SAN DIEGO (AP) _ American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its second quarter.
The San Diego-based real estate investment trust said it had funds from operations of $36.3 million, or 48 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 $7.7 million, or 13 cents per share.
The real estate investment trust posted revenue of $82.1 million in the period.
The company’s shares have decreased 42% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.84, a drop of 43% in the last 12 months.