Net revenue out there to frequent stockholders of $2.9 million and $27.7 million for the three months and 12 months ended December 31, 2020, respectively, or $0.05 and $0.46 per diluted share, respectively

Funds From Operations per diluted share decreased 27% and 14% year-over-year for the three months and 12 months ended December 31, 2020, respectively, or $0.41 and $1.89 per diluted share, respectively

Collected 92% to this point of rents that had been due throughout the fourth quarter of 2020

SAN DIEGO, Feb. 09, 2021 (GLOBE NEWSWIRE) — American Assets Trust, Inc. (NYSE: AAT) (the “company”) at this time reported monetary outcomes for its fourth quarter and 12 months ended December 31, 2020.

Fourth Quarter Highlights

  • Net revenue out there to frequent stockholders of $2.9 million and $27.7 million for the three months and 12 months ended December 31, 2020, respectively, or $0.05 and $0.46 per diluted share, respectively.
  • Funds From Operations decreased 27% and 14% year-over-year to $0.41 and $1.89 per diluted share for the three months and 12 months ended December 31, 2020, respectively, in comparison with the identical durations in 2019.
  • Same-store money NOI decreased 3.1% and 3.1% year-over-year for the three months and 12 months ended December 31, 2020, respectively. Excluding lease termination charges, same-store money NOI would have been (3.2)% and (3.7)% for the three months and 12 months ended December 31, 2020, respectively.
  • For the three months ended December 31, 2020, now we have collected 99% of workplace rents, 82% of retail rents (together with the retail element of Waikiki Beach Walk) and 95% of multifamily rents, that had been due throughout the fourth quarter.
  • Total collections elevated to 92% within the fourth quarter in comparison with 90% within the third quarter and 87% within the second quarter.
  • Leased roughly 22,000 comparable workplace sq. toes at a mean straight-line foundation and cash-basis contractual lease improve of 4% and 5%, respectively, throughout the three months ended December 31, 2020.
  • Leased roughly 147,000 comparable retail sq. toes at a mean straight-line foundation and cash-basis contractual lease lower of seven% and 12%, respectively, throughout the three months ended December 31, 2020.

Inaugural Public Bond Offering

  • Closed inaugural public bond providing of $500 million in principal quantity of three.375% senior unsecured notes due 2031.
  • With proceeds from the inaugural public bond providing, we repaid the $150 million Senior Guaranteed Notes, Series A, with make-whole cost thereon, and the $100 million excellent on our revolving line of credit score.
  • As of January 31, 2021, money on the stability sheet was roughly $378.5 million with no debt obligations maturing throughout the the rest of 2021.

Financial Results
Net revenue attributable to frequent stockholders was $2.9 million, or $0.05 per primary and diluted share for the three months ended December 31, 2020 in comparison with $12.8 million, or $0.22 per primary and diluted share for the three months ended December 31, 2019. For the 12 months ended December 31, 2020, internet revenue attributed to frequent stockholders was $27.7 million, or $0.46 per primary and diluted share in comparison with $45.7 million, or $0.84 per primary and diluted share for the 12 months ended December 31, 2019.  The year-over-year lower in internet revenue attributable to frequent stockholders is primarily because of the improve in collectability associated changes (dangerous debt reserve) of lease receivables of roughly $16.7 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Del Monte Center, and Waikiki Beach Walk Retail on account of, largely, assortment challenges with our film theatres, gyms, and a discount in Hawaii tourism, a lower in lease termination charges at Carmel Mountain Plaza attributed to the termination of our former floor lease, and a lower in income at our Waikiki Beach Walk Retail and Embassy Suites Hotel because of the COVID-19 pandemic inflicting a decline in occupancy, partially offset by an incremental improve in income from the acquisition of La Jolla Commons on June 20, 2019 and a rise in annualized base rents at The Landmark at One Market, Lloyd District Portfolio, City Center Bellevue, and Torrey Point.

