SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Tuesday reported a key measure of profitability in its third quarter. The results met Wall Street expectations.
The real estate investment trust, based in Santa Monica, California, said it had funds from operations of $103.9 million, or 51 cents per share, in the period.
The average estimate of six 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 $22.5 million, or 13 cents per share.
The real estate investment trust posted revenue of $238.1 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $231.9 million.
Douglas Emmett expects full-year funds from operations to be $2.09 to $2.11 per share.
The company's shares have climbed 27% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $43.18, an increase of 21% in the last 12 months.