Welcome to our dedicated page for AMERICAN ASSETS TRUST news (Ticker: AAT), a resource for investors and traders seeking the latest updates and insights on AMERICAN ASSETS TRUST stock.
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 reported a net income of $16.1 million ($0.27 per diluted share) for Q1 2023, up from $10.5 million ($0.18) in Q1 2022. Funds From Operations (FFO) per diluted share rose 16% year-over-year to $0.66, driven by a $6.3 million net settlement and increased revenues across segments including multifamily and retail. The company has raised its 2023 FFO guidance to a range of $2.23 to $2.33 per share, with a midpoint of $2.28. Leasing activities saw approximately 56,000 square feet of office space leased at a 23% increase in rent, while retail leasing increased by 28%. Despite facing higher interest expenses and general administrative costs, the company maintained a solid liquidity position with $487.3 million available.
American Assets Trust, Inc. (NYSE:AAT) will release its first quarter 2023 earnings on April 25, 2023, after market close. A conference call is scheduled for April 26, 2023, at 8:00 a.m. PT, allowing investors to discuss the results. The company operates as a self-administered real estate investment trust with a portfolio that includes approximately 4.1 million rentable square feet in office space and 3.1 million in retail, alongside multifamily units and a mixed-use property. With over 50 years of experience, American Assets Trust maintains a strong presence in key U.S. markets, focusing on high-barrier real estate sectors.
American Assets Trust reported a net income of $9.6 million for Q4 2022, translating to $0.16 per diluted share. The full-year net income reached $43.5 million or $0.72 per diluted share, marking a substantial increase from 2021. Funds From Operations (FFO) rose by 4% for Q4 and 17% for the year, amounting to $0.56 and $2.34 per diluted share, respectively. The company announced a 3% increase in its quarterly dividend to $0.33 per share. 2023 guidance for FFO is set at $2.16 to $2.30 per diluted share, with a midpoint of $2.23. The company also amended its loan agreement, increasing borrowings and extending the loan maturity date.
American Assets Trust (AAT) announced the tax treatment of its 2022 dividend distributions. For the year, the total distribution per share was $1.28. The taxable ordinary dividend amounts are detailed as follows: $0.294804 for each dividend distribution, with no foreign taxes incurred in 2022. Key dates include record dates of March 10, June 9, September 8, and December 8, 2022, with payable dates following shortly after. Stockholders are advised to consult tax advisors regarding specific tax treatments related to these distributions.
American Assets Trust, Inc. (NYSE:AAT) will release its fourth quarter and year-end 2022 earnings on February 7, 2023, after market close. The company will hold a conference call on February 8, 2023, at 8:00 a.m. PT to discuss these results. The call can be accessed by dialing 1 (833) 630-1956. A live audio webcast will also be available through the company’s Investor Relations website, with a replay available an hour after the call concludes.
American Assets Trust (NYSE:AAT) announced an amendment to its term loan agreement, increasing borrowings from $150 million to $225 million. The maturity date has been extended to January 5, 2025, and borrowings will transition to the Secured Overnight Financing Rate (SOFR) from LIBOR. The term loan is unsecured, and interest rates will be approximately 5.47% for the first year and 5.57% for the second year. This strategic move enhances the company’s financial flexibility and aligns with current market conditions.
FAQ
What is the current stock price of AMERICAN ASSETS TRUST (AAT)?
What is the market cap of AMERICAN ASSETS TRUST (AAT)?
What is American Assets Trust, Inc.?
Where are American Assets Trust's properties located?
What types of properties does American Assets Trust manage?
What was the company's financial performance in 2023?
What recent financial adjustments has American Assets Trust made?
What is the company's 2024 FFO guidance?
How is the company's liquidity as of December 31, 2023?
How has leasing activity been for American Assets Trust?
How long has American Assets Trust been in business?
What is the significance of American Assets Trust's property portfolio?
