American Assets Trust Inc · Q4 2019 earnings

Briefing

Reported financial results for the fourth quarter and year ended December 31, 2019.

American Assets Trust, Inc. reported a net income available to common stockholders of $12.8 million for the three months ended December 31, 2019, or $0.22 per diluted share. Funds From Operations increased 19% year-over-year to $0.56 per diluted share. Same-store cash NOI increased 2.8% year-over-year.

• Net income available to common stockholders of $12.8 million for the three months ended December 31, 2019, or $0.22 per diluted share.
• Funds From Operations increased 19% year-over-year to $0.56 per diluted share for the three months ended December 31, 2019.
• Same-store cash NOI increased 2.8% year-over-year for the three months ended December 31, 2019.
• Leased approximately 81,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 59% and 28%, respectively, during the three months ended December 31, 2019

Headline financials

Revenue & EPS history

The company affirms its guidance range for 2020 FFO per diluted share of $2.38 to $2.46 per share, a midpoint increase of 10% from 2019 FFO per diluted share of $2.20 per share. The company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, future debt financings or repayments, except that the company assumes the payoff of the mortgage debt on Torrey Reserve - VCI, VCII, VCIII, Solana Crossing I-II and Solana Beach Towne Centre without penalty or premium.