American Assets Trust, Inc. (NYSE: AAT) (the “company”) today
reported financial results for its first quarter ended
March 31, 2022.
First Quarter Highlights
- Net
income available to common stockholders of $10.5 million for the
first quarter, or $0.18 per diluted share.
- Funds
From Operations ("FFO") increased 50% year-over-year to $0.57 per
diluted share for the first quarter.
-
Same-store cash Net Operating Income ("NOI") increased
18.3% year-over-year for the first quarter.
-
Increased 2022 FFO per diluted share guidance to a range of
$2.13 to $2.21 with a midpoint of $2.17, an approximately 2%
increase over the initial 2022 guidance midpoint of
$2.13.
- Leased
approximately 104,000 comparable office square feet at an average
straight-line basis and cash-basis contractual rent increase of 18%
and 13%, respectively, during the first quarter.
- Leased
approximately 78,000 comparable retail square feet at an average
straight-line basis and cash-basis contractual rent increase of 14%
and decrease of 6%, respectively, during the first
quarter.
Amended and Restated Credit
Facility
- In January 2022, the credit
facility was amended and restated to, among other things, increase
the borrowing capacity to $400 million, extend the maturity date
for revolving line of credit and $100 million term loan to January
5, 2026 and January 5, 2027, respectively and transition from LIBOR
to SOFR.
Acquisition Activity
- Acquired Bel-Spring 520 on
March 8, 2022, consisting of approximately 93,000 square foot,
multi-tenant office campus located less than five minutes away from
downtown Bellevue, Washington for approximately $46
million.
Financial Results
Net income attributable to common stockholders
was $10.5 million, or $0.18 per basic and diluted share for the
three months ended March 31, 2022 compared to $1.3 million, or
$0.02 per basic and diluted share for the three months ended
March 31, 2021. The year-over-year increase in net income
attributable to common stockholders is primarily due to (i) a $2.4
million net increase in income at our Waikiki Beach Walk - Embassy
Suites due to increased tourism into Hawaii, (ii) a $4.9 million
net increase in retail revenue (including the retail portion of our
mixed-use portfolio), due to tenants who changed to alternate rent
or cash basis of revenue recognition (with some of these tenants
later reverting back to contractual basic monthly rent), and (iii)
a $4.3 million debt extinguishment charge related to the repayment
of the company's Senior Guaranteed Notes, Series A on January 26,
2021, not incurred in 2022.
During the first quarter of 2022, the company
generated FFO for common stock and common units of $43.8 million,
or $0.57 per diluted share and unit, compared to $29.1 million, or
$0.38 per diluted share and unit, for the three months ended March
31, 2021. The increase in FFO from the corresponding period in 2021
was primarily due to an increase in revenue at our Waikiki Beach
Walk - Embassy SuitesTM, and an increase in revenue in our retail
segment. Additionally, there was an increase in FFO from our recent
acquisitions of Eastgate Office Park and Corporate Campus East III
in July 2021 and September 2021, respectively, and Bel-Spring 520
in March 2022. Additionally, there was an increase in FFO related
to the above described 2021 debt extinguishment charge.
FFO is a non-GAAP supplemental earnings measure
which the company considers meaningful in measuring its operating
performance. A reconciliation of FFO to net income is attached to
this press release.
Leasing
The portfolio leased status as of the end of the
indicated quarter was as
follows:
|
March 31, 2022 |
December 31, 2021 |
March 31, 2021 |
Total Portfolio |
|
|
|
Office |
91.5% |
90.4% |
91.4% |
Retail |
92.2% |
92.6% |
90.8% |
Multifamily |
94.8% |
96.0% |
91.9% |
Mixed-Use: |
|
|
|
Retail |
94.3% |
89.6% |
88.2% |
Hotel |
72.8% |
66.4% |
47.5% |
|
|
|
|
Same-Store Portfolio |
|
|
Office (1) |
95.6% |
93.6% |
93.7% |
Retail |
92.2% |
92.6% |
90.8% |
Multifamily |
94.8% |
96.0% |
91.9% |
Mixed-Use: |
|
|
|
Retail |
94.3% |
89.6% |
88.2% |
Hotel |
72.8% |
66.4% |
47.5% |
(1) |
|
Same-store office leased
percentages excludes (i) One Beach Street due to significant
redevelopment activity; (ii) Eastgate Office Park which was
acquired on July 7, 2021; (iii) Corporate Campus East III which was
acquired on September 10, 2021; (iv) Bel-Spring 520 which was
acquired on March 8, 2022 and (v) land held for development. |
During the first quarter of 2022, the company
signed 39 leases for approximately 257,700 square feet of office
and retail space, as well as 295 multifamily apartment leases.
