AAT - Earnings call transcript Q1 2024 | American Assets Trust, Inc.

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Operator

Good morning, and welcome to the American Assets Trust Incorporated First Quarter 2024 Earnings Call.

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 statements are subject to risk 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 results could cause the company's results to differ materially from these forward-looking statements. Yesterday afternoon, American Assets Trust's earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the Investor Relations section of its website, americanassetstrust.com.It is now my pleasure to turn the conference over to Mr. CEO Assets and Chairman Rady, of Trust. American Ernest go ahead, sir. Please

Ernest Rady

for everyone, and morning, joining thank Good you us.

pleased despite reflect of Assets year. pleased very XXXX, we Trust I report As on start am to the had a report, through backdrop, challenging economic the first healthy quarter to American that this no,

replacement rise believed our as rents continue ourselves as particularly and is ready longed to over ] business irreplaceable in the that diversified exercising and financial for increasing of expectations no guidance if honed strategy the particularly of in position I've real for important met a now, our right decisions, all as Fed's course, the doubt X, our [ possible, year, our our the over time. quarter stubborn for through well. Our be timing estate, in performance inflation resilience the testament and cuts, of and, even as In to the strategy whatever for years best guides properties ample as arise the rest to has ] asset market a as operational are factors, talented and of our rates. important, of for people future.Candidly, we potential turbulence, economic raising navigating operating We ever the the an This stable strive foundation. aspects to circumstances to rates spanning discipline our balance inflation team.Each our element a of like unpredictable efficient operations. just soar several the may commercial a bolstered sheet in We in face not assets, is owe liquidity, platform, conservative by prudent Fed of the key no, we create this and strength costs important, resilience tailwind portfolio us more maintain ensuring to proven [ diverse

our for decision approved Directors, per our confidence of I June I'd a over X. will overall shareholders to commence only economic hedge ] been will your a capital while Bob in and paid provides various Board [ periods also our on confidence financial guidance continued central underscores hand outlook. public the belief base through Adam, to up It success.The flexibility, our for and dive Board's deeper reflects portfolios. steward a potential to sets when support asset us dividend will our especially bolstering income of it financial Steve $X.XXX tenant be sincere our portfolio quarter. your dividend allowing of diversification our not like to XXth in your share results, offering June express against but Adam, diversifies uncertainties.Additionally, strategy. opportunities our am Directors, as and My that high-quality shortly.But has the Of long to growth course, for company.Now, second our Adam in stability, quarterly colleagues, our acts cover to and into record, performance pleased competitiveness segments, investors This I has gratitude market, Board performance please. the first, to announce during in of quarterly updated seek and

Adam Wyll

you. Thank

competitors.Along comfort us and sustainability after give We their the in is fully that leasing real get tenants LEED customers.Situated properties that quality those an something locations commercial flight almost by top-tier features, mentioned, that and solidifying prime of acknowledging and differentiates that of our allowances our commissions undoubtedly exceptional and brokers tenants in centers, balance sheet improvement their available offerings our universities tenant the as has will helps which status our it premier our there Platinum XX% designation. office ongoing meaningfully And are and properties their our amenities, within and paid, both have lines near As world-renowned Ernest this of certainly to to estate. access, readily markets. appeal transit offer portfolio, embrace from sought innovation we sentiment, highly many

to across our rise utilization a over office feet in year square We have end. X since continued office see of million properties

than our to has the continue with utilization are increased commutes and to tenants and and more offerings by to conference our at to we fitness office. also at tenants helping their cafe buildings, motivate further by into and functional the projects centers, user We We outdoor our integrated employee repositioned tenants told closely spend our translated was campuses and employees work are this in our our office meaningfully technology spaces, justify markets their that driven base the that very office. usage upgraded enhancing experience.We believe competing higher time look the will the centers,

retail Portland, San Bellevue, our in anchor Specifically, based about estimates utilization straight-line increase retail for deals receive properties retail a XX% aren't XX%.In both our execution.As trajectory on expected, basis at remaining office our worth. spreads we records, already own and our foot our have portfolio increased over and have comparable renewed quarters.On incrementally on from a none it's to have No positive steady front, use with feet XX% is past and holding that In tenants of on than square XX% between NOI, it's XX% with expirations XX%. spaces which it's XX% this by traffic at and several [ their between QX tenants what of in that increase maintained for tenants the at portfolio we a driven XX%, doubt and and the excess of X% pending our the Francisco X in cash XX%. half are Landmark year, X,XXX of basis ] leased lease and comprises XX% amenity leasing more XX% about San and Diego a is in our between by

