分组1 - American Assets Trust (AAT) reported quarterly funds from operations (FFO) of $0.57 per share, exceeding the Zacks Consensus Estimate of $0.56 per share, and showing an increase from $0.56 per share a year ago, representing an FFO surprise of 1.79% [1] - The company achieved revenues of $112.49 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate by 3.42%, compared to $106 million in the same quarter last year [1] - Over the last four quarters, American Assets Trust has consistently surpassed consensus FFO and revenue estimates [1] 分组2 - The stock has underperformed the market, losing about 3.7% since the beginning of the year, while the S&P 500 has gained 3.6% [2] - The current consensus FFO estimate for the upcoming quarter is $0.56 on revenues of $108.16 million, and for the current fiscal year, it is $2.28 on revenues of $442.59 million [4] - The Zacks Industry Rank for REIT and Equity Trust - Retail is in the top 20% of over 250 Zacks industries, indicating a favorable outlook for the industry [5]

ogichobanov/iStock via Getty ImagesIntroduction Last weekend I took a quick local trip here in the San Diego area and decided to stop off at a shopping center in Solana Beach, an upscale area north of the city. It contained a couple well-known stores like Sprouts Farmers Market (SFM), Marshalls, CVS Pharmacy (CVS), and Starbucks (SBUX). I instantly looked up what REIT owned the shopping center, only to find out it was owned by American Assets Trust (NYSE:AAT), a company I wasn't familiar with that owns ...

Core Viewpoint - American Assets Trust, Inc. has announced the tax treatment of its 2023 dividend distributions, providing detailed information on the nature of these distributions and their tax implications [1][2]. Dividend Distribution Summary - The total distribution per share for 2023 is $1.32, with each quarterly distribution being $0.33 [2]. - The taxable long-term ordinary capital dividend gain for the total distribution is $1.195948, while the return of capital amounts to $0.124052 [2]. Tax Treatment Details - Each quarterly distribution of $0.33 is fully allocable to 2023, with $0.298987 classified as taxable long-term ordinary capital dividend gain [2]. - There were no foreign taxes incurred by the company during 2023, and stockholders are advised to consult their personal tax advisors regarding the specific tax treatment of the dividends [2]. Company Overview - American Assets Trust, Inc. is a vertically integrated and self-administered real estate investment trust (REIT) based in San Diego, California, with over 55 years of experience in real estate [3]. - The company manages a diverse portfolio, including approximately 4.1 million rentable square feet of office space and 3.1 million rentable square feet of retail space, along with multifamily units and a mixed-use property [3].

Company Overview - American Assets Trust, Inc. is a full-service, vertically integrated, and self-administered real estate investment trust (REIT) headquartered in San Diego, California with over 50 years of experience in acquiring, improving, developing, and managing premier office, retail, and residential properties throughout the United States [2] - The company's office portfolio comprises approximately 4.1 million rentable square feet, while its retail portfolio includes approximately 3.1 million rentable square feet [2] - Additionally, the company owns one mixed-use property with approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel, along with 2,110 multifamily units [2] Upcoming Earnings Announcement - The company will announce its fourth quarter and year-end 2023 earnings in a press release after the market closes on February 6, 2024 [1] - A conference call for the fourth quarter and year-end 2023 earnings will be held on February 7, 2024, at 8:00 a.m. Pacific Time [1] - Access to the conference call can be obtained by dialing 1 (833) 630-1956, and a live on-demand audio webcast will be available on the company's website [1]

SAN DIEGO, Jan. 08, 2024 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the “Company”) will announce its fourth quarter and year-end 2023 earnings in a press release to be issued after the market closes on Tuesday, February 6, 2024. Senior management will hold a conference call for its fourth quarter and year-end 2023 earnings on Wednesday, February 7, 2024 at 8:00 a.m. Pacific Time (“PT”). To access the conference call, please dial 1 (833) 630-1956 and ask to join the American Assets Trust, In ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to AMERICAN ASSETS TRUST, INC. (Exact Name of Registrant as Specified in its Charter) Commission file number: 001-35030 AMERICAN ASSETS TRUST, L.P. (Exact Name of Re ...

American Assets Trust, Inc. (NYSE:AAT) Q3 2023 Earnings Call Transcript October 25, 2023 11:00 AM ET Company Participants Adam Wyll - President & Chief Operating Officer Ernest Rady - Chairman & Chief Executive Officer Robert Barton - EVP, Treasurer & Chief Financial Officer Steve Center - SVP, Office Properties ABIGAIL REX - Vice President, Multifamily, San Diego Conference Call Participants Ravi Vaidya - Mizuho Adam Kramer - Morgan Stanley Operator Good day and welcome to the American Assets Trust Third Q ...

