American Assets Trust, Inc. (NYSE:AAT) Q1 2023 Earnings Conference Call April 26, 2023 11:00 AM ET
Company Participants
Adam Wyll - President. COO & Secretary
Ernest Rady - Chairman & CEO
Robert Barton - EVP, Treasurer & CFO
Steve Center - SVP, Office Properties
Conference Call Participants
Michael Manos - Green Street
Haendel St. Juste - Mizuho Securities
Operator
Good morning, and welcome to the American Assets Trust First Quarter 2023 Earnings Conference Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions].
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, Mr. Adam Wyll, President and COO for American Assets Trust.
Adam Wyll
Welcome to American Assets Trust First Quarter 2023 Earnings Call. Yesterday afternoon, our earnings release and supplemental information were furnished to the SEC on our Form 8-K. Both are now available on the Investors Section of our website, americanassetstrust.com.
With that quick intro, I'll turn the call over to Ernest Rady, our Chairman and CEO, to begin the discussion of our first quarter 2023 results. Ernest.
Ernest Rady
As we are all acutely aware, the market has become quite pessimistic about most public REITs over the past year, particularly those with any significant office exposure. American Assets Trust, along with virtually all of our peers continues to be faced with many macroeconomic headwinds, including volatility in the capital markets, rising interest rates, tech industry layoffs and the disruption caused by regional bank failures.
However, a silver lining for us is that because we have been cycle tested many times over our 55-year plus history, we believe we have proven that we are prepared for almost any future scenario we may face, whether it be inflation, recession, depression, expansion or most likely the unexpected.
We attribute our resilience to several factors, including the strength of our irreplaceable portfolio and its asset class diversity, our conservative balance sheet and ample liquidity. Our efficient operating platform and our talented people, each of which guides us as we exercise business prudence and discipline in every decision we make.