Financial Performance - Total revenue for Q4 2024 was $113.460 million, a slight increase from $112.491 million in Q4 2023, representing a growth of 0.9%[12] - Net income attributable to American Assets Trust, Inc. stockholders for Q4 2024 was $8.977 million, down from $10.481 million in Q4 2023, a decrease of 14.4%[12] - Funds from Operations (FFO) for Q4 2024 was $42.110 million, compared to $43.210 million in Q4 2023, reflecting a decline of 2.5%[13] - The company reported a basic income from operations attributable to common stockholders per share of $0.15 for Q4 2024, down from $0.17 in Q4 2023, a decrease of 11.8%[12] - Net income for Q4 2024 was $11,584,000, a decrease from $13,492,000 in Q4 2023, while total net income for the year increased to $72,819,000 from $64,690,000[122] - EBITDA for Q4 2024 was $60,752,000, compared to $59,307,000 in Q4 2023, with annual EBITDA rising to $264,662,000 from $247,762,000[122] Assets and Liabilities - Total assets as of December 31, 2024, were $3.273 billion, up from $2.985 billion as of December 31, 2023, indicating an increase of 9.7%[11] - Total liabilities increased to $2.149 billion in Q4 2024 from $1.831 billion in Q4 2023, an increase of 17.4%[11] - The total debt as of December 31, 2024, was $2,025,000,000, with a weighted average interest rate of 4.58%[66] - The total unencumbered assets grossed $4,105,318,000, providing a strong backing against unsecured debt[66] Cash Flow and Dividends - Cash and cash equivalents increased significantly to $425.659 million in Q4 2024 from $82.888 million in Q4 2023, marking a growth of 414.5%[11] - The company declared dividends of $25.902 million in Q4 2024, slightly up from $25.436 million in Q4 2023, a growth of 1.8%[13] Operational Metrics - Same-store Net Operating Income (NOI) for Q4 2024 totaled $70,211,000, reflecting a 2.6% increase from $67,571,000 in Q4 2023, while annual same-store NOI rose to $292,054,000 from $273,723,000, an increase of 6.7%[24][34] - Total Cash NOI for Q4 2024 reached $68,669,000, with contributions from Office ($33,845,000), Retail ($20,327,000), Multifamily ($9,016,000), and Mixed-Use ($5,481,000)[42] - Same-store Cash NOI for Q4 2024 was $69,307,000, a 2.6% increase from $67,571,000 in Q4 2023[131] - Total Same-Store Cash NOI with Redevelopment for Q4 2024 was $68,954,000, up 2.2% from $67,468,000 in Q4 2023[131] Capital Expenditures - Capital expenditures for tenant improvements and leasing commissions in Q4 2024 were $7,255,000, significantly higher than $3,306,000 in Q4 2023, while annual capital expenditures increased to $32,631,000 from $21,190,000[15] - Total capital expenditures for the fourth quarter of 2024 amounted to $20,644,000, with the Office Portfolio contributing $14,790,000[55] Tenant and Lease Information - The portfolio consists of 7.2 million square feet of net rentable space, with 57% from office and 43% from retail[4] - The total number of leases signed in the last 12 months was 67, with a total net rentable square footage of 398,506 and a weighted average lease term of 5.8 years[8] - The total number of leases signed in Q4 2024 was 23, with a net rentable area of 117,333 square feet and a contractual rent per square foot of $35.82, reflecting a 6.9% weighted average lease term[92] - The top 10 office tenants occupy a total of 1,369,722 square feet, representing 33.6% of total office leased space, contributing $90,295,336 in annualized base rent, which is 46.6% of total office rent[111] Market Outlook and Guidance - The company expects 2025 FFO per diluted share to range from $1.87 to $2.01, with the midpoint guidance set at $1.94, compared to the actual 2024 FFO per diluted share of $2.58[21] - The company plans to discuss its guidance in more detail during the upcoming earnings call, excluding impacts from future acquisitions or dispositions[21] Interest and Expenses - Interest expense for Q4 2024 was $23,754,000, up from $16,284,000 in Q4 2023, with total interest expense for the year increasing to $74,527,000 from $64,706,000[122] - General and administrative expenses for Q4 2024 were $8,821,000, a decrease of 6.9% from $9,472,000 in Q4 2023[126] Development and Future Projects - The company has multiple development opportunities, including a 120,000 square foot retail building at Waikele Center in Honolulu, HI[72] - The Lloyd Portfolio's additional development plans are in early stages and will progress based on demand and economic conditions[74]

