American Assets Trust Inc. saw total revenue rise 7 percent from a year ago for its fourth quarter ending Dec. 31, topping $76.5 million, the San Diego-headquartered company reported.
Officials of the real estate investment trust said net income attributable to stockholders rose 8 percent, to $8.86 million. Funds from operations, an industry-recognized supplemental metric gauging the performance of real estate portfolios, increased 7 percent for the quarter, reaching $30.5 million.
For the full year of 2016, the REIT reported total revenue of $295.1 million, up 7 percent from 2015. The company’s net income attributable to stockholders was $32.6 million, down 15 percent.
Funds from operations reached $116.8 million, for a 6 percent increase from the prior year.
Founded in its current form in 2011, American Assets Trust Inc. is the successor to a privately owned company founded in 1967 by Ernest Rady, the company’s current chairman, president and CEO.
Based in Carmel Valley, the REIT invests in retail, office, hotel, multifamily and mixed-use properties, primarily on the West Coast.