American Assets Trust, Inc. Reports Third Quarter 2022 Financial Results

Rhea-AI Summary

American Assets Trust reported a net income of $12.8 million for Q3 2022, or $0.21 per diluted share, up from $10.0 million in Q3 2021. For the nine months, net income reached $33.9 million or $0.56 per share. Funds From Operations (FFO) per diluted share increased 11% year-over-year to $0.63. The company raised its 2022 FFO guidance to $2.30 to $2.34 per diluted share. Notable leasing activity included an average cash-basis rent increase of 24% for office space. The balance sheet shows $3.6 billion in gross real estate assets and $427.4 million in liquidity.

Positive

• Net income increased to $12.8 million for Q3 2022, up from $10.0 million in Q3 2021.
• Funds From Operations (FFO) rose 11% year-over-year to $0.63 per diluted share.
• Increased 2022 FFO per diluted share guidance to a range of $2.30 to $2.34, indicating strong performance expectations.
• Leased approximately 43,000 office square feet with a 35% average increase in cash-basis rent.
• Same-store cash Net Operating Income (NOI) increased 11.3% year-over-year for Q3.

Negative

• Retail NOI decreased by 3.8% year-over-year for Q3.
• Multifamily occupancy dropped to 93.0%, down from 97.1% in Q3 2021.

Net income available to common stockholders of $12.8 million and $33.9 million for the three and nine months ended September 30, 2022, respectively, or $0.21 and $0.56 per diluted share, respectively.

Funds From Operations per diluted share increased 11% and 23% year-over-year for the three and nine months ended September 30, 2022, respectively, or $0.63 and $1.79 per diluted share, respectively.

Increased 2022 FFO per diluted share guidance to a range of $2.30 to $2.34, an approximately 16% increase at the midpoint over our full year 2021 FFO per diluted share.

SAN DIEGO, Oct. 25, 2022 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2022.

Third Quarter Highlights

• Net income available to common stockholders of $12.8 million and $33.9 million for the three and nine months ended September 30, 2022, respectively, or $0.21 and $0.56 per diluted share, respectively.
• Funds From Operations ("FFO") increased 11% and 23% year-over year to $0.63 and $1.79 per diluted share for the three and nine months ended September 30, 2022, respectively, compared to the same periods in 2021.
• Same-store cash Net Operating Income ("NOI") increased 11.3% and 10.7% year-over-year for the three and nine months ended September 30, 2022, respectively, compared to the same periods in 2021.
• Increased 2022 FFO per diluted share guidance to a range of $2.30 to $2.34 with a midpoint of $2.32, an approximately 4% increase over the prior 2022 guidance midpoint of $2.24.
• Leased approximately 43,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 35% and 24%, respectively, during the three months ended September 30, 2022.
• Leased approximately 71,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 28% and 7%, respectively, during the three months ended September 30, 2022.

Financial Results
Net income attributable to common stockholders was $12.8 million, or $0.21 per basic and diluted share for the three months ended September 30, 2022 compared to $10.0 million, or $0.17 per basic and diluted share for the three months ended September 30, 2021. For the nine months ended September 30, 2022, net income attributed to common stockholders was $33.9 million, or $0.56 per basic and diluted share compared to $20.2 million, or 0.34 per basic and diluted share for the nine months ended September 30, 2021. The year-over-year increase in net income attributable to common stockholders is primarily due to (i) a $4.3 million debt extinguishment charge related to the repayment of the company's Senior Guaranteed Notes, Series A on January 26, 2021, not incurred in 2022, (ii) a $3.1 million net increase in retail income, due to COVID-related lease modifications that changed some tenants to alternate rent or cash basis of revenue recognition (with some of these tenants later reverting back to contractual basic monthly rent), (iii) a $2.5 million net increase in multifamily income primarily due to an overall increase in occupancy and average monthly base rent, (iv) a $1.7 million net increase at our Waikiki Beach Walk - Embassy Suites due to increased tourism into Hawaii, and (v) and increase of $1.4 million in office net income related to our recent acquisitions of Eastgate Office Park and Corporate Campus East III in July 2021 and September 2021, respectively, and Bel-Spring 520 in March 2022.