Renewals accounted for 80% of the comparable office leases, 94% of
the comparable retail leases, and 60% of the residential
leases.
Office and RetailOn a comparable space basis
(i.e. leases for which there was a former tenant) during the first
quarter of 2022 and trailing four quarters ended March 31,
2022, our retail and office leasing spreads are shown below:
|
|
Number of Leases Signed |
Comparable Leased Sq. Ft. |
Average Cash Basis % Change Over Prior Rent |
Average Cash Contractual Rent Per Sq. Ft. |
Prior Average Cash Contractual Rent Per Sq.
Ft. |
Straight-Line Basis % Change Over Prior Rent |
Office |
Q1 2022 |
10 |
104,000 |
12.5% |
$77.58 |
$68.94 |
17.6% |
Last 4 Quarters |
38 |
228,000 |
13.1% |
$61.25 |
$54.16 |
19.1% |
|
|
|
|
|
|
|
|
Retail |
Q1 2022 |
16 |
78,000 |
(5.8)% |
$35.05 |
$37.20 |
13.5% |
Last 4 Quarters |
81 |
365,000 |
(10.8)% |
$39.43 |
$44.20 |
(1.6)% |
MultifamilyThe average monthly base rent per
leased unit for multifamily properties for the first quarter of
2022 was $2,217 compared to an average monthly base rent per leased
unit of $2,174 for the first quarter of 2021, which is an increase
of approximately 2%.
Same-Store Cash Net Operating
Income
For the three months ended March 31, 2022,
same-store cash NOI increased 18.3% compared to the three months
ended March 31, 2021. The same-store cash NOI by segment was as
follows (in thousands):
|
Three Months Ended (1) |
|
|
|
|
March 31, |
|
|
|
|
2022 |
|
2021 |
|
Change |
Cash Basis: |
|
|
|
|
|
|
Office |
$ |
29,488 |
|
$ |
26,291 |
|
12.2 |
% |
Retail |
|
16,694 |
|
|
16,290 |
|
2.5 |
|
Multifamily |
|
8,021 |
|
|
7,107 |
|
12.9 |
|
Mixed-Use |
|
4,602 |
|
|
1 |
|
460,100.0 |
|
Same-store Cash NOI |
$ |
58,805 |
|
$ |
49,689 |
|
18.3 |
% |
(1) |
|
Same-store portfolio excludes (i)
One Beach Street, due to significant redevelopment activity; (ii)
Eastgate Office Park which was acquired on July 7, 2021; (iii)
Corporate Campus East III which was acquired on September 10, 2021;
(iv) Bel-Spring 520 which was acquired on March 8, 2022 and (v)
land held for development. |
Same-store cash NOI is a non-GAAP supplemental
earnings measure which the company considers meaningful in
measuring its operating performance. A reconciliation of same-store
cash NOI to net income is attached to this press release.
Credit Facility
On January 5, 2022, our credit facility was
amended and restated to, among other things, increase the revolving
line of credit from $350 million to $400 million, extend the
maturity date of the amended $400 million revolving line of credit
to January 5, 2026 (with two, six-month extension options), and
extend the maturity of the $100 million term loan ("2022 Term Loan
A") included within the credit facility to January 5, 2027 (with no
further extension options). On January 14, 2022, the company
entered into interest rate swap agreements that are intended to fix
the interest rate associated with the 2022 Term Loan A at
approximately 2.70% through January 5, 2027, subject to adjustments
based on our consolidated leverage ratio.
Balance Sheet and Liquidity
At March 31, 2022, the company had gross
real estate assets of $3.6 billion and liquidity of $473.6 million,
comprised of cash and cash equivalents of $73.6 million and $400.0
million of availability on its line of credit. At March 31,
2022, the company has only 1 out of 31 assets encumbered by a
mortgage.
