American Assets Trust(US:AAT)2022-06-14 13:16Company Overview and Performance - The company has been in business for 50 plus years and has an annualized Total Shareholder Return (TSR) of 12.6% since IPO [7] - From 2011 to 2021, the company achieved a Compound Annual Growth Rate (CAGR) of 6.1% in Funds From Operations (FFO) per share and 3.8% in dividends [7] - From 2011 to 2019, the company achieved a Net Asset Value (NAV) CAGR of 10.4% [7] Portfolio Composition and Diversification - As of March 31, 2022, the company's portfolio consisted of 7.174 million square feet of office, retail, and mixed-use properties, along with 2,112 multifamily units and 369 hotel rooms [10] - The portfolio's Annualized Base Rent (ABR) is diversified by segment, with 58% from office, 25% from retail, and 17% from multifamily [10] - The ABR is also diversified by region, with 48% from Southern California, 15% from Northern California, 13% from Washington, 12% from Oregon, 7% from Hawaii, and 4% from Texas [10] Financial Projections and Growth Potential - The company projects its total Cash Net Operating Income (NOI) to grow from $230.5 million in 2021 to $265.0 million in 2023, representing a 7% increase each year [11] - Office Cash NOI is forecasted to grow approximately $13.8 million in 2022 [11] - Multifamily Cash NOI is projected to increase $1.8 million in 2022 [11] Capital Management - As of March 31, 2022, the company had a cash balance of $74 million [30] - The company has a well-staggered debt maturity schedule and investment-grade credit ratings [31]