During the third quarter of 2022, the company generated FFO for common stock and common units of $47.9 million, or $0.63 per diluted share and unit, compared to $43.4 million, or $0.57 per diluted share and unit, for the third quarter of 2021. The increase in FFO from the corresponding period in 2021 was primarily due to an increase in revenue at our Waikiki Beach Walk - Embassy Suites™, an increase in our office segment related to accelerated revenue recognition of tenant improvement overage as a tenant turned over part of their leased square footage early and recognition of accelerated deferred rent payments, and an increase in revenue and average monthly base rent for our multifamily segment. Additionally, there was an increase in FFO in 2022 from our recent acquisitions of Corporate Campus East III in September 2021 and Bel-Spring 520 in March 2022.

FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

Leasing
The portfolio leased status as of the end of the indicated quarter was as follows:

	September 30, 2022	June 30, 2022	September 30, 2021
Total Portfolio
Office	90.7%	91.0%	90.2%
Retail	92.2%	92.5%	91.7%
Multifamily	93.0%	92.0%	97.1%
Mixed-Use:
Retail	94.9%	94.9%	86.6%
Hotel	78.6%	75.8%	64.3%
Same-Store Portfolio
Office(1)	95.8%	95.8%	92.7%
Retail	92.2%	92.5%	91.7%
Multifamily	93.0%	92.0%	97.1%
Mixed-Use:
Retail	94.9%	94.9%	86.6%
Hotel	78.6%	75.8%	64.3%

(1) Same-store office leased percentages excludes (i) One Beach Street due to significant redevelopment activity; (ii) Eastgate Office Park which was acquired on July 7, 2021; (iii) Corporate Campus East III which was acquired on September 10, 2021; (iv) Bel-Spring 520 which was acquired on March 8, 2022 and (v) land held for development.

During the third quarter of 2022, the company signed 34 leases for approximately 138,500 square feet of office and retail space, as well as 713 multifamily apartment leases. Renewals accounted for 89% of the comparable office leases, 82% of the comparable retail leases, and 53% of the residential leases.

Office and Retail
On a comparable space basis (i.e. leases for which there was a former tenant) during the third quarter of 2022 and trailing four quarters ended September 30, 2022, our retail and office leasing spreads are shown below:

		Number of Leases Signed	Comparable Leased Sq. Ft.	Average Cash Basis % Change Over Prior Rent	Average Cash Contractual Rent Per Sq. Ft.		Prior Average Cash Contractual Rent Per Sq. Ft.		Straight-Line Basis % Change Over Prior Rent
Office	Q3 2022	9	43,000	23.7%	$57.35		$46.38		34.7%
	Last 4 Quarters	40	343,000	17.6%	$62.98		$53.57		21.9%
Retail	Q3 2022	17	71,000	6.8%	$31.46		$29.45		27.7%
	Last 4 Quarters	65	277,000	(0.8)%	$32.80		$33.05		15.9%

Multifamily
The average monthly base rent per leased unit for our multifamily properties for the third quarter of 2022 was $2,372 compared to an average monthly base rent per leased unit of $2,090 for the third quarter of 2021, which is an increase of approximately 13.5%.

