SAN DIEGO—San Diego-based American Assets Trust posted a quiet quarter as the company continues to make progress on NAV-enhancing redevelopments in Portland and San Diego. So says research firm MLV & Co., which analyzed the firm’s recent Q1 earnings.
“The lease expiration of Foodland in Waikele and the move-out of Tax & Treasury at First & Main in Portland are having a transitory impact on ss-NOI, which dipped slightly year-over-year,” explains Paul Morgan, a senior analyst at MLV & Co. “Despite quiet transactions activity and the (anticipated) dip in ss-NOI, the stock’s 9% NAV discount, high-quality portfolio, and accretive redevelopments mitigate valuation downside, in our view.”
For RBC Capital Markets, American Assets Trust earnings saw healthy results led my multifamily and mixed use. “American Assets reported 1Q14 results that were generally right in line with our expectations. For the quarter, the company posted FFO/share of $0.39 which met our estimate and consensus.”
RCS Capital Markets continues to rate shares of American Assets to materially outperform sector average over 12 months.