American Assets Trust, Inc. (NYSE: AAT) (the “company”) today
reported financial results for its first quarter ended
March 31, 2020.
First Quarter Highlights
- Net income available to common stockholders of $12.1
million for the first quarter, or $0.20 per diluted
share
- Funds From Operations remained relatively unchanged
year-over-year at $0.56 per diluted share for the first quarter.
Excluding lease termination fees for the first quarter, Funds From
Operations would have increased 14.3%
- Same-store cash NOI increased 8.6% year-over-year for
the first quarter. Excluding lease termination fees for the first
quarter, same-store cash NOI would have been 7.6%
- Leased approximately 181,000 comparable office square
feet at an average straight-line basis and cash-basis contractual
rent increase of 7% and 8%, respectively, for the first
quarter
- Leased approximately 62,000 comparable retail square
feet at an average straight-line basis and cash-basis contractual
rent increase of 7% and decrease of 2%, respectively, during the
first quarter
Financial ResultsNet income attributable to
common stockholders was $12.1 million, or $0.20 per basic and
diluted share for the first quarter of 2020 compared to $11.1
million, or $0.24 per basic and diluted share for the first quarter
of 2019. The year-over-year increase in net income attributable to
common stockholders is primarily due to the increase in revenue
from the acquisition of La Jolla Commons on June 20, 2019 and an
increase in annualized base rents at The Landmark at One Market,
Lloyd District Portfolio, Torrey Point, and City Center Bellevue
offset by an increase in depreciation and amortization expense
related La Jolla Commons, a decrease in lease termination fees at
Carmel Mountain Plaza attributed to the termination of our former
ground lease in the prior year, and a decrease in revenue at our
Waikiki Beach Walk Retail and Embassy Suites Hotel due to the
COVID-19 pandemic causing a decline in occupancy.
During the first quarter of 2020, the company generated funds
from operations (“FFO”) for common stockholders of $42.8 million,
or $0.56 per diluted share, compared to $35.7 million, or $0.56 per
diluted share, for the first quarter of 2019. The lack of change in
FFO from the corresponding period in 2019 was primarily due to the
increase in annualized base rents at The Landmark at One Market,
Lloyd District Portfolio, Torrey Point, and City Center Bellevue
and the acquisition of La Jolla Commons on June 20, 2019 offset by
the decrease in lease termination fees at Carmel Mountain Plaza
attributed to the termination of our former ground lease and a
decrease in revenue at our Waikiki Beach Walk Retail and Embassy
Suites Hotel due to the COVID-19 pandemic causing a decline in
occupancy.
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:
|
March 31, 2020 |
December 31, 2019 |
March 31, 2019 |
Total
Portfolio |
|
|
|
Office |
94.3% |
95.0% |
92.3% |
Retail |
95.2% |
97.8% |
97.1% |
Multifamily |
93.0% |
92.8% |
93.9% |
Mixed-Use: |
|
|
|
Retail |
98.5% |
97.9% |
98.2% |
Hotel |
75.4% |
91.7% |
91.8% |
|
|
|
|
Same-Store
Portfolio |
|
|
Office (1) |
95.7% |
95.7% |
92.0% |
Retail (2) |
94.4% |
97.6% |
96.7% |
Multifamily |
93.0% |
92.8% |
93.9% |
(1) Same-store office leased percentages includes the 830
building at Lloyd District Portfolio which was placed into
operations on August 1, 2019 after renovating the building.
Same-store office leased percentages excludes (i) La Jolla Commons,
which was acquired on June 20, 2019 and (ii) One Beach Street due
to significant redevelopment activity. La Jolla Commons will be
included in same-store office leased percentages commencing in the
third quarter of 2020.
(2) Same-store retail leased percentages exclude Waikele Center,
due to significant redevelopment activity.
During the first quarter of 2020, the company signed 34 leases
for approximately 274,400 square feet of office and retail space,
as well as 375 multifamily apartment leases. Renewals accounted for
73% of the comparable office leases, 86% of the comparable retail
leases, and 48% of the residential leases.
Office and RetailOn a comparable space basis (i.e. leases for
which there was a former tenant) during the first quarter of 2020
and trailing four quarters ended March 31, 2020, 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 |
Office |
Q1 2020 |
11 |
181,000 |
|
8.4% |
|
$40.84 |
$37.68 |
|
6.6% |
|
Last 4 Quarters |
50 |
420,000 |
|
15.1% |
|
$47.92 |
$41.65 |
|
25.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
Q1 2020 |
14 |
62,000 |
|
(1.8)% |
|
$32.41 |
$32.99 |
|
7.0% |
|
Last 4 Quarters |
53 |
163,000 |
|
(0.3)% |
|
$41.56 |
$41.69 |
|
8.8% |
|
MultifamilyThe average monthly base rent per leased unit for
same-store properties for the first quarter of 2020 was $2,079
compared to an average monthly base rent per leased unit of $2,057
for the first quarter of 2019, which is an increase of
approximately 1%.
