American Assets Trust: 3Q Earnings Snapshot
{{#rendered}} {{/rendered}}
SAN DIEGO (AP) _ American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its third quarter. The results beat Wall Street expectations.
The real estate investment trust, based in San Diego, said it had funds from operations of $34.1 million, or 53 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 50 cents per share.
{{#rendered}} {{/rendered}}
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 $10.4 million, or 22 cents per share.
The real estate investment trust posted revenue of $82.5 million in the period.
{{#rendered}} {{/rendered}}
American Assets Trust expects full-year funds from operations to be $2.09 to $2.11 per share.
The company's shares have declined slightly since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $38.20, a decline of 3 percent in the last 12 months.
_____
{{#rendered}} {{/rendered}}
This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on AAT at https://www.zacks.com/ap/AAT