AAT - Earnings call transcript Q3 2024 | American Assets Trust, Inc.

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

Operator

Welcome to American Assets Trust, Inc.'s Third Quarter 2024 Earnings Call.

As a reminder, today's conference 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 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 these forward-looking statements. Yesterday afternoon, American Assets Trust earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the Investors section of the website, americanassetstrust.com. It is now my pleasure to turn the conference over to Ernest Rady, Chairman and CEO of American Assets Trust. sir. ahead, go Please

Ernest Rady

maturities platform, grade and we million the Assets than again that We navigate approach coupon. These Trust, our and been management top-tier at lies everyone, highly and today. and experienced fortunate debt the closely our you're joining better demand to us environment. Along our the a At in market capable operating portfolio, lucky all to issued of In were strong they bond rates, a market favorable made high-quality lock American it we've strategic diversified, and $XXX financial than lines, to rally thank debt was morning, strategy to strengthens any for early we up of to This offering bond September, Xx the our decision you flexibility, smart. to saying, taking team. addressing us strength the disciplined bond oversubscribed. familiar Good issuance. with always into initially our position investment XXXX. I'm advantage liquidity latest factors well throughout our those be lead more the upsize monitoring X.XX% markets. end, our economic led us issuance. the in XX-year all after we've for In year, The sure a emphasized

that following quarter. walk points our my a get window Board well our favorable Abigail various able on Fortunately, in company's and we guidance. But fourth paid Adam, of financial not I'd will since like market. our capture do, I'm announce were $X.XXX with This you moment to have by take dividend our we the also confidence through We XX Bob our as be way, continued quarterly performance We boxes The solid only as the company prospects. as per but the Shortly, checked of you financial that, issuance. remain to share the before to asset offering we December both for December in surged yield quickly thank all results updated pleased to declared our XX the as dividend future a continued to and segments climbing and rates of of Steve XX-year performance, dividend trust Directors a as forward. had your over guide will delivering reflects colleagues, Board's basis for shareholders committed a record to X. support. of to value sincerely the the

the results ] I'll Adam to Now outlook. [ turn review call Adam, our discuss please. quarterly over to and our

Adam Wyll

institutional echo to and I profile sentiments active of for not high-quality us value update portfolio management. of driving financial overall as regarding well on while this our accounts distribution offering and your Ernest, our to strategy. also positions outstanding them only focused maintaining credit through on issuances, flexibility future the liquidity but broad the we The remain Thanks, opportunity enhances bonds

in presence of to across underpinned our asset perform Our portfolio each barrier-to-entry high classes, continues by well markets. our

our was us. from market note California, NOI Diego XX% generated You'll San that Southern important for a our of with supplemental very being nearly cash from

relatively prestigious science life companies, its before, is universities, pharmaceutical and stronger, and well-diversified the world's largest San third growing cluster driven of presence, country. the in and the emphasized we've providers Diego's leading As the tech service economy by influx major military recent defense

and set Recent across of continue our our companies on of requirement. update markets see shortly office portfolio. across demand these apart, On the that. Steve competitors. broader on utilization the well needle but an But where our our mandates in organizations Dell, hopeful culture and encouraging. the top-tier provide to Sachs Goldman believe actually innovation, the and if higher gradual the We're The return some locations the a activity learning. move we UBS our a improvement stronger toward reality mandates operations larger is policies office front, compared enforce leasing contributing momentum tenants remains market as quality week prime we Boeing, And moving will office well-located portfolio, to like to collaboration, office X-day them. in-office only our leasing usage clear, challenges, Amazon, high-quality, for us will the amenities to behind despite from in and steady rationale as is office spaces buildings, these are

spreads for leasing. virtually been XX.X% trending in several of XXXX, leasing positively retail perform on retail quite for year was for years than on We've we of and are transactions, straight-line with format renewal. basis Meanwhile, QX past X.X% increase the that basis retailers a quarter this expirations and to lease a well. have larger all a less confident which relatively a have majority continues segment active our our retail expiring the in renewed increase Our cash which X% are

adapt work QX average behaviors. foot retail trended best-in-class long-term placing In success portfolio consumer as per we track. Foot that sales peers since among our base highest ensure and average evolving our fact, to our positively us the tenant to achieved as with traffic IPO, in our continue rent with have its they we square second tenants to highest

