American Assets Trust, Inc. (NYSE:AAT) Q2 2024 Earnings Conference Call July 31, 2024 11:00 AM ET
Company Participants
Ernest Rady - Chairman and CEO
Adam Wyll - COO
Bob Barton - CFO
Steve Center - SVP-Office Properties
Jerry Gammieri - SVP, Construction and Development
Conference Call Participants
Haendel St. Juste - Mizuho
Antara Nag-Chaudhuri - KeyBanc Capital Markets
Ronald Kamdem - Morgan Stanley
Dylan Burzinski - Green Street
Operator
Welcome to American Assets Trust Inc.'s Second Quarter 2024 Earnings Call. As a reminder, today's conference 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.
Yesterday afternoon, American Assets Trust earnings release and supplemental information were furnished to the SEC on form 8-K. Both are now available on the Investors section of its website, americanassetstrust.com.
It's now my pleasure to turn the call over to Ernest Rady, Chairman and CEO of American Assets Trust.
Ernest Rady
Good morning, everyone.
At American Assets Trust, I can assure you every strategic and operational decision is driven by our commitment to maximize, both long and short-term value. This dedication is reflected in our efforts to maintain a robust balance sheet and our continuous investment in enhancing our irreplaceable properties, ensuring they remain optimistic in the respective markets.
In Q2 2024, our operating fundamentals once again exceeded expectations, even amidst much of the pessimistic market sentiment surrounding commercial real estate, particularly in the office sector. Very upsetting to me, frankly. Our strong performance has prompted us to raise our full-year guidance once more, underscoring our confidence in our earnings trajectory for the remainder of 2024.
This success highlights the exceptional quality of our properties, the exceptional ability of our people, and the expertise of our team who drive our long-term growth and shareholder wealth creation. On that note, I am pleased to announce that Adam Wyll, who's been with us now for 20 years, right?
Adam Wyll
Correct.
Ernest Rady
You joined us when you were three, right Adam? We have a young President. Our current President and CEO will be stepping into the role of CEO on January 1, 2025. Adam has been an integral part of our team, contributing at all levels of organization for two decades. His leadership, expertise, executional skills and deep understanding of the real estate industry in our portfolio has been invaluable to our success. Thank you, Adam. Adam's promotion to CEO is a natural progression for both him and American Assets Trust, reflecting the confidence of our Board and I have in his ability to steer our company toward continued success. Congratulations and again, thanks, Adam. To our investors and stakeholders, I want to assure you that this transition will be seamless.