price and for DEI to open 0.94% lower, all else being equal. Below are dividend history charts for KW, KRC, and DEI, showing historical dividends prior to the most recent ones declared.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/20, Kennedy-Wilson Holdings Inc (Symbol: KW), Kilroy Realty Corp (Symbol: KRC), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Kennedy-Wilson Holdings Inc (Symbol: KW): Kilroy Realty Corp (Symbol: KRC): Douglas Emmett Inc (Symbol: DEI): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for KRC to open 0.84% lower in price and for DEI to open 0.94% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/20, Kennedy-Wilson Holdings Inc (Symbol: KW), Kilroy Realty Corp (Symbol: KRC), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Kennedy-Wilson Holdings Inc (Symbol: KW): Kilroy Realty Corp (Symbol: KRC): Douglas Emmett Inc (Symbol: DEI): In general, dividends are not always predictable, following the ups and downs of company profits over time. Similarly, investors should look for KRC to open 0.84% lower in price and for DEI to open 0.94% lower, all else being equal.
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Looking at the universe of stocks we cover at Dividend Channel, on 6/29/20, Kennedy-Wilson Holdings Inc (Symbol: KW), Kilroy Realty Corp (Symbol: KRC), and Douglas Emmett Inc (Symbol: DEI) will all trade ex-dividend for their respective upcoming dividends. Similarly, investors should look for KRC to open 0.84% lower in price and for DEI to open 0.94% lower, all else being equal. Below are dividend history charts for KW, KRC, and DEI, showing historical dividends prior to the most recent ones declared.
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dac12a69-5bd4-4280-8002-9a4b395cdf42
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724986.0
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2020-06-19 00:00:00 UTC
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Insiders Buy the Holdings of MDYG ETF
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DEI
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https://www.nasdaq.com/articles/insiders-buy-the-holdings-of-mdyg-etf-2020-06-19
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nan
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nan
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A look at the weighted underlying holdings of the SPDR— S&P— 400 Mid Cap Growth ETF (MDYG) shows an impressive 10.5% of holdings on a weighted basis have experienced insider buying within the past six months.
Amedisys, Inc. (Symbol: AMED), which makes up 0.66% of the SPDR— S&P— 400 Mid Cap Growth ETF (MDYG), has seen 3 directors and officers purchase shares in the past six months, according to the recent Form 4 data. The ETF holds a total of $12,459,748 worth of AMED, making it the #41 largest holding. The table below details the recent insider buying activity observed at AMED:
AMED — last trade: $189.58 — Recent Insider Buys:
PURCHASED INSIDER TITLE SHARES PRICE/SHARE VALUE
02/25/2020 Vickie L. Capps Director 1,000 $187.00 $187,000
03/12/2020 Bruce D. Perkins Director 2,000 $153.16 $306,312
03/16/2020 Teresa L. Kline Director 1,000 $142.63 $142,630
06/12/2020 Bruce D. Perkins Director 2,000 $167.48 $334,960
And Douglas Emmett Inc (Symbol: DEI), the #110 largest holding among components of the SPDR— S&P— 400 Mid Cap Growth ETF (MDYG), shows 2 directors and officers as recently filing Form 4's indicating purchases. The ETF holds $6,954,694 worth of DEI, which represents approximately 0.37% of the ETF's total assets at last check. The recent insider buying activity observed at DEI is detailed in the table below:
DEI — last trade: $30.82 — Recent Insider Buys:
PURCHASED INSIDER TITLE SHARES PRICE/SHARE VALUE
02/28/2020 William E. Simon Jr. Director 15,000 $38.95 $584,274
03/13/2020 William E. Simon Jr. Director 9,400 $32.02 $300,972
06/02/2020 Christopher H. Anderson Director 42,800 $30.33 $1,297,999
10 ETFs With Stocks That Insiders Are Buying »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The recent insider buying activity observed at DEI is detailed in the table below: DEI — last trade: $30.82 — Recent Insider Buys: 02/25/2020 Vickie L. Capps Director 1,000 $187.00 $187,000 03/12/2020 Bruce D. Perkins Director 2,000 $153.16 $306,312 03/16/2020 Teresa L. Kline Director 1,000 $142.63 $142,630 06/12/2020 Bruce D. Perkins Director 2,000 $167.48 $334,960 And Douglas Emmett Inc (Symbol: DEI), the #110 largest holding among components of the SPDR— S&P— 400 Mid Cap Growth ETF (MDYG), shows 2 directors and officers as recently filing Form 4's indicating purchases. The ETF holds $6,954,694 worth of DEI, which represents approximately 0.37% of the ETF's total assets at last check.
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02/25/2020 Vickie L. Capps Director 1,000 $187.00 $187,000 03/12/2020 Bruce D. Perkins Director 2,000 $153.16 $306,312 03/16/2020 Teresa L. Kline Director 1,000 $142.63 $142,630 06/12/2020 Bruce D. Perkins Director 2,000 $167.48 $334,960 And Douglas Emmett Inc (Symbol: DEI), the #110 largest holding among components of the SPDR— S&P— 400 Mid Cap Growth ETF (MDYG), shows 2 directors and officers as recently filing Form 4's indicating purchases. The recent insider buying activity observed at DEI is detailed in the table below: DEI — last trade: $30.82 — Recent Insider Buys: The ETF holds $6,954,694 worth of DEI, which represents approximately 0.37% of the ETF's total assets at last check.
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02/25/2020 Vickie L. Capps Director 1,000 $187.00 $187,000 03/12/2020 Bruce D. Perkins Director 2,000 $153.16 $306,312 03/16/2020 Teresa L. Kline Director 1,000 $142.63 $142,630 06/12/2020 Bruce D. Perkins Director 2,000 $167.48 $334,960 And Douglas Emmett Inc (Symbol: DEI), the #110 largest holding among components of the SPDR— S&P— 400 Mid Cap Growth ETF (MDYG), shows 2 directors and officers as recently filing Form 4's indicating purchases. The ETF holds $6,954,694 worth of DEI, which represents approximately 0.37% of the ETF's total assets at last check. The recent insider buying activity observed at DEI is detailed in the table below: DEI — last trade: $30.82 — Recent Insider Buys:
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02/25/2020 Vickie L. Capps Director 1,000 $187.00 $187,000 03/12/2020 Bruce D. Perkins Director 2,000 $153.16 $306,312 03/16/2020 Teresa L. Kline Director 1,000 $142.63 $142,630 06/12/2020 Bruce D. Perkins Director 2,000 $167.48 $334,960 And Douglas Emmett Inc (Symbol: DEI), the #110 largest holding among components of the SPDR— S&P— 400 Mid Cap Growth ETF (MDYG), shows 2 directors and officers as recently filing Form 4's indicating purchases. The ETF holds $6,954,694 worth of DEI, which represents approximately 0.37% of the ETF's total assets at last check. The recent insider buying activity observed at DEI is detailed in the table below: DEI — last trade: $30.82 — Recent Insider Buys:
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ba72aa82-56d3-4ca4-bb84-3c6ad2f1a26b
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724987.0
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2020-06-18 00:00:00 UTC
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Daily Dividend Report: MSFT,IVR,WDR,DEI,PNW
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DEI
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https://www.nasdaq.com/articles/daily-dividend-report%3A-msftivrwdrdeipnw-2020-06-18
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nan
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nan
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Microsoft on Wednesday announced that its board of directors declared a quarterly dividend of $0.51 per share. The dividend is payable Sept. 10, 2020, to shareholders of record on Aug. 20, 2020. The ex-dividend date will be Aug. 19, 2020.
Invesco Mortgage Capital today announced that its Board of Directors declared quarterly dividends on shares of its common stock and Series A preferred stock. The Company's Board of Directors declared a cash dividend of $0.02 per share of common stock for the second quarter of 2020. The dividend will be paid on July 28, 2020 to stockholders of record on July 6, 2020, with an ex-dividend date of July 2, 2020.
The Board of Directors of Waddell & Reed Financial, approved a quarterly dividend on its Class A common stock of $0.25 per share payable on August 3, 2020 to stockholders of record as of July 13, 2020.
Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on July 15, 2020 to shareholders of record as of June 30, 2020.
Pinnacle West Capital's board of directors today declared a quarterly dividend of $0.7825 per share of common stock, payable on Sept. 1, 2020, to shareholders of record at the close of business on Aug. 3, 2020.
VIDEO: Daily Dividend Report: MSFT,IVR,WDR,DEI,PNW
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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VIDEO: Daily Dividend Report: MSFT,IVR,WDR,DEI,PNW The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The Board of Directors of Waddell & Reed Financial, approved a quarterly dividend on its Class A common stock of $0.25 per share payable on August 3, 2020 to stockholders of record as of July 13, 2020. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on July 15, 2020 to shareholders of record as of June 30, 2020.
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VIDEO: Daily Dividend Report: MSFT,IVR,WDR,DEI,PNW The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Invesco Mortgage Capital today announced that its Board of Directors declared quarterly dividends on shares of its common stock and Series A preferred stock. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on July 15, 2020 to shareholders of record as of June 30, 2020.
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VIDEO: Daily Dividend Report: MSFT,IVR,WDR,DEI,PNW The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The Board of Directors of Waddell & Reed Financial, approved a quarterly dividend on its Class A common stock of $0.25 per share payable on August 3, 2020 to stockholders of record as of July 13, 2020. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on July 15, 2020 to shareholders of record as of June 30, 2020.
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VIDEO: Daily Dividend Report: MSFT,IVR,WDR,DEI,PNW The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. The dividend will be paid on July 28, 2020 to stockholders of record on July 6, 2020, with an ex-dividend date of July 2, 2020. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on July 15, 2020 to shareholders of record as of June 30, 2020.
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d2660a41-08c6-4f40-b397-4f04ba0ef018
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724988.0
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2020-06-04 00:00:00 UTC
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Corporate Insiders Are Snapping Up These 3 Stocks
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DEI
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https://www.nasdaq.com/articles/corporate-insiders-are-snapping-up-these-3-stocks-2020-06-04
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nan
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nan
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The clear upward trend in the stock markets has investors in a buying mood. The reasons are varied, and sometimes hard to pin down; while we’re still stuck in the coronavirus inspired economic doldrum, at the state and local levels economies are starting to reopen. The civil unrest of the past week is worrisome, and the destruction in urban centers is serious, but the economic blow was softened by the shutdowns. The riots would have stopped ‘normal’ activity – but that was already slowed or halted, and had been for two months. The shutdowns were already baked into market sentiment.
The upshot is, there is real hope of a turnaround in 2H20. And that makes the corporate insiders a most interesting group to follow. These company officers and board members are the ones at the helm of corporate America. They’re watching the news, steering their companies, and are responsible to shareholders for corporate performance. So, when they start buying, investors should pay attention.
TipRanks has a tool for that. The Insiders’ Hot Stocks shows which stocks top insiders are most active on, for both purchases and sales. You can sort insider trades by a variety of filters, including trading strategy. We’ve done some of the legwork for you, and pulled up three stocks with recent informative buy-side transactions. Here are the results.
Douglas Emmett (DEI)
We’ll start with a real estate investment trust. REIT’s are popular in these pages; they hold a secure niche in the financial sector, and are well-liked by income-minded investors seeking a steady dividend stream. Douglas Emmett, which owns office and apartment properties in California and Hawaii, is typical of the species.
The stock was hit hard by the market drop in February and is still underperforming, standing 26% below its February peak price. That said, DEI shows several strong attractors for investors. First, of course, is the insider signal.
Yesterday, Director Christopher Anderson paid $1.3 million for a bloc of 42,800 shares. This informative purchase swung the insider sentiment on DEI into positive territory.
In another point of interest to investors, DEI declared its regular quarterly dividend of 28 cents per share. This payment, which annualized to $1.12, gives a yield of 3.65%. The yield is low by the standards of REITs, but is significantly higher than the 2.16% found in the financial sector generally – and it is reliable, as the company has maintained and grown the payments for the last 11 years.
Covering the stock for Piper Sandler, analyst Alexander Goldfarb notes an important point that is easy to miss in the REIT landscape. He writes, “What densification? DEI's small tenant focus (~200 sf pp) has meant its users never joined the open floor plan trend many large corporates did and thus management doesn't see the same reconfiguration need as larger CBD tenants.”
