Workflow
American Assets Trust(AAT) - 2024 Q4 - Annual Results
AATAmerican Assets Trust(AAT)2025-02-04 21:17

Financial Performance - Total revenue for Q4 2024 was 113.460million,aslightincreasefrom113.460 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 8.977million,downfrom8.977 million, down from 10.481 million in Q4 2023, a decrease of 14.4%[12] - Funds from Operations (FFO) for Q4 2024 was 42.110million,comparedto42.110 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 0.15forQ42024,downfrom0.15 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,adecreasefrom11,584,000, a decrease from 13,492,000 in Q4 2023, while total net income for the year increased to 72,819,000from72,819,000 from 64,690,000[122] - EBITDA for Q4 2024 was 60,752,000,comparedto60,752,000, compared to 59,307,000 in Q4 2023, with annual EBITDA rising to 264,662,000from264,662,000 from 247,762,000[122] Assets and Liabilities - Total assets as of December 31, 2024, were 3.273billion,upfrom3.273 billion, up from 2.985 billion as of December 31, 2023, indicating an increase of 9.7%[11] - Total liabilities increased to 2.149billioninQ42024from2.149 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,withaweightedaverageinterestrateof4.582,025,000,000, 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 425.659millioninQ42024from425.659 million in Q4 2024 from 82.888 million in Q4 2023, marking a growth of 414.5%[11] - The company declared dividends of 25.902millioninQ42024,slightlyupfrom25.902 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,reflectinga2.670,211,000, reflecting a 2.6% increase from 67,571,000 in Q4 2023, while annual same-store NOI rose to 292,054,000from292,054,000 from 273,723,000, an increase of 6.7%[24][34] - Total Cash NOI for Q4 2024 reached 68,669,000,withcontributionsfromOffice(68,669,000, with contributions from Office (33,845,000), Retail (20,327,000),Multifamily(20,327,000), Multifamily (9,016,000), and Mixed-Use (5,481,000)[42]−Same−storeCashNOIforQ42024was5,481,000)[42] - Same-store Cash NOI for Q4 2024 was 69,307,000, a 2.6% increase from 67,571,000inQ42023[131]−TotalSame−StoreCashNOIwithRedevelopmentforQ42024was67,571,000 in Q4 2023[131] - Total Same-Store Cash NOI with Redevelopment for Q4 2024 was 68,954,000, up 2.2% from 67,468,000inQ42023[131]CapitalExpenditures−CapitalexpendituresfortenantimprovementsandleasingcommissionsinQ42024were67,468,000 in Q4 2023[131] Capital Expenditures - Capital expenditures for tenant improvements and leasing commissions in Q4 2024 were 7,255,000, significantly higher than 3,306,000inQ42023,whileannualcapitalexpendituresincreasedto3,306,000 in Q4 2023, while annual capital expenditures increased to 32,631,000 from 21,190,000[15]−Totalcapitalexpendituresforthefourthquarterof2024amountedto21,190,000[15] - Total capital expenditures for the fourth quarter of 2024 amounted to 20,644,000, with the Office Portfolio contributing 14,790,000[55]TenantandLeaseInformation−Theportfolioconsistsof7.2millionsquarefeetofnetrentablespace,with5714,790,000[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 90,295,336inannualizedbaserent,whichis46.690,295,336 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,withthemidpointguidancesetat2.01, with the midpoint guidance set at 1.94, compared to the actual 2024 FFO per diluted share of 2.58[21]−Thecompanyplanstodiscussitsguidanceinmoredetailduringtheupcomingearningscall,excludingimpactsfromfutureacquisitionsordispositions[21]InterestandExpenses−InterestexpenseforQ42024was2.58[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 16,284,000inQ42023,withtotalinterestexpensefortheyearincreasingto16,284,000 in Q4 2023, with total interest expense for the year increasing to 74,527,000 from 64,706,000[122]−GeneralandadministrativeexpensesforQ42024were64,706,000[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]