American Assets Trust Inc (AAT) 2025 Q2 法說會逐字稿

Good morning, and welcome to the American Assets Trust Inc.'s second quarter 2025 earnings call. (Operator Instructions).

早安，歡迎參加美國資產信託公司 2025 年第二季財報電話會議。（操作員指令）。

I would now like to turn the call over to Meleana Leaverton, Associate General Counsel of American Assets Trust. Please go ahead.

現在我想將電話轉給美國資產信託公司副總法律顧問梅萊娜‧利弗頓 (Meleana Leaverton)。請繼續。

Thank you and good morning. The statements made on this earnings 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.

謝謝，早安。本次收益電話會議中所作的陳述包括基於當前預期的前瞻性陳述，這些陳述受公司向美國證券交易委員會提交的文件中討論的風險和不確定性的影響。

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.

請注意不要過度依賴這些前瞻性陳述，因為實際事件可能導致公司的結果與這些前瞻性陳述有重大差異。

Yesterday afternoon, American Assets Trust's 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.

昨天下午，美國資產信託公司以 8-K 表格形式向美國證券交易委員會提交了收益報告和補充資料。這兩份報告現在都可以在其網站 americanassetstrust.com 的投資者部分查閱。

It is now my pleasure to turn the call over to Adam Wyll, President and CEO of American Assets Trust.

現在我很高興將電話轉給美國資產信託公司總裁兼執行長亞當威爾 (Adam Wyll)。

Good morning, everyone. At American Assets Trust, we approach every cycle with the same mindset: Stay nimble, stay thoughtful and stay true to our strategy, investing in our high-quality assets, maintaining balance sheet strength and creating long-term value for our shareholders.

大家早安。在美國資產信託公司，我們以同樣的心態對待每一個週期：保持靈活、保持深思熟慮並堅持我們的策略，投資於我們的高品質資產，保持資產負債表實力並為我們的股東創造長期價值。

That consistency has carried us through challenging environments before, and we believe it continues to serve us well today as we navigate elevated interest rates, persistent inflation, tariff uncertainty and evolving tenant demand.

這種一致性曾經幫助我們度過了充滿挑戰的環境，我們相信，在我們應對高利率、持續通貨膨脹、關稅不確定性和不斷變化的租戶需求時，這種一致性今天仍然對我們很有幫助。

In the second quarter of 2025, our results came in just above our own expectations. FFO per diluted share was $0.52, and same-store cash NOI was approximately flat for Q2 and up 1.4% year-to-date compared to the prior year. These results reflect steady performance in a mixed operating environment and underscore the resilience of our portfolio and the value of our disciplined approach to asset management.

2025 年第二季度，我們的業績略高於我們自己的預期。每股攤薄營運現金流 (FFO) 為 0.52 美元，同店現金淨營業利潤 (NOI) 與第二季度基本持平，年初至今較上年同期增長 1.4%。這些結果反映了混合營運環境中的穩定表現，並強調了我們投資組合的彈性以及我們嚴謹的資產管理方法的價值。

Turning to the portfolio. Our office portfolio ended the quarter 82% leased, and our same-store office portfolio, which excludes One Beach and La Jolla Commons III, ended the quarter 87% leased. Same-store office cash NOI was approximately flat for the quarter and up over 2% year-to-date as compared to the prior year.

轉向投資組合。本季末，我們的辦公室組合的租賃率為 82%，而我們的同店辦公室組合（不包括 One Beach 和 La Jolla Commons III）的租賃率為 87%。本季同店辦公室現金 NOI 基本持平，年初至今較上年同期成長 2% 以上。

We completed approximately 102,000 square feet of leasing during the quarter, with comparable rent spreads decreasing 2% on a cash basis and increasing 10% on a straight-line basis. Notably, the negative cash basis rent spread was primarily attributable to a deal backfilling a 12,000 square foot First & Main space with just two months of downtime, no TIs and a lower start rate than the prior tenant, but with 5% annual bumps.

我們在本季完成了約 102,000 平方英尺的租賃，可比租金差價以現金計算下降 2%，以直線計算增加 10%。值得注意的是，負現金基礎租金差額主要歸因於一筆填補 12,000 平方英尺 First & Main 空間的交易，該交易僅有兩個月的停工期，沒有 TI，並且啟動率低於之前的租戶，但每年增加 5%。

We entered Q3 with solid momentum, including approximately 17,000 square feet of executed leases and an additional 111,000 square feet in active lease documentation. Leasing interest continues to build across our office portfolio, reflected in growing prospect engagement and inbound RFP volume. Across our office portfolio, demand remains concentrated in less than full floor requirements, and winning in this environment depends on several fundamentals:

我們以強勁的勢頭進入第三季度，包括已執行約 17,000 平方英尺的租約和另外 111,000 平方英尺的有效租賃文件。我們的辦公大樓組合的租賃興趣持續增強，這體現在潛在客戶參與度和入站 RFP 數量的不斷增長。在我們的辦公大樓組合中，需求仍然集中在非滿樓層需求，在這種環境下取勝取決於幾個基本要素：

Ownership with the financial strength to fund tenant improvements and commissions; a reputation for operational excellence and responsive service; completed renovations and amenities; availability of move-in ready suites requiring only light customization; hands-on construction management that minimizes cost and schedule uncertainty; and an efficient solutions-oriented lease negotiation process, because time kills deals.

業主擁有雄厚的財力來支付租戶的裝修和佣金；擁有卓越營運和響應服務的聲譽；裝修和設施齊全；提供僅需輕微定制即可入住的套房；親力親為的施工管理，最大限度地減少成本和進度的不確定性；以及高效的以解決方案為導向的租賃談判流程，因為時間會扼殺交易。

Of course, our near-term focus remains on driving occupancy, enhancing the tenant experience and positioning the portfolio to perform well under current utilization patterns even if broader office attendance has reached a near-term equilibrium. We remain confident in our coastal high-barrier markets over the long term as employers continue to prioritize high-quality, collaborative and amenitized environments to support productivity and talent retention.