Same-Store Cash Net Operating IncomeFor the
first quarter of 2020, same-store cash NOI increased 8.6% compared
to the first quarter of 2019. The same-store cash NOI by segment
was as follows (in thousands):
|
Three Months Ended (1) |
|
|
|
|
March 31, |
|
|
|
|
2020 |
|
2019 |
|
Change |
Cash
Basis: |
|
|
|
|
|
|
Office (2) |
$ |
20,591 |
|
|
$ |
17,391 |
|
|
18.4 |
|
|
% |
Retail (2) |
15,652 |
|
|
14,795 |
|
|
5.8 |
|
|
|
Multifamily |
7,267 |
|
|
7,892 |
|
|
(7.9 |
) |
|
|
Mixed-Use |
— |
|
|
— |
|
|
— |
|
|
|
Same-store Cash NOI (3) |
$ |
43,510 |
|
|
$ |
40,078 |
|
|
8.6 |
|
|
% |
(1) Same-store portfolio excludes (i) Waikele
Center due to significant redevelopment activity; (ii) La Jolla
Commons, which was acquired on June 20, 2019; (iii) One Beach
Street due to significant redevelopment activity; (iv) Waikiki
Beach Walk - Embassy Suites™ and Waikiki Beach Walk - Retail, due
to significant spalling repair activity; and (v) land held for
development.
(2) Same-store cash NOI for the three months
ended March 31, 2020 includes cash lease termination fees received
of $0.4 million. Excluding lease termination fees for the three
months ended March 31, 2020, Office same-store cash NOI would
have been 17.8%
(3) Excluding lease termination fees for the
three months March 31, 2020, same-store cash NOI would have
been 7.6%
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 March 31,
2020, the company had gross real estate assets of $3.2 billion and
liquidity of $402.4 million, comprised of cash and cash equivalents
of $52.4 million and $350.0 million of availability on its line of
credit, which the company believes is sufficient to meet the
company's short-term liquidity requirements. At March 31,
2020, the company has no debt obligations maturing during the
remainder of 2020; and only 1 out of 28 assets encumbered by a
mortgage. The company has $150 million of debt obligations maturing
in 2021, assuming the company exercises its option and satisfies
the conditions to extend the maturity date of its $100 million term
loan from January 9, 2021 to January 9, 2022.
DividendsThe company declared dividends on its
shares of common stock of $0.30 per share for the first quarter of
2020. The dividends were paid on March 26, 2020.
In addition, the company has declared a dividend on its common
stock of $0.20 per share for the second quarter of 2020. The
dividend will be paid in cash on June 25, 2020 to stockholders
of record on June 11, 2020. The company reduced the second
quarter dividend by $0.10, or one-third, from the first quarter of
2020 out of an abundance of caution, recognizing the uncertainties
that the COVID-19 pandemic has created in commercial real estate
and the financial markets.
GuidanceIn light of the ongoing COVID-19
pandemic, the company withdrew its full year 2020 guidance that was
previously issued on October 29, 2019.
COVID-19 Operational Update
EmployeesIn response to the COVID-19 pandemic, including the
"stay-at-home" order from the various municipalities in which we
conduct business, the company initiated its business continuity and
crisis management plans, and has directed all employees to work
from home in order to maintain social distancing unless an employee
was deemed to provide essential services to any of the company's
properties and/or tenants. To date, the company is unaware of any
employees having been infected by COVID-19.
OperationsAs of April 27, 2020, we have collected 94% of office
rents, 47% of retail rents (including the retail component of
Waikiki Beach Walk) and 94% of multifamily rents, that were due in
April 2020.
The company recently began negotiating and executing lease
amendments to defer the rent obligations of certain retail, office
and multifamily tenants that suffered and proven financial hardship
due to the COVID-19 pandemic. The company believes that many rent
relief requests from tenants are opportunistic and coming from
tenants that likely have the finances to pay rent. As such, not all
tenant requests will result in deferments. Additionally, in April
2020, due to the significant reduction in tourism, the company
substantially reduced the scope of operations at its Waikiki Beach
Walk - Embassy Suites Hotel in Honolulu, Hawaii.
As a result of the impact of the COVID-19 pandemic on
non-essential retail and office business operations and the spike
in unemployment, among other reasons, our ability to collect past
due and future rent may deteriorate.
