American Assets Trust, Inc. Reports Second Quarter 2024 Financial Results

Financial Performance - Net income available to common stockholders for the three and six months ended June 30, 2024, was $11.9 million and $31.2 million, respectively, translating to $0.20 and $0.52 per diluted share [1][3] - Funds from Operations (FFO) per diluted share increased by 2% and 6% year-over-year for the three and six months ended June 30, 2024, reaching $0.60 and $1.32, respectively [1][3] - The company increased its 2024 FFO per diluted share guidance to a range of $2.48 to $2.54, marking a 9.6% increase over prior guidance [1][19] Leasing Activity - The company signed 37 leases for approximately 164,700 square feet of office and retail space during the second quarter of 2024, with renewals accounting for 83% of comparable office leases and 94% of comparable retail leases [5][6] - The average cash-basis contractual rent increase for leased office space was 5% and for retail space was 6% during the second quarter [10] Portfolio Occupancy - As of June 30, 2024, the total portfolio occupancy rates were 86.6% for office, 94.5% for retail, and 90.0% for multifamily properties [6] - The same-store cash Net Operating Income (NOI) increased by 2.1% and 1.8% year-over-year for the three and six months ended June 30, 2024, respectively [12][14] Balance Sheet and Liquidity - As of June 30, 2024, the company had gross real estate assets of $3.8 billion and liquidity of $514.9 million, which includes $114.9 million in cash and cash equivalents [17] - The company had only 1 out of 31 assets encumbered by a mortgage [17] CEO Succession - Ernest Rady will transition to Executive Chairman, and Adam Wyll will become the Chief Executive Officer effective January 1, 2025 [21][22]