Earnings call transcript Q4 2022

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good day.

As a reminder, today's conference call is being recorded. Please note that statements made on this conference call include forward-looking statements based on current expectations, which 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 those forward-looking statements.

It is now my pleasure to introduce your host Mr. COO Assets and President Wyll, for Trust. American Adam you. Thank Mr. Wyll, you begin. may

Adam Wyll

earnings to Good Earnings Trust our X-K. information Both morning the on you. available section the American furnished Call. and to were everyone. afternoon are XXXX Thank Form Quarter of Welcome Assets our SEC americanassetstrust.com. supplemental Fourth Year-End Yesterday on now release Investors and website,

so Ernest under typically our At the XXXX call the today, Chairman, I the our bit a would begin turn going results. his Rady, point, year-end read he's this to but and quarter to prepared I'm weather over and remarks fourth of discussion

would and American through these I stakeholders prosperity express our my of most extraordinary sincere Assets Trust times. your wish like of first appreciation all support and continued health, safety, for to continued

As earnings before me taking growth long-term disciplined view are support decisions drive we and say shareholder of a business the predicated believe creation. will on that our you've heard our wealth

with irreplaceable earnings sheet, a ample an this and management optimistic strength platform, accretive long-term. nimble balance combined our our and believe us operating encouraged not contribute continue allow to of to team, the and will with We efficient asset remain the properties class liquidity, our of portfolio. to high-quality very We the our diversity growing mention and basis top-notch on outperformance over

reinforce like are growth, ones the costs rising to not to we the own and high-quality stimulus rents, thesis by in which being of of attempt our provide tame to assets portfolio our the effective enacted by the to sorts government, confident flight ongoing of unprecedented our path is its innovation, transportation. against Meanwhile and an properties increasing as tailwind Federal mass fiscal persistent replacement the inflation, our Reserve education, the inflation in that caused we will of the protection in a federal are mention

company of ago, XX nevertheless achieving and per I since face Though over that we verge of recession, annual as a of share FFO proud the understand fair incredibly years our I highest particularly on our am share team IPO our challenges. we are our for

and Board increase I approved the on supported record our paid embedded per the an $X.XX dividend, in financial portfolio by dividend on of The our approximately share Directors year beyond. that our previous confidence results for of shareholders want to is from first or to and per expression we an XXrd $X.XX quarterly growth of of quarter, share is of which our mention the the believe March has Board's will X% this dividend of be March Xth.

I, along results various guidance. segments Steve, and Bob financial our more and will into on asset with go detail

So, to and support. company Inc., all continued on Trust your confidence behalf thank in Ernest your manage Assets us for your at you allowing we of us for and of American

going continue along with I'm own to remarks. prepared my

significant been You've We heard it amenitize to capital those improvements to existing tenants, in and well-received continue retain is attract making have to how best-in-class. us remain know a tenants and our speak tenants, consistently to truly improve, difference and properties meaningful to our our by increase and focus making customers rents. enhance, our new on ability

as and our multifamily XXXX. cash of as our retail leasing XX% improvements a XXXX; XXXX; a and comparable compared comparable to respectively on in portfolio our on and We NOI portfolio, compared basis to GAAP to XX% as XX% and these spreads and increasing XXXX XX% contributed believe office X% in cash XXXX in compared portfolio capital to leasing same-store growth cash realizing GAAP respectively XXXX increasing spreads basis

in QX return specifically, with work Portland, in at Landmark than San to incremental since see office to right of on and in utilization our now. San Francisco the continue Briefly strength front, more we progress Diego, Bellevue

mentorship to utilization push some or since leverage, in-office up implemented continue layoffs, year. to towards rent their have We work portfolio having we companies seen year-end a in security, Meanwhile, collaboration. higher think and leading yet mention they requirements more tech with increased shift portfolio positive, this this and implementing our employees softening employers the the should job in office not our sense of a QX. for employees saw the We all for office note be to recent growth more course together to are many multifamily more need over realizing a with and decelerating

was the saw In Ridge leases QX, renewed vacant while rents impacted on we an increased over previously units approximately rates, Pacific with that by an units which average negatively higher in San comparable prior of master concessions. terminated, at rates minimal prior over leases Diego, at XX% of X% rents on rent average from

