SAN DIEGO (AP) — SAN DIEGO (AP) — American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its first quarter.
The San Diego-based real estate investment trust said it had funds from operations of $38.8 million, or 51 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 $5.1 million, or 8 cents per share.
The real estate investment trust posted revenue of $110.6 million in the period.
The company’s shares have increased 14% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.57, an increase of 13% in the last 12 months.
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