During the fourth quarter of 2020, the corporate generated Funds From Operations (“FFO”) for frequent stockholders of $31.1 million, or $0.41 per diluted share, in comparison with $42.9 million, or $0.56 per diluted share, for the fourth quarter of 2019. For the 12 months ended December 31, 2020, the corporate generated FFO for frequent stockholders of $143.5 million, or $1.89 per diluted share, in comparison with $155.4 million, or $2.20 per diluted share, for the 12 months ended December 31, 2019. The lower in FFO from the corresponding interval in 2019 was primarily because of the above described improve in reserve for collectability associated changes (dangerous debt reserve) of lease receivables, a lower in lease termination charges, and a lower in income at our Waikiki Beach Walk Retail and Embassy Suites Hotel, partially offset by a rise in income and annualized base rents in our workplace section.

FFO is a non-GAAP supplemental earnings measure which the corporate considers significant in measuring its working efficiency.  A reconciliation of FFO to internet revenue is connected to this press launch.

Leasing

The portfolio leased standing as of the top of the indicated quarter was as follows:

  December 31, 2020 September 30, 2020 December 31, 2019
Total Portfolio      
Office 93.0% 93.8% 95.0%
Retail 90.7% 95.0% 97.8%
Multifamily 86.2% 87.5% 92.8%
Mixed-Use:      
Retail 89.2% 87.8% 97.9%
Hotel 51.3% 52.8% 91.7%
       
Same-Store Portfolio      
Office (1) 95.3% 96.1% 96.4%
Retail (2) 89.2% 94.2% 97.6%
Multifamily 86.2% 87.5% 92.8%

(1) Same-store workplace leased percentages contains the 830 constructing at Lloyd District Portfolio which was positioned into operations on August 1, 2019 after renovating the constructing. Same-store workplace leased percentages excludes One Beach Street on account of vital redevelopment exercise.

(2) Same-store retail leased percentages exclude Waikele Center, on account of vital redevelopment exercise.

During the fourth quarter of 2020, the corporate signed 33 leases for roughly 174,100 sq. toes of workplace and retail area, in addition to 369 multifamily condo leases.  Renewals accounted for 100% of the comparable workplace leases, 95% of the comparable retail leases, and 60% of the residential leases. 

Office and Retail
On a comparable area foundation (i.e. leases for which there was a former tenant) throughout the fourth quarter of 2020 and trailing 4 quarters ended December 31, 2020, our retail and workplace leasing spreads are proven under: 

    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 This autumn 2020 7 22,000 5.0% $46.36 $44.13 3.6%
Last 4 Quarters 33 298,000 18.6% $47.30 $39.90 21.9%
               
Retail This autumn 2020 22 147,000 (11.6)% $31.75 $35.90 (6.6)%
Last 4 Quarters 69 303,000 (7.4)% $32.22 $34.77 (2.4)%
             

Multifamily
The common month-to-month base lease per leased unit for same-store properties for the fourth quarter of 2020 was $2,245 in comparison with a mean month-to-month base lease per leased unit of $2,089 for the fourth quarter of 2019, which is a rise of roughly 7%.

Same-Store Cash Net Operating Income
For the three months and 12 months ended December 31, 2020, same-store money NOI decreased 3.1% and 3.1%, respectively, in comparison with the three months and 12 months ended December 31, 2019. The same-store money NOI by section was as follows (in 1000’s):

  Three Months Ended (1)         Year Ended (2)      
  December 31,         December 31,      
  2020   2019   Change   2020   2019   Change
Cash Basis:                          
Office (3) $ 25,736     $ 24,988     3.0         $ 80,967     $ 72,095     12.3     %
Retail (3) 13,783     15,897     (13.3 )   %   48,513     60,774     (20.2 )    
Multifamily 6,816     6,937     (1.7 )       28,605     30,291     (5.6 )    
Mixed-Use                              
Same-store Cash NOI (4) $ 46,335     $ 47,822     (3.1 )   %   $ 158,085     $ 163,160     (3.1 )   %