in our San compared higher XX% year-over-year Diego, pre-COVID XXXX effective Additionally, rents fourth multifamily XX% new are of quarter now net and XXXX for and levels respectively. leases above the to

on Portland, over at at Portland vacant rates now levels higher year-over-year XX% pre-COVID lease leased X% new fourth effective prior and of Hassalo and of units units X% average XXXX to approximately quarter compared In for in respectively. renewal Hassalo at above concessions. net rents an X% minimal with XXXX the and of are multifamily prior leases an average rents approximately over we saw QX, Eighth, at In

that and increased January to a XXXX seasonality, had due Though in end to are XX.X% few percentage the Diego San Portland. our our of percentage at from XX% XXXX, about points report approximately XX% decreased pleased towards lease to end of as remained multifamily leased in we the of

fundamentals. strong remain low income long-term As high reside and on you bullish our demographics costs, communities homeownership unemployment we with multifamily so multifamily know, our growth fairly among rates, favorable

coming densely In retail portfolio X% only about very our retail to markets XX% that has activity. due in now front, as and we in a retail dominant been result, XXXX. percentage confident supply-constrained expire populated is retail best-in-class resides where active spending approximately remain QX, On a consumer saw and our the we And lease leasing with at strong.

now deals get those optimistic We have QX and inked documentation a or remain deals in fair and amount of QX. right retail

And is Briefly, Alamo want expectation Waikele at at Quarry part Theaters to filed and Marketplace and with discussions bankruptcy, to we documentation them. that franchise-owned and Party respect that in we approvals. hold an that know process in current in are they in retail court Gateway is with active location location the to on that Center our not that and our regards location to are finalizing tenants have performer bankruptcy are of above-average City, to for and subject other Regal that sales is

bankruptcy We are in very process. preliminary them in the with discussions

of space requirements with that Francisco long-term Jolla near-term its sits in not La development prospects. will vacancy front to are we UTC with Street, with submarket Commons bullish Francisco's San is we the challenges, on near-term the patient Finally, respect One optimistic remain on as X% currently Beach be without but direct III, just San we the and

specific point. share at developments this on We news have to these no leasing

With that, and turn I'll Bob detail. to results over to the discuss call financial more guidance in

Bob Barton

everyone. Thanks, reported attributable share Adam, FFO $X.XX and XXXX common $X.XX Last morning, year-ended $X.XX quarter per of respectively. per stockholders $X.XX income quarter ended and to of night, and we and XXXX respectively share fourth and fourth net good year and

comprised the approximately $X.XX to share third by of primarily decreased $X.XX and the to FFO is quarter quarter compared following. FFO of XXXX Fourth per

by normal and season seasonality QX. Suites of Embassy FFO between was the approximately as QX lower to Walk $X.XX the per Beach due high First, share, expected

in Second, receivable $X.XX combined share to revenue fourth non-recurring per that the tenants reduced QX, we with QX. FFO reserve occur in did accelerated straight-line related in approximately rents higher by for two increased straight-line in our QX together not quarter which

Third by G&A and interest share. $X.XX expense approximately decreased per $X.XX FFO approximately per FFO combined higher share FFO which with QX, in

was Quarry Alamo refund basis sectors XXXX year-over-year the retail our $X.X cash for XX.X%. property X.X% of NOI QX year-over-year Same-store from from in all growth flat, same-store we over received for the and XXXX. to exclude Though, X.X% in XXXX, approximately ending in the XXXX same-store on cash all NOI growth NOI retail in same-store strong for at was sectors XXXX year-over-year tax NOI increased QX and to combined that growth quarter growth was a fourth million X.X% essentially flat increased combined if X.X% XXXX for

quarter, line to repaid million revolving of million, Let's subsequent about $XXX of cash equivalents on we and we we At liquidity such credit end of approximately talk $XX and of full $XX line availability the comprised of revolving fourth cash $XXX our credit. of $XXX had year-end, liquidity. of approximately Note that it million capacity the that, on today. million our on outstanding have balance million of

of fourth times. we end which terms our of the quarter, Additionally, was of X.X to debt leverage EBITDA the net measure as in

times Our of achieve or objective is EBITDA a to and below. net debt maintain X.X to

times. Our ended interest the ratio quarter coverage X.X and charge fixed at coverage

talk XXXX Let's about guidance.