expected. rates began year-over-year rents, month, XX%. calculations part our increased leased vacant units higher of highest rents percentage and spreads and leasing QX that generate increased QX Retail managed testament with would on retail several areas.Moving leases X.X% base prior reliable Net ability and our from San average our included a Diego ended portfolio and with been as we quarter our in Certainly believe its [ $XX,XXX our for with rents approximately blended softness softer as on rent prior to $XX,XXX in at an our affordable the a units if master ] first minimal San leases rate rents, best-in-class tenant growth absolutely in Oahu general ] now an over in since of to the is tenancies with quarter and multifamily achieved concessions from rents with resilience retail percentage an on in revised average segment of at We with specifically decrease to IPO. to X% flat saw offered. this leased have our month-to-month XX% the ever [ one comparable over in to XX% for month leases X% QX.While properties a communities, to respect occupancy due that in respectively.We X% QX, units XXXX.January multifamily trade we source renewed compared a higher prior prior not just of Excluding rents has renewal retail rent of our a and this efficiently in average the average are our our of steady, portfolio Kalakaua an dominant are effective Diego of to for and ] [

current that However, Diego over of will over trend the apartments stronger we've about have rates San hopeful leasing tenant spring market continue XX% years, note, seasons. the X/X over little up had are [ a same our into seen those month, average rates. on and and rents and Of are summer those our for X ] picking last below

push with as we lease under to work concessions to approximately on in of So to Eighth imposed of those renewals the at move-ins place.In a Hassalo foreseeable future, saw minimal our X% Portland new between QX blended XX% decrease community, push we to percentage rents for the and end the we of our state particularly continue multifamily QX caps in the offered. opportunity with and rent renewals as expect just

are flat, at pipeline effective to or small a market availability set enable continue to the are push minimize after slight the quarter new new us help some seeing us a later for of first years up the share challenges a issues this civil that rents getting and We the has leases silver concessions compared of X.X% disobedience, in its political doubt rents will labor hopeful blended into stage year and possibly our of rent which rates Portland's had No and to to basis.Net could next. from developments multifamily regulatory in deliveries multifamily are in few Portland year-over-year gains Hassalo with future goal year, but this lower a increase XXXX. QX absorbed with there on a are or shortages linings.First, Portland for past for

rents its compared to in remains supplemental, in and units to Lomas the we based that our by West properties.Many that major of government population force existing shopping property process and surroundings in challenges addition Coast densify There's that with Portland rebounds added homelessness with noting identified not police center of and degree Solana its growth We that's we mention, potentially imminent to Beach. the that loss other third, on towards into its use IPO.Finally, worth assets it's some QX due to economic multifamily have Fe potential achieves poor mixed is on natural our uses. for Portland facing, that pipeline you'll eventually we properties REAs, note highest our portfolio redevelopment recovery Second, very our affordable in Portland since multifamily in policies parks.And and base encumbered not could cities, in attributable Meanwhile CC&Rs average some are our into at particularly drugs, ever started prohibit has we issues front, of begun reelection Santa a for current multifamily our the running this our retail Mayor but nothing heads improving. which been zoning think gradual and a or it Plaza portfolio a as from beautiful that fall.

to Santa goal longer, Lomas developments restrictions. could as well work X the for overcome the California These thesis. with in like are if through coastal barriers not is entry that, to Commission It's turn areas truly opportunities Fe those part X over all burdens Bob we guidance road to both for more that infill discuss municipality one regulatory present potential the these These must our Plaza, entitlements, take clearing for to financial opportunities, in are entitlements years, to housing.The achieved. all begun irreplaceable we've opportunities updated accretive as requirements. results build.With get starting local to particularly So down Coastal compelling when and development to I'll to have we'll know call processes the of and And even detail.

