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American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2015 Financial Results
FFO per share increases 7% and 9% year-over-year for the three months and year ended December 31, 2015, respectively
Same-Store Cash NOI increases 10% and 8% year-over-year for the three months and year ended December 31, 2015, respectively
SAN DIEGO, California - 2/16/2016 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2015.
Financial Results and Recent Developments
• | Funds From Operations increased 7% and 9% year-over-year to $0.45 and $1.76 per diluted share for the three months and year ended December 31, 2015, respectively, compared to the same periods in 2014 |
• | Net income available to common stockholders of $8.2 million and $38.5 million, respectively, for the three months and year ended December 31, 2015, or $0.18 and $0.87 per diluted share, respectively |
• | Same-store cash NOI increased 10% and 8%, respectively, for the three months and year ended December 31, 2015 compared to the same periods in 2014 |
• | Same-store GAAP NOI increased 9% and 7%, respectively, for the three months and year ended December 31, 2015 compared to the same periods in 2014 |
• | Leased approximately 92,000 comparable office square feet at an average cash-basis and GAAP-basis contractual rent increase of 4% and 11%, respectively, during the three months ended December 31, 2015 |
• | Leased approximately 79,000 comparable retail square feet at an average cash-basis and GAAP-basis contractual rent increase of 4% and 20%, respectively, during the three months ended December 31, 2015 |
During the fourth quarter of 2015, the company generated funds from operations (“FFO”) for common stockholders of $28.4 million, or $0.45 per diluted share, compared to $25.7 million, or $0.42 per diluted share, for the quarter ended December 31, 2014. For the year ended December 31, 2015, the company generated FFO for common stockholders of $110.0 million, or $1.76 per diluted share, compared to $97.6 million, or $1.62 per diluted share, for the year ended December 31, 2014. The increase in FFO from the corresponding periods in 2014 was due to growth in same-store net operating income and a decrease in interest expense attributed to the company's refinancing activities.
Net income attributable to common stockholders was $8.2 million, or $0.18 per basic and diluted share for the three months ended December 31, 2015 compared to $7.0 million, or $0.16 per basic and diluted share for the three months ended December 31, 2014. For the year ended December 31, 2015, net income attributable to common stockholders was $38.5 million, or $0.87 and $0.86 per basic and diluted share, compared to net income attributable to common stockholders of $21.8 million, or $0.52 and $0.51 per basic and diluted share, for the year ended December 31, 2014. The increase in net income attributable to common stockholders for the year ended December 31, 2015 was due to the gain on the sale of Rancho Carmel Plaza during the third quarter of 2015 and a decrease in interest expense, as noted above.
FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.
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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, February 16, 2016 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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American Assets Trust, Inc.
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