approximately $X.XX per share to $X.XX our per FFO midpoint share XXXX a over per per FFO which actual are share, FFO XXXX the range introducing guidance X.X% with $X.XX share of $X.XX of is decrease midpoint. a of FFO at We

talked I'm that number, break overview, make an QX FFO up $X.XX subtracting FFO XXXX things that going detailed rate overview; $X.XX XXXX XXXX a per down brings of That be of the occurred share QX a non-recurring the look adjustments. this year-end one, two share, there in into about are high-level high-level Starting are approximate and revenue I with you $X.XX parts, call. From which we earnings as overview. run up four would of guidance a They follows: start to at as per with to the that before following on decrease.

approximately XXXX were effective $XXX term $XXX to XXXX. will million March Number share. increase in we increased interest FFO by in and per of from maturing $XXX refinanced two, loans that $X.XX expense January million X, XXXX that relates This to million

approximately Number to our for are than believe term interest internal FFO based a portfolio. we are refinanced our loans of within more $X.XX assessment period, debt probability the X.XX% on that and The we the per likely one-year approximately specific share not X.XX% reserves to of full with on bad risk extension. tenants year from including increased three, occur rates

sector. Approximately be our better and it more in office can our $X.XX below. cash relates and which to more same-store thought separately out so reserves of you what's NOI, we driving to detail these relates retail We the $X.XX sector reserves discuss understand break transparent would to

in four, related in share Combined systems at FFO one-time per guidance XXXX Number a our building per outcome XXXX to midpoint in these FFO our share. lastly, approximately legal on contribute basis. positive on to get on certain adjustments, we $X.XX of a will us January settlement the Portland. This Hassalo had $X.XX should Eighth

expected same-store XXXX is Number following expected retail Number share increase more cash to a XXXX. in the is $X.XX share of Again, the detailed $X.XX. in with is FFO office reserves, per cash starting FFO increase approximately to reserves, or $X.XX per two, approximately excluding Now, same-store overview excluding NOI, guidance. or NOI, X.X% one, X.X% XXXX.

is and expected repair we in XXXX NOI cash overhead repairs and occur to we Number expense mixed NOI costs increased multi-family maintenance not. of that a to is to be security expenses same-store and Note to in approximately in three, flat XXXX. Number approach XXXX. flat may and maintenance due others that take that use expect majority conservative expected cash three, the same-store be

by hotels they and retail XXXX Outrigger Waikiki, have Our an partners and ground that Waikiki manage. the have in properties at prepared that guidance and/or is other awareness on own in our boots from

XX% as to XXXX Embassy the and labor due such XX% are approximately Waikiki increase Hotel is expected on expenses to approximately food following: XXXX; is XXXX to for guidance operating operating significantly in overhead. expected Our inflationary in impact the based expenses, on costs, in Suites to increase revenue

XXXX of that in XXXX; approximately $XXX X.X% in to to XXXX; based approximately is Suites X.X% increase Some expected from in expected $XXX occupancy approximately from increase from XXXX to RevPAR XXXX. Hotel increase is is in XXXX the to to include: in XX% is XXXX ADR to expected in on XX% guidance X.X% $XXX $XXX metrics Embassy

to approximately due Japanese Our Tourism Unfortunately, the XXXX slower Oahu our to pre-COVID, Hotel the same was Japan it in than is guests NOI for Embassy as XXXX compared has from weakness expected Japan. to doubled even and without Suites currency. much year-to-date been

to positive a to rates are last trending guests Japanese our which is October, exchange direction in returning since However, Oahu. a better

more to approximately by FFO or Number detail reserves four, debt FFO above. per is million share in estimated XXXX, in expected $X.XX we per which decrease described have bad expense $X.X previously

XXXX four same-store year-over-year NOI FFO all excluding approximately growth of Including per above share. are four cash or sectors in reserves, expected NOI generate per total X.X% all five, expected in or FFO generate to approximately a X% a $X.XX share. are same-store reserves Number sectors growth $X.XX total of to XXXX cash

share expected Spring they Number XXXX. to in contribute are per XXX six, Square non-same-store One combined approximately guidance $X.XX Beach including FFO Oregon in building Bellevue XXX,

relating G&A vendors XXXX. hopeful opportunistic includes FFO meaningful approximately increase by later in million have $X.X see legal year, expenses, is litigation and expected to in we increase The approximately which in if non-recurring decrease we in approximately next. million per G&A $X.X recovery initiated certain FFO a share not that $X.XX to against this are early to

