EX-99.1 2 a3q18earningsrelease.htm EARNINGS RELEASE Exhibit


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American Assets Trust, Inc. Reports Third Quarter 2018 Financial Results

Net income available to common stockholders of $10.4 million and $13.0 million for the three and nine months ended September 30, 2018, respectively, or $0.22 and $0.28 per diluted share, respectively
Funds From Operations per diluted share increased 2% and 11% year-over-year for the three and nine months ended September 30, 2018, respectively
Same-store cash NOI increased 1% and 4% year-over-year for the three and nine months ended September 30, 2018, respectively

SAN DIEGO, California - 10/30/18 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2018.

Third Quarter Highlights
•
Net income available to common stockholders of $10.4 million and $13.0 million for the three and nine months ended September 30, 2018, respectively, or $0.22 and $0.28 per diluted share, respectively
•
Funds From Operations increased 2% and 11% year-over-year to $0.53 and $1.62 for the three and nine months ended September 30, 2018, respectively, compared to the same periods in 2017
•
Quarterly dividend will increase 4% to $0.28 per share of common stock in the fourth quarter of 2018 compared to the third quarter of 2018
•
Increasing 2018 annual guidance $0.02 to a revised midpoint of $2.10 with a range of $2.09 to $2.11 of FFO per diluted share, a 9% increase over 2017 FFO per diluted share
•
Introducing 2019 annual guidance midpoint of $2.16 with a range of $2.12 to $2.20 of FFO per diluted share, a 3% increase over the revised 2018 annual guidance midpoint; excluding 2018 lease termination fees the increase is 6% over the revised 2018 annual guidance midpoint
•
Same-store cash NOI increased 1% and 4% year-over-year for the three and nine months ended September 30, 2018, respectively, compared to the same periods in 2017
•
Leased approximately 95,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 13% and 11%, respectively, during the three months ended September 30, 2018
•
Leased approximately 65,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 22% and 19%, respectively, during the three months ended September 30, 2018

Financial Results
Net income attributable to common stockholders was $10.4 million, or $0.22 per basic and diluted share for the three months ended September 30, 2018 compared to net income of $9.1 million, or $0.19 per basic and diluted share for the three months ended September 30, 2017. For the nine months ended September 30, 2018, net income attributable to common stockholders was $13.0 million, or $0.28 per basic and diluted share compared to $22.0 million, or $0.47 per basic and diluted share for the nine months ended September 30, 2017. The year-over-year decrease is due to an increase in depreciation expense at Waikele Center attributed to the redevelopment of the Kmart space.

During the third quarter of 2018, the company generated funds from operations (“FFO”) for common stockholders of $34.1 million, or $0.53 per diluted share, compared to $33.6 million, or $0.52 per diluted share, for the third quarter of 2017. For the nine months ended September 30, 2018, the company generated FFO for common stockholders of $103.8 million, or $1.62 per diluted share, compared to $93.6 million, or $1.46 per diluted share, for the nine months ended September 30, 2017. The increase in FFO from the corresponding periods in 2017 was primarily due to the

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acquisitions of the Pacific Ridge Apartments on April 28, 2017, the acquisition of Gateway Marketplace on July 6, 2017, and increase in lease termination fees at Lloyd District Portfolio and Torrey Point.

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:
 
September 30, 2018
June 30, 2018
September 30, 2017
Total Portfolio
 
 
 
Retail
98.5%
96.7%
97.0%
Office
91.4%
93.8%
89.9%
Multifamily (3)
92.3%
93.9%
91.3%
Mixed-Use:
 
 
 
Retail
95.9%
95.9%
93.7%
Hotel
93.6%
94.0%
92.7%
 
 
 
 
Same-Store Portfolio
 
 
Retail (1)
98.3%
97.9%
98.2%
Office (2)
93.5%
93.8%
89.9%
Multifamily (3)
92.3%
93.9%
91.3%
Mixed-Use:
 
 
 
Retail
95.9%
95.9%
93.7%
Hotel
93.6%
94.0%
92.7%
(1) Same-store retail leased percentages includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store retail leased percentages exclude Gateway Marketplace, which was acquired on July 6, 2017, and Waikele Center, due to significant redevelopment activity.
(2) Same-store office leased percentages exclude Torrey Point, which was placed into operations and became available for occupancy in August 2018.
(3) Excluding the 21 off-line units associated with the Loma Palisades repositioning, total multifamily and same-store multifamily leased percentage was 92.3% at September 30, 2017.


