Financial Data and Key Metrics Changes - The company delivered 3,435 residential units in Q4 2025, exceeding guidance, with a total of 10,792 units delivered for the full year [4] - Net income for Q4 was $36 million, or $1.21 per diluted share, with adjusted net income at $47 million, or $1.59 per diluted share [19] - Home sales revenues for Q4 reached $1.1 billion, up 16% sequentially, while average sales price decreased by 5% to $367,000 [19][20] - The company reduced net leverage to 26% and generated cash flow from operations of over $150 million [5] Business Line Data and Key Metrics Changes - The Century Living segment contributed to revenues with the sale of a 300-unit multifamily community for $97 million [20] - The company achieved a record net new contracts of 2,702 homes in Q4, a 10% increase year-over-year and a 13% increase sequentially [9] - Direct construction costs decreased by an average of $13,000 per home, and cycle times improved to a record 114 calendar days [6][12] Market Data and Key Metrics Changes - The mortgage capture rate was 84% for both Q4 and the full year, representing records for the company [22] - Adjustable rate mortgages accounted for approximately 25% of originated mortgages in Q4, up from nearly 20% in Q3 [11] Company Strategy and Development Direction - The company plans to grow deliveries by 10% annually in 2026 and 2027 based on existing lot counts, assuming improved market conditions [6][15] - A disciplined approach will be maintained in slower market conditions, focusing on flexibility in land acquisition and development [7][15] - The company aims to deepen its market share in existing markets to drive improved margins and returns [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the spring selling season, noting improved order activity and potential consumer interest [28][30] - The company remains cautious, acknowledging that previous expectations for strong sales did not materialize last year [28][52] - Management highlighted the importance of external factors such as interest rate relief and consumer confidence in driving demand [7] Other Important Information - The company repurchased over 7% of its shares outstanding at the beginning of the year and returned a record $178 million to shareholders through dividends and share repurchases [5][23] - The average community count increased by 13% to 318 communities, with expectations for low- to mid-single-digit percentage growth in 2026 [12][14] Q&A Session Summary Question: Insights on the spring selling season and consumer behavior - Management noted that while January sales pace has been slower, order activity has improved sequentially, and there is hope for a better spring selling season [27][28] Question: Expectations for gross margin in the upcoming quarter - Management indicated that gross margins may see a slight pullback due to incentives but expect a more balanced approach moving forward [39] Question: Geographic performance trends - Management did not identify specific regions outperforming others but noted increased traffic driven by mortgage rate trends [40] Question: Remaining stock repurchase authorization - Approximately 1.5 million shares remain under the stock repurchase program [42] Question: Factors influencing SG&A as a percentage of sales - Management explained that Q1 is typically the lowest closing quarter, contributing to a higher percentage of SG&A [49] Question: Confidence in dialing back incentives - Management expressed caution, indicating that they will need to monitor market conditions closely before adjusting incentives [52]

分组1 - American Assets Trust, Inc. announced the tax treatment of its 2025 dividend distributions, detailing the allocation of dividends and their taxable components [1] - The total dividend distribution for 2025 is $1.360 per share, with $0.561920 classified as ordinary dividends and $0.238604 as capital gain [1] - The company did not incur any foreign taxes during 2025, and stockholders are advised to consult their tax advisors regarding the specific tax treatment of the dividends [1] 分组2 - American Assets Trust, Inc. is a vertically integrated real estate investment trust (REIT) with over 55 years of experience in managing office, retail, and residential properties across the United States [2] - The company's office portfolio includes approximately 4.3 million rentable square feet, while its retail portfolio comprises about 2.4 million rentable square feet [2] - The company was formed in 2011 to succeed the real estate business of American Assets, Inc., which was founded in 1967, indicating a strong foundation and extensive market knowledge [2]