(1)  Same-store portfolio excludes (i) Waikele Center on account of vital redevelopment exercise; (ii) One Beach Street on account of vital redevelopment exercise; (iii) Waikiki Beach Walk – Embassy Suites™ and Waikiki Beach Walk – Retail, on account of vital spalling restore exercise; and (iv) land held for growth.
(2)  Same-store portfolio excludes (i) Waikele Center on account of vital redevelopment exercise; (ii) La Jolla Commons, which was acquired on June 20, 2019; (iii) One Beach Street on account of vital redevelopment exercise; (iv) Waikiki Beach Walk – Embassy Suites™ and Waikiki Beach Walk – Retail, on account of vital spalling restore exercise; and (v) land held for growth.
(3)  Same-store money NOI for the three months and 12 months ended December 31, 2020 contains money lease termination charges acquired of $0.4 million and $2.1 million, respectively. Excluding lease termination charges for the three months and 12 months ended December 31, 2020, workplace same-store money NOI would have been 3.2% and 12.6%, respectively.
(4)  Excluding lease termination charges for the three months and 12 months ended December 31, 2020, same-store money NOI would have been (3.2)% and (3.7)%, respectively.

Same-store money NOI is a non-GAAP supplemental earnings measure which the corporate considers significant in measuring its working efficiency.  A reconciliation of same-store money NOI to internet revenue is connected to this press launch.

Balance Sheet and Liquidity
At December 31, 2020, the corporate had gross actual property property of $3.2 billion and liquidity of $387.3 million, comprised of money and money equivalents of $137.3 million and $250.0 million of availability on its line of credit score, which the corporate believes is ample to satisfy the corporate’s short-term liquidity necessities. At December 31, 2020, the corporate has only one out of 28 property encumbered by a mortgage. After the reimbursement of the $150 million Senior Guaranteed Notes, Series A on January 26, 2021, the corporate has no debt obligations maturing throughout the the rest of 2021.

Dividends
The firm declared dividends on its shares of frequent inventory of $0.25 per share for the fourth quarter of 2020.  The dividends had been paid on December 24, 2020.

In addition, the corporate has declared a dividend on its frequent inventory of $0.28 per share for the primary quarter of 2021. The dividend will likely be paid in money on March 25, 2021 to stockholders of document on March 11, 2021. The firm elevated the dividend from $0.25 per share within the fourth quarter of 2020 to $0.28 per share within the first quarter of 2021 primarily based on the corporate’s lease assortment within the fourth quarter.

COVID-19 Operational Update

Operations
As of December 31, 2020, now we have entered into lease modifications that resulted in COVID-19 changes (together with lease deferrals and different financial lease concessions) for roughly 2.6% of the lease initially contracted for the three months ended December 31, 2020. Furthermore, as of December 31, 2020 and particular to the affect of COVID-19 on our retail sector (together with the retail element of Waikiki Beach Walk Retail and Embassy Suites Hotel) for the three months ended December 31, 2020, now we have recorded an allowance for uncertain accounts in opposition to accounts receivable of roughly 12% and an allowance for uncertain accounts in opposition to deferred lease receivables (straight-line lease receivables) of roughly 19%.

Rent Collection for the Fourth Quarter of 2020 and January 2021(1)

  October   November   December   This autumn Average   January
Office 99.0%   98.9%   98.6%   98.8%   98.5%
Retail 87.4%   89.4%   88.1%   88.3%   86.3%
Multifamily 95.3%   95.0%   95.4%   95.2%   95.0%
Mixed-Use (2) 32.4%   36.6%   36.9%   35.3%   36.9%
Average 91.8%   92.5%   92.1%   92.1%   91.2%

(1) Data as of February 6, 2021.
(2) Includes solely the retail portion of Waikiki Beach Walk Retail and Embassy Suites Hotel.

