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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.
(Unaudited)
Significant Accounting Policies
We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the ye... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
storage space rental. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
based on management's assessment of credit, collection and other business risks.
We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
$2.3 million and $2.1 million, respectively.
Rent Concessions – COVID-19
Due to the impacts of COVID-19, in 2020 through 2022 we provided lease concessions to certain tenants, primarily
within th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and other interbank offered rates that have been or are expected to be discontinued as part of reference rate reform. For hedges, the guidance generally allows changes to the reference rate and othe... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ated Financial Statements—(Continued)
March 31, 2023
(Unaudited)
NOTE 2. ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES
The following summarizes our acquired lease intangibles and leasing... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
)
(1,778)
Acquired lease intangible assets, net
22,347
23,633
Below market leases
52,832
52,832
Accumulated accretion
(33,961)
(33,168)
Acquired lease intangible liabilities, net
18,871
... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and liabilities
3.
Level 3 Inputs—unobservable inputs
The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonab... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.
The fair value of the interest rate swap agre... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
effect of non-performance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.
12
Table of Conten... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivat... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
7,909
7,909
9,986
9,986
Interest rate swap liability
388
388
196
196
The fair value of our secured notes payable and unsecured senior guaranteed notes are sensitive to fluctuations in intere... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
directly tied to monthly Secured Overnight Financing Rate (“SOFR”) contracts. A summary of the carrying amount and fair value of our secured financial instruments, all of which are based on Level 2 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
net
491,921
409,455
491,663
403,500
Unsecured line of credit, net
34,057
36,000
NOTE 4. DERIVATIVE AND HEDGING ACTIVITIES
Our objectives in using interest rate derivatives are to add stabil... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Trust, L.P.
Notes to Consolidated Financial Statements—(Continued)
March 31, 2023
(Unaudited)
The following is a summary of the terms of our outstanding interest rate swaps as of March 31, 2023 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
/2025
417
Mizuho Capital Markets LLC
75,000
1/5/2023
1/5/2025
(388)
The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being reco... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the derivative, including the period to maturity, and counterparty credit risk and uses observable market-based inputs, including interest rate curves, and implied volatilities. The fair value of t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
078, respectively
37,655
38,436
Interest rate swap asset
7,909
9,986
Acquired above market leases, net
96
107
Acquired in-place leases, net
22,251
23,526
Lease incentives, net of accumula... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and other
9,235
9,277
Total other assets
105,840
108,714
14
Table of Contents
American Assets Trust, Inc. and American Assets Trust, L.P.
Notes to Consolidated Financial Statements—(Continu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
369
2,411
Deferred tax liability
852
852
Straight-line rent liability
12,024
12,746
Lease liability
25,092
25,676
Other liabilities
74
61
Total other liabilities and deferred credits, n... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the (i) amended and restated credit facility, (ii) term loans, (iii) senior guaranteed notes, and (iv) senior unsecured notes.
Debt of American Assets Trust, L.P.
Secured notes payable
The follow... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
7
75,000
75,000
Debt issuance costs, net of accumulated amortization of $474 and $452, respectively
(399)
(422)
Total Secured Notes Payable Outstanding
74,601
74,578
(1)
Interest only.
The... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
)
Unsecured notes payable
The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of March 31, 2023 and December 31, 2022 (in thousands):
Descr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Variable
(4)
January 5, 2025
(2)
Senior Guaranteed Notes, Series F
100,000
100,000
3.78
(5)
July 19, 2024
Senior Guaranteed Notes, Series B
100,000
100,000
4.45
February 2, 2025
Seni... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, 2029
Senior Guaranteed Notes, Series G
150,000
150,000
3.91
(8)
July 30, 2030
3.375% Senior Unsecured Notes
500,000
500,000
3.38
February 1, 2031
1,625,000
1,550,000
Debt discount and... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
at approximately 2.70% through its maturity date, subject to adjustments based on our consolidated leverage ratio.
(2)
On January 5, 2023, we extended Term Loan B and Term Loan C to a maturity dat... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
approximately 2.65% (and such interest rate swap agreement was terminated as of November 30, 2022) and (b) from January 5, 2023 through January 4, 2025, the effective interest rate associated with T... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
place during such time period on Term Loan B.
(4)
The Operating Partnership has entered into an interest rate swap agreement that is intended to fix the interest rate associated with Term Loan C a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
3 through January 4, 2024) and 5.57% for the second year (January 5, 2024 through January 4, 2025) of Term Loan C. Note that variable interest was paid on Term Loan C from December 1, 2022 through Ja... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
rate is approximately 3.85% per annum.