Financial Performance - Q3 2025 - Net income decreased by 51% to $0.7 million, compared to $1.4 million in Q3 2024, due to expenses related to the Altman Logistics platform acquisition and lower operating profit in the Industrial and Commercial segment[6] - Pro rata NOI decreased by 16% to $9.5 million, compared to $11.3 million in Q3 2024[6] - Multifamily pro rata NOI decreased by 3% to $4.57 million[6, 10] - Industrial and Commercial NOI decreased by 25% due to vacancies and lease expirations[6] - Mining Royalty Lands NOI decreased by 26% to $3.756 million, primarily due to the absence of a one-time catch-up minimum royalty payment of $1.9 million in the prior year period[6] Financial Performance - Year-to-Date (YTD) 2025 - Net income decreased by 37% to $3.0 million, compared to $4.7 million YTD 2024, largely due to Altman Logistics platform acquisition expenses and higher G&A expenses[6] - Pro rata NOI decreased by 2% to $28.6 million, compared to $29.0 million YTD 2024[6] - Multifamily pro rata NOI increased by 0% to $13.937 million[11] - Industrial & Commercial NOI decreased to $3.053 million[15] - Mining & Royalties NOI decreased by 2% to $10.705 million[21] Strategic Developments - FRP entered a JV with Strategic Real Estate Partners to develop 377,892 square feet of industrial space in Lake County, FL[6] - FRP completed the acquisition of Altman Logistics Properties, LLC, expanding FRP's professional capabilities and deal flow[6] Sum of the Parts Analysis - The total value of FRP is estimated to be between $699 million and $789 million, or $36.59 to $41.29 per share[31] - Income Producing Properties total value range from $515.7 million to $577.5 million[28] - Development Pipeline FRP Equity Investment is $85.1 million[31]

Financial Performance - The company declared a quarterly cash dividend of $0.08 per common share[6] - Net loss to common shareholders was $(26.232) million, or $(0.15) per diluted share for Q3 2025[15] - Funds From Operations (FFO) was $28.031 million, or $0.16 per diluted share for Q3 2025[15] - Cash Available for Distribution (CAD) was $20.957 million for Q3 2025, with a CAD payout ratio of 126.3%[15] - Same Store NOI Growth for GAAP was 1.4% and for Cash was 2.1% in Q3 2025[15] Leasing Activity - Total lease activity in the wholly-owned portfolio was 164,126 square feet in Q3 2025, including 87,162 square feet of new/expansions and 76,964 square feet of renewals[9] - Total combined lease activity (including joint venture portfolio) was 342,732 square feet in Q3 2025[9] - Quarter end occupancy for the wholly-owned portfolio was 88.8%, and leased percentage as of October 17, 2025, was 90.4%[12] - Tenant retention was 67.8%[17] Development and Disposition - The company completed the sale of an office property in Austin, Texas for $55.1 million, or $247 per square foot, with 70% occupancy at the time of sale[8] - The company acquired its partner's preferred equity interest in 3025 JFK for $70.5 million and assumed the existing $178 million secured construction loan[11] - Construction commenced on the North Burnet/Uptown Station, CapMetro's newest rail station[7] Debt and Liquidity - The company repaid a construction loan of $43.6 million related to 155 King of Prussia Road[11] - The company priced an underwritten public offering of $300 million of 6.125% guaranteed notes due 2031, with net proceeds of approximately $296.3 million[11] - The company repaid its $245 million Secured Term Loan due 2028 using proceeds from the Notes[11]

Financial Performance Highlights - Net income decreased by 32% to $23 million in Q2'25 compared to $33 million in Q2'24, and decreased by 72% to $06 million YTD compared to $20 million YTD, largely due to professional fees related to a transaction and lower net interest income [6] - Pro rata NOI increased by 7% to $191 million in Q2'25 compared to $178 million in Q2'24, and increased by 5% to $97 million YTD compared to $92 million YTD [6] - Pro rata revenue increased to $13997 million in Q2'25 from $13309 million in Q2'24, and increased to $27426 million YTD in 2025 from $26127 million YTD in 2024 [8] Segment Performance - Multifamily segment pro rata NOI increased by 1% to $4737 million in Q2'25 compared to Q2 2024, and increased by 2% to $9367 million YTD compared to YTD 2024, primarily due to improved occupancy at The Verge and Dock 79 [6, 11, 12] - Industrial and Commercial segment NOI decreased by 15% to $1010 million in Q2'25 compared to Q2 2024, and decreased to $2149 million YTD compared to YTD 2024, primarily due to an eviction and lease expirations [6, 15, 16] - Mining Royalty Lands segment NOI increased by 21% to $3665 million in Q2'25 compared to Q2 2024, and increased by 20% to $6949 million YTD compared to YTD 2024, primarily due to a reduction in royalty payments in the prior year [6, 21] Development and Strategic Initiatives - Amended the Company's Credit Agreement with Wells Fargo, establishing a five-year, $50 million revolver at SOFR + 225% [6] - Entered a JV with Strategic Real Estate Partners to develop 377892 square feet of industrial space in Lake County, FL [6] - Development activity continues with construction started on Lakeland, FL (200000 sq ft warehouse), Davie, FL (182000 sq ft warehouse redevelopment), and "Woven" – Greenville, SC (214 multifamily units and 14000 retail sq ft multifamily development) in Q2 '25 [10, 27]

