American Assets Trust reports Q4 FFO 57c, consensus 56c

Net income attributable to common stockholders increased $6.9 M for the year ended December 31 compared to the same period in 2022, primarily due to $6.3M net settlement payment received on January 3, related to certain building systems at our Hassalo on Eighth property, a $4.7M net increase in our office segment primarily due to higher annualized base rents at Torrey Reserve Campus, Solana Crossing and The Landmark at One Market, a $3.1M net increase in our retail segment due to new tenant leases signed, scheduled rent increases and tenants previously on alternate rent reverting back to basic monthly rent, and a $3.1M net increase at Waikiki Beach Walk – Embassy Suites due to increased tourism into Hawaii. These increases were offset by higher net interest expense of approximately $6.5 million primarily due to the $225 million Amended and Restated Term Loan Agreement and higher general and administrative expenses of $3.8 million primarily due to an increase in employee-related costs and general legal expenses.