Rent Deferrals
As of December 31, 2020, now we have entered into deferral agreements for $8.6 million of recurring rents associated to the second, third, and fourth quarters of 2020. The weighted common payback interval of the deferral agreements is roughly 42 months. Revenue from roughly 68% of tenants with deferral agreements is acknowledged on a straight-line foundation comprising roughly 40% of the deferred quantity.

Conference Call
The firm will maintain a convention name to debate the outcomes for the fourth quarter and 12 months finish 2020 on Wednesday, February 10, 2021 at 8:00 a.m. Pacific Time (“PT”).  To take part within the occasion by phone, please dial 1-877-868-5513 and use the go code 4228256.  A telephonic replay of the convention name will likely be out there starting at 2:00 p.m. PT on Wednesday, February 10, 2021 by way of Wednesday, February 17, 2021.  To entry the replay, dial 1-855-859-2056 and use the go code 4228256.  A stay on-demand audio webcast of the convention name will likely be out there on the corporate’s web site at www.americanassetstrust.com.  A replay of the decision may even be out there on the corporate’s web site.

Supplemental Information
Supplemental monetary data relating to the corporate’s fourth quarter and 12 months finish 2020 outcomes could also be discovered on the “Investors” web page of the corporate’s web site at www.americanassetstrust.com.  This supplemental data supplies further element on gadgets reminiscent of property occupancy, monetary efficiency by property and debt maturity schedules.

Financial Information
American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)

  December 31, 2020   December 31, 2019
Assets        
Real property, at price          
Operating actual property $ 3,155,280     $ 3,096,886  
Construction in progress   91,047       91,264  
Held for growth   547       547  
    3,246,874       3,188,697  
Accumulated depreciation   (754,140 )     (665,222 )
Net actual property   2,492,734       2,523,475  
Cash and money equivalents   137,333       99,303  
Restricted money   1,716       10,148  
Accounts receivable, internet   6,938       12,016  
Deferred lease receivables, internet   72,476       52,171  
Other property, internet   106,112       93,220  
Total property $ 2,817,309     $ 2,790,333  
Liabilities and fairness          
Liabilities:          
Secured notes payable, internet $ 110,923     $ 161,879  
Unsecured notes payable, internet   1,196,677       1,195,780  
Unsecured line of credit score, internet   99,151        
Accounts payable and accrued bills   59,262       62,576  
Security deposits payable   6,590       8,316  
Other liabilities and deferred credit, internet   91,300       68,110  
Total liabilities   1,563,903       1,496,661  
Commitments and contingencies          
Equity:          
American Assets Trust, Inc. stockholders’ fairness          
Common inventory, $0.01 par worth, 490,000,000 shares
approved, 60,476,292 and 60,068,228 shares issued and
excellent at December 31, 2020 and December 31, 2019,
respectively
  605       601  
Additional paid-in capital   1,445,644       1,452,014  
Accumulated dividends in extra of internet revenue   (176,560 )     (144,378 )
Accumulated different complete revenue   1,753       5,680  
Total American Assets Trust, Inc. stockholders’ fairness   1,271,442       1,313,917  
Noncontrolling pursuits   (18,036 )     (20,245 )
Total fairness   1,253,406       1,293,672  
Total liabilities and fairness $ 2,817,309     $ 2,790,333  
               

American Assets Trust, Inc.
Unaudited Consolidated Statements of Operations
(In Thousands, Except Shares and Per Share Data)