expected expense more we is and decrease FFO per in in eight, interest XXXX, detail increase to FFO $X.X Number approximately by share described have previously above. which $X.XX million

adjustments. Number relates abatement million our Landmark will rents to of Market nine, per that at June a in XXXX $X.X or large decrease A a to relating by expired Primarily One $X.XX has part XXXX. tenant straight-line Street share GAAP for or large FFO in FFO this building. approximately

we previously added will which FFO million per XXXX and net FFO increase And share XXXX share. over by per number approximately These settlement litigation midpoint when adjustments, $X.XX or decrease FFO in FFO share per be XXXX, above. approximately $X.XX represent discussed together, $X.X in ten, have a will

cautious order guidance In travel number our do we this call, about. we meaningful believe date are a best needs one, to outperform our we end cautiously range. are optimistic -- towards Waikiki that, possible estimate earnings upper Japanese guests, could of to also While the return from the and see to it XXXX is we guidance is that the believe which tourism as of this that of which do

reserve two, budgeted. to tenants guidance for to our the increasing need continuing we pay the we and rents by And continue three outperform number rents to retail less multifamily expenses that office year. through and/or than And see

what prepared As guidance, and equity these already dispositions, discussed. our any than bridge we've future future always, acquisitions, repurchases, or exclude NOI debt refinancings impact remarks our repayments from issuances or other

continue be and to as analysis our numbers. interpretations possible will our We quarterly of and you transparent as our with best share

supplemental are that to note we've GAAP briefly non-GAAP our to reconciled results earnings and want information. measures also NOI, in financial our discussed, financial that I any like release

Steve Center, Vice the President Office segment. turn of our now to on Properties, call office brief I'll for a over our Senior update Steve?

Steve Center

downsizing follows. office portfolio returned end feet. levels portfolio office fourth Thanks, leased, to achieved quarter, of approximately to in Bob. due our XX activity to At XX% XX.X% or portfolio with square leased, in totaling the XXXX, Bellevue the primarily was of our with Leasing same-store tenant closing dropping deals the rightsizing XXX,XXX in as our offices

but sublease QX At square approximately their in QX. VMware of renewed rents expire rentable let accommodate square City from that feet suite we X,XXX XX,XXX square Center approximately a XX,XXX in them. space square to feet Bellevue, HomeStreet in feet downsized didn't have foot into at a because $XX.XX, foot Bank XX,XXX square X,XXX

X,XXX opting At from into Office American X,XXX Cronos Great square-foot feet and closed Park, home. short-term their from XX,XXX work downsized of feet, office square approximately Eastgate Insurance a to square approximately sublease

All of well below these expiring leases market. were

out full versus Eastgate pending the recently weighted average triple on signature. closed for was City gross for rate leases closed the the a deals to The high weighted leases service the $XX.XX XXs of $XX of versus ending average ending rate net Center mid-XXs basis, or deals. the mid was for Bellevue Likewise,

basis; over office prior square headwinds square of comparable the Even XX% square fourth the to for home, we In totaling rents feet, approximately office higher of strong straight-line square work office increases of which feet than on respectively. quarter, rent feet approximately continues straight-line rightsizing with quality portfolio of totaling executed on lease approximately leases totaling triple were at XX with rent one net XX% and X,XXX renewal and Crossing including and approximately XX leases non-comparable from XX,XXX Torrey growth. totaling a approximately rents of new leases new basis; yield two with the our comparable at medical increases a feet XX% leases XX,XXX Solana prior Reserve over square XX,XXX four rent and feet, XX,XXX new XX% comparable

This our rollover. midsized by small proposal for our are to current the current portfolio, well vacancies future encouraged tenant We across and range. in and tour especially activity bodes

XX,XXX XX,XXX from space ranging Our Beach feet, square is including under each. spaces three at to just One XX,XXX XX the average floors vacant square greater with feet X,XXX square feet, than