Goldfarb rates DEI a Buy, and sets a $35 price target that to imply 8% growth in the coming year. (To watch Goldfarb’s track record, click here)
Douglas Emmett’s analyst reviews are split 5-4 between Buys and Holds, making the analyst consensus view a Moderate Buy. Shares are priced at $32.54, so the average price target of $35.56 suggests an 8% upside in the next 12 months. (See DEI stock analysis on TipRanks)
Liquidity Services (LQDT)
Next up is Liquidity Services, and e-commerce company. Liquidity operates a network of online auction marketplaces under seven different brand names. The company is based in Bethesda, Maryland, in the suburbs of Washington, DC, giving it quick access to one of the world’s major cities.
Like many high-tech companies, LQDT has been operating at a net loss over a long term – so investors were not phased by the 10-cent EPS loss reported in Q1. That number came in better than the 12-cent loss expected. Of greater concern, the $49.5 million in top-line revenue missed the forecast by more than 8%, and slipped 8.4% year-over-year. Clearly, the economic slowdowns of the quarter impacted sales.
On major insider, CEO William Angrick has made four informative purchases in the past four weeks, totaling 196,932 shares for which he disclosed over $1 million in payment.
Barrington’s Gary Prestopino, rated 5-stars by TipRanks, sees LQDT as a Buy proposition. His $10 price target suggests the stock has room for 71% growth this year. (To watch Prestopino’s track record, click here)
Prestopino notes, “Prior to the pandemic-related slowdown, LSI experienced strong volume in the RSCG segment from existing sellers and from the launch of new programs with both midsized and large retailers, augmented by strong buyer demand for retail goods in the Liquidation.com marketplace.”
Overall, with 1 Buy and 1 Hold rating set recently, LQDT shares get a Moderate Buy from the analyst consensus. The $8 average price target suggests a healthy one-year upside potential of 37%. (See Liquidity stock analysis on TipRanks)
Wrap Technologies (WRTC)
The last stock on our list is particularly interesting, especially in light of recent events. Wrap Technologies inhabits the police and security niche, where it specializes in less-than-lethal restraint devices for police use. The company’s showcase product, the BolaWrap 100, is designed to halt and restrain individual subjects – without lethal force – at a range of 10 to 25 feet.
The implications of such a product are obvious today. But it’s important to note that the company’s CTO, Elwood Norris, just bought $500,000 worth of stock. This netted him 100,000 shares. Norris, who is also listed as a >10% owner of the company, has a total holding valued at $56.8 million.
Also of note for investors, WRTC beat the forecast on Q1 earnings. The company showed an EPS loss of 8 cents, 20% better than the 10-cent loss which had been predicted. That was reported at the end of April, and the barely budged the share performance. In the past week, however, WRTC shares have spiked sharply, jumping 61% in since May 28. Once again, the connection to current events is clear, and investors believe that less-than-lethal policing tools will see a surge in demand in the near future.
Jon Hickman, of Ladenburg Thalmann, writes of Wrap Technologies, “Though the worldwide exposure to COVID-19 has caused a temporary slowdown in in-person sales-related meetings, the company's momentum from late 2019 and early in Q1 is resulting in orders and reorders from smaller agencies in the U.S… The Los Angeles PD's 90-day field trial is underway and the feedback to date has been positive.”
Hickman puts a $9.75 price target on the stock, supporting his Buy rating and suggesting that WRTC has room for 16% growth this year. (To watch Hickman’s track record, click here)
Like LQDT above, WRTC has just two recent analyst reviews – but both are Buys. The stock is priced at $8.44 after its recent surge in value. That share appreciation has pushed the stock price right up to the $8.38 average price target. Expect reviewers to adjust the price target higher in the near future, should police demand for non-lethal force alternatives increase due to social pressures. (See WRTC stock analysis at TipRanks)
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Douglas Emmett (DEI) We’ll start with a real estate investment trust. That said, DEI shows several strong attractors for investors. This informative purchase swung the insider sentiment on DEI into positive territory.
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(See DEI stock analysis on TipRanks) Liquidity Services (LQDT) Next up is Liquidity Services, and e-commerce company. Douglas Emmett (DEI) We’ll start with a real estate investment trust. That said, DEI shows several strong attractors for investors.
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Douglas Emmett (DEI) We’ll start with a real estate investment trust. That said, DEI shows several strong attractors for investors. This informative purchase swung the insider sentiment on DEI into positive territory.
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Douglas Emmett (DEI) We’ll start with a real estate investment trust. That said, DEI shows several strong attractors for investors. This informative purchase swung the insider sentiment on DEI into positive territory.
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c297e6ff-3529-4289-ab9f-41b426a04c2d
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724989.0
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2020-05-15 00:00:00 UTC
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Interesting DEI Put And Call Options For January 2021
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DEI
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https://www.nasdaq.com/articles/interesting-dei-put-and-call-options-for-january-2021-2020-05-15
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nan
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2021 expiration. One of the key data points that goes into the price an option buyer is willing to pay, is the time value, so with 245 days until expiration the newly trading contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2021 contracts and identified one put and one call contract of particular interest.
The put contract at the $17.50 strike price has a current bid of 25 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $17.50, but will also collect the premium, putting the cost basis of the shares at $17.25 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $25.88/share today.
Because the $17.50 strike represents an approximate 32% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 89%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.43% return on the cash commitment, or 2.13% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $17.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $35.00 strike price has a current bid of 15 cents. If an investor was to purchase shares of DEI stock at the current price level of $25.88/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $35.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 35.82% if the stock gets called away at the January 2021 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red:
Considering the fact that the $35.00 strike represents an approximate 35% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 77%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 0.58% boost of extra return to the investor, or 0.86% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 92%, while the implied volatility in the call contract example is 60%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $25.88) to be 43%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 35% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2021 expiration.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 35% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2021 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2021 contracts and identified one put and one call contract of particular interest.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 35% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2021 expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2021 contracts and identified one put and one call contract of particular interest.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new January 2021 contracts and identified one put and one call contract of particular interest. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 35% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the January 2021 expiration.
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0089fe3a-c36d-4522-b2a2-a75ba74f4dd7
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724990.0
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2020-05-12 00:00:00 UTC
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The Math Shows JKG Can Go To $199
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DEI
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https://www.nasdaq.com/articles/the-math-shows-jkg-can-go-to-%24199-2020-05-12
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nan
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the iShares Morningstar Mid-Cap ETF (Symbol: JKG), we found that the implied analyst target price for the ETF based upon its underlying holdings is $199.06 per unit.
With JKG trading at a recent price near $171.29 per unit, that means that analysts see 16.21% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of JKG's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Aptiv PLC (Symbol: APTV), and GCI Liberty Inc (Symbol: GLIBA). Although DEI has traded at a recent price of $29.84/share, the average analyst target is 22.19% higher at $36.46/share. Similarly, APTV has 18.42% upside from the recent share price of $66.71 if the average analyst target price of $79.00/share is reached, and analysts on average are expecting GLIBA to reach a target price of $75.25/share, which is 17.87% above the recent price of $63.84. Below is a twelve month price history chart comparing the stock performance of DEI, APTV, and GLIBA:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
iShares Morningstar Mid-Cap ETF JKG $171.29 $199.06 16.21%
Douglas Emmett Inc DEI $29.84 $36.46 22.19%
Aptiv PLC APTV $66.71 $79.00 18.42%
GCI Liberty Inc GLIBA $63.84 $75.25 17.87%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Although DEI has traded at a recent price of $29.84/share, the average analyst target is 22.19% higher at $36.46/share. iShares Morningstar Mid-Cap ETF JKG $171.29 $199.06 16.21% Douglas Emmett Inc DEI $29.84 $36.46 22.19% Aptiv PLC APTV $66.71 $79.00 18.42% GCI Liberty Inc GLIBA $63.84 $75.25 17.87% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of JKG's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Aptiv PLC (Symbol: APTV), and GCI Liberty Inc (Symbol: GLIBA).
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Three of JKG's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Aptiv PLC (Symbol: APTV), and GCI Liberty Inc (Symbol: GLIBA). iShares Morningstar Mid-Cap ETF JKG $171.29 $199.06 16.21% Douglas Emmett Inc DEI $29.84 $36.46 22.19% Aptiv PLC APTV $66.71 $79.00 18.42% GCI Liberty Inc GLIBA $63.84 $75.25 17.87% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Although DEI has traded at a recent price of $29.84/share, the average analyst target is 22.19% higher at $36.46/share.
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Three of JKG's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Aptiv PLC (Symbol: APTV), and GCI Liberty Inc (Symbol: GLIBA). Although DEI has traded at a recent price of $29.84/share, the average analyst target is 22.19% higher at $36.46/share. Below is a twelve month price history chart comparing the stock performance of DEI, APTV, and GLIBA: Below is a summary table of the current analyst target prices discussed above:
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iShares Morningstar Mid-Cap ETF JKG $171.29 $199.06 16.21% Douglas Emmett Inc DEI $29.84 $36.46 22.19% Aptiv PLC APTV $66.71 $79.00 18.42% GCI Liberty Inc GLIBA $63.84 $75.25 17.87% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of JKG's underlying holdings with notable upside to their analyst target prices are Douglas Emmett Inc (Symbol: DEI), Aptiv PLC (Symbol: APTV), and GCI Liberty Inc (Symbol: GLIBA). Although DEI has traded at a recent price of $29.84/share, the average analyst target is 22.19% higher at $36.46/share.
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ddc064a8-945d-43d0-830e-576080a3d841
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724991.0
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2020-05-11 00:00:00 UTC
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Douglas Emmett Inc (DEI) Q1 2020 Earnings Call Transcript
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DEI
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https://www.nasdaq.com/articles/douglas-emmett-inc-dei-q1-2020-earnings-call-transcript-2020-05-11
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nan
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nan
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Image source: The Motley Fool.
Douglas Emmett Inc (NYSE: DEI)
Q1 2020 Earnings Call
May 11, 2020, 7:00 a.m. ET
Contents:
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Ladies and gentlemen, thank you for standing by. Welcome to Douglas Emmett's Quarterly Earnings Call. [Operator Instructions]
I'll now turn the conference over to Stuart McElhinney, Vice President of Investor Relations for Douglas Emmett. Please go ahead.
Stuart McElhinney -- Vice President, Investor Relations
Thank you. Joining us today on the call are Jordan Kaplan, our President and CEO; Kevin Crummy, our CIO; and Peter Seymour, our CFO. This call is being webcast live from our website and will be available for replay during the next 90 days. You can also find our earnings package at the Investor Relations section of our website. You can find reconciliations of non-GAAP financial measures discussed during today's call in the earnings package.
During the course of this call, we will make forward-looking statements. These forward-looking statements are based on the beliefs of, assumptions made by, and information currently available to us. Our actual results will be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance, and some will prove to be incorrect. Therefore, our actual future results can be expected to differ from our expectations, and those differences may be material. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found in the Investor Relations section of our website.
When we reach the question-and-answer portion, in consideration of others, please limit yourself to one question and one follow-up.
I will now turn the call over to Jordan.
Jordan L. Kaplan -- President & Chief Executive Officer
Good morning, everyone. I hope you are staying safe and healthy. I know we are all focused on the current situation. Before addressing that, I want to briefly report on our first quarter results.
We had another excellent quarter. We grew our FFO by 8.5%, our AFFO by 16.4% and our same-property cash NOI by 7.7%. The straight-line value of our office leases signed during the quarter was 23% greater than the prior leases for the same space and we made good progress on our two multifamily development projects. Of course, that was in the first quarter.
As is true everywhere, our tenants are now struggling with the impacts of the pandemic on their business. In addition, the cities in which we operate have passed unusually punitive ordinances, prohibiting evictions and allowing rent deferral for residential, retail and office tenants regardless of financial distress. By eliminating any fees or interest and providing long payback periods, tenants essentially have the option of a free loan.
Given the current uncertainties, in our earnings package we provided you with our April rent collections data in lieu of guidance. To date, those collections represent 87% of aggregate rent billed with residential at 95%, office at 90% and our small retail component at 22%.
We don't know whether April will prove to be a good predictor of the next few months or the remainder of the year. While we also do not know how long that pandemic will last, over numerous cycles during the last 30 years, we have designed our operating platform, capital structure and investment strategy to weather downturns.