當然，即使更廣泛的辦公室出席率已達到近期平衡，我們近期的重點仍然是推動入住率、增強租戶體驗以及使投資組合在當前利用模式下表現良好。由於雇主繼續優先考慮高品質、協作和便利的環境以支持生產力和人才保留，因此我們對沿海高門檻市場的長期發展仍然充滿信心。

In fact, this year, two of the world's largest real estate brokerage firms, neither of which represent us as landlord, chose our San Diego properties for their new headquarters in the market. We view this as a meaningful validation of the quality, positioning and upkeep of our office portfolio and the strength of our tenant experience.

事實上，今年，全球最大的兩家房地產經紀公司（這兩家公司都沒有代表我們作為房東）都選擇了我們位於聖地牙哥的房產作為其市場新總部。我們認為這是對我們辦公大樓組合的品質、定位和維護以及租戶體驗實力的有意義的驗證。

In retail, our portfolio continues to perform well, backed by healthy consumer demand in our trade areas. We ended the quarter 98% leased with same-store cash NOI growth of 4.5%. We executed over 220,000 square feet of new and renewal leases in Q2, with

在零售領域，由於貿易區內健康的消費者需求，我們的產品組合持續表現良好。本季結束時，我們的租賃率為 98%，同店現金 NOI 成長率為 4.5%。我們在第二季度簽訂了超過 220,000 平方英尺的新租約和續約合同，其中

spreads increasing over 7% on a cash basis and 22% on a straight-line basis. Rent collections remained strong in all tenants on our reserve list, including At Home at Carmel Mountain Plaza were current through Q2. Meanwhile, we're actively engaged with At Home in a mutually beneficial lease structure moving forward for their sole location in San Diego.

以現金計算，利差增加超過 7%，以直線計算，利差增加超過 22%。我們候補名單上的所有租戶的租金收入都保持強勁，其中卡梅爾山廣場的 At Home 一直到第二季都保持強勁。同時，我們正積極與 At Home 合作，制定互惠互利的租賃結構，以推進其在聖地牙哥的唯一門市的建設。

In addition, in Q2, we backfilled the former Party City space at Gateway Marketplace with rents approximately 30% above prior levels. We continue to see durable demand for our retail centers, which are supported by strong local employment and favorable demographics. With limited new supply and consistent foot traffic, we expect these trends to continue.

此外，在第二季度，我們填補了 Gateway Marketplace 原 Party City 空間的租金，比之前的水平高出約 30%。我們繼續看到對我們的零售中心的持久需求，這得益於強大的當地就業和有利的人口結構。由於新增供應有限且客流量穩定，我們預期這些趨勢將會持續下去。

Our multifamily portfolio performed in line with expectations, and San Diego recently delivered new supply has created a more competitive leasing environment, and we are navigating elevated operating costs and increased concessions. Still, our communities demonstrated strong stability, ending the quarter approximately 94% leased.

我們的多戶型投資組合表現符合預期，聖地牙哥最近交付的新供應創造了更具競爭力的租賃環境，我們正在應對營運成本上升和優惠增加的問題。儘管如此，我們的社區仍然表現出強大的穩定性，本季末的租賃率約為 94%。

We achieved rent increases of 7% on renewals and 4% on new leases for a blended rent increase of 6%. Excluding our new Genesee Park acquisition, rent increases were 6% on renewals, 2% on new leases for a 4% blended increase and an approximately 2% increase in net effective rents compared to the same quarter last year.

我們實現了續租租金上漲 7%，新租約租金上漲 4%，綜合租金上漲 6%。不包括我們新收購的 Genesee Park，與去年同期相比，續約租金上漲了 6%，新租約租金上漲了 2%，綜合漲幅為 4%，淨有效租金上漲了約 2%。

Occupancy at Pacific Ridge temporarily dipped just below 85% at the beginning of July due to the seasonal student turnover, but it is expected to rebound above 90% by the end of August. The community remains at about 92% leased right now.

由於季節性學生流動，太平洋嶺高中的入住率在 7 月初暫時跌至 85% 以下，但預計到 8 月底將回升至 90% 以上。目前該社區的出租率仍約為 92%。

And as previously disclosed, we acquired Genesee Park based on our conviction in the long-term fundamentals of the coastal San Diego market, the opportunity to meaningfully mark-to-market rents and the potential for future densification. We're pleased that the asset continues to perform in line with our underwriting assumptions.

如同先前所揭露的，我們收購 Genesee Park 是基於我們對聖地牙哥沿海市場長期基本面的信心、有意義的按市價計價租金的機會以及未來密集化的潛力。我們很高興看到該資產的表現持續符合我們的核保假設。

Up in Portland, Hassalo on Eighth ended Q2 91% leased with blended rent growth of approximately 1%. While the market continues to work through elevated supply and a slower pace of job growth, we're encouraged by steady leasing activity and solid retention. Competition from suburban product remains a factor, and with occupancy holding in the low 90s and signs of stabilization emerging, we see plenty of room for improvement, hopefully in the quarters ahead.

在波特蘭，Hassalo on Eighth 第二季的出租率為 91%，綜合租金成長率約為 1%。儘管市場繼續面臨供應增加和就業成長放緩的壓力，但穩定的租賃活動和穩固的保留率令我們感到鼓舞。來自郊區產品的競爭仍然是一個因素，隨著入住率保持在 90% 以下，並且出現穩定跡象，我們看到了很大的改進空間，希望在未來幾個季度內能夠有所改善。

At our fee-owned mixed-use Waikiki Beach Walk in Oahu, where we are pleased to report no damage or injuries from the tsunami warning last night, NOI declined 5% compared to Q2 last year, driven by softer performance at our Embassy Suites.

在我們位於瓦胡島的收費混合用途威基基海灘步道，我們很高興地報告昨晚的海嘯警報沒有造成任何損害或人員傷亡，由於 Embassy Suites 酒店業績疲軟，NOI 與去年第二季度相比下降了 5%。

While the NOI of the retail component grew 7% year-over-year, the hotel was down approximately 15%, reflecting lower paid occupancy and RevPAR amid ongoing softness and domestic leisure demand, heightened rate competition across Waikiki and global economic uncertainty. Elevated labor costs and room expenses also impacted margins during the quarter.

