Net income available to common stockholders of $3.1
million and $2.6 million for the three and six months ended
June 30, 2018, respectively, or $0.07 and $0.06 per diluted
share, respectively
American Assets Trust, Inc. (NYSE: AAT) (the “company”) today
reported financial results for its second quarter ended
June 30, 2018.
Second Quarter Highlights
- Net income available to common stockholders of $3.1
million and $2.6 million for the three and six months ended
June 30, 2018, respectively, or $0.07 and $0.06 per diluted
share, respectively
- Funds From Operations increased 18% and 16%
year-over-year to $0.58 and $1.09 for the three and six months
ended June 30, 2018, respectively, compared to the same
periods in 2017
- Same-store cash NOI increased 7% and 6% year-over-year
for the three and six months ended June 30, 2018,
respectively, compared to the same periods in 2017
- Increased 2018 annual guidance to a range of $2.05 to
$2.10 of FFO per diluted share
- Leased approximately 113,000 comparable office square
feet at an average straight-line basis and cash-basis contractual
rent increase of 29% and 17%, respectively, during the three months
ended June 30, 2018
- Leased approximately 66,000 comparable retail square
feet at an average straight-line basis and cash-basis contractual
rent increase of 14% and 1%, respectively, during the three months
ended June 30, 2018
Financial Results
Net income attributable to common stockholders was $3.1 million,
or $0.07 per basic and diluted share for the three months ended
June 30, 2018 compared to net income of $5.5 million, or $0.12 per
basic and diluted share for the three months ended June 30, 2017.
For the six months ended June 30, 2018, net income attributable to
common stockholders was $2.6 million, or $0.06 per basic and
diluted share compared to $12.9 million, or $0.28 per basic and
diluted share for the six months ended June 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 second quarter of 2018, the company generated funds
from operations (“FFO”) for common stockholders of $37.2 million,
or $0.58 per diluted share, compared to $31.7 million, or $0.49 per
diluted share, for the second quarter of 2017. For the six months
ended June 30, 2018, the company generated FFO for common
stockholders of $69.7 million, or $1.09 per diluted share, compared
to $59.9 million, or $0.94 per diluted share, for the six months
ended June 30, 2017. The increase in FFO from the corresponding
periods in 2017 was primarily due to the 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. The
space related to the Lloyd District Portfolio lease termination fee
has been subsequently re-leased at a higher rent which commences in
the first quarter of 2019. For the three months ended June 30,
2018, FFO includes approximately $3.7 million of lease termination
fees or approximately $0.06 of FFO per diluted share.
Additionally, subsequent to quarter end, the company signed a
lease with Safeway, Inc., for approximately 50,000 square feet in
the former Sports Authority space at Waikele Center.
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:
|
|
|
June 30, 2018 |
March 31, 2018 |
June 30, 2017 |
Total Portfolio |
|
|
|
|
|
Retail |
|
|
96.7 |
% |
96.6 |
% |
96.8 |
% |
Office |
|
|
93.8 |
% |
94.6 |
% |
88.7 |
% |
Multifamily
(2) |
|
|
93.9 |
% |
92.7 |
% |
92.6 |
% |
Mixed-Use: |
|
|
|
|
|
Retail |
|
|
95.9 |
% |
96.9 |
% |
95.7 |
% |
Hotel |
|
|
94.0 |
% |
94.3 |
% |
91.3 |
% |
|
|
|
|
|
|
Same-Store Portfolio |
|
|
Retail
(1) |
|
|
97.9 |
% |
97.8 |
% |
98.1 |
% |
Office |
|
|
93.8 |
% |
94.6 |
% |
92.9 |
% |
Multifamily
(2)(3) |
|
|
95.9 |
% |
92.7 |
% |
92.0 |
% |
Mixed-Use: |
|
|
|
|
|
Retail |
|
|
95.9 |
% |
96.9 |
% |
95.7 |
% |
Hotel |
|
|
94.0 |
% |
94.3 |
% |
91.3 |
% |
|
|
|
|
|
|
|
|
|
(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) Excluding the 21 off-line units
associated with the Loma Palisades repositioning, total multifamily
leased percentage was 93.5% at June 30, 2017, and same-store
multifamily leased percentage was 93.3% at June 30, 2017.(3)
Same-store multifamily leased percentages excludes the Pacific
Ridge Apartments, which was acquired on April 28, 2017.
