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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) announced amendments to its credit agreement on January 5, 2022. Key changes include an increase in the revolving line of credit from $350M to $400M and an extension of the maturity date to January 5, 2026. Additionally, the $100M term loan's maturity was extended to January 5, 2027. The agreement reduces pricing spreads and transitions borrowing rates from LIBOR to the Secured Overnight Financing Rate (SOFR). This financial strategy positions the company for improved liquidity and stability amid ongoing market uncertainties.
American Assets Trust reported a net income of $10.0 million for Q3 2021, equating to $0.17 per diluted share, and a total net income of $20.2 million for the first nine months. Funds From Operations (FFO) increased 30% year-over-year for Q3, reaching $0.57 per diluted share. The company acquired two properties in Bellevue, Washington for a total of $209 million. Same-store cash NOI rose 14.3% for Q3. The company has declared a $0.30 dividend per share for Q3 and Q4 2021, with a liquidity of $521.9 million.
American Assets Trust (NYSE:AAT) will release its third quarter 2021 earnings on October 26, 2021, after market close. A conference call is scheduled for October 27, 2021, at 8:00 a.m. PT to discuss the results. Investors can access the call via toll-free number 1 (877) 868-5513, using pass code 7267501. A replay will be available until November 3, 2021. The company operates as a real estate investment trust, managing a diverse portfolio across high-barrier markets in the U.S., including 3.9 million square feet of office space and 3.1 million square feet of retail space.
American Assets Trust (NYSE: AAT) has acquired Corporate Campus East III, a multi-tenant office campus in Bellevue, Washington, for approximately $84 million in cash. The property spans 161,000 square feet and is 86% leased to a diverse tenant base with below-market lease rates. Recent renovations enhance its appeal and potential for future growth. This acquisition reinforces the company's strategy to expand its portfolio in dynamic markets, leveraging its expertise in real estate management.
American Assets Trust, Inc. (NYSE: AAT) reported Q2 2021 net income of $8.9 million, or $0.15 per diluted share, compared to $7.7 million in Q2 2020. Funds From Operations (FFO) rose 6% year-over-year to $0.51 per diluted share, while decreasing 14% for the six months to $0.89. Same-store cash NOI increased 23.3% for Q2. Rent collection remained strong, with 99% for office and 94% for multifamily. The company completed the $125 million acquisition of Eastgate Office Park. A quarterly dividend of $0.30 is scheduled for September 23, 2021.
American Assets Trust (AAT) has completed the acquisition of Eastgate Office Park in Bellevue, Washington, for $125 million. The property spans approximately 280,000 square feet and is over 95% leased with a diverse tenant base. The acquisition presents significant development opportunities following recent municipal rezoning approvals, which will double the floor area ratio. The company aims to leverage this property to enhance its portfolio in a competitive submarket.
American Assets Trust (NYSE:AAT) will announce its second quarter 2021 earnings after the market closes on July 27, 2021. A conference call is scheduled for July 28, 2021, at 8:00 a.m. PT, with details provided for toll-free access. The live audio webcast will be available on the company’s investor relations page. As a vertically integrated REIT, American Assets Trust has a diverse portfolio, managing over 6.5 million square feet of office and retail space across key U.S. markets. The company emphasizes its substantial experience and market knowledge, developed over its 50 years in the real estate sector.
American Assets Trust (NYSE: AAT) announced its acquisition of Eastgate Office Park in Bellevue, Washington, for $125 million. This 280,000 sq. ft. office campus is over 95% leased and features a weighted average lease term of approximately 3 years. The property has received municipal approval for rezoning, enhancing its development potential. The transaction will be funded with cash on hand, although no assurances can be made regarding its completion. This acquisition reflects American Assets Trust's continued strategy to expand its portfolio in key markets.
American Assets Trust reported a net income of $1.3 million, or $0.02 per diluted share for Q1 2021, a decline from $12.1 million or $0.20 per share in Q1 2020. Funds From Operations (FFO) decreased 32% year-over-year to $0.38 per diluted share. Same-store cash NOI dropped 4.5%. Despite challenges, rent collection improved to 93% from 92% in Q4 2020, with 99% office rent collected. The company closed a $500 million bond offering and maintains strong liquidity of $730.4 million, with no maturing debt obligations in 2021.
American Assets Trust, Inc. (NYSE:AAT) will announce its first quarter 2021 earnings on April 27, 2021, after market close. A conference call to discuss these results is scheduled for April 28, 2021, at 8:00 a.m. PT. The company, headquartered in San Diego, specializes in real estate investment, managing a diversified portfolio in high-barrier markets across the U.S. The firm has a total office portfolio of approximately 3.4 million square feet and retail space of about 3.1 million rentable square feet.
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