雖然零售部分的淨營業收入年增 7%，但飯店業務卻下降了約 15%，這反映出在經濟持續疲軟和國內休閒需求、威基基地區價格競爭加劇以及全球經濟不確定性的背景下，付費入住率和每間可用客房收入下降。勞動成本和房間費用的增加也影響了本季的利潤率。

That said, our Embassy Suites continue to lead its competitive set in RevPAR, underscoring the strength of the asset, its prime location and its appeal to value-driven travelers. We remain confident in the property's long-term positioning as the market stabilizes.

儘管如此，我們的 Embassy Suites 繼續在 RevPAR 方面保持領先地位，凸顯了該資產的優勢、優越的地理位置以及對注重價值的旅客的吸引力。隨著市場趨於穩定，我們對該物業的長期定位仍然充滿信心。

A few final items. I'm pleased to share the Board approved a quarterly dividend of $0.34 per share for Q3, payable on September 18 to shareholders of record as of September 4. This reflects our continued confidence in the long-term stability and cash flows of the portfolio. And additionally, in Q2, we published our 2024 sustainability report, highlighting our progress and commitments across environmental, social, governance and human capital initiatives. We remain proud of the role our company plays in advancing responsible business practices.

最後還有幾件事。我很高興地告訴大家，董事會批准了第三季每股 0.34 美元的季度股息，將於 9 月 18 日支付給 9 月 4 日登記在冊的股東。這反映了我們對投資組合的長期穩定性和現金流的持續信心。此外，我們在第二季發布了 2024 年永續發展報告，重點介紹了我們在環境、社會、治理和人力資本計畫方面的進展和承諾。我們為公司在推廣負責任的商業實踐方面發揮的作用感到自豪。

In closing, while external conditions remain dynamic, we will continue to manage with flexibility and a long-term view, always grounded in the fundamentals that have served us in our portfolio well across countless cycles. Our team is known for executing with this discipline and foresight.

最後，儘管外部條件依然動態，但我們將繼續靈活地進行管理並著眼於長遠，始終立足於在無數週期中為我們的投資組合提供良好服務的基本面。我們的團隊以這種紀律和遠見卓識而聞名。

On behalf of the management team, including Ernest, who is joining us today, thank you for your continued support.

我代表包括今天加入我們的歐內斯特在內的管理團隊，感謝你們一直以來的支持。

And by the way, you guys, I think the team is doing a really good job. So I'm grateful.

順便說一句，夥計們，我認為這個團隊做得非常好。所以我很感激。

Thanks, Adam and Ernest. And good morning, everyone. Last night, we reported second quarter 2025 FFO per share of $0.52. Second quarter 2025 net income attributable to common stockholders per share was $0.09. Second quarter 2025 FFO remained flat compared to Q1 2025. However, excluding the approximately $800,000 in lease termination fees recognized in Q2 '25, FFO declined by approximately $0.01 per share.

謝謝，亞當和歐內斯特。大家早安。昨晚，我們公佈了2025年第二季每股營運現金流（FFO）為0.52美元。 2025年第二季歸屬於普通股股東的每股淨利為0.09美元。 2025年第二季的FFO與2025年第一季相比持平。然而，不包括 2025 年第二季確認的約 80 萬美元的租約終止費，FFO 每股下降約 0.01 美元。

The decrease primarily reflects the sale of Del Monte Center on February 25, '25, with two months of FFO contribution in Q1 that was no longer present in Q2. Same-store cash NOI for all sectors combined was approximately flat year- over-year in the second quarter of '25 compared with the same period in '24. .

下降主要反映了 2025 年 2 月 25 日 Del Monte Center 的出售，第一季有兩個月的 FFO 貢獻在第二季度不再存在。與 2024 年同期相比，2025 年第二季所有產業的同店現金淨營運利潤與去年同期基本持平。。

Breaking out Q2 out by segment and each as compared to Q2 '24. Our same-store office portfolio's NOI was approximately flat, primarily due to the known move out of CLEAResult at first of May on April 30, '25. A portion of the vacated space has already been backfilled, as Adam mentioned earlier.

按細分市場對第二季進行細分，並與 2024 年第二季進行比較。我們的同店辦公室組合的 NOI 基本持平，主要是因為已知的 CLEAResult 於 2025 年 4 月 30 日在 5 月初遷出。正如亞當之前提到的，一部分空出的空間已經被回填。

Our same-store retail portfolio's NOI increased by 4.5%, primarily driven by commencement of new leases and contractual rent escalations at both Alamo Quarry and Carmel Mountain Plaza. Additionally, retail portfolio also benefited from lower operating expenses at Carmel Mountain Plaza and Alamo Quarry, further contributing to the year-over-year growth.

我們的同店零售組合的 NOI 成長了 4.5%，主要原因是 Alamo Quarry 和 Carmel Mountain Plaza 的新租約開始生效以及合約租金上漲。此外，零售組合還受益於卡梅爾山廣場和阿拉莫採石場的較低營運費用，進一步促進了同比增長。

Our same-store multifamily portfolio's NOI declined by 3.9%, primarily due to lower rental income at our Hassalo on Eighth property in Portland and higher operating expenses at our Pacific Ridge property in San Diego. And our same-store mixed-use portfolio's NOI declined by approximately 5%, primarily driven by lower-than-anticipated ADR at Embassy Suites Waikiki.

我們的同店多戶型投資組合的 NOI 下降了 3.9%，主要原因是我們位於波特蘭的 Hassalo on Eighth 物業的租金收入下降以及我們位於聖地亞哥的 Pacific Ridge 物業的營運費用增加。我們同店的混合用途投資組合的 NOI 下降了約 5%，主要原因是 Embassy Suites Waikiki 的 ADR 低於預期。

Specifically and compared to Q2 '24, paid occupancy for Q2 '25 was approximately flat at 86%. RevPAR for Q2 '25 was $305, down 4%, though we exceeded our competitive set in Q2 by $62 per room. ADR for Q2 '25 was $355, down 3%, though we expected our competitive set in Q2 by $86 per room.

