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 ...

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 March 31, 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 Regist ...

Financial Data and Key Metrics Changes - The company reported Q1 2023 FFO per share of $0.66, an increase of approximately $0.10 from Q4 2022, primarily due to a nonrecurring litigation settlement and better performance from the multifamily and mixed-use portfolios [14][15][16] - Same-store cash NOI growth for Q1 2023 was approximately 6.5% year-over-year, with specific growth rates of 3.2% for office, 6% for retail, 13% for multifamily, and 19% for mixed-use [16][17] - The company updated its 2023 FFO per share guidance range to $2.23 to $2.33, reflecting a 2.2% increase from previous guidance [18][19] Business Line Data and Key Metrics Changes - The retail sector experienced a 9.5% increase in comparable leasing spreads on a cash basis for Q1 deals, and a 28% increase on a straight-line basis [8] - The multifamily portfolio saw a same-store cash NOI growth of 13% in Q1 2023 compared to Q1 2022, with net effective rents for new leases in San Diego now 30% above pre-COVID levels [9][10] - The office portfolio was 88% leased at the end of Q1, with a same-store portfolio at 91.4% leased, despite challenges from rightsizing and hybrid work [21][22] Market Data and Key Metrics Changes - The company noted that office utilization is gradually increasing, particularly in San Diego, while Bellevue is still impacted by hybrid work and tech layoffs [11][12] - The multifamily communities are performing well in strong demographic areas with low unemployment and high homeownership costs [9] Company Strategy and Development Direction - The company emphasizes asset class diversity to mitigate volatility, with a portfolio that includes high-quality office, retail, multifamily, and mixed-use properties [5][6] - Strategic investments in office properties are aimed at enhancing amenities to attract tenants and capture net absorption at premium rents [23] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic headwinds such as rising interest rates and tech layoffs but expressed confidence in the company's resilience due to its diversified portfolio and conservative balance sheet [4][5] - The company remains cautiously optimistic about future leasing opportunities and is focused on maintaining a strong liquidity position [17][19] Other Important Information - The Board of Directors approved a quarterly dividend of $0.33 per share for Q2, reflecting confidence in the company's growth potential [6] - The company plans to release its 2022 sustainability report in May, highlighting its commitments to environmental and social responsibility [13] Q&A Session Summary Question: Can you comment on foot traffic and physical occupancy on your office assets? - Management noted that trends are improving, with tenants wanting employees back in the office, and occupancy is increasing [24][25] Question: What is the outlook for the weighted average lease term? - The weighted average lease term is influenced by tenant size, but larger tenants are committing to longer leases, indicating a positive trend [26][27] Question: Are you targeting biotech or pharma tenants given recent VC financing issues? - The company does not specifically target these sectors but has some life science tenants that are primarily office-based [28] Question: How does the company view share repurchases in the current market? - Management indicated that stock repurchases are not currently on the agenda as the focus is on reducing net debt to EBITDA [29][30] Question: What is the company's stance on the proposed mileage tax in San Diego? - Management expressed skepticism about the proposal's likelihood of passing, viewing it as impractical [31][32]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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 Registrant ...

American Assets Trust, Inc. (NYSE:AAT) Q4 2022 Earnings Conference Call February 7, 2023 11:00 AM ET Company Participants Adam Wyll - President & Chief Operating Officer Bob Barton - Chief Financial Officer Steve Center - Senior Vice President of Office Properties Abigail Rex - Vice President, Multifamily, San Diego Conference Call Participants Haendel St. Juste - Mizuho Adam Kramer - Morgan Stanley Operator Good day. As a reminder, today's conference call is being recorded. Please note that statements mad ...