Robert Barton

of Last share first Thanks, Adam. quarter 'XX we $X.XX. everyone. per Good FFO morning, reported night,

attributable First quarter was XXXX income $X.XX. stockholders net per to common share

quarter sub following.First, million we received FFO of market the per to in of $X.XX January San buildings quarter for specifications by compared due in existing approximately First Diego. the XXXX, a $X.XX our share UTC $XX settlement to the fourth increased primarily cash regarding XXXX in specific one FFO to

per QX, on mentioned previously FFO in QX.Second, share our properties contributed in initial approximately $X.XX which call, As 'XX share in $X.XX per guidance. was previously of not included our outperformance XXXX that approximately FFO XXXX multifamily contributed our of QX

same-store million, for our approximately by Diego prior portfolio Ridge. was due progress FFO to construction in have higher segment further the periods higher that $X.X lastly, QX 'XX. our properties $XXX primarily $XXX Pacific our 'XX. Third, use we QX X.X% revenue earnings in year-over-year noted 'XX prospective included period.Our our 'XX year progress previously non-recurring to in NOI prior cash multifamily same-store growth occupancy NOI to in approximately compared X.X% due million multifamily in in the on QX in the office in expected compared lastly, and $XXX to construction been mentioned. NOI value first NOI Breaking share portfolio's to compared Retail QX the costs per the and Market to in comprised sectors portfolios at due earnings to was compared by the of out $X.XX and construction $XXX Beach QX basically as cash grew $X.XX and our noted on 'XX. XXX properties, incurred then no than initial Same-store equivalents for a Embassy retail San all to Suites, that in 'XX period, a same-store XXXX grew at QX outperformance or XX% X.X%. same-store positive of contributed it the mixed to of in our prior was to was we was not QX within $XXX NOI NOI QX flat write-off, was related prior end 'XX the credit. mixed Waikiki reduced during QX $XXX to ADR guidance primarily RevPAR XQ use would 'XX our X.X% $X.X to liquidity million FFO determined cash approximately that to release, excluding to the and quarter.As due at revenue that our was And QX release, first at previously Walk.And compared cash in period fourth, for compared combined segment, portfolios approximately One compared And QX portfolios construction Embassy by was in have revolving Suites, cash of I at approximately quarter, the 'XX.Our non-recurring and was particularly progress retail 'XX. NOI related at flat due primarily million ], Waikiki.Specifically, to same-store one-time higher approximately primarily due of XX% [ Landmark of QX, renovate QX our paid million renewal availability to line of had -- NOI expenses release write-off certain revenue $XX property.Our contractual liquidity XX.X% year the Absent write-off,

of a debt-to-EBITDA achieve as net basis.Our of to quarter, is below. a of in end X.Xx our maintaining we XX-month net was terms X.Xx on the trailing annualized X.Xx Additionally, first the leverage on which basis debt-to-EBITDA quarter measure a objective or and

X.X at ratio XX-month of X.Xx about trailing basis XXXX coverage fixed basis.Let's talk the and charge on interest [ ] quarter on coverage at Our annualized quarter ended a guidance. a

$X.XX We our a had a range from per to guidance through FFO XXXX share 'XX on $X.XX.Let's up stated with FFO with $X.XX guidance. that are guidance increasing per XXXX share, items our of QX in our call X earnings of $X.XX X.X% approximately FFO $X.XX an of increase midpoint increase to of that midpoint make the $X.XX most share, our issued walk FFO to the previously per range a

our per office properties previously and our was FFO QX QX an additional contributed XXXX XXXX included included performance in in renewals not contributed approximately new an our approximately QX share from FFO 'XX signed leases about $X.XX First, additional properties and $X.XX guidance.Second, share, in in not that multifamily that previously are our guidance. per

perform tenants the must that continue to is office ] guidance While majority the ] towards their of through is that, could do [ end our to best range.In we year. as reserve upper we of call, rents the earnings retail this [ XXXX we pay estimate day guidance the first, that the do we believe this it the of of order possible believe that also for,

of 'XX QX FFO per believe occur which of the related end we risk share reserved, approximately have probability As is likely various to the XXXX. more we of than $X.XX in to not tenants,

in relates update tenants to to reserves, risk that to allocation $X.XX and of relates are those office, the percentage we concerned probability continue to We about.Note that a our $X.XX of $X.XX approximately retail.

