Douglas Emmett Has Lower Quarter

0

Douglas Emmett Inc. reported a larger net loss in the fourth quarter as the real estate investment trust, which specializes in office and multifamily properties in California and Hawaii, continued to suffer from a depressed commercial real estate market.

Late Tuesday, the Los Angeles REIT reported a net loss of $8.91 million (-7 cents per share), compared with a loss of $6.37 million (-5 cents) a year earlier. Revenue fell 10 percent to $139 million.

Funds from operations were $46.3 million (30 cents), compared to $55.6 million (36 cents) a year earlier. FFO is a closely watched metric for REITS because it provides an accurate picture of cash performance.

Analysts surveyed by Thomson Reuters on average expected the company to report FFO of 30 cents per share on revenue of more than $139 million.

For the full fiscal year, Douglas Emmett said it expects FFO in the range of $1.95 to $1.25 per share, compared with average analyst expectations of $1.22.

Shares were up 6 cents, or less than 1 percent, to $13.06 in midday trading on the New York Stock Exchange.

No posts to display