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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 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.
American Assets Trust reported a net income of $2.9 million for Q4 2020, down from $12.8 million in Q4 2019, leading to a diluted EPS of $0.05. The Funds From Operations (FFO) decreased by 27% to $0.41 per diluted share year-over-year. The company collected 92% of due rents in Q4, showing recovery compared to previous quarters. A $500 million bond offering was completed, facilitating the repayment of $150 million in senior notes. However, the same-store cash NOI decreased by 3.1% for both Q4 and the full year due to COVID-19 impacts.
American Assets Trust (NYSE: AAT) announced the tax treatment of its 2020 dividend distributions, revealing a total distribution of $1.00 per share. The dividends include $0.656084 as Taxable Ordinary Dividend and $0.343916 as Return of Capital. Notably, no foreign taxes were incurred during 2020. The company, a self-administered real estate investment trust, manages a diversified portfolio of over 3.4 million square feet of office space and 3.1 million square feet of retail space across key U.S. markets.
American Assets Trust, Inc. (NYSE:AAT) will release its fourth quarter and year-end 2020 earnings on February 9, 2021, after market close. A conference call is scheduled for February 10, 2021, at 8:00 a.m. PT. Access to the call can be made via a toll-free number with a specific passcode. Additionally, a telephonic replay will be available from February 10 to February 17, 2021. The company, headquartered in San Diego, operates as a self-administered REIT, managing over 3.4 million square feet of office and 3.1 million square feet of retail properties across several states.
American Assets Trust (AAT) has announced the pricing of a public offering of $500 million in 3.375% senior notes due 2031. The notes were priced at 98.935% of the principal and will mature on February 1, 2031, with settlement expected on January 26, 2021. The proceeds will be allocated to the development of La Jolla Commons III, repayment of existing notes and borrowings, and general corporate purposes. This offering is made under an effective shelf registration statement with the SEC.
American Assets Trust reported a net income of $5.0 million for Q3 2020, down from $12.9 million in Q3 2019, resulting in $0.08 per diluted share. Funds From Operations (FFO) decreased by 23% year-over-year to $0.44 per diluted share. Same-store cash Net Operating Income (NOI) declined by 2.7% for Q3 2020 compared to the previous year. Rent collection improved to 89% in Q3 2020 from 83% in Q2 2020. The company declared a $0.25 dividend for Q4 2020, reflecting confidence in its rent collection.
American Assets Trust (NYSE:AAT) will announce its Q3 2020 earnings after the market closes on October 27, 2020. A conference call is scheduled for October 28, 2020, at 8:00 a.m. PT. The Company, a vertically integrated real estate investment trust, specializes in office, retail, and residential properties across high-demand markets in the U.S. Despite its extensive portfolio and experience, the Company warns that the ongoing COVID-19 pandemic may negatively impact its financial results and operations, highlighting the uncertainty surrounding future performance.
American Assets Trust, Inc. (NYSE:AAT) will announce its Q3 2020 earnings on October 27, 2020, after the market closes. A conference call will follow on October 28 at 8:00 a.m. PT. The company, headquartered in San Diego, operates as a vertically integrated real estate investment trust (REIT) with substantial portfolios in office, retail, and residential sectors across several states, including California and Hawaii. They manage over 6.5 million square feet of office and retail space and 2,112 multifamily units. Investors can access the call via toll-free numbers for live or replay listening.
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