During the second quarter of 2018, the company signed 43 leases
for approximately 231,200 square feet of retail and office space,
as well as 500 multifamily apartment leases. Renewals
accounted for 73% of the comparable retail leases, 87% of the
comparable office leases and 42% of the residential leases.
Retail and OfficeOn a comparable space basis (i.e. leases for
which there was a former tenant) during the second quarter 2018 and
trailing four quarters ended June 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 |
|
Q2 2018 |
|
15 |
|
66,000 |
|
1.3% |
|
$39.54 |
|
$39.05 |
|
|
14.1% |
|
|
Last 4 Quarters |
|
59 |
|
179,000 |
|
6.3% |
|
$45.65 |
|
$42.93 |
|
|
19.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Office |
|
Q2 2018 |
|
15 |
|
113,000 |
|
16.5% |
|
$43.18 |
|
$37.06 |
|
|
28.8% |
|
|
Last 4 Quarters |
|
49 |
|
409,000 |
|
12.4% |
|
$55.01 |
|
$48.92 |
|
|
26.8% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MultifamilyThe average monthly base rent per leased unit for
same-store properties for the second quarter of 2018 was
$1,784 compared to an average monthly base rent per leased unit of
$1,749 for the second quarter of 2017, an increase of approximately
2%.
Same-Store Cash Net Operating IncomeFor the
three and six months ended June 30, 2018, same-store cash NOI
increased 6.8% and 5.9%, respectively, compared to the three and
six months ended June 30, 2017. The same-store cash NOI by segment
was as follows (in thousands):
|
|
|
Three Months Ended (1) |
|
|
|
Year Ended (1) |
|
|
|
|
|
|
June 30, |
|
|
|
June 30, |
|
|
|
|
|
|
2018 |
|
2017 |
|
Change |
|
2018 |
|
2017 |
|
Change |
Cash Basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
|
$ |
14,893 |
|
|
$ |
14,163 |
|
|
|
5.2 |
% |
|
$ |
29,495 |
|
|
$ |
28,047 |
|
|
|
5.2 |
% |
Office |
|
|
20,461 |
|
|
18,114 |
|
|
|
13.0 |
|
|
38,688 |
|
|
35,745 |
|
|
|
8.2 |
|
Multifamily |
|
|
5,037 |
|
|
5,090 |
|
|
|
(1.0 |
) |
|
9,864 |
|
|
9,822 |
|
|
|
0.4 |
|
Mixed-Use |
|
|
5,867 |
|
|
5,957 |
|
|
|
(1.5 |
) |
|
11,942 |
|
|
11,330 |
|
|
|
5.4 |
|
Same-store
Cash NOI (2) |
|
|
$ |
46,258 |
|
|
$ |
43,324 |
|
|
|
6.8 |
% |
|
$ |
89,989 |
|
|
$ |
84,944 |
|
|
|
5.9 |
% |
|
(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) 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 and (iv) land held for development.(2) Excluding lease
termination fees, for the three and six months ended June 30, 2018,
same-store cash NOI would be 1.1% and 2.7%, 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 LiquidityAt June 30,
2018, the company had gross real estate assets of $2.6 billion and
liquidity of $379.3 million, comprised of cash and cash equivalents
of $51.3 million and $328.0 million of availability on its line of
credit.
DividendsThe company declared dividends on its
shares of common stock of $0.27 per share for the second quarter of
2018. The dividends were paid on June 28, 2018.
In addition, the company has declared a dividend on its common
stock of $0.27 per share for the third quarter of 2018. The
dividend will be paid on September 27, 2018 to stockholders of
record on September 13, 2018.
GuidanceThe company increased its guidance
range for full year 2018 FFO per diluted share of $2.05 to $2.10
per share from the prior guidance range of $2.01 to $2.09 per
share.
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 CallThe company will hold a
conference call to discuss the results for the second quarter of
2018 on Wednesday, August 1, 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 7376169. A telephonic
replay of the conference call will be available beginning at 2:00
p.m. PT on Wednesday, August 1, 2018 through Wednesday,
August 8, 2018. To access the replay, dial
1-855-859-2056 and use the pass code 7376169. 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 InformationSupplemental financial
information regarding the company's second 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.