We entered this downturn with strong cash flow and a very healthy balance sheet. At the end of Q1, we had $175 million of cash on hand, an undrawn $400 million line of credit, no debt maturities before 2023, no financial covenants that could force us to issue equity at the wrong time and 41% of our office portfolio is unencumbered. In the end, we own many of the highest quality properties in the strongest, most desirable submarkets of Los Angeles.
Our diverse tenant base represents our nation's most competitive industries and limits our vulnerability to any single tenant or industry. Our markets have no meaningful new supply, so we face no overhang from new construction as we recover from this crisis.
Now, I will turn the call over to Kevin.
Kevin A. Crummy -- Chief Investment Officer
Thanks, Jordan, and good morning, everyone. On the operational front, our buildings remain open, safe, and available for our tenants. We're focused on providing excellent service, while instituting stringent cleaning protocols, safe distancing, face coverings in common areas and reduced elevator density.
As you might expect, we're seeing low attendance at our office properties which will likely continue at least until the lifting of the stay-at-home orders. During this time, we expect some savings from variable expenses to help offset expected declines in parking revenue.
As Jordan mentioned, the cities where we primarily operate, Los Angeles, Beverly Hills, and Santa Monica have all enacted enforcement moratoriums to cover our residential, retail and office tenants. The ordinances have some carve-outs for large tenants and generally prohibit landlords not only from evicting tenants, but also from imposing any late fees or interest.
Under the ordinances, tenants are required to pay back the deferred rent within three to 12 months after the end of the emergency.
On the capital front, construction is continuing on our two large multifamily development projects, although it may take a little longer under current conditions. In Honolulu, where we are developing 500 apartment units at our office conversion project, we have already pre-leased a number of units and expect to deliver them over the next few months.
For our Brentwood apartment tower, we currently expect delivery of the first units to be pushed into 2022. For the moment, we have suspended work on new office repositioning projects and acquisitions in our market seem to be on hold as buyers and sellers evaluate the new conditions.
With that said, we are well-positioned to take advantage of any opportunities that emerge.
I will now turn the call over to Stuart.
Stuart McElhinney -- Vice President, Investor Relations
Thanks, Kevin. Good morning, everyone. In Q1, we signed 174 office leases covering 702,000 square feet, including 184,000 square feet of new leases. Leasing spreads for the first quarter were 22.6% for straight-line rent roll up, 9.3% for cash roll up. As we discussed last quarter, we had a high number of expirations impact Q1 and anticipated an early dip in occupancy this year. The decline in occupancy for our total office portfolio to 90.8% was in line with our pre-COVID-19 expectations.
By late March, the pace of new leasing in our office portfolio slowed to a trickle, but we are starting to see some signs of life as tenants and brokers adjust to the new normal.
We have often talked about how we make the leasing experience in our small tenant office portfolio mirror the ease and speed of that at our apartments. As a result, we were early adopters of virtual touring technology and we are well-equipped to complete the entire leasing process remotely, from tour to space planning, to electronic document execution. This experience should serve us well in the current environment and going forward.
On the multifamily side, our portfolio remained essentially fully leased at 98%. Residential new leasing activity also slowed somewhat in late March, but not to the same extent as office.
I'll now turn the call over to Peter to discuss our results.
Peter D. Seymour -- Chief Financial Officer
Thanks, Stuart. Good morning, everyone. We are pleased with our Q1 results. Compared to a year ago in the first quarter of 2020, we increased revenues by 12.1%. We increased FFO 8.5% to $112 million or $0.55 per share. We increased AFFO 16.4% to $99 million. We increased our same-property cash NOI by 7.7%, and at only 4.1% of revenues, our G&A for the first quarter remains well below that of our benchmark group.
As Jordan said, we don't know what will happen in May or in subsequent months. Many things could change even before the stay-in-place orders begin to be lifted. Many of our small tenants have applied for federal assistance, which can be forgiven if they pay their rent by June.
The local governments that have authorized rent deferrals are considering excluding office tenants, which would reduce or eliminate that headwind. Leasing could start to recover as tenants come closer to the end of their existing leases. On the other hand, we could see more tenants stop paying rent if the impact to their business grows.
These uncertainties are compounded by many other critical variables on which we have little information. How long the current stay-in-place orders remain? How they are phased out? How businesses react after they are phased out? And whether there is a second pandemic wave in the fall?
While in past recessions, our tenants have shown low default rates, we can't be sure what will happen this time. As a result, we have withdrawn our guidance for all of 2020.
I will now turn the call over to the operator so we can take your questions.
Questions and Answers:
Operator
Thank you. [Operator Instructions] Our first question comes from Jason Green at Evercore.
Jason Green -- Evercore -- Analyst
[Indecipherable]. Just a question on the tenants who have not paid rent, do you have any insight as to how many of those tenants are experiencing real financial distress versus how many are just opportunistically seeking rent relief?
Jordan L. Kaplan -- President & Chief Executive Officer
You know considering -- this is Jordan. And I'm sorry our voices sound so -- don't have their normal rich timbre, but we have five people in a 46-person conference room spread out in respect to social distancing and we probably would feel the microphone also needs to be six feet away. But anyway, when it comes to the office tenants and you know the office markets we're in and you know our credit underwriting, well, I think we feel pretty good about our tenants' ability to pay. It's hard to go in. I mean, everyone is impacted by this. When it comes to our retail tenants, we actually have some large retail tenants that probably can pay, but you can understand why they're not. And as you saw, the residential came in around 95%.
Jason Green -- Evercore -- Analyst
Got it. I guess just one more on capital allocation. You guys announced the approval of a share repurchase program in the quarter, but didn't repurchase any shares when the stock hit the mid to low $20-level. I guess just what was the thinking behind not repurchasing shares when it got down to that level?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, we set up that program to make sure we had that flexibility, but at the same time, I don't know then or even now whether we have the right kind of visibility to know what we're facing, whether it's months, years, whatever, to know exactly what we want to do. So the first stage of what we've been doing has been kind of organizing the company for starters to keep it protected and running right and run our buildings right, and keep our people employed, do all that stuff right. And then the second stage is to look for opportunities, and I think we've done a good job of the first step and we're starting to evaluate the second step.
Operator
The next question comes from Craig Mailman at KeyBanc Capital Markets.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Hey, good afternoon, guys. I know it's a little bit early in May here, but just curious what the early trends you guys are seeing if you're on the same pace you were in April or if more people are maybe taking advantage of the moratoriums that are in place?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, we're -- right now, we're tracking about the same as April. Although in terms of business days, it's early to know where we're really going to end up in May. And I think that we are seeing some tenants are starting to get the PPP. And I think we've also been pressuring some tenants saying, "You know, what you're doing is not right." And frankly, we've been talking to some of the cities and saying to them, "You've put together programs that are more punitive than any of the other gateway markets in the United States. It's almost kind of -- you're almost asking the tenants to not pay with the way you're providing a sort of free 12-month loan." So with all of those things swirling around juxtaposed with the fact that now we're in our second month of COVID and stay-in-place, it's hard to know how we'll really end up.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Okay. That's helpful. And then the big themes of work-from-home and easing of densification are kind of the topics in the office space. I'm just curious you guys tend to skew smaller, just your thoughts on kind of how dense your tenants got versus maybe some of the larger tech firms? And whether this work-from-home could just cause some of your smaller tenants to just say, "You know what, I'll just do my work out of house," if it's kind of a small company. Just kind of curious as you guys have kind of looked through that kind of thoughts here?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, OK, so the first part of your question, this is very hard to -- I mean, I don't frankly have -- we don't have a lot more information than you guys do. But I will say that, in terms of our market, generally our market, I do not think that our markets are built to the density that other gateway markets are built to, just right out of the gate.
So we're still building out most people space. Our space for instance and many others is built to 200-feet plus in terms of the buildout. And when you get to very small -- we're at about 50,000 feet, but when you get to really small tenants, those numbers are even larger.
So, I'm not sure for a lot of these small tenants that we've evaluated our space. We have some areas we need to work on. I'm not sure that -- they're not in a relatively good position to come back even with no changes to the buildout of their space. But I think the densification that has been rolling -- that kind of rolled through the last decade, whether it be New York or Boston or the big-tech floors up in San Francisco, I'm sure that they're trying to figure out how to loosen that up. Now, it would just -- that by itself, you go, "Wow, that could be a pretty good net positive for those markets." But I don't know if what that means is that they just say, "All right, we'll keep this space, but we're going to move another group to another area," or I don't know what happens there.
The second part of your question was whether our smaller tenants are going to choose to just stay home and work. I think for most of our tenants that -- they've always been able to do that and they like having their offices, especially our whole play here is that we're a very short commute from where they live. And I've literally been saying for decades these guys should all move out of their house and live their office space, because what they're spending for these houses on an imputed per foot basis, the office space is a bargain and a half.
I think they like having their office. I think they like having somewhere to work. So, I don't see the fact that people have been able to work from home causing them to say, "Wow, now I'm just going to work from home." I've always felt like the fact -- and when we talk to people even now, I think most people are saying, "I can't wait to not be home 24/7. I want to get out of office. I want to go back to work." And I know, they have the concerns about the virus and things being clean and safe and all the rest of it, but I think it's human nature to want to be able to not be in one place all the time.
So I've always felt like as it's been going on for probably two decades now what technology has done in terms of people being able to work from home is to expand the workforce and people that couldn't come into an office and work or couldn't -- or for whatever they were doing, it was an efficiency thing that it allowed the workforce to be even larger and add more people to the workforce. I don't think the part of the workforce that comes in the office, works with their colleagues use that as part of like the way their day runs. I don't think that changes.
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Great. Thanks.
Operator
Your next question comes from Jamie Feldman, Bank of America.
Jamie Feldman -- Bank of America -- Analyst
Thank you. So I guess just thinking about your liquidity position and I know you're cutting back on some spending this year. Can you kind of -- can you still just walk us through how you're thinking about your spending needs this year and then to the extent you see dislocation in the market, how you think about potentially funding any investment opportunity? Or you feel like you're not even ready for that at this point?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, I'm not sure how long the list of investment opportunities is at the moment. We aren't seeing a lot come out. And by not a lot, I'm not -- I'm saying pretty much almost nothing. Probably the opportunities in front of us on the capital market side is three groups. It's refinancing, we are focused on that because rates as they go down, we just always aggressively chase them. And then you have -- obviously, we put the stock buyback program in place, but I don't think we're ready to do that at th e moment at least.
And then you have the construction, the third-party construction, and we have chosen to continue our two large projects. We backed off on probably another $100 million of stuff that we can do during the year in terms of building repositionings, lobby rehabs, etc. to make sure that our cash position was very strong.
Jamie Feldman -- Bank of America -- Analyst
So I guess, how do you think about like sources and uses this year with kind of your revised capital plan?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, I think our income will be sufficient to fund our uses. If you're asking me the simple question, do I think we're sort of trapped in something where we're forced to be a net borrower, I don't think we are. And I don't project that even with the fact that I think we ended up 12% off in April or something like that continuing, I think we're in plenty good shape.
Jamie Feldman -- Bank of America -- Analyst
Okay. And I guess, similar with the distribution at the current level, cover everything?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, if you're asking me does the distribution cover our income, I think we're in fine shape. I think, the dividend, you're talking about the public company dividend, right?
Jamie Feldman -- Bank of America -- Analyst
Yes.
Jordan L. Kaplan -- President & Chief Executive Officer
Yes. So yes, I think we're -- no problem at all.
Jamie Feldman -- Bank of America -- Analyst
Okay. All right. And then as you -- can you just talk about what the co-working companies are doing in your markets now? I mean have they been -- I know you don't have any, but are they paying rent? Are they -- are you just -- are you hearing that they're crumbling, just any color from the ground?
Kevin A. Crummy -- Chief Investment Officer
It's kind of case -- this is Kevin, Jamie. It's kind of case by case. And speaking with my peers in the marketplace, some of the larger co-worker companies are paying and some of the other ones are asking for a little rent relief right now while people aren't using their offices. But we don't have very much exposure in West L.A., so it's anecdotally throughout the market. And I know that the -- we were just paying some landlords and not paying some other landlords just like across the country.
Jamie Feldman -- Bank of America -- Analyst
Okay. All right. Thanks, guys.
Operator
The next question is from Emmanuel Korchman at Citi.
