American Assets Trust Q3 net income $16.7M; FFO $0.71/share; raises 2024 guidance

American Assets Trust, Inc.

2024-Q3 EPS reported $0.79 revenue$344,395,000

Net income available to common stockholders $16.7M ($0.28/diluted share); FFO $0.71/diluted share, up 20% YoY.
Same-store cash NOI up 15.8% in Q3; office same-store NOI up 27.6% (includes termination fee).
Raised 2024 FFO guidance to $2.51-$2.55 per share (midpoint $2.53), 1% above prior midpoint.
Leased 58k sq ft office at 7.8% cash rent increase; 125k sq ft retail at 4.4% cash rent increase.
Closed $525M 6.15% senior notes due 2034; declared Q4 dividend $0.335/share payable Dec 19.

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