COMP <GO>

DEI vs CBL // EV/EBITDA & P/E VALUATION

Douglas Emmett Inc. (NYSE) VS. CBL & Associates Properties Inc. (NYSE) • 15-METRIC TALLY: DEI 5 — CBL 4

■ METRIC PARITY

LAST: $10.21 (+2.10%) • MKT CAP: $1.71B

valuation

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LAST: $50.76 (+2.28%) • MKT CAP: $1.57B

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (DEI VS. CBL) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	DEI	CBL	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	0.90%	36.30%	-35.40	CBL	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	22.62%	15.90%	+6.72	DEI	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	1.60%	68.00%	-66.40	CBL	/net-margins <GO>
Revenue Growth (YoY)	1.80%	-12.50%	+14.30	DEI	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	7.44%	4.91%	+2.53	DEI	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	5/9	-1.00	CBL	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	52.6	49.0	+3.60	DEI	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	97.7x	10.8x	+86.90	CBL	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.71B	$1.57B	$139.4M	DEI	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	DEI REV	CBL REV	DEI GROSS %	CBL GROSS %	DEI FCF	CBL FCF
FY 2025	$1.00B	$16.2M	—	—	$386.9M	$249.7M
FY 2024	$986.5M	$18.6M	—	—	$408.7M	$202.2M
FY 2023	$1.02B	$18.9M	—	—	$427.0M	$183.5M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

DEI // BETA —

CBL // BETA —