9 unchanged sentences
Distribution Policy
−Removed: We pay and intend to continue to pay regular quarterly dividends to holders of our common stock and unitholders of our Operating Partnership and to make dividend distributions that will enable us to meet the distribution requirements applicable to REITs and to eliminate or minimize our obligation to pay income and excise taxes.
+Added: We pay and intend to continue to pay regular quarterly dividends to holders of our common stock and distributions to unitholders of our Operating Partnership and to make dividend distributions that will enable us to meet the distribution requirements applicable to REITs and to eliminate or minimize our obligation to pay income and excise taxes.
Dividend amounts depend on our available cash flows, financial condition and capital requirements, the annual distribution requirements under the REIT provisions of the Code and such other factors as our board of directors deems relevant.
7 unchanged sentences
The information below shall not be deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C, other than as provided in Item 201 of Regulation S-K, or to the liabilities of Section 18 of the Exchange Act, except to the extent we specifically request that such information be treated as soliciting material or specifically incorporate it by reference into a filing under the Securities Act or the Exchange Act.
−Removed: The graph below compares the cumulative total return on the company’s common stock with that of the Standard & Poor's 500 Stock Index, or S&P 500 Index, and an industry peer group, SNL US REIT Equity Index from December 31, 2016 through December 31, 2021.
+Added: The graph below compares the cumulative total return on the company’s common stock with that of the Standard & Poor's 500 Stock Index, or S&P 500 Index, and an industry peer group, S&P 600 Real Estate Index from December 31, 2017 through December 31, 2022.
+Added: We changed our industry index comparison to be consistent with the index comparison in our long-term equity incentive awards and also due to the change in our overall portfolio with the acquisition, development and redevelopment of multiple office projects.
+Added: Our previous industry peer group was Dow Jones Equity All REIT Index, since the SNL US REIT Equity Index was retired in August 2021.
The stock price performance graph assumes that an investor invested $100 in each of American Assets Trust, Inc.
2 unchanged sentences
shares of common stock.
−Removed: SELECTED FINANCIAL DATA
−Removed: The following tables set forth, on a historical basis, selected financial and operating data.
−Removed: The financial information has been derived from our consolidated balance sheets and statements of operations.
−Removed: You should read the following summary selected financial data in conjunction with “Item 7.
−Removed: Management's Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8.
−Removed: Financial Statements and Supplementary Data.” The following data is in thousands, except per share and share data.
−Removed: American Assets Trust, Inc.
−Removed: Year Ended December 31,
−Removed: 2021 2020 2019 2018 2017
−Removed: Statement of Operations Data:
−Removed: Rental income $ 360,208 $ 330,312 $ 343,865 $ 309,537 $ 298,803
−Removed: Other property income 15,620 14,261 22,876 21,330 16,180
−Removed: Total revenues 375,828 344,573 366,741 330,867 314,983
−Removed: Rental expenses 86,980 79,178 91,967 86,482 84,006
−Removed: Real estate taxes 42,794 41,941 40,013 34,973 32,671
−Removed: General and administrative 29,879 26,581 24,871 22,784 21,382
−Removed: Depreciation and amortization 116,306 108,292 96,205 107,093 83,278
−Removed: Total operating expenses 275,959 255,992 253,056 251,332 221,337
−Removed: Operating income 99,869 88,581 113,685 79,535 93,646
−Removed: Interest expense (58,587) (53,440) (54,008) (52,248) (53,848)
−Removed: Loss on early extinguishment of debt (4,271) — — — —
−Removed: Gain on sale of real estate — — 633 — —
−Removed: Other income (expense), net (418) 447 (122) (85) 334
−Removed: Net income 36,593 35,588 60,188 27,202 40,132
−Removed: Net income attributable to restricted shares (564) (383) (381) (311) (241)
−Removed: Net income attributable to unitholders in the Operating Partnership
−Removed: (7,653) (7,545) (14,089) (7,205) (10,814)
−Removed: Net income attributable to American Assets Trust, Inc.
−Removed: $ 28,376 $ 27,660 $ 45,718 $ 19,686 $ 29,077
−Removed: Net income attributable to common stockholders per share
−Removed: Basic earnings per share $ 0.47 $ 0.46 $ 0.84 $ 0.42 $ 0.62
−Removed: Diluted earnings per share $ 0.47 $ 0.46 $ 0.84 $ 0.42 $ 0.62
−Removed: Weighted average shares of common stock outstanding - basic
−Removed: 59,990,740 59,806,309 54,110,949 46,950,812 46,715,520
−Removed: Weighted average shares of common stock outstanding - diluted
−Removed: 76,172,277 76,119,763 70,786,132 64,136,559 64,087,250
−Removed: Dividends declared per share $ 1.16 $ 1.00 $ 1.14 $ 1.09 $ 1.05
−Removed: American Assets Trust, Inc.
−Removed: Year Ended December 31,
−Removed: 2021 2020 2019 2018 2017
−Removed: Balance Sheet Data:
−Removed: Net real estate $ 2,681,981 $ 2,492,734 $ 2,523,475 $ 2,039,853 $ 2,076,707
−Removed: Total assets 3,017,927 2,817,309 2,790,333 2,198,250 2,259,864
−Removed: Notes payable and line of credit 1,649,203 1,406,751 1,357,659 1,290,772 1,325,020
−Removed: Total liabilities 1,807,804 1,563,903 1,496,661 1,395,779 1,415,720
−Removed: Stockholders' equity 1,238,964 1,271,442 1,313,917 802,977 833,710
−Removed: Noncontrolling interests (28,841) (18,036) (20,245) (506) 10,434
−Removed: Total equity 1,210,123 1,253,406 1,293,672 802,471 844,144
−Removed: Total liabilities and equity 3,017,927 2,817,309 2,790,333 2,198,250 2,259,864
−Removed: Funds from operations (FFO) (1)
−Removed: $ 152,899 $ 143,880 $ 155,760 $ 134,295 $ 123,410
−Removed: FFO attributable to common stock and units 152,342 143,503 155,384 133,990 123,174
−Removed: (1) We present FFO because we consider FFO an important supplemental measure of our operating performance and we believe it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs, many of which present FFO when reporting their results.
−Removed: We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT.
−Removed: FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.
−Removed: FFO is a supplemental non-GAAP financial measure.
−Removed: Management uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring our operational performance.
−Removed: Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.
−Removed: We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs.
−Removed: However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.
−Removed: In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO.
−Removed: Accordingly, FFO should be considered only as a supplement to net income as a measure of our performance.
−Removed: FFO should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness.
−Removed: FFO also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.
−Removed: The following table sets forth a reconciliation of our FFO to net income, the nearest GAAP equivalent, for the periods presented (in thousands)
−Removed: Year Ended December 31,
−Removed: 2021 2020 2019 2018 2017
−Removed: Net income $ 36,593 $ 35,588 $ 60,188 $ 27,202 $ 40,132
−Removed: Real estate depreciation and amortization 116,306 108,292 96,205 107,093 83,278
−Removed: Gain on sale of real estate — — (633) — —
−Removed: Funds from operations, as defined by NAREIT 152,899 143,880 155,760 134,295 123,410
−Removed: Nonforfeitable dividends on restricted stock awards (557) (377) (376) (305) (236)
−Removed: FFO attributable to common stock and units $ 152,342 $ 143,503 $ 155,384 $ 133,990 $ 123,174
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.