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AMERICAN ASSETS TRUST American Assets Trust , Inc. Reports First Quarter 2021 Financial Results and COVID - 19 Operational Update Net income available to common stockholders of $ 1.3 million for the first quarter , or $ 0.02 per diluted share Funds From Operations per diluted share decreased 32 % year - over - year for the first quarter , to $ 0.38 per diluted share Collected 93 % to date of rents that were due during the first quarter of 2021 SAN DIEGO , California - 4/27/2021 - American Assets Trust , Inc. ( NYSE : AAT ) ( the " company " ) today reported financial results for its first quarter ended March 31 , 2021 . First Quarter Highlights • • • • • • • • • • Net income available to common stockholders of $ 1.3 million for the first quarter , or $ 0.02 per diluted share . Funds From Operations decreased 32 % year - over - year to $ 0.38 per diluted share for the first quarter . Same - store cash NOI decreased 4.5 % year - over - year for the first quarter . Excluding lease termination fees , same - store cash NOI would have been ( 3.9 ) % . For the three months ended March 31 , 2021 , we have collected 99 % of office rents , 84 % of retail rents ( including the retail component of Waikiki Beach Walk ) and 95 % of multifamily rents , that were due during the first quarter . Total collections increased to 93 % in the first quarter of 2021 compared to 92 % in the fourth quarter of 2021 , 90 % in the third quarter of 2020 and 87 % in the second quarter of 2020 . Leased approximately 65,000 comparable office square feet at an average straight - line basis and cash - basis contractual rent increase of 1 % and decrease of 2 % , respectively , for the first quarter . Leased approximately 46,000 comparable retail square feet at an average straight - line basis and cash - basis contractual rent decrease of 5 % and decrease of 8 % , respectively , for the first quarter . Closed inaugural public bond offering of $ 500 million in principal amount of 3.375 % senior unsecured notes due 2031 . With proceeds from the inaugural public bond offering , we repaid the $ 150 million Senior Guaranteed Notes , Series A , with make - whole payment thereon , and the $ 100 million outstanding on our revolving line of credit . As of March 31 , 2021 , cash on the balance sheet was approximately $ 380 million with no debt obligations maturing during the remainder of 2021 . Financial Results Net income attributable to common stockholders was $ 1.3 million , or $ 0.02 per basic and diluted share for the three months ended March 31 , 2021 compared to $ 12.1 million , or $ 0.20 per basic and diluted share for the three months ended March 31 , 2020. The year - over - year decrease in net income attributable to common stockholders is primarily due to ( i ) a $ 4.3 million debt extinguishment charge related to the repayment of the company's Senior Guaranteed Notes , Series A on January 26 , 2021 , ( ii ) a $ 2.8 million decrease in rental revenue for tenants who were changed to cash basis of revenue recognition during 2020 as the collectability was determined to be no longer probable for certain tenants at Alamo Quarry Market , Carmel Mountain Plaza , Del Monte Center , The Shops at Kalakaua , and Waikiki Beach Walk Retail , in large part due to , collection challenges with our movie theatres and gyms and a reduction in Hawaii tourism , and ( iii ) a decrease in revenue at our Waikiki Beach Walk Retail and Embassy Suites Hotel due to the COVID - 19 pandemic causing a decline in occupancy , partially offset by an incremental increase in annualized base rents at La Jolla Commons , City Center Bellevue , and Torrey Reserve Campus . 1