SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Thursday reported a key measure of profitability in its first quarter. The results met Wall Street expectations.
The Santa Monica, California-based real estate investment trust said it had funds from operations of $103.1 million, or 52 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 52 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 $28.7 million, or 17 cents per share.
The real estate investment trust posted revenue of $224.2 million in the period, falling short of Street forecasts. Four analysts surveyed by Zacks expected $226.4 million.
Douglas Emmett expects full-year funds from operations to be $2.09 to $2.15 per share.
The company's shares have climbed 21% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $41.18, a rise of 9% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on DEI at https://www.zacks.com/ap/DEI