American Assets Trust Files Q2 2024 10-Q

TL;DR

**AAT Q2 2024 10-Q filed. Financials and operations detailed.**

AI Summary

American Assets Trust, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position. Key financial data and operational updates are provided for the second quarter of 2024.

Why It Matters

This filing provides investors with a detailed look at American Assets Trust's financial health and operational performance during the second quarter of 2024, influencing investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, the company is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Players & Entities

• American Assets Trust, Inc. (company) — Filer of the 10-Q
• American Assets Trust, L.P. (company) — Related entity
• 20240630 (date) — End of reporting period
• 20240802 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ets Trust, Inc. Common Stock, par value $0.01 per share AAT New York Stock Exchange

Filing Documents

• aat-20240630.htm (10-Q) — 2016KB
• aat-ex311xq22024ng.htm (EX-31.1) — 9KB
• aat-ex312xq22024ng.htm (EX-31.2) — 9KB
• aat-ex313xq22024ng.htm (EX-31.3) — 9KB
• aat-ex314xq22024ng.htm (EX-31.4) — 9KB
• aat-ex321xq22024ng.htm (EX-32.1) — 4KB
• aat-ex322xq22024ng.htm (EX-32.2) — 4KB
• aat-20240630_g1.jpg (GRAPHIC) — 24KB
• 0001500217-24-000047.txt ( ) — 9882KB
• aat-20240630.xsd (EX-101.SCH) — 65KB
• aat-20240630_cal.xml (EX-101.CAL) — 91KB
• aat-20240630_def.xml (EX-101.DEF) — 358KB
• aat-20240630_lab.xml (EX-101.LAB) — 733KB
• aat-20240630_pre.xml (EX-101.PRE) — 594KB
• aat-20240630_htm.xml (XML) — 1392KB

Financial Statements

Item 1. Financial Statements Consolidated Financial Statements of American Assets Trust, Inc.: Consolidated Balance Sheets as of June 3 0 , 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 3 0 , 2024 and 2023 2 Consolidated Statement of Equity (unaudited) for the three and six months ended June 3 0 , 2024 and 2023 3 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 3 0 , 2024 and 2023 5 Consolidated Financial Statements of American Assets Trust, L.P.: Consolidated Balance Sheets as of June 3 0 , 2024 (unaudited) and December 31, 2023 6 Consolidated Statements of Comprehensive Income (unaudited) for the three and six months ended June 3 0 , 2024 and 2023 7 Consolidated Statement of Partners' Capital (unaudited) for the three and six months ended June 3 0 , 2024 and 2023 8 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 3 0 , 2024 and 2023 10

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 11

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 51

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 52

Risk Factors

Item 1A. Risk Factors 52

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 53

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 53

Other Information

Item 5. Other Information 53

Exhibits

Item 6. Exhibits 53

SIGNATURES

SIGNATURES 54 Table of Contents PART 1 - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS American Assets Trust, Inc. Consolidated Balance Sheets (In Thousands, Except Share Data) June 30, December 31, 2024 2023 (unaudited) ASSETS Real estate, at cost Operating real estate $ 3,524,459 $ 3,502,251 Construction in progress 244,995 239,030 Held for development 487 487 3,769,941 3,741,768 Accumulated depreciation ( 1,087,473 ) ( 1,036,453 ) Real estate, net 2,682,468 2,705,315 Cash and cash equivalents 114,880 82,888 Accounts receivable, net 7,557 7,624 Deferred rent receivables, net 90,103 89,210 Other assets, net 97,924 99,644 TOTAL ASSETS $ 2,992,932 $ 2,984,681 LIABILITIES AND EQUITY LIABILITIES: Secured notes payable, net $ 74,714 $ 74,669 Unsecured notes payable, net 1,616,259 1,614,958 Accounts payable and accrued expenses 70,222 61,312 Security deposits payable 8,951 8,880 Other liabilities and deferred credits, net 77,130 71,187 Total liabilities 1,847,276 1,831,006 Commitments and contingencies (Note 11) EQUITY: American Assets Trust, Inc. stockholders' equity Common stock, $ 0.01 par value, 490,000,000 shares authorized, 60,901,583 and 60,895,786 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 609 609 Additional paid-in capital 1,472,569 1,469,206 Accumulated dividends in excess of net income ( 289,486 ) ( 280,239 ) Accumulated other comprehensive income 8,557 8,282 Total American Assets Trust, Inc. stockholders' equity 1,192,249 1,197,858 Noncontrolling interests ( 46,593 ) ( 44,183 ) Total equity 1,145,656 1,153,675 TOTAL LIABILITIES AND EQUITY $ 2,992,932 $ 2,984,681 The accompanying notes are an integral part of these consolidated financial statements. 1 Table of Contents American Assets Trust, Inc. Consolidated Statements of Comprehensive Income (Unaudited) (In Thousands, Except Shares and Per Share Data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 REVENUE: Rental income $ 105,094 $ 103,901 $ 2

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements June 30, 2024 (Unaudited) NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business and Organization American Assets Trust, Inc. (which may be referred to in these financial statements as the "company," "we," "us," or "our") is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the "Operating Partnership"). The company's operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust ("REIT") subsidiary ("TRS"). Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations. We are a full service, vertically integrated, and self-administered REIT with approximate

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