During the third quarter of 2018, the company signed 29 leases for approximately 236,800 square feet of retail and office space, as well as 635 multifamily apartment leases. Renewals accounted for 90% of the comparable retail leases, 56% of the comparable office leases and 54% of the residential leases.

Retail and Office
On a comparable space basis (i.e. leases for which there was a former tenant) during the third quarter 2018 and trailing four quarters ended September 30, 2018, 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
Retail
Q3 2018
10
65,000
 
18.8%
 
$30.44
$25.63
 
21.7%
 
Last 4 Quarters
58
219,000
 
10.1%
 
$40.46
$36.75
 
21.7%
 
 
 
 
 
 
 
 
 
 
 
 
 
Office
Q3 2018
9
95,000
 
11.0%
 
$38.40
$34.59
 
12.6%
 
Last 4 Quarters
45
436,000
 
12.5%
 
$52.72
$46.85
 
26.3%
 

Multifamily
The average monthly base rent per leased unit for same-store properties for the three months ended September 30, 2018 was $2,053 compared to an average monthly base rent per leased unit of $1,994 for the three months ended September 30, 2017, an increase of approximately 3.0%.


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Same-Store Cash Net Operating Income
For the three and nine months ended September 30, 2018, same-store cash NOI increased 1.3% and 3.9%, respectively, compared to the three and nine months ended September 30, 2017. The same-store cash NOI by segment was as follows (in thousands):
 
Three Months Ended (1)
 
 
 
 
Year Ended (2)
 
 
 
 
September 30,
 
 
 
 
September 30,
 
 
 
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
Cash Basis:
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail
$
15,369

 
$
14,608

 
5.2

%
 
$
44,864

 
$
42,655

 
5.2

%
Office
17,384

 
17,919

 
(3.0
)
 
 
56,072

 
53,664

 
4.5

 
Multifamily
7,741

 
7,080

 
9.3

 
 
15,079

 
14,893

 
1.2

 
Mixed-Use
6,696

 
6,997

 
(4.3
)
 
 
18,638

 
18,327

 
1.7

 
Same-store Cash NOI (3)
$
47,190

 
$
46,604

 
1.3

%
 
$
134,653

 
$
129,539

 
3.9

%

(1)
Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land.  Same-store portfolio excludes (i) Gateway Marketplace, which was acquired on July 6, 2017; (ii) Waikele Center due to significant redevelopment activity; (iii) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (iv) land held for development.
(2)
Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land.  Same-store portfolio excludes (i) the Pacific Ridge Apartments, which was acquired on April 28, 2017; (ii) Gateway Marketplace, which was acquired on July 6, 2017; (iii) Waikele Center due to significant redevelopment activity; (iv) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (v) land held for development.
(3)
Excluding lease termination fees for the three and nine months ended September 30, 2018, same-store cash NOI would be 0.6% and 1.6%, respectively.

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.

Balance Sheet and Liquidity
At September 30, 2018, the company had gross real estate assets of $2.6 billion and liquidity of $384.2 million, comprised of cash and cash equivalents of $56.2 million and $328.0 million of availability on its line of credit.

Dividends
The company declared dividends on its shares of common stock of $0.27 per share for the third quarter of 2018. The dividends were paid on September 27, 2018.

In addition, the company has declared a dividend on its common stock of $0.28 per share for the fourth quarter of 2018, which is a 4% increase over the prior quarterly dividend per share. The dividend will be paid on December 27, 2018 to stockholders of record on December 13, 2018.

Guidance
The company increased its guidance range for full year 2018 FFO per diluted share of $2.09 to $2.11 per share from the prior guidance range of $2.05 to $2.10 per share.

Additionally, the company is introducing its initial guidance range for full year 2019 FFO per diluted share of $2.12 to $2.20 per share, an increase of 3% from the revised 2018 annual guidance midpoint; excluding 2018 lease termination fees the increase is 6% over the revised 2018 annual guidance midpoint. The company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, future 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.



