American Assets Trust, Inc. (NYSE:AAT) Q2 2023 Earnings Conference Call July 26, 2023 11:00 AM ET

Company Participants

Adam Wyll - President & Chief Operating Officer

Ernest Rady - Chairman & Chief Executive Officer

Robert Barton - EVP, Treasurer & Chief Financial Officer

Steve Center - SVP, Office Properties

Conference Call Participants

Ravi Vaidya - Mizuho

Todd Thomas - KeyBanc Capital Markets

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 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.

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

Adam Wyll

Thank you, Deseray. Good morning, everyone. Welcome to American Assets Trust Second Quarter 2023 Earnings Call. Yesterday afternoon, our earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the Investors section of our website americanassetstrust.com.

And with that quick intro, I'll turn the call over to Ernest Rady, our Chairman and CEO to begin the discussion of our second quarter 2023 results. Ernest?

Ernest Rady

Thanks, Adam and good morning, everyone. With each strategic and operational business decision that American Assets Trust makes we take the path that we believe will maximize shareholder value over the longer term. That includes, remaining disciplined with respect to our strong balance sheet and continuing to invest in and improve our irreplaceable properties to remain among the best in our markets for each of our asset classes.

In Q2 2023, we were once again encouraged by our operating fundamentals, which continue to defy the odds despite the ongoing negative market sentiment for commercial real estate, the office sector in particular. Nevertheless, we remain optimistic that our earnings trajectory as we have increased our full year guidance based on our better-than-expected performance so far in 2023.

No doubt in our minds, this is a statement -- a testament to the exceptional quality of both our properties as well of -- and frankly mainly our people, who are the stewards of your and our organization that work to optimize our long-term growth and shareholder wealth creation.