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Douglas Emmett: 3Q Earnings Snapshot

·1 min read

SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Monday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.

The Santa Monica, California-based real estate investment trust said it had funds from operations of $82.8 million, or 40 cents per share, in the period.

The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 43 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 $3.8 million, or 2 cents per share.

The real estate investment trust posted revenue of $188.9 million in the period, which also fell short of Street forecasts. Four analysts surveyed by Zacks expected $215.8 million.

The company's shares have dropped 44% since the beginning of the year. In the final minutes of trading on Monday, shares hit $24.51, a drop of 43% in the last 12 months.

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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