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Text: Both are now available on the Investors section of our website, americanassetstrust.com.
We are making great progress on all fronts as we focus our efforts on our rebound from COVID-19's impact, by enhancing and amenitizing existing properties, acquiring new accretive properties like Eastgate Office Park in Bellevue, which the team will talk about more in a bit, retaining and adding new customers to our portfolio, furthering our development of La Jolla Commons of which we recently bottomed out our excavation and otherwise remain on time and on budget and of course, growing our earnings and net asset value for our stockholders.
We have been through hard time before, and each time we have emerged stronger, which remains our expectations in mind now.
I want to mention that the Board of Directors has approved the quarterly dividend of $0.30 per share for the third quarter, an increase of $0.02 per share or 7% from the second quarter, which is, we believe, is supported by our increased collection efforts in the second quarter, improving traffic in Waikiki at our Embassy Suites and our expectation for operations to continue trending favorably in the near term.
I'm also pleased to announce that the Board has appointed Adam Wyll, to the position of President in addition to his Chief Operating Officer role and title.
As many of you know, Adam is a valuable and hard-working member of our executive team.
And this title describes the breadth of responsibilities and leadership that he has successfully taken on, prior to and during the pandemic.
As well as the confidence, our board and myself and our management team has in him to manage, in partnership with our excellent executive team, the day-to-day operations of AAT.
I personally am blessed with excellent health, and this company is very important to me.
I intend to continue my role as chairman and CEO for the foreseeable future.
However, it is very important to our board, myself and shareholders that you know this company will always remain in very capable hands and that we are fortunate to have such a great management team and group of associates at AAT, all of whom work together as we continue on as a best in classes, class REIT.
I very much appreciate the kind words and leadership opportunities, none of which would have been possible without your mentorship, not to mention the daily collaboration with such an incredible management team and top-notch team members and colleagues.
We continue to feel bullish about our portfolio, particularly with government restrictions lifted in all of our mainland markets in Hawaii, having lightened its reopening restrictions considerably.
And we are seeing firsthand consumer behavior reverting to pre-pandemic levels with packed parking lots and tons of shoppers at all our retail properties.
We're already seeing many of our retailers with gross sales above pre-pandemic levels in our restaurants recovering, which is obviously very encouraging.
Our collections have continued to improve each quarter with a collection rate north of 96% for the second quarter.
Furthermore, we had approximately $850,000 of deferred rent due from tenants in Q2 based on COVID-19 related lease modifications.
And we have collected approximately 94% of those deferred amounts, further validating our strategy of supporting our struggling retailers through the government-mandated closures.
Remaining collection challenges at this point are primarily with a handful of local retailers at our Waikiki Beach Walk property.
But with Hawaii tourism back in large numbers, we think we'll have an opportunity to rebound, to be viable long term, even more so once Asian countries relax their travel restrictions to Hawaii later this year or early next.
Additionally, we are seeing positive activity engagement with new retailers, including mid box retailers.
About half of our over 250,000 square feet of vacant retail space or in lease negotiations or LOI stage, deals that we believe we have a good likelihood of being finalized.
And the vast majority of our retailers are renewing their leases at flat to modest rent increases.
On the multifamily front, with new management in place at Hassalo, we are currently 99% leased and asking rents are trending up almost 20% since December 2020.
The multifamily collections have been more challenging in Portland due to eviction protection still in place through the next month or so.
But we are doing everything we can to stay on top of that, which include government rental assistance programs that we expect meaningful disbursements from soon.
In San Diego, our multifamily properties are currently 97% leased, and we have leased approximately 90% of the 133 master lease units that expired less than two months ago and expect the remaining to be leased over the next few weeks.
Asking rents at our multifamily properties are trending up as well in San Diego, almost 10% since December 2020.
Last night, we reported second quarter 2021 FFO per share of $0.51 and second quarter '21 net income attributable to common stockholders per share of $0.15.
Let me share with you several data points that support my belief.
