American Assets Trust, Inc. (AAT) 10-K Annual Report February 2015

SAN DIEGO, California - 2/17/2015 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2014.

Financial Results and Recent Developments


•	Funds From Operations increased 5% year over year to $0.42 and $1.62 per diluted share for the three months and year ended December 31, 2014, respectively, compared to the same periods in 2013


•	Increasing the lower end of 2015 annual guidance 1% to a range of $1.67 to $1.73 of FFO per diluted share, a 1% increase over the prior midpoint


•	Net income available to common stockholders increases 50% and 43% to $7.0 million and $21.8 million, for the three months and year ended December 31, 2014, respectively, compared to the same periods in 2013


•	Same-store cash NOI increased 4.4% and 1.9% for the three months and year ended December 31, 2014, respectively, compared to the same periods in 2013


•	Leased approximately 139,500 comparable office square feet at an average cash-basis and GAAP-basis contractual rent increase of 20% and 32%, respectively, during the three months ended December 31, 2014


•	Leased approximately 37,000 comparable retail square feet at an average cash-basis and GAAP-basis contractual rent increase of 2% and 8%, respectively, during the three months ended December 31, 2014


•	Signed 25 retail and office leases for approximately 255,800 square feet during the three months ended December 31, 2014

During the fourth quarter of 2014, the company generated funds from operations (“FFO”) for common stockholders of $25.7 million, or $0.42 per diluted share, compared to $23.0 million, or $0.40 per diluted share, for the quarter ended December 31, 2013. For the year ended December 31, 2014, the company generated FFO for common stockholders of $97.6 million, or $1.62 per diluted share, compared to $89.0 million, or $1.54 per diluted share, for the year ended December 31, 2013. The increase in FFO from the corresponding period in 2013 was largely due to a decrease in interest expense as a result of the company's payoff of the outstanding mortgages at Alamo Quarry Market and Waikele Center during the fourth quarter of 2013 and 2014, respectively. The increase for the year ended December 31, 2014 was also attributed to a net termination fee received for a canceled acquisition during the second quarter of 2014.

Net income attributable to common stockholders was $7.0 million, or $0.16 per basic and diluted share for the three months ended December 31, 2014 compared to $4.7 million, or $0.11 per basic and diluted share for the three months ended December 31, 2013. For the year ended December 31, 2014, net income attributable to common stockholders was $21.8 million, or $0.52 and $0.51 per basic and diluted share, respectively, compared to net income attributable to common stockholders of $15.2 million, or $0.38 per basic and diluted share for the year ended December 31, 2013. The increase in net income attributable to common stockholders for the year ended December 31, 2014 was largely due to a decrease in interest expense and receipt of a termination fee as noted above.

The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, February 17, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

American Assets Trust, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 3.3: Certificate Of Limited Partnership Of American Assets Trust, L.P.

Exhibit 21.1: List Of Subsidiaries

Exhibit 23.1: Consent Of Ernst &Amp; Young Llp

Exhibit 31.1: Certification Of Chief Executive Officer

Exhibit 31.2: Certification Of Chief Executive Officer

Exhibit 31.3: Certification Of Chief Financial Officer

Exhibit 31.4: Certification Of Chief Financial Officer

Exhibit 32.1: Certification Of Chief Executive Officer And Chief Financial Officer

Exhibit 32.2: Certification Of Chief Executive Officer And Chief Financial Officer

Ticker: AAT
CIK: 1500217
Form Type: 10-K Annual Report
Accession Number: 0001500217-15-000039
Submitted to the SEC: Fri Feb 20 2015 1:48:26 PM EST
Accepted by the SEC: Fri Feb 20 2015
Period: Wednesday, December 31, 2014
Industry: Real Estate Investment Trusts

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American Assets Trust, Inc. (AAT) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2014

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