The following is a summary of the American Assets Trust, Inc. (AAT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• American Assets Trust reported Q1 2024 FFO per share of $0.71, up by approximately $0.14 from Q4 2023 due to a $10 million cash settlement and strong performance in multifamily and mixed-use properties.

• Net income attributable to common stockholders per share was $0.32.

• The company achieved 1.5% growth year-over-year for Q1 in same-store cash NOI for all sectors combined.

• The company reported retail leasing spreads increased 2% on a cash basis and a 22% increase on a straight line basis.

• The liquidity of approximately $499 million was reported at the end of Q1 2024.

• The 2024 FFO per share guidance range was increased to $2.24 to $2.34.

Business Progress:

• American Assets Trust's board of directors approved a quarterly dividend of $0.335 per share for Q2, indicating confidence in the company's future financial prospects.

• A rise in office utilization across office properties was driven by building upgrades, integrated technology, and enhanced outdoor spaces.

• A new property was added to the redevelopment pipeline to potentially add multifamily units at the Lomas Sante Fe Plaza retail shopping center.

• The company plans to manage its upcoming credit line maturity in July and feels well-positioned for its upcoming series F note, with over $100m in cash on hand.

• The company noted renewals drive greater TIs in office leasing due to outdated tenant spaces, and demand in Waikiki is driven mainly by U.S. west coast tourism.

• The company remains open to exploring new opportunities while capitalizing on the quality of its existing properties.

More details: American Assets Trust Inc IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.