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Conference Call
The company will hold a conference call to discuss the results for the third quarter of 2018 on Wednesday, October 31, 2018 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 1265599. A telephonic replay of the conference call will be available beginning at 2:00 p.m. PT on Wednesday, October 31, 2018 through Wednesday, November 7, 2018. To access the replay, dial 1-855-859-2056 and use the pass code 1265599. 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 third quarter 2018 results may be found in the “Investor Relations” section 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.

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Financial Information
American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
 
September 30, 2018
 
December 31, 2017
Assets
(unaudited)
 
 
 

Real estate, at cost
 
 

 
 
 

Operating real estate
$
2,540,319

 
$
2,536,474

Construction in progress
 
60,375

 
 
68,272

Held for development
 
9,392

 
 
9,392

 
 
2,610,086

 
 
2,614,138

Accumulated depreciation
 
(574,519
)
 
 
(537,431
)
Net real estate
 
2,035,567

 
 
2,076,707

Cash and cash equivalents
 
56,220

 
 
82,610

Restricted cash
 
9,918

 
 
9,344

Accounts receivable, net
 
8,345

 
 
9,869

Deferred rent receivables, net
 
40,305

 
 
38,973

Other assets, net
 
46,421

 
 
42,361

Total assets
$
2,196,776

 
$
2,259,864

Liabilities and equity
 
 

 
 
 

Liabilities:
 
 

 
 
 

Secured notes payable, net
$
204,818

 
$
279,550

Unsecured notes payable, net
 
1,045,635

 
 
1,045,470

Unsecured line of credit, net
 
20,235

 
 
—

Accounts payable and accrued expenses
 
54,575

 
 
38,069

Security deposits payable
 
8,748

 
 
6,570

Other liabilities and deferred credits, net
 
47,274

 
 
46,061

Total liabilities
 
1,381,285

 
 
1,415,720

Commitments and contingencies
 
 

 
 
 

Equity:
 
 

 
 
 

American Assets Trust, Inc. stockholders' equity
 
 
 
 
 
Common stock, $0.01 par value, 490,000,000 shares authorized, 47,222,121 and 47,204,588 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively
 
473

 
 
473

Additional paid-in capital
 
920,324

 
 
919,066

Accumulated dividends in excess of net income
 
(122,293
)
 
 
(97,280
)
Accumulated other comprehensive income
 
13,915

 
 
11,451

Total American Assets Trust, Inc. stockholders' equity
 
812,419

 
 
833,710

Noncontrolling interests
 
3,072

 
 
10,434

Total equity
 
815,491

 
 
844,144

Total liabilities and equity
$
2,196,776

 
$
2,259,864


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American Assets Trust, Inc.
Unaudited Consolidated Statements of Operations
(In Thousands, Except Shares and Per Share Data)
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2018
 
2017
 
2018
 
2017
Revenue:
 
 
 
 
 
 
 
Rental income
$
78,079

 
$
78,135

 
$
231,172

 
$
221,100

Other property income
4,428

 
4,204

 
17,090

 
12,137

Total revenue
82,507

 
82,339

 
248,262

 
233,237

Expenses:
 
 
 
 
 
 
 
Rental expenses
21,383

 
21,177

 
62,685

 
60,877

Real estate taxes
8,787

 
8,535

 
25,961

 
23,975

General and administrative
5,176

 
4,958

 
16,139

 
15,171

Depreciation and amortization
19,886

 
21,192

 
86,033

 
63,360

Total operating expenses
55,232

 
55,862

 
190,818

 
163,383

Operating income
27,275

 
26,477

 
57,444

 
69,854

Interest expense
(12,879
)
 
(13,873
)
 
(39,387
)
 
(39,856
)
Other income (expense), net
(125
)
 
(99
)
 
(64
)
 
403

Net income
14,271

 
12,505

 
17,993

 
30,401

Net income attributable to restricted shares
(71
)
 
(60
)
 
(215
)
 
(181
)
Net income attributable to unitholders in the Operating Partnership
(3,806
)
 
(3,351
)
 
(4,765
)
 