  Three Months Ended
December 31,
  Year Ended December 31,
  2020   2019   2020   2019
Revenue:              
Rental revenue $ 78,253     $ 94,231     $ 330,312     $ 343,865  
Other property revenue 3,094     4,716     14,261     22,876  
Total income 81,347     98,947     344,573     366,741  
Expenses:              
Rental bills 20,421     25,356     79,178     91,967  
Real property taxes 10,444     10,750     41,941     40,013  
General and administrative 6,644     6,376     26,581     24,871  
Depreciation and amortization 27,423     26,472     108,292     96,205  
Total working bills 64,932     68,954     255,992     253,056  
Operating revenue 16,415     29,993     88,581     113,685  
Interest expense (13,335 )   (13,796 )   (53,440 )   (54,008 )
Gain on sale of actual property             633  
Other revenue (expense), internet 708     288     447     (122 )
Net revenue 3,788     16,485     35,588     60,188  
Net revenue attributable to restricted shares (123 )   (104 )   (383 )   (381 )
Net revenue attributable to unitholders within the Operating Partnership (767 )   (3,536 )   (7,545 )   (14,089 )
Net revenue attributable to American Assets Trust, Inc. stockholders $ 2,898     $ 12,845     $ 27,660     $ 45,718  
               
Net revenue per share              
Basic revenue attributable to frequent stockholders per share $ 0.05     $ 0.22     $ 0.46     $ 0.84  
Weighted common shares of frequent inventory excellent – primary 59,951,055     59,663,771     59,806,309     54,110,949  
               
Diluted revenue attributable to frequent stockholders per share $ 0.05     $ 0.22     $ 0.46     $ 0.84  
Weighted common shares of frequent inventory excellent – diluted 76,132,592     76,054,319     76,119,763     70,786,132  
               
Dividends declared per frequent share $ 0.25     $ 0.30     $ 1.00     $ 1.14  
                               

Reconciliation of Net Income to Funds From Operations
The firm’s FFO attributable to frequent stockholders and working partnership unitholders and reconciliation to internet revenue is as follows (in 1000’s besides shares and per share information, unaudited):

  Three Months Ended   Year Ended
  December 31, 2020   December 31, 2020
Funds From Operations (FFO)          
Net revenue $ 3,788     $ 35,588  
Depreciation and amortization of actual property property   27,423       108,292  
FFO, as outlined by NAREIT $ 31,211     $ 143,880  
Less: Nonforfeitable dividends on restricted inventory awards   (122 )     (377 )
FFO attributable to frequent inventory and models $ 31,089     $ 143,503  
FFO per diluted share/unit $ 0.41     $ 1.89  
Weighted common variety of frequent shares and models, diluted   76,132,963       76,122,842  
               

Reconciliation of Same-Store Cash NOI to Net Income
The firm’s reconciliation of Same-Store Cash NOI to Net Income is as follows (in 1000’s, unaudited):

  Three Months Ended (1)   Year Ended (2)
  December 31,   December 31,
  2020   2019   2020   2019
Same-store money NOI 46,335     $ 47,822     $ 158,085     $ 163,160  
Non-same-store money NOI 3,240     8,607     38,438     48,628  
Tenant enchancment reimbursements (3) 137     3,498     5,230     11,945  
Cash NOI $ 49,712     $ 59,927     $ 201,753     $ 223,733  
Non-cash income and different working bills (4) 770     2,914     21,701     11,028  
General and administrative (6,644 )   (6,376 )   (26,581 )   (24,871 )
Depreciation and amortization (27,423 )   (26,472 )   (108,292 )   (96,205 )
Interest expense (13,335 )   (13,796 )   (53,440 )   (54,008 )
Gain on sale of actual property             633  
Other revenue (expense), internet 708     288     447     (122 )
Net revenue $ 3,788     $ 16,485     $ 35,588     $ 60,188  
               