spending portfolio. X% regards in And properties our XXXX. reports side tenant X%, strength sales tenants compared XXXX further the gross another up reinforcing and sales at to in receive consumer quality increase On our through mid-XXXX, we of saw to the retail the we sales are from, in and a

headwinds While we areas resilient. surrounding we're spending affluent the consumer populated densely in our centers in believe that the of remain will broader economy, potential aware

multifamily housing a Eighth to continues leases in rate Hassalo in at multifamily in XX% average multifamily prior our markets percentage San with X%, in with increase Net community same We our an our of minimal remained concessions. rents, units for strong Diego constrained. increase on our Ongoing X% while to a ended the a than for Diego, compared highest offered. In concessions in X% quality especially remains occupancy rents units resulting a while its were ever portfolio. average resulted portfolio with our well-located base effective leasing for increase This renewed stable saw QX. in blended leases at at Hassalo minimal Portland Overall, across achieved X%. supply where QX lower renewed signed vacant of signed demand by in up performance drive and Turning X% XXXX. XX% increase to up average leased XX% rent in period multifamily average properties, with rate. an In were at leases blended units saw X% San of X%, vacant approximately QX QX,

Additionally, compared for we X% collections increase saw XXXX NOI year-to-date our up portfolio X% by NOI the year-over-year across in same-store strong with is to and QX. multifamily over QX

leases detail. strategic capitalizing over redevelopments, a Asian the Looking and growth: existing escalations our which when tourism just to conditions updated below-market multifamily acquisitions ahead, assets moment; on discuss with pursuing Bob to development focus we fifth, guidance to turn embedded and Steve unlocking from of drivers with a remain return call on updates the bringing market goals. With and Oahu; accretive first, on financial our densifying align opportunities; on market; from fourth, in our I'll leasing third, focused rent more developments results that, stabilizing up of future X you'll and second, hear in to key and anticipated office new benefiting

Robert Barton

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

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

second to approximately the Third things. $X.XX per quarter FFO of share by quarter XXXX compared to due X to $X.XX FFO XXXX, primarily increased

per that lease termination within office X and fee share space First, few This the as potentially next you million third $X.XX we may in base San of project fee essentially the Torrey $XX years agreement. by sooner. an in quarter. at of FFO the from recall, covers under are our Diego, lease the approximately we can lease tenant a it we received years, rent increasing condition, X the in is FFO even turnkey remaining Reserve The optimistic

XXXX in expense $X.XX included approximately per was was share by in that newly capitalized 'XX $X.XXX approximately FFO in issued that interest of increase an bond FFO QX $XXX The prior and previously interest by approximately not our expense FFO. public $X.XXX lower Second, by FFO in guidance. share interest per increased million QX reduced

expenses primarily our due office cash termination increased Absent together compared by fee, taken it multifamily to items operating properties the the termination and $X.XX as from X for fee million the per follows: increased QX. Same-store year-over-year all XX.X% by by These combined 'XX. $XX higher QX the same-store NOI by earlier. reduced increased QX our is 'XX per would been $XX Third, quarter. sectors at in FFO NOI FFO combined QX, each in the FFO segment $X.XX cash approximately QX mentioned Breaking for FFO in million to $X.XX XX.X% NOI third portfolio's share in flat. out same-store lease to have share

Excluding abatements rent tenants. approximately lease would to our same-store new primarily move-outs decreased and in office fee, the by have X% NOI been to cash due termination known QX,

in primarily San due to Our same-store Centre and retail QX, our base at rents in increased Towne NOI Plaza Carmel portfolio's by Diego. Beach X% Solana higher Mountain

$XXX in $XXX our lower was in in 'XX. to X% compared due Loma portfolio's Pacific RevPAR in multifamily approximately to revenue compared in higher to And X% NOI by compared San lower million Embassy occupancy Waikiki. approximately multifamily and our 'XX. X% was million particularly mixed-use X.X%, compared ADR expenses approximately $X.X in was due Diego Ridge. $XXX 'XX. at increased to $X.X 'XX. Paid was expenses QX approximately by to portfolio's our Suites same-store by occupancy QX in at by was QX QX, QX and NOI Our and primarily QX 'XX. XX% primarily Palisades were higher-than-expected properties, to NOI up decreased Revenue XX% $XXX QX, specifically

cash had availability cash talk Let's $XXX the approximately comprised $XXX approximately At liquidity credit. of of liquidity. end and $XXX we on of of million in our million of quarter, about equivalents and third line million, revolving the

leverage, third As on of and of which annualized of trailing debt our measure XX-month terms a to basis. on the net X.Xx we EBITDA a X.Xx quarter in end the basis quarter, was

