American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2020 Financial Results and COVID-19 Operational Update

February 9, 2021 4:15 PM EST
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Net income available to common stockholders of $2.9 million and $27.7 million for the three months and year ended December 31, 2020, respectively, or $0.05 and $0.46 per diluted share, respectively

Funds From Operations per diluted share decreased 27% and 14% year-over-year for the three months and year ended December 31, 2020, respectively, or $0.41 and $1.89 per diluted share, respectively

Collected 92% to date of rents that were due during the fourth quarter of 2020

SAN DIEGO, Feb. 09, 2021 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2020.

Fourth Quarter Highlights

  • Net income available to common stockholders of $2.9 million and $27.7 million for the three months and year ended December 31, 2020, respectively, or $0.05 and $0.46 per diluted share, respectively.
  • Funds From Operations decreased 27% and 14% year-over-year to $0.41 and $1.89 per diluted share for the three months and year ended December 31, 2020, respectively, compared to the same periods in 2019.
  • Same-store cash NOI decreased 3.1% and 3.1% year-over-year for the three months and year ended December 31, 2020, respectively. Excluding lease termination fees, same-store cash NOI would have been (3.2)% and (3.7)% for the three months and year ended December 31, 2020, respectively.
  • For the three months ended December 31, 2020, we have collected 99% of office rents, 82% of retail rents (including the retail component of Waikiki Beach Walk) and 95% of multifamily rents, that were due during the fourth quarter.
  • Total collections increased to 92% in the fourth quarter compared to 90% in the third quarter and 87% in the second quarter.
  • Leased approximately 22,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 4% and 5%, respectively, during the three months ended December 31, 2020.
  • Leased approximately 147,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent decrease of 7% and 12%, respectively, during the three months ended December 31, 2020.

Inaugural Public Bond Offering

  • Closed inaugural public bond offering of $500 million in principal amount of 3.375% senior unsecured notes due 2031.
  • With proceeds from the inaugural public bond offering, we repaid the $150 million Senior Guaranteed Notes, Series A, with make-whole payment thereon, and the $100 million outstanding on our revolving line of credit.
  • As of January 31, 2021, cash on the balance sheet was approximately $378.5 million with no debt obligations maturing during the remainder of 2021.

Financial ResultsNet income attributable to common stockholders was $2.9 million, or $0.05 per basic and diluted share for the three months ended December 31, 2020 compared to $12.8 million, or $0.22 per basic and diluted share for the three months ended December 31, 2019. For the year ended December 31, 2020, net income attributed to common stockholders was $27.7 million, or $0.46 per basic and diluted share compared to $45.7 million, or $0.84 per basic and diluted share for the year ended December 31, 2019.  The year-over-year decrease in net income attributable to common stockholders is primarily due to the increase in collectability related adjustments (bad debt reserve) of rent receivables of approximately $16.7 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Del Monte Center, and Waikiki Beach Walk Retail due to, in large part, collection challenges with our movie theatres, gyms, and a reduction in Hawaii tourism, a 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, partially offset by an incremental 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, City Center Bellevue, and Torrey Point.

During the fourth quarter of 2020, the company generated Funds From Operations (“FFO”) for common stockholders of $31.1 million, or $0.41 per diluted share, compared to $42.9 million, or $0.56 per diluted share, for the fourth quarter of 2019. For the year ended December 31, 2020, the company generated FFO for common stockholders of $143.5 million, or $1.89 per diluted share, compared to $155.4 million, or $2.20 per diluted share, for the year ended December 31, 2019. The decrease in FFO from the corresponding period in 2019 was primarily due to the above described increase in reserve for collectability related adjustments (bad debt reserve) of rent receivables, a decrease in lease termination fees, and a decrease in revenue at our Waikiki Beach Walk Retail and Embassy Suites Hotel, partially offset by an increase in revenue and annualized base rents in our office segment.

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:

 December 31, 2020September 30, 2020December 31, 2019
Total Portfolio   
Office93.0%93.8%95.0%
Retail90.7%95.0%97.8%
Multifamily86.2%87.5%92.8%
Mixed-Use:   
Retail89.2%87.8%97.9%
Hotel51.3%52.8%91.7%
    
Same-Store Portfolio   
Office (1)95.3%96.1%96.4%
Retail (2)89.2%94.2%97.6%
Multifamily86.2%87.5%92.8%

(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 One Beach Street due to significant redevelopment activity.

(2) Same-store retail leased percentages exclude Waikele Center, due to significant redevelopment activity.

