American Assets Trust(US:AAT)2024-11-01 18:03Financial Performance - Total revenue for Q3 2024 was $122.81 million, a 10.5% increase from $111.20 million in Q3 2023[20] - Net income attributable to American Assets Trust, Inc. stockholders for Q3 2024 was $16.66 million, up 41.5% from $11.78 million in Q3 2023[20] - Earnings per common share, basic, increased to $0.28 in Q3 2024 from $0.20 in Q3 2023, representing a 40% growth[20] - The company reported an operating income of $37.81 million for Q3 2024, a 21.7% increase from $31.14 million in Q3 2023[20] - Net income for the nine months ended September 30, 2024, was $61,235,000, an increase from $51,198,000 for the same period in 2023, representing a growth of approximately 19.9%[25] - Comprehensive income attributable to American Assets Trust, Inc. was $12.77 million in Q3 2024, slightly up from $12.49 million in Q3 2023[20] - Comprehensive income for Q3 2024 was $16.14 million, slightly up from $15.80 million in Q3 2023[29] - Net income for the three months ended September 30, 2024, was $21.3 million, compared to $15.1 million for the same period in 2023, representing an increase of 41.5%[109] - Net income for the three months ended September 30, 2024, was $21.32 million, representing a 41% increase from $15.14 million for the same period in 2023[179] Cash and Liquidity - Cash and cash equivalents rose significantly to $533.00 million in Q3 2024 from $82.89 million in Q4 2023[17] - Total cash and cash equivalents at the end of the period reached $533,004,000, up from $89,968,000 at the end of the previous year, indicating a significant increase in liquidity[25] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $166,464,000, compared to $149,905,000 for the same period in 2023, reflecting a growth of about 11%[25] - Cash paid for interest, net of amounts capitalized, was $54,047 thousand in 2024, up from $51,976 thousand in 2023, reflecting a growth of approximately 4.1%[46] Assets and Liabilities - Total assets increased to $3.40 billion in Q3 2024, compared to $2.98 billion in Q4 2023, reflecting a growth of 13.9%[18] - Unsecured notes payable increased to $2.03 billion in Q3 2024 from $1.61 billion in Q4 2023, indicating a rise of 25.9%[17] - Total liabilities increased to $2.26 billion as of September 30, 2024, from $1.83 billion at the end of 2023, marking a 23.5% rise[27] - The total stockholders' equity at September 30, 2024, was $1,137,961,000, compared to $1,168,650,000 at the end of the previous year, indicating a slight decline[23] Dividends and Distributions - Dividends declared per common share increased to $0.335 in Q3 2024 from $0.330 in Q3 2023[20] - Dividends paid to common stock and unitholders totaled $77,466,000 for the nine months ended September 30, 2024, slightly higher than $76,135,000 in the prior year[25] - The Company declared dividends of $0.335 per share/unit for each quarter in the first, second, and third quarters of 2024[103] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2024, were $51,051,000, a decrease from $64,229,000 in the same period of 2023, showing a reduction in investment spending[25] - Capital expenditures for Q3 2024 totaled $26,339,000, an increase of 24.8% from $21,142,000 in Q3 2023[150] Rental Income and Property Performance - Rental income for the nine months ended September 30, 2024, was $315.66 million, a 1.1% increase from $312.10 million in the same period of 2023[29] - Property revenue for Q3 2024 reached $61,058,000, a 17.5% increase from $51,948,000 in Q3 2023[146] - Office rental revenue for the three months ended September 30, 2024, is $48,310,000, down from $50,212,000 in 2023, representing a decrease of 3.8%[135] - Retail rental revenue increased by $1.1 million to $26.81 million, driven by new tenant leases and scheduled rent increases[185] - Multifamily revenue rose by $1.1 million to $15.29 million, with average monthly base rent increasing to $2,733 and occupancy rising to 90.1%[186] Operating Expenses - Total operating expenses for Q3 2024 were $85.00 million, compared to $80.06 million in Q3 2023, marking a 6.1% increase[20] - General and administrative expenses for Q3 2024 were $9,068,000, compared to $8,880,000 in Q3 2023, indicating a rise of 2.1%[148] - Total property expenses increased by $1.1 million, or 3%, to $42.4 million for the three months ended September 30, 2024[190] Interest and Financing - Total interest costs incurred for 2024 were $56,681 thousand, an increase from $54,167 thousand in 2023, representing a rise of approximately 4.6%[46] - Interest expense, net for 2024 was $50,773 thousand, compared to $48,422 thousand in 2023, indicating an increase of about 4.9%[46] - The interest rate for Term Loan A is fixed at approximately 2.7% through its maturity date, while Term Loans B and C have variable rates subject to adjustments[74] Market and Portfolio Activity - The company continues to evaluate acquisition opportunities in primary markets to complement its portfolio and provide long-term growth[166] - The company owned or had a controlling interest in 31 properties as of September 30, 2024, including office, retail, multifamily, and mixed-use properties[40] - The occupancy rates for office, retail, multifamily, and mixed-use properties as of September 30, 2024, were 87.0%, 94.5%, 90.3%, and 96.3%, respectively[180]