Emmanuel Korchman -- Citi -- Analyst
Hey, everyone. If we think about the 90% collections in the office portfolio, is there any commonality, whether it be by industry or by size or by some other characteristic of the 10% that haven't paid other than the fact that the municipalities have given them the right not to?
Jordan L. Kaplan -- President & Chief Executive Officer
Frankly, if you -- and I've kind of been on the road on this with the various city councils in the cities we're working in, there is a shocking relationship between not paying and the rules surrounding the moratorium in the various cities to how well people pay or don't pay. So I don't want to call out any cities, and I think they're working to fix this situation for us. But in the cities where blanket and there is literally no cost and long payback periods, we meaningfully -- statistically meaningfully worse collections than the cities that had more restrictions, maybe you could still surge fees, but certainly the payback much shorter, so the benefit of kind of having an angry landlord wasn't as much there, than better pay rates. That's the one thing you can see in that last group that really stands out.
Emmanuel Korchman -- Citi -- Analyst
Thanks. And then in terms of your new leasing, it looks like the leasing costs were elevated. I don't know if that had to do with mix and the base rents in that pool were higher, or if it just had to do with spaces, but could you give us some color as to why those -- the new leasing costs specifically seeing higher than recent trends?
Peter D. Seymour -- Chief Financial Officer
Yeah, I mean, look, I think -- this is Peter. There's the overall rate ends up much lower, right? So we had a much lower on the renewal side. And then the new leasing, we did a small number of deals and a couple of them were at slightly higher cost, but it doesn't look like it's indicative of any kind of trend. And as a percentage of rent, the rent that we're giving is the combined blended rent. So when you take that -- when you take new leasing just over the new leasing rents, it's pretty much in line with what we've seen in the past.
Emmanuel Korchman -- Citi -- Analyst
Thanks, everyone.
Operator
Alexander -- our next question comes from Alexander Goldfarb with Piper Sandler.
Alexander Goldfarb -- Piper Sandler -- Analyst
Hey, good morning, out there.
Jordan L. Kaplan -- President & Chief Executive Officer
Hi, Alex. Good morning.
Alexander Goldfarb -- Piper Sandler -- Analyst
Hey. You guys are pretty brave to all be in the same room together.
Jordan L. Kaplan -- President & Chief Executive Officer
Such a huge conference room, it's almost absurd.
Alexander Goldfarb -- Piper Sandler -- Analyst
Now everyone is realizing that their homes are not big enough. Two questions. First, can you just talk a little bit about Hawaii? It sounds like the state overall has been fine COVID-wise and that hopefully can start to reopen. But clearly, it's going to be a while before tourism returns.
So your products out there, the apartments, the office, what are you guys seeing? And is your view that tourism absolutely has to return before you can see benefits in your properties? Or you think the local economy is sufficient enough for you guys to continue the building conversions and pushing rents and all that good stuff?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, I'll tell you. First of all, if there is a group that I think has worked hard and done a good job what I've seen happen in Hawaii, they've really jumped on it. They did well with COVID. I thought the city, city-state, county leaders, whatever that group is, they're all kind of mashed together, did a really nice job. They have four local banks there. They got because we -- for the stuff we do in Hawaii, we use local banks, we've had conversations with them. They were really aggressive.
Literally midnight, the first round of PPP, they made sure they got all the local companies covered and got a good chunk of money out to all of them. You saw really good engagement out of mayor and others in terms of walking the line to what's open, not open, construction. So in terms of management, I really -- maybe it's because they're all like a big family there, they all know each other, but I give them a really high grade.
So I'm hoping that -- and they're super-focused on recovery and protecting their economy. Now they, for sure, have a problem of being a very tourist-dependent economy. They have construction. They have a huge chunk of military there. They have other stuff, but tourism is a big deal. Now, I know that they are working as hard as any hotel company or any airline to go how do we solve this and how do we make people feel comfortable coming back when the time is right.
On the other side of the coin, when you talk about Douglas Emmett and our residential -- our residential projects are going -- our construction is going there, and our occupancy is fine and our pay rate fine, all good.
On our office projects there, interestingly, we went into Hawaii originally now, it was two decades ago, with the thought that a run-up in tourism and facing Asia would be very good for that economy and then now would flow through to the office product. And that was what we do, office and residential, so that's what we did.
Hawaii is where we learned that tourism, for sure, to the plus side. As tourism kept running up, we did not see it roll through the office product. So, we saw tourism -- when we went into Hawaii, I think the tourism was like $4 million to $5 million. And last year, probably $9 million, $10 million. So you would have said, "Wow, you called it right," but that did not drive much in terms of the office product. I'm not sure that, that decline will drive much in the way of the office product.
But overall, having a strong economy is going to be important. And I think more than any of the other places where we operate, they are just collectively growing as a team to make sure that Hawaii, that doesn't suffer too much. So we've been very happy about that.
Alexander Goldfarb -- Piper Sandler -- Analyst
Okay. And then the second question, Jordan. When you have the discussions with your local California politicians and they do the eviction moratoriums, I'm sure in their wisdom, they also put in place a real estate tax moratorium, so it offsets and doesn't put the landlord in the middle position.
So when you raise that point -- well, because California is very logical and understands how math works. So when you raise that point -- when you raise that point to the politicians, do they understand that? I mean I know that Gavin was facing that the payment a few weeks ago, but do they understand the ramifications and your ability to -- maybe not Douggie [Phonetic] directly, but landlords in general to withhold taxes if they're not being paid because of government mandates?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, I didn't use quite the level of sarcasm that you used since I'm trying to get them to do something for me. But I did point out that essentially, when these -- the impact of these moratoriums what it's been is to essentially -- is to shift us -- shift the, if it exists, the borrowing responsibility to us versus a tenant, and I don't know why that would be a fair shift.
Now to be fair to their point, they are worried about mostly -- so most of these ordinances were designed, first of all, by non-real estate people that were -- all they were thinking about was residential. And they literally, when you talk to them they're like, "Oh, yeah, office." I don't think they were really targeting office. What they were targeting was residential and then when you talk about, they go, well, we don't want our ret -- to treat our local retailers to go away because it's part of the fabric and culture of the area, right? We don't want a bunch of empty storefronts. And I would say, across the board, when you sit and talk to them about that and you talk about it like, "Look, you were really trying to protect housing, no evictions on housing, you were really trying to protect your local retailers." They have been very open-minded about making a change for the rest.
The problem is they're just inundated with problems, right, not to mention that their budgets are just destroyed now. So getting their attention, which we've been able to get and getting the city attorneys to change and redraft these emergency ordinances, it's just a time-intensive process. And we're going through that with them. But they have not been -- they haven't been that tough on this thing. When we explained it to them and we said, "Look, I think you're trying to include," they go, "Okay, commercial. Well, who are you saying we are covering or not." I say, "Well, I think you're trying to cover people who collect sales tax on a majority of their revenue, I don't think you're trying to cover hedge funds in my office building." And like, "Oh, yeah, you're right, there is a difference between it." That's the first time they even started splitting retail from office. They're -- a lot of these things only have commercial. It doesn't say retail or office. So they're sort of accepting that. I think they're going to make the right changes in that, but it's taken just a tiny bit. I think of -- when these things got put in place like at the beginning of April, and here we are a month later, and we've gotten meetings with them, with the top, with the mayors, council members, and they're working on it. So that's been very good.
Alexander Goldfarb -- Piper Sandler -- Analyst
Right. But they understand that you can't be the middleman or a lender of last resort. Like if you suffer inflows on the top, obviously, it's going to -- you shouldn't be expected to pay out at the bottom. They understand that, right?
Jordan L. Kaplan -- President & Chief Executive Officer
They haven't understood that because we're still paying all our city business taxes and fees. But as I said, I'm not putting it to them like that because I want -- we're trying to achieve this goal of getting commercial released.
Alexander Goldfarb -- Piper Sandler -- Analyst
Got it. Okay, listen, thank you, Jordan.
Jordan L. Kaplan -- President & Chief Executive Officer
All right, thanks.
Operator
The next question is from John Kim at BMO.
Frank Lee -- BMO Capital Markets -- Analyst
This is Frank Lee on with John. First question I have is do you have a sense of what percentage of your multifamily rents are currently delinquent? And can you walk us through your plans on addressing any of this?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, yes. So unhappily, that 5% that didn't pay, and maybe this is just now, but I think it's a little more than now. It seemed to be highly concentrated with tenants that pay to be in some of the nicest spaces in our buildings on the beach with rents that are very high and certainly they're renting that space because they have a lot of net worth, and they wanted a view looking out at the beach and walking out on the sand. And so that when I was looking at that listing, and I actually just took the list and ranked it by rent, like, by rent. And I feel like if we, just for collecting from the people that paid over, I think it was $4,000, you would collect like a ton of that money. And if someone's paying $4,000 for their apartment, they probably can afford to pay. But those rules are set in stone. Those people just have been told flat they don't have to pay. I've told the cities -- they don't want to hear about apartments by the way, but I told them you realize that the tenants that feel they're the most financially sophisticated seem to be the ones taking the most use of these ordinances, not the -- your normal run of the mill person is like, "Yeah, I don't want to have my rent pile up on me. I got to live here." And they're just paying the rent. So it's the ones that kind of feel like, "Yeah, no problem. I'll pick up the extra money, and I'll pay it later." They seem to be the ones that are making up a lot of that missed money. But that will play out.
Frank Lee -- BMO Capital Markets -- Analyst
And then what's your expectation to recoup that 5% of kind of lost rent from those tenants?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, it's hard to predict now. We haven't even -- we're trying to get the collection rate higher each month, and then we'll go back. And as I've said, we have -- we're pretty good at our underwriting when we lease space. We never -- in the last recession, we never had defaults. Now, you're talking about defaults here, not the city's allowing them not to pay, but then later they pay, real defaults. I don't think our defaults ever really got over 2%. I don't think they did. They might have gotten to 3%, but I don't think they even really got above 2%.
Now, what happened to us in a recession is we did have vacancy and maybe rents go down, but we are really good on the default front. So if you say, defaults on those numbers, I would expect them to be low, but the time to collect seems to be stretched.
Frank Lee -- BMO Capital Markets -- Analyst
Okay. And then second question I have is if I look at your top tenant list, did all the tenants pay April rent? I'm just curious, particularly on the lease with Equinox?
Jordan L. Kaplan -- President & Chief Executive Officer
We're -- you know what, we're not -- we never really like talking about tenants, and we don't really like calling out individual tenants, and so we're not going to start today.
Frank Lee -- BMO Capital Markets -- Analyst
Okay, thank you.
Operator
The next question comes from Dave Rodgers at Baird.
Dave Rodgers -- Baird -- Analyst
Hey, guys. Just I guess with your smaller tenants and much faster roll, the shorter lease term that you generally have versus office, I mean what are those discussions like today for the next kind of three to five months? I mean typically, I think larger deals would be done, but I think you guys do it a little bit more just-in-time. So can you give us a little bit of color on how those discussions are going and what you'd expect here in the near-term on some of those near-term rolls?
Jordan L. Kaplan -- President & Chief Executive Officer
Yeah. I'll give you what little I know, maybe Stuart knows more. But smaller guys will usually feel like a lot of pressure to get their stuff done about five months ahead of when their lease is coming up. So in terms of having data for you on where the world is on renewals right now being a month into this, I can't say that we have a lot of data on that because there's not many people wait until the last day that they had to renew, right? So there is not a lot of data -- leasing is going. We're doing leases. Go ahead, you can fill in on this?
Kevin A. Crummy -- Chief Investment Officer
Yes. No, I think that's fair. I think that a lot of people are just delaying their decisions at this point, but we're still getting a decent amount of leasing done. It definitely slowed way down, starting to pick up. I mean we're seeing volume, we're seeing calls, all that stuff coming back again after shutting down almost completely for a while. And like I said in my remarks, we're pretty well set up with virtual tours, and we're getting -- just trying to get the brokers' community and the tenant community used to this world. And the brokers are definitely hungry to do deals.
They're not making money when they're not doing deals. So we're seeing them start to come back. I think, like Jordan said, mostly we're seeing our tenants kind of delay their decisions for a little while, but most of our tenants tend to go maybe six months before their end of the lease is our average when they're making their renewal decision.
