American Assets Trust, Inc. (NYSE:AAT) Q1 2023 Earnings Call Transcript

Ernest Rady: Bob said earlier that our target is to reduce our net debt to EBITDA. We also are a midsized REIT, but on the small side, we’d like to get larger if we could, for the economies of scale. Stock repurchases are really not on our agenda.

Michael Manos: And then one just quick follow-up. Kind of in the local media mileage tax has been proposed in San Diego. Curious if you guys have any insight to that? And then how that may potentially impact both your office, retail and multifamily portfolios?

Ernest Rady: I can answer that personally, and I think it’s preposterous and probably won’t get passed, but you never know. Government has done things that have surprised us all. And I would be surprised if that passed.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Ernest Rady for any closing remarks.

Ernest Rady: Thanks particularly to the management on this call, you’re exceptional and your much appreciated and much admired. And for the questions of our investors, we appreciate your interest, and we hope you maintain that interest, and we hope we continue to satisfy you. Thank you all for your participation, and look forward to seeing you soon.

Operator: This conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.