Dividends
The company declared dividends on its shares of
common stock of $0.32 per share for the first quarter of 2022. The
dividends were paid on March 24, 2022.
In addition, the company has declared a dividend
on its common stock of $0.32 per share for the second quarter of
2022. The dividend will be paid in cash on June 23, 2022
to stockholders of record on June 9, 2022.
Guidance
The company increased its 2022 FFO per diluted
share guidance to a range of $2.13 to $2.21 per share, an increase
of approximately 2% at midpoint from the initial 2022 FFO per
diluted share guidance range of $2.09 to $2.17 per share.
The company's guidance excludes any impact from
future acquisitions, dispositions, equity issuances or repurchases,
debt financings or repayments. Management will discuss the
company's guidance in more detail on tomorrow's earnings call. The
foregoing estimates are forward-looking and reflect management's
view of current and future market conditions, including certain
assumptions with respect to leasing activity, rental rates,
occupancy levels, interest rates, credit spreads and the amount and
timing of acquisition and development activities. The company's
actual results may differ materially from these estimates.
Conference Call
The company will hold a conference call to
discuss the results for the first quarter of 2022 on Wednesday,
April 27, 2022 at 8:00 a.m. Pacific Time (“PT”). To
participate in the event by telephone, please dial 1-877-868-5513
and use the pass code 8999043. A telephonic replay of the
conference call will be available beginning at 2:00 p.m. PT on
Wednesday, April 27, 2022 through Wednesday, May 4, 2022.
To access the replay, dial 1-855-859-2056 and use the pass code
8999043. A live on-demand audio webcast of the conference call will
be available on the company's website at
www.americanassetstrust.com. A replay of the call will also be
available on the company's website.
Supplemental Information
Supplemental financial information regarding the
company's first quarter 2022 results may be found on the "Financial
Reporting" tab of the “Investors” page of the company's website at
www.americanassetstrust.com. This supplemental information provides
additional detail on items such as property occupancy, financial
performance by property and debt maturity schedules.
Financial
InformationAmerican Assets Trust,
Inc.Consolidated Balance
Sheets(In Thousands, Except Share
Data)
|
March 31, 2022 |
|
December 31, 2021 |
Assets |
(unaudited) |
|
|
Real estate, at cost |
|
|
|
|
|
Operating real estate |
$ |
3,440,692 |
|
|
$ |
3,389,726 |
|
Construction in progress |
|
159,066 |
|
|
|
139,098 |
|
Held for development |
|
547 |
|
|
|
547 |
|
|
|
3,600,305 |
|
|
|
3,529,371 |
|
Accumulated depreciation |
|
(868,848 |
) |
|
|
(847,390 |
) |
Real estate, net |
|
2,731,457 |
|
|
|
2,681,981 |
|
Cash and cash equivalents |
|
73,573 |
|
|
|
139,524 |
|
Accounts receivable, net |
|
7,876 |
|
|
|
7,445 |
|
Deferred rent receivables, net |
|
85,551 |
|
|
|
82,724 |
|
Other assets, net |
|
112,677 |
|
|
|
106,253 |
|
Total assets |
$ |
3,011,134 |
|
|
$ |
3,017,927 |
|
Liabilities and equity |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Secured notes payable, net |
$ |
110,976 |
|
|
$ |
110,965 |
|
Unsecured notes payable, net |
|
1,538,052 |
|
|
|
1,538,238 |
|
Unsecured line of credit, net |
|
— |
|
|
|
— |
|
Accounts payable and accrued expenses |
|
68,797 |
|
|
|
64,531 |
|
Security deposits payable |
|
8,280 |
|
|
|
7,855 |
|
Other liabilities and deferred credits, net |
|
79,142 |
|
|
|
86,215 |
|
Total liabilities |
|
1,805,247 |
|
|
|
1,807,804 |
|
Commitments and contingencies |
|
|
|
|
|
Equity: |
|
|
|
|
|
American Assets Trust, Inc. stockholders' equity |
|
|
|
|
|
Common stock, $0.01 par value, 490,000,000 shares authorized,
60,522,043 and 60,525,580 shares issued and outstanding at March
31, 2022 and December 31, 2021, respectively |
|
605 |
|
|
|
605 |
|
Additional paid-in capital |
|
1,454,746 |
|
|
|
1,453,272 |
|
Accumulated dividends in excess of net income |
|
(226,474 |
) |
|
|
(217,785 |
