SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Monday reported a key measure of profitability in its second quarter. The results surpassed Wall Street expectations.
The Santa Monica, California-based real estate investment trust said it had funds from operations of $107.8 million, or 54 cents per share, in the period.
The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of 53 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 $34 million, or 20 cents per share.
The real estate investment trust posted revenue of $230.5 million in the period, also surpassing Street forecasts. Four analysts surveyed by Zacks expected $225.7 million.
Douglas Emmett expects full-year funds from operations to be $2.08 to $2.12 per share.
The company's shares have climbed 16% since the beginning of the year. In the final minutes of trading on Monday, shares hit $39.65, rising slightly in the last 12 months.