First, as Ernest previously mentioned, the Board has approved an increase in the dividend to its pre-COVID amount of $0.30 per share based on the continued improvement in our collections as expected, but the overriding factor was the strong results we are seeing at the Embassy Suites Hotel in Waikiki beginning in mid-June and increasing into July with a strong pent-up demand.
Q2 paid occupancy was 67%, and the month of June by itself reached approximately 83%.
The average daily rate was $274 for Q2 and approximately $316 for the month of June.
RevPAR or revenue per available room was $184 for Q2 and approximately $262 for the month of June.
It is definitely heading in the right direction.
Effective July 8, all travellers entering into Hawaii who are vaccinated in the U.S. can skip quarantine without getting a pre-travel COVID test by uploading proof of their vaccination to the state of Hawaii safe travel website.
The Oahu is still under tier five of its reopening plan until Hawaii's total population is 70% fully vaccinated, which should occur in the next month or two.
Bars and restaurants in Oahu can be at 100% capacity as long as all customers show their vaccination card or a negative COVID test on entry.
The Japanese wholesale market had accounted for approximately 35% to 40% of our customer base pre-COVID.
Japan is currently just 9% fully vaccinated.
Though with its current pace of over one million vaccines a day, Japan is expected to be completing vaccinations by this November and to start issuing vaccine passports in the next 30 days, in anticipation of opening up international travel.
In the meantime, there is a pent-up demand from U.S. West and Canada that is expected to keep the hotel occupied and on track with this recovery.
Secondly, looking at our consolidated statement of operations for the three months ended June 30th, our total revenue increased approximately $7.8 million over Q1, which is approximately at 9.3% increase.
Approximately 37% of that was the outperformance of the Embassy Suites Hotel as California and Hawaii began to open up travel.
Additionally, our operating income increased approximately $6.3 million over Q1 '21, which is approximately an increase of 31%.
Third, same-store cash NOI overall was strong at 23% year-over-year.
With office consistently strong before, during and post COVID and retail showing strong signs of recovery.
Multifamily was down primarily as a result of Pacific Ridge Apartments at 71% leased at the end of Q2 due to the recurring seasonality of students leaving in May, including the expiration of the USD master lease and new students leasing over the summer before school starts in late August.
Generally, approximately 60% of our 533 units at Pacific Ridge are leased by students, with the USD campus right across the street.
As of this week, we are approximately 90% leased at Pacific Ridge with approximately 150 students moving in over the next several weeks in August.
Hassalo on Eighth in the Lloyd District of Oregon is a 657 multifamily campus.
At the end of Q1, occupancy was approximately 84% due to the lingering impact of COVID and political challenges in the prior months.
As of Q2, we have increased the occupancy to approximately 95%.
But in doing so, we had to adjust the rent and increase concessions.
Pacific Ridge and Hassalo on Eighth are the two factors that impacted our multifamily same-store this quarter.
As Adam mentioned, asking rates have been trending favorably on our multifamily properties recently, which we expect to provide meaningful growth going forward.
Note that our same-store cash NOI does not include our mixed-use sector, which will return with Q3 and Q4 2021 after completing the renovation of the Embassy Suites Hotel during COVID.
And fourth, as previously disclosed, we acquired Eastgate Office Park on July 7th, comprised of approximately 280,000 square foot multi-tenant office campus, in the premier I-90 corridor submarket of Bellevue, Washington, one of the top-performing markets in the nation, the Eastside market is anchored by leading tech, life science, biotech and telecommunication companies.
The four-building Eastgate Park is currently greater than 95% leased to a diversified tenant base with in-place contractual lease rates that we believe are 10% to 15% below prevailing market rates for the submarket.
Additionally, Eastgate Park recently obtained municipal approval for rezoning, increasing the floor area ratio from 0.5 to 1.0, which will allow for additional development opportunities.
The purchase price of approximately $125 million was paid with cash on the balance sheet.
The going-in cap rate was approximately 6% with an unlevered IRR north of 7%.
We believe this transaction will be accretive to FFO by approximately $0.05 for the remainder of 2021 and $0.10 for the entire year of 2022.