具體而言，與 24 年第二季相比，25 年第二季的付費入住率大致持平，為 86%。2025 年第二季的每間客房可出租房源價格為 305 美元，下降了 4%，儘管我們在第二季的每間客房可出租房源價格比競爭對手高出 62 美元。2025 年第二季的 ADR 為 355 美元，下降了 3%，但我們預計第二季每間客房的競爭價格為 86 美元。

Number four, net operating income for Q2 '25 was approximately $2.9 million, down $0.5 million. Based on our STARs reports that we see monthly, most, if not all of the hotels in Waikiki are experiencing similar trends. The Japanese yen remains around $147 to the US dollar.

第四，2025 年第二季的淨營業收入約為 290 萬美元，下降 50 萬美元。根據我們每月發布的 STAR 報告，威基基的大多數（如果不是全部）酒店都經歷了類似的趨勢。日圓兌美元匯率仍維持在147美元左右。

Rising airfare and hotel costs are prompting some domestic travelers to reconsider trips to Hawaii, instead choosing international destinations, supported by a strong dollar, or opting for all-inclusive cruises. That said, the unique appeal aloha spirit and safety of Oahu and the neighboring islands continues to attract visitors. We view these headwinds as temporary and remain confident in the long-term strength of Hawaii's tourism market.

機票和飯店費用的上漲促使一些國內遊客重新考慮前往夏威夷的旅行，轉而選擇受強勢美元支撐的國際目的地，或選擇全包式遊輪。儘管如此，瓦胡島和鄰近島嶼獨特的阿羅哈精神和安全仍然吸引著遊客。我們認為這些不利因素是暫時的，並對夏威夷旅遊市場的長期強勁勢頭充滿信心。

Let's talk about liquidity. As of the end of the second quarter, we had total liquidity of approximately $544 million, consisting of roughly $144 million in cash and cash equivalents and $400 million of availability under our revolving line of credit. Additionally, our net debt-to-EBITDA ratio was 6.3 times on a trailing 12-month basis and 6.6 times on a quarter annualized basis. Our long-term goal remains to reduce and maintain net debt-to-EBITDA at 5.5 times or lower. Our interest coverage and fixed charge coverage ratios were about 3.1 times on a trailing 12-month basis.

讓我們來談談流動性。截至第二季末，我們的總流動資金約為 5.44 億美元，其中包括約 1.44 億美元的現金和現金等價物以及 4 億美元的循環信貸額度。此外，我們的淨負債與 EBITDA 比率在過去 12 個月內為 6.3 倍，以季度年化計算為 6.6 倍。我們的長期目標仍然是降低淨債務與 EBITDA 比率並將其維持在 5.5 倍或更低。過去 12 個月，我們的利息覆蓋率和固定費用覆蓋率約為 3.1 倍。

Let's talk about our '25 guidance. We are increasing our full year 2025 guidance range to $1.89 to $2.01 per FFO share with a midpoint of $1.95 per FFO share, an increase of $0.01 over our initial midpoint of $1.94. This outlook reflects steady momentum across our core sectors, supported by leasing activity, rent escalations and disciplined operations. Our guidance assumes a stable environment and sustained tenant demand.

讓我們來談談我們的 25 年指導。我們將2025年全年業績指引區間上調至每股營運現金流量(FFO) 1.89美元至2.01美元，中位數為每股營運現金流量(FFO) 1.95美元，較初始中位數1.94美元調高0.01美元。這項預期反映了我們核心業務部門的穩健成長勢頭，這得益於租賃活動、租金上漲以及嚴謹的營運。我們的指導假設環境穩定且租戶需求持續。

Based on year-to-date performance and current visibility, we believe we are well positioned to meet our full year goals. While the updated guidance reflects our best estimate today, outperforming toward the high end would require several favorable developments, including, first, the majority of office or retail tenants for whom we have established credit reserves must continue to meet their rent obligations throughout the year.

根據今年迄今的表現和當前的前景，我們相信我們有能力實現全年目標。雖然更新後的指引反映了我們今天的最佳估計，但要達到高端表現還需要幾個有利的發展，首先，我們為其建立信貸儲備的大多數辦公或零售租戶必須全年繼續履行其租金義務。

As of Q2 '25, we have reserved approximately $0.02 per share of FFO, split evenly between office and retail tenants. Based on a probability-weighted assessment of at-risk tenants, year-to-date, none of these reserves have been utilized.

截至 2025 年第二季度，我們已為每股 FFO 預留了約 0.02 美元，平均分配給辦公室和零售租戶。根據風險租戶的機率加權評估，年初至今，這些儲備金都沒有被使用。

Second, our multifamily segment would need to exceed expectations, driven by improved occupancy, continued rent growth and better-than-forecasted expense management. Third, a meaningful recovery in tourism in the last half of the year would support stronger performance at our Embassy Suites property. We remain optimistic that both domestic and international travel will improve either later this year or in the years ahead.

其次，我們的多戶型住宅部門需要超出預期，這得益於入住率的提高、租金的持續增長以及好於預期的費用管理。第三，今年下半年旅遊業的顯著復甦將支持我們的 Embassy Suites 酒店取得更強勁的業績。我們仍然樂觀地認為，今年稍後或未來幾年國內和國際旅行都會有所改善。

Together, these levers represent upside potential, and we will continue to monitor each closely as the year progresses. As a reminder, our guidance in these prepared remarks exclude the impact of any future acquisitions, dispositions, equity issuances or repurchases and debt refinancings or repayments, except for those already discussed. We remain committed to transparency and will continue to provide clear insights into our quarterly results and the key assumptions that inform our outlook.

這些槓桿共同代表著上行潛力，隨著時間的推移，我們將繼續密切關注每一個槓桿。提醒一下，我們在這些準備好的評論中的指導不包括任何未來收購、處置、股票發行或回購以及債務再融資或償還的影響，但已經討論過的除外。我們將繼續致力於透明度，並將繼續對我們的季度業績和影響我們前景的關鍵假設提供清晰的見解。

Additionally, please note that any non-GAAP financial metrics discussed today, such as net operating income or NOI, are reconciled to the most directly comparable GAAP measures in our earnings release and supplemental materials.