) |
Accumulated other comprehensive income |
|
7,063 |
|
|
|
2,872 |
|
Total American Assets Trust, Inc. stockholders' equity |
|
1,235,940 |
|
|
|
1,238,964 |
|
Noncontrolling interests |
|
(30,053 |
) |
|
|
(28,841 |
) |
Total equity |
|
1,205,887 |
|
|
|
1,210,123 |
|
Total liabilities and equity |
$ |
3,011,134 |
|
|
$ |
3,017,927 |
|
American Assets Trust,
Inc.Unaudited Consolidated Statements of
Operations(In Thousands, Except Shares and Per
Share Data)
|
Three Months Ended March 31, |
|
2022 |
|
2021 |
Revenue: |
|
|
|
Rental income |
$ |
96,986 |
|
|
$ |
81,130 |
|
Other property income |
|
4,484 |
|
|
|
2,856 |
|
Total revenue |
|
101,470 |
|
|
|
83,986 |
|
Expenses: |
|
|
|
Rental expenses |
|
24,145 |
|
|
|
18,246 |
|
Real estate taxes |
|
11,429 |
|
|
|
11,354 |
|
General and administrative |
|
7,142 |
|
|
|
6,823 |
|
Depreciation and amortization |
|
30,412 |
|
|
|
27,501 |
|
Total operating expenses |
|
73,128 |
|
|
|
63,924 |
|
Operating income |
|
28,342 |
|
|
|
20,062 |
|
Interest expense |
|
(14,666 |
) |
|
|
(14,005 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
(4,271 |
) |
Other (expense) income, net |
|
(162 |
) |
|
|
(53 |
) |
Net income |
|
13,514 |
|
|
|
1,733 |
|
Net income attributable to restricted shares |
|
(155 |
) |
|
|
(137 |
) |
Net income attributable to unitholders in the Operating
Partnership |
|
(2,836 |
) |
|
|
(339 |
) |
Net income attributable to American Assets Trust, Inc.
stockholders |
$ |
10,523 |
|
|
$ |
1,257 |
|
|
|
|
|
Net income per share |
|
|
|
Basic income attributable to common stockholders per share |
$ |
0.18 |
|
|
$ |
0.02 |
|
Weighted average shares of common stock outstanding - basic |
|
60,038,683 |
|
|
|
59,984,335 |
|
|
|
|
|
Diluted income attributable to common stockholders per share |
$ |
0.18 |
|
|
$ |
0.02 |
|
Weighted average shares of common stock outstanding - diluted |
|
76,220,220 |
|
|
|
76,165,872 |
|
|
|
|
|
Dividends declared per common share |
$ |
0.32 |
|
|
$ |
0.28 |
|
Reconciliation of Net Income to Funds
From OperationsThe company's FFO attributable to common
stockholders and operating partnership unitholders and
reconciliation to net income is as follows (in thousands except
shares and per share data, unaudited):
|
Three Months Ended |
|
March 31, 2022 |
Funds From Operations (FFO) |
|
|
Net income |
$ |
13,514 |
|
Depreciation and amortization of real estate assets |
|
30,412 |
|
FFO, as defined by NAREIT |
$ |
43,926 |
|
Less: Nonforfeitable dividends on restricted stock awards |
|
(153 |
) |
FFO attributable to common stock and units |
$ |
43,773 |
|
FFO per diluted share/unit |
$ |
0.57 |
|
Weighted average number of common shares and units, diluted |
|
76,224,367 |
|
Reconciliation of Same-Store Cash NOI to
Net IncomeThe company's reconciliation of Same-Store Cash
NOI to Net Income is as follows (in thousands, unaudited):
|
Three Months Ended (1) |
|
March 31, |
|
2022 |
|
2021 |
Same-store cash NOI |
|
58,805 |
|
|
$ |
49,689 |
|
Non-same-store cash NOI |
|
2,473 |
|
|
|
25 |
|
Tenant improvement reimbursements (2) |
|
158 |
|
|
|
69 |
|
Cash NOI |
$ |
61,436 |
|
|
$ |
49,783 |
|
Non-cash revenue and other operating expenses (3) |
|
4,460 |
|
|
|
4,603 |
|
General and administrative |
|
(7,142 |
) |
|
|
(6,823 |
) |
Depreciation and amortization |
|
(30,412 |
) |
|
|
(27,501 |
) |
Interest expense |
|
(14,666 |
) |
|
|
(14,005 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
(4,271 |
) |
Other (expense) income, net |
|
(162 |
) |
|
|
(53 |
) |
Net income |
$ |
13,514 |
|
|
$ |
1,733 |
|
|
|
|
|
Number of properties included in same-store analysis |
|
27 |
|
|
|
25 |
|
(1) |
|
Same-store portfolio excludes (i)
One Beach Street, due to significant redevelopment activity; (ii)
Eastgate Office Park which was acquired on July 7, 2021; (iii)
Corporate Campus East III which was acquired on September 10, 2021;
(iv) Bel-Spring 520 which was acquired on March 8, 2022 and (v)
land held for development. |
(2) |
|
Tenant improvement reimbursements
are excluded from same-store cash NOI to provide a more accurate
measure of operating performance. |
