 Net income available to common stockholders of 7.7 million and 19.7 million for the three and six months ended June 30, 2020, respectively, or 0.13 and 0.33 per diluted share, respectivelyFunds From Operations per diluted share decreased 6 and 2 year-over-year for the three and six months ended June 30, 2020, respectively, or 0.48 and 1.04 per diluted share, respectivelyCollected 83 to date of rents that were due during the second quarterSAN DIEGO, July 28, 2020 GLOBE NEWSWIRE -- American Assets Trust, Inc. NYSE: AAT the company today reported financial results for its second quarter ended June 30, 2020.Second Quarter Highlights Net income available to common stockholders of 7.7 million and 19.7 million for the three and six months ended June 30, 2020, respectively, or 0.13 and 0.33 per diluted share, respectively Funds From Operations decreased 6 and 2 year-over-year to 0.48 and 1.04 per diluted share for the three and six months ended June 30, 2020, respectively, compared to the same periods in 2019 Same-store cash NOI decreased 11.5 and 1.5 year-over-year for the three and six months ended June 30, 2020, respectively. Excluding lease termination fees, same-store cash NOI would have been 3.6 and 2.0 for the three and six months ended June 30, 2020, respectively For the three months ended June 30, 2020, we have collected 98 of office rents, 58 of retail rents including the retail component of Waikiki Beach Walk and 95 of multifamily rents, that were due during the second quarter Leased approximately 40,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 66 and 32, respectively, during the three months ended June 30, 2020 Leased approximately 23,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 2 and 1, respectively, during the three months ended June 30, 2020Financial Results Net income attributable to common stockholders was 7.7 million, or 0.13 per basic and diluted share for the three months ended June 30, 2020 compared to 8.9 million, or 0.18 per basic and diluted share for the three months ended June 30, 2019. For the six months ended June 30, 2020, net income attributed to common stockholders was 19.7 million, or 0.33 per basic and diluted share compared to 20.0 million, or 0.41 per basic and diluted share for the six months ended June 30, 2019. The year-over-year decrease in net income attributable to common stockholders is primarily due to the increase in reserve for bad debts of rent receivables of approximately 3.3 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Carmel Country Plaza, and Waikiki Beach Walk Retail, a decrease in lease termination fees at Carmel Mountain Plaza attributed to the termination of our former ground lease, and a decrease in revenue at our Waikiki Beach Walk Retail and Embassy Suites Hotel due to the COVID-19 pandemic causing a decline in occupancy, partially offset by an increase in revenue from the acquisition of La Jolla Commons on June 20, 2019 and an increase in annualized base rents at The Landmark at One Market, Lloyd District Portfolio, Torrey Point, and City Center Bellevue.During the second quarter of 2020, the company generated funds from operations FFO for common stockholders of 36.3 million, or 0.48 per diluted share, compared to 33.8 million, or 0.51 per diluted share, for the second quarter of 2019. For the six months ended June 30, 2020, the company generated FFO for common stockholders of 79.1 million, or 1.04 per diluted share, compared to 69.5 million, or 1.06 per diluted share, for the six months ended June 30, 2019. The decrease in FFO from the corresponding period in 2019 was primarily due to the increase in reserve for bad debts of rent receivables of approximately 3.3 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Carmel Country Plaza and Waikiki Beach Walk Retail, a decrease in lease termination fees at Carmel Mountain Plaza attributed to the termination of our former ground lease, and a decrease in revenue at our Waikiki Beach Walk Retail and Embassy Suites Hotel due to the COVID-19 pandemic causing a decline in occupancy, partially offset by an increase in revenue from the acquisition of La Jolla Commons on June 20, 2019 and an increase in annualized base rents at The Landmark at One Market, Lloyd District Portfolio, Torrey Point, and City Center Bellevue.FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.LeasingThe portfolio leased status as of the end of the indicated quarter was as follows: June 30, 2020March 31, 2020June 30, 2019 Total Portfolio Office94.494.393.7 Retail94.795.297.5 Multifamily85.193.092.6 Mixed-Use: Retail95.798.598.2 Hotel46.475.491.7 Same-Store Portfolio Office 195.993.192.9 Retail 293.894.497.1 Multifamily85.193.092.6 1 Same-store office leased percentages includes the 830 building at Lloyd District Portfolio which was placed into operations on August 1, 2019 after renovating the building. Same-store office leased percentages excludes i La Jolla Commons, which was acquired on June 20, 2019 and ii One Beach Street due to significant redevelopment activity. La Jolla Commons will be included in same-store office leased percentages commencing in the third quarter of 2020. 