Same-Store Cash Net Operating Income
For the three and nine months ended September 30, 2022, same-store cash NOI increased 11.3% and 10.7%, respectively, compared to the three and nine months ended September 30, 2021. The same-store cash NOI by segment was as follows (in thousands):

	Three Months Ended(1)										Nine Months Ended(1)
	September 30,										September 30,
	2022			2021			Change				2022			2021			Change
Cash Basis:
Office	$	32,794		$	28,572		14.8		%		$	92,436		$	84,948		8.8		%
Retail		17,492			18,183		(3.8	)				51,012			51,614		(1.2	)
Multifamily		7,957			6,979		14.0					23,953			20,738		15.5
Mixed-Use		6,665			4,587		45.3					16,867			9,134		84.7
Same-store Cash NOI	$	64,908		$	58,321		11.3		%		$	184,268		$	166,434		10.7		%

(1)   Same-store portfolio excludes (i) One Beach Street, due to significant redevelopment activity; (ii) Eastgate Office Park which was acquired on July 7, 2021; (iii) Corporate Campus East III which was acquired on September 10, 2021; (iv) Bel-Spring 520 which was acquired on March 8, 2022 and (v) land held for development.

Same-store cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of same-store cash NOI to net income is attached to this press release.

Balance Sheet and Liquidity
At September 30, 2022, the company had gross real estate assets of $3.6 billion and liquidity of $427.4 million, comprised of cash and cash equivalents of $63.4 million and $364.0 million of availability on its line of credit. At September 30, 2022, the company has only 1 out of 31 assets encumbered by a mortgage.

Dividends
The company declared dividends on its shares of common stock of $0.32 per share for the third quarter of 2022. The dividends were paid on September 22, 2022.

In addition, the company has declared a dividend on its common stock of $0.32 per share for the fourth quarter of 2022. The dividend will be paid in cash on December 22, 2022 to stockholders of record on December 8, 2022.

Guidance
The company increased its 2022 FFO per diluted share guidance to a range of $2.30 to $2.34 per share, an increase of approximately 4% at midpoint from the prior 2022 FFO per diluted share guidance range of $2.21 to $2.27 per share.

The company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financings or repayments. Management will discuss the company's guidance in more detail on tomorrow's earnings call. The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, credit spreads and the amount and timing of acquisition and development activities. The company's actual results may differ materially from these estimates.

Conference Call
The company will hold a conference call to discuss the results for the third quarter of 2022 on Wednesday, October 26, 2022 at 8:00 a.m. Pacific Time (“PT”). To participate in the event by telephone, please dial 1-866-652-5200 and ask to join the American Assets Trust, Inc. Conference Call. A live on-demand audio webcast of the conference call will be available on the company's website at www.americanassetstrust.com. A replay of the call will also be available on the company's website.

Supplemental Information
Supplemental financial information regarding the company's third quarter 2022 results may be found on the "Financial Reporting" tab of the “Investors” page of the company's website at www.americanassetstrust.com. This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.

Financial Information
American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)

	September 30, 2022				December 31, 2021
Assets	(unaudited)
Real estate, at cost
Operating real estate	$	3,450,995			$	3,389,726
Construction in progress		194,798				139,098
Held for development		547				547
		3,646,340				3,529,371
Accumulated depreciation		(910,556	)			(847,390	)
Real estate, net		2,735,784				2,681,981
Cash and cash equivalents		63,431				139,524
Accounts receivable, net		8,566				7,445
Deferred rent receivables, net		88,375				82,724
Other assets, net		112,421				106,253
Total assets	$	3,008,577			$	3,017,927
Liabilities and equity
Liabilities:
Secured notes payable, net	$	74,555			$	110,965
Unsecured notes payable, net		1,538,986				1,538,238
Unsecured line of credit, net		33,895				—
Accounts payable and accrued expenses		72,355				64,531
Security deposits payable		8,821				7,855
Other liabilities and deferred credits, net		82,242				86,215
Total liabilities		1,810,854				1,807,804
Commitments and contingencies
Equity:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,528,115 and 60,525,580 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively		605				605
Additional paid-in capital		1,458,748				1,453,272
Accumulated dividends in excess of net income		(241,549	)			(217,785	)
Accumulated other comprehensive income		12,554				2,872
Total American Assets Trust, Inc. stockholders' equity		1,230,358				1,238,964
Noncontrolling interests		(32,635	)			(28,841	)
Total equity		1,197,723				1,210,123
Total liabilities and equity	$	3,008,577			$	3,017,927

