American Assets Trust Files 2024 10-K

TL;DR

AAT filed its 2024 10-K. All looks standard for a REIT.

AI Summary

American Assets Trust, Inc. filed its 2024 10-K on February 12, 2025, reporting on its fiscal year ending December 31, 2024. The company, a real estate investment trust, is incorporated in Maryland and headquartered in San Diego, California. The filing details its financial performance and business operations for the year.

Why It Matters

This filing provides investors with a comprehensive overview of American Assets Trust's financial health and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 134 — Public Document Count (Indicates the volume of documents associated with this filing.)
• 001-35030 — SEC File Number (Unique identifier for the company's filings with the SEC.)

Key Players & Entities

• American Assets Trust, Inc. (company) — Filer of the 10-K
• American Assets Trust, L.P. (company) — Related entity
• San Diego, CA (location) — Company headquarters and business address
• February 12, 2025 (date) — Filing date of the 10-K
• December 31, 2024 (date) — Fiscal year end

FAQ

Filing Documents

• aat-20241231.htm (10-K) — 3296KB
• aatdescriptonofsecuritiesq.htm (EX-4.3) — 65KB
• aatexecformofperformancere.htm (EX-10.5) — 118KB
• aatexecformoftime-basedres.htm (EX-10.6) — 77KB
• restateddirectorcompensati.htm (EX-10.7) — 17KB
• restatedemploymentagreemena.htm (EX-10.16) — 122KB
• restatedemploymentagreemen.htm (EX-10.17) — 121KB
• aat2025insidertradingcompl.htm (EX-19.1) — 62KB
• aat-ex211xq42024xlistofsub.htm (EX-21.1) — 41KB
• aat-ex221xq4202411.htm (EX-22.1) — 2KB
• aat-ex231eyconsentq4202411.htm (EX-23.1) — 4KB
• aatlp-ex232eyconsentq42024.htm (EX-23.2) — 3KB
• aat-ex311xq42024.htm (EX-31.1) — 9KB
• aat-ex312xq42024ng1.htm (EX-31.2) — 9KB
• aat-ex313xq42024.htm (EX-31.3) — 9KB
• aat-ex314xq42024.htm (EX-31.4) — 9KB
• aat-ex321xq42024.htm (EX-32.1) — 5KB
• aat-ex322xq420241.htm (EX-32.2) — 5KB
• aat-20241231_g1.jpg (GRAPHIC) — 24KB
• aat-20241231_g2.jpg (GRAPHIC) — 218KB
• 0001500217-25-000007.txt ( ) — 16912KB
• aat-20241231.xsd (EX-101.SCH) — 100KB
• aat-20241231_cal.xml (EX-101.CAL) — 127KB
• aat-20241231_def.xml (EX-101.DEF) — 584KB
• aat-20241231_lab.xml (EX-101.LAB) — 1027KB
• aat-20241231_pre.xml (EX-101.PRE) — 855KB
• aat-20241231_htm.xml (XML) — 2411KB

RISK FACTORS

ITEM 1A. RISK FACTORS 9

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 35

CYBERSECURITY

ITEM 1C. CYBERSECURITY 35

PROPERTIES

ITEM 2. PROPERTIES 37

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 42

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 42 PART II 43

MARKET FOR OUR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR OUR COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 43

[RESERVED]

ITEM 6. [RESERVED] 45

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 46

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 65

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 66

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 66

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 66

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 69 PART III 69

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 69

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 69

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 69

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 69

PRINCIPAL ACCOUNTING FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES 69

DELINQUENT SECTION 16(A) REPORTS

ITEM 15. DELINQUENT SECTION 16(A) REPORTS 70 PART IV 70

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 70

Forward Looking Statements

Forward Looking Statements. We make statements in this report that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act). In particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth in our funds from operations and anticipated market conditions, demographics and results of operations are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in our markets; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; decreased rental rates or increased vacancy rates; our failure to

BUSINESS

ITEM 1. BUSINESS General Unless otherwise indicated or unless the context requires otherwise, references to "we," "our," "us" and "our company" refer to American Assets Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including American Assets Trust, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to American Assets Trust, Inc. We are a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. As of December 31, 2024, our portfolio is comprised of twelve office properties; twelve retail shopping centers; a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center; and six multifamily properties. Additionally, as of December 31, 2024, we owned land at three of our properties that we classified as held for development and construction in progress. Our core markets include San Diego, California; the San Francisco Bay Area, California; Bellevue, Washington; Portland, Oregon and Oahu, Hawaii. American Assets Trust, Inc. is a Maryland corporation that was formed on July 16, 2010 to acquire the entities owning various controlling and noncontrolling interests in real estate assets owned and/or managed by Ernest S. Rady or his affiliates, including the Ernest Rady Trust U/D/T March 13, 1983, or the Rady Trust, and did not have any operating activity until the consummation of our initial public offering and the related acquisition of such interest on January 19, 2011. After the completion of our initial public offering and the related acquisitions, our operations have be

View Full Filing

View this 10-K filing on SEC EDGAR