American Assets Trust, Inc. (AAT) 10-Q Quarterly Report May 2017

SAN DIEGO, California - 5/2/17 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its first quarter ended March 31, 2017.

Financial Results and Recent Developments


•	Net income available to common stockholders of $7.4 million for the three months ended March 31, 2017, or $0.16 per diluted share


•	Increasing 2017 annual guidance to a range of $2.00 to $2.06 of FFO per diluted share


•	Funds From Operations decreased 2% year-over-year to $0.44 per diluted share for the three months ended March 31, 2017 compared to the same period in 2016


•	Same-store GAAP and cash NOI decreased 1.2% and 1.6%, respectively, to $41.9 million and $41.0 million, respectively, for the three months ended March 31, 2017 compared to the same period in 2016


•	Leased approximately 92,000 comparable office square feet at an average GAAP-basis and cash-basis contractual rent increase of 7% and 4% , respectively, during the three months ended March 31, 2017


•	Leased approximately 33,100 comparable retail square feet at an average GAAP-basis and cash-basis contractual rent increase of 10% and 2%, respectively, during the three months ended March 31, 2017


•	Acquisition of the Pacific Ridge Apartments, a 533 unit, luxury apartment community in San Diego, California

Net income attributable to common stockholders was $7.4 million, or $0.16 per basic and diluted share for the three months ended March 31, 2017 compared to $7.7 million, or $0.17 per basic and diluted share for the three months ended March 31, 2016. The decrease in net income attributable to common stockholders from the corresponding period in 2016 was primarily due to an increase in interest expense during the three months ended March 31, 2017 attributed to the acceleration of debt costs associated with the pay off of the Waikiki Beach Walk - Retail mortgage and the private placement of $250 million of 4.29% Senior Guaranteed Notes, Series D issued on March 1, 2017. The decrease in net income is also attributed to an increase in bad debt expense at the hotel portion of our mixed-use property.

During the first quarter of 2017, the company generated funds from operations (“FFO”) for common stockholders of $28.2 million, or $0.44 per diluted share, compared to $28.1 million, or $0.45 per diluted share, for the quarter ended March 31, 2016. The decrease in FFO from the corresponding period in 2016 was primarily due to an increase in interest expense and bad debt 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.

The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, May 2, 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-Q Quarterly 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-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AAT
CIK: 1500217
Form Type: 10-Q Quarterly Report
Accession Number: 0001500217-17-000038
Submitted to the SEC: Fri May 05 2017 12:58:42 PM EST
Accepted by the SEC: Fri May 05 2017
Period: Friday, March 31, 2017
Industry: Real Estate Investment Trusts

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American Assets Trust, Inc. (AAT) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

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