Financial UpdateIn April 2020, the company drew down $100
million out of the $350 million capacity under its revolving credit
facility for working capital and general corporate purposes and to
ensure future liquidity given the recent significant impact on
global financial markets and the economy as a result of the
COVID-19 pandemic.
Conference CallThe company will hold a
conference call to discuss the results for the first quarter of
2020 on Wednesday, April 29, 2020 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 4776946. A telephonic replay
of the conference call will be available beginning at 2:00 p.m. PT
on Wednesday, April 29, 2020 through Wednesday, May 6,
2020. To access the replay, dial 1-855-859-2056 and use the pass
code 4776946. 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 first quarter 2020 results may
be found on the “Investors” page 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)
|
March 31, 2020 |
|
December 31, 2019 |
Assets |
(unaudited) |
|
|
|
Real estate, at cost |
|
|
|
|
|
Operating real estate |
$ |
3,118,356 |
|
|
|
$ |
3,096,886 |
|
|
Construction in progress |
|
90,598 |
|
|
|
|
91,264 |
|
|
Held for development |
|
547 |
|
|
|
|
547 |
|
|
|
|
3,209,501 |
|
|
|
|
3,188,697 |
|
|
Accumulated depreciation |
|
(687,932 |
) |
|
|
|
(665,222 |
) |
|
Net real estate |
|
2,521,569 |
|
|
|
|
2,523,475 |
|
|
Cash and cash equivalents |
|
52,371 |
|
|
|
|
99,303 |
|
|
Restricted cash |
|
4,457 |
|
|
|
|
10,148 |
|
|
Accounts receivable, net |
|
8,621 |
|
|
|
|
12,016 |
|
|
Deferred rent receivables, net |
|
56,869 |
|
|
|
|
52,171 |
|
|
Other assets, net |
|
112,298 |
|
|
|
|
93,220 |
|
|
Total assets |
$ |
2,756,185 |
|
|
|
$ |
2,790,333 |
|
|
Liabilities and
equity |
|
|
|
|
|
Liabilities: |
|
|
|
|
|
Secured notes payable, net |
$ |
110,892 |
|
|
|
$ |
161,879 |
|
|
Unsecured notes payable, net |
|
1,196,036 |
|
|
|
|
1,195,780 |
|
|
Accounts payable and accrued expenses |
|
67,348 |
|
|
|
|
62,576 |
|
|
Security deposits payable |
|
8,346 |
|
|
|
|
8,316 |
|
|
Other liabilities and deferred credits, net |
|
92,542 |
|
|
|
|
68,110 |
|
|
Total liabilities |
|
1,475,164 |
|
|
|
|
1,496,661 |
|
|
Commitments and contingencies |
|
|
|
|
|
Equity: |
|
|
|
|
|
American Assets Trust, Inc. stockholders' equity |
|
|
|
|
|
Common stock, $0.01 par value, 490,000,000 shares authorized,
60,068,228 shares issued and outstanding at both March 31, 2020 and
December 31, 2019 |
|
601 |
|
|
|
|
601 |
|
|
Additional paid-in capital |
|
1,453,264 |
|
|
|
|
1,452,014 |
|
|
Accumulated dividends in excess of net income |
|
(150,226 |
) |
|
|
|
(144,378 |
) |
|
Accumulated other comprehensive income |
|
603 |
|
|
|
|
5,680 |
|
|
Total American Assets Trust, Inc. stockholders' equity |
|
1,304,242 |
|
|
|
|
1,313,917 |
|
|
Noncontrolling interests |
|
(23,221 |
) |
|
|
|
(20,245 |
) |
|
Total equity |
|
1,281,021 |
|
|
|
|
1,293,672 |
|
|
Total liabilities and
equity |
$ |
2,756,185 |
|
|
|
$ |
2,790,333 |
|
|
American Assets Trust, Inc.Unaudited
Consolidated Statements of Operations(In
Thousands, Except Shares and Per Share Data)
|
|
|
Three Months Ended March 31, |
|
2020 |
|
2019 |
Revenue: |
|
|
|
Rental income |
$ |
92,070 |
|
|
|
$ |
76,831 |
|
|
Other property income |
4,673 |
|
|
|
8,488 |
|
|
Total revenue |
96,743 |
|
|
|
85,319 |
|
|
Expenses: |
|
|
|
Rental expenses |
22,568 |
|
|
|
20,796 |
|
|
Real estate taxes |
11,045 |
|
|
|
9,046 |
|
|
General and administrative |
6,820 |
|
|
|
6,073 |
|
|
Depreciation and amortization |
27,462 |
|
|
|
20,583 |
|
|
Total operating expenses |
67,895 |
|
|
|
56,498 |
|
|
Operating
income |
28,848 |
|
|
|
28,821 |
|
|
Interest expense |
(13,472 |
) |
|
|
(13,349 |
) |
|
Other income (expense), net |
108 |
|
|
|
(229 |
) |
|
Net
income |
15,484 |
|
|
|
15,243 |
|
|
Net income attributable to restricted shares |
(104 |
) |
|
|
(93 |
) |
|
Net income attributable to unitholders in the Operating
Partnership |
(3,312 |
) |
|
|
(4,055 |
) |
|
Net income attributable to American Assets Trust, Inc.