These four items are the data points that are pointing to the beginning of AAT's recovery story starting to unfold.
One last point of interest is that on page 16 of the supplemental, total cash net operating income, which is a non-GAAP supplemental earnings measure, which the company considers meaningful in measuring its operating performance is shown for the three months, ended June 30, at approximately $58.7 million.
If you use this as a run rate going forward, it would be approximately $234 million, which would exceed 2019 pre-COVID cash NOI of approximately $212 million.
A reconciliation of total cash NOI to net income is included in the glossary of terms in the supplemental.
At the end of the second quarter, we had liquidity of approximately $718 million, comprised of $368 million in cash and cash equivalents and $350 million of availability on our line of credit.
Our leverage, which we measure in terms of net debt-to-EBITDA was 6.0 times.
Our focus is to maintain our net debt-to-EBITDA at 5.5 times or below.
Our interest coverage and fixed charge coverage ratio ended the quarter at 3.7 times.
As far as guidance goes, we are in the middle of budget season now for 2022.
We hope to begin issuing formal guidance again for 2022 on our Q3 '21 earnings call.
At the end of the second quarter, excluding One Beach, which is under redevelopment, our office portfolio stood at approximately 93% leased with less than 1% expiring through the end of 2021.
Our top 10 office tenants represented 51% of our total office-based rent.
Given the quality of our assets and the strength of the markets in which they are located with technology and life science as the key market drivers, our office portfolio is poised to capitalize on improving dynamics, especially in Bellevue and San Diego.
Q2 portfolio stats by region were as follows, our San Francisco and Portland office portfolios were stable at 100% and 96% leased, respectively.
City Center Bellevue was 93% leased, net of a new amenity space under development, and San Diego is 91% leased, net of new amenity spaces being added to Torrey Reserve.
We had continued success in Q2 preserving pre-COVID rental rates with, 13 comparable new and renewal leases, totalling approximately 50,000 rentable square feet, with an over 9% increased over prior rent on a cash basis, and almost 15% increase on a straight-line basis.
The weighted average lease term on these leases was 3.6 years, with just over $7 per rentable square foot in TIs and incentives.
We experienced a modest small tenant attrition during the quarter due to COVID, resulting in a net loss of approximately 16,000 rentable square feet or less than 0.5 point of occupancy, none of which was lost to a competitor.
Our outlook moving forward is one of positive net absorption with 200 proposal activity picking up significantly.
At this point in time, we are seeing smaller tenants willing to commit to longer-term leases at favorable rental rates.
Even more exciting is the push to return to the office in the emerging large tenant activity and competition for quality larger blocks of space in select markets, including San Diego and Bellevue, of which we have current availability and active prospects.
Our continued strategic investments in our current portfolio will position us to capture more than our fair share of net absorption as the markets improve.
The renovation of two buildings at Torrey Reserve is near completion.
We have aggregated large blocks of space to meet demand and take advantage of pricing power, and we have active large deals and negotiations on both buildings.
The final phase of the renovation will include a new state of the art fitness complex and conference center, both serving the entire 14 building Torrey Reserve Campus.
Construction is in full swing on the redevelopment of One Beach Street in San Francisco, delivering in the first half of 2022, and construction is nearly complete on the redevelopment of 710 Oregon Square in the Lloyd Submarket of Portland.
One Beach will grow to over 103,000 square feet and 710 Organ Square will add another 32,000 square feet to the office portfolio.
As Ernest mentioned, construction is well underway on Tower three at La Jolla Commons with expected completion in Q2, Q3 of 2023, and we are encouraged by the emerging large tenant activity and competition for quality large blocks of space and UTC.
Finally, leasing activity is robust for our upcoming availabilities at Eastgate Office Park in Suburban Bellevue, even prior to executing the exciting renovation plans under development to take this special property to the next level of quality and customer experience.
In summary, our office portfolio is on offense as we move forward into the rest of 2021 and beyond.

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compname reports q2 ffo per share $0.51.
q2 ffo per share $0.51.

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