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.