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American Assets Trust, Inc. Reports First Quarter 2025 Financial Results
AATAmerican Assets Trust(AAT) GlobeNewswire·2025-04-29 20:15

Financial Results - Net income available to common stockholders for the first quarter of 2025 was 42.5million,or42.5 million, or 0.70 per diluted share, an increase from 19.3million,or19.3 million, or 0.32 per diluted share, in the same period of 2024 [5][24] - Funds from Operations (FFO) per diluted share, excluding lease termination fees and litigation income, decreased 10% year-over-year to 0.52forthefirstquarterof2025,comparedto0.52 for the first quarter of 2025, compared to 0.58 in the first quarter of 2024 [5][6] - Same-store cash Net Operating Income (NOI) increased by 3.1% year-over-year for the first quarter of 2025 [5][13] Disposition and Acquisition Activity - The company completed the sale of Del Monte Center for 123.5milliononFebruary25,2025[5]−TheacquisitionofGeneseePark,a192−unitapartmentcommunityinSanDiego,wascompletedfor123.5 million on February 25, 2025 [5] - The acquisition of Genesee Park, a 192-unit apartment community in San Diego, was completed for 67.9 million on February 28, 2025 [5] Leasing Activity - Approximately 44,000 square feet of office space were leased with average contractual rent increases of 15% on a straight-line basis and 8% on a cash basis during the first quarter [5] - Approximately 156,000 square feet of retail space were leased with average contractual rent increases of 21% on a straight-line basis and 13% on a cash basis during the first quarter [5] - The portfolio leased status as of March 31, 2025, showed office occupancy at 85.5%, retail at 97.4%, and multifamily at 90.0% [8] Balance Sheet and Liquidity - As of March 31, 2025, the company had gross real estate assets of 3.7billionandliquidityof3.7 billion and liquidity of 543.9 million, which includes 143.9millionincashandcashequivalents[15]−Thecompanyhadonly1outof31assetsencumberedbyamortgageasofMarch31,2025[15]Dividends−Thecompanydeclareddividendsof143.9 million in cash and cash equivalents [15] - The company had only 1 out of 31 assets encumbered by a mortgage as of March 31, 2025 [15] Dividends - The company declared dividends of 0.340 per share for the first quarter of 2025, which were paid on March 20, 2025 [17] - A similar dividend of 0.340persharehasbeendeclaredforthesecondquarterof2025,payableonJune19,2025[17]Guidance−Thecompanyaffirmsitsguidanceforfullyear2025FFOperdilutedshareintherangeof0.340 per share has been declared for the second quarter of 2025, payable on June 19, 2025 [17] Guidance - The company affirms its guidance for full year 2025 FFO per diluted share in the range of 1.87 to 2.01,withamidpointof2.01, with a midpoint of 1.94 [18]