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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the results of operations and liquidity and capital resources for the year ended December 31, 2021 compared to the year ended December 31, 2020 please refer to Part II, Item 7. Management's Discussi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 31, 2022, our operating portfolio was comprised of 31 office, retail, multifamily and mixed-use properties with an aggregate of approximately 7.2 million rentable square feet of office and retail spa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. retail space), 2,110 residential units (including 120 RV spaces) and a 369-room hotel. Additionally, as of December 31, 2021, we owned land at three of our properties that we classified as held for ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,820 12 Expenses Rental expenses 107,645 86,980 20,665 24 Real estate taxes 44,788 42,794 1,994 Total property expenses 152,433 129,774 22,659 17 Net operating income 270,215 246,0...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Other income (expense), net (625) (418) (207) 50 Net income 55,877 36,593 19,284 53 Net income attributable to restricted shares (648) (564) (84) 15 Net income attributable to unithold...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2022, compared to $375.8 million for the year ended December 31, 2021. The percentage leased was as follows for each segment as of December 31, 2022 and 2021: Percentage Leased (1)Year EndedDecember...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status.     Includes the retail portion of the mixed-use property only. The increase in total property revenue was attributable primarily to the factors discussed below. Rental revenues. Rental revenue in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 181,916 16,281 180,257 175,296 4,961 Retail 99,585 93,249 6,336 99,585 93,249 6,336 Multifamily 54,075 48,896 5,179 11 54,075 48,896 5,179 11 Mixed-Use 50,650 36,147 14,503 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Beach Street, due to significant redevelopment activity; (ii) Eastgate Office Park which was acquired on July 7, 2021; (iii) Corporate Campus East III which was acquired on September 10, 2021; (iv) ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Campus East III and Bel-Spring 520 which accounted for $11 million of the increase. The increase in total office rental revenue is partially offset by the decrease in rental revenue at One Beach Str...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. mark at One Market and an increase of $1 million related to accelerated revenue recognition of tenant improvement overages due to tenants vacating their space sooner than original lease terms. Total...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. million as COVID-related rent concessions were provided during the years ended December 31, 2020 and 2021. Multifamily rental revenue increased $5.2 million for the year ended December 31, 2022 com...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1 primarily due to an increase of $13.2 million related to the Waikiki Beach Walk hotel portion of our mixed use property. This increase was due to the lifting of COVID-19-related travel restrictions...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. probable for certain tenants. 53 Other property income. Other property income increased $4.5 million, or 29%, to $20.1 million for the year ended December 31, 2022, compared to $15.6 million for ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 327 1,413 (86) (6) Multifamily 4,064 3,419 645 19 4,064 3,419 645 19 Mixed-Use 9,556 6,338 3,218 51 9,556 6,338 3,218 51 20,141 15,620 4,521 29 19,783 15,210 4,573 30 Sa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , partially offset by lease termination and settlement amounts received at One Beach and City Center Bellevue during the year ended December 31, 2021. Retail other property income decreased $0.1 mil...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Ridge Apartments, and an increase in security deposits applied at Pacific Ridge Apartments. Mixed-use other property income increased $3.2 million for the year ended December 31, 2022 compared to t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. year ended December 31, 2021. This increase in total property expenses was attributable primarily to the factors discussed below Rental Expenses. Rental expenses increased $20.7 million, or 24%, t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 14 Retail 16,631 15,676 955 16,631 15,676 955 Multifamily 19,152 16,269 2,883 18 19,152 16,269 2,883 18 Mixed-Use 34,877 24,529 10,348 42 34,877 24,529 10,348 42 107,645 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 5 million related to the recent acquisitions of Eastgate Office Park, Corporate Campus East III and Bel-Spring 520. Same-store office rental expenses increased $4.0 million for the year ended Decembe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. increase in repairs and maintenance, facilities services, insurance expenses and marketing expenses in 2022, as restrictions on business operations from orders issued by state and local governments ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1 primarily due to an increase in hotel room expenses, personnel expenses and excise tax expenses at the hotel portion of our mixed-use property during the period. These increases are due to tourism ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2021 Change 2022 2021 Change Office 20,493 19,727 766 18,968 18,962 Retail 13,675 12,307 1,368 11 13,675 12,307 1,368 11 Multifamily 7,104 6,942 162 7,104 6,942 162 Mixed...