2 Same-store retail leased percentages exclude Waikele Center, due to significant redevelopment activity.During the second quarter of 2020, the company signed 20 leases for approximately 73,000 square feet of office and retail space, as well as 288 multifamily apartment leases. Renewals accounted for 83 of the comparable office leases, 92 of the comparable retail leases, and 64 of the residential leases. Office and Retail On a comparable space basis i.e. leases for which there was a former tenant during the second quarter of 2020 and trailing four quarters ended June 30, 2020, our retail and office leasing spreads are shown below: Number of Leases SignedComparable Leased Sq. Ft.Average Cash Basis Change Over Prior Rent Average Cash Contractual Rent Per Sq. Ft.Prior Average Cash Contractual Rent Per Sq. Ft.Straight-Line Basis Change Over Prior Rent OfficeQ2 2020640,00032.357.1743.2165.5 Last 4 Quarters40373,00022.050.3641.2634.4 RetailQ2 20201223,0000.943.6043.232.2 Last 4 Quarters55148,0000.844.4044.737.1 Multifamily The average monthly base rent per leased unit for same-store properties for the second quarter of 2020 was 2,152 compared to an average monthly base rent per leased unit of 2,092 for the second quarter of 2019, which is an increase of approximately 3.Same-Store Cash Net Operating Income For the three and six months ended June 30, 2020, same-store cash NOI decreased 11.5 and 1.5, respectively, compared to the three and six months ended June 30, 2019. The same-store cash NOI by segment was as follows in thousands: Three Months Ended 1 Six Months Ended 1 June 30, June 30, 2020 2019 Change 2020 2019 Change Cash Basis: Office 220,290 17,433 16.4 40,881 34,824 17.4 Retail 27,906 14,861 46.8 23,558 29,656 20.6 Multifamily7,555 8,094 6.7 14,822 15,987 7.3 Mixed-Use Same-store Cash NOI 335,751 40,388 11.5 79,261 80,467 1.5 1 Same-store portfolio excludes i Waikele Center due to significant redevelopment activity; ii La Jolla Commons, which was acquired on June 20, 2019; iii One Beach Street due to significant redevelopment activity; iv Waikiki Beach Walk - Embassy SuitesTM and Waikiki Beach Walk - Retail, due to significant spalling repair activity; and v land held for development. 2 Same-store cash NOI for the three and six months ended June 30, 2020 includes cash lease termination fees received of 0.3 million and 0.7 million, respectively. Excluding lease termination fees for the three and six months ended June 30, 2020, office same-store cash NOI would have been 11.3 and 14.5, respectively. 3 Excluding lease termination fees for the three and six months June 30, 2020, same-store cash NOI would have been 3.6 and 2.0, respectively.Same-store cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of same-store cash NOI to net income is attached to this press release.Balance Sheet and Liquidity At June 30, 2020, the company had gross real estate assets of 3.2 billion and liquidity of 396.1 million, comprised of cash and cash equivalents of 146.1 million and 250.0 million of availability on its line of credit, which the company believes is sufficient to meet the companys short-term liquidity requirements. At June 30, 2020, the company has no debt obligations maturing during the remainder of 2020; and only 1 out of 28 assets encumbered by a mortgage. The company has 150 million of debt obligations maturing in 2021, assuming the company exercises its option and satisfies the conditions to extend the maturity date of its 100 million term loan from January 9, 2021 to January 9, 2022.Dividends The company declared dividends on its shares of common stock of 0.20 per share for the second quarter of 2020. The dividends were paid on June 25, 2020.In addition, the company has declared a dividend on its common stock of 0.25 per share for the third quarter of 2020. The dividend will be paid in cash on September 24, 2020 to stockholders of record on September 10, 2020. 