SAN DIEGO (AP) — SAN DIEGO (AP) — American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in San Diego, said it had funds from operations of $54.6 million, or 71 cents per share, in the period.
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 $19.3 million, or 32 cents per share.
The real estate investment trust posted revenue of $110.7 million in the period.
American Assets Trust expects full-year funds from operations in the range of $2.24 to $2.34 per share.
The company’s shares have fallen 5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.35, an increase of 19% in the last 12 months.
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