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the year ended December 31, 2022 compared to the year ended December 31, 2021 primarily due to the recent acquisitions of Eastgate Office Park, Corporate Campus East III and Bel-Spring 520. There wa...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 31, 2021 for approximately $1.6 million at Alamo Quarry Market for the tax assessments for 2019 through 2020. This was partially offset by higher tax consulting fees of $0.2 million incurred during ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. hospitality industry, as a result of which Honolulu County reduced the tax burden for hotels for 2021 through 2022. Property Operating Income. Property operating income increased $24.2 million, or...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 786 Retail 70,606 66,679 3,927 70,606 66,679 3,927 Multifamily 31,883 29,104 2,779 10 31,883 29,104 2,779 10 Mixed-Use 21,813 14,138 7,675 54 21,813 14,138 7,675 54 270,215 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. recent acquisitions of Eastgate Office Park, Corporate Campus East III, and Bel-Spring 520, which had incremental property operating income of approximately $7.8 million during the period. The incre...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. tenant improvement overages due to tenants vacating their space prior to the original expiration dates. These increases were partially offset by higher operating expenses as more of our tenants' emp...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. no longer probable. Additionally, there was an increase in cost recoveries of $2.1 million as COVID-19 related rent concessions were provided during the years ended December 31, 2020 and 2021. These...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. primarily due to an overall increase in occupancy and average monthly base rent of 92.9% and $2,349, respectively, for the year ended December 31, 2022 compared to 92.1% and $2,160, respectively for...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. an increase in average occupancy and revenue per available room to 76.9% and $283 for the year ended December 31, 2022, respectively, compared to 66.4% and $185 for the year ended December 31, 2021,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. million for the year ended December 31, 2022, compared to $29.9 million for the year ended December 31, 2021. This increase was primarily due to stock-based compensation expense and employee-related...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. East III and Bel-Spring 520. Additionally, there was an increase in depreciation and amortization at The Landmark at One Market due to building and tenant improvements that were put into service in ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2021. This decrease was primarily due to an increase in capitalized interest related to our development projects. This decrease was offset by higher interest related to the closing of our 3.375% Seni...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. with make-whole payments thereon, on January 26, 2021. Other Income (Expense), Net. Other expense, net increased $0.2 million, or 50%, to other expense, net of $0.6 million for the year ended Dece...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. company” refers only to American Assets Trust, Inc. on an unconsolidated basis, and excludes the Operating Partnership and all other subsidiaries. The company’s business is operated primarily throug...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. certain expenses in operating as a public company which are fully reimbursed by the Operating Partnership. The company itself does not have any indebtedness, and its only material asset is its owner...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. The remaining 21.2% are owned by non-affiliated investors and certain of the company's directors and executive officers. As the sole general partner of the Operating Partnership, American Assets T...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. company. The primary cash requirement of the company is its payment of dividends to its stockholders. The company also guarantees some of the Operating Partnership’s debt, as discussed further in No...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. dividend payments to its stockholders. As of December 31, 2022, the company has 57 determined that it has adequate working capital to meet its dividend funding obligations for the next 12 months. ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. expenditures directly associated with our properties, interest expense and scheduled principal payments on outstanding indebtedness, general and administrative expenses, funding construction project...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. has satisfied this distribution requirement by making cash distributions to American Assets Trust, Inc.'s stockholders, it may choose to satisfy this requirement by making distributions of cash or o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. or common equity issuances, it is required by the Operating Partnership’s partnership agreement to contribute the proceeds from its equity issuances to the Operating Partnership in exchange for pref...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. will be able to complete any such offerings of securities.  Factors influencing the availability of additional financing include investor perception of our prospects and the general condition of the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. company had not issued any shares of common stock under the 2021 ATM Program. The company intends to use the net proceeds from any issuances of common stock under the 2021 ATM Program to fund devel...