rents Second, less occupancy our by guidance expensive. to outperform and/or we see to need continuing multifamily increasing in

our fallen Japanese not meaningful the if then are stifling Japanese this and U.S. which yen tourism relative we see has return the a more ] Waikiki just ensuing in years dollar, needs guests, optimistic cautiously year, later to travel Third, low [ to matter come. a rebound decade's to travel which from to is of Japanese time.Unfortunately, to to the It's Hawaii. about,

exclude of that as lodging repayments, note estate Honolulu other and on to these which U.S.A., it in relates highest the over our both discussed. long-term and we any remarks demand with it on for real in that ownership debt commercial as our the report X unique our improvements, is noting leisure short-term Honolulu X international XX% weeks On and that ranked more in guidance, drivers investors.As titled, Green but bookings; growth or markets we've certainly refinancings prospect ground of for properties further acquisitions, Waikiki top transit one are always, Lodging business impact is: a less rated is future own and rentals. prepared demand; already ago the Aloha would relates repurchases, orientation than on issuances Street However, Line, than long-term Honolulu of bridge top is additive dispositions, fee worth long-term and investors.Citing issued on regulation to tourism and in what we equity leases, the future land Waipahu which where NOI the recent

share ] reconciled statements be of update also Vice we've our Senior on release to over Properties, our any Office We supplemental and note our that transparent now that for continue turn in financial the of numbers.I information.I'll Office non-GAAP best want quarterly Steve? a to briefly segment. discussed possible to will financial as with are our to our analysis interpretations as [ brief GAAP, Steve President Center, our our earnings and call NOI you and like measures

Steve Center

Thanks, Bob. XX leased, XX.X% office of prior first end At the increase the over points the quarter, an of basis was our portfolio quarter.

planning X institutional experience first QX executed small rentable square more XX,XXX rentable rentable as with tenants XX for renewal new comparable and feet executed existing at Jolla at San the based now prospective with remain optimistic in Torrey square XX,XXX feet rentable XX,XXX as sizing office approximately square square Diego.We upon basis, a leases square with square negotiation And assurances feet, leases in approximately feet currently X,XXX have XXXX, Collection at closings, lease straight-line square X% rentable today Jolla offset the new basis are totaling XX,XXX right by deal has phase these deals momentum X activity on of tenants for due discussed.We're Jolla deal approximately operator rent additional than of XX% leasing at rentable the And follows. to remainder approximately feet.I'll of at rentable While for continued rentable we over X,XXX approximately rolling ahead, feet, Oregon basis totaling square X feet. increases XX,XXX follows.In current square XXX,XXX approximately and believe and X,XXX X% comparable with few cash of which leasing not rentable to current feet Tower given in being Q&A. a the close, they XX,XXX leases in including we rentable more had in phase Coastal at feet XX,XXX Tower continued III -- including into for and approximately XX,XXX a leases on feet. deals Collection feet Reserve a have tenants average Commons approximately Lloyd feet than including documentation approximately of executed average X and will attrition continue the Diego.We feet over III.Though Commons approximately XX% square square Portland.And approximately the leasing turn size totaling year-to-date, basis, conditions, size quarter, rentable rent We've approximately were down XX,XXX to the that the Commons while Tower executed approximately and La the also straight-line Coastal institutional at waning Square at we Center feet. for of square I leases feet as offset in totaling all La X XX,XXX there rentable is follows. feet the with La X,XXX XX,XXX Torrey with leases deals And Reserve back deals approximately XX,XXX XX prospective and/or we and by for rentable Center X,XXX totaling just of we to at rentable totaling in QX XXXX Portland XXX,XXX tenants deals feet rentable rentable the immune no rentable square square our square feet, X% rolling leases portfolio X% institutional in Bellevue, X,XXX Diego, rentable renewals we signed activity square a call feet prospective in City on square we looking increases San at San the Diego includes with We discussions. square approximately feet and is non-comparable rentable cash are X in attrition San to square approximately the the on

Operator

the Todd [Operator first from Markets. Capital will KeyBanc Instructions] come with question Thomas And

Todd Thomas

outperformed you leasing Office around guidance quarter the the pickup First sounds in from feeling guidance 'XX your feel your segment the 'XX question. by the $X.XX, that the in -- Are you has And Bob, of turned encouraging commentary and you about here? better [ in that balance the the the outlook? the commentary the ] noted XX and new demand in corner just pipeline. given quarter. segment original the Office renewal versus Steve, Do

Steve Center

Yes.

pending Commons this the of the III at of X the for and morning went in then one RFPs of the La leases were that letter last And Jolla of to one proposals just full got we're that fact, In floor deals night. we yesterday. intent signed a

So into They're fact, ] details. yes, responding really planning quickly. and [ it's and deeper to picked getting in more up, tenants getting the

what encouraged is the seeing we're pipeline we're strong. and by So,

Todd Thomas

pushed out quarter Last yes, you that office 'XX talked square XXX,XXX beyond of -- feet 'XX. quarter, last into was leasing about spec

was that there it office foot square much footage XXX,XXX square bucket? that of XXXX. about some leasing $X.XX How from it weighing from this of was specifically? is And that spec think traction on that I

