American Assets Trust, Inc. Acquires La Jolla Commons in San Diego, California
June 20 2019 - 4:23PM
American Assets Trust, Inc. (NYSE: AAT) (the “Company”) has
successfully closed on the acquisition of La Jolla Commons,
consisting of two trophy office towers, an entitled development
parcel and two parking structures, located in the preeminent
University Town Center submarket of San Diego, California.
The two LEED platinum office towers at La Jolla
Commons were built in 2008 and 2014, respectively and total
approximately 724,000 square feet. One tower, consisting of
approximately 421,000 square feet, is 100% leased to credit-rated
LPL Financial. The other tower, consisting of approximately
303,000 square feet, is approximately 72% leased to such major
tenants as U.S. Bank National Association, Paul Hastings LLP and
Finch, Thornton & Baird LLP, among others.
La Jolla Commons is walking distance to a range
of high-end destination dining, high-scale retail and entertainment
and has the benefit of ready access to San Diego’s major freeways
and a soon to-be-completed Mid-Coast Trolley line.
“We are thrilled to expand into the University Town Center
submarket of San Diego and proud to add La Jolla Commons to our
portfolio of trophy assets,” said Ernest Rady, the Company’s
Chairman, Chief Executive Officer and President.
The purchase price of $525 million, less a
seller credit of approximately $11.5 million, was paid with a
combination of cash on hand and funds drawn against the Company’s
existing credit facility.
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 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 and Hawaii. The Company's
retail portfolio comprises approximately 3.1 million rentable
square feet, and its office portfolio comprises approximately 3.4
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 over 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 annual report on Form 10-K filed on February 15,
2019 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
American Assets (NYSE:AAT)
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