Number of properties included in same-store evaluation 25   25   24   24

(1)  Same-store portfolio contains the 830 constructing at Lloyd District Portfolio which was positioned into operations on August 1, 2019 after renovating the constructing. Same-store portfolio excludes (i) Waikele Center, on account of vital redevelopment exercise; (ii) One Beach Street, on account of vital redevelopment exercise; (iii) Waikiki Beach Walk – Embassy Suites™ and Waikiki Beach Walk – Retail, on account of vital spalling restore exercise; and (iv) land held for growth.
(2)  Same-store portfolio contains the 830 constructing at Lloyd District Portfolio which was positioned into operations on August 1, 2019 after renovating the constructing. Same-store portfolio excludes (i) Waikele Center, on account of vital redevelopment exercise; (ii) La Jolla Commons, which was acquired on June 20, 2019; (iii) One Beach Street, on account of vital redevelopment exercise; (iv) Waikiki Beach Walk – Embassy Suites™ and Waikiki Beach Walk – Retail, on account of vital spalling restore exercise; and (v) land held for growth.
(3)  Tenant enchancment reimbursements are excluded from same-store money NOI to offer a extra correct measure of working efficiency.
(4)  Represents changes associated to the straight-line lease revenue acknowledged throughout the interval offset by money acquired throughout the interval and the availability for dangerous money owed recorded for deferred lease receivable balances; internet change in lease receivables, the amortization of above (under) market rents, the amortization of lease incentives paid to tenants, the amortization of different lease intangibles, lease termination charges at Carmel Mountain Plaza, and straight-line lease expense for our lease of the Annex at The Landmark at One Market.

Reported outcomes are preliminary and not last till the submitting of the corporate’s Form 10-Okay with the Securities and Exchange Commission and, due to this fact, stay topic to adjustment.

Use of Non-GAAP Information
Funds from Operations
The firm calculates FFO in accordance with the requirements established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents internet revenue (computed in accordance with GAAP), excluding features (or losses) from gross sales of depreciable working property, impairment losses, actual property associated depreciation and amortization (excluding amortization of deferred financing prices) and after changes for unconsolidated partnerships and joint ventures.

FFO is a supplemental non-GAAP monetary measure. Management makes use of FFO as a supplemental efficiency measure as a result of it believes that FFO is helpful to traders as a place to begin in measuring the corporate’s operational efficiency. Specifically, in excluding actual property associated depreciation and amortization and features and losses from property inclinations, which don’t relate to or are usually not indicative of working efficiency, FFO supplies a efficiency measure that, when put next year-over-year, captures developments in occupancy charges, rental charges and working prices. The firm additionally believes that, as a well known measure of the efficiency of REITs, FFO will likely be utilized by traders as a foundation to check the corporate’s working efficiency with that of different REITs. However, as a result of FFO excludes depreciation and amortization and captures neither the adjustments within the worth of the corporate’s properties that end result from use or market situations nor the extent of capital expenditures and leasing commissions essential to keep up the working efficiency of the corporate’s properties, all of which have actual financial results and may materially affect the corporate’s outcomes from operations, the utility of FFO as a measure of the corporate’s efficiency is restricted. In addition, different fairness REITs could not calculate FFO in accordance with the NAREIT definition as the corporate does, and, accordingly, the corporate’s FFO will not be akin to such different REITs’ FFO.  Accordingly, FFO ought to be thought of solely as a complement to internet revenue as a measure of the corporate’s efficiency. FFO shouldn’t be used as a measure of the corporate’s liquidity, neither is it indicative of funds out there to fund the corporate’s money wants, together with the corporate’s capacity to pay dividends or service indebtedness. FFO additionally shouldn’t be used as a complement to or substitute for money move from working actions computed in accordance with GAAP.

Cash Net Operating Income
The firm makes use of money internet working revenue (“NOI”) internally to guage and evaluate the working efficiency of the corporate’s properties. The firm believes money NOI supplies helpful data to traders relating to the corporate’s monetary situation and outcomes of operations as a result of it displays solely these revenue and expense gadgets which might be incurred on the property stage, and when put next throughout durations, can be utilized to find out developments in earnings of the corporate’s properties as this measure shouldn’t be affected by (1) the non-cash income and expense recognition gadgets, (2) the price of funds of the property proprietor, (3) the affect of depreciation and amortization bills in addition to features or losses from the sale of working actual property property which might be included in internet revenue computed in accordance with GAAP or (4) basic and administrative bills and different features and losses which might be particular to the property proprietor.  The firm believes the exclusion of these things from internet revenue is helpful as a result of the ensuing measure captures the precise income generated and precise bills incurred in working the corporate’s properties in addition to developments in occupancy charges, rental charges and working prices. Cash NOI is a measure of the working efficiency of the corporate’s properties however doesn’t measure the corporate’s efficiency as a complete.  Cash NOI is due to this fact not an alternative to internet revenue as computed in accordance with GAAP.