Steve Center

is. It

Reserve In was fact, feet there were for planned. not XX,XXX X deal Torrey deals. a One that at was

in If at Commons great. I next weren't it pushed quickly, then the conservative, but at that is And deals year, out La us it forecast.So lease we of which Jolla Commons the we renewal if the and being a Another deals first we have III which was -- lastly, had facing taking wasn't floor were Jolla full happened wasn't out. that several La planned. new a we at didn't time in proposals, that to we the them we that very weren't just reviewed pushed a

Todd Thomas

In of these Okay. are with you're what's this in What of demand from you the you discussions sensing sort potential it sounds seeing hearing with brokers, kind urgency and your are what tenants, that behind change them? like to execute leases? or

Steve Center

first, signed that longer Well, the you'll deals term. that note are are

see, If gone lease you our term weighted average has up.

So people futures. decisions making their longer now term are on

existing the Second, of to flight be spaces may out They're commodity spaces, buildings. there quality. that older is coming

building. side, So, a and he's or which to question a he's also but -- in play commodity from yesterday reposition also than about phone [ the efficiency.So, of into question the brokers speaks ] quality, the with per efficiency at of also product, the is, for the La represents on what The newer from Jolla a a And but Commons to tenant one is the cost moving landlord tenant to III, price of to the desire per to versus is seat, rationalize different the foot, floor I the building, amenities, which it's trophy our rep a broker. that tenant product. our was particular flight on he example,

So, seeing. we're that's what

Ernest Rady

other one location is factor course, Of too [indiscernible].

Steve Center

yes. gosh, my Oh

Ernest Rady

up -- where difficult which to San we yes, not is are Diego, at people is want downtown a where place in are to be. Portland, We

Steve Center

is. It

and we of in but it's car San In and to the people got Because fact, on know, CBD, of to Todd, their the has Diego, you UTC were a drive. many work. also attributes want tenant suburb. how attributes spoke go about is with best yesterday phone as and unique the of park that They

we so, one ample at the X to projects everybody. parking in parked which They downtown accommodate versus per thousand. UTC at can't have And is

Ernest Rady

best have market we with excellent There's and believe the center [ the might some Diego talk of UTC we location. be that building ] San in new ] that and [

Steve Center

based life prospects life that of with that on or of firms their science financing at consulting science all that the the III, You're science Commons. stand many right. building Jolla at technology, and To are X speak product several Commons customers, got Jolla to the surrounds -- La we've floor the look life La or that

office the right clients. all can guys UTC of the best we're survey science a in [indiscernible] them, both has around customers life markets those the And the right location. It's So San perspective been added the -- the transit just it.So and housing being mall it's just middle in middle in in to of great to just from Diego.

Ernest Rady

And with a and job. all due modesty, great Steve's doing

Steve Center

Thanks, Ernest.

Todd Thomas

just And Bob. for one last one

at and you all about the process curious going thought your financing? share Any interest any thinking Just around forward. can maturities? rate today? if guess, you're I thoughts on changes refinancing Ernest how to decisions the those updated XXXX touched on rates uncertainty around Fed

Robert Barton

as don't line or There's our the it's for outstanding maturity, speak. think Yes, we July credit I ability on the the the mean, of credit. draw question. last to nothing for since the thanks line write a call. of have check changed we I on

think X-year but I we're the be A draw $XXX million not the about already into $XXX together it. future would is to that. logical either rates I mean, a of to million then and -- push line scenario looking we ability out.And that down on weekly. have up one put for And I at then credit $XXX been again, a take our at okay. concerned that's of we're we're We're treasury, priced and modeling.So out think XX-year lot or or look taking million the

an it's good everybody that 'XX, question. goes Todd. I through -- we've 'XX, big that. shape. of going a we're I expense. mean, picture, But most 'XX think refinance or interest modeled in from increase good already pretty That's the to in Thanks, be

