SANTA MONICA, Calif. (AP) — SANTA MONICA, Calif. (AP) — Douglas Emmett Inc. (DEI) on Tuesday reported a key measure of profitability in its first quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $75.9 million, or 37 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 a loss of $2.5 million, or 2 cents per share.
The real estate investment trust, based in Santa Monica, California, posted revenue of $251 million in the period, which missed Street forecasts. Three analysts surveyed by Zacks expected $253.4 million.
Douglas Emmett expects full-year funds from operations to be $1.39 to $1.45 per share.
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