American Assets Trust Inc

For the period ended Dec 31, 2024. Filed Feb 12, 2025.

About this filing

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.

FY2024 · Filed Feb 12, 2025

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,
	2024	2023	2022
OPERATING ACTIVITIES
Net income	$72,819	$64,690	$55,877
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(5,781)	(7,239)	(11,489)
Depreciation and amortization	125,461	119,500	123,338
Amortization of debt issuance costs and debt discounts	3,652	3,388	2,581
Provision for uncollectable rental income	1,517	1,439	2,334
Stock-based compensation expense	7,110	8,838	8,690
Settlement of treasury locks	(1,345)	—	—
Other noncash interest expense, net	(377)	(1,149)	(1,477)
Other, net	1,161	266	(252)
Changes in operating assets and liabilities
Change in accounts receivable	(1,787)	(870)	(404)
Change in other assets	(1,266)	(1,141)	(723)
Change in accounts payable and accrued expenses	5,577	765	(1,237)
Change in security deposits payable	140	181	655
Change in other liabilities and deferred credits	225	83	1,179
Net cash provided by operating activities	207,106	188,751	179,072
INVESTING ACTIVITIES
Acquisition of real estate, net	—	—	(45,166)
Capital expenditures	(70,205)	(82,980)	(113,781)
Leasing commissions	(7,202)	(6,907)	(7,374)
Net cash used in investing activities	(77,407)	(89,887)	(166,321)
FINANCING ACTIVITIES
Proceeds from secured notes payable	—	—	75,000
Repayment of secured notes payable	—	—	(111,000)
Proceeds from unsecured line of credit	100,000	—	36,000
Repayment of unsecured line of credit	(100,000)	(36,000)	—
Proceeds from unsecured term loan	—	225,000	—
Repayment of unsecured term loan	—	(150,000)	—
Proceeds from unsecured notes payable	523,273	—	—
Repayment of unsecured notes payable	(200,000)	—	—
Debt issuance costs	(5,388)	(2,145)	(3,697)
Dividends paid to common stock and unitholders	(103,368)	(101,571)	(98,248)
Shares withheld for employee taxes	(1,445)	(831)	(759)
Net cash provided by (used in) financing activities	213,072	(65,547)	(102,704)
Net increase (decrease) in cash, cash equivalents	342,771	33,317	(89,953)
Cash and cash equivalents, beginning of year	82,888	49,571	139,524
Cash and cash equivalents, end of year	$425,659	$82,888	$49,571

Consolidated Balance Sheets

(In Thousands, Except Unit Data)

	December 31,	December 31,
	2024	2023
ASSETS
Real estate, at cost
Operating real estate	$3,449,009	$3,353,735
Construction in progress	176,868	238,482
Held for development	487	487
	3,626,364	3,592,704
Accumulated depreciation	(1,038,878)	(958,645)
Net real estate	2,587,486	2,634,059
Cash and cash equivalents	425,659	82,888
Accounts receivable, net	6,905	6,486
Deferred rent receivables, net	88,059	87,995
Other assets, net	87,737	99,030
Real estate assets held for sale	77,519	74,223
TOTAL ASSETS	$3,273,365	$2,984,681
LIABILITIES AND CAPITAL
LIABILITIES:
Secured notes payable, net	$74,759	$74,669
Unsecured notes payable, net	1,935,756	1,614,958
Accounts payable and accrued expenses	63,693	60,958
Security deposits payable	8,896	8,778
Other liabilities and deferred credits	62,588	69,739
Liabilities related to real estate assets held for sale	3,352	1,904
Total liabilities	2,149,044	1,831,006
Commitments and contingencies (Note 12)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	(53,385)	(46,936)
General partner's capital, 61,138,238 and 60,895,786 units issued and outstanding as of December 31, 2024 and December 31, 2023, respectively	1,171,141	1,189,576
Accumulated other comprehensive income	6,565	11,035
Total capital	1,124,321	1,153,675
TOTAL LIABILITIES AND CAPITAL	$3,273,365	$2,984,681

Consolidated Statements of Comprehensive Income

(In Thousands, Except Units and Per Unit Data)

	Year Ended December 31,
	2024	2023	2022
REVENUE:
Rental income	$423,611	$419,373	$402,507
Other property income	34,244	21,791	20,141
Total revenue	457,855	441,164	422,648
EXPENSES:
Rental expenses	123,503	118,801	107,645
Real estate taxes	44,224	45,156	44,788
General and administrative	35,468	35,960	32,143
Depreciation and amortization	125,461	119,500	123,338
Total operating expenses	328,656	319,417	307,914
OPERATING INCOME	129,199	121,747	114,734
Interest expense, net	(74,527)	(64,706)	(58,232)
Other income (expense), net	18,147	7,649	(625)
NET INCOME	72,819	64,690	55,877
Net income attributable to restricted shares	(787)	(761)	(648)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.	$72,032	$63,929	$55,229
EARNINGS PER UNIT - BASIC
Earnings per unit, basic	$0.94	$0.84	$0.72
Weighted average units outstanding, basic	76,514,592	76,340,513	76,230,507
EARNINGS PER UNIT - DILUTED
Earnings per unit, diluted	$0.94	$0.84	$0.72
Weighted average units outstanding, diluted	76,514,592	76,340,513	76,230,507
DISTRIBUTIONS PER UNIT	$1.34	$1.32	$1.28
COMPREHENSIVE INCOME
Net income	$72,819	$64,690	$55,877
Other comprehensive (loss) income - unrealized (loss) income on swap derivatives during the period	(2,748)	(1,827)	11,319
Other comprehensive (loss) - unrealized (loss) on treasury locks during the period	(1,345)	—	—
Reclassification of amortization of forward starting swaps included in interest expense, net	(377)	(1,149)	(1,477)
Comprehensive income	68,349	61,714	65,719
Comprehensive income attributable to Limited Partners	(14,286)	(12,917)	(13,813)
Comprehensive income attributable to General Partner	$54,063	$48,797	$51,906

ContentsView on SEC.gov

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