American Assets Trust, Inc.
Unaudited Consolidated Statements of Operations
(In Thousands, Except Shares and Per Share Data)

	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Revenue:
Rental income	$	105,468			$	93,804			$	301,470			$	262,573
Other property income		5,555				4,482				15,178				11,508
Total revenue		111,023				98,286				316,648				274,081
Expenses:
Rental expenses		28,438				23,466				78,436				61,916
Real estate taxes		11,477				9,644				34,193				31,610
General and administrative		8,376				6,827				23,130				20,574
Depreciation and amortization		31,729				30,680				93,228				85,827
Total operating expenses		80,020				70,617				228,987				199,927
Operating income		31,003				27,669				87,661				74,154
Interest expense		(14,454	)			(14,722	)			(43,667	)			(43,589	)
Loss on early extinguishment of debt		—				—				—				(4,271	)
Other (expense) income, net		(180	)			(52	)			(523	)			(179	)
Net income		16,369				12,895				43,471				26,115
Net income attributable to restricted shares		(155	)			(145	)			(464	)			(417	)
Net income attributable to unitholders in the Operating Partnership		(3,442	)			(2,709	)			(9,130	)			(5,459	)
Net income attributable to American Assets Trust, Inc. stockholders	$	12,772			$	10,041			$	33,877			$	20,239
Net income per share
Basic income attributable to common stockholders per share	$	0.21			$	0.17			$	0.56			$	0.34
Weighted average shares of common stock outstanding - basic		60,044,117				59,990,343				60,041,034				59,986,844
Diluted income attributable to common stockholders per share	$	0.21			$	0.17			$	0.56			$	0.34
Weighted average shares of common stock outstanding - diluted		76,225,654				76,171,880				76,222,571				76,168,381
Dividends declared per common share	$	0.32			$	0.30			$	0.96			$	0.86

Reconciliation of Net Income to Funds From Operations
The company's FFO attributable to common stockholders and operating partnership unitholders and reconciliation to net income is as follows (in thousands except shares and per share data, unaudited):

	Three Months Ended				Nine Months Ended
	September 30, 2022				September 30, 2022
Funds From Operations (FFO)
Net income	$	16,369			$	43,471
Depreciation and amortization of real estate assets		31,729				93,228
FFO, as defined by NAREIT	$	48,098			$	136,699
Less: Nonforfeitable dividends on restricted stock awards		(153	)			(459	)
FFO attributable to common stock and units	$	47,945			$	136,240
FFO per diluted share/unit	$	0.63			$	1.79
Weighted average number of common shares and units, diluted		76,226,946				76,224,480

Reconciliation of Same-Store Cash NOI to Net Income
The company's reconciliation of Same-Store Cash NOI to Net Income is as follows (in thousands, unaudited):

	Three Months Ended(1)								Nine Months Ended(1)
	September 30,								September 30,
	2022				2021				2022				2021
Same-store cash NOI	$	64,908			$	58,321			$	184,268			$	166,434
Non-same-store cash NOI		2,667				1,669				8,091				1,777
Tenant improvement reimbursements(2)		171				(24	)			2,943				267
Cash NOI	$	67,746			$	59,966			$	195,302			$	168,478
Non-cash revenue and other operating expenses(3)		3,362				5,210				8,717				12,077
General and administrative		(8,376	)			(6,827	)			(23,130	)			(20,574	)
Depreciation and amortization		(31,729	)			(30,680	)			(93,228	)			(85,827	)
Interest expense		(14,454	)			(14,722	)			(43,667	)			(43,589	)
Loss on early extinguishment of debt		—				—				—				(4,271	)
Other (expense) income, net		(180	)			(52	)			(523	)			(179	)
Net income	$	16,369			$	12,895			$	43,471			$	26,115
Number of properties included in same-store analysis		27				26				27				26

(1)   Same-store portfolio excludes (i) One Beach Street, due to significant redevelopment activity; (ii) Eastgate Office Park which was acquired on July 7, 2021; (iii) Corporate Campus East III which was acquired on September 10, 2021; (iv) Bel-Spring 520 which was acquired on March 8, 2022 and (v) land held for development.
(2)   Tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.
(3)   Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; net change in lease receivables (solely with respect to Q2 2020 through Q4 2021), the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, and straight-line rent expense for our lease of the Annex at The Landmark at One Market.

