SANTA MONICA, Calif. – SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Tuesday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $96 million, or 49 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 49 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $28.2 million, or 17 cents per share.
The real estate investment trust posted revenue of $212.2 million in the period, which beat Street forecasts. Five analysts surveyed by Zacks expected $207.6 million.
The company's shares have dropped 6 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $38.52, rising slightly in the last 12 months.
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on DEI at https://www.zacks.com/ap/DEI