Douglas Emmett: 2Q Earnings Snapshot
SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Thursday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The Santa Monica, California-based real estate investment trust said it had funds from operations of $84.4 million, or 41 cents per share, in the period.
The average estimate of seven 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 $2 million, or 1 cent per share.
The real estate investment trust posted revenue of $207.8 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $242.4 million.
The company’s shares have fallen 34% since the beginning of the year. The stock has dropped 28% in the last 12 months.