Core Insights - The company reported a net income of $9.0 million for Q4 2024 and $56.8 million for the full year, translating to $0.15 and $0.94 per diluted share respectively [5][25] - Funds from Operations (FFO) per diluted share decreased by 4% in Q4 but increased by 8% year-over-year for the full year, reaching $0.55 and $2.58 respectively [5][27] - The company introduced 2025 annual guidance for FFO per diluted share with a midpoint of $1.94, ranging from $1.87 to $2.01 [2][19] Financial Results - For the three months ended December 31, 2024, net income attributable to common stockholders was $8.977 million, down from $10.481 million in Q4 2023 [4][25] - FFO attributable to common stock and common units was $42.110 million for Q4 2024, compared to $43.210 million in Q4 2023 [4][27] - Same-store cash Net Operating Income (NOI) increased by 2.6% for Q4 and 1.4% for the full year compared to the same periods in 2023 [5][14] Leasing Activity - The company leased approximately 57,000 office square feet with an average straight-line rent increase of 11% and a cash-basis increase of 2% during Q4 2024 [5][10] - Approximately 100,000 retail square feet were leased with a straight-line rent increase of 31% and a cash-basis increase of 7% during the same period [5][10] Balance Sheet and Liquidity - As of December 31, 2024, the company had gross real estate assets of $3.6 billion and liquidity of $825.7 million, including $425.7 million in cash and cash equivalents [16] - The company had only one asset encumbered by a mortgage out of 31 total assets [16] Dividends - The company declared a dividend of $0.335 per share for Q4 2024, paid on December 19, 2024, and a dividend of $0.340 per share for Q1 2025, to be paid on March 20, 2025 [18]

分组1 - American Assets Trust, Inc. announced the tax treatment of its 2024 dividend distributions, detailing the amounts and classifications for each distribution [1] - The total dividend distribution for 2024 is $1.340 per share, with $1.092388 classified as ordinary dividend and $0.247612 as return of capital [1] - The company did not incur any foreign taxes during 2024, and stockholders are advised to consult their tax advisors regarding the tax treatment of the dividends [1] 分组2 - American Assets Trust, Inc. is a vertically integrated and self-administered real estate investment trust (REIT) with over 55 years of experience in managing premier properties across the United States [2] - The company's office portfolio comprises approximately 4.1 million rentable square feet, while its retail portfolio includes about 3.1 million rentable square feet [2] - The company also owns a mixed-use property with approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel, along with 2,110 multifamily units [2]

Group 1 - The stock of American Assets Trust, Inc. (AAT) is experiencing significant attention due to high implied volatility in the options market, particularly the Apr 17, 2025 $25 Call option [1] - Implied volatility indicates the market's expectation of future price movement, suggesting that investors anticipate a significant price change or an upcoming event that could lead to a rally or sell-off [2] - American Assets Trust currently holds a Zacks Rank 3 (Hold) in the REIT and Equity Trust - Retail industry, which is in the top 28% of the Zacks Industry Rank [3] Group 2 - Over the past 30 days, no analysts have raised their earnings estimates for the current quarter, while one analyst has lowered the estimate, resulting in a decrease of the Zacks Consensus Estimate from 54 cents per share to 50 cents [3] - The high implied volatility may indicate a developing trading opportunity, as options traders often seek to sell premium on options with high implied volatility, aiming for the underlying stock to not move as much as expected at expiration [4]