Cash NOI, is a non-GAAP monetary measure of efficiency.  The firm defines money NOI as working revenues (rental revenue, tenant reimbursements, lease termination charges, floor lease rental revenue and different property revenue) much less property and associated bills (property bills, floor lease expense, property advertising and marketing prices, actual property taxes and insurance coverage), adjusted for non-cash income and working expense gadgets reminiscent of straight-line lease, internet change in lease receivables, amortization of lease intangibles, amortization of lease incentives and different changes.  Cash NOI additionally excludes basic and administrative bills, depreciation and amortization, curiosity expense, different nonproperty revenue and losses, acquisition-related expense, features and losses from property inclinations, extraordinary gadgets, tenant enhancements, and leasing commissions.  Other REITs could use completely different methodologies for calculating money NOI, and accordingly, the corporate’s money NOI will not be akin to the money NOIs of different REITs.

About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically built-in and self-administered actual property funding belief, or REIT, headquartered in San Diego, California. The firm has over 50 years of expertise in buying, enhancing, growing and managing premier workplace, retail, and residential properties all through the United States in among the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii.  The firm’s workplace portfolio includes roughly 3.4 million rentable sq. toes, and its retail portfolio includes roughly 3.1 million sq. toes. In addition, the corporate owns one mixed-use property (together with roughly 97,000 rentable sq. toes of retail area and a 369-room all-suite resort) and 2,112 multifamily models. In 2011, the corporate was fashioned to succeed to the true property enterprise of American Assets, Inc., a privately held company based in 1967 and, as such, has vital expertise, long-standing relationships and intensive information of its core markets, submarkets and asset lessons. For further data, please go to www.americanassetstrust.com.

Forward Looking Statements
This press launch could include forward-looking statements inside the that means of the federal securities legal guidelines, that are primarily based on present expectations, forecasts and assumptions that contain dangers and uncertainties that would trigger precise outcomes and outcomes to vary materially.  Forward-looking statements relate to expectations, beliefs, projections, future plans and methods, anticipated occasions or developments and related expressions regarding issues that aren’t historic information. In some instances, you may determine forward-looking statements by way of forward-looking terminology reminiscent of “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the destructive of those phrases and phrases or related phrases or phrases that are predictions of or point out future occasions or developments and which don’t relate solely to historic issues. While forward-looking statements mirror the corporate’s good religion beliefs, assumptions and expectations, they aren’t ensures of future efficiency. Currently, probably the most vital danger components, is the potential adversarial impact of the present COVID-19 pandemic on the monetary situation, outcomes of operations, money flows and efficiency of the corporate, its tenants and company, the true property market and the worldwide economic system and monetary markets. The extent to which COVID-19 impacts the corporate, its tenants and company will rely upon future developments, that are extremely unsure and can’t be predicted with confidence, together with the scope, severity and length of the pandemic, the actions taken to include the pandemic or mitigate its affect, and the direct and oblique financial results of the pandemic and containment measures, amongst others.  For an additional dialogue of those and different components that would trigger the corporate’s future outcomes to vary materially from any forward-looking statements, see the part entitled “Risk Factors” within the firm’s most up-to-date annual report on Form 10-Okay, and different dangers described in paperwork subsequently filed by the corporate once in a while with the Securities and Exchange Commission.  The firm disclaims any obligation to publicly replace or revise any forward-looking assertion to mirror adjustments in underlying assumptions or components, of latest data, information or strategies, future occasions or different adjustments.

Source:  American Assets Trust, Inc.

Investor and Media Contact:
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607

American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2020 Financial Results and COVID-19 Operational Update NYSE:AAT