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

a Our basis. and X.Xx interest the were coverage and fixed charge ratios trailing X.Xx coverage on XX-month for quarter

guidance. over Let's XXXX to switch

a that share, $X.XX $X.XX FFO our from this increasing of previously midpoint with guidance per have We guidance since that range range fees have $X.XX to approximately $X.XX onetime to excluding of totaled guidance properties, litigation $X.XX expenses of had per are last to additional XXXX an per share quarter of to the per and aggregate. increase termination $X.XX lease and an our retail million that X% XXXX our rents. Please with income a debt a which $XX in settlement lower from $X.XX note so contributed updated FFO Most in over operating our XXXX a bad FFO FFO percentage relates share midpoint. far our higher range collected share increase in and

$X.XX forecasted lower at guidance FFO would midpoint. $X.XX Our or per be the XXXX adjusted approximately share

next formal this year, due increased the Additionally, mind in approximately though of net bond provide paying in in maturities months. off we million net interest the million issued reduce the those XXXX $X.XX February, few $XXX XXXX upcoming year, ensuing newly come that will as FFO $XXX please keep for will the from by over to modeling guidance of out expense compared

of and uptick projects activity an X Bellevue, our the office in of completed completed used cash under forecasting we seen has of X, Tower be have approximately end will all from which $X is Commons of million completed $X.XX a refinance will this next several capital between last by invested bond Beach QX the reduced of active suburban expect just of but in be note, and the positive the per capital leased, which a from QX meaningfully was $XXX in invested year in income are FFO that as of debt. Jolla or offering over and that to total was XX% upside prospects. One potential which to in we year the FFO is La be On significant share we with renovations XXXX. Street, virtually interest Additionally, tour XXXX year QX million renovation

centers. All $X.XX share These amenitized with of or FFO. to be cafes, XX% when produce these destination fitness are buildings centers, stabilized expected restaurants, over are at outdoor of and/or conference per will buildings occupancy highly spaces

X.Xx impact year the positive lease-up properties reduce to also expect on net stabilization of EBITDA in course, give of a conditions. Of properties these to our to target XXXX, a continuing pending these debt have market less. We'd will or our or take on

it this reserve towards of end the believe range, estimate the rents pay this to primarily for continue believe guidance we to is our outperform. could the we While if perform that multifamily XXXX do date the also tenants properties our possible best we their earnings we guidance as of continue upper is and call, of that

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

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

Steve Center

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

known a rentable X,XXX XX,XXX leases Tower rentable as feet, follows. a We've San rentable rightsizing to Torrey XX,XXX Reserve X small square foot at Office as including approximately Park rentable in including XX,XXX increases previously Commons and third X. Commons closings, square QX Center for comprised on totaling and basis including by rentable more City on Seven with basis, square on follows. In tenants approximately on office leases While feet new XX,XXX XX% as square the X feet, has and X momentum straight-line XX% renewal basis, at a X% the at executed in foot lease medical at XX,XXX feet comparable square a San in in X straight-line Tower cash rentable and of of La leases including Bellevue. And a few leases basis foot a rent foot Eastgate XX X existing square rent XX,XXX for totaling they we square with acres, some than Bellevue. we XXX,XXX of lease executed leases La COASTAL feet, leasing cash approximately rentable and rentable leasing suburban feet totaling XX,XXX office increases square continue date QX approximately a a XX the XX% COLLECTION, comparable totaling into Jolla were of QX Diego lease leases Diego continued square new approximately offset non-comparable square quarter, Jolla rentable a at experience rentable to lease XX,XXX approximately activity

feet basis. deals in lease totaling on XX have has feet. is the rentable XX,XXX square approximately leasing leasing, the a XXXX foot first which approximately XXXX, square rentable XX% documentation outpaced of through new We new first And square since that X quarters of was renewals rentable the time

to exposure office of down Our the is X,XXX feet. with year-to-date rentable XXXX. lease rolling given XXXX, the just expiration square in size remainder over average We're modest activity portfolio of deal X% through approximately

