American Assets Trust, Inc. Announces Proposed Public Offering of Common Stock
June 10 2019 - 4:02PM
American Assets Trust, Inc. (NYSE: AAT) (the “Company”) announced
today that it has commenced an underwritten public offering
of 9,500,000 shares of its common stock. In connection
with this offering, the Company plans to grant the underwriters a
30-day option to purchase up to 1,425,000 additional shares of its
common stock.
The Company intends to use the net proceeds from this offering
to finance its recently announced acquisition of La Jolla Commons
and, to the extent such acquisition is not completed, to repay
amounts outstanding from time to time under its second amended and
restated credit facility or other debt financing obligations, fund
its development or redevelopment activities, fund potential
acquisition opportunities and/or for general corporate
purposes.
Morgan Stanley and Wells Fargo Securities are acting as joint
book-running managers for the offering. All shares of the
common stock to be sold in the offering will be offered by the
Company. The offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
offering may be completed, or as to the actual size or terms of the
offering.
The offering will be made by the Company pursuant to a
registration statement on Form S-3 previously filed with the
Securities and Exchange Commission (“SEC”), which became
automatically effective on February 5, 2018. A preliminary
prospectus supplement and accompanying prospectus related to the
offering will be filed with the SEC and will be available on the
SEC’s website located at http://www.sec.gov. When available,
copies of the preliminary prospectus supplement and the
accompanying prospectus relating to this offering may be obtained
from: Morgan Stanley & Co. LLC, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or
Wells Fargo Securities, LLC, Attention: Equity Syndicate
Department, 375 Park Avenue, New York, NY 10152, by telephone at
(800) 326-5897, or by email at cmclientsupport@wellsfargo.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, nor will there be any offer or
sale of, these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of such
state or other jurisdiction.
About American Assets Trust, Inc.
American Assets Trust, Inc. 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 retail, office and residential properties primarily in
Southern California, Northern California, Oregon, Washington, Texas
and Hawaii.
Forward-Looking Statements
This press release contains 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, including, among others, risks and uncertainties
associated with market conditions and the satisfaction of customary
closing conditions related to the proposed offering, risks and
uncertainties associated with the Company’s ability to complete its
pending acquisition of La Jolla Commons, as well as risks and
uncertainties associated with the Company’s business and finances
in general. 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 and include the Company’s
statements regarding the completion, timing and size of its
offering, the Company’s statements regarding granting the
underwriters a 30-day option to purchase additional shares, and the
Company’s statements regarding its pending acquisition of La Jolla
Commons and the Company’s statements regarding the potential use of
proceeds from this offering. 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 SEC. 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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