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American Assets Trust, Inc. (AAT) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

American Assets Trust, Inc.

CIK: 1500217 Ticker: AAT


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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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Acquired In-place Leases And Above/below Market Leases (details)
Acquired In-place Leases And Above/below Market Leases (notes)
Acquired In-place Leases And Above/below Market Leases (tables)
Acquired In-place Leases And Above/below Market Leases Amortization For Acquired In-place Leases During Next Five Years And Thereafter Assuming No Early Lease Terminations (details)
Acquired In-place Leases And Above/below Market Leases Increases (decreases) In Net Income As Result Of Amortization Of In-place Leases Above Market Leases And Below Market Leases (details)
Acquired In-place Leases And Above/below Market Leases Summary Of Acquired Lease Intangibles (details)
Commitments And Contingencies (details)
Commitments And Contingencies (notes)
Commitments And Contingencies (tables)
Commitments And Contingencies Current Minimum Annual Payments Under Leases (details)
Component Of Rental Income And Expense (details)
Component Of Rental Income And Expense (notes)
Component Of Rental Income And Expense (tables)
Component Of Rental Income And Expense Components Of Rental Expenses (details)
Component Of Rental Income And Expense Components Of Rental Income (details)
Debt (details)
Debt (notes)
Debt (tables)
Debt Scheduled Principal Payments On Notes Payable (details)
Debt Summary Of Total Secured Notes Payable Outstanding (details)
Debt Summary Of Total Unsecured Notes Payable Outstanding (details)
Derivative And Hedging (details)
Derivative And Hedging (notes)
Derivative And Hedging (tables)
Equity Of American Assets Trust, Inc. (details)
Equity Of American Assets Trust, Inc. (notes)
Equity Of American Assets Trust, Inc. (tables)
Equity Of American Assets Trust, Inc. Computation Of Basic And Diluted Eps (details)
Equity Of American Assets Trust, Inc. Dividends Declared And Paid On Shares Of Common Stock And Noncontrolling Common Units (details)
Equity Of American Assets Trust, Inc. Restricted Common Stock Issued (details)
Equity Of American Assets Trust, Inc. Summary Of Activity Of Restricted Stock Awards (details)
Equity Of American Assets Trust, Inc. Summary Of Income Tax Status Of Dividends Per Share Paid (details)
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (notes)
Fair Value Of Financial Instruments (tables)
Fair Value Of Financial Instruments Carrying Amount And Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments Liabilities Fair Value Measurement On A Recurring Basis (details)
Income Taxes (details)
Income Taxes (notes)
Income Taxes (tables)
Income Taxes Income Tax Provision Included In Other Income Expense On Consolidated Statement Of Operations (details)
Operating Leases (details)
Operating Leases (notes)
Operating Leases (tables)
Operating Leases Minimum Future Rentals From Noncancelable Operating Leases (details)
Other Assets (details)
Other Assets (notes)
Other Assets (tables)
Other Income (expenses) (details)
Other Income (expenses) (notes)
Other Income (expenses) (tables)
Other Liabilities And Deferred Credits (details)
Other Liabilities And Deferred Credits (notes)
Other Liabilities And Deferred Credits (tables)
Partners Capital Of American Assets Trust, L.p. (details)
Partners Capital Of American Assets Trust, L.p. (notes)
Quarterly Financial Information (unaudited) (notes)
Quarterly Financial Information (unaudited) (tables)
Quarterly Financial Information (unaudited) Selected Quarterly Information (details)
Real Estate (details)
Real Estate (notes)
Real Estate (tables)
Real Estate Summary Of Real Estate Investments (details)
Related Party Transactions (details)
Related Party Transactions (notes)
Schedule Iii-consolidated Real Estate And Accumulated Depreciation (details)
Schedule Iii-consolidated Real Estate And Accumulated Depreciation (notes)
Schedule Iii-consolidated Real Estate And Accumulated Depreciation Rollforward (details)
Segment Reporting (details)
Segment Reporting (notes)
Segment Reporting (tables)
Segment Reporting Net Real Estate And Secured Note Payable Balances For Each Segment (details)
Segment Reporting Operating Activity Within Reportable Segments (detail)
Segment Reporting Reconciliation Of Segment Profit To Net Income Attributable To Stockholders (details)
Subsequent Events (details)
Subsequent Events (notes)
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (notes)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies Supplemental Disclosures Related To Consolidated Statements Of Cash Flows (details)
Ticker: AAT
CIK: 1500217
Form Type: 10-K Annual Report
Accession Number: 0001500217-17-000006
Submitted to the SEC: Fri Feb 17 2017 5:02:18 PM EST
Accepted by the SEC: Fri Feb 17 2017
Period: Saturday, December 31, 2016
Industry: Real Estate Investment Trusts

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