REAL ESTATE

Property Asset Acquisitions

On April 28, 2017, we acquired the Pacific Ridge Apartments, a 533 unit luxury apartment community located in San Diego, California. The purchase price was approximately $232 million, excluding closing costs of approximately $0.1 million.

On July 6, 2017, we acquired Gateway Marketplace, an approximately 128,000 square feet dual-grocery anchored shopping center located in Chula Vista, California. The purchase price was approximately $42 million, excluding closing costs of approximately $0.1 million.

The properties were acquired with cash on hand and borrowings under our Amended and Restated Credit Agreement (as defined herein).

The financial information set forth below summarizes the Company’s purchase price allocations for the Pacific Ridge Apartments and Gateway Marketplace during the nine months ended September 30, 2017 (in thousands):



	Pacific Ridge Apartments		Gateway Marketplace
Land	$	47,972	$	17,363
Building	171,813		19,192
Land improvements	3,403		1,522
Furniture, fixtures, and equipment	3,281		930
Total real estate	226,469		39,007
Lease intangibles	5,592		2,920
Prepaid expenses and other assets	424		—
Assets acquired	$	232,485	$	41,927
Accounts payable and accrued expenses	$	74	$	203
Security deposits payable	673		22
Other liabilities and deferred credits	49		1,034
Liabilities assumed	$	796	$	1,259

The following table summarizes the operating results for the Pacific Ridge Apartments and Gateway Marketplace included in the Company’s historical consolidated statement of operations for the period of acquisition through September 30, 2017 (in thousands):



	Pacific Ridge Apartments			Gateway Marketplace		Total
Revenues	$	6,884		$	806	$	7,690
Operating expenses	$	11,813		$	499	$	12,312
Operating (loss) income	$	(4,929	)	$	307	$	(4,622	)
Net (loss) income attributable to American Assets Trust, Inc.	$	(4,929	)	$	307	$	(4,622	)