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American Assets (AAT)
NYSE:AAT
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Earnings Data
Report Date
Feb 11, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.09Last Year’s EPS
$0.17Same Quarter Last Year
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 29, 2024
|% Change Since: -5.91%
|Next Earnings Date:Feb 11, 2025
Earnings Call Sentiment|Neutral
The earnings call highlighted several positive developments, including successful bond issuance, strong retail and multifamily performance, and increased FFO guidance. However, there were notable challenges, particularly in the mixed-use portfolio and office leasing, as well as increased interest expenses impacting financial results.Company Guidance
During American Assets Trust's Q3 2024 earnings call, the management provided updated financial guidance and discussed performance metrics across various asset segments. The company reported a third-quarter FFO of $0.71 per share, an increase from the previous quarter primarily due to an $11 million lease termination fee. The same-store cash NOI for all sectors increased by 15.8% year-over-year, driven by a 27.6% increase in the office portfolio primarily due to the lease termination fee. The retail segment experienced a 7% NOI increase, while multifamily saw a 4% increase. The company increased its 2024 FFO per share guidance to a range of $2.51 to $2.55, reflecting strong retail performance and reduced bad debt. Looking ahead, American Assets Trust is focused on growth drivers such as capitalizing on rent escalations, stabilizing new developments, and exploring acquisition opportunities.Successful Bond Issuance
American Assets Trust issued a 10-year $525 million bond at a 6.15% coupon, which was more than 4x oversubscribed, strengthening liquidity and flexibility by addressing debt maturities into early 2027.
Retail Segment Performance
Retail leasing spreads increased by 4.4% on a cash basis and 18.7% on a straight-line basis for Q3 transactions, achieving the highest average base rent per square foot since IPO.
Multifamily Portfolio Growth
The multifamily portfolio achieved its highest ever average base rent in Q3, with same-store multifamily NOI increasing by over 4% year-over-year for Q3 and year-to-date NOI up 6% compared to 2023.
Increased FFO Guidance
2024 FFO per share guidance increased to a range of $2.51 to $2.55 per FFO share, with a midpoint of $2.53, representing a 1% increase from the previous guidance.
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AAT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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AAT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $27.02 | $27.46 | +1.63% |
| Jul 30, 2024 | $25.20 | $25.88 | +2.70% |
| Apr 30, 2024 | $20.51 | $20.61 | +0.49% |
| Feb 06, 2024 | $20.61 | $20.44 | -0.82% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does American Assets (AAT) report earnings?
American Assets (AAT) is schdueled to report earning on Feb 11, 2025, TBA Not Confirmed.
What is American Assets (AAT) earnings time?
American Assets (AAT) earnings time is at Feb 11, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AAT EPS forecast?
AAT EPS forecast for the fiscal quarter 2024 (Q4) is $0.09.
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