American Assets Trust, Inc. (NYSE:AAT) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET

Company Participants

Adam Wyll - President & Chief Operating Officer

Ernest Rady - Chairman & Chief Executive Officer

Bob Barton - Chief Financial Officer

Steve Center - Senior Vice President, Office Properties

Abigail Rex - Vice President, Multifamily, San Diego

Conference Call Participants

Arthur Porto - Keybanc

Operator

Welcome to the Quarter Two 2022 American Assets Trust Inc. Earnings Conference Call. My name is Jenny, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. [Operator Instructions]

I will now turn the call over to Adam Wyll, President and COO. You may begin.

Adam Wyll

Thank you, Operator. Good morning, everyone, welcome to American Assets Trust Second Quarter 2022 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. During this call, we will discuss non-GAAP financial measures which are reconciled to our GAAP financial results in our earnings release and supplemental information.

We will also be making forward-looking statements based on our current expectations, which statements are subject to risks and uncertainties discussed in our SEC filings. You are cautioned not to place undue reliance on these forward-looking statements as actual events could cause our results to differ materially from these forward-looking statements.

And with that, I'll turn it over to Ernest Rady, our Chairman and CEO to begin discussion of our second quarter 2022 results. Ernest.

Ernest Rady

Thanks, Adam, well done, and good morning, everyone. As we've shared in the past, with each business decision that we make, we take the path that we believe will optimize the long-term growth of our earnings and net asset value, as we work hard to create shareholder value. 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, particularly as we see an ongoing flight to quality based on locations, amenities, asset quality, public transportation and capital requirements, which are factors we believe will contribute to our outperformance in the long term.

In Q2 2022, we were encouraged by our operating fundamentals despite volatility in capital markets and general economic uncertainty, as we build upon our great progress from Q1. We – we're pleased to see better-than-budgeted financial results in our portfolio in Q2, driven primarily by better-than-expected performance out of our multifamily properties and Waikiki Beach Walk, Embassy Suites.