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DEI

Douglas Emmett

$43.66

0.45 (1.04%)

16:16
11/22/19
11/22
16:16
11/22/19
16:16

Douglas Emmett acquires roughly 17% of existing unconsolidated real estate fund

Douglas Emmett announced that it acquired approximately 17% of the equity in one of its existing unconsolidated real estate funds in exchange for approximately $95M in cash and Operating Partnership Units. The acquisition brought Douglas Emmett's total ownership of that fund to approximately 89%. Douglas Emmett and one remaining institutional investor in the fund agreed to extend the fund term to 2049. The fund owns six Class A office properties totaling approximately 1.5 million square feet in the prime Los Angeles submarkets of Beverly Hills, Santa Monica, Sherman Oaks/Encino and Warner Center. The fund also owns an interest in another Douglas Emmett unconsolidated real estate fund which owns two additional Class A office properties totaling 386,000 square feet in Beverly Hills and Brentwood. Douglas Emmett expects that the fund will be treated as a consolidated entity under generally accepted accounting principles following the acquisition, and that the transition to a consolidated entity will be treated as a purchase of the underlying assets and liabilities of the fund.

DEI Douglas Emmett
$43.66

0.45 (1.04%)

12/19/18
JANY
12/19/18
UPGRADE
JANY
Buy
Douglas Emmett upgraded to Buy from Neutral at Janney Montgomery Scott
01/16/19
WELS
01/16/19
NO CHANGE
Target $37
WELS
Market Perform
Douglas Emmett price target lowered to $37 from $42 at Wells Fargo
Wells Fargo analyst Blaine Heck lowered his price target for Douglas Emmett to $37 from $42 to reflect the recent pull-back and contraction in market multiples across the REIT space. While the analyst is positive on Douglas Emmett's occupancy upside potential, and believes the company has a strong multifamily shadow development pipeline and its continued strong cash flow generation is underappreciated, he believes there are stocks with a similar growth story that trade at a larger discount to NAV. Heck reiterates a Market Perform rating on the shares.
02/04/19
LEHM
02/04/19
UPGRADE
Target $39
LEHM
Equal Weight
Douglas Emmett upgraded to Equal Weight from Underweight at Barclays
Barclays analyst Ross Smotrich upgraded Douglas Emmett to Equal Weight and raised his price target for the shares to $39 from $37.
02/04/19
LEHM
02/04/19
NO CHANGE
LEHM
Barclays upgrades U.S. REITs sector to Positive from Neutral
Barclays analyst Ross Smotrich upgraded his sector rating on U.S. Real Estate Investment Trusts to Positive from Neutral. Late cycle concerns around slowing growth, rising interest rates and full asset values are overdone, Smotrich tells investors in a research note. The analyst believes that real estate fundamentals "have a good runway for continued strength, particularly compared to the slowing broader market." In Multifamily, the analyst upgraded the sub-sector to Positive, reiterates Overweight ratings on Essex Property Trust (ESS) and MAA (MAA), upgraded Camden Property Trust (CPT) to Overweight from Equal Weight for exposure to "18 hour cities" and downgraded Aimco (AIV) to Equal Weight from Overweight on slowing growth. In Office, Smotrich keeps a Neutral sub-sector rating "with a Positive tilt." His outlook for the sector is improving given "healthy underlying fundamentals and attractive valuations." He upgraded both SL Green Realty (SLG) and Brandywine Realty (BDN) to Overweight from Equal Weight, and Douglas Emmett (DEI) to Equal Weight from Underweight. The analyst maintain Overweight ratings on Alexandria Real Estate (ARE), Boston Properties (BXP) and Hudson Pacific (HPP). In Retail, the analyst tells investors to stay selective. He prefers larger companies with "better-quality assets, balance sheet flexibility, the ability to take share and grow earnings even as retailers evolve and rationalization store counts." Smotrich upgraded Regency Centers (REG) to Overweight from Equal Weight, reaffirmed Overweights on both Kimco Realty (KIM) and Simon Property (SPG), and downgraded Kite Realty Group (KRG) to Equal Weight from Overweight.

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STOK

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APTO

Aptose Biosciences

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EPZM

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FATE

Fate Therapeutics

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0.07 (0.52%)

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KPTI

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SRRA

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VSTM

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RHHBY

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CLF

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M

Macy's

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COF

Capital One

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EXPE

Expedia

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DAR

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$24.05

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Hannon Armstrong

$29.50

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