(6)
The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 1... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
cash flow hedge; accordingly, the effective interest rate is approximately 4.18% per annum.
(8)
The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
As of March 31, 2023, the Operating Partnership was in compliance with these financial covenants.
Amended Term Loan Agreement
Prior to entering into the Amended and Restated Term Loan Agreement, t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
"Second Amended and Restated Credit Facility"). The Second Amended and Restated Credit Facility provides for aggregate, unsecured borrowing of $450 million, consisting of a revolving line of credit ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Restated Credit Facility includes a number of customary financial covenants, including:
A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total ass... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
exceed the greater of (1) 95% of our funds from operation ("FFO") or (2) the amount required for us to (a) qualify and maintain our REIT status and (b) avoid the payment of federal or state income o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
March 31, 2023
(Unaudited)
NOTE 8. PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.
Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not ow... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis.
During the thr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ parti... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, we entered into an at-the-market ("ATM") equity program with five sales agents in which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
obligations, fund potential acquisition opportunities and/or for general corporate purposes. As of March 31, 2023, we had the capacity to issue up to $250 million in shares of our common stock under... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Covered
Dividend Paid Date
First Quarter 2023
0.33
January 1, 2023 to March 31, 2023
March 23, 2023
Taxability of Dividends
Earnings and profits, which determine the taxability of distributio... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
)
Stock-Based Compensation
We follow the FASB guidance related to stock-based compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
20.98
We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $2.0 million and $1.5 million in noncash compensation expense for the three months e... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
shares outstanding, which are considered participating securities, were 573,253 and 485,493 for the three months ended March 31, 2023 and 2022, respectively. Therefore, we have allocated our earning... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to time vesting are anti-dilutive for all periods presented, and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.
20
Table of Contents
American... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(4,341)
(2,836)
Net income attributable to common stockholders—basic
16,136
10,523
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic
16,136
10,523
P... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
76,326,146
76,220,220
Earnings per common share, basic
0.27
0.18
Earnings per common share, diluted
0.27
0.18
NOTE 10. INCOME TAXES
We elected to be taxed as a REIT and operate in a manner... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of property subject to state taxes based on income and certain prepaid expenses of our TRS.
Income tax expense is recorded in other (expense) income, net on our consolidated statements of comprehen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Trust, Inc. and American Assets Trust, L.P.
Notes to Consolidated Financial Statements—(Continued)
March 31, 2023
(Unaudited)
We are currently a party to various legal proceedings. We accrue a l... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also, under our leases, tenants are typically obligated to indemnify u... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $6.6 million based on operati... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediati... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Tenants in the retail industry accounted for 23.8% of total revenues for the three months ended ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
2022, no tenant accounted for more than 10% of our total rental revenue.
NOTE 12. LEASES
Lessor Operating Leases
We determine if an arrangement is a lease at inception. Our lease agreements are ge... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally rang... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the lease terms.
We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proact... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31,
2023 (nine months ending December 31, 2023)
188,878
2024
231,639
2025
208,649
2026
191,878
2027
167,065
Thereafter
316,554
Total
1,304,663
The above future minimum rentals exclude ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real esta... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the extension option.
Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
lease liability
25,092
Lease costs under the operating leases are as follows (in thousands):
Three Months Ended March 31,
2023
2022
Operating lease cost
927
844
Sublease income
(1,003)
(7... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of Contents
American Assets Trust, Inc. and American Assets Trust, L.P.
Notes to Consolidated Financial Statements—(Continued)
March 31, 2023
(Unaudited)
Subleases
At The Landmark at One Marke... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31,
2023
2022
Lease rental income
Office
49,326
48,050
Retail
24,678
24,041
Multifamily
14,517
12,916
Mixed-use
2,950
2,800
Percentage rent
555
482
Hotel revenue
10,018
8,055
Ot... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
$0.8 million and $0.8 million for the three months ended March 31, 2023 and 2022, respectively.
The principal components of rental expenses are as follows (in thousands):
Three Months Ended March ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ated Financial Statements—(Continued)
March 31, 2023
(Unaudited)
NOTE 14. OTHER (EXPENSE) INCOME, NET
The principal components of other expense, net, are as follows (in thousands):
Three Months ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
31, 2023 and 2022, we incurred approximately $0.1 million and $0.0 million of expenses, respectively, related to aircraft services of AAIA or reimbursement to Mr. Rady (or his trust) for use of the ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
0.3 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively, are included in rental expenses on the consolidated statements of comprehensive income.
NOTE 16. SEGMEN... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Trust, Inc. and American Assets Trust, L.P.