Dave Rodgers -- Baird -- Analyst
And then I guess maybe just on the rate side, Jordan, it wasn't long ago we were talking about pushing rate and having tenants really pushing back and complaining and personal phone calls to you, etc. As you kind of think about this next phase in terms of where rents are on leases and where you feel comfortable pushing those or pulling those, how are those discussions going? And what's the expectation near-term that you think about?
Jordan L. Kaplan -- President & Chief Executive Officer
God, we haven't had any rate discussions. I have had no rate discussions. I don't think we -- to what, no, I don't think we've raised rates and I don't think we've lowered rates and I think we're doing deals. I mean there's like there's a measure of just like social sensitivity or something.
I'd be a little nervous to raise rates. Even if the market stays very tight, I'd probably have a little breather for a little while. There's just a lot of tension out there in the world so you don't -- certainly you don't want to do anything that could ever be viewed as aggressive or predatory or taking advantage and I think we're going to be equally alert and aware. We operate in small -- obviously L.A. is not a small community, but the various markets we're in, we're certainly in a period right now where it's good to have more friends than just kind put of a wall around.
Dave Rodgers -- Baird -- Analyst
Okay. And then maybe a last one if I just could on the parking. You mentioned parking revenue, how much of that could be at risk or isn't part of or baked into some of the leases on a number basis?
Peter D. Seymour -- Chief Financial Officer
Yes, it's Peter. I mean, we're probably at this point -- but it's hard to say how it's going to go -- we're probably getting about half the parking income that we normally have. But as I said that's on a very short time period and really hard to see where it's headed in the next couple of months. And especially as things start to reopen, just don't know which way it's going to go.
Jordan L. Kaplan -- President & Chief Executive Officer
Well, I think they're going to -- when things reopen, I think they're going to drive, they're not going to take a bus. I mean they will want their parking spaces back. I suspect parking becomes a very short-term phenomenon of people being told to stay home.
Dave Rodgers -- Baird -- Analyst
Yeah, I think that makes sense. All right. Thank you.
Operator
The next question comes from Rick Anderson at SMBC.
Rick Anderson -- SMBC -- Analyst
Hey, I'll take that question even further. I think there should be a parking REIT in the aftermath of all this because everyone is going to be driving all around the country in my opinion.
Jordan L. Kaplan -- President & Chief Executive Officer
That might be right.
Rick Anderson -- SMBC -- Analyst
It hasn't come up yet, but not to pile on the regulatory silliness of California, but Prop 13, do you agree with Victor and Hudson that's on the back burners for now for at least a while?
Jordan L. Kaplan -- President & Chief Executive Officer
I don't think back burner is the right term. Look, it's going to be on the ballot. [Speech Overlap] I think that it is -- I think that we are doing a lot of work to fight it. I think it's a bad idea. And I think -- and it's polling quite poorly.
For me, it's not just going to be beating it. I mean we want to really beat it so that we don't have to face it again. I mean, it shows up at times from groups that are not really stakeholders in our markets to be perfectly frank and they are looking to raise money for their own purposes.
And you don't see the state or any of the rest of them saying we think this is a good idea. And so we want to make it clear of not just beating it, but beating it enough so no one wants to waste their money or our money in the future to having to deal with that again. But I still feel if what Victor said was that he feels confident that we will beat it. I think that's reasonable. I feel pretty confident that we'll beat it and because it's polling so poorly.
And Californians, in general, not just for that which is much harder to justify, but even some things for schools and otherwise have just been saying enough is enough when it comes to taxes, they're just done. And that's unfortunate because we've put some taxes on for very odd and special things during the heyday because maybe some special purpose group talked people into it. And now they're going to really need that money for the general state budget. And so I think there's going to be some shifting there but we'll see what happens. Okay. Given that you have -- you're known for small tenants in terms of lease size and all that, do you feel like there is any incremental vulnerabilities to your business just in terms of small companies and perhaps less financial wherewithal in this environment that they may perhaps be more exposed to, god forbid, closing down business or that kind of thing? Or is that just not in the conversation right now? Well, I don't think the fact that they're small or large plays the role that you're indicating in the impact of the economy on them, their capitalization or them closing down their business. Frankly, most of what I'm reading is large companies closing down their businesses, not a lot of these smaller ones that are throughout our portfolio. I think that it's fair -- I think it's -- I think there, they have an easier time controlling their expenses and they actually -- when you look at the capital backing them as it relates percentage-wise and all other ways to their rent obligation or all of their costs in running their companies, I think it's actually more capital backing that than some of these larger companies that we know are all over the country that have been running at literally like losing money every year and borrowing to support that. So I don't think the economy, like, if you would have gone back to the last recession, that we'll call it the financial and east [Phonetic] recession, the bank recession that was hard on a lot of our companies because not because if they weren't in a good position, but sort of the banks stopped lending and doing stuff with all those guys. And that was just hard to them. It was hard for new formation, but this thing doesn't seem to be that kind of recession. So, I don't think they will be hit in that way. And I think that if you just look at the industries that they're in, tech, entertainment, and medical research and it's a lot of them, I actually think that money is going to come, more money into that, into those areas. So I'm not as worried with the small tenants. And as I said, even the financial recession, the one that really like banks and liquidity squeeze that happened in what '07, '08, '09 whenever you want take it, we never really experienced more than 2% default. So from that perspective, I feel like we did probably better than a lot of places. And by the way, our rent -- because we go into these things without new supply overhang, we don't see the same decline in rents. We have a chart that's on our website that shows that in the last recession, the lowest point of rents for our company in the last recession was still 10% above the previous peak. And that cannot be said for any of the other gateway markets, except Washington D.C., which in the last recession did feel the impact but in all the other markets.
Rick Anderson -- SMBC -- Analyst
Okay, great. Thanks very much.
Operator
The next question is from Peter Abramowitz at Jefferies.
Peter Abramowitz -- Jefferies -- Analyst
Thank you. I just want to ask you about the multifamily portfolio specifically. You've had two straight quarters of negative same-store revenue growth. So just in comparison I guess to some of the apartment tiers that are in the 2% to 3% top-line growth range, anything specific that's going on to your portfolio that might be a drag there?
Peter D. Seymour -- Chief Financial Officer
Yeah, it's Peter. I don't think there's any specific trend. We've been running at really high well over 99% for a whole bunch of our quarters. And they're small numbers in the same-store, so it's super sensitive, 1% I think is in 19 or 20 units. So a little blip and it draws that number down. But at 97.5% leased, it's still an incredibly high lease rate. But early to say whether there's -- what the long-term impacts of this whole pandemic are going to be but it's certainly going into the end of the quarter, we didn't see any specific trends.
Peter Abramowitz -- Jefferies -- Analyst
Got you. Is the lease rate going down, say, a couple of hundred basis points in the quarter, was that at all pandemic related in March the beginning? Because I think the building with the fire was excluded from that if I read correctly.
Peter D. Seymour -- Chief Financial Officer
We're not seeing any of that. We're not seeing that as a driving force.
Peter Abramowitz -- Jefferies -- Analyst
Okay. Thank you.
Operator
The next question comes from Daniel Ismail at Green Street Advisers.
Daniel Ismail -- Green Street Advisers -- Analyst
Great, thank you. Just following up on a previous question about parking revenue, I don't think I heard a percentage of revenues that comes from parking. Are you able to provide that?
Peter D. Seymour -- Chief Financial Officer
We don't break that out separately. I did say that it's -- we've probably collected about half of what we normally do.
Daniel Ismail -- Green Street Advisers -- Analyst
Okay. But is that like low single digits, like sub-5% or somewhere higher than that?
Jordan L. Kaplan -- President & Chief Executive Officer
Danny, parking and other is a line item on our income statement. So take that line item and cut it about in about half.
Daniel Ismail -- Green Street Advisers -- Analyst
All right. So the majority of that is in parking and not other sources of ancillary income.
Jordan L. Kaplan -- President & Chief Executive Officer
Yes. The majority of parking and other is parking.
Daniel Ismail -- Green Street Advisers -- Analyst
Okay. And then, Jordan, given those -- you mentioned the restrictions on evictions, are you able to utilize security deposits and letters of credits to make up some of the shortfall in nonpayment?
Jordan L. Kaplan -- President & Chief Executive Officer
We really haven't been doing that. I think that if we can -- I think we can write that last group if I get these changes in the cities. And not -- in the end, of course, look, there's nothing -- maybe something we should have said earlier on the call, we have not forgiven any rent, OK? We haven't forgiven any rent for anybody. So this is all -- none of these collections are a function of, "Well, we made a deal with them and we forgave some rent."
And I hope that when all said and done, and I'm not going to say we're never going to forgive any rent, but if we forgive rent, it will be in exchange for some other terms in the lease or some other improvement in the lease or term or whatever the case may be. So I don't think pulling security deposits and starting to sort of unravel a lease going kind of Devcon form. I just don't think it's the right idea right now. We're just not there right now.
I think if we get these moratoriums worked out to be less penalizing, I think a lot of these people are just going, "I'll pay now." I think it's equivalent of you don't owe your 2019 taxes until July. So now how many people paid their taxes in April, because the federal government is hurting? I don't think very many and that's what we're dealing with. It doesn't make them bad or good, they're just -- they got presented with something and they took it. So we aren't prevented from doing what you said, but I don't think we're really doing it.
Daniel Ismail -- Green Street Advisers -- Analyst
All right. Make sense. Thanks, Jordan.
Operator
The next question comes from Tayo Okusanya at Mizuho.
Tayo Okusanya -- Mizuho -- Analyst
Yes. Good afternoon, everyone. A couple of questions from me. The first one, the Barrington Plaza, the apartment complex, could you tell us what the latest is with that in regards to refurbishing the apartments that unfortunately did burn down and kind of what the status is with some of these pending class action lawsuits?
Jordan L. Kaplan -- President & Chief Executive Officer
Let's see. So, in terms of the litigation, I mean we're not going to discuss litigation, but as we've told you, we're insured that is unfortunately in the world that we're in, people have a hard time not trying to take advantage of disasters. Put that to the side. If you say what's happening with the building, we're deep in the process of redoing the floors, getting the plans approved, and working I think quite well with the city, who -- which the city does not have a -- we wanted to sprinkler the buildings. We wanted a sprinkler on after the first fire. And the city does not have an ordinance that kind of shakes hands properly with the Fair Housing Department that allows you to go in and actually retrofit and sprinkler a high-rise residential building.
And we've gone to them and said, "Look, we know you want us to have them. We know we want to do it." And they have been really good about saying, "Yeah, we're just going to try and figure out a way to get you there." And so I'm pretty confident now that we're not only going to be redoing those floors, getting them done, but I think the city is really kind of in a great way come on our team to say, "We're going to make provisions or a way even though it's not in our code at the moment where you're going to get to sprinkler these buildings." So we're feeling good about that.
Tayo Okusanya -- Mizuho -- Analyst
Got you, that's helpful. And then I just wanted to go back to Frank's question around tenants, he did ask about Equinox. But I'm curious what you're hearing from Morgan Stanley, given some of the vocal comments the CEO did make on theirearnings callabout needing less office space going forward, because more of the employees will be working from home?
Jordan L. Kaplan -- President & Chief Executive Officer
Okay. And what's -- a quick -- I mean I've already said -- wait, who made this comment?
Kevin A. Crummy -- Chief Investment Officer
Morgan Stanley CEO.
Tayo Okusanya -- Mizuho -- Analyst
The CEO of Morgan Stanley.
Jordan L. Kaplan -- President & Chief Executive Officer
Okay. And he thinks more people are going to be working from home?
Tayo Okusanya -- Mizuho -- Analyst
That's what he said on theirearnings callthat they would be looking at having -- taking less office space going forward, because of that.
Jordan L. Kaplan -- President & Chief Executive Officer
Okay. I mean, I don't know what those big investment banks will end up doing. They already -- they're kind of a prime group that's worked the hardest to get down to 150 feet per person, 140 feet per person. I mean, we're there when we're at New York there visiting and we go out on to those big trading floors and it's certainly packed in at a level that we haven't seen before.
I can't imagine that he is going to have so many people working from home that he's going to achieve, for the people working, social distancing and actually also reduce their space and create that kind of proper environment, but maybe he figured out how to do that, I don't know.