此外，請注意，今天討論的任何非 GAAP 財務指標（例如淨營業收入或 NOI）都與我們收益報告和補充資料中最直接可比較的 GAAP 指標相協調。

I'll now turn the call back over to the operator for Q&A.

我現在將把電話轉回給接線員進行問答。

(Operator Instructions)

（操作員指示）

Todd Thomas with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Todd Thomas。

Hi, good morning, everyone. This is AJ on for Todd. The first one, just with regards to guidance, Bob, maybe for you. Are there any changes to the same-store NOI growth outlook for the various segments relative to the forecast provided with initial guidance, I think, back in 4Q '24? Just any adjustments to those assumptions?

大家好，早安。這是 Todd 的 AJ。第一個問題，僅關於指導，鮑勃，也許對你來說。我認為，與 2024 年第四季的初步指引相比，各部門的同店淨營業利潤成長前景是否有任何變化？對這些假設有什麼調整嗎？

Thanks for the question. Yes, we're still on track. There's obviously noise going on with some of the termination fees that we've had. But from my perspective, we're still on track. We hope to outperform what we currently have in guidance. But I don't see any significant differences. Adam, do you have any input on that?

謝謝你的提問。是的，我們仍在正軌上。顯然，我們收到的一些終止費用引起了一些爭議。但從我的角度來看，我們仍在正軌上。我們希望能夠超越目前的指導。但我沒有看到任何顯著的差異。亞當，你對此有什麼看法嗎？

No. I think we might find, J.J. that a few of our segments may outperform the guidance Bob gave on same-store NOI and others may underperform. For instance, the hotel is not going to do as well as we expected based on what's going on in the world these days, but office seems to be trending better. So we'll see how it shakes out over the last two quarters.

不。J.J.，我認為我們可能會發現，我們的一些部門的表現可能會超過鮑勃給出的同店淨營業利潤指導，而其他部門的表現可能會不佳。例如，根據當今世界的情況，酒店業的表現不會像我們預期的那麼好，但辦公室的趨勢似乎更好。因此，我們將觀察過去兩個季度的情況。

Okay. I appreciate that color. And Adam, maybe sticking with you. Last quarter, you noted an uptick in the touring around the La Jolla Commons III and One Beach. Can you just discuss the leasing pipeline and interest level for those two specifically, any year-end leasing goals you may be able to share with us?

好的。我很欣賞那個顏色。亞當，也許我會和你在一起。上個季度，您注意到拉霍亞公共區 III 和 One Beach 週邊的旅遊人數增加。您能否具體討論一下這兩家公司的租賃管道和興趣水平，以及您可以與我們分享的任何年底租賃目標？

Yeah, we are seeing increased touring activity and prospects and RFP activity, but I'll let Steve kind of chime in a little bit more on that. He's a little more dialed in.

是的，我們看到巡迴活動、前景和 RFP 活動都在增加，但我會讓史蒂夫就此再說一點。他更加專注了。

Sure. Starting with One Beach. And we had talked about it before, that the deal size is moving up to a point where it makes sense for us to be engaged on deals. Previously, it was 2,000, 4,000, 6,000 foot spaces, and our floor plates are 35,000 feet. Now you're seeing the average deal size tick up. The greatest amount of activity is from 20,000 to 60,000 feet right now, which is right in our wheelhouse.

當然。從一個海灘開始。我們之前也討論過這個問題，交易規模正在上升到我們可以參與交易的合理水平。以前，我們的空間面積為 2,000、4,000、6,000 英尺，而我們的樓面面積為 35,000 英尺。現在您會看到平均交易規模正在上升。目前，最活躍的高度是 20,000 至 60,000 英尺，這正好在我們的掌控範圍內。

So to that end, in this market, you have to have spaces that are ready to go, and Adam touched on it earlier. So we're moving forward with our plans to develop a parking and amenities on the first floor of the building and then to spec out improvements on the first and second floors in anticipation of this demand so that when they're ready to go, they're within a few months of moving in.

因此，為此，在這個市場中，你必須擁有隨時可用的空間，亞當之前也提到過這一點。因此，我們正在推進我們的計劃，在大樓一樓開發停車場和便利設施，然後根據這一需求對一樓和二樓進行改進，以便當他們準備好時，他們可以在幾個月內搬進來。

So and to that end, because we've made that commitment and the brokers are communicating it and we have our segmentation breaking the building up into smaller components, our touring activities are way up. In fact, we had a full building tour yesterday afternoon. So that's encouraging.

因此，為了達到這個目的，因為我們做出了承諾，經紀人也在傳達這個承諾，我們將建築物分割成更小的部分，所以我們的巡迴活動也隨之增加。事實上，昨天下午我們進行了完整的建築參觀。這令人鼓舞。

And then moving on to La Jolla Commons III. Keep in mind, our amenities aren't even complete yet. The restaurant, Fleurette, will be complete this fall, probably October and open up, and that's a key component to attracting tenants to the campus. And then second, we have a major conference center under construction that will be completed, what, Jerry, in September?

然後前往拉霍亞公共區 III。請記住，我們的設施尚未完成。這家名為 Fleurette 的餐廳將於今年秋季（可能為 10 月）竣工並開放，這是吸引租戶到園區的關鍵因素。其次，我們正在建造一個大型會議中心，預計在九月完工，傑瑞？

Absolutely same time frame, yes.

是的，絕對是同一時間框架。

So with that, we think you'll see acceleration in lease-up. That being said, we have three of our spec suites, one on two and two on the fourth floor, they're under construction. That we're we're deep in negotiations and space planning on. We're about 9% of the property. And we have some existing tenant demand that may come about with the merger of an accounting firm with another accounting firm that's in a 10-year lease with us in Tower 1.

因此，我們認為您會看到租賃速度加快。話雖如此，我們有三套規格套房，一套在二樓，兩套在四樓，它們正在建設中。我們正在進行深入的談判和太空規劃。我們擁有該房產約 9% 的所有權。我們現有的一些租戶需求可能是由於會計師事務所與另一家與我們在 1 號樓簽訂了 10 年租約的會計師事務所合併而產生的。

That is going to grow past the Tower 1's ability to accommodate them. So that may bleed into Tower 3. We have a second tenant as well that's contemplating similar growth, different situations, they're just growing as a law firm. And they may not be able to be fully housed in Tower 1.

