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 fourth quarter results with net income of $8.1 million, or $0.14 per diluted share, compared to $2.9 million in Q4 2020. For the full year, net income increased to $28.4 million, equating to $0.47 per share. Funds From Operations (FFO) surged 32% to $0.54 per share for Q4 and 6% to $2.00 for the year. The company announced a 7% dividend increase to $0.32 per share and guidance for 2022 FFO of $2.09 to $2.17 per share. Rent collection remains strong, with 100% office and significant retail collections.
American Assets Trust (NYSE: AAT) announced the tax treatment for its 2021 dividend distributions, totaling $1.16 per share. The dividends are classified as follows: $0.725785 as taxable ordinary dividends, with no foreign taxes incurred. Notably, the distribution dates include record dates of March 11, June 10, September 9, and December 9, 2021, with payable dates following shortly after. The Company invites stockholders to consult their tax advisors for specific treatment regarding these distributions.
American Assets Trust (NYSE:AAT) will release its fourth quarter and year-end 2021 earnings on February 8, 2022, post-market. A conference call for discussing these results is scheduled for February 9, 2022, at 8:00 a.m. PT. Interested parties can access the call through a toll-free number or an online audio webcast. The company is known for managing premier office, retail, and residential properties, holding approximately 3.9 million square feet in office space and 3.1 million square feet in retail. However, future performance remains uncertain due to potential effects from the COVID-19 pandemic.
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.
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?
