American Assets Trust, Inc. (NYSE:AAT) Q1 2022 Earnings Conference Call April 27, 2022 9:00 AM ET
Company Participants
Ernest Rady – Chairman and Chief Executive Officer
Adam Wyll – President and Chief Operating Officer
Bob Barton – Chief Financial Officer
Steve Center – Vice President, Office Properties
Conference Call Participants
Todd Thomas – KeyBanc
Adam Kramer – Morgan Stanley
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Q1 2022 American Assets Trust Inc. Earnings Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker Mr. Adam Wyll, President and Chief Operating Officer. Please go ahead, sir.
Adam Wyll
Thank you, Operator.Good morning, everyone, welcome to American Assets Trust First Quarter 2022 Earnings Call. Yesterday afternoon, our earnings release and supplemental information were published to the SEC on our 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, including due to the impact of COVID-19. And with that, I'll turn it over to Ernest Rady, our Chairman and CEO to begin discussion of our first quarter 2022 results. Ernest.
Ernest Rady
Thanks, Adam, great job, and good morning, everybody. Thank you for joining us. Over the past two years, I hope you heard me say that I truly believe that American Assets Trust would come out of the pandemic as good company, if not better. And actually, I think what I said better than when it all started. I believe that to be the case as we have strengthened our balance sheet, continued upgrading and improving our irreplaceable properties. And we are optimistic about the buoyant leasing interest across the portfolio and all segments, including the continued recovery of our retail properties and strengthening retail rates at our Multifamily properties.
In first quarter 2022, we made great progress. And actually, we had a 50% increase in FFO over 2021. We are pleased to see better than budgeted financial results on our portfolio, significantly driven by our performance of our recently renovated Waikiki Beach Walk Embassy Suites. That performance was notwithstanding the continued lack of Asian travels -- travelers who have historically been approximately 40% of all tourists vacationing in Oahu.