(3) |
|
Represents adjustments related to
the straight-line rent income recognized during the period offset
by cash received during the period and the provision for bad debts
recorded for deferred rent receivable balances; net change in lease
receivables (solely with respect to Q2 2020 through Q4 2021), the
amortization of above (below) market rents, the amortization of
lease incentives paid to tenants, the amortization of other lease
intangibles, and straight-line rent expense for our lease of the
Annex at The Landmark at One Market. |
Reported results are preliminary and not final
until the filing of the company's Form 10-Q with the Securities and
Exchange Commission and, therefore, remain subject to
adjustment.
Use of Non-GAAP
InformationFunds from OperationsThe company calculates FFO
in accordance with the standards established by the National
Association of Real Estate Investment Trusts ("NAREIT"). FFO
represents net income (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.
FFO is a supplemental non-GAAP financial
measure. Management uses FFO as a supplemental performance measure
because it believes that FFO is beneficial to investors as a
starting point in measuring the company's operational performance.
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. The company also believes that, as a widely
recognized measure of the performance of REITs, FFO will be used by
investors as a basis to compare the company's operating performance
with that of other REITs. However, because FFO excludes
depreciation and amortization and captures neither the changes in
the value of the company's properties that result from use or
market conditions nor the level of capital expenditures and leasing
commissions necessary to maintain the operating performance of the
company's properties, all of which have real economic effects and
could materially impact the company's results from operations, the
utility of FFO as a measure of the company's performance is
limited. In addition, other equity REITs may not calculate FFO in
accordance with the NAREIT definition as the company does, and,
accordingly, the company's FFO may not be comparable to such other
REITs' FFO. Accordingly, FFO should be considered only as a
supplement to net income as a measure of the company's performance.
FFO should not be used as a measure of the company's liquidity, nor
is it indicative of funds available to fund the company's cash
needs, including the company's ability to pay dividends or service
indebtedness. FFO also should not be used as a supplement to or
substitute for cash flow from operating activities computed in
accordance with GAAP.
Cash Net Operating IncomeThe company uses NOI
internally to evaluate and compare the operating performance of the
company's properties. The company believes cash NOI provides
useful information to investors regarding the company's financial
condition and results of operations because it reflects only those
income and expense items that are incurred at the property level,
and when compared across periods, can be used to determine trends
in earnings of the company's properties as this measure is not
affected by (1) the non-cash revenue and expense recognition items,
(2) the cost of funds of the property owner, (3) the
impact of depreciation and amortization expenses as well as gains
or losses from the sale of operating real estate assets that are
included in net income computed in accordance with GAAP or
(4) general and administrative expenses and other gains and
losses that are specific to the property owner. The company
believes the exclusion of these items from net income is useful
because the resulting measure captures the actual revenue generated
and actual expenses incurred in operating the company's properties
as well as trends in occupancy rates, rental rates and operating
costs. Cash NOI is a measure of the operating performance of
the company's properties but does not measure the company's
performance as a whole. Cash NOI is therefore not a substitute for
net income as computed in accordance with GAAP.
