SAN DIEGO (AP) — SAN DIEGO (AP) — American Assets Trust Inc. (AAT) on Tuesday reported a key measure of profitability in its fourth quarter.

The real estate investment trust, based in San Diego, said it had funds from operations of $42.1 million, or 55 cents per share, in the period.

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 $9 million, or 15 cents per share.

The real estate investment trust, based in San Diego, posted revenue of $113.5 million in the period.

For the year, the company reported funds from operations of $197.5 million, or $2.58 per share. Revenue was reported as $457.9 million.

American Assets Trust expects full-year funds from operations in the range of $1.87 to $2.01 per share.

The company's shares have declined 8.5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $24.02, a rise of 11% in the last 12 months.

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