Douglas Emmett: 1Q Earnings Snapshot
SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Thursday reported a key measure of profitability in its first quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $111.9 million, or 55 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 55 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 $26.9 million, or 15 cents per share.
The real estate investment trust posted revenue of $251.4 million in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $244.3 million.
The company’s shares have dropped 35% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $28.56, a decrease of 30% in the last 12 months.