Adam Wyll, President and Chief Operating Officer of American Assets Trust, Inc. (NYSE:AAT), recently disclosed a significant sale of company stock. According to a filing with the Securities and Exchange Commission, Wyll sold 30,238 shares on December 3 at a price of $28.22 per share, totaling approximately $853,316. The transaction comes as AAT trades near its 52-week high of $29.15, with the stock showing remarkable strength, up 34% over the past six months. InvestingPro analysis reveals the company maintains a healthy financial profile with a "GOOD" overall rating.
This transaction was executed under a Rule 10b5-1 trading plan, which Wyll adopted on August 29, 2024. The sale was necessary to cover tax obligations from the vesting of restricted stock units, as outlined in the filing.
In addition to the sale, Wyll acquired 146,040 shares of restricted common stock on December 4 as part of the company's Amended and Restated 2011 Equity Incentive Award Plan. Following these transactions, Wyll holds a total of 275,114 shares directly.
The filing also noted that some of the shares are held by the Wyll Family Trust, for which Wyll serves as a trustee and beneficiary. He disclaims beneficial ownership of these shares, except for his pecuniary interest.
In other recent news, American Assets Trust reported a strong Q3 performance for 2024, raising its funds from operations (FFO) per share guidance. The real estate investment trust announced an increase in FFO per share to $0.71, up from $0.60 in Q2. The company also successfully issued a $525 million bond and declared a quarterly dividend of $0.335 per share.
Despite a decrease in the mixed-use portfolio's NOI by 7%, American Assets Trust saw a 27.6% increase in NOI for its office portfolio and maintained a 93% occupancy rate in San Diego. The company's management is exploring opportunities for multifamily growth and aims to reduce net debt to EBITDA to 5.5 times or less.
These are recent developments which also include an investment of over $450 million in various projects, expected to contribute an additional $0.03 per share of FFO. It's worth noting that the company anticipates a $0.04 reduction in 2025 FFO due to increased net interest expense from the bond issuance. However, the company remains optimistic about its portfolio's performance and tenant relationships.
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