American Assets Trust Inc., a San Diego-based real estate investment trust, saw total revenue rise 21 percent from a year ago in its first quarter ended March 31.
Revenue totaled just over $57 million, according to a company statement issued May 1. The company posted net income attributable to common stockholders of $1.9 million, compared with a net loss of $700,000 in the first quarter of 2011.
Funds from operations, an industry-recognized supplemental metric of real estate portfolio performance, totaled $18 million in the latest quarter, up from $9.8 million in the year-ago period.
The company said its Embassy Suites Waikiki Beach Walk hotel property in Hawaii had its best first quarter since 2006, with revenue per available room up 11 percent from a year ago. The REIT’s acquisitions during the quarter included a San Francisco office building, which it purchased for $36.5 million, the statement said.
American Assets Trust owns a portfolio of retail, office, residential and other commercial properties, located primarily in California, Oregon and Hawaii. The company trades under the symbol AAT on the New York Stock Exchange.