American assets trust, inc. (AAT)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
OPERATING ACTIVITIES
Net income

60,188

27,202

40,132

45,637

53,915

31,145

22,594

51,601

19,324

2,174

5,239

Results from discontinued operations

-

-

-

-

-

-

-

37,652

5,653

552

494

Income from continuing operations

-

-

-

-

-

-

-

13,949

13,671

1,622

4,745

Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles

-6,985

-1,157

-2,547

-2,637

-5,587

-4,623

-4,997

-6,967

-3,735

1,080

623

Depreciation and amortization

96,205

107,093

83,278

71,319

63,392

66,568

66,775

61,853

55,936

34,419

28,473

Amortization of debt issuance costs and debt fair value adjustments

1,467

1,530

3,058

4,473

4,214

4,075

3,932

3,911

3,883

503

614

Gain on sale of real estate

633

0

0

-

7,121

0

0

-

-

-

-

Early extinguishment of debt

-

-

-

-

-

-

-

-

-25,867

-

-

Loan transfer and consent fees

-

-

-

-

-

-

-

-

8,808

-

-

Gain on acquisition of controlling interests

-

-

-

-

-

-

-

-

46,371

4,297

-

Stock-based compensation expense

4,477

3,039

4,735

2,414

2,877

3,666

2,845

2,852

2,615

-

-

Settlement of forward interest rate swap agreement

513

0

10,667

0

0

1,617

0

0

-

-

-

Lease termination income

4,518

0

0

-

-

-

-

-

-

-

-

Other noncash interest expense

1,304

1,279

1,114

-231

-231

-39

0

0

-

-

-

Loss from real estate joint ventures

-

-

-

-

-

-

-

-

-188

-4,406

-4,865

Distribution of earnings from real estate joint ventures

-

-

-

-

-

-

-

-

-

6,713

7,634

Other, net

-6,497

-383

-901

769

-879

95

-848

-2,422

-2,666

-800

-267

Changes in operating assets and liabilities
Change in restricted cash

-

-

-

-

-

-1,198

755

1,000

-97

74

55

Change in accounts receivable

1,071

336

1,116

2,347

1,011

-279

45

-63

3,570

19

-91

Change in other assets

2,420

227

499

982

243

107

88

-143

2,040

5,155

89

Change in accounts payable and accrued expenses

5,956

-3,297

7,632

1,371

-1,081

1,381

1,167

-1,799

2,128

3,206

-1,411

Change in security deposits payable

-971

2,274

456

158

493

358

307

-50

82

-45

-13

Change in other liabilities and deferred credits

-3,585

1,282

270

2,275

-36

188

151

186

-1,025

-

-

Net cash provided by operating activities of continuing operations

-

-

-

-

-

-

-

75,563

59,200

43,159

45,744

Net cash provided by operating activities of discontinued operations

-

-

-

-

-

-

-

382

6,164

5,187

1,757

Net cash provided by operating activities

153,816

136,507

145,853

120,681

110,460

105,611

92,734

75,945

65,364

48,346

47,501

INVESTING ACTIVITIES
Acquisition of real estate, net

507,780

0

278,141

0

0

-

-

273,990

231,558

32,962

-

Capital expenditures

88,327

54,411

47,496

59,633

134,174

144,674

55,675

34,582

10,777

3,929

6,291

Proceeds from sale of real estate, net of selling costs

8,191

0

0

-

12,259

0

0

-

-

-

-

Change in restricted cash

-

-

-

-

-

3,068

-453

-2,557

3,069

-

17

Cash acquired from acquisition of controlling interests in real estate joint ventures

