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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 (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.
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.
American Assets Trust (NYSE:AAT) will announce its Q3 2022 earnings on October 25, 2022, after market close. A conference call is scheduled for October 26, 2022, at 8:00 a.m. PT for discussion of the earnings report. The call can be accessed by dialing 1 (866) 652-5200. An audio webcast will also be available on the company’s website, with a replay accessible shortly after the call concludes. American Assets Trust, a leading REIT, specializes in managing premier office, retail, and residential properties across several states.
American Assets Trust (AAT) reported a net income of $10.6 million for Q2 2022, translating to $0.18 per diluted share, a rise from $8.9 million in Q2 2021. Year-to-date net income reached $21.1 million, or $0.35 per diluted share. Funds From Operations (FFO) surged 14% and 30% YoY for Q2 and YTD, respectively, now guided between $2.21 and $2.27 per diluted share. Cash Net Operating Income (NOI) increased by 3.6% and 10.4% YoY. Leasing activity included 128,000 office square feet with a 21% rent increase. Dividends were declared at $0.32 per share for Q2 and Q3 2022.
American Assets Trust (NYSE:AAT) announced that it will release its second quarter 2022 earnings after market close on July 26, 2022. Following this, a conference call with senior management will be held on July 27, 2022, at 8:00 a.m. PT, accessible via a toll-free number. The company, a vertically integrated real estate investment trust based in San Diego, has over 50 years of experience in the real estate sector, managing significant portfolios of office, retail, and residential properties across the U.S.
American Assets Trust reported a net income of $10.5 million or $0.18 per diluted share for Q1 2022, a substantial increase from $1.3 million in Q1 2021. Funds From Operations (FFO) rose 50% year-over-year to $0.57 per diluted share. The company also increased its 2022 FFO guidance to $2.13 to $2.21 per diluted share. Notably, same-store cash Net Operating Income (NOI) increased 18.3% year-over-year. The company amended its credit facility, enhancing borrowing capacity to $400 million.
American Assets Trust (NYSE:AAT) will release its Q1 2022 earnings after market close on April 26, 2022. A conference call for the earnings announcement is scheduled for April 27, 2022, at 8:00 a.m. PT. Investors can access the call via a toll-free number or through a live audio webcast on the company's website. The company, based in San Diego, specializes in acquiring, developing, and managing real estate properties across the U.S., with a focus on high-barrier markets, boasting an office portfolio of 4.0 million rentable square feet and a retail portfolio of 3.1 million square feet.
American Assets Trust (NYSE: AAT) has finalized the acquisition of Bel-Spring 520 for approximately $45.5 million in cash. This multi-tenant office campus, located near downtown Bellevue, Washington, encompasses about 93,000 square feet and is currently 69% leased. The property offers amenities like a food market, conference center, and bike storage, with potential for improvements. The acquisition aligns with AAT's strategy to enhance its portfolio in high-demand markets.
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