Douglas Emmett: 2Q Earnings Snapshot
SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $100.8 million, or 51 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 50 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 $31.7 million, or 19 cents per share.
The real estate investment trust posted revenue of $219.5 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $215.1 million.
Douglas Emmett expects full-year funds from operations to be $1.99 to $2.03 per share.
The company’s shares have decreased slightly more than 5 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $38.84, an increase of 1.5 percent in the last 12 months.