Financial InformationAmerican Assets
Trust, Inc.Consolidated Balance
Sheets(In Thousands, Except Share
Data)
|
June 30, 2018 |
|
December 31, 2017 |
Assets |
(unaudited) |
|
|
|
|
Real estate, at cost |
|
|
|
|
|
|
|
Operating real estate |
$ |
2,543,142 |
|
|
$ |
2,536,474 |
|
Construction in progress |
|
76,502 |
|
|
|
68,272 |
|
Held for development |
|
9,392 |
|
|
|
9,392 |
|
|
|
2,629,036 |
|
|
|
2,614,138 |
|
Accumulated depreciation |
|
(595,042 |
) |
|
|
(537,431 |
) |
Net real estate |
|
2,033,994 |
|
|
|
2,076,707 |
|
Cash and cash equivalents |
|
51,326 |
|
|
|
82,610 |
|
Restricted cash |
|
9,385 |
|
|
|
9,344 |
|
Accounts receivable, net |
|
7,118 |
|
|
|
9,869 |
|
Deferred rent receivables, net |
|
39,283 |
|
|
|
38,973 |
|
Other assets, net |
|
44,934 |
|
|
|
42,361 |
|
Total
assets |
$ |
2,186,040 |
|
|
$ |
2,259,864 |
|
Liabilities and equity |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Secured notes payable, net |
$ |
205,155 |
|
|
$ |
279,550 |
|
Unsecured notes payable, net |
|
1,045,406 |
|
|
|
1,045,470 |
|
Unsecured line of credit, net |
|
20,133 |
|
|
|
— |
|
Accounts payable and accrued expenses |
|
39,666 |
|
|
|
38,069 |
|
Security deposits payable |
|
8,712 |
|
|
|
6,570 |
|
Other liabilities and deferred credits, net |
|
49,333 |
|
|
|
46,061 |
|
Total liabilities |
|
1,368,405 |
|
|
|
1,415,720 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
American Assets Trust, Inc. stockholders' equity |
|
|
|
|
|
|
|
Common stock, $0.01 par value, 490,000,000 shares authorized, 47,223,809 and 47,204,588 shares issued and outstanding at June 30, 2018 and
December 31, 2017, respectively |
|
473 |
|
|
|
473 |
|
Additional paid-in capital |
|
919,598 |
|
|
|
919,066 |
|
Accumulated dividends in excess of net income |
|
(120,008 |
) |
|
|
(97,280 |
) |
Accumulated other comprehensive income |
|
13,734 |
|
|
|
11,451 |
|
Total American Assets Trust, Inc. stockholders' equity |
|
813,797 |
|
|
|
833,710 |
|
Noncontrolling interests |
|
3,838 |
|
|
|
10,434 |
|
Total equity |
|
817,635 |
|
|
|
844,144 |
|
Total
liabilities and equity |
$ |
2,186,040 |
|
|
$ |
2,259,864 |
|
|
|
|
|
|
|
|
|
American Assets Trust, Inc.Unaudited
Consolidated Statements of Operations(In
Thousands, Except Shares and Per Share Data)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Revenue: |
|
|
|
|
|
|
|
Rental income |
$ |
76,892 |
|
|
$ |
72,925 |
|
|
$ |
153,093 |
|
|
$ |
142,965 |
|
Other property income |
8,131 |
|
|
4,181 |
|
|
12,662 |
|
|
7,933 |
|
Total revenue |
85,023 |
|
|
77,106 |
|
|
165,755 |
|
|
150,898 |
|
Expenses: |
|
|
|
|
|
|
|
Rental expenses |
20,882 |
|
|
19,841 |
|
|
41,302 |
|
|
39,700 |
|
Real estate taxes |
8,628 |
|
|
7,904 |
|
|
17,174 |
|
|
15,440 |
|
General and administrative |
5,396 |
|
|
5,131 |
|
|
10,963 |
|
|
10,213 |
|
Depreciation and amortization |
32,868 |
|
|
24,182 |
|
|
66,147 |
|
|
42,168 |
|
Total operating expenses |
67,774 |
|
|
57,058 |
|
|
135,586 |
|
|
107,521 |
|
Operating income |
17,249 |
|
|
20,048 |
|
|
30,169 |
|
|
43,377 |
|
Interest expense |
(12,688 |
) |
|
(12,652 |
) |
|
(26,508 |
) |
|
(25,983 |
) |
Other income (expense), net |
(148 |
) |
|
192 |
|
|
61 |
|
|
502 |
|
Net
income |
4,413 |
|
|
7,588 |
|
|
3,722 |
|
|
17,896 |
|
Net income attributable to restricted shares |
(216 |
) |
|
(61 |
) |
|
(144 |
) |
|
(121 |
) |
Net income attributable to unitholders in the Operating Partnership |
(1,125 |
) |
|
(2,008 |
) |
|
(959 |
) |
|
(4,869 |
) |
Net
income attributable to American Assets Trust, Inc.
