Maguire Properties Inc. reported that net income fell 20 percent in the fourth quarter from the year-earlier period.

The Los Angeles-based real estate investment trust, which went public last year, reported fourth quarter net income of $6.4 million, versus $8 million in the like year-ago period.

After payment of preferred dividends, net income available to common shareholders was $1.6 million, or 4 cents per diluted share, in the most recent fourth quarter. There were no preferred dividend payments in the year-ago quarter, when net income amounted to 19 cents per share.

Funds from operations in the fourth quarter ended Dec. 31 totaled $27.7 million, or 52 cents a share, matching the median estimate of analysts polled by Thomson Financial. Funds from operations, a supplemental measurement used widely in the real estate investment trust industry, is a gauge of income that excludes depreciation and amortization.

The company’s fourth quarter revenue rose to $88.3 million from $70.2 million in the year-ago quarter. Co-Chief Executive Richard Gilchrist said the results for the quarter were in line with company expectations, and the company maintained its leased rate at approximately 91.3 percent as of Dec. 31.

During the quarter, Maguire made several key acquisitions. The company completed its acquisition of the 16-acre Washington Mutual Campus in Irvine and the 12-acre Lantana Media Campus in Santa Monica.

Last month, Maguire entered into an agreement to buy the 10-building portfolio of CommonWealth Partners LLC for about $1.51 billion.

The acquisitions give Maguire Properties a development pipeline of about 5 million square feet in its core market of Southern California, the company said.