Core Points - American Assets Trust, Inc. will announce its fourth quarter and year-end 2024 earnings on February 4, 2025, after market close [1] - A conference call for the earnings announcement is scheduled for February 5, 2025, at 8:00 a.m. Pacific Time [1] - The company is a vertically integrated and self-administered real estate investment trust (REIT) with over 55 years of experience in the real estate sector [3] Company Overview - American Assets Trust, Inc. is headquartered in San Diego, California, and specializes in acquiring, improving, developing, and managing office, retail, and residential properties [3] - The company's office portfolio comprises approximately 4.1 million rentable square feet, while its retail portfolio includes about 3.1 million rentable square feet [3] - The company also owns a mixed-use property with approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel, along with 2,110 multifamily units [3]

Core Insights - Keefe, Bruyette & Woods, Inc. announces the upcoming index rebalancing for the fourth quarter of 2024, effective prior to the opening of business on December 23, 2024 [1][3] Index Changes - Four indexes will undergo constituent changes: - KBW Nasdaq Capital Markets Index (KSX) - KBW Nasdaq Financial Technology Index (KFTX) - KBW Nasdaq Financial Sector Dividend Yield Index (KDX) - KBW Nasdaq Premium Yield Equity REIT Index (KYX) [2] Component-Level Changes - **KBW Nasdaq Capital Markets Index (KSX)** - **Additions (7)**: Euronet Worldwide, Guidewire Software, Paymentus Holdings, Payoneer Global, Q2 Holdings, Remitly Global, Upstart Holdings [4] - **Deletions (6)**: Equifax, Fair Isaac Corp, Moody's Corp, SEI Investments, TransUnion, Virtu Financial [4] - **KBW Nasdaq Financial Technology Index (KFTX)** - **Additions (6)**: Apollo Global Management, Ares Management, Blue Owl Capital, Interactive Brokers, Robinhood Markets, Tradeweb Markets [6] - **Deletions (5)**: Brookfield Corp, Janus Henderson Group, SEI Investments, State Street Corp, Virtu Financial [5] - **KBW Nasdaq Financial Sector Dividend Yield Index (KDX)** - **Additions (15)**: AllianceBernstein, Arbor Realty Trust, Capitol Federal Financial, Carlyle Secured Lending, CION Investment, Flushing Financial, Franklin Resources, Invesco Mortgage Capital, Kearny Financial, Main Street Capital, New Mountain Finance, Oaktree Specialty Lending, Orchid Island Capital, PennantPark Floating Rate Capital, PennyMac Mortgage Investment Trust [7] - **Deletions (14)**: Apollo Commercial Real Estate Finance, Ares Commercial Real Estate, Capital Southwest, Eagle Bancorp, Flagstar Financial, Jackson Financial, Janus Henderson Group, KeyCorp, KKR Real Estate Finance, Lazard, Prospect Capital, Runway Growth Finance, TPG RE Finance Trust, TriplePoint Venture Growth BDC [7] - **KBW Nasdaq Premium Yield Equity REIT Index (KYX)** - **Additions (10)**: Brandywine Realty Trust, Clipper Realty, Community Healthcare Trust, CTO Realty Growth, Kilroy Realty, NexPoint Diversified Real Estate Trust, Park Hotels & Resorts, Peakstone Realty Trust, RLJ Lodging Trust [8] - **Deletions (8)**: American Assets Trust, Kimco Realty, LTC Properties, Office Properties, Piedmont Office Realty Trust, Service Properties Trust, SL Green Realty, WP Carey [8] Additional Information - Several KBW Nasdaq indexes have tradable exchange-traded funds licensed, including the KBW Nasdaq Bank Index, KBW Nasdaq Capital Markets Index, KBW Nasdaq Insurance Index, and others [8]

Group 1 - iREIT® offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers, with a tracker covering over 250 tickers [1] - The investing group iREIT®+HOYA Capital, led by Brad and HOYA Capital, focuses on income-oriented alternatives and has a team with over 100 years of combined experience [2] - Brad Thomas has extensive experience in real estate investing, having been involved in over $1 billion in commercial real estate transactions and is a published author [3]