Company Performance - American Assets Trust (AAT) achieved a Total Revenue Compound Annual Growth Rate (CAGR) of 6.9% from its IPO to 2022[7] - AAT's Funds From Operations (FFO) per share CAGR was 7.0% from IPO to 2022[7] - The Net Asset Value (NAV) CAGR was 7.0% from 2011 to 2022[7] - Dividends saw a CAGR of 4.4% from IPO to 2022[7] - Total Revenue in 2022 reached $423 million, reflecting a CAGR of +6.9%[8] Portfolio Composition - The company's portfolio includes 4,050 thousand square feet of office space, 3,092 thousand square feet of retail space, and 94 units/rooms of mixed-use properties[21] - The portfolio also contains 2,110 multifamily units and 369 hotel rooms[21] - Multifamily properties account for 18% of Annualized Base Rent (ABR), while retail accounts for 25%[21] - Office properties make up 57% of ABR[21] Financials - Cash balance as of March 31, 2023, was $87 million[29] - Line of Credit availability as of March 31, 2023, was $400 million[29] - Unsecured debt accounts for 96% of the debt structure[30]

[PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited consolidated financial statements for American Assets Trust, Inc. and its Operating Partnership, including detailed notes [Consolidated Financial Statements of American Assets Trust, Inc.](index=6&type=section&id=Consolidated%20Financial%20Statements%20of%20American%20Assets%20Trust%2C%20Inc.) American Assets Trust, Inc. reported total revenues of $217.5 million and net income of $28.1 million for the six months ended June 30, 2023 Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Total Assets | $3,012,460 | $2,987,881 | | Total Liabilities | $1,836,344 | $1,802,356 | | Total Equity | $1,176,116 | $1,185,525 | Consolidated Income Statement Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $109,721 | $104,155 | $217,475 | $205,625 | | Net Income Attributable to Stockholders | $11,983 | $10,582 | $28,119 | $21,105 | | Diluted EPS | $0.20 | $0.18 | $0.47 | $0.35 | Consolidated Cash Flow Highlights - Six Months Ended June 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $98,118 | $86,057 | | Net cash used in investing activities | ($49,086) | ($112,479) | | Net cash used in financing activities | ($13,894) | ($52,352) | | **Net increase (decrease) in cash** | **$35,138** | **($78,774)** | [Consolidated Financial Statements of American Assets Trust, L.P.](index=11&type=section&id=Consolidated%20Financial%20Statements%20of%20American%20Assets%20Trust%2C%20L.P.) The Operating Partnership's financial statements mirror the parent company's, with key differences in the capital section's presentation - The primary distinction in the L.P.'s financial statements compared to the parent REIT is the presentation of equity, where limited partners' interests are shown as '**Limited partners' capital**' and the parent's interest as '**General partner's capital**', while in the REIT's statements, limited partners' interests are classified as '**Noncontrolling interests**'[11](index=11&type=chunk)[27](index=27&type=chunk) Consolidated L.P. Income Statement Highlights (in thousands, except per unit data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $109,721 | $104,155 | $217,475 | $205,625 | | Net Income Attributable to AAT, L.P. | $15,207 | $13,434 | $35,684 | $26,793 | | Diluted EPU | $0.20 | $0.18 | $0.47 | $0.35 | [Notes to Consolidated Financial Statements](index=16&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed explanations of accounting policies, business structure, property portfolio, debt, and segment performance - The company operates as a vertically integrated REIT with **31 properties** as of June 30, 2023, concentrated in office, retail, multifamily, and mixed-use sectors, with operations carried out through its Operating Partnership (AAT, L.P.), which is a **variable interest entity (VIE)** consolidated by the company[41](index=41&type=chunk)[42](index=42&type=chunk)[48](index=48&type=chunk) - The company operates in **four business segments**: Office, Retail, Multifamily, and Mixed-Use, with the **Office segment** generating the highest profit at **$73.5 million** for the six months ended June 30, 2023[152](index=152&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) - American Assets Trust, Inc. does not hold any indebtedness directly, as **all debt is held by the Operating Partnership**, though the parent company guarantees the L.P.'s obligations[80](index=80&type=chunk) Total Debt of American Assets Trust, L.P. (in thousands) | Debt Type | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Secured notes payable, net | $74,623 | $74,578 | | Unsecured notes payable, net | $1,613,663 | $1,539,453 | | Unsecured line of credit, net | $0 | $34,057 | | **Total Debt** | **$1,688,286** | **$1,648,088** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial performance, including revenue growth, operational results, leasing, liquidity, capital resources, and non-GAAP measures [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Total property revenues increased by 5% for Q2 2023 and 6% for the six-month period, driven by retail and mixed-use segments Comparison of Q2 2023 vs Q2 2022 (in thousands) | Metric | Q2 2023 | Q2 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Property Revenues | $109,721 | $104,155 | $5,566 | 5% | | Total