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.
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.
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.