X,XXX some Jolla rentable insights on X,XXX of approximately III submarket average new or La the approximately size UTC San have feet. Concluding Commons XXXX We the square in development, Diego. of rolling the our of in with -- deal X% portfolio with

we approximately earlier, that XX,XXX we request the square signed feet approximately XX,XXX the rentable the feet suite. second a prospects. earlier demand, fourth in for Tower actually this additional X numerous for ago square tour X lease designing activity and We And noted rentable that on spec we than floor full buying have reengage expect and QX square for the tenants floor response proposal in approximately are to floor rentable XXXX days suites responded As in interest feet law rentable approximately lease received floor. this tenant currently X,XXX from for same third former had square X,XXX with smaller less floor tenant X We month. to for continued firm on and and for to a we have the on a full feet. And

the with conference will is a city open but Jolla Tower will serve this are time. and Tower been activity QX Commons for planning It And La into cafe, shortly. nearing X it campus of for the XXXX. and lately, The submitted a under as The also QX you uptick Regarding San summer in an city permit mentioned, at of also QX in and be the the which in Fitness construction of pricing on in XXXX. to evolving to restaurant X there's is will completion is Center, entire open the to slowly new expected center in Beach campus interest expected complete Tower campus the XXXX. serve will lastly, amenities, to and will XXXX. And nothing is tour grand Francisco, process of open the One which in regards opening is Bob entire to substantive and summer in the X with update be in

not prospects X, but operator One throughout we are Q&A. our entire by to However, back the turn encouraged only Commons and now for Beach over the for our success call portfolio. I'll office and La Jolla

Operator

Instructions] today's St. comes from And first [Operator question Haendel

Juste with Mizuho.

Ravi Vaidya

something the outside Vaidya or additional large the ask I you re-leasing about Ravi the deals saw the proportion of on pool. the any Wanted the backfills, offer Haendel. Can leasing. that is or the was spend of comparable office spreads comparable about outside there, This of TI to unique leasing the made color pool? fall a this them line for quarter

Steve Center

vacant months. were They X longer than

to. a months, longer it's it to that's rent vacancy X there's if for been no there than So compare

third new. a III, floor those of La brand of which on the deals Jolla One Commons new was lease is

long-term new leases term. It's deals per $XX a Eastgate at no $XX backfill. were acres in line are foot They're or simple. both square year new with And Bellevue. XX that deal The at deals. full per long-term floor Office with to suburban of other Park in was TIs about

Ravi Vaidya

progress near-term you've office steady the seems [indiscernible] within marker a also I Got the office 'XX? maybe or is 'XX It there made helpful. by rising. that by portfolio, is year-end interest That's rising and you a target And it. Can leasing. on or outlook activity offer occupancy forward guess

Steve Center

figure. premature give you that it's think to I

we 'XX, You touched on faced. we've 'XX, looked it. we headwinds and have the XXXX. We back look into about And talked

to positive companies XX% versus And turned we've new rightsizing, renewals. their doors through that are mentioned now start or with leases COVID, We're we've I attrition generating our managed -- the the net of absorption. corner. so leases closing

space some moving XX,XXX portfolio. And talked have that for Clearesult. to which optimistic also First ] X% we're a XX,XXX known Clearesult, on been about about then about we Main, We've X we've floor. get the at feet, of floors. is looking already that MEI floor going from feet back partial do unfortunate. We so another Clearesult space. We're X negotiations we're backfilled We've move-out prospects of And forward. backfill each in [ at for had know we X move-outs, of And got the &

So dominated leasing, proposals a proposal in there. of our our have optimistic This is in documentation. and up. activity, activity, way leases we're right our net by working is and we absorption tour leasing long-winded new on versus now renewal activity we're saying leasing It's

I suspect So 'XX year be better than is going much to a 'XX.

Robert Barton

Ravi, this Bob. is

terms Steve for very the fourth 'XX. we detailed to doing in the that is in know, successes. the Just what's comments great is happen to in you leasing of in will forecast a we know quarter, just as to fourth don't give going And a add job. quarter quarter Steve's fourth

Ernest Rady

out, Bob As job. Steve a pointed good is doing

] locations, our in the them amenitized satisfied and not we well have in keep that's factor a get are TIs today's [ good financial to in We the and to crazy satisfied, have big do leased tenants capacity world. properties that

Steve Center

at a a between We other about CEO opportunities, proposals the for renovations, an the toured tenant And renewal. you XX prior CEO, give week a he -- that the of I'd it's earned us seeing and space with move ago. acres. have dropped and after Eastgate, a new now recently a we just of And tour he to that. potential example all

off case really a in pay asset. of that that's in So our starting renovations point to