Notes to Consolidated Financial Statements—(Continued)
March 31, 2023
(Unaudited)
Segment profit is not a measure of operating income or cash flows fr... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
revenue
50,970
49,569
Property expense
(14,821)
(13,330)
Segment profit
36,149
36,239
Total Retail
Property revenue
25,627
24,841
Property expense
(7,704)
(7,728)
Segment profit
17,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
68,616
65,896
The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):
Three Months Ended March 31,
2023
2022
Total segments’ profi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
(2,836)
Net income attributable to American Assets Trust, Inc. stockholders
16,136
10,523
27
Table of Contents
American Assets Trust, Inc. and American Assets Trust, L.P.
Notes to Consolidated... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
865
2,729,911
2,734,556
Secured Notes Payable (1)
Office
75,000
75,000
75,000
75,000
(1)
Excludes debt issuance costs of $0.4 million and $0.4 million for each of the periods ended March 31... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
1,313
1,571
Mixed-Use
1,132
331
25,695
32,128
(1)
Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.
28
Table of Conte... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
particular, statements pertaining to our capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, our statements regarding anticipated growth ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
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 ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
verse economic or real estate developments in our markets;
our failure to generate sufficient cash flows to service our outstanding indebtedness;
defaults on, early terminations of or non-renewal o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
rental rates or increased vacancy rates;
conflicts of interests with our officers or directors;
lack or insufficient amounts of insurance;
environmental uncertainties and risks related to adverse... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or factors, or new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, performance or transactions... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
vertically integrated and self-administered REIT that owns, operates, acquires and develops high quality retail, office, multifamily and mixed-use properties in attractive, high-barrier-to-entry mar... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, Washington; Portland, Oregon and Oahu, Hawaii. We are a Maryland corporation formed on July 16, 2010 to acquire the entities owning various controlling and noncontrolling interests in real estate a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of operations of our Operating Partnership.
Critical Accounting Policies
We identified certain critical accounting policies that affect certain of our more significant estimates and assumptions us... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
development and properties classified as discontinued operations. Information provided on a redevelopment same-store basis includes the results of properties undergoing significant redevelopment fo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
significant development, redevelopment or expansion properties into same-store properties once they are stabilized. Properties are deemed stabilized typically at the earlier of (i) reaching 90% occ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
redevelopment or expansion square footage to total property square footage; and the ability to maintain historic occupancy and rental rates. In consideration of these measures, we generally remove p... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on March 8, 2022. In our determination of same-store and redevelopment same-store properties for the three months ended March 31, 2023, One Beach Street has been identified as a same-store redevelop... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Months Ended March 31,
2023
2022
Same-Store
29
27
Non-Same-Store
Total Properties
31
31
Redevelopment Same-Store
30
28
Total Development Properties
Outlook
We seek growth in earnings,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ing. We evaluate our properties on an ongoing basis to identify these types of opportunities.
We intend to opportunistically pursue projects in our development pipeline, including future phases of L... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
re-leasing growth, redevelopment opportunities and other strategic opportunities. Any growth from acquisitions is contingent upon our ability to find properties that meet our qualitative standards a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
COVID-19 will have on our financial condition, results of operations and cash flows due to numerous uncertainties, including the scope, severity and duration of the virus (including future mutations... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Although there is uncertainty related to COVID-19’s impact on our future results, we believe our efficient business model and steps we have taken to strengthen our balance sheet will continue to all... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on certain of our tenants' operations and ability to pay rent, primarily in the retail sector; any reduction in our tenants' abilities to pay base rent, percentage rent or other charges, including a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
average rental rate increase on a cash and GAAP basis of 23.2% and 20.6%, respectively. Renewals for comparable office spaces were signed for 53,883 square feet at an average rental rate increase on... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
for which there was a prior tenant), at an average rental rate increase on a cash and GAAP basis of 9.5% and 27.7%, respectively. New retail leases for comparable spaces were signed for 1,598 square... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
with comparable spaces generally include all leases signed in arms-length transactions reflecting market leverage between landlords and tenants during the period. The comparison between average rent... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
include the total dollars committed for the improvement of a space as it relates to a specific lease, but may also include base-building costs (i.e. expansion, escalators or new entrances) which are... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
tenant/landlord relationship and the potential fluctuations we may achieve in rental income over time.
32
Table of Contents
Capitalized Costs
Certain external and internal costs directly related... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
improvements, but not later than one year from cessation of major construction activity. We cease capitalization on the portion substantially completed and occupied or held available for occupancy, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
service. Capitalization of interest commences when development activities and expenditures begin and end upon completion, which is when the asset is ready for its intended use as noted above. We mak... |
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