Tuesday, real estate investment trust Douglas Emmett Inc. (DEI) reported lower funds from operations or FFO for the third quarter as revenues declined from the previous year period. The company initiated FFO per share guidance for the fourth quarter and narrowed its FFO per share expectation range for the full year.
Including adjustments attributable to consolidated joint venture of $3.37 million, FFO for the period declined to $47.78 million or $0.31 per share from $51.09 million or $0.33 per share for the same quarter last year.
On average, fourteen analysts polled by Thomson Reuters expected the company to report earnings of $0.31 per share. Analysts' estimates typically exclude special items.
GAAP net loss attributable to common stockholders narrowed to $8.81 million or $0.07 per share from $9.70 million or $0.08 per share for the prior year period.
Total revenues for the quarter declined to $140.43 million from $157.65 million for the last year period. Wall Street analysts expected revenues of $139.68 million.
Total office revenues increased to $123.46 million from $140.09 million last year and total multifamily revenues were $16.97 million, down from $17.56 million a year earlier.
Total operating expenses declined to $104.37 million from $117.42 million for the year earlier period as depreciation and amortization expenses dropped to $55.53 million from $63.61 million for the same period last year. Office expenses came down to $38.69 million from $44.20 million for the year earlier period.
Same property office portfolio occupancy at September 30 came down to 90.7% from 94.1% last year, excluding the six properties acquired and owned by Douglas Emmett Fund X and same property multifamily portfolio leased at September 30 was marginally lower at 99.4% from 99.6% a year earlier.
Looking forward, for the fourth quarter, the company expects funds from operations in the range of $0.29 to $0.31 per share. Street analysts expect earnings of $0.30 per share.
Further, the company tightened its full year 2009 funds from operations guidance to a range of $1.26 - $1.28 per share from its previous forecast in the range of $1.25 - $1.29 per share. Street analysts expect earnings of $1.27 per share for the full year.
Tuesday, DEI closed at $11.81, up $0.11 or 0.94% on NYSE. However, in the after hours, the stock lost $0.35 or 2.92% to trade at $11.4647.
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