During the fourth quarter of 2020, the company signed 33 leases for approximately 174,100 square feet of office and retail space, as well as 369 multifamily apartment leases.  Renewals accounted for 100% of the comparable office leases, 95% of the comparable retail leases, and 60% of the residential leases. 

Office and RetailOn a comparable space basis (i.e. leases for which there was a former tenant) during the fourth quarter of 2020 and trailing four quarters ended December 31, 2020, our retail and office leasing spreads are shown below: 

  Number of LeasesSignedComparable LeasedSq. Ft.Average Cash Basis %Change Over Prior Rent Average CashContractual RentPer Sq. Ft.Prior Average CashContractual RentPer Sq. Ft.Straight-Line Basis% Change OverPrior Rent
OfficeQ4 2020722,0005.0%$46.36$44.133.6%
Last 4 Quarters33298,00018.6%$47.30$39.9021.9%
        
RetailQ4 202022147,000(11.6)%$31.75$35.90(6.6)%
Last 4 Quarters69303,000(7.4)%$32.22$34.77(2.4)%
       

MultifamilyThe average monthly base rent per leased unit for same-store properties for the fourth quarter of 2020 was $2,245 compared to an average monthly base rent per leased unit of $2,089 for the fourth quarter of 2019, which is an increase of approximately 7%.

Same-Store Cash Net Operating IncomeFor the three months and year ended December 31, 2020, same-store cash NOI decreased 3.1% and 3.1%, respectively, compared to the three months and year ended December 31, 2019. The same-store cash NOI by segment was as follows (in thousands):

 Three Months Ended (1)    Year Ended (2)   
 December 31,    December 31,   
 2020 2019 Change 2020 2019 Change
Cash Basis:             
Office (3)$25,736  $24,988  3.0    $80,967  $72,095  12.3  %
Retail (3)13,783  15,897  (13.3) % 48,513  60,774  (20.2)  
Multifamily6,816  6,937  (1.7)   28,605  30,291  (5.6)  
Mixed-Use               
Same-store Cash NOI (4)$46,335  $47,822  (3.1) % $158,085  $163,160  (3.1) %

(1)  Same-store portfolio excludes (i) Waikele Center due to significant redevelopment activity; (ii) One Beach Street due to significant redevelopment activity; (iii) Waikiki Beach Walk - Embassy Suites™ and Waikiki Beach Walk - Retail, due to significant spalling repair activity; and (iv) land held for development.(2)  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.(3)  Same-store cash NOI for the three months and year ended December 31, 2020 includes cash lease termination fees received of $0.4 million and $2.1 million, respectively. Excluding lease termination fees for the three months and year ended December 31, 2020, office same-store cash NOI would have been 3.2% and 12.6%, respectively.(4)  Excluding lease termination fees for the three months and year ended December 31, 2020, same-store cash NOI would have been (3.2)% and (3.7)%, 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 December 31, 2020, the company had gross real estate assets of $3.2 billion and liquidity of $387.3 million, comprised of cash and cash equivalents of $137.3 million and $250.0 million of availability on its line of credit, which the company believes is sufficient to meet the company's short-term liquidity requirements. At December 31, 2020, the company has only 1 out of 28 assets encumbered by a mortgage. After the repayment of the $150 million Senior Guaranteed Notes, Series A on January 26, 2021, the company has no debt obligations maturing during the remainder of 2021.

DividendsThe company declared dividends on its shares of common stock of $0.25 per share for the fourth quarter of 2020.  The dividends were paid on December 24, 2020.

In addition, the company has declared a dividend on its common stock of $0.28 per share for the first quarter of 2021. The dividend will be paid in cash on March 25, 2021 to stockholders of record on March 11, 2021. The company increased the dividend from $0.25 per share in the fourth quarter of 2020 to $0.28 per share in the first quarter of 2021 based on the company's rent collection in the fourth quarter.

COVID-19 Operational Update

OperationsAs of December 31, 2020, we have entered into lease modifications that resulted in COVID-19 adjustments (including rent deferrals and other monetary lease concessions) for approximately 2.6% of the rent originally contracted for the three months ended December 31, 2020. Furthermore, as of December 31, 2020 and specific to the impact of COVID-19 on our retail sector (including the retail component of Waikiki Beach Walk Retail and Embassy Suites Hotel) for the three months ended December 31, 2020, we have recorded an allowance for doubtful accounts against accounts receivable of approximately 12% and an allowance for doubtful accounts against deferred rent receivables (straight-line rent receivables) of approximately 19%.

