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American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2016 Financial Results
Net income available to common stockholders of $8.9 million and $32.6 million, respectively, for the three months and year ended December 31, 2016, or $0.19 and $0.72 per diluted share, respectively
FFO per share increases 7% and 5% year-over-year for the three months and year ended December 31, 2016, respectively
Same-Store Cash NOI increases 0.3% and 5% year-over-year for the three months and year ended December 31, 2016, respectively
SAN DIEGO, California - 2/14/17 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2016.
Financial Results and Recent Developments
• | Net income available to common stockholders of $8.9 million and $32.6 million, respectively, for the three months and year ended December 31, 2016, or $0.19 and $0.72 per diluted share, respectively |
• | Funds From Operations increased 7% and 5% year-over-year to $0.48 and $1.85 per diluted share for the three months and year ended December 31, 2016 compared to the same periods in 2015, respectively |
• | Same-store cash NOI increased 0.3% and 5%, respectively, for the three months and year ended December 31, 2016 compared to the same periods in 2015 |
• | Same-store GAAP NOI increased 1% and 3%, respectively, for the three months and year ended December 31, 2016 compared to the same periods in 2015 |
• | Leased approximately 103,400 comparable office square feet at an average cash-basis and GAAP-basis contractual rent increase of 15% and 32%, respectively, during the three months ended December 31, 2016 |
• | Leased approximately 28,600 comparable retail square feet at an average cash-basis and GAAP-basis contractual rent increase of 4% and 18%, respectively, during the three months ended December 31, 2016 |
Net income attributable to common stockholders was $8.9 million, or $0.19 per basic and diluted share for the three months ended December 31, 2016 compared to $8.2 million, or $0.18 per basic and diluted share for the three months ended December 31, 2015. The increase in net income attributable to common stockholders from the corresponding period in 2015 was primarily due to the the completion of Hassalo on Eighth - Multifamily, which was completed during the third and fourth quarters of 2015. For the year ended December 31, 2016, net income attributable to common stockholders was $32.6 million, or $0.72 per basic and diluted share, compared to net income attributable to common stockholders of $38.5 million, or $0.87 and $0.86 per basic and diluted share for the year ended December 31, 2015. The decrease in net income attributable to common stockholders from the corresponding periods in 2015 was primarily due to the gain on sale of Rancho Carmel Plaza during the third quarter of 2015 and an increase in depreciation and amortization expense and interest expense during the year ended December 31, 2016 attributed to the completion of Hassalo on Eighth - Multifamily, which was completed during the third and fourth quarters of 2015.
During the fourth quarter of 2016, the company generated funds from operations (“FFO”) for common stockholders of $30.5 million, or $0.48 per diluted share, compared to $28.4 million, or $0.45 per diluted share, for the quarter ended December 31, 2015. For the year ended December 31, 2016, the company generated FFO for common stockholders of $116.8 million, or $1.85 per diluted share, compared to $110.0 million, or $1.76 per diluted share, for the year ended December 31, 2015. The increase in FFO from the corresponding periods in 2015 was primarily
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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, February 14, 2017 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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