Ravi Vaidya

Got it. That's color. great

more interest here. particularly number with particular segment in you shopping to of transactions acquisitions? recently. Is they've how it? your And involved a would centers, your What's been Just attractive level there that's of one potentially more you? A within fund peers,

Ernest Rady

number a options available. have We of

interested second we to that's to we all, to have all, make those debt, is there's manage management them. what we're much continue First acquisition, our of all all, of of But at options and disposing and look in not for, third those of. all and an weigh factors

to opportunities I'd to this the So depends it do, what are. the tell that like on you is themselves going we're and what present how opportunities but

we focus unfolds, first looking. of yet the them. because know kind but staying as keep we be know don't And because this in first know we you'll ourselves, markets in is amongst the we're Our to

Operator

And with from ] our next Reny question Street [ today comes Pire Green Advisors.

Unknown Analyst

into your the about of are multifamily color helpful. be I What maybe continuous XQ? little for of and any a know performance retail performance? So early. And your expectations assets there's Any kind outperformance. XXXX would if thinking year-to-date, insight then it's

Ernest Rady

in a much would in. the to projection. we so There's hate uncertainty world live I make

it tell for can is other as anybody we'll upgrade the keep of and our first-class in our all our hopefully and used that hand, to shape and our always assets and are in of we time this shape course, first-class multifamily of We've as monitor several tenants. better. I properties, do retail On well you

So live second, in first, third, elections world interest we retail the I've never in, in seen economy, so the devices rates fourth, much fifth. the uncertainty

the as tell soon country we'll do as But we're little is as most. we as know where where I'll we're you better know going, well So anybody hopefully where than we better going, soon know -- as a and we'll going. this,

Ravi Vaidya

the for Great. Thanks color.

Ernest Rady

Okay.

going we're the can, the you color know we through. of the we For of lack color, did but best what

Ravi Vaidya

it. take I'll

Operator

comes next Markets. Capital of Todd Thomas question our KeyBanc And from today

Todd Thomas

employees completed Bellevue. at attributable FFO get first Phase wanted the the you from X the the to projects to at think of little And and Bob, Amazon zoom $X.XX in X, next the to with Jolla upside to back La what's Beach, Steve, of assets? Bellevue out that One line the year, the and is others mentioned X of quarter just those bit, a assets sort stabilization time end I renovations you office, be how the Approximately the calling to said, of I expected office stabilized? much

Robert Barton

finishing have to that And La to One $X.XX It's from very Jolla 'XX. on we're today. too We'll right you Commons, the we on 'XX. balance the to Beach. $X.XX that, Commons. detailed is in a La $X.XX Well, a and how give is about relates market still QX suburban the early now forecast you up like Steve deals $X.XX It's Todd. give actually that forecast $X.XX, we about Jolla see it really office for of doing

Todd Thomas

you of to or the kind the quarter quicker think after mean, or still complete? leasing in first we renovations once Do renovations once should do expect come could you leasing take the assume ramp anticipate leasing to some it time for I are pick are fruition? a up completed to

Ernest Rady

be certain will element an Steve that and answered so uncertainty. we like with given anybody, is But as pleased The of well, And Todd, just only job. outcome that to I'm they're uncertainty. We're Steve that add great positioning I'd I the question. we're of great in operating do the think thing doing as is has there's sure well a much because and circumstances he'll them properties.

Steve Center

question. It's leasing to Todd, estate it accelerates. and for you're amenities, There's that right. real aren't will renovations in no of envision be. people tough Completion what

and is he by near firsthand. mentioned away and that CEO again, it experience I fantastic. Eastgate blown was And completion, And toured it. a they He until it's can said, just this so

III, and picking creates if there. relatively X so now up to we're got different pending the office now except is that Springs. level eliminated leasing into competition Corporate -- plus are got rents It's is said, asset we've of come it I Timber Timber would as I about leased. be feet, Jolla Commons in, calling Campus fruition, if and activity renewal. La And office that as discussions premium just with successful, Ridge, I've at Bel-Spring, asset administrative East suburban available. Once said, that in And being we're That to those that space. one as We've a hospital discussions the a then went which there the preliminary which local a various XX,XXX for III, detail is XX.X% that's amenities of got activity we're Then there we'll he medical the with small, paying And full well. were floor accelerates. assets, for well. that stabilize the deals

So then we there. lift Tower a leaves and renovation you it completion prospects confident the -- then beautifully heavy near which at X, showing in our it's And major it's we're Eastgate, and now. that's

One and then we've prospects -- So we're activities talking tour mentioned we and even a Beach, up, got couple to. of

I'm into going XXXX. encouraged So

Ernest Rady

as The off middle is it like Eastgate each of gets. is just location of these X and the properties as freeway, it's good in the of park.