這將超出 1 號塔的容納能力。因此這可能會影響到 3 號塔。我們還有第二個租戶，他們也在考慮類似的成長，不同的情況，他們只是作為律師事務所成長。而且他們可能無法完全安置在 1 號塔內。

So really, the 930,000 foot three building campus is coming into play. It's not just a 200,000-foot 10-story tower. It's a campus, and it's very dynamic. And it's really attractive long term for some larger tenants as well given the flexibility that comes with being part of something of that scale.

因此，這座佔地 93 萬平方英尺、由三棟建築組成的園區實際上正在發揮作用。它不僅僅是一座 200,000 英尺高的 10 層塔樓。這是一個校園，而且非常有活力。對於一些較大的租戶來說，從長遠來看，這也確實具有吸引力，因為加入這種規模的企業可以帶來靈活性。

I appreciate that color. It's really helpful. And then maybe just moving on to the occupancy at 14 Acres increased significantly in the quarter. Can you just talk about the lease that was completed there and maybe with the renovations completed at that asset and the other Bellevue properties that were acquired within the last few years? What's the demand response you're seeing? Is it as anticipated? What are the leasing goals for those assets, specifically at 14 Acres and Timber Spring?

我很欣賞那個顏色。這真的很有幫助。然後也許只是轉向 14 Acres 的入住率在本季度大幅增加。您能否談談在那裡完成的租賃以及該資產完成的裝修以及過去幾年內收購的其他貝爾維尤房產？您看到的需求響應是什麼樣的？是否如預期？這些資產的租賃目標是什麼，特別是 14 Acres 和 Timber Spring？

Great question. We'll start out with 14 Acres. You touched on it, Jerry and I talked about it this morning. The renovation is complete. It's beautiful. And so with that, tour activities are up. And we Adam touched on e've been very active in developing a spec suite program there as well. And all of the multi-tenant space is less than full floor.

好問題。我們將從 14 英畝開始。你提到了這一點，傑瑞和我今天早上討論過這一點。裝修工程已完工。很美麗。因此，旅遊活動也隨之增加。正如亞當所說，我們也一直非常積極地開發規格套件程式。且所有多租戶空間都小於整層樓。

And with that, we get the plans done, tenants engaged. They've seen the commitment to spend money on the renovations. And so once we're short, we've done several leases and we've got several pending for these spaces that we've designed, and they're really minor modifications to the spec suites that we've designed.

這樣，我們就完成了計劃，並讓租戶參與其中。他們已經看到了投入資金進行翻修的承諾。因此，一旦資金短缺，我們就會進行幾次租賃，並且對於我們設計的空間，還有幾個待定的租賃，它們實際上是對我們設計的規格套件的微小修改。

So we're moving ahead very quickly. And keep in mind, this is a 44% vacant submarket with negative net absorption. And yet we've got a lot of activity there. So we're excited about that. And just to use that, Todd I'm glad Todd wrote up his remarks early because it gives me a chance to contemplate how it looks to everyone.

因此，我們的進展非常快。請記住，這是一個空置率為 44% 的子市場，淨吸收量為負。但我們在那裡開展了很多活動。所以我們對此感到很興奮。就為了利用這一點，托德，我很高興托德早早地寫下了他的評論，因為這讓我有機會思考它在每個人眼中是什麼樣子。

And he noted that we went backwards by 70 basis points in terms of occupancy. And he noted that to give back a clear result, we had 113,000 feet of known givebacks this quarter, and we accounted through new leasing, we accounted for all the 28,000 feet of that. So givebacks were 280 basis points. We made up 210 basis points with just new leasing.

他指出，我們的入住率下降了 70 個基點。他指出，為了給出明確的結果，本季我們有 113,000 英尺的已知回購面積，我們透過新租賃將其中的 28,000 英尺全部計入。因此回饋金額為 280 個基點。我們僅透過新租賃就彌補了 210 個基點。

So this quarter, 81% of our leases were new leases, not only comparable but noncomparable. So we've got great leasing activity that's moving on to the I-520 corridor. It's a bit healthier than the I-90 corridor, and that's where Bell Spring, 520, which is now Timber Springs and Timber Ridge are.

因此本季度，我們 81% 的租約都是新租約，不僅可比較而且不可比擬。因此，我們的租賃活動正在向 I-520 走廊推進。它比 I-90 走廊更健康一些，那裡有 Bell Spring、520，也就是現在的 Timber Springs 和 Timber Ridge。

Timber Ridge is now 97% leased with the Sitech lease that we just signed last quarter. And then Timber Springs is close to we'll be approaching 87% or 88% leased with the lease. We think we just sent out a final draft for a full floor lease there.

Timber Ridge 目前已出租 97%，我們上個季度剛剛與 Sitech 簽署了租約。然後 Timber Springs 的租賃率將接近 87% 或 88%。我們認為我們剛剛發出了那裡整層樓租賃的最終草案。

So we made great progress there. And again, that's a negative net absorption market with higher vacancy and yet, we're making really good progress.

所以我們在那裡取得了巨大的進步。再說一次，這是一個淨吸收量為負、空置率較高的市場，但我們正在取得非常好的進展。

Perfect, I appreciate the time thanks guys.

太好了，我很感謝你們抽出時間。

Thanks AJ.

謝謝 AJ。

Haendel St. Juste from Mizuho.

瑞穗的 Haendel St. Juste。

Hi, good morning guys. This is Ravi on the line for Haendel. I hope you guys are doing well. I wanted to ask about the multifamily portfolio. I think I heard in your prepared remarks that the new lease spreads were below renewal spreads. I guess I would have maybe anticipated to hear the opposite and given the perpetual high interest rates and on affordability with housing, I thought we would have seen maybe some heightened demand for multifamily. Can you maybe offer some further commentary or color?

