Matteo Colombo Real Estate Weekly Outlook Hoya Capital U.S. equity markets posted their worst week since March 2023, while benchmark interest rates tumbled to their lows of the year after a critical slate of employment data showed further signs of softening in U.S. labor markets. Snapping a four-week winning streak that lifted the major benchmark to the cusp of record highs, the S&P 500 tumbled 4.1% this week. Technology stocks dragged on the downside this week amid continued pressure on once-high-flyin ...

pepifoto Introduction If you're a follower of mine then you probably know I'm a big advocate of the quality over quantity moniker. I've lived my whole life by this and in any and everything that I do, I try to focus on quality. If I don't own or wouldn't own a certain stock, then there's an extremely high probability I'm not going to suggest it here on Seeking Alpha. Moreover, with interest rates expected to decline soon, many REITs have already rallied. One REIT sector in particular that seems to not b ...

Klaus Vedfelt Introduction Although the pandemic has been declared over for quite some time, there's still uncertainty surrounding when businesses will require their employees to return to office. As a result, office REITs in particular have suffered with lower than normal occupancy ratings, placing downward pressure on their share prices in the process. And despite things looking up for REITs with anticipated lower interest rates, there are still plenty REITs that offer value for long-term investors. O ...

Table of Contents 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 June 30, 2024 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. (Exa ...

Financial Data and Key Metrics Changes - In Q2 2024, the company reported FFO of $0.60 per share, a decrease of approximately $0.11 compared to Q1 2024, primarily due to a one-time $10 million litigation settlement in Q1 2024 [16][17] - The company increased its 2024 FFO per share guidance range to $2.48 to $2.54, representing a 9.6% increase from the previous guidance [20][23] Business Line Data and Key Metrics Changes - The same-store cash NOI for all sectors combined grew by 2.1% year-over-year in Q2 2024 [18] - The office portfolio's NOI was flat in Q2 2024, primarily due to contractual rent abatements [18] - The retail portfolio's NOI increased by 3.2% in Q2 2024, driven by higher base rents [18] - The multifamily portfolio's NOI saw a positive increase of 9.5% in Q2 2024, mainly due to higher-than-expected revenue [18] Market Data and Key Metrics Changes - Office utilization rates in San Diego and San Francisco remained stable between 70% and 80%, while Bellevue and Portland were at 60% to 75% [10] - The retail sector is currently about 95% leased, with strong foot traffic supporting demand [12] - The multifamily portfolio in San Diego ended Q2 with an occupancy rate of 89% and a leased percentage of 95% [13] Company Strategy and Development Direction - The company is focused on maintaining a robust balance sheet and enhancing its properties to drive long-term growth [3][9] - The transition of leadership to Adam Wyll as CEO in January 2025 is expected to be seamless, with a continued focus on the same strategic direction [5][8] - The company is not currently looking for acquisitions but is investing in improving existing properties [60][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite pessimistic market sentiment surrounding commercial real estate [3] - The company anticipates that office utilization rates may increase with the implementation of return-to-office mandates [10] - Management believes that the quality and location of their properties are key differentiators in maintaining higher utilization rates [10] Other Important Information - The company announced a quarterly dividend of $0.335 per share for Q3 2024, reflecting strong financial performance [7] - The company released its 2023 sustainability report, highlighting its initiatives in environmental sustainability and corporate governance [15] Q&A Session Summary Question: Any G&A impact expected from the announcement in this year's guide? - Management does not anticipate any G&A impact this year, with changes effective from January next year [33] Question: Details on the lease termination fee and tenant situation? - The tenant was a life science company facing FDA approval issues, leading to a mutually acceptable termination deal [34][35] Question: Prospects for new leasing in the office segment? - New leasing has outpaced renewals for the first time in years, with increased activity and interest in the market [37][39] Question: Thoughts on balance sheet and upcoming debt maturities? - The company is monitoring the market for the right time to refinance upcoming maturities, with a focus on maintaining a strong balance sheet [44][45] Question: Known move-outs in the office segment? - No known move-outs for 2024, but there are plans for backfilling space from a tenant vacating in 2025 [46][48] Question: Progress on leasing at One Beach and La Jolla? - Leasing activity at La Jolla Commons III is strong, while One Beach is facing challenges due to the San Francisco market [50][52]

American Assets Trust (AAT) came out with quarterly funds from operations (FFO) of $0.60 per share, beating the Zacks Consensus Estimate of $0.53 per share. This compares to FFO of $0.59 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 13.21%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.67 per share when it actually produced FFO of $0.71, delivering a surprise of 5.97%.Over the last fou ...

SECOND QUARTER 2024 Supplemental Information Investor and Media Contact American Assets Trust, Inc. Robert F. Barton Executive Vice President and Chief Financial Officer 858-350-2607 | --- | --- | --- | --- | --- | --- | |---------------|------------|------------|-------------|------------|--------| | | Office | Retail | Multifamily | Mixed-Use | | | Market | SquareFeet | SquareFeet | Units | SquareFeet | Suites | | San Diego | 1,590,552 | 1,322,200 | 1,453(1) | — | — | | Bellevue | 1,032,683 | — | — | — | ...

Net income available to common stockholders of $11.9 million and $31.2 million for the three and six months ended June 30, 2024, respectively, or $0.20 and $0.52 per diluted share, respectively. Funds from Operations ("FFO") per diluted share increased 2% and 6% year-over-year for the three and six months ended June 30, 2024, respectively, or $0.60 and $1.32 per diluted share, respectively. Increased 2024 FFO per diluted share guidance to a range of $2.48 to $2.54 with a midpoint of $2.51, a 9.6% increase o ...

SAN DIEGO, July 09, 2024 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the "Company") will announce its second quarter 2024 earnings in a press release to be issued after the market closes on Tuesday, July 30, 2024. Senior management will hold a conference call for its second quarter 2024 earnings on Wednesday, July 31, 2024, at 8:00 a.m. Pacific Time. To access the conference call, please dial 1 (833) 816-1162 and ask to join the American Assets Trust, Inc. Conference Call. A live on-demand a ...

SAN DIEGO, July 09, 2024 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the “Company”) will announce its second quarter 2024 earnings in a press release to be issued after the market closes on Tuesday, July 30, 2024. Senior management will hold a conference call for its second quarter 2024 earnings on Wednesday, July 31, 2024, at 8:00 a.m. Pacific Time. To access the conference call, please dial 1 (833) 816-1162 and ask to join the American Assets Trust, Inc. Conference Call. A live on-demand a ...