Property Expenses | $39,797 | $37,140 | $2,657 | 7% | | Net Income | $15,397 | $13,588 | $1,809 | 13% | Comparison of Six Months 2023 vs 2022 (in thousands) | Metric | Six Months 2023 | Six Months 2022 | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Total Property Revenues | $217,475 | $205,625 | $11,850 | 6% | | Total Property Expenses | $78,934 | $72,714 | $6,220 | 9% | | Net Income | $36,063 | $27,102 | $8,961 | 33% | - The significant increase in 'Other income, net' for the six-month period was primarily due to a net settlement payment of approximately **$6.3 million** received in January 2023 related to building systems at the Hassalo on Eighth property[239](index=239&type=chunk) [Leasing Activity](index=39&type=section&id=Leasing%20Activity) Q2 2023 saw significant office and retail leasing activity, with varied changes in cash and GAAP rental rates - **Office Leasing (Q2 2023):** Signed **120,365 sq. ft**. Comparable renewal leases (**119,307 sq. ft.**) saw a cash rental rate decrease of **3.5%** and a GAAP basis increase of **4.5%**[179](index=179&type=chunk) - **Retail Leasing (Q2 2023):** Signed **121,955 sq. ft**. Comparable renewal leases (**96,955 sq. ft.**) saw a cash and GAAP rental rate increase of **2.9%** and **2.1%**, respectively[180](index=180&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on L.P. distributions, with the L.P. maintaining strong cash reserves and access to an ATM program - American Assets Trust, Inc. (the REIT) is dependent on distributions from the Operating Partnership (L.P.) to fund its primary cash requirement: paying dividends to stockholders[241](index=241&type=chunk)[243](index=243&type=chunk) - The Operating Partnership had **$84.7 million** in cash and cash equivalents as of June 30, 2023, with short-term liquidity met by cash from operations and its credit facility[251](index=251&type=chunk)[252](index=252&type=chunk) - The company has an active at-the-market (ATM) equity program with the capacity to issue up to **$250 million** in common stock, though no shares were sold in the six months ended June 30, 2023[106](index=106&type=chunk)[249](index=249&type=chunk) [Non-GAAP Financial Measures (NOI & FFO)](index=53&type=section&id=Non-GAAP%20Financial%20Measures) The company utilizes NOI and FFO as key supplemental performance measures, reporting increases for the six months ended June 30, 2023 NOI Reconciliation (in thousands) | Period | Net Operating Income (NOI) | Net Income (GAAP) | | :--- | :--- | :--- | | **Three Months Ended June 30, 2023** | $69,924 | $15,397 | | **Three Months Ended June 30, 2022** | $67,015 | $13,588 | | **Six Months Ended June 30, 2023** | $138,541 | $36,063 | | **Six Months Ended June 30, 2022** | $132,911 | $27,102 | Funds from Operations (FFO) (in thousands, except per share data) | Period | FFO Attributable to Common Stock & Units | FFO per Diluted Share/Unit | | :--- | :--- | :--- | | **Three Months Ended June 30, 2023** | $45,034 | $0.59 | | **Six Months Ended June 30, 2023** | $95,414 | $1.25 | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's primary market risk is interest rate risk, with most debt fixed or hedged by swap agreements - As of June 30, 2023, the company had **$1.4 billion** of fixed-rate debt, where a **1.0%** increase in interest rates would decrease its fair value by approximately **$39.3 million**[269](index=269&type=chunk) - The company had **$325.0 million** of variable-rate debt outstanding, but its interest rate risk is managed as this debt is effectively fixed by interest rate swap agreements[269](index=269&type=chunk)[271](index=271&type=chunk) [Item 4. Controls and Procedures](index=56&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls - Management concluded that as of June 30, 2023, the disclosure controls and procedures for both American Assets Trust, Inc. and American Assets Trust, L.P. were effective[273](index=273&type=chunk)[276](index=276&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter for either entity[274](index=274&type=chunk)[277](index=277&type=chunk) [PART II. OTHER INFORMATION](index=57&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=57&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material effect on its business - The company states it is not currently involved in any material legal proceedings[278](index=278&type=chunk) [Item 1A. Risk Factors](index=57&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported for the quarter - No material changes to risk factors were reported for the quarter[279](index=279&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=57&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[279](index=279&type=chunk) [Item 6. Exhibits](index=58&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO/CFO certifications and XBRL data files

American Assets Trust, Inc. (NYSE:AAT) Q2 2023 Earnings Conference Call July 26, 2023 11:00 AM ET Company Participants Adam Wyll - President & Chief Operating Officer Ernest Rady - Chairman & Chief Executive Officer Robert Barton - EVP, Treasurer & Chief Financial Officer Steve Center - SVP, Office Properties Conference Call Participants Ravi Vaidya - Mizuho Todd Thomas - KeyBanc Capital Markets Operator Good day. As a reminder, today's conference call is being recorded. Please note that statements made on ...