Douglas Emmett: 3Q Earnings Snapshot
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SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Thursday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Santa Monica, California-based real estate investment trust said it had funds from operations of $100.1 million, or 51 cents per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of 51 cents per share.
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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 $30.6 million, or 18 cents per share.
The real estate investment trust posted revenue of $197.1 million in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $222.8 million.
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Douglas Emmett expects full-year funds from operations in the range of $2.01 to $2.03 per share.
The company's shares have fallen 12 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $35.99, a decline of nearly 10 percent in the last 12 months.
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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