American Assets Trust, Inc. (AAT) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Home SEC Filings American Assets Trust, Inc. (AAT) 10-K Annual Report Fri Feb 15 2019


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American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2018 Financial Results

Net income available to common stockholders of $6.7 million and $19.7 million for the three months and year ended December 31, 2018, respectively, or $0.14 and $0.42 per diluted share, respectively
Funds From Operations per diluted share increased 2% and 9% year-over-year for the three months and year ended December 31, 2018, respectively
Same-store cash NOI increased 5% and 4% year-over-year for the three months and year ended December 31, 2018, respectively

SAN DIEGO, California - 2/12/19 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2018.

Fourth Quarter Highlights and Recent Developments
•
Net income available to common stockholders of $6.7 million and $19.7 million for the three months and year ended December 31, 2018, respectively, or $0.14 and $0.42 per diluted share, respectively
•
Funds From Operations increased 2% and 9% year-over-year to $0.47 and $2.09 per diluted share for the three months and year ended December 31, 2018, respectively, compared to the same periods in 2017
•
Recognized approximately $4.5 million of lease termination fees in January 2019 in connection with the termination of ground lease for, and ground lessee’s surrender of, the former Sears building at Carmel Mountain Plaza in San Diego
•
Increased 2019 FFO annual guidance by $0.06 at the midpoint to a range of $2.18 to $2.26 per diluted share
•
Same-store cash NOI increased 5% and 4% year-over-year for the three months and year ended December 31, 2018, respectively, compared to the same periods in 2017
•
Leased approximately 298,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 96% and 64%, respectively, during the three months ended December 31, 2018
•
Entered into a lease with Google LLC for approximately 253,000 square feet at The Landmark at One Market in San Francisco on November 2, 2018
•
Leased approximately 65,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 7% and 3%, respectively, during the three months ended December 31, 2018
•
Credit agreement amended to extend maturity date and decrease credit spreads on $100 million term loan, effective January 9, 2019

Financial Results
Net income attributable to common stockholders was $6.7 million, or $0.14 per basic and diluted share for the three months ended December 31, 2018 compared to net income of $7.1 million, or $0.15 per basic and diluted share for the three months ended December 31, 2017. For the year ended December 31, 2018, net income attributable to common stockholders was $19.7 million, or $0.42 per basic and diluted share compared to $29.1 million, or $0.62 per basic and diluted share for the year ended December 31, 2017. The quarter-over-quarter and year-over-year decrease is primarily due to an increase in depreciation expense and demolition costs at Waikele Center attributed to the redevelopment of the Kmart space.

During the fourth quarter of 2018, the company generated funds from operations (“FFO”) for common stockholders of $30.2 million, or $0.47 per diluted share, compared to $29.6 million, or $0.46 per diluted share, for the fourth quarter of 2017. For the year ended December 31, 2018, the company generated FFO for common stockholders of

1
The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, February 12, 2019 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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Inside American Assets Trust, Inc.'s 10-K Annual Report:

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Ticker: AAT
CIK: 1500217
Form Type: 10-K Annual Report
Accession Number: 0001500217-19-000010
Submitted to the SEC: Fri Feb 15 2019 11:19:14 AM EST
Accepted by the SEC: Fri Feb 15 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts

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