Are Douglas Emmett (DEI) Shares Deeply Discounted?

Longleaf Partners, managed by Southeastern Asset Management, released its “Partners Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund delivered an 8.63% return, compared to a 7.56% return for the S&P Index and a 12.42% return for the Russell 1000 Value Index. For 2022, the fund was 23.25% down while, the S&P 500 fell 18.11% and the Russell 1000 Value Index returned -7.54%. In addition, please check the fund’s top five holdings to know its best picks in 2022.

Longleaf Partners Fund highlighted stocks Douglas Emmett, Inc. (NYSE:DEI) in the Q4 2022 investor letter. Douglas Emmett, Inc. (NYSE:DEI) is a real estate investment trust. On February 7, 2023, Douglas Emmett, Inc. (NYSE:DEI) stock closed at $16.50 per share. One-month return of Douglas Emmett, Inc. (NYSE:DEI) was 5.70%, and its shares lost 47.74% of their value over the last 52 weeks. Douglas Emmett, Inc. (NYSE:DEI) has a market capitalization of $3.409 billion.

Longleaf Partners Fund made the following comment about Douglas Emmett, Inc. (NYSE:DEI) in its Q4 2022 investor letter:

Douglas Emmett, Inc. (NYSE:DEI) – Real estate investment trust company Douglas Emmett declined in a challenging year for office real estate. While DEI reported another strong gross leasing quarter in November, it has seen portfolio churn and new cash rents below old contracts. We have seen meaningful insider buying of the deeply discounted shares, including an impressive $6 million purchase by new independent director Shirley Wang. Additionally, the company approved a $300 million share repurchase program to take advantage of the steep price disconnect.”

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Douglas Emmett, Inc. (NYSE:DEI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 23 hedge fund portfolios held Douglas Emmett, Inc. (NYSE:DEI) at the end of the third quarter, which was 22 in the previous quarter.

We discussed Douglas Emmett, Inc. (NYSE:DEI) in another article and shared Baron Funds’ views on the company. In addition, please check out our hedge fund investor letters Q4 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.