American Assets Trust(US:AAT)2024-08-02 18:06Financial Performance - Rental income for the three months ended June 30, 2024, was $105,094,000, up from $103,901,000 for the same period in 2023, representing an increase of 1.1%[16] - Total revenue for the six months ended June 30, 2024, reached $210,115,000, compared to $206,611,000 in the prior year, marking a growth of 1.2%[16] - Net income for the six months ended June 30, 2024, was $39,917,000, compared to $36,063,000 for the same period in 2023, representing an increase of 5.1%[23] - Total revenue for the three months ended June 30, 2024, was $110,890,000, a 1.1% increase from $109,721,000 in the same period of 2023[28] - Net income attributable to American Assets Trust, Inc. stockholders for the three months ended June 30, 2024, was $11,904,000, compared to $11,983,000 in the prior year, a decrease of 0.7%[16] - Net income attributable to common stockholders for the three months ended June 30, 2024, was $11.904 million, a slight decrease from $11.983 million in the same period of 2023[113] - For the six months ended June 30, 2024, net income attributable to common stockholders increased to $31.164 million, compared to $28.119 million for the same period in 2023, representing a growth of 10.9%[113] Assets and Liabilities - Total assets increased to $2,992,932,000 as of June 30, 2024, compared to $2,984,681,000 at December 31, 2023, reflecting a growth of 0.3%[15] - Total liabilities rose to $1,847,276,000 as of June 30, 2024, compared to $1,831,006,000 at the end of 2023, an increase of 0.9%[15] - Cash and cash equivalents increased to $114,880,000 as of June 30, 2024, from $82,888,000 at December 31, 2023, a significant increase of 38.6%[15] - Total stockholders' equity as of June 30, 2024, was $1,145,656,000, reflecting a decrease from $1,176,116,000 as of June 30, 2023[21] - Total assets as of March 31, 2024, amounted to $1,470,823,000, with stockholders' equity at $1,155,388,000[19] Cash Flow and Expenditures - Net cash provided by operating activities for the six months ended June 30, 2024, was $114,060,000, an increase from $98,118,000 in 2023[23] - Capital expenditures for the six months ended June 30, 2024, were $26,616,000, down from $44,411,000 in the same period of 2023[23] - The company reported a net increase in cash and cash equivalents of $31,992,000 for the six months ended June 30, 2024, compared to $35,138,000 in 2023[23] - Cash and cash equivalents at the end of the period were $114,880, up from $84,709 at the end of June 30, 2023, representing a growth of 35.5%[36] Dividends and Distributions - Dividends declared per common share increased to $0.335 for the three months ended June 30, 2024, compared to $0.330 in the same period of 2023[16] - Dividends declared and paid for the six months ended June 30, 2024, totaled $51,644,000, slightly higher than $50,756,000 in the same period of 2023[23] - The company declared dividends of $0.335 per share for both the first and second quarters of 2024, with payment dates on March 21, 2024, and June 20, 2024, respectively[104] Operating Performance - Operating income for the three months ended June 30, 2024, was $30,794,000, slightly down from $31,492,000 in the same quarter of 2023, a decrease of 2.2%[16] - Total property revenues for the three months ended June 30, 2024, were $110.89 million, a 1% increase from $109.72 million in the same period of 2023[188] - Total property expenses increased by $2.5 million, or 3%, for the six months ended June 30, 2024, totaling $81.4 million[211] - Total segments' profit for the three months ended June 30, 2024, was $70,542 thousand, an increase from $69,924 thousand in the same period of 2023, representing a growth of 0.9%[153] Leasing and Rental Income - The company signed 18 office leases totaling 96,042 square feet, with average rental rate increases of 5.2% on a cash basis and 14.5% on a GAAP basis[177] - For retail leases, 19 leases were signed for 68,735 square feet, with average rental rate increases of 5.8% on a cash basis and 34.4% on a GAAP basis[178] - The percentage leased for multifamily properties increased to 90.0% as of June 30, 2024, compared to 85.9% in 2023[189] - Office rental income for the three months ended June 30, 2024, was $49.337 million, a decrease of 1.9% from $50.269 million in the same period of 2023[137] - Multifamily rental income for the three months ended June 30, 2024, increased to $15.306 million from $14.146 million in the same period of 2023, representing an 8.2% growth[137] Debt and Financing - The Operating Partnership has a total principal balance of $1.625 billion in unsecured notes, with various interest rates ranging from 3.375% to 4.50%[76] - The company borrowed $100 million on its Revolver Loan on July 18, 2024, to repay the entirety of its Series F Notes upon their maturity on July 19, 2024[158] - The weighted average interest rate on the Revolver Loan for the six months ended June 30, 2024, was 6.53%[88] - As of June 30, 2024, the Operating Partnership had outstanding borrowings of $150 million under Term Loan B and $75 million under Term Loan C, both maturing on January 5, 2025[93] Other Financial Metrics - The company recognized $3.4 million in stock-based compensation expense for the six months ended June 30, 2024[108] - The provision for doubtful accounts was approximately $1.4 million as of both June 30, 2024, and December 31, 2023, indicating stable expectations regarding collectability[52] - Total other assets decreased from $99,644,000 on December 31, 2023, to $97,924,000 on June 30, 2024, a decline of about 1.8%[68] - Other income, net, for the six months ended June 30, 2024, totaled $11.118 million, significantly higher than $6.951 million in the same period of 2023, marking a 59.5% increase[141]