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American Assets Trust, Inc. Reports Second Quarter 2019 Financial Results
Net income available to common stockholders of $8.9 million and $20.0 million for the three and six months ended June 30, 2019, respectively, or $0.18 and $0.41 per diluted share, respectively
Acquisition of La Jolla Commons in San Diego, California for $525.0 million, less a seller credit of $11.5 million
Issued 10,925,000 shares of common stock in an underwritten public offering, our first follow-on equity offering, for net proceeds of $472.6 million
SAN DIEGO, California - 7/30/2019 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its second quarter ended June 30, 2019.
Second Quarter Highlights and Recent Developments
• | Net income available to common stockholders of $8.9 million and $20.0 million for the three and six months ended June 30, 2019, respectively, or $0.18 and $0.41 per diluted share, respectively |
• | Funds From Operations decreased 12% and 3% year-over-year to $0.51 and $1.06 per diluted share for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 |
• | Excluding lease termination fees, Funds From Operations would have decreased 3.3% year-over-year for both the three and six months ended June 30, 2019, to $0.50 and $0.99 per diluted share, respectively |
• | Same-store cash NOI decreased 5.1% and 2.3% year-over-year for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 |
• | Excluding lease termination fees, same-store cash NOI would have increased 1.2% and 1.3% year-over-year for the three and six months ended June 30, 2019, respectively, compared to the same periods in 2018 |
• | Reaffirmed guidance range for full year 2019 FFO per diluted share of $2.18 to $2.26 per share |
• | Leased approximately 87,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 27% and 18%, respectively, during the three months ended June 30, 2019 |
• | Leased approximately 38,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 13% and 3%, respectively, during the three months ended June 30, 2019 |
• | Entered into full building triple-net lease for approximately 55,000 square feet at newly renovated 830 building at Oregon Square which created an additional 22,000 square feet of leasable space |
• | Issued 10,925,000 shares of common stock in underwritten public offering for net proceeds of $472.6 million |
• | Closed a privately placed debt offering of $150 million of eleven-year senior guaranteed notes, due July 30, 2030, with a fixed interest rate of 3.91% and an effective interest rate of 3.88% net of settlement of a treasury lock contract |
La Jolla Commons Highlights
• | Acquisition of La Jolla Commons in San Diego, California for a net purchase price of $514 million |
• | Entered into new lease with S&P 500 member for approximately 73,000 square feet at La Jolla Commons at a lease rate approximately 10% above initial underwriting bringing La Jolla Commons to 96% leased, with lease stabilization a full year ahead of initial underwriting |
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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, July 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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