Reported results are preliminary and not final until the filing of the company's Form 10-Q with the Securities and Exchange Commission and, therefore, remain subject to adjustment.

Use of Non-GAAP Information
Funds from Operations
The company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

FFO is a supplemental non-GAAP financial measure. Management uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the company's operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year-over-year, captures trends in occupancy rates, rental rates and operating costs. The company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the company's operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the company's properties, all of which have real economic effects and could materially impact the company's results from operations, the utility of FFO as a measure of the company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the company does, and, accordingly, the company's FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the company's performance. FFO should not be used as a measure of the company's liquidity, nor is it indicative of funds available to fund the company's cash needs, including the company's ability to pay dividends or service indebtedness. FFO also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Cash Net Operating Income
The company uses NOI internally to evaluate and compare the operating performance of the company's properties. The company believes cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner. The company believes the exclusion of these items from net income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the company's properties but does not measure the company's performance as a whole. Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP.

Cash NOI is a non-GAAP financial measure of performance. The company defines cash NOI as operating revenues (rental income, tenant reimbursements, lease termination fees, ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance), adjusted for non-cash revenue and operating expense items such as straight-line rent, net change in lease receivables (solely with respect to Q2 2020 through Q4 2021), amortization of lease intangibles, amortization of lease incentives and other adjustments. Cash NOI also excludes general and administrative expenses, depreciation and amortization, interest expense, other nonproperty income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the company's cash NOI may not be comparable to the cash NOIs of other REITs.

About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust ("REIT"), headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.  The company's office portfolio comprises approximately 4.0 million rentable square feet, and its retail portfolio comprises approximately 3.1 million rentable square feet. In addition, the company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com.

Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of COVID-19 and its variants) and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; adverse economic or real estate developments in our markets; our failure to generate sufficient cash flows to service our outstanding indebtedness; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; difficulties in identifying properties to acquire and completing acquisitions; difficulties in completing dispositions; our failure to successfully operate acquired properties and operations; our inability to develop or redevelop our properties due to market conditions; fluctuations in interest rates and increased operating costs; risks related to joint venture arrangements; our failure to obtain necessary outside financing; on-going litigation; general economic conditions; financial market fluctuations; risks that affect the general retail, office, multifamily and mixed-use environment; the competitive environment in which we operate; decreased rental rates or increased vacancy rates; conflicts of interests with our officers or directors; lack or insufficient amounts of insurance; environmental uncertainties and risks related to adverse weather conditions and natural disasters; other factors affecting the real estate industry generally; limitations imposed on our business and our ability to satisfy complex rules in order for us to continue to qualify as a REIT for U.S. federal income tax purposes; and changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs. While forward-looking statements reflect the company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company's most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission. The company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Source: American Assets Trust, Inc.

Investor and Media Contact:
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607

 

FAQ

What were American Assets Trust's earnings results for Q3 2022?

American Assets Trust reported a net income of $12.8 million or $0.21 per diluted share for Q3 2022.

What is the FFO guidance for American Assets Trust for 2022?

The guidance for 2022 FFO per diluted share has been increased to a range of $2.30 to $2.34.

How did American Assets Trust's leasing performance change in Q3 2022?

In Q3 2022, the company leased approximately 43,000 office square feet with a 35% cash-basis rent increase.

What was the cash NOI growth for American Assets Trust?

Same-store cash NOI increased by 11.3% year-over-year for Q3 2022.

What is the current liquidity of American Assets Trust?

As of September 30, 2022, the company had a liquidity of $427.4 million.