SAN DIEGO (AP) _ American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its fourth quarter. The results missed Wall Street expectations.
The San Diego-based real estate investment trust said it had funds from operations of $42.9 million, or 56 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 59 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 $12.8 million, or 22 cents per share.
The real estate investment trust posted revenue of $98.9 million in the period.
For the year, the company reported funds from operations of $155.4 million, or $2.20 per share. Revenue was reported as $366.7 million.
American Assets Trust expects full-year funds from operations in the range of $2.38 to $2.46 per share.
The company's shares have increased slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $46.03, an increase of 4% in the last 12 months.