Cash NOI is a non-GAAP financial measure of
performance. The company defines cash NOI as operating revenues
(rental income, tenant reimbursements, lease termination fees,
ground lease rental income and other property income) less property
and related expenses (property expenses, ground lease expense,
property marketing costs, real estate taxes and insurance),
adjusted for non-cash revenue and operating expense items such as
straight-line rent, net change in lease receivables (solely with
respect to Q2 2020 through Q4 2021), amortization of lease
intangibles, amortization of lease incentives and other
adjustments. Cash NOI also excludes general and administrative
expenses, depreciation and amortization, interest expense, other
nonproperty income and losses, acquisition-related expense, gains
and losses from property dispositions, extraordinary items, tenant
improvements, and leasing commissions. Other REITs may use
different methodologies for calculating cash NOI, and accordingly,
the company's cash NOI may not be comparable to the cash NOIs of
other REITs.
About American Assets Trust,
Inc.American Assets Trust, Inc. is a full service,
vertically integrated and self-administered real estate investment
trust ("REIT"), headquartered in San Diego, California. The company
has over 50 years of experience in acquiring, improving,
developing and managing premier office, retail, and residential
properties throughout the United States in some of the
nation’s most dynamic, high-barrier-to-entry markets primarily
in Southern California, Northern California,
Washington, Oregon, Texas and Hawaii. The company's
office portfolio comprises approximately 4.0 million rentable
square feet, and its retail portfolio comprises approximately 3.1
million rentable square feet. In addition, the company owns one
mixed-use property (including approximately 94,000 rentable square
feet of retail space and a 369-room all-suite hotel) and 2,112
multifamily units. In 2011, the company was formed to succeed to
the real estate business of American Assets, Inc., a privately held
corporation founded in 1967 and, as such, has significant
experience, long-standing relationships and extensive knowledge of
its core markets, submarkets and asset classes. For additional
information, please visit www.americanassetstrust.com.
Forward Looking StatementsThis
press release may contain forward-looking statements within the
meaning of the federal securities laws, which are based on current
expectations, forecasts and assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” or
“potential” or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters. The
following factors, among others, could cause actual results and
future events to differ materially from those set forth or
contemplated in the forward-looking statements: the impact of
epidemics, pandemics, or other outbreaks of illness, disease or
virus (such as the outbreak of COVID-19 and its variants) and the
actions taken by government authorities and others related thereto,
including the ability of our company, our properties and our
tenants to operate; adverse economic or real estate developments in
our markets; our failure to generate sufficient cash flows to
service our outstanding indebtedness; defaults on, early
terminations of or non-renewal of leases by tenants, including
significant tenants; difficulties in identifying properties to
acquire and completing acquisitions; difficulties in completing
dispositions; our failure to successfully operate acquired
properties and operations; our inability to develop or redevelop
our properties due to market conditions; fluctuations in interest
rates and increased operating costs; risks related to joint venture
arrangements; our failure to obtain necessary outside financing;
on-going litigation; general economic conditions; financial market
fluctuations; risks that affect the general retail, office,
multifamily and mixed-use environment; the competitive environment
in which we operate; decreased rental rates or increased vacancy
rates; conflicts of interests with our officers or directors; lack
or insufficient amounts of insurance; environmental uncertainties
and risks related to adverse weather conditions and natural
disasters; other factors affecting the real estate industry
generally; limitations imposed on our business and our ability to
satisfy complex rules in order for us to continue to qualify as a
REIT for U.S. federal income tax purposes; and changes in
governmental regulations or interpretations thereof, such as real
estate and zoning laws and increases in real property tax rates and
taxation of REITs. While forward-looking statements reflect the
company's good faith beliefs, assumptions and expectations, they
are not guarantees of future performance. For a further discussion
of these and other factors that could cause the company's future
results to differ materially from any forward-looking statements,
see the section entitled “Risk Factors” in the company's most
recent annual report on Form 10-K, and other risks described in
documents subsequently filed by the company from time to time with
the Securities and Exchange Commission. The company disclaims any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
of new information, data or methods, future events or other
changes.
Source: American Assets Trust,
Inc.
Investor and Media
Contact:American Assets TrustRobert F. BartonExecutive
Vice President and Chief Financial Officer858-350-2607
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