American Assets Trust Inc. (AAT) on Tuesday announced a key measure of its third-quarter profitability. The results exceeded Wall Street expectations.
The San Diego-based real estate investment trust said it had operating funds of $47.9 million, or 63 cents per share, during the period.
The average estimate of three analysts polled by Zacks Investment Research was for funds from operations 55 cents per share.
Funds from operations is a closely watched metric in the REIT industry. It takes net income and adds items such as depreciation and amortization.
The company said it had net income of $12.8 million, or 21 cents per share.
The real estate investment trust recorded income of $111 million during the period.
American Assets Trust expects funds from operations for the full year to be $2.30 to $2.34 per share.
Shares of the company are down 26% since the start of the year. In the final minutes of trading on Tuesday, shares hit $27.63, a 30% drop in the past 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAT at https://www.zacks.com/ap/AAT
This story was originally published October 25, 2022 3:49 p.m.