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American Assets Trust, Inc. (NYSE: AAT) is a self-administered real estate investment trust (REIT) headquartered in San Diego, California. The company specializes in acquiring, improving, developing, and managing office, retail, residential, and mixed-use properties across the United States. Since its formation in 2011, succeeding the privately held American Assets, Inc., which was founded in 1967, American Assets Trust has leveraged over 55 years of experience in premier real estate markets, including Southern California, Northern California, Washington, Oregon, Texas, and Hawaii.
The company's diverse portfolio includes approximately 4.1 million rentable square feet of office space, 3.1 million rentable square feet of retail space, one mixed-use property featuring 94,000 rentable square feet of retail space and a 369-room all-suite hotel, and 2,110 multifamily units. This strategic mix ensures robust revenue streams and stability, with the retail and office segments contributing the majority of total revenue.
Recent highlights include the successful amendment of a term loan agreement to increase borrowings to $225 million, extend the maturity date to January 2025, and transition from LIBOR to SOFR, reflecting the company's proactive financial management. For the year ending December 31, 2023, American Assets Trust reported significant financial performance, with net income available to common stockholders of $50.4 million or $0.84 per diluted share, and Funds From Operations (FFO) per diluted share increasing 3% year-over-year to $2.40.
American Assets Trust continues to attract high-profile tenants and secure competitive lease agreements, highlighted by strong leasing activity and consistent rent increases. The company's robust financial health is underscored by a balance sheet featuring $482.9 million in liquidity as of December 31, 2023, including $82.9 million in cash and cash equivalents and $400 million in available credit.
In 2024, the company aims to maintain its growth trajectory with guidance for full-year FFO per diluted share between $2.19 and $2.33. This ongoing commitment to strategic property management and financial prudence positions American Assets Trust as a resilient and dynamic player in the real estate investment sector.
American Assets Trust (NYSE: AAT) reported strong Q3 2024 financial results with net income of $16.7 million ($0.28 per diluted share). Notable highlights include a 20% year-over-year increase in FFO to $0.71 per diluted share, and a 15.8% increase in same-store cash NOI. The company successfully leased approximately 58,000 office square feet and 125,000 retail square feet during Q3, with significant rent increases. AAT closed a $525 million public bond offering at 6.15% due 2034 and increased its 2024 FFO guidance to $2.51-$2.55 per share. The portfolio showed strong performance with office occupancy at 87%, retail at 94.5%, and multifamily at 90.3%.
American Assets Trust, Inc. (NYSE:AAT) has announced its schedule for the release of third quarter 2024 earnings. The company will issue a press release after market close on Tuesday, October 29, 2024. Following this, senior management will host a conference call to discuss the earnings on Wednesday, October 30, 2024, at 8:00 a.m. Pacific Time.
Investors and interested parties can access the conference call by dialing 1 (833) 816-1162 and requesting to join the American Assets Trust, Inc. Conference Call. Additionally, a live on-demand audio webcast of the call will be available on the company's website in the 'Investor Relations' section. For those unable to attend the live call, a replay of the webcast will be accessible on the company's website approximately one hour after the call concludes.
American Assets Trust, Inc. (NYSE: AAT) has announced the pricing of $525 million aggregate principal amount of 6.150% senior notes due 2034 through its operating partnership. The notes, priced at 99.671% of the principal amount, will mature on October 1, 2034. The offering is expected to settle on September 17, 2024. AAT plans to use the net proceeds for:
- Repayment of Series B and C Senior Guaranteed Notes (approximately $200 million)
- Repayment of outstanding borrowings under the revolver loan (approximately $100 million)
- Working capital and general corporate purposes (remainder)
Wells Fargo Securities, Mizuho, and PNC Capital Markets are acting as joint book-running managers for this offering.
American Assets Trust (NYSE: AAT) reported its Q2 2024 financial results with net income of $11.9M ($0.20/diluted share) and $31.2M ($0.52/diluted share) for the three and six months ended June 30, 2024, respectively.
Funds from Operations (FFO) per diluted share increased by 2% and 6% year-over-year for the three and six months, reaching $0.60 and $1.32, respectively.
Company increased its 2024 FFO guidance to $2.48-$2.54 per diluted share, a 9.6% increase from prior guidance.
Same-store cash Net Operating Income (NOI) grew by 2.1% and 1.8% year-over-year for the three and six months ended June 30, 2024, excluding non-recurring costs.
Leasing: Signed 37 office and retail leases (164,700 sq ft) and 395 multifamily apartment leases in Q2. Notable rent increases: 15% office and 34% retail straight-line basis.
CEO Succession: Ernest Rady to transition to Executive Chairman and Adam Wyll to CEO effective Jan 1, 2025.
American Assets Trust (NYSE:AAT) announced it will release its second quarter 2024 earnings after the market closes on Tuesday, July 30, 2024. A conference call is scheduled for Wednesday, July 31, 2024, at 8:00 a.m. Pacific Time to discuss the results. Interested parties can join the call by dialing 1 (833) 816-1162. Additionally, a live on-demand audio webcast and replay will be available on the company's Investor Relations webpage.
American Assets Trust, Inc. reported a strong first quarter with net income of $19.3 million and FFO per diluted share of $0.71, an 8% increase year-over-year. The company raised its 2024 FFO guidance to $2.24-$2.34 per share, showing a 1% increase over prior guidance. Leasing activities saw positive growth, with significant increases in office and retail rental rates. The company maintains a healthy balance sheet with $498.6 million in liquidity and only one asset encumbered by a mortgage.
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