But I do think that, for the people that are in that position, I don't think they have any choice, but to keep people working from home for a lot longer than other companies. Because I don't think, just practically speaking, I don't know how they bring -- I mean even going every other seat, I think they have a tough time being six feet apart. So I mean that's going to be an outlet for them for a long time.
If you say to me human nature, I've watched people, I've watched technology come and everyone said, "Oh, technology, no one's coming into the office." Actually office space filled up more because individuals became more productive and more people were coming into offices and working with computers there. And then, people got to a point where they said, "All right, I think we're going to expand and expand the workforce and have people work from home and let a lot of people work from home." And then even the technology companies said, "You know what we've just found out, we're not in love with people working from home, we want teams together." And then you saw a shift pattern where they said, "Nope. We're going to pack them into our space, because we want people to even casually run across each other so that they can have creative conversations and collaborate and all the rest." So there was sort of a complete revolt toward working from home.
And now in the situation we're in, people are saying, "Hey, what about working from home?" I think when all said and done, they're going to end up figuring out that first of all, when people are working in the office, they don't want to be in a position where they're almost forced to be in a collaborative conversation all the time. They want their own space. And I also think they're going to find out that, that space needs to be more than 20 square feet, right? And I think that they'll find out that there are a lot of people that can work from home in an out-of-way to make them more productive. But if you're saying, human nature is that -- people are going to say, I prefer to work from home or companies are going to now switch back and go, "Okay, we changed our mind again and now we now like people working from home." I never saw that as a long-term trend. And I still don't think it will be a long-term trend.
Tayo Okusanya -- Mizuho -- Analyst
That's helpful. One more if you could indulge me, just around the office parking other income line item in 1Q, just kind of given some of the discussions you talked about your parking trends, that line item was actually up $3 million in 1Q '20 versus 4Q '19. Could you talk a little bit about that delta and what caused that big increase?
Jordan L. Kaplan -- President & Chief Executive Officer
I don't know that answer. I see, Peter is starting to try to look around at his papers.
Peter D. Seymour -- Chief Financial Officer
I think there were some true-ups there from prior quarters. I mean, quarter-to-quarter you get variability there. But there's nothing.
Jordan L. Kaplan -- President & Chief Executive Officer
Nothing stands out. We didn't prepare for the question, Tayo.
Tayo Okusanya -- Mizuho -- Analyst
So, it was just some accounting true-ups in 1Q '20 on that, that's kind of it?
Peter D. Seymour -- Chief Financial Officer
Yeah, and the other factor you do have to remember, we consolidated one of our JVs --
Tayo Okusanya -- Mizuho -- Analyst
One of the JVs in [Speech Overlap]
Peter D. Seymour -- Chief Financial Officer
Actually, the -- partway through the fourth quarter so that will contribute.
Tayo Okusanya -- Mizuho -- Analyst
All right. Thank you. Have a good weekend.
Jordan L. Kaplan -- President & Chief Executive Officer
You too.
Operator
The next question is from Emmanuel Korchman at Citi.
Michael Bilerman -- Citi -- Analyst
Hey, it's Michael Bilerman.
Jordan L. Kaplan -- President & Chief Executive Officer
Hey, Michael.
Michael Bilerman -- Citi -- Analyst
Where is -- where did April occupancy end up at the end of the month?
Jordan L. Kaplan -- President & Chief Executive Officer
Where did which occupancy?
Michael Bilerman -- Citi -- Analyst
The April occupancy, office.
Jordan L. Kaplan -- President & Chief Executive Officer
Oh, I don't think we're publishing month-to-month occupancy. And frankly, I don't know.
Michael Bilerman -- Citi -- Analyst
I mean, was it -- you had negative net absorption in the first quarter which because of your short lease duration, you're running call it 120 basis points of expirations every month, right? And so and you are -- Ken, runs a leasing machine. I think you guys do like two, three leases a day historically, right, whether they're renewals or new leases, just given the tenant size and the number of leases you have, the spaces. And so I'm just trying to get a sense of what occurred during April, so that we understand the sort of the cadence of the occupancy declines as the shelter-in-place orders still are there? Just in terms of how low -- at what point will that low point settle in?
Jordan L. Kaplan -- President & Chief Executive Officer
Yes, I don't -- well, what creates occupancy declines and literally, I do not know the exact answer to your question. But if you look at what creates occupancy decline, I don't think any of that could have happened in April. I don't think -- obviously, it's impossible to default in our markets. I didn't hear about -- if you're saying a person's -- right in that month of April, the person's lease came up and they moved out and we lost it, I don't think really anyone was moving.
I don't think anything -- no one was coming, no one was going no one was doing anything. I don't think even if we had the exact information of April, I don't think it would give you any indication of a trend line until you see people kind of -- the world start going again and people start making affirmative decisions about things, because nobody is doing anything. I wouldn't be surprised that occupancy April 1 and occupancy April 30 is the same number. But I don't think that's a trend. I just don't think anyone has been able to do anything for the last month.
Michael Bilerman -- Citi -- Analyst
But I guess what happened to all the leases that expired? You probably had like 50 or 60 leases expire during the month of April? Were all those renewed at --
Jordan L. Kaplan -- President & Chief Executive Officer
Well, no, because that's what I was explaining earlier at one of the earlier questions. What I said was these guys, nobody goes and renews or doesn't renew on the month of expiration. I mean, I said five months and then Stuart corrected me to say, it's actually the average for these guys is six months or not even the average, the short end. So, people -- six months ago, those renewals happened. Now you go, well, people that are six months on from now, how come they're not feeling pressure to do their renewals? Probably are, but they're not doing anything or they did their renewal.
Michael Bilerman -- Citi -- Analyst
Right. And what are you doing from just bringing your -- in terms of reopening and bringing people back into the office? I think about the larger landlords who have very large tenants are working hand-in-hand and providing those services to be able to bringing employees back into the office in a social distanced way, right? And they'll go up to maybe get to 50%. I would assume with a much smaller tenant base, when you're dealing with an average lease average tenant size of about 5,000 square feet. I guess, what do you need to do in those spaces to get those people back in and the cost of doing that just from a sanitation and just opening your building perspective?
Jordan L. Kaplan -- President & Chief Executive Officer
So, within the suites, we're doing our cleaning as we always have. And outside in the common areas of the buildings, we are putting together programs to bring people in, limit the number of people going through the elevators, requiring mask, I mean, we're putting all those programs together and starting to get ready to just [Indecipherable] them out. Actually, there's a meeting about it, another meeting about it today.
I think that -- I don't think that we have similar problems, not the same problems as these huge markets with gigantic buildings, like, whether it be in New York or Boston or San Francisco. I mean, the timing of people arriving is a little more varied here. And we don't have those colossal crunches to the elevators. I mean, we have some other opportunities so -- to lighten things up but we're looking at all of them.
And we're putting all those programs in to try and make people feel safe about coming back to work. Now, if you say in the people -- in offices, how many people -- how many are they bringing back? I mean that's the choice of the tenant, not us. All we are doing is creating good accommodations and notifications and cleaning and all the rest of that stuff for people coming in through the building and the lobbies and the elevators.
Michael Bilerman -- Citi -- Analyst
How do you think sort of the Warner Center market fits into all of this and in a post-pandemic world, the better or worse for it?
Jordan L. Kaplan -- President & Chief Executive Officer
I think the short-term post-pandemic world is bad for all businesses, because the economy is slowing down. And at the end of the day, the economy is the motor that drives everything. And so I don't think you could say Warner Center separate from Santa Monica separate from Beverly Hills, L.A. New York, Boston, you name it. I don't think anybody is going to escape these impacts. So everything would only be on a relevant basis. And I don't know that Warner Center will be any more or less impacted than what we would expect out of the industries that are driving the L.A. economy. But if you say is the L.A. economy going to be hit, Hawaii's economy going to be hit, yeah, and all the others. I just think everyone is going to be hit.
Michael Bilerman -- Citi -- Analyst
All right. I just know it's been a challenge for a while just in terms of getting that occupancy up. And I'm trying to think about how the industry trends and where it's located, how that evolves post all of this?
Jordan L. Kaplan -- President & Chief Executive Officer
Well, yeah. I mean, we're -- I mean, we're going to try and give up as little occupancy as we can. But of course, nothing is free because then that would translate into rate. But if you say, "Wow, I mean you were going to blow and then now this hit. Now what's next?" Okay. I know what's next is not going to blow. I mean, we've got to like put the hat on in keeping the buildings full and let the economy recover.
Michael Bilerman -- Citi -- Analyst
Right. Just lastly on the deferrals, how long will those drag on? Is it entirely dependent on shelter-in-place? Or are there other variables in those deferrals?
Jordan L. Kaplan -- President & Chief Executive Officer
Most of these cities have either said April and May or April, May, and June. So they've like named the months that have the deferrals.
Now, if we're successful, we will get a good part of what we have on our portfolio free of that. But every major market has a moratorium on evictions and then that moratorium comes with four different components. And depending on what those components are depends on how punitive or how much it's encouraging a tenant, whether they need it or not, to take a free loan. And that is who's covered, whether late fees or interest can be charged, whether significant documentation is needed, and how many -- whether they've even said, how many months past the crisis the deferral goes. And what we've seen in most of these markets is they all have, well, say, two of those components. Maybe they all have -- maybe they have, "Okay, everyone is covered and you can't charge late fees." But maybe then they say, "But you have to provide very good documentation. And if you don't, then you don't get the benefit of this."
And by the way, once the emergency is over, it's between you and the landlord, because now the rent is due the next day, OK. So you could choose two of the four things and you probably have not created a bad situation where people are trying to get a free loan. We're in markets where all four of those things exist, not very big need for documentation, just impacted by COVID, very long payout periods, everybody is covered and no fees. Okay. That's a recipe for disaster and that's what we're facing. Now, we're trying to get that changed. So we'll see with the change how long -- if they change it and they go, "Whoa, we didn't mean to include office." Well, now we don't have that problem anymore.
Michael Bilerman -- Citi -- Analyst
Okay. Stay safe, guys.
Jordan L. Kaplan -- President & Chief Executive Officer
Thanks. Okay.
Operator
At this time, we show no further questions. Would you like to make any closing remarks?
Jordan L. Kaplan -- President & Chief Executive Officer
Yes. Thank you all for joining us. And we hope that very soon in the future we're able to meet you again in person.
Operator
[Operator Closing Remarks]
Duration: 71 minutes
Call participants:
Stuart McElhinney -- Vice President, Investor Relations
Jordan L. Kaplan -- President & Chief Executive Officer
Kevin A. Crummy -- Chief Investment Officer
Peter D. Seymour -- Chief Financial Officer
Jason Green -- Evercore -- Analyst
Craig Mailman -- KeyBanc Capital Markets -- Analyst
Jamie Feldman -- Bank of America -- Analyst
Emmanuel Korchman -- Citi -- Analyst
Alexander Goldfarb -- Piper Sandler -- Analyst
Frank Lee -- BMO Capital Markets -- Analyst
Dave Rodgers -- Baird -- Analyst
Rick Anderson -- SMBC -- Analyst
Peter Abramowitz -- Jefferies -- Analyst
Daniel Ismail -- Green Street Advisers -- Analyst
Tayo Okusanya -- Mizuho -- Analyst
Michael Bilerman -- Citi -- Analyst
More DEI analysis
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Douglas Emmett Inc (NYSE: DEI) Q1 2020 Earnings Call May 11, 2020, 7:00 a.m. Crummy -- Chief Investment Officer Peter D. Seymour -- Chief Financial Officer Jason Green -- Evercore -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Jamie Feldman -- Bank of America -- Analyst Emmanuel Korchman -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Dave Rodgers -- Baird -- Analyst Rick Anderson -- SMBC -- Analyst Peter Abramowitz -- Jefferies -- Analyst Daniel Ismail -- Green Street Advisers -- Analyst Tayo Okusanya -- Mizuho -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts {%sfr%} 10 stocks we like better than Douglas Emmett When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. As Jordan mentioned, the cities where we primarily operate, Los Angeles, Beverly Hills, and Santa Monica have all enacted enforcement moratoriums to cover our residential, retail and office tenants.