大家早安。我是拉維 (Ravi)，接聽亨德爾 (Haendel) 的電話。我希望你們一切都好。我想詢問一下多戶型投資組合的情況。我想我在您準備好的發言中聽過，新的租賃利差低於續約利差。我想我可能預料到會聽到相反的消息，考慮到持續的高利率和住房的可負擔性，我認為我們可能會看到對多戶住宅的需求增加。您能否提供一些進一步的評論或說明？

Yeah, hey, avi, it's Adam. We're navigating different markets, right? So we're in San Diego and Portland. Portland has had its share of struggles that's been compounded with the extra supply. So obviously, we're doing the best we can there, rents have kind of stabilized. And we expect some growth later this year or into next year once the markets kind of absorb that excess supply.

是的，嘿，阿維，我是亞當。我們正在探索不同的市場，對嗎？所以我們在聖地亞哥和波特蘭。波特蘭已經經歷了自身的困境，而額外的供應又使情況變得更加複雜。顯然，我們正在盡最大努力，租金已經趨於穩定。一旦市場吸收了過剩的供應，我們預計今年稍後或明年會出現一些成長。

San Diego is a different story, though, where we've seen like an incredible surge over the past several years and it's starting to equalize somewhat now that there's a lot of more supply being absorbed as well here. But maybe Abigail can add a little color on the difference between the renewals and the new rates that we're seeing, which are still growing positively, but not as much as they have been over the past few years. Abigail, do you see anything there you can share?

然而，聖地亞哥的情況則不同，過去幾年來，我們看到了令人難以置信的增長，現在，由於這裡也吸收了大量供應，情況開始有所平衡。但也許阿比蓋爾可以稍微解釋一下我們所看到的續約率和新費率之間的差異，新費率仍在積極增長，但增幅不如過去幾年。阿比蓋爾，你看到什麼可以分享的嗎？

Hi, good morning. I think Adam hit the nail on the head with answering that question. In San Diego, our rental rates across the portfolio are operating a little bit higher than what we are seeing county-wide. With some of the properties, we have some caps that are in place. But at Pacific Ridge, we're continuing to see some rent growth that's favorable throughout the region where there is saturation with new supply and new products.

嗨，早安。我認為亞當對這個問題的回答非常正確。在聖地牙哥，我們整個投資組合的租金水準略高於全縣的水準。對於某些屬性，我們設定了一些上限。但在太平洋嶺，我們繼續看到整個地區的租金呈現有利成長，因為新供應和新產品已經飽和。

The good part about our properties is, as mentioned before, is that we are in unbeatable locations. We've got irreplaceable products, experienced and knowledgeable management teams that attract residents near and far, and we maintain our communities in top order.

如同先前所提到的，我們的物業的優點在於我們位於無與倫比的地理位置。我們擁有無可取代的產品、經驗豐富、知識淵博的管理團隊，吸引遠近居民，我們保持社區的最佳秩序。

And so I think we'll continue to see favorable growth as much as we can and continue to thrive in this current marketplace. It's a desirable location, and we've got great properties throughout.

因此我認為我們將繼續盡可能地保持良好的成長勢頭，並在當前市場中繼續蓬勃發展。這是一個理想的位置，我們擁有許多優質的房產。

Got it. I wanted to ask about the hotel in Hawaii and some of the demand drivers there. It seems like a weak yen, north of 145. The conversion rate between the yen and the dollar is weighing on demand from that market.

知道了。我想詢問有關夏威夷的酒店以及那裡的一些需求驅動因素。日圓似乎處於弱勢，匯率超過 145。日圓和美元之間的匯率正在影響該市場的需求。

Is there a number where you think the demand will pick up? Like, is it 120? Is it 110? Is that something that you guys are kind of forecasting in terms of maybe, future demand?

您認為需求會在某個數字上回升嗎？例如，是 120 嗎？是110嗎？你們是否對未來的需求做出了某種預測？

It's really tough to predict, Ravi. As you know, Oahu's tourism was 40% from Japan or Asia, pre-pandemic. And I think right now, it's kind of in the mid-teens, and it's incrementally picking up. But the dollar is getting a little weaker.

這真的很難預測，拉維。如你所知，疫情爆發前，瓦胡島的旅遊業 40% 來自日本或亞洲。我認為現在，它處於十幾歲的中間階段，並且正在逐步上升。但美元正在變得有點疲軟。

So that's helping somewhat on the margin. I think we're anticipating more action next year, but it really remains to be seen because there's so much going on in the world with geopolitics and economic uncertainty. We're hopeful and we're doing our best to kind of cater to those large Asian package groups. But I think to expect anything meaningful this year would be a stretch. Do you have anything to add to that, Bob?

所以這在某種程度上有所幫助。我認為我們預計明年會採取更多行動，但這仍有待觀察，因為世界上地緣政治和經濟不確定性因素太多。我們充滿希望，並且盡力滿足那些大型亞洲包裹團體的需求。但我認為，今年期待任何有意義的事情都是有點勉強的。鮑勃，你還有什麼要補充的嗎？

Yeah, Ravi. I mean, we're down, as you noted, this quarter. And we're actually I mean, to be honest with you, we're down about where we were prior to COVID or just the beginning of COVID, which I'm scratching my head on.

是的，拉維。我的意思是，正如您所說，本季我們的業績下滑了。事實上，說實話，我們的狀況與新冠疫情之前或新冠疫情剛開始時差不多，對此我感到很困惑。

But the reality is that if the Japanese yen is at 147 and we used to be at 108 pre-COVID, the median income from Japan tourism is still going to be slow. They can go they have choices to go other places. The people that are wealthy from Japan are willing to make the stride coming out here.

但現實情況是，如果日圓匯率為 147，而新冠疫情之前為 108，那麼日本旅遊業的平均收入仍將保持低迷。他們可以去，他們可以選擇去其他地方。來自日本的富人願意踏出這一步。

But having said that, I think there's also a lot of uncertainty. All the tariffs, things going on across the world. I think people are just taking a pause. Like I said in my comments, I mean, they have other choices on where to go. But also, too, is that I've noted on these STAR reports that we get, Ravi, which really tracks all the comparable hotels.

