2. Douglas Emmett (DEI) is a fully integrated, self-administered and self-managed REIT with a market cap exceeding $2 billion. It is one of the largest owners and operators of office and multifamily properties in submarkets in Southern California and Hawaii. The company's office and multifamily properties are located in nine California submarkets.
Of the 16 analysts covering the stock, 63% recommend a buy and 31% rate a hold. Analysts' average 12-month price target for the stock is 18.4% higher than the current price at $21.39, according to a Bloomberg consensus.
Douglas Emmett reported total revenue of $144 million for 2011 third quarter. Net income attributable to shareholders was $3.4 million or 3 cents per diluted shares as compared to a net loss of $3.9 million or 3 cents in the same quarter last year. Cash and cash equivalents were $349.6 million at the end of the quarter, compared to $272.4 million at the end of December 2010.For the quarter, funds from operations totaled $54.6 million, or 34 cents per diluted share. On Oct. 13, DEI paid quarterly cash dividend of 13 cents per common share, or 52 cents per common share on an annualized basis. The company has raised its 2011 FFO guidance to be in the range of $1.35 to $1.37 per diluted share from $1.32 to $1.36 per diluted share. This guidance includes an estimated $10 million cost of terminating the $322.5 million interest rate swap expected during the fourth quarter of 2011.
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