REIT Performance Overview - The REIT sector experienced a decline in October with an average total return of -3.42%, underperforming the broader market indices such as NASDAQ (-0.5%), S&P 500 (-0.9%), and Dow Jones Industrial Average (-1.3%) [1][2] - Year-to-date, the Vanguard Real Estate ETF (VNQ) has outperformed the average REIT, returning +9.72% compared to +6.48% for the average REIT [1] - The spread between the 2024 FFO multiples of large cap REITs (19.5x) and small cap REITs (13.7x) indicates that investors are paying 42.3% more for each dollar of FFO from large cap REITs [1][11] Market Capitalization Performance - Micro cap REITs led in October with a return of -2.04%, while large caps averaged -3.89% and small caps -4.62% [4][5] - Over the first ten months of 2024, large cap REITs outperformed small caps by 770 basis points [4] Property Type Performance - Only 22.2% of REIT property types had a positive total return in October, with a 14.60% spread between the best (Data Centers +5.52%) and worst performing property types (Self Storage -9.08%) [7][8] - Data Centers were the top performers in October, with Digital Realty Trust (DLR) leading at +10.13% [7] - Self Storage REITs saw the largest decline, with National Storage Affiliates Trust (NSA) experiencing a -12.55% drop [8] Year-to-Date Performance by Property Type - Data Centers (+43.62%) and Advertising (+31.78%) have been the best performing property types year-to-date, while Hotels (-9.80%) and Timber (-8.33%) were the worst [10] FFO Multiples and Valuation - The average P/FFO for the REIT sector decreased from 15.5x to 14.9x in October, with 83.3% of property types experiencing multiple contraction [11] - Data Centers currently trade at the highest average multiples among REIT property types at 33.8x [11] Individual Security Performance - Power REIT (PW) outperformed all other equity REITs in October with a return of +45.95% and a year-to-date return of +69.31% [13] - Service Properties Trust (SVC) was the worst performer in October, with a decline of -29.62% following plans to sell half of its hotel portfolio [14] Overall Sector Performance - Only 27.10% of REITs had a positive total return in October, contrasting with a negative average return of -10.46% for the first ten months of 2023 [15] - The REIT sector has shown improved performance in 2024 with an average total return of +6.48% [15] Dividend Yield Insights - High dividend yields are a significant attraction for investors in the REIT sector, with many REITs trading below their NAV [18] - Creative Media & Community Trust has the highest dividend yield at 35.8%, followed by Global Net Lease at 14.1% [19]

Company Overview - American Assets Trust (AAT) is part of the Finance sector, which includes 871 individual stocks and ranks 1 in the Zacks Sector Rank [2] - AAT is categorized under the REIT and Equity Trust - Retail industry, which consists of 20 companies and currently ranks 75 in the Zacks Industry Rank [6] Performance Metrics - AAT has gained approximately 23.7% year-to-date, outperforming the average return of 23.5% for Finance companies [4] - Over the past 90 days, the Zacks Consensus Estimate for AAT's full-year earnings has increased by 9.1%, indicating improved analyst sentiment [4] - In comparison, another Finance sector stock, Applied Digital Corporation (APLD), has achieved a year-to-date return of 35.9% with a consensus EPS estimate increase of 65.9% over the past three months [5] Industry Context - Stocks in the REIT and Equity Trust - Retail industry have gained about 10.2% year-to-date, showing that AAT is performing better than its industry peers [6] - The Financial - Miscellaneous Services industry, which includes APLD, has seen a year-to-date increase of 17.6% and consists of 84 stocks ranked 59 [7]

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment Group 1: Company Earnings Estimates - American Assets Trust, Inc. (AAT) has seen a 10% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Quad/Graphics, Inc. (QUAD) has experienced a 10.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Corcept Therapeutics Incorporated (CORT) has seen a 13.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Comerica Incorporated (CMA) has experienced a 6.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - ADT Inc. (ADT) has seen a 12.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]