Financial Data and Key Metrics Changes - The company achieved its highest ever FFO per share at $2.40 for the year, a 3% increase from 2022, and a compounded annual growth rate of approximately 7% since its IPO in 2011 [9] - Total revenue reached its highest ever, with over a 4% increase from 2022, and net operating income (NOI) also hit a record high, reflecting a 3% increase from the previous year [9][10] - The company declared a quarterly dividend of $0.335 per share, marking a 1.5% increase from the previous dividend [8] Business Line Data and Key Metrics Changes - The office portfolio was 86% leased at the end of Q4, a decrease of 80 basis points due to known move-outs [33] - Retail leasing spreads showed a 7% increase on a cash basis and a 13% increase on a straight-line basis for Q4 deals, with a 6.5% increase on a cash basis and a 15% increase on a straight-line basis for all of 2023 [13] - Multifamily communities in San Diego experienced a blended rent growth of approximately 1%, with net effective rents over 5% higher year-over-year compared to Q4 2022 [15][16] Market Data and Key Metrics Changes - The retail sector, comprising 27% of the portfolio NOI, is about 95% leased, with only 6% of retail GLA expiring this year [13] - The office market is facing challenges due to a shift towards hybrid work, but premium properties in strong markets continue to perform well [39][40] - The multifamily market in the Pacific Northwest remains sluggish, with some properties experiencing flat to slightly down rents year-over-year [15] Company Strategy and Development Direction - The company focuses on maintaining a strong balance sheet with ample liquidity and increasing dividends, while also making disciplined business decisions to support long-term growth [5][8] - There is an emphasis on enhancing properties through capital improvements to retain existing tenants and attract new ones, particularly in high-demand areas [10] - The company is optimistic about the eventual rebound of Asian tourism, particularly from Japan, which is expected to positively impact revenue [25][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience despite economic volatility and uncertainty, highlighting the strength of its portfolio and management team [6][7] - The company anticipates organic growth opportunities through lease-ups of new developments and prudent expense management [7] - There is cautious optimism regarding the return of Japanese tourists, which is seen as a key driver for future revenue growth [64][66] Other Important Information - The company reported liquidity of approximately $483 million at the end of Q4, with a leverage ratio of 6.5x net debt to EBITDA [20] - The 2024 FFO per share guidance is set between $2.19 and $2.33, reflecting a potential decrease from 2023 due to various factors including expected declines in same-store cash NOI [21][30] Q&A Session Summary Question: Can you talk about the office leasing in a little bit more detail? - The office leasing has seen longer-term commitments, with a weighted average lease term of 96 months for year-to-date leases [42] Question: Are the lease expirations in '24 concentrated in certain assets or submarkets? - Lease expirations are evenly split among San Diego, Portland, and Bellevue, with San Diego showing strong activity [48] Question: Can you discuss the schedule for cost capitalization and expenses? - Cost capitalization for One Beach will continue until July 2024, while La Jolla Commons will capitalize through the end of 2024 [51] Question: What could cause the high end of the guidance range to come true? - Success in leasing the 317,000 square feet pushed out to 2025 and lower interest expenses could drive performance towards the high end of the guidance [56] Question: What is the outlook for Hawaii and tourism recovery? - The recovery is uncertain and largely depends on the Japanese yen's strength, but management believes it is only a matter of time before tourism rebounds [64][66]

American Assets Trust (AAT) reported $112.49 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 6.1%. EPS of $0.57 for the same period compares to $0.16 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $108.78 million, representing a surprise of +3.42%. The company delivered an EPS surprise of +1.79%, with the consensus EPS estimate being $0.56.While investors closely watch year-over-year changes in headline numbers -- revenue and ear ...

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]