American Assets Trust, Inc. (NYSE:AAT) Q4 2023 Results Conference Call February 7, 2024 11:00 AM ET

Company Participants

Adam Wyll - President, COO

Ernest Rady - Chairman, CEO

Robert Barton - CFO

Steve Center - SVP, Office Properties\

Abigail Rex - VP-Multifamily San Diego

Conference Call Participants

Adam Kramer - Morgan Stanley

Ravi Vaidya - Mizuho

Todd Thomas - KeyBanc Capital Markets

Operator

Good day, and welcome to the American Assets Trust Fourth Quarter and Year-End 2023 Earnings Conference Call. [Operator Instructions] 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. As a reminder, today's conference call is being recorded.

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

Adam Wyll

Thank you, Gary. Good morning, everyone. Welcome to American Assets Trust Year-end and Fourth 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.

With that quick intro, I'll turn the call over to Ernest Rady, our Chairman and CEO, to begin the discussion of our year-end and fourth quarter 2023 results. Ernest?

Ernest Rady

Thanks, Adam, and good morning, everybody, and thank you all shareholders for your continued support. I wanted to reiterate our continuing focus on making disciplined business decisions that will support the growth of our earnings and shareholder wealth over the long term. We believe that long-term focus guided by high-quality, irreplaceable and diverse portfolio of properties as well as the strength of our balance sheet, our top-notch management team, our very nimble and efficient operating platform and our ability to quickly and prudently adapt to meet evolving demands will allow us to remain well positioned to continue growing our earnings on an accretive basis and could contribute to our outperformance over the long term.

Particularly, as we see replacement costs for high-quality property like ours soaring and likely continued decline over the years to come, we think that today's real estate prices for premium property like ours, will be a bargain in the future. In the meantime, we are encouraged by our operating fundamentals as we built upon our solid growth over our record FFO year in 2022. In fact, we have exceeded that in 2023 to achieve our highest FFO per share since our IPO, and that's over 13 years ago which makes me so proud of our company, the management team and all of our associates. And by the way, that growth has been notwithstanding the difficult and generally unpredictable economic cycles, volatility and world events that we've been focusing and facing and likely will continue to face.