(8,220
)
Net income attributable to American Assets Trust, Inc. stockholders
$
10,394

 
$
9,094

 
$
13,013

 
$
22,000

 
 
 
 
 
 
 
 
Net income per share
 
 
 
 
 
 
 
Basic income attributable to common stockholders per share
$
0.22

 
$
0.19

 
$
0.28

 
$
0.47

Weighted average shares of common stock outstanding - basic
46,959,752

 
46,898,086

 
46,945,095

 
46,650,403

 
 
 
 
 
 
 
 
Diluted income attributable to common stockholders per share
$
0.22

 
$
0.19

 
$
0.28

 
$
0.47

Weighted average shares of common stock outstanding - diluted
64,137,360

 
64,093,066

 
64,133,584

 
64,081,697

 
 
 
 
 
 
 
 
Dividends declared per common share
$
0.27

 
$
0.26

 
$
0.81

 
$
0.78

 
 
 
 
 
 
 
 


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Reconciliation of Net Income to Funds From Operations
The 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
 
Nine Months Ended
 
September 30, 2018
 
September 30, 2018
Funds From Operations (FFO)
 
 
 
 
 
Net income
$
14,271

 
$
17,993

Depreciation and amortization of real estate assets
 
19,886

 
 
86,033

FFO, as defined by NAREIT
$
34,157

 
$
104,026

Less: Nonforfeitable dividends on incentive stock awards
 
(70
)
 
 
(211
)
FFO attributable to common stock and units
$
34,087

 
$
103,815

FFO per diluted share/unit
$
0.53

 
$
1.62

Weighted average number of common shares and units, diluted
 
64,137,727

 
 
64,133,629


Reconciliation of Same-Store Cash NOI to Net Income
The company's reconciliation of Same-Store Cash NOI to Net Income is as follows (in thousands, unaudited):
 
Three Months Ended (1)
 
Nine Months Ended (2)
 
September 30,
 
September 30,
 
2018
 
2017
 
2018
 
2017
Same-store cash NOI
$
47,190

 
$
46,604

 
$
134,653

 
$
129,539

Non-same-store cash NOI
2,924

 
4,288

 
20,545

 
15,648

Tenant improvement reimbursements (3)
263

 
565

 
4,220

 
739

Cash NOI
$
50,377

 
$
51,457

 
$
159,418

 
$
145,926

Non-cash revenue and other operating expenses (4)
1,960

 
1,170

 
198

 
2,459

General and administrative
(5,176
)
 
(4,958
)
 
(16,139
)
 
(15,171
)
Depreciation and amortization
(19,886
)
 
(21,192
)
 
(86,033
)
 
(63,360
)
Interest expense
(12,879
)
 
(13,873
)
 
(39,387
)
 
(39,856
)
Other income, net
(125
)
 
(99
)
 
(64
)
 
403

Net income
$
14,271

 
$
12,505

 
$
17,993

 
$
30,401

 
 
 
 
 
 
 
 
Number of properties included in same-store analysis
24
 
22
 
23
 
21
(1)
Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store portfolio excludes (i) Gateway Marketplace, which was acquired on July 6 2017; (ii) Waikele Center, due to significant redevelopment activity; (iii) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (iv) land held for development.
(2)
Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store portfolio excludes (i) the Pacific Ridge Apartments, which was acquired on April 28, 2017; (ii) Gateway Marketplace, which was acquired on July 6 2017; (iii) Waikele Center, due to significant redevelopment activity; (iv) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (v) land held for development.
(3)
Tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.
(4)
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; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, lease termination fees at City Center Bellevue, and straight-line rent expense for our leases of the Annex at The Landmark at One Market and retail space at Waikiki Beach Walk - Retail.
 
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.


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Use of Non-GAAP Information
Funds from Operations
The company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or 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 Income
The company uses cash net operating income ("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, 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.


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About American Assets Trust, Inc.
American Assets Trust, Inc. (the “company”) is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier retail, office 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, Oregon, Washington, Texas and Hawaii.  The company's retail portfolio comprises approximately 3.1 million rentable square feet, and its office portfolio comprises approximately 2.7 million square feet. In addition, the company owns one mixed-use property (including approximately 97,000 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 Statements
This 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. 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 Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607


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