The size X,XXX square of and approximately rolling feet fourth and expect rolling X,XXX Landmark average in and XXXX tenant feet The XX,XXX renew. in San on approximately square Francisco, fifth square largest XXXX are in space respectively. XXXX is and feet the floors which currently we Autodesk to

to continue premium we will net performance office us long-term. continue while our believe to market fair absorption despite portfolio we investments potential portfolio continue solid the due And from We drive headwinds. that that our than of in strategic to quality additional to to capture believe current are attrition and position rents, over conditions, to more will not flight the share current our immune to

now call I'll turn the operator to the Q&A. for over back

Operator

session begin question-and-answer [Operator We today comes Instructions] Haendel question the from will The now first St.

ahead. Juste with Mizuho. go Please

Haendel St. Juste

Hey, plus tenants current large guys. XX,XXX the about Steve, Good to maturing appreciate think Steve, tenants on plus I'm beyond square you're bit morning. average this what too wanted I basis? maturing the do of gives probably on of many I for And appreciate you the a a optionality a and ask related are environment? side. the guide. maybe first necessarily questions pose foot the color amount But Autodesk guess have the or first how I and you curious, good of in minus whose that trends other A Thanks. to leases line the leasing couple details of doesn't lease that in is front. coming demand you being number all all I are seeing. who tenants office a

Steve Center

floor it. is is Autodesk less. I Haendel. full everything question, answer mean is Good or The else

of is small it tenant lot a rollover. So really

multiple seeing tech exposed not the to big Autodesk So situation that beyond in we're markets. really you're

tenant a well actually seeing activities small that's And actually the and small rollover. to the it's tour we're positioned and proposal tenants. most new midsized where we're in So

Haendel St. Juste

Got it. Got it.

list the top leases They Are on they anything longer? percentage Are doing? office they side. Is Maybe is Some comment or they're be different CapEx? unique comment base? that that. Industrious I appreciated. more around Okay. would there noticed the tenants Thanks. on about require in of the the rent on based

Steve Center

Industrious? typical sorry, or you're their was in lease initial The talking about am done are enterprise-level two leases was XXXX back I their XXXX that and deals. newer situation. floors co-working Actually

down big a took – their two at floors lease is Databricks Center think in latest tenant. Bellevue. City It just I our half

kind moving the tenant. level really they're enterprise towards of So

Haendel St. Juste

Okay. the side, like color And the lease the one I know that's just there's on but thoughts the fourth retail unique in of the on done events or in fourth leasing don't from the of seems renewals. confluence some something it all demand or maybe quarter leasing on if was new anything there quarter? perspective is share side, if retail but underlying this to maybe a some a

Adam Wyll

Yes. it's – mean hi, I Haendel, Adam.

Kona about subsidiary Steak will of Furniture, couple square had which square month Buy. wins Yardbird at a lot even deals And Chang's have finally deals which great So replaced of X,XXX next our renewals a Carmel Quarry, Mountain restaurant the We is handful Salon at X,XXX and to that is for the XX,XXX-foot Best of a P.F. a Alamo in opening & be did Seafood, Monte deal Federal of Plaza, two. X,XXX quarter. with fourth including That's at in We a Navy the foot which with us. Center feet. a was a new Sola or Del we

So progress there. pretty good

so. some functioning that think we've hopefully now percent up that the or hopper round got pretty XX%, XX% like retail well I another us. that the are for should We leased pretty, things side we're up feel to on and in

Haendel St. Juste

a a do retail the vacancies So addressed. outlook pricing higher have space the spreads given in then How that been power in you level with of near-term you about and occupancy feel for lot are side? on

Adam Wyll

centers, what with of we that increases any mean think It for as we've And going I Haendel. well our situated rents. peers we pretty with – it's shopping A expiring to looking similar should of seeing. I Class get probably over do to course, can be the will. extent consistent be we're We'll been as

positive be certain but for instances see have the to There what we're may more happens. most downs spreads. So spaces difficult we'll in on, part seeing roll -- just

Haendel St. Juste

enough. Thank Fair Best luck. you of Okay.

Adam Wyll

Thanks, Haendel.