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Crummy -- Chief Investment Officer Peter D. Seymour -- Chief Financial Officer Jason Green -- Evercore -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Jamie Feldman -- Bank of America -- Analyst Emmanuel Korchman -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Dave Rodgers -- Baird -- Analyst Rick Anderson -- SMBC -- Analyst Peter Abramowitz -- Jefferies -- Analyst Daniel Ismail -- Green Street Advisers -- Analyst Tayo Okusanya -- Mizuho -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts {%sfr%} 10 stocks we like better than Douglas Emmett When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Douglas Emmett Inc (NYSE: DEI) Q1 2020 Earnings Call May 11, 2020, 7:00 a.m. Peter D. Seymour -- Chief Financial Officer Yeah, and the other factor you do have to remember, we consolidated one of our JVs -- Tayo Okusanya -- Mizuho -- Analyst One of the JVs in [Speech Overlap] Peter D. Seymour -- Chief Financial Officer Actually, the -- partway through the fourth quarter so that will contribute.
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Crummy -- Chief Investment Officer Peter D. Seymour -- Chief Financial Officer Jason Green -- Evercore -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Jamie Feldman -- Bank of America -- Analyst Emmanuel Korchman -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Dave Rodgers -- Baird -- Analyst Rick Anderson -- SMBC -- Analyst Peter Abramowitz -- Jefferies -- Analyst Daniel Ismail -- Green Street Advisers -- Analyst Tayo Okusanya -- Mizuho -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts {%sfr%} 10 stocks we like better than Douglas Emmett When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Douglas Emmett Inc (NYSE: DEI) Q1 2020 Earnings Call May 11, 2020, 7:00 a.m. Jordan L. Kaplan -- President & Chief Executive Officer Well, OK, so the first part of your question, this is very hard to -- I mean, I don't frankly have -- we don't have a lot more information than you guys do.
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Crummy -- Chief Investment Officer Peter D. Seymour -- Chief Financial Officer Jason Green -- Evercore -- Analyst Craig Mailman -- KeyBanc Capital Markets -- Analyst Jamie Feldman -- Bank of America -- Analyst Emmanuel Korchman -- Citi -- Analyst Alexander Goldfarb -- Piper Sandler -- Analyst Frank Lee -- BMO Capital Markets -- Analyst Dave Rodgers -- Baird -- Analyst Rick Anderson -- SMBC -- Analyst Peter Abramowitz -- Jefferies -- Analyst Daniel Ismail -- Green Street Advisers -- Analyst Tayo Okusanya -- Mizuho -- Analyst Michael Bilerman -- Citi -- Analyst More DEI analysis All earnings call transcripts {%sfr%} 10 stocks we like better than Douglas Emmett When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. Douglas Emmett Inc (NYSE: DEI) Q1 2020 Earnings Call May 11, 2020, 7:00 a.m. I don't think that changes.
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2020-04-21 00:00:00 UTC
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First Week of June 19th Options Trading For Douglas Emmett (DEI)
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DEI
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https://www.nasdaq.com/articles/first-week-of-june-19th-options-trading-for-douglas-emmett-dei-2020-04-21
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the June 19th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new June 19th contracts and identified one put and one call contract of particular interest.
The put contract at the $22.50 strike price has a current bid of 5 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $22.50, but will also collect the premium, putting the cost basis of the shares at $22.45 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $29.05/share today.
Because the $22.50 strike represents an approximate 23% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 94%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 0.22% return on the cash commitment, or 1.37% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $22.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $35.00 strike price has a current bid of 10 cents. If an investor was to purchase shares of DEI stock at the current price level of $29.05/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $35.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 20.83% if the stock gets called away at the June 19th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red:
Considering the fact that the $35.00 strike represents an approximate 20% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 85%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 0.34% boost of extra return to the investor, or 2.13% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 188%, while the implied volatility in the call contract example is 140%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $29.05) to be 42%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 20% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the June 19th expiration.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 20% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the June 19th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new June 19th contracts and identified one put and one call contract of particular interest.
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Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 20% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the June 19th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new June 19th contracts and identified one put and one call contract of particular interest.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new June 19th contracts and identified one put and one call contract of particular interest. Below is a chart showing DEI's trailing twelve month trading history, with the $35.00 strike highlighted in red: Considering the fact that the $35.00 strike represents an approximate 20% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the June 19th expiration.
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803d7aab-39c5-4c4f-9009-565d748b7937
|
724993.0
|
2020-04-10 00:00:00 UTC
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Look Under The Hood: XMLV Has 18% Upside
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DEI
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https://www.nasdaq.com/articles/look-under-the-hood%3A-xmlv-has-18-upside-2020-04-10
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nan
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nan
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Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the Invesco S&P MidCap Low Volatility ETF (Symbol: XMLV), we found that the implied analyst target price for the ETF based upon its underlying holdings is $51.66 per unit.
With XMLV trading at a recent price near $43.68 per unit, that means that analysts see 18.27% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of XMLV's underlying holdings with notable upside to their analyst target prices are Sabra Health Care REIT Inc (Symbol: SBRA), Douglas Emmett Inc (Symbol: DEI), and Selective Insurance Group Inc (Symbol: SIGI). Although SBRA has traded at a recent price of $13.22/share, the average analyst target is 40.70% higher at $18.60/share. Similarly, DEI has 26.16% upside from the recent share price of $33.22 if the average analyst target price of $41.91/share is reached, and analysts on average are expecting SIGI to reach a target price of $62.67/share, which is 18.87% above the recent price of $52.72. Below is a twelve month price history chart comparing the stock performance of SBRA, DEI, and SIGI:
Below is a summary table of the current analyst target prices discussed above:
NAME SYMBOL RECENT PRICE AVG. ANALYST 12-MO. TARGET % UPSIDE TO TARGET
Invesco S&P MidCap Low Volatility ETF XMLV $43.68 $51.66 18.27%
Sabra Health Care REIT Inc SBRA $13.22 $18.60 40.70%
Douglas Emmett Inc DEI $33.22 $41.91 26.16%
Selective Insurance Group Inc SIGI $52.72 $62.67 18.87%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
10 ETFs With Most Upside To Analyst Targets »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Invesco S&P MidCap Low Volatility ETF XMLV $43.68 $51.66 18.27% Sabra Health Care REIT Inc SBRA $13.22 $18.60 40.70% Douglas Emmett Inc DEI $33.22 $41.91 26.16% Selective Insurance Group Inc SIGI $52.72 $62.67 18.87% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of XMLV's underlying holdings with notable upside to their analyst target prices are Sabra Health Care REIT Inc (Symbol: SBRA), Douglas Emmett Inc (Symbol: DEI), and Selective Insurance Group Inc (Symbol: SIGI). Similarly, DEI has 26.16% upside from the recent share price of $33.22 if the average analyst target price of $41.91/share is reached, and analysts on average are expecting SIGI to reach a target price of $62.67/share, which is 18.87% above the recent price of $52.72.
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Three of XMLV's underlying holdings with notable upside to their analyst target prices are Sabra Health Care REIT Inc (Symbol: SBRA), Douglas Emmett Inc (Symbol: DEI), and Selective Insurance Group Inc (Symbol: SIGI). Similarly, DEI has 26.16% upside from the recent share price of $33.22 if the average analyst target price of $41.91/share is reached, and analysts on average are expecting SIGI to reach a target price of $62.67/share, which is 18.87% above the recent price of $52.72. Invesco S&P MidCap Low Volatility ETF XMLV $43.68 $51.66 18.27% Sabra Health Care REIT Inc SBRA $13.22 $18.60 40.70% Douglas Emmett Inc DEI $33.22 $41.91 26.16% Selective Insurance Group Inc SIGI $52.72 $62.67 18.87% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now?
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Similarly, DEI has 26.16% upside from the recent share price of $33.22 if the average analyst target price of $41.91/share is reached, and analysts on average are expecting SIGI to reach a target price of $62.67/share, which is 18.87% above the recent price of $52.72. Three of XMLV's underlying holdings with notable upside to their analyst target prices are Sabra Health Care REIT Inc (Symbol: SBRA), Douglas Emmett Inc (Symbol: DEI), and Selective Insurance Group Inc (Symbol: SIGI). Below is a twelve month price history chart comparing the stock performance of SBRA, DEI, and SIGI: Below is a summary table of the current analyst target prices discussed above:
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Invesco S&P MidCap Low Volatility ETF XMLV $43.68 $51.66 18.27% Sabra Health Care REIT Inc SBRA $13.22 $18.60 40.70% Douglas Emmett Inc DEI $33.22 $41.91 26.16% Selective Insurance Group Inc SIGI $52.72 $62.67 18.87% Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Three of XMLV's underlying holdings with notable upside to their analyst target prices are Sabra Health Care REIT Inc (Symbol: SBRA), Douglas Emmett Inc (Symbol: DEI), and Selective Insurance Group Inc (Symbol: SIGI). Similarly, DEI has 26.16% upside from the recent share price of $33.22 if the average analyst target price of $41.91/share is reached, and analysts on average are expecting SIGI to reach a target price of $62.67/share, which is 18.87% above the recent price of $52.72.
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6a76ed1c-b118-4626-9a32-5c5150c1022a
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724994.0
|
2020-03-25 00:00:00 UTC
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First Week of May 15th Options Trading For Douglas Emmett (DEI)
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DEI
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https://www.nasdaq.com/articles/first-week-of-may-15th-options-trading-for-douglas-emmett-dei-2020-03-25
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nan
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nan
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Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 15th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 15th contracts and identified one put and one call contract of particular interest.
The put contract at the $22.50 strike price has a current bid of 40 cents. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $22.50, but will also collect the premium, putting the cost basis of the shares at $22.10 (before broker commissions). To an investor already interested in purchasing shares of DEI, that could represent an attractive alternative to paying $27.13/share today.
Because the $22.50 strike represents an approximate 17% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 91%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 1.78% return on the cash commitment, or 12.72% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Douglas Emmett Inc, and highlighting in green where the $22.50 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $30.00 strike price has a current bid of 25 cents. If an investor was to purchase shares of DEI stock at the current price level of $27.13/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $30.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 11.50% if the stock gets called away at the May 15th expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red:
Considering the fact that the $30.00 strike represents an approximate 11% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 75%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 0.92% boost of extra return to the investor, or 6.59% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 125%, while the implied volatility in the call contract example is 116%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 252 trading day closing values as well as today's price of $27.13) to be 38%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Top YieldBoost Calls of the REITs »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Of course, a lot of upside could potentially be left on the table if DEI shares really soar, which is why looking at the trailing twelve month trading history for Douglas Emmett Inc, as well as studying the business fundamentals becomes important. Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 11% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 15th expiration.
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Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 11% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 15th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 15th contracts and identified one put and one call contract of particular interest.
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Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 11% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 15th expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 15th contracts and identified one put and one call contract of particular interest.
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At Stock Options Channel, our YieldBoost formula has looked up and down the DEI options chain for the new May 15th contracts and identified one put and one call contract of particular interest. Below is a chart showing DEI's trailing twelve month trading history, with the $30.00 strike highlighted in red: Considering the fact that the $30.00 strike represents an approximate 11% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. Investors in Douglas Emmett Inc (Symbol: DEI) saw new options begin trading this week, for the May 15th expiration.
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34434d8b-f6a1-48eb-83aa-1254e93b33cf
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724995.0
|
2020-03-20 00:00:00 UTC
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Oversold Conditions For Douglas Emmett (DEI)
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DEI
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https://www.nasdaq.com/articles/oversold-conditions-for-douglas-emmett-dei-2020-03-20
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nan
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nan
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Legendary investor Warren Buffett advises to be fearful when others are greedy, and be greedy when others are fearful. One way we can try to measure the level of fear in a given stock is through a technical analysis indicator called the Relative Strength Index, or RSI, which measures momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) entered into oversold territory, hitting an RSI reading of 29.9, after changing hands as low as $26.13 per share. By comparison, the current RSI reading of the S&P 500 ETF (SPY) is 32.9. A bullish investor could look at DEI's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DEI shares:
Looking at the chart above, DEI's low point in its 52 week range is $24.38 per share, with $45.59 as the 52 week high point — that compares with a last trade of $26.48.
Find out what 9 other oversold stocks you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) entered into oversold territory, hitting an RSI reading of 29.9, after changing hands as low as $26.13 per share. A bullish investor could look at DEI's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DEI shares: Looking at the chart above, DEI's low point in its 52 week range is $24.38 per share, with $45.59 as the 52 week high point — that compares with a last trade of $26.48.