stockholders |
$ |
3,072 |
|
|
$ |
5,519 |
|
|
$ |
2,619 |
|
|
$ |
12,906 |
|
|
|
|
|
|
|
|
|
Net
income per share |
|
|
|
|
|
|
|
Basic income attributable to common stockholders per
share |
$ |
0.07 |
|
|
$ |
0.12 |
|
|
$ |
0.06 |
|
|
$ |
0.28 |
|
Weighted average shares of common stock outstanding -
basic |
46,939,449 |
|
|
46,871,377 |
|
|
46,937,645 |
|
|
46,524,510 |
|
|
|
|
|
|
|
|
|
Diluted income attributable to common stockholders per
share |
$ |
0.07 |
|
|
$ |
0.12 |
|
|
$ |
0.06 |
|
|
$ |
0.28 |
|
Weighted average shares of common stock outstanding -
diluted |
64,132,520 |
|
|
64,089,081 |
|
|
64,131,665 |
|
|
64,075,919 |
|
|
|
|
|
|
|
|
|
Dividends declared per common share |
$ |
0.27 |
|
|
$ |
0.26 |
|
|
$ |
0.54 |
|
|
$ |
0.52 |
|
|
|
|
|
|
|
|
|
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 |
|
|
Six Months Ended |
|
|
|
June 30, 2018 |
|
|
June 30, 2018 |
Funds From Operations (FFO) |
|
|
|
|
|
|
|
|
|
|
|
Net
income |
|
|
|
$ |
4,413 |
|
|
|
$ |
3,722 |
|
Depreciation and amortization of real estate assets |
|
|
|
|
32,868 |
|
|
|
|
66,147 |
|
FFO, as
defined by NAREIT |
|
|
|
$ |
37,281 |
|
|
|
$ |
69,869 |
|
Less:
Nonforfeitable dividends on incentive stock awards |
|
|
|
|
(70 |
) |
|
|
|
(141 |
) |
FFO
attributable to common stock and units |
|
|
|
$ |
37,211 |
|
|
|
$ |
69,728 |
|
FFO per
diluted share/unit |
|
|
|
$ |
0.58 |
|
|
|
$ |
1.09 |
|
Weighted average number of common shares and units, diluted |
|
|
|
|
64,132,485 |
|
|
|
|
64,131,519 |
|
|
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) |
|
Six Months Ended (1) |
|
|
June 30, |
|
June 30, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
Same-store
cash NOI |
|
$ |
46,258 |
|
|
$ |
43,324 |
|
|
$ |
89,989 |
|
|
$ |
84,944 |
|
Non-same-store cash NOI |
|
8,189 |
|
|
5,684 |
|
|
|
15,095 |
|
|
|
9,351 |
|
Tenant improvement reimbursements (2) |
|
3,090 |
|
|
120 |
|
|
|
3,957 |
|
|
|
174 |
|
Cash
NOI |
|
$ |
57,537 |
|
|
$ |
49,128 |
|
|
$ |
109,041 |
|
|
$ |
94,469 |
|
Non-cash revenue and other operating expenses (3) |
|
(2,024 |
) |
|
233 |
|
|
|
(1,762 |
) |
|
|
1,289 |
|
General and administrative |
|
(5,396 |
) |
|
(5,131 |
) |
|
|
(10,963 |
) |
|
|
(10,213 |
) |
Depreciation and amortization |
|
(32,868 |
) |
|
(24,182 |
) |
|
|
(66,147 |
) |
|
|
(42,168 |
) |
Interest expense |
|
(12,688 |
) |
|
(12,652 |
) |
|
|
(26,508 |
) |
|
|
(25,983 |
) |
Other income, net |
|
(148 |
) |
|
192 |
|
|
|
61 |
|
|
|
502 |
|
Net
income |
|
$ |
4,413 |
|
|
$ |
7,588 |
|
|
$ |
3,722 |
|
|
$ |
17,896 |
|
|
|
|
|
|
|
|
|
|
|
|
Number of
properties included in same-store analysis |
|
|
23 |
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(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) 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; and (iv) 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; 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.
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, 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 IncomeThe 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.
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 3.2 million rentable square feet, and its
office portfolio comprises approximately 2.6 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 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. 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
American Assets (NYSE:AAT)
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