Operator

next Stanley. The comes question ahead. Camden Instructions] [Operator with Please go Ronald Morgan from

Adam Kramer

there. offset not are the really markets on driving side, Wondering the I Ron. XXXX, of but Kramer there? commentary just I the If Hey, the appreciate guys. in happening for of It's kind revenue, think kind about breakdowns multifamily enough guess that the of is kind you flat portfolio. of going I your expenses on NOI Adam multifamily correctly, seeing of kind helpful. on was heard kind kind what's on thinking I in all just elevated leasing maybe to kind for What of and revenue the earlier, side, comments some year-over-year of maybe some expense in what's line? guidance

Adam Wyll

Yes, sure.

seeing challenging some take more some So more looking we're TLC. growth Mariners us revenue but like, -- on Adam, or these I at are -- and older years. XX our we products of think a just expenses little they're we Loma are older and our percent X-plus of now particularly are XX expecting They the for around are right multifamily for our little numbers a side, Point, on Palisades

putting kind of, or of should be those or OpEx, to them lot roofing and get more to into in sure painting humming they been they're So to balconies make we've landscaping, just a where terms back properly.

a conservative because expenses a So, that side. we're this more on have Abigail, to but a a kind being did anything difficult it little at high seeing year, you of little more upcoming level. to that? predict to we're Perhaps, that's add it's little

Abigail Rex

to Sure. I can Adam. you, add Thank that.

some come to up. things is we older with have the these products we that, it, consider cap renewals right on side I that revenue think also the of have when

place a those and also that new as up a cap can revenue California, online, units have when is those are rents there in go put only in And that renewing. then two. today about are there's on So capped we units we're for with XX%, coming state of with our that's emergency

emergency, the as the units, move we a we new of stop units lift state spring higher that rate. the is we in we'll the and when So rent as start to for forward can quickly and see go into summer And rent with the revenue rents possible. that at into pushing they as historically, much

continue can. push we where we'll to So

Adam Kramer

it. a And some like just how kind it on others, probably seems concessions? done. from level, on you market-by-market Got of using usage are a concession being commentary based And there's

much side? just maybe concessions quantify kind So of on the how multifamily

Abigail Rex

Sure. rate was fourth the In quarter, that were concessions were our minimal. saw $XX.XX. What we Diego San growth for

rents net Our $XX.XX. were effective

basis, So when that under fourth quarter. had you cost just per look in at little a the and $XXX on it's unit leases a XX-week we

had little bit that of that fourth quarter. to offered So concessions there softening in be a in

So have moving into much QX, pretty forward dropped. concessions

those rents…. not moving are -- right we forward now we're So and with don't gross just offering

Adam Kramer

That's, it. great. I more if And just could. Got then one

versus Just office you've M&A, I years allocation weighing asked capital office think development it's from a in few active typical kind the question before. obviously here, M&A. I been just probably of last on But

So capital on deployment. maybe thoughts know, at thoughts latest point, your buyback share kind to something would be just of on love if just kind hear don't a of the mean, I the we'll table is but that there, I

Bob Barton

looking store. Hi I in seen not mean, in Adam, we're opportunities. Yeah, right now the terms for capital have Bob. this is mined allocation, sense. But We're always now, anything we that makes of just economic right

and things it as run things looking at see him. the when you We see the you brought all just economics them, looking But well. things is to doesn't are and at things are. I sense. daily. is Adam markets make of know does Steve I Ernest

the and push this, it is what in condition got, as can. you keep rents of take just interest And sometimes care pristine it like sometimes during the to markets as best in much you

on having in those mean we gold. don't growth in. spreads learned We're at reserves, look at are to the opportunities same-store else the bad also sector we presented to opportunity we but believers at at the every look if big that have, look acquisition, retail we we that retail, us. make believe that office is look every want And that What is coming that presented. the a said from before I have, are But nothing sector. we And leasing

Adam Kramer

That's again, I time. great. appreciate guys. Thanks the

Bob Barton

Adam. Thanks

Operator

This to, Wyll, I to concludes turn any back for remarks. like conference our Adam would the question-and-answer session. over closing

Adam Wyll

all Thanks by in our economic the again notwithstanding and capital markets stakeholders the operating challenging the have that in We cycle been those today, along and listened fundamentals, remain encouraged way. volatility have today. for that

we'll downs be best the But balance ups abilities. time. been we've for any cycles through prepared successfully of our properties, the many scenario through sheet our us guided platform, to And have And before. each our our and

to So as if So Ernest back going." And say we're tough, sleeves. get I work. here, would roll he our tough were going appreciate get it. the "When gets to the going up

Operator

The conference has now concluded. Thank you for attending today's presentation.

disconnect. now may You

American Assets Trust (AAT) 7 Feb 232022 Q4 Earnings call transcript