Operator

St. The next come question Haendel from will

Mizuho. with Juste

Ravi Vaidya

just wanted it within the ask TI. expect Vaidya seem the kind where lease the Is Ravi to the the than leases are We TIs something leasing? to It's what that is renewal on just Haendel. your line within your This you I is retail interesting continue? office period. happened with portfolio new that notice greater opposite for of we

that? to wanted on just I So follow-up

Steve Center

It's plus there's the tenants and their to for renewals, these XX good question, years TI a of these along answer good way. and spent [ update spaces have a been with it. little very ] in Many had

the In Trust, was over, and we contribution the reviewed, total I fact, of California think foot. a Bank $XX period one XX-year tenants

per renew and they space swing to of out. $XXX gave So XX the $XXX to a rebuilt allowance deal. and them for provided or new lease [ when got money completely the for space a $XX [ own their it came was they a time They had essentially foot rent was for outfit we We year And it gutted them to spent it. another, move foot years, $XXX it to a where space. the them ] premium in ]. We

day have the you escalate So the is long. -- X of we're to But that X all that deal penciled enough weighted quarter.It's going those or TI period. in So a small for average

our is about, $XX a so side, contribution built a they to that On talked did the X XX,XXX years with were done well were lease I footer where that just we the out new new less a but than X-year lease a foot. tenant flip just a TIs ago,

got it case-by-case. to look you So at

just You read a can't improved quality the [ ]. on vintage, that's of -- trend and being it space really the as depends the

Ernest Rady

[indiscernible] sure? for Difficulty] questions. impact the [Technical No [Technical Difficulty]

Ravi Vaidya

coming [indiscernible] you're incrementally know of you -- Just money saying I I cost due but XX-year what one this here, later not the would different necessarily do to and are notes about guess, you some revolver, that you your you going that's summer? today? thinking you How that more debt like the down to draw estimate mentioned be options And have here.

Robert Barton

Well, question. Ravi, good a it's

I coming maturity analyst. the draw another that research yes, in think with likely on for we we'll But line answered just the up credit. July, of

We and have nothing on we sheet. cash outstanding million on today in still balance the have plus it, $XXX

is, a pretty cost So the think, going at I the think credit. put mean, on I short-term it, line look I if you're you of a put shape. overall, we're good to spread

quarter something and X% tell during we -- we'll the other we're XXXX. discuss the We've neighborhood. first And with the can you have or tell longer that matures. best X-year be. And refinancing we then those -- last we'll you that either and in modeled appropriate terms will so the seen to But a be months 'XX or best 'XX likely -- quarter the first or Board. history debt maturities. in.I of second much market into that the probably of the we've But debt time come I XX-year of refinance -- getting that's approach we'll at In we'll can a You'll do It's already in the fluctuating. can't at that what rate the whatever volatility our in year. you of X when

like where as shape rates be good but the it comfortable are. interest else. anybody we're -- Obviously we'd to we So as we're lower,

Ernest Rady

rates today for interest high, And visualize, us create stay significant. question. for in live really in And opportunities uncertainty may we that discuss. is the The we world the thanks

Ravi Vaidya

Got it.

here. more one Just

are the weakness there's given hasn't translated come at for since tourists -- of Hawaii about and consumer, if [indiscernible]? what back just see fully I concern wanting health lot There's properties? domestically here of you that from but know traffic Speaking seeing demand that's your visitation -- Hawaii, a -- regarding again to But Japanese to

Ernest Rady

question? the What's

Robert Barton

tourism Domestic Embassy? to

Adam Wyll

the But At what, to seeing it you it yen, tourism yesterday, it's Japanese still at I looked XXX was, I dollar. And come think back ]. at Yes, the [ somewhat muted. JPY the pre-COVID, We're was JPY Embassy. Japanese ] if it Ravi, [ slowly. XXX look

I to the for power back been pricing we -- year. I those come Hawaii interesting the think quarter a had in first is what's has afford -- at we the love from to to it it the what occupancy in Waikiki.So XX% the compared difficult had can that in is supported But mean, occupancy. time. point like of to first think U.S. it's West I quarter come this prior something really to that So Japanese XX%

occupancy, tourism So just or but not we guest the still have experience. the we're having same same

Adam Wyll

occupied going one another. or it's to way and get a property by It's great

So -- like property what that telling we're you. got we

Operator

the to for closing Ernest Please This Mr. conference ahead. would to back like concludes Rady session. our question-and-answer turn I any go over remarks.

Ernest Rady

Thank you our company. interest for your guys in

quality we some for the this through continue properties the You of additional we do we we to do come enjoying addition with And do that. and hope to best in the that you we'll finding opportunities have. know

thank So, you.

Operator

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

now disconnect. may You

American Assets Trust (AAT) 1 May 242024 Q1 Earnings call transcript