-- Jolla in of San effect center commercial now Commons at in the So that Diego. III commercial the La all the amenities. is has

we've excellent The So properties. we've opportunities take advantage location, are and of. the is got the the to management there got

Todd Thomas

another today? percent deal Okay. Steve, what's October so leased And signed Jolla quarter in after the for La It like the X, Phase sounded ended. was

What's about when And start the we leased? You asset? that see to at cash rent a bit. little commence pipeline will talked

Steve Center

The currently next has footer We're PTC already will X,XXX XX% -- year. commence the I mentioned early commenced.

The third really the a would latest. That RFP responded August, floor commence at There's possible. desire XX,XXX tenant We've commences feet. accelerate we for mentioned just that. probably in soon as I September -- to as got the to

if early that the So we on they're we city. And year through focused just, June next or can could get It's as commence us. deal, solely that put July of can as it together.

it's touring. it'd then we've are got XX.X%. with toured or floor numerous be now. And responded just that than And that right full that we XX,XXX less have market a So predominantly tenant to, RFP I footers mentioned

with already ranging and we're fourth going feet, X now good segment. on suites from there's floor And to X,XXX spec suites. to -- designed in traction proactively So CDs X,XXX we're we've that the

Todd Thomas

Okay. That's the excluding back this from midpoint, walked the $X.XX helpful. us And then lastly, 'XX per Bob, one-timers revised so year. to share you

some expect pieces, grow And of expense upside to some be a from about to could the of the other of begin talked be do $X.XX? this 'XX impact? an interest to moving materializing of you the sharper in a off headwinds $X.XX able have the ramp-up You some little all move-outs. 'XX Or upside Does on? and and with later 'XX lower bit

Robert Barton

early wish guidance numbers give that. few the that mean down, give I but happening. things to just QX, from all once the in are A too give and other -- I for you to still on it's that's just months -- 'XX up all positive, guidance we'll 'XX. there's you There's if insight in prefer now, right. Yes. and at you I'd

Operator

next Kamdem our Morgan question with from Ronald And Stanley. comes

Unknown Analyst

This for through guys the Matt bit spreads, blended quarter. if we I ] particularly you comparable office this go should cash be as just is wondering a into Ron. play about how in retail I the dynamics we and [ leasing talk with Lichtman for at guess about thinking that was XXXX. on little And could just

Steve Center

if We're in is at backwards deal spreads. impacts point, back I versus at about it -- It varies differently. quarters, haven't. the of be interesting. It's continues quarter-by-quarter, news look X trend The it saw into best some it varies not this you going quarter positive. last reading this a we to comment last every terms

but talking we it's X%, And another saw XX%, deals the continue I we X -- quarter, on the the which It depends quarters, one along been And ahead. we're it to about. as it's last you another lines continued is quarter, X%. positive. So move see was just in same have

Robert Barton

all trending and on whatnot. would leased is But imagine up, up We those expect out retail cash of post-election we've positively everything not the costs with portfolio our what's we trend side, forward. any see continue to rents a and spreads. retail to Obviously, the economy we on deals. movement forward us GAAP so going tailwind seems assume particularly and being that inflation Matt, and been to be lease to since moving because driving to in COVID, and got on on our negative retail trending And positively coming basis well would and going in a those of anticipating for we -- new well the leasing side,

Steve Center

differential and front on as the the retail. the of end cash would be between well abatement the you the And a GAAP, Yes. know,

And throughout the one gets all the several and the why outperform between that see to And quarters. office. continued we it's the in drivers that differential spread So office actually out. the last has cash of that's the

Ernest Rady

up, it take that We very we tenant sum on say the leave account. we And leasing to world have to going We money think that the the and into locations. don't I good deliver. table. think I deliver world everything we're

Operator

concludes And Thank this presentation. today's attending call. thank you and ladies all conference for We you. gentlemen, today's

wonderful day. now disconnect You lines, may a have and your

American Assets Trust (AAT) 30 Oct 242024 Q3 Earnings call transcript