SAN DIEGO (AP) _ American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its third quarter.
The real estate investment trust, based in San Diego, said it had funds from operations of $43 million, or 57 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 $12.9 million, or 22 cents per share.
The real estate investment trust posted revenue of $98.4 million in the period.
American Assets Trust expects full-year funds from operations in the range of $2.20 to $2.24 per share.
The company's shares have increased 17% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $47.15, an increase of 25% in the last 12 months.