American Assets Trust Inc

For the period ended Dec 31, 2023. Filed Feb 14, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 14, 2024

AAT$21.55-0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Cash Flows F-

Consolidated Statements of Cash Flows

	Year ended December 31,
	2023	2022	2021
OPERATING ACTIVITIES
Net income	$64,690	$55,877	$36,593
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(7,239)	(11,489)	(17,634)
Depreciation and amortization	119,500	123,338	116,306
Amortization of debt issuance costs and debt fair value adjustments	3,388	2,581	2,753
Provision for uncollectable rental income	1,439	2,334	(2,289)
Early extinguishment of debt	—	—	4,271
Stock-based compensation expense	8,838	8,690	8,493
Other noncash interest expense, net	(1,149)	(1,477)	(1,098)
Other, net	266	(252)	1,314
Changes in operating assets and liabilities
Change in accounts receivable	(870)	(404)	2,273
Change in other assets	(1,141)	(723)	109
Change in accounts payable and accrued expenses	765	(1,237)	15,331
Change in security deposits payable	181	655	443
Change in other liabilities and deferred credits	83	1,179	1,464
Net cash provided by operating activities	188,751	179,072	168,329
INVESTING ACTIVITIES
Acquisition of real estate, net	—	(45,166)	(204,511)
Capital expenditures	(82,980)	(113,781)	(104,588)
Leasing commissions	(6,907)	(7,374)	(3,142)
Purchase of marketable securities	—	—	(47,760)
Sale of marketable securities	—	—	47,723
Net cash used in investing activities	(89,887)	(166,321)	(312,278)
FINANCING ACTIVITIES
Issuance of secured notes payable	—	75,000	—
Repayment of secured notes payable	—	(111,000)	—
Proceeds from unsecured term loan	225,000	—	—
Proceeds from unsecured line of credit	—	36,000	—
Repayment of unsecured line of credit	(36,000)	—	(100,000)
Repayment of unsecured term loan	(150,000)	—	(155,375)
Proceeds from issuance of unsecured notes payable	—	—	494,675
Debt issuance costs	(2,145)	(3,697)	(5,075)
Dividends paid to common stock and unitholders	(101,571)	(98,248)	(88,936)
Shares withheld for employee taxes	(831)	(759)	(865)
Net cash (used in) provided by financing activities	(65,547)	(102,704)	144,424
Net increase (decrease) in cash, cash equivalents	33,317	(89,953)	475
Cash and cash equivalents, beginning of year	49,571	139,524	139,049
Cash and cash equivalents, end of year	$82,888	$49,571	$139,524

Consolidated Balance Sheets

(In Thousands, Except Unit Data)

	December 31,	December 31,
	2023	2022
ASSETS
Real estate, at cost
Operating real estate	$3,502,251	$3,468,537
Construction in progress	239,030	202,385
Held for development	487	547
	3,741,768	3,671,469
Accumulated depreciation	(1,036,453)	(936,913)
Net real estate	2,705,315	2,734,556
Cash and cash equivalents	82,888	49,571
Accounts receivable, net	7,624	7,848
Deferred rent receivables, net	89,210	87,192
Other assets, net	99,644	108,714
TOTAL ASSETS	$2,984,681	$2,987,881
LIABILITIES AND CAPITAL
LIABILITIES:
Secured notes payable, net	$74,669	$74,578
Unsecured notes payable, net	1,614,958	1,539,453
Unsecured line of credit, net	—	34,057
Accounts payable and accrued expenses	61,312	65,992
Security deposits payable	8,880	8,699
Other liabilities and deferred credits	71,187	79,577
Total liabilities	1,831,006	1,802,356
Commitments and contingencies (Note 12)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	(46,936)	(39,127)
General partner's capital, 60,895,786 and 60,718,653 units issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	1,189,576	1,210,641
Accumulated other comprehensive income	11,035	14,011
Total capital	1,153,675	1,185,525
TOTAL LIABILITIES AND CAPITAL	$2,984,681	$2,987,881

Consolidated Statements of Comprehensive Income

(In Thousands, Except Units and Per Unit Data)

	Year Ended December 31,
	2023	2022	2021
REVENUE:
Rental income	$419,373	$402,507	$360,208
Other property income	21,791	20,141	15,620
Total revenue	441,164	422,648	375,828
EXPENSES:
Rental expenses	118,801	107,645	86,980
Real estate taxes	45,156	44,788	42,794
General and administrative	35,960	32,143	29,879
Depreciation and amortization	119,500	123,338	116,306
Total operating expenses	319,417	307,914	275,959
OPERATING INCOME	121,747	114,734	99,869
Interest expense, net	(64,706)	(58,232)	(58,587)
Loss on early extinguishment of debt	—	—	(4,271)
Other income (expense), net	7,649	(625)	(418)
NET INCOME	64,690	55,877	36,593
Net income attributable to restricted shares	(761)	(648)	(564)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.	$63,929	$55,229	$36,029
EARNINGS PER UNIT - BASIC
Earnings per unit, basic	$0.84	$0.72	$0.47
Weighted average units outstanding, basic	76,340,513	76,230,507	76,172,277
EARNINGS PER UNIT - DILUTED
Earnings per unit, diluted	$0.84	$0.72	$0.47
Weighted average units outstanding, diluted	76,340,513	76,230,507	76,172,277
DISTRIBUTIONS PER UNIT	$1.32	$1.28	$1.16
COMPREHENSIVE INCOME
Net income	$64,690	$55,877	$36,593
Other comprehensive (loss) income - unrealized (loss) income on swap derivatives during the period	(1,827)	11,319	2,723
Reclassification of amortization of forward starting swaps included in interest expense, net	(1,149)	(1,477)	(1,098)
Reclassification of amortization of forward-starting swap realized gain included in loss on early extinguishment of debt	—	—	(193)
Comprehensive income	61,714	65,719	38,025
Comprehensive income attributable to Limited Partners	(12,917)	(13,813)	(7,966)
Comprehensive income attributable to General Partner	$48,797	$51,906	$30,059

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