stockholders |
$ |
12,068 |
|
|
|
$ |
11,095 |
|
|
|
|
|
|
Net income per
share |
|
|
|
Basic income attributable to common stockholders per share |
$ |
0.20 |
|
|
|
$ |
0.24 |
|
|
Weighted average shares of common stock outstanding - basic |
59,723,072 |
|
|
|
47,004,465 |
|
|
|
|
|
|
Diluted income attributable to common stockholders per share |
$ |
0.20 |
|
|
|
$ |
0.24 |
|
|
Weighted average shares of common stock outstanding - diluted |
76,113,620 |
|
|
|
64,182,073 |
|
|
|
|
|
|
Dividends declared per
common share |
$ |
0.30 |
|
|
|
$ |
0.28 |
|
|
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 |
|
March 31, 2020 |
Funds From Operations
(FFO) |
|
|
Net income |
$ |
15,484 |
|
|
Depreciation and amortization
of real estate assets |
|
27,462 |
|
|
FFO, as defined by NAREIT |
$ |
42,946 |
|
|
Less: Nonforfeitable dividends
on restricted stock awards |
|
(102 |
) |
|
FFO attributable to common
stock and units |
$ |
42,844 |
|
|
FFO per diluted
share/unit |
$ |
0.56 |
|
|
Weighted average number of
common shares and units, diluted |
|
76,117,072 |
|
|
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) |
|
March 31, |
|
2020 |
|
2019 |
Same-store cash NOI |
43,510 |
|
|
|
$ |
40,078 |
|
|
Non-same-store cash NOI |
13,183 |
|
|
|
8,959 |
|
|
Tenant improvement reimbursements (2) |
2,796 |
|
|
|
991 |
|
|
Cash NOI |
$ |
59,489 |
|
|
|
$ |
50,028 |
|
|
Non-cash revenue and other operating expenses (3) |
3,641 |
|
|
|
5,449 |
|
|
General and administrative |
(6,820 |
) |
|
|
(6,073 |
) |
|
Depreciation and amortization |
(27,462 |
) |
|
|
(20,583 |
) |
|
Interest expense |
(13,472 |
) |
|
|
(13,349 |
) |
|
Other income (expense), net |
108 |
|
|
|
(229 |
) |
|
Net income |
$ |
15,484 |
|
|
|
$ |
15,243 |
|
|
|
|
|
|
Number of properties included in same-store analysis |
24 |
|
24 |
(1) Same-store portfolio includes the 830
building at Lloyd District Portfolio which was placed into
operations on August 1, 2019 after renovating the building.
Same-store portfolio excludes (i) Waikele Center, due to
significant redevelopment activity; (ii) La Jolla Commons, which
was acquired on June 20, 2019; (iii) One Beach Street, due to
significant redevelopment activity; (iv) Waikiki Beach Walk -
Embassy Suites™ and Waikiki Beach Walk - Retail, due to significant
spalling repair activity; and (v) 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 Carmel Mountain Plaza, and straight-line rent
expense for our lease of the Annex at The Landmark at One
Market.
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 Information
Funds 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. 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 office portfolio comprises
approximately 3.4 million rentable square feet, and its retail
portfolio comprises approximately 3.1 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.
Currently, one of the most significant risk factors, is the
potential adverse effect of the current COVID-19 pandemic on the
financial condition, results of operations, cash flows and
performance of the company, its tenants and guests, the real estate
market and the global economy and financial markets. The extent to
which COVID-19 impacts the Company, its tenants and guests will
depend on future developments, which are highly uncertain and
cannot be predicted with confidence, including the scope, severity
and duration of the pandemic, the actions taken to contain the
pandemic or mitigate its impact, and the direct and indirect
economic effects of the pandemic and containment measures, among
others. 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)
Historical Stock Chart
From Mar 2024 to Apr 2024
American Assets (NYSE:AAT)
Historical Stock Chart
From Apr 2023 to Apr 2024