SANTA MONICA, Calif. (AP) _ Douglas Emmett Inc. (DEI) on Tuesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Santa Monica, California-based real estate investment trust said it had funds from operations of $110 million, or 54 cents per share, in the period.
The average estimate of six analysts surveyed by Zacks Investment Research was for funds from operations of 54 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 $278.6 million, or $1.58 per share.
The real estate investment trust posted revenue of $243.9 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $239.6 million.
For the year, the company reported funds from operations of $424.8 million, or $2.10 per share. Revenue was reported as $936.7 million.
Douglas Emmett expects full-year funds from operations in the range of $2.23 to $2.29 per share.
The company's shares have fallen slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $43.89, a climb of 14% in the last 12 months.