American Assets Trust Q3 2024 10-Q Filed

TL;DR

AAT's Q3 10-Q is in - check financials for REIT performance.

AI Summary

American Assets Trust, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and operations, including its real estate investment trust activities. Specific financial figures and operational details are presented within the report.

Why It Matters

This filing provides investors with a quarterly update on American Assets Trust's financial health and operational performance, crucial for investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, the company is subject to market fluctuations and interest rate risks inherent in the real estate sector.

Key Players & Entities

• American Assets Trust, Inc. (company) — Filer of the 10-Q
• American Assets Trust, L.P. (company) — Related entity
• 20240930 (date) — End of reporting period
• 20241101 (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-20240930.htm (10-Q) — 2182KB
• aat-ex311xq32024.htm (EX-31.1) — 9KB
• aat-ex312xq32024ng.htm (EX-31.2) — 9KB
• aat-ex313xq32024.htm (EX-31.3) — 9KB
• aat-ex314xq32024.htm (EX-31.4) — 9KB
• aat-ex321xq32024.htm (EX-32.1) — 4KB
• aat-ex322xq32024.htm (EX-32.2) — 4KB
• aat-20240930_g1.jpg (GRAPHIC) — 24KB
• 0001500217-24-000053.txt ( ) — 10278KB
• aat-20240930.xsd (EX-101.SCH) — 64KB
• aat-20240930_cal.xml (EX-101.CAL) — 92KB
• aat-20240930_def.xml (EX-101.DEF) — 377KB
• aat-20240930_lab.xml (EX-101.LAB) — 729KB
• aat-20240930_pre.xml (EX-101.PRE) — 598KB
• aat-20240930_htm.xml (XML) — 1466KB

Financial Statements

Item 1. Financial Statements Consolidated Financial Statements of American Assets Trust, Inc.: Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2024 and 2023 2 Consolidated Statement of Equity (unaudited) for the three and nine months ended September 30, 2024 and 2023 3 Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2024 and 2023 5 Consolidated Financial Statements of American Assets Trust, L.P.: Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 6 Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months ended September 30, 2024 and 2023 7 Consolidated Statement of Partners' Capital (unaudited) for the three and nine months ended September 30, 2024 and 2023 8 Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 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 50

Controls and Procedures

Item 4. Controls and Procedures 51

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 51

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 55 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) September 30, December 31, 2024 2023 (unaudited) ASSETS Real estate, at cost Operating real estate $ 3,564,563 $ 3,502,251 Construction in progress 205,692 239,030 Held for development 487 487 3,770,742 3,741,768 Accumulated depreciation ( 1,098,477 ) ( 1,036,453 ) Real estate, net 2,672,265 2,705,315 Cash and cash equivalents 533,004 82,888 Accounts receivable, net 8,809 7,624 Deferred rent receivables, net 89,772 89,210 Other assets, net 92,468 99,644 TOTAL ASSETS $ 3,396,318 $ 2,984,681 LIABILITIES AND EQUITY LIABILITIES: Secured notes payable, net $ 74,736 $ 74,669 Unsecured notes payable, net 2,034,843 1,614,958 Accounts payable and accrued expenses 74,067 61,312 Security deposits payable 9,111 8,880 Other liabilities and deferred credits, net 65,600 71,187 Total liabilities 2,258,357 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 September 30, 2024 and December 31, 2023, respectively 609 609 Additional paid-in capital 1,474,554 1,469,206 Accumulated dividends in excess of net income ( 293,037 ) ( 280,239 ) Accumulated other comprehensive income 4,475 8,282 Total American Assets Trust, Inc. stockholders' equity 1,186,601 1,197,858 Noncontrolling interests ( 48,640 ) ( 44,183 ) Total equity 1,137,961 1,153,675 TOTAL LIABILITIES AND EQUITY $ 3,396,318 $ 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 REVENUE: Rental income $

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View this 10-Q filing on SEC EDGAR