SAN DIEGO (AP) _ American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its second quarter. The results did not meet Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $33.8 million, or 51 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 52 cents per share.
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 $8.9 million, or 18 cents per share.
The real estate investment trust posted revenue of $84.1 million in the period.
American Assets Trust expects full-year funds from operations to be $2.18 to $2.26 per share.
The company's shares have climbed 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $46.95, a rise of 25% in the last 12 months.