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American Assets Trust, Inc. Reports Third Quarter 2020 Financial Results and COVID-19 Operational Update

Net income available to common stockholders of $5.0 million and $24.8 million for the three and nine months ended September 30, 2020, respectively, or $0.08 and $0.41 per diluted share, respectively
Funds From Operations per diluted share decreased 23% and 9% year-over-year for the three and nine months ended September 30, 2020, respectively, or $0.44 and $1.48 per diluted share, respectively
Collected 89% to date of rents that were due during the third quarter

SAN DIEGO, California - 10/27/2020 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2020.

Third Quarter Highlights
Net income available to common stockholders of $5.0 million and $24.8 million for the three and nine months ended September 30, 2020, respectively, or $0.08 and $0.41 per diluted share, respectively
Funds From Operations decreased 23% and 9% year-over-year to $0.44 and $1.48 per diluted share for the three and nine months ended September 30, 2020, respectively, compared to the same periods in 2019
Same-store cash NOI decreased 2.7% and 2.9% year-over-year for the three and nine months ended September 30, 2020, respectively. Excluding lease termination fees, same-store cash NOI would have been (3.4)% and (3.7)% for the three and nine months ended September 30, 2020, respectively
Increased same-store cash NOI to $50.1 million for the three months ended September 30, 2020 compared to $42.4 million for the three months ended June 30, 2020
For the three months ended September 30, 2020, we have collected 98% of office rents, 73% of retail rents (including the retail component of Waikiki Beach Walk) and 94% of multifamily rents, that were due during the third quarter
Totals collections increased to 89% in the third quarter compared to 83% in the second quarter
Leased approximately 55,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 11% and 7%, respectively, during the three months ended September 30, 2020
Leased approximately 71,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent decrease of 4% and 6%, respectively, during the three months ended September 30, 2020
Embassy Suites Waikiki hotel average occupancy increased to 66% in the third quarter compared to 17% in the second quarter

Financial Results
Net income attributable to common stockholders was $5.0 million, or $0.08 per basic and diluted share for the three months ended September 30, 2020 compared to $12.9 million, or $0.22 per basic and diluted share for the three months ended September 30, 2019. For the nine months ended September 30, 2020, net income attributed to common stockholders was $24.8 million, or $0.41 per basic and diluted share compared to $32.9 million, or $0.63 per basic and diluted share for the nine months ended September 30, 2019. The year-over-year decrease in net income attributable to common stockholders is primarily due to the increase in reserve for bad debts of rent receivables of approximately $9.8 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Del Monte Center, and Waikiki Beach Walk Retail, a decrease in lease termination fees at Carmel Mountain Plaza attributed to the termination of our former ground lease, and a decrease in revenue at our Waikiki Beach Walk Retail and
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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, October 27, 2020 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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