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A bullish investor could look at DEI's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DEI shares: Looking at the chart above, DEI's low point in its 52 week range is $24.38 per share, with $45.59 as the 52 week high point — that compares with a last trade of $26.48. In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) entered into oversold territory, hitting an RSI reading of 29.9, after changing hands as low as $26.13 per share.
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) entered into oversold territory, hitting an RSI reading of 29.9, after changing hands as low as $26.13 per share. A bullish investor could look at DEI's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DEI shares: Looking at the chart above, DEI's low point in its 52 week range is $24.38 per share, with $45.59 as the 52 week high point — that compares with a last trade of $26.48.
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In trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) entered into oversold territory, hitting an RSI reading of 29.9, after changing hands as low as $26.13 per share. A bullish investor could look at DEI's 29.9 RSI reading today as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. The chart below shows the one year performance of DEI shares: Looking at the chart above, DEI's low point in its 52 week range is $24.38 per share, with $45.59 as the 52 week high point — that compares with a last trade of $26.48.
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c87c9de6-0d48-4eac-a2e4-333da3829519
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724996.0
|
2020-03-06 00:00:00 UTC
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Daily Dividend Report: HMN,GL,WYND,DEI,VGR
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DEI
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https://www.nasdaq.com/articles/daily-dividend-report%3A-hmnglwynddeivgr-2020-03-06
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nan
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nan
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Horace Mann Educators today announced that its Board of Directors approved a 4.3% increase in the quarterly cash dividend to $0.30 per share. This represents an annualized dividend of $1.20 per share. "This is the 12th consecutive year the board has increased the annual cash dividend for our shareholders," said President and Chief Executive Officer Marita Zuraitis. The quarterly dividend is payable on March 31, 2020, to shareholders of record as of March 17, 2020.
Globe Life announced that its Board of Directors has raised the quarterly dividend to $.1875 per share on all of the outstanding common stock of the Company held of record as of the close of business of the Company's transfer agent on April 3, 2020. The dividend will be paid on May 1, 2020.
Wyndham Destinations, announced today that the Company's board of directors declared a cash dividend of $0.50 per share on its common stock, an 11% increase over the Company's quarterly rate in 2019. The dividend is payable March 31, 2020 to shareholders of record as of March 16, 2020.
Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on April 15, 2020 to shareholders of record as of March 31, 2020.
Vector Group today announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock of $0.20 per share. The quarterly cash dividend will be payable on March 30, 2020 to holders of record as of March 19, 2020.
VIDEO: Daily Dividend Report: HMN,GL,WYND,DEI,VGR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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VIDEO: Daily Dividend Report: HMN,GL,WYND,DEI,VGR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. "This is the 12th consecutive year the board has increased the annual cash dividend for our shareholders," said President and Chief Executive Officer Marita Zuraitis. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on April 15, 2020 to shareholders of record as of March 31, 2020.
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VIDEO: Daily Dividend Report: HMN,GL,WYND,DEI,VGR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Wyndham Destinations, announced today that the Company's board of directors declared a cash dividend of $0.50 per share on its common stock, an 11% increase over the Company's quarterly rate in 2019. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on April 15, 2020 to shareholders of record as of March 31, 2020.
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VIDEO: Daily Dividend Report: HMN,GL,WYND,DEI,VGR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Globe Life announced that its Board of Directors has raised the quarterly dividend to $.1875 per share on all of the outstanding common stock of the Company held of record as of the close of business of the Company's transfer agent on April 3, 2020. Wyndham Destinations, announced today that the Company's board of directors declared a cash dividend of $0.50 per share on its common stock, an 11% increase over the Company's quarterly rate in 2019.
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VIDEO: Daily Dividend Report: HMN,GL,WYND,DEI,VGR The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Wyndham Destinations, announced today that the Company's board of directors declared a cash dividend of $0.50 per share on its common stock, an 11% increase over the Company's quarterly rate in 2019. Douglas Emmett, a real estate investment trust, announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.28, or $1.12 on an annualized basis, to be paid on April 15, 2020 to shareholders of record as of March 31, 2020.
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ab739257-cf23-4393-8773-22fb5c154f92
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724997.0
|
2020-03-03 00:00:00 UTC
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Tuesday 3/3 Insider Buying Report: DEI, PATK
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DEI
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https://www.nasdaq.com/articles/tuesday-3-3-insider-buying-report%3A-dei-patk-2020-03-03
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nan
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nan
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As the saying goes, there are many possible reasons for an insider to sell a stock, but only one reason to buy -- they expect to make money. So let's look at two noteworthy recent insider buys.
At Douglas Emmett, a filing with the SEC revealed that on Friday, Director William E. Simon Jr. bought 15,000 shares of DEI, for a cost of $38.95 each, for a total investment of $584,274. Simon Jr. was up about 4.1% on the buy at the high point of today's trading session, with DEI trading as high as $40.53 at last check today. Douglas Emmett is trading up about 1.4% on the day Tuesday. This buy marks the first one filed by Simon Jr. in the past year.
And also on Friday, Director M. Scott Welch purchased $532,701 worth of Patrick Industries, purchasing 10,000 shares at a cost of $53.27 a piece. Before this latest buy, Welch made one other purchase in the past year, buying $390,000 shares for a cost of $39.00 each. Patrick Industries is trading up about 0.4% on the day Tuesday.
VIDEO: Tuesday 3/3 Insider Buying Report: DEI, PATK
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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At Douglas Emmett, a filing with the SEC revealed that on Friday, Director William E. Simon Jr. bought 15,000 shares of DEI, for a cost of $38.95 each, for a total investment of $584,274. VIDEO: Tuesday 3/3 Insider Buying Report: DEI, PATK The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Simon Jr. was up about 4.1% on the buy at the high point of today's trading session, with DEI trading as high as $40.53 at last check today.
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VIDEO: Tuesday 3/3 Insider Buying Report: DEI, PATK The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. At Douglas Emmett, a filing with the SEC revealed that on Friday, Director William E. Simon Jr. bought 15,000 shares of DEI, for a cost of $38.95 each, for a total investment of $584,274. Simon Jr. was up about 4.1% on the buy at the high point of today's trading session, with DEI trading as high as $40.53 at last check today.
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Simon Jr. was up about 4.1% on the buy at the high point of today's trading session, with DEI trading as high as $40.53 at last check today. VIDEO: Tuesday 3/3 Insider Buying Report: DEI, PATK The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. At Douglas Emmett, a filing with the SEC revealed that on Friday, Director William E. Simon Jr. bought 15,000 shares of DEI, for a cost of $38.95 each, for a total investment of $584,274.
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At Douglas Emmett, a filing with the SEC revealed that on Friday, Director William E. Simon Jr. bought 15,000 shares of DEI, for a cost of $38.95 each, for a total investment of $584,274. Simon Jr. was up about 4.1% on the buy at the high point of today's trading session, with DEI trading as high as $40.53 at last check today. VIDEO: Tuesday 3/3 Insider Buying Report: DEI, PATK The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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0cccc47b-35b8-43e1-be53-6323b5df74ee
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724998.0
|
2020-03-03 00:00:00 UTC
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Top Buys by Directors: Simon Jr.'s $584.3K Bet on DEI
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DEI
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https://www.nasdaq.com/articles/top-buys-by-directors%3A-simon-jr.s-%24584.3k-bet-on-dei-2020-03-03
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nan
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nan
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The directors of a company tend to have a unique inside view into the business, so when directors make major buys, investors are wise to take notice. Presumably the only reason a director of a company would choose to take their hard-earned cash and use it to buy stock in the open market, is that they expect to make money — maybe they find the stock very undervalued, or maybe they see exciting progress within the company, or maybe both. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $584.3K by William E. Simon Jr., Director at Douglas Emmett Inc (Symbol: DEI).
PURCHASED INSIDER TITLE SHARES PRICE/SHARE VALUE
02/28/2020 William E. Simon Jr. Director 15,000 $38.95 $584,274.36
Simon Jr.'s average cost works out to $38.95/share. Shares of Douglas Emmett Inc were changing hands at $40.23 at last check, trading up about 2.5% on Tuesday. The chart below shows the one year performance of DEI shares, versus its 200 day moving average:
Looking at the chart above, DEI's low point in its 52 week range is $37.03 per share, with $45.59 as the 52 week high point — that compares with a last trade of $40.23.
The current annualized dividend paid by Douglas Emmett Inc is $1.12/share, currently paid in quarterly installments, and its most recent dividend ex-date was on 12/30/2019. Below is a long-term dividend history chart for DEI, which can be of good help in judging whether the most recent dividend with approx. 2.9% annualized yield is likely to continue.
Click here to find out which other top insider buys by company directors you need to know about »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $37.03 per share, with $45.59 as the 52 week high point — that compares with a last trade of $40.23. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $584.3K by William E. Simon Jr., Director at Douglas Emmett Inc (Symbol: DEI). Below is a long-term dividend history chart for DEI, which can be of good help in judging whether the most recent dividend with approx.
|
So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $584.3K by William E. Simon Jr., Director at Douglas Emmett Inc (Symbol: DEI). The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $37.03 per share, with $45.59 as the 52 week high point — that compares with a last trade of $40.23. Below is a long-term dividend history chart for DEI, which can be of good help in judging whether the most recent dividend with approx.
|
So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $584.3K by William E. Simon Jr., Director at Douglas Emmett Inc (Symbol: DEI). The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $37.03 per share, with $45.59 as the 52 week high point — that compares with a last trade of $40.23. Below is a long-term dividend history chart for DEI, which can be of good help in judging whether the most recent dividend with approx.
|
The chart below shows the one year performance of DEI shares, versus its 200 day moving average: Looking at the chart above, DEI's low point in its 52 week range is $37.03 per share, with $45.59 as the 52 week high point — that compares with a last trade of $40.23. So in this series we look at the largest insider buys by company directors over the trailing six month period, one of which was a total of $584.3K by William E. Simon Jr., Director at Douglas Emmett Inc (Symbol: DEI). Below is a long-term dividend history chart for DEI, which can be of good help in judging whether the most recent dividend with approx.
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a1fcfc14-e15c-430f-b940-5b31e59140d1
|
724999.0
|
2020-02-28 00:00:00 UTC
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DEI Dividend Yield Pushes Above 3%
|
DEI
|
https://www.nasdaq.com/articles/dei-dividend-yield-pushes-above-3-2020-02-28
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nan
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nan
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Looking at the universe of stocks we cover at Dividend Channel, in trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 3% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $37.03 on the day. Dividends are particularly important for investors to consider, because historically speaking dividends have provided a considerable share of the stock market's total return. To illustrate, suppose for example you purchased shares of the iShares Russell 3000 ETF (IWV) back on 5/31/2000 — you would have paid $78.27 per share. Fast forward to 5/31/2012 and each share was worth $77.79 on that date, a loss of $0.48 or 0.6% decrease over twelve years. But now consider that you collected a whopping $10.77 per share in dividends over the same period, increasing your return to 13.15%. Even with dividends reinvested, that only amounts to an average annual total return of about 1.0%; so by comparison collecting a yield above 3% would appear considerably attractive if that yield is sustainable. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets.
In general, dividend amounts are not always predictable and tend to follow the ups and downs of profitability at each company. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3% annual yield.
Click here to find out which 9 other dividend stocks just recently went on sale »
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Looking at the universe of stocks we cover at Dividend Channel, in trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 3% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $37.03 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3% annual yield.
|
Looking at the universe of stocks we cover at Dividend Channel, in trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 3% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $37.03 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3% annual yield.
|
Looking at the universe of stocks we cover at Dividend Channel, in trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 3% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $37.03 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3% annual yield.
|
Looking at the universe of stocks we cover at Dividend Channel, in trading on Friday, shares of Douglas Emmett Inc (Symbol: DEI) were yielding above the 3% mark based on its quarterly dividend (annualized to $1.12), with the stock changing hands as low as $37.03 on the day. Douglas Emmett Inc (Symbol: DEI) is a member of the Russell 3000, giving it special status as one of the largest 3000 companies on the U.S. stock markets. In the case of Douglas Emmett Inc, looking at the history chart for DEI below can help in judging whether the most recent dividend is likely to continue, and in turn whether it is a reasonable expectation to expect a 3% annual yield.
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ac4fdc13-49c7-4fc3-87ff-49837cb3bf90
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