American Assets Trust (AAT) Q4 2023 earnings summary

Executive summary

• FY 2023 FFO per diluted share rose 3% YoY to $2.40; same-store cash NOI increased 4.5%.

• 2024 FFO guidance is $2.19–$2.33 per diluted share, with a midpoint of $2.26.

Financial highlights

• FY revenue was $441.2M vs. $422.6M in 2022; operating income was $121.7M vs. $114.7M.

• FY net income attributable to stockholders was $50.4M, or $0.84 per diluted share, vs. $43.5M and $0.72 in 2022.

• Q4 revenue was $112.5M vs. $106.0M; net income attributable to stockholders was $10.5M, or $0.17 per diluted share, vs. $9.6M and $0.16.

• Q4 FFO per diluted share increased 2% YoY to $0.57; FY FFO per diluted share increased 3% to $2.40.

Outlook and guidance

• FY 2024 FFO guidance is $2.19–$2.33 per diluted share, midpoint $2.26.

• Guidance assumes current and future conditions, including leasing activity, rental rates, occupancy, interest rates, credit spreads, and timing of acquisitions and development; actual results may differ materially.

• Guidance excludes potential future acquisitions, dispositions, equity issuances or repurchases, and debt financing or repayments, except as discussed on the earnings call.