American Assets Trust, Inc. Announces Pricing of Public Offering of Common Stock
June 11 2019 - 8:12PM
American Assets Trust, Inc. (NYSE: AAT) (the “Company”) announced
today the pricing of a previously announced underwritten public
offering of 9,500,000 shares of its common stock at a price to the
public of $44.75 per share. The gross proceeds from this offering
are expected to be $425.1 million, before deducting the
underwriting discounts and commissions and estimated offering
expenses payable by the Company. The Company has granted 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, Wells Fargo Securities and BofA Merrill Lynch
are acting as joint book-running managers for the offering and
BTIG, Mizuho Securities and PNC Capital Markets LLC are acting as
co-managers for the offering. All shares of the common stock
to be sold in the offering are being offered by the Company.
The offering is expected to close on or about June 14, 2019,
subject to the satisfaction of customary closing conditions.
A registration statement on Form S-3 relating to these
securities became automatically effective on February 5,
2018. A final prospectus supplement and accompanying
prospectus related to the offering will be filed with the
Securities and Exchange Commission (“SEC”) and will be available on
the SEC’s website located at http://www.sec.gov. When
available, copies of the final 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; 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; or BofA Merrill Lynch,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC
28255-0001, Attn: Prospectus Department or by email at
dg.prospectus_requests@baml.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 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 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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