Q2 2024 American Assets Trust Inc Earnings Call Transcript
Key Points
- American Assets Trust Inc (AAT) exceeded expectations in Q2 2024, prompting an increase in full-year guidance.
- The company announced a quarterly dividend of $0.335 per share, reflecting strong financial performance.
- Retail sector achieved a 95% lease rate with positive leasing spreads, indicating strong demand and limited supply growth.
- Multifamily portfolio saw a 9.5% increase in same-store NOI, with high occupancy and minimal concessions.
- Office portfolio leasing activity increased, with new leasing outpacing renewals for the first time since 2019.
- FFO per share decreased from Q1 to Q2 2024 due to a one-time litigation settlement in Q1.
- Office utilization rates remain below pre-pandemic levels, with some markets like Bellevue and Portland at 60% to 75%.
- Multifamily occupancy dipped to 89% due to seasonal student move-outs, affecting rental rates.
- San Francisco office market remains challenging, impacting leasing prospects at One Beach.
- Net debt to EBITDA ratio is at 6.4 times, above the company's target of 5.5 times or below.
Welcome to American Assets Trust Inc's second quarter 2024 earnings call. As a reminder, today's conference is being recorded. Please note that statements made on this conference call include forward-looking statements based on current expectations which statements are subject to risks and uncertainties discussed in the company's filings with the SEC.
You are cautioned not to place undue reliance on these forward-looking statements, as actual events could cause the company's results to differ materially from these forward-looking statements. Yesterday afternoon, American Assets Trust earnings release and supplemental information were furnished to the SEC on form 8-K. Both are now available on the Investors section of its website, americanassetstrust.com.
It's now my pleasure to turn the call over to Ernest Rady, Chairman and CEO of American Assets Trust.
Good morning, everyone. At American Assets Trust, I can assure you every strategic and operational decision. He
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