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. The company has no obligation to sell the remaining shares available for sale under the 2021 ATM Program. Liquidity and Capital Resources of American Assets Trust, L.P. In this “Liquidity and Cap...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. .” should be read in conjunction with this section to understand our liquidity and capital resources on a consolidated basis. Due to the nature of our business, we typically generate significant amo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. itholders, capital expenditures and, potentially, acquisitions. We expect to meet our short-term liquidity requirements through net cash provided by operations, reserves established from existing cas...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. have access to multiple sources of capital to fund our long-term liquidity requirements, including the incurrence of additional debt, noting that during the third quarter of 2015, the company obtain...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. REITs and market perceptions about our company. Given our past ability to access the capital markets, we expect debt or equity to be available to us. Although there is no intent at this time, if m...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. maintain strong debt service coverage and fixed-charge coverage ratios as part of our commitment to investment grade debt ratings. In the short and long term, we may seek to obtain funds through the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Contractual Obligations Total Within1 Year 2 Years 3 Years 4 Years 5 Years More than5 Years Principal payments on long-term indebtedness (1) 1,625,000 150,000 100,000 200,000 425,000 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ,268 477 Construction-related commitments 23,271 23,271 Total 2,155,977 288,935 263,579 248,945 47,852 461,105 845,561 (1)     On January 5, 2023, our term loan agreement was amended and...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 225 million term loan is unsecured. (2)    On January 6, 2023, we repaid in full the $36 million outstanding balance on our revolving line of credit under our Third Amended and Restated Credit Facil...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. December 31, 2022, compared to $168.3 million for the year ended December 31, 2021. The increase in cash from operations was primarily due to the increase in rental revenue from the hotel portion o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2, and increased capital expenditures at La Jolla Commons III and One Beach Street, compared to the cash used for the year ended December 31, 2021 related to our acquisitions of Eastgate Office Park ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 3.375% Senior Notes on January 26, 2021, partially offset by the repayment of the outstanding balance on the revolving line of credit and the Senior Guaranteed Notes, Series A on January 26, 2021. ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. N...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. income because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is also eliminated because it is dependent on historical interest rates and oth...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. administrative costs, interest expense, interest income and other expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipul...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ” regarding the components of net income that are eliminated in the calculation of NOI. Other companies may use different methods for calculating NOI or similarly entitled measures and, accordingly, ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 123,338) (116,306) (108,292) Interest expense (58,232) (58,587) (53,440) Loss on early extinguishment of debt (4,271) Other income (expense), net (625) (418) 447 Net income 55,877 36,5...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. AREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses, real estate related depreciati...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance. FFO should not be used as a measure ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , 2022 2021 2020 Net income 55,877 36,593 35,588 Plus: Real estate depreciation and amortization 123,338 116,306 108,292 Funds from operations, as defined by NAREIT 179,215 152,899 143...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 76,122,842 (1) For the years ended December 31, 2022, 2021 and 2020 the weighted average common shares used to compute FFO per diluted share include unvested restricted stock awards that are subj...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. increases may be at least partially offset by the contractual rent increases and expense escalations described above. In addition, our multifamily leases (other than at our RV resort where spaces ca...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevalent market interest rates. Market risk refers to the risk of loss from adverse changes in mark...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. hypothetical changes in market rates of interest on the fair value of our total outstanding debt. Interest rate risk amounts were determined by considering the impact of hypothetical interest rates ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2029) have fixed interest rates which limit the risk of fluctuating interest rates. However, interest rate fluctuations may affect the fair value of our fixed rate debt instruments. At December 31, ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. $100 million Term Loan A, outstanding as of December 31, 2022 to be fixed rate debt as the rate is effectively fixed by an interest rate swap agreement. Also, we consider our $150 million debt outst...