Douglas Emmett announces 32% dividend cut

Douglas Emmett stock is yielding 4.8% despite the dividend cut (image: company investor presentation)

On December 9, 2022, US real estate investment trust Douglas Emmett (trading symbol DEI) announced a new quarterly dividend of $0.19 per share, down 32.1% from the previous quarterly payment of $0.28 per share.

Douglas Emmett announced that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.19, or $0.76 on an annualized basis, to be paid on January 18, 2023 to shareholders of record as of December 30, 2022. 

This represents a reduction from the Company’s previous quarterly dividend of $0.28 per common share, which was paid on October 18, 2022. The new dividend rate will provide the company with more than $74.0 million per year in additional liquidity. This further reinforces Douglas Emmett’s already strong financial position and enhances the Company’s ability to take advantage of compelling opportunities as they arise.

DEI stock has lost 52 percent year-to-date.

At a stock price of $16 the dividend yield for Douglas Emmett is 4.8%. This year the stock price of Douglas Emmett has crashed 52%, resulting in a market cap of $2.8 billion. 

Other REITs announcing a dividend cut recently are SL Green Realty and Dividend Aristocrat Castellum from Sweden.

Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.