Financial Data and Key Metrics Changes - For Q1 2025, the company reported core FFO of $0.19 per diluted share, with same store property cash NOI up 0.4% excluding nonrecurring revenue items from Q1 2024 [27] - Expenses increased approximately 5% year over year, driven by real estate taxes, payroll costs, and repair and maintenance costs, partially offset by higher tenant reimbursement income and growth in rental revenue [27][28] - The company maintains its guidance for core FFO of $0.86 to $0.89 for 2025, with unchanged NOI guidance for the Observatory at $97 million to $102 million [28][29] Business Line Data and Key Metrics Changes - The commercial portfolio leased a total of 231,000 square feet in Q1 2025, including significant renewals and expansions with notable tenants [13][14] - The Manhattan office portfolio is 93% leased, with a slight decrease from 94.2% in the previous quarter, but the company expects occupancy gains by year-end 2025 [13][19] - The multifamily portfolio achieved 99% occupancy with 8% year-over-year rent growth in Q1 2025 [16] Market Data and Key Metrics Changes - The leasing environment in New York City remains active, particularly for modernized buildings near mass transit, with the company achieving its fifteenth consecutive year of positive mark to market rent spreads [9][16] - The Observatory generated NOI of approximately $15 million, with visitation down 0.6% year over year, attributed to weather conditions and the timing of the Easter holiday [9][28] - Approximately 50% of Observatory visitors are domestic, with no single region contributing more than 10% of total visitation, indicating a broad international exposure [11] Company Strategy and Development Direction - The company focuses on five priorities: leasing space, selling tickets to the Observatory, managing the balance sheet, identifying growth opportunities, and achieving sustainability goals [12][72] - The company is well-positioned to navigate economic uncertainties due to its diversified income streams and strong balance sheet, allowing for flexibility in leasing and maintenance [7][22] - The company actively underwrites deals across retail, multifamily, and office sectors, with a focus on New York City, and is prepared to act on opportunities to enhance growth [25][26] Management's Comments on Operating Environment and Future Outlook - Management acknowledges potential macroeconomic risks but remains optimistic about the company's strong position due to long-term leases and a diverse tenant base [6][7] - The company is focused on maintaining operational excellence and controlling costs while monitoring external factors that could impact tourism and economic growth [21][22] - Management emphasizes the importance of transparency and adaptability in the current uncertain environment, particularly regarding tourism and consumer behavior [21][22] Other Important Information - The company repaid $100 million in Series A unsecured notes and $120 million in revolving credit facility balance during the quarter, maintaining a proactive approach to managing its balance sheet [23] - The company has the lowest leverage among New York City-focused REITs at 5.2 times net debt to EBITDA as of quarter-end [23] Q&A Session Summary Question: How are leasing conversations unfolding with different tenant categories? - Management noted no change in lease negotiations across various tenant categories in the last sixty days, indicating strong activity and interest [33][34] Question: What is the expected trend for CapEx in the coming years? - Management provided insights on CapEx, indicating a reduction in leasing commissions and building improvements as the portfolio stabilizes, with a good run rate expected moving forward [35][38] Question: How is the Williamsburg leasing progressing? - Management reported strong activity in Williamsburg, with high interest from recognizable brand names and a 94% lease rate across the retail portfolio [40][43] Question: How does the company prioritize capital allocation opportunities? - Management emphasized a balanced approach to capital allocation, focusing on operating runway and potential investment opportunities while being measured in share buybacks [44][45] Question: What is the company's perspective on tourism and potential impacts from geopolitical tensions? - Management has not detected significant shifts in demand and remains focused on operational discipline and marketing strategies to mitigate any potential declines in tourism [56][57]