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American Assets Trust Inc. (AAT-0.23%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $457.9 million for 2024, an increase from $441.2 million in 2023. This growth was driven by increases in rental income and other property income.
Net income for 2024 was $72.8 million, compared to $64.7 million in 2023. The company attributes this increase to higher revenues and a decrease in general and administrative expenses.
The company reported total property expenses of $167.7 million for 2024, up from $164.0 million in the previous year. This increase was primarily due to higher rental expenses.
American Assets Trust's portfolio includes 31 properties across Southern California, Northern California, Washington, Oregon, Texas, and Hawaii. The portfolio is diversified across office, retail, multifamily, and mixed-use segments.
The company maintained a strong occupancy rate across its properties, with an average of 89.1% leased in its retail and office portfolio as of December 31, 2024.
American Assets Trust's balance sheet shows total assets of $3.27 billion as of December 31, 2024, with total liabilities of $2.15 billion.
The company continues to focus on growth through property acquisitions, developments, and redevelopments, with significant investments in its development pipeline.
American Assets Trust operates as a real estate investment trust (REIT) and is required to distribute at least 90% of its taxable income to maintain its REIT status.
The filing also discusses various risk factors, including economic conditions, interest rate fluctuations, and competition in the real estate market, which could impact the company's financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the American Assets Trust Inc. annual 10-K report dated February 12, 2025. To report an error, please email earnings@qz.com.