American Assets Trust, Inc. (AAT) reported a total revenue of $457.9 million for the fiscal year ended December 31, 2024, marking a 4% increase from $441.2 million in 2023. The growth was primarily driven by a $12.5 million increase in other property income, which rose to $34.2 million, a 57% increase year-over-year. Rental income, however, saw a modest increase of $4.2 million, or 1%, totaling $423.6 million. The company's net income attributable to stockholders also increased by 13% to $56.8 million, compared to $50.4 million in the previous year.
In terms of operational performance, the company’s portfolio consisted of 31 properties, including 12 office properties, 12 retail shopping centers, six multifamily properties, and a mixed-use property with a hotel. As of December 31, 2024, the overall occupancy rates were 85.0% for office properties, 94.5% for retail, and 91.8% for multifamily units. The company’s strategic focus on high-barrier-to-entry markets in California, Washington, Oregon, Texas, and Hawaii has contributed to its stable performance, although the office segment faced challenges with a slight decrease in rental revenue due to tenant turnover and lower occupancy in certain properties.
American Assets Trust did not engage in any acquisitions or dispositions during 2024, maintaining its existing portfolio. The company continues to explore development opportunities, particularly at properties like La Jolla Commons and the Lloyd Portfolio, with plans to capitalize on redevelopment potential. The management team, led by newly appointed CEO Adam Wyll, emphasizes a disciplined approach to capital allocation, focusing on enhancing property value through strategic improvements and tenant relationships.
The company reported total debt of $1.7 billion as of December 31, 2024, with a significant portion being fixed-rate debt, which mitigates exposure to interest rate fluctuations. The financial covenants associated with its debt agreements were adhered to, ensuring compliance with leverage and coverage ratios. Looking ahead, American Assets Trust anticipates continued growth in funds from operations, driven by strategic leasing and property management initiatives, while remaining vigilant to market conditions that may impact its operational and financial performance.
About American Assets Trust, Inc.
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