American Assets Trust, Inc. Reports Fourth Quarter and Year End 2024 Financial Results

Core Insights - The company reported a net income of $9.0 million for Q4 2024 and$ 56.8 million for the full year, translating to $0.15 and$ 0.94 per diluted share respectively [5][25] - Funds from Operations (FFO) per diluted share decreased by 4% in Q4 but increased by 8% year-over-year for the full year, reaching $0.55 and$ 2.58 respectively [5][27] - The company introduced 2025 annual guidance for FFO per diluted share with a midpoint of $1.94, ranging from$ 1.87 to $2.01 [2][19] Financial Results - For the three months ended December 31, 2024, net income attributable to common stockholders was$ 8.977 million, down from $10.481 million in Q4 2023 [4][25] - FFO attributable to common stock and common units was$ 42.110 million for Q4 2024, compared to $43.210 million in Q4 2023 [4][27] - Same-store cash Net Operating Income (NOI) increased by 2.6% for Q4 and 1.4% for the full year compared to the same periods in 2023 [5][14] Leasing Activity - The company leased approximately 57,000 office square feet with an average straight-line rent increase of 11% and a cash-basis increase of 2% during Q4 2024 [5][10] - Approximately 100,000 retail square feet were leased with a straight-line rent increase of 31% and a cash-basis increase of 7% during the same period [5][10] Balance Sheet and Liquidity - As of December 31, 2024, the company had gross real estate assets of$ 3.6 billion and liquidity of $825.7 million, including$ 425.7 million in cash and cash equivalents [16] - The company had only one asset encumbered by a mortgage out of 31 total assets [16] Dividends - The company declared a dividend of $0.335 per share for Q4 2024, paid on December 19, 2024, and a dividend of$ 0.340 per share for Q1 2025, to be paid on March 20, 2025 [18]