-

-

-

-

-

-

-

-

15,222

-

-

Leasing commissions

11,267

9,936

4,927

3,572

4,461

5,098

3,032

3,456

2,444

1,536

1,551

Purchase of marketable securities

-

-

-

-

-

-

-

-

33,103

-

-

Maturity of marketable securities

-

-

-

-

-

-

-

4,384

4,993

-

-

Sale of marketable securities

-

-

-

-

-

-

-

23,191

0

-

-

Distribution of capital from real estate joint ventures

-

-

-

-

-

-

-

-

-

10,607

-

Issuance of notes receivable to affiliate

-

-

-

-

-

-

-

-

-

800

30

Repayment of notes receivable from affiliates

-

-

-

-

-

-

-

-

-

-

1,160

Net cash used in investing activities of continuing operations

-

-

-

-

-

-

-

-281,896

-260,736

-28,620

-6,729

Net cash provided by investing activities of discontinued operations

-

-

-

-

-

-

-

87,601

29,047

-885

-815

Net cash used in investing activities

-599,183

-64,347

-330,564

-63,205

-126,376

-152,840

-58,254

-194,295

-231,689

-29,505

-7,544

FINANCING ACTIVITIES
Change in restricted cash

-

-

-

-

-

-

-1,400

0

0

-

-

Issuance of secured notes payable

-

-

-

-

-

-

-

132,900

84,500

7,500

24,887

Repayment of secured notes payable

20,762

97,124

167,139

136,974

235,980

142,276

95,420

34,626

264,250

12,873

25,172

Proceeds from unsecured term loan

-

-

-

150,000

0

100,000

0

0

-

36,200

-

Defeasance costs on repayment of secured notes payable

-

-

-

-

-

-

-

-

24,345

-

-

Proceeds from unsecured line of credit

59,000

84,000

173,000

34,000

65,000

0

93,000

164,000

0

-

-

Repayment of unsecured line of credit

123,000

20,000

193,000

44,000

35,000

93,000

0

164,000

0

-

-

Proceeds from issuance of unsecured notes payable

150,000

0

450,000

0

200,000

150,000

0

0

-

-

-

Loan transfer and consent fees paid

-

-

-

-

-

-

-

-

-8,350

-

-

Repayment of line of credit

-

-

-

-

-

-

-

-

38,013

11,051

8,279

Repayment of notes payable to affiliates

-

-

-

-

-

-

-

-

19,279

2,401

2,173

Debt issuance costs

1,103

2,727

2,401

2,055

2,881

2,141

0

1,355

2,961

436

559

Proceeds from issuance of common stock, net

515,354

-236

29,873

9,640

72,782

104,107

25,348

0

596,541

-

-

Proceeds from private placement of common units

-

-

-

-

-

-

-

-

5,410

-

-

Dividends paid to common stock and unitholders

80,605

70,228

67,537

64,077

59,412

54,311

49,500

48,452

46,123

-

-

Payments to nonaccredited investors

-

-

-

-

-

-

-

-

6,075

-

-

Deferred offering costs

-

-

-

-

-

-

-

361

0

-

-

Shares withheld for employee taxes

1,338

527

882

807

7,396

4,780

0

0

-

-

-

Contributions from Predecessor's controlling and noncontrolling interests

-

-

-

-

-

-

-

-

-

7,665

1,196

Distributions to Predecessor's controlling and noncontrolling interests

-

-

-

-

-

-

-

-

39,960

25,681

24,646

Net cash used in financing activities

497,546

-106,842

221,914

-54,273

-2,887

57,599

-27,972

48,106

237,095

-1,077

-34,746

Net (decrease) increase in cash and cash equivalents

52,179

-34,682

37,203

3,203

-18,803

10,370

6,508

-70,244

70,770

17,764

5,211

American Assets Trust, L.P.
Net income

60,188

27,202

40,132

45,637

-

-

-

-

-

-

-

Deferred rent revenue and amortization of lease intangibles

-6,985

-1,157

-2,547

-2,637

-

-

-

-

-

-

-

Depreciation and amortization

96,205

107,093

83,278

71,319

-

-

-

-

-

-

-

Amortization of debt issuance costs and debt fair value adjustments

1,467

1,530

3,058

4,473

-

-

-

-

-

-

-

Gain on sale of real estate

633

0

0

-

-

-

-

-

-

-

-

Stock-based compensation expense

4,477

3,039

4,735

2,414

-

-

-

-

-

-

-

Settlement of forward interest rate swap agreement

513

0

10,667

0

-

-

-

-

-

-

-

Lease termination income

4,518

0

0

-

-

-

-

-

-

-

-

Other noncash interest expense

1,304

1,279

1,114

-231

-

-

-

-

-

-

-

Other, net

-6,497

-383

-901

769

-

-

-

-

-

-

-

Change in accounts receivable

1,071

336

1,116

2,347

-

-

-

-

-

-

-

Change in other assets

2,420

227

499

982

-

-

-

-

-

-

-

Change in accounts payable and accrued expenses

5,956

-3,297

7,632

1,371

-

-

-

-

-

-

-

Change in security deposits payable

-971

2,274

456

158

-

-

-

-

-

-

-

Change in other liabilities and deferred credits

-3,585

1,282

270

2,275

-

-

-

-

-

-

-

Net cash provided by operating activities

153,816

136,507

145,853

120,681

-

-

-

-

-

-

-

Acquisition of real estate, net

507,780

0

278,141

0

-

-

-

-

-

-

-

Capital expenditures

88,327

54,411

47,496

59,633

-

-

-

-

-

-

-

Proceeds from sale of real estate, net of selling costs

8,191

0

0

-

-

-

-

-

-

-

-

Leasing commissions

11,267

9,936

4,927

3,572

-

-

-

-

-

-

-

Net cash used in investing activities

-599,183

-64,347

-330,564

-63,205

-

-

-

-

-

-

-

Repayment of secured notes payable

20,762

97,124

167,139

136,974

-

-

-

-

-

-

-

Proceeds from unsecured term loan

-

-

-

150,000

-

-

-

-

-

-

-

Proceeds from unsecured line of credit

59,000

84,000

173,000

34,000

-

-

-

-

-

-

-

Repayment of unsecured line of credit

123,000

20,000

193,000

44,000

-

-

-

-

-

-

-

Proceeds from issuance of unsecured notes payable

150,000

0

450,000

0

-

-

-

-

-

-

-

Debt issuance costs

1,103

2,727

2,401

2,055

-

-

-

-

-

-

-

Contributions from American Assets Trust, Inc.

515,354

-236

29,873

9,640

-

-

-

-

-

-

-

Dividends paid to common stock and unitholders

80,605

70,228

67,537

64,077

-

-

-

-

-

-

-

Shares withheld for employee taxes

1,338

527

882

807

-

-

-

-

-

-

-

Net cash used in financing activities

497,546

-106,842

221,914

-54,273

-

-

-

-

-

-

-

Net (decrease) increase in cash and cash equivalents

52,179

-34,682

37,203

3,203

-

-

-

-

-

-

-