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. $250 million of variable rate debt outstanding, of which $100 million are subject to interest rate swaps as described above. We have entered into term loans that have interest rates that contain bot...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in our net income and cash flows for the year. ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA Our consolidated financial statements and supplementary data are included as a separate section...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Exchange Act) that are designed to ensure that information required to be disclosed in its Exchange Act reports is 63 recorded, processed, summarized and reported within the time periods speci...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Trust, Inc. carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accor...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. over financial reporting cannot provide absolute assurance of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process tha...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a-15(f) under the Exchange Act. Under the supervision and with the participation of management, including American Assets Trust, Inc.’s Chief Executive Officer and Chief Financial Officer, American A...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. an attestation report over American Assets Trust, Inc.’s internal control over financial reporting, which report is contained elsewhere in this annual report on Form 10-K. Changes in Internal Contr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to be disclosed in its Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of management, including the Chief Executive Officer and Chief Financial Officer of its general partner, of the effectiveness of the design and operation of the Operating Partnership’s disclosure co...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. financial reporting and the preparation of financial statements for external purposes in accordance with GAAP, and includes those policies and procedures that: (1) pertain to the maintenance of reco...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of achieving financial reporting objectives because of its inherent limitations. Internal control over financial reporting is a process that involves human diligence and compliance and is subject to...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Exchange Act. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of the Operating Partnership's general partner, th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. December 31, 2022 that materially affected, or are reasonably likely to materially affect, the Operating Partnership's internal control over financial reporting. 65 ITEM 9B. OTHER INFORMATION No...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 10-K, information concerning audit committee financial expert disclosure set forth under the heading “Information Regarding the Board - Committees of the Board - Audit Committee” will be included in ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to American Assets Trust, Inc.'s 2023 Annual Meeting of Stockholders and is incorporated herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED ST...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to American Assets Trust, Inc.'s 2023 Annual Meeting of Stockholders and is incorporated herein by reference. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES The information concerning our princi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. required report or filed a late report during the most recent fiscal year. Based solely on our review of the copies of such forms received by us, or written representations from certain reporting pe...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. failing to provide us with the correct number of shares purchased. 66 PART IV ITEM 16. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a) (1) Financial Statements Our consolidated financial state...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. (b) See Exhibit Index (c) Not Applicable 67 EXHIBIT INDEX Exhibit No. Description 3.1(1) Articles of Amendment and Restatement of American Assets Trust, Inc. 3.2(1) Amended and Restated By...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. .3* Description of Securities 10.1(4) Amended and Restated Agreement of Limited Partnership of American Assets Trust, L.P., dated January 19, 2011 10.2(4) Registration Rights Agreement among Ame...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 4) Transition Services Agreement between American Assets, Inc. and American Assets Trust, L.P., dated January 19, 2011 10.7(1) Management Agreement for Waikiki Beach Walk®—Retail between ABW Holdi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. License Agreement—Embassy Suites—Waikiki Beach Walk—Honolulu, Hawaii between Embassy Suites Franchise LLC and WBW Hotel Lessee, LLC, dated January 19, 2011 10.10(5) Deed of Trust and Security Agre...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Incentive Bonus Plan, effective as of December 5, 2019 10.13(7) Amended and Restated Employment Agreement among American Assets Trust, Inc., American Assets Trust, L.P. and Ernest S. Rady dated Ma...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , 2014 by and among American Assets Trust, Inc., American Assets Trust, L.P. and the purchasers named therein. (Series A, B and C) 10.17(9) Joinder and First Amendment to Term Loan Agreement, dated...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , 2017 by and among American Assets Trust, Inc., American Assets Trust, L.P. and the purchasers named therein. (Series E) 10.20(11) Second Amendment to the Amended and Restated Credit Agreement dat...