但話雖如此，我認為也存在著許多不確定性。所有的關稅，世界各地正在發生的事情。我認為人們只是暫停一下。就像我在評論中所說的那樣，我的意思是，他們在去哪裡方面還有其他選擇。但同時，我也注意到，我們收到的這些 STAR 報告中，Ravi 確實追蹤了所有可比飯店。

And we have all the comparable hotels in Waikiki. And in our competitive set, we have probably 10, 12 hotels. It's a combination of on the beach and off the beach, we outperform all of them in terms of RevPAR, in terms of ADR. So I'm not overly concerned about it. I think it's just a point in time that we're all going through. And we're still doing better than most of them.

我們擁有威基基所有類似的飯店。在我們的競爭對手中，我們大概有 10 到 12 家酒店。它是海灘上和海灘外的結合，就 RevPAR 和 ADR 而言，我們的表現優於所有酒店。所以我對此並不太擔心。我認為這只是我們都經歷的一個時刻。但我們仍然比大多數國家做得更好。

Got it. That's really helpful. And lastly, in the past, I think you've said that there's about $0.30 of leasing upside in terms of a pipeline going forward. Maybe in what segments do you think that total pipeline is expected to materialize first?

知道了。這真的很有幫助。最後，我想您過去曾說過，就未來的管道租賃而言，其上漲空間約為 0.30 美元。您認為整體管道有望首先在哪些領域實現？

That $0.30, Ravi, was predominantly office. Leasing up La Jolla Commons III, One Beach and our suburban Bellevue assets gets you to about $0.30. And I guess I could mention, too, that we've got probably 5% of our office GLA is signed leases, but have not commenced yet. So there is going to be a meaningful uptick coming down the road once those rents commence.

拉維，那 0.30 美元主要是辦公室費用。租賃拉霍亞公共區三期、One Beach 以及我們位於郊區的貝爾維尤資產，租金約為 0.30 美元。另外，我想提一下，我們大概有 5% 的辦公大樓總面積 (GLA) 已經簽訂了租約，但尚未開始動工。因此，一旦這些租金開始上漲，就會出現明顯的上漲。

Got it thanks so much guys appreciate it.

明白了，非常感謝大家。

Thanks Ravi.

謝謝拉維。

Brenny Pyre with Green Street Advisors.

Brenny Pyre 與 Green Street Advisors 合作。

Hey, good morning everyone. Thanks for taking the question. So it seems like AAT was pretty busy on the acquisitions and dispositions front earlier this year and there's a healthy balance of cash on the balance sheet at the moment. Any plans to put that to work? And if so, which property types or markets do you think provide the best risk-adjusted returns?

嘿，大家早安。感謝您回答這個問題。因此看起來 AAT 今年稍早在收購和處置方面相當忙碌，目前資產負債表上的現金餘額很健康。有什麼計劃可以付諸實行嗎？如果是這樣，您認為哪些類型的房地產或市場能夠提供最佳的風險調整回報？

Right, we're always looking this is Ernest. We're always looking. We have to find something that offers a significant upside. We don't want to spend the money just for the sake of spending the money. And our preference is for t the moment, not office because we have our opportunities ahead of us in office, but we're looking at multifamily and we'd certainly consider retail if it became available.

是的，我們一直在尋找，這是歐內斯特。我們一直在尋找。我們必須找到一些能夠帶來顯著好處的東西。我們不想只是為了花錢而花錢。目前我們的偏好不是辦公室，因為我們在辦公室方面也有很多機會，但我們正在考慮多戶住宅，如果有零售的話，我們肯定會考慮。

And of course, Brenny, that money is working for us in the bank, earning interest right now as we evaluate options, and it gives us pretty solid comfort, having that balance sheet strength as we look for.

當然，布倫尼，這些錢在銀行裡為我們工作，在我們評估選擇方案時，這些錢正在賺取利息，這讓我們非常安心，因為我們擁有所尋求的資產負債表實力。

With all the uncertainties in the world, that money in the bank plus the line of credit does give us some extra sleep that we wouldn't enjoy otherwise.

儘管世界上存在著種種不確定性，但銀行裡的存款加上信用額度確實能讓我們享受一些額外的睡眠，否則我們根本無法享受。

Got it. All fair points. And then one more question. In regards to the touring activity you're seeing at One Beach and I guess, for San Francisco as a whole, could you talk about the tenant industries that you're getting most touring from? Is AI starting to step up as a more likely tenant for the One Beach asset?

知道了。所有觀點都公平。還有一個問題。關於您在 One Beach 看到的旅遊活動，我想，對於整個舊金山來說，您能談談吸引最多旅遊活動的租戶產業嗎？人工智慧是否開始成為 One Beach 資產更可能的租戶？

That's the primary driver of this most recent activity. Current I mean, I think they've contributed 5 million square feet of leasing thus far, but it's predicted it could be as big as 25 million square feet in the next few years. So it's growing by leaps and bounds.

這是最近這次活動的主要動力。目前我的意思是，我認為他們迄今為止已經貢獻了 500 萬平方英尺的租賃面積，但預計未來幾年可能會達到 2500 萬平方英尺。因此它正在突飛猛進地發展。

But it's also you're seeing ell, Databricks is an AI company as well. So yes, it's largely AI, it's technology. On the law firm side, you're actually seeing rightsizing and consolidation for the most part, financial services as well. So it's really tech-driven.

但你也看到了，Databricks 也是一家人工智慧公司。所以是的，它很大程度上是人工智慧，是技術。在律師事務所方面，你實際上看到大部分的調整規模和合併，金融服務也是如此。所以它確實是技術驅動的。

Great. Thanks for the color. That's all for me.

偉大的。謝謝你的顏色。對我來說就這些了。

This concludes our question-and-answer session. I would like to turn the conference back over to Adam Wyll for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Adam Wyll 並請他做最後演講。

Well, on behalf of everyone at American Assets Trust, we appreciate your support, and you're joining us today. Have a great week.

好吧，我代表美國資產信託公司的全體人員感謝您的支持，感謝您今天加入我們。祝您有個愉快的一周。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。