American Assets Trust Inc. saw same-location operating income rise 10 percent from a year ago in its second quarter ending June 30, with overall funds from operations rising 23 percent.
A statement from the San Diego-based real estate investment trust said same-store property operating income totaled just over $36.5 million for the quarter. Funds from operations, an industry-recognized supplemental metric gauging the performance of real estate portfolios, totaled $21.4 million.
Net income available to common stockholders was $3.1 million, up from $1.7 million in the year-ago period.
American Assets Trust, with headquarters in Carmel Valley, invests primarily in office, retail and multifamily properties. As of midyear, it owned gross real estate assets of $2 billion.
— SDBJ Staff Report