AAT Q2 FFO $0.60 (+2% YoY); raises 2024 guidance; CEO Rady to step down, Wyll appointed

American Assets Trust, Inc.

2024-Q2 EPS reported $0.52 revenue$221,585,000

Net income $11.9M ($0.20 EPS) for Q2; FFO $0.60/share, up 2% YoY.
2024 FFO guidance raised to $2.48-$2.54 (midpoint $2.51, a 9.6% increase over prior $2.29); includes $11M lease termination fee in Q3.
Same-store cash NOI increased 2.1% in Q2; office leasing spreads cash +5.2%, retail cash +5.8%.
CEO succession: Chairman/CEO Ernest Rady to become Executive Chairman effective Jan 1, 2025; President/COO Adam Wyll appointed CEO.
Q3 dividend declared $0.335/share, payable Sept 19, 2024 (unchanged from Q2).

item 2.02 item 5.02 item 7.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Ernest S. Rady

Executive Chairman

AAT · American Assets Trust, Inc.

Effective: 2025-01-01
Successor: Adam Wyll
Filed: July 30, 2024, 7:59 PM ET

On July 25, 2024, Ernest S. Rady, Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of the Company, gave notice of his intention to transition from Chief Executive Officer to Executive Chairman effective as of January 1, 2025.

Role change

Adam Wyll

Chief Executive Officer

AAT · American Assets Trust, Inc.

Effective: 2025-01-01
Filed: July 30, 2024, 7:59 PM ET

On July 25, 2024, the Board appointed Adam Wyll, the Company’s President and Chief Operating Officer, to fill the role of Chief Executive Officer at the Company effective January 1, 2025.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Ernest S. Rady changed role as Executive Chairman at American Assets Trust, Inc..

Action: transition
Role: Executive Chairman

Exact text from the filing

On July 25, 2024, Ernest S. Rady, Chairman of the Board of Directors (the “Board”) and Chief Executive Officer of the Company, gave notice of his intention to transition from Chief Executive Officer to Executive Chairman effective as of January 1, 2025.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Adam Wyll was appointed as Chief Executive Officer at American Assets Trust, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

On July 25, 2024, the Board appointed Adam Wyll, the Company’s President and Chief Operating Officer, to fill the role of Chief Executive Officer at the Company effective January 1, 2025.

View on SEC.gov

American Assets Trust, Inc. filing history →

Source: SEC EDGAR

accession 0001500217-24-000043

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