Rent Collection for the Fourth Quarter of 2020 and January 2021(1)

 October November December Q4 Average January
Office99.0% 98.9% 98.6% 98.8% 98.5%
Retail87.4% 89.4% 88.1% 88.3% 86.3%
Multifamily95.3% 95.0% 95.4% 95.2% 95.0%
Mixed-Use (2)32.4% 36.6% 36.9% 35.3% 36.9%
Average91.8% 92.5% 92.1% 92.1% 91.2%

(1) Data as of February 6, 2021.(2) Includes only the retail portion of Waikiki Beach Walk Retail and Embassy Suites Hotel.

Rent DeferralsAs of December 31, 2020, we have entered into deferral agreements for $8.6 million of recurring rents related to the second, third, and fourth quarters of 2020. The weighted average payback period of the deferral agreements is approximately 42 months. Revenue from approximately 68% of tenants with deferral agreements is recognized on a straight-line basis comprising approximately 40% of the deferred amount.

Conference CallThe company will hold a conference call to discuss the results for the fourth quarter and year end 2020 on Wednesday, February 10, 2021 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 4228256.  A telephonic replay of the conference call will be available beginning at 2:00 p.m. PT on Wednesday, February 10, 2021 through Wednesday, February 17, 2021.  To access the replay, dial 1-855-859-2056 and use the pass code 4228256.  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 fourth quarter and year end 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)

 December 31, 2020 December 31, 2019
Assets    
Real estate, at cost     
Operating real estate$3,155,280  $3,096,886 
Construction in progress 91,047   91,264 
Held for development 547   547 
  3,246,874   3,188,697 
Accumulated depreciation (754,140)  (665,222)
Net real estate 2,492,734   2,523,475 
Cash and cash equivalents 137,333   99,303 
Restricted cash 1,716   10,148 
Accounts receivable, net 6,938   12,016 
Deferred rent receivables, net 72,476   52,171 
Other assets, net 106,112   93,220 
Total assets$2,817,309  $2,790,333 
Liabilities and equity     
Liabilities:     
Secured notes payable, net$110,923  $161,879 
Unsecured notes payable, net 1,196,677   1,195,780 
Unsecured line of credit, net 99,151    
Accounts payable and accrued expenses 59,262   62,576 
Security deposits payable 6,590   8,316 
Other liabilities and deferred credits, net 91,300   68,110 
Total liabilities 1,563,903   1,496,661 
Commitments and contingencies     
Equity:     
American Assets Trust, Inc. stockholders' equity     
Common stock, $0.01 par value, 490,000,000 sharesauthorized, 60,476,292 and 60,068,228 shares issued andoutstanding at December 31, 2020 and December 31, 2019,respectively 605   601 
Additional paid-in capital 1,445,644   1,452,014 
Accumulated dividends in excess of net income (176,560)  (144,378)
Accumulated other comprehensive income 1,753   5,680 
Total American Assets Trust, Inc. stockholders' equity 1,271,442   1,313,917 
Noncontrolling interests (18,036)  (20,245)
Total equity 1,253,406   1,293,672 
Total liabilities and equity$2,817,309  $2,790,333 
        

American Assets Trust, Inc.Unaudited Consolidated Statements of Operations(In Thousands, Except Shares and Per Share Data)

 Three Months EndedDecember 31, Year Ended December 31,
 2020 2019 2020 2019
Revenue:       
Rental income$78,253  $94,231  $330,312  $343,865 
Other property income3,094  4,716  14,261  22,876 
Total revenue81,347  98,947  344,573  366,741 
Expenses:       
Rental expenses20,421  25,356  79,178  91,967 
Real estate taxes10,444  10,750  41,941  40,013 
General and administrative6,644  6,376  26,581  24,871 
Depreciation and amortization27,423  26,472  108,292  96,205 
Total operating expenses64,932  68,954  255,992  253,056 
Operating income16,415  29,993  88,581  113,685 
Interest expense(13,335) (13,796) (53,440) (54,008)
Gain on sale of real estate      633 
Other income (expense), net708  288  447  (122)
Net income3,788  16,485  35,588  60,188 
Net income attributable to restricted shares(123) (104) (383) (381)
Net income attributable to unitholders in the Operating Partnership(767) (3,536) (7,545) (14,089)
Net income attributable to American Assets Trust, Inc. stockholders$2,898  $12,845  $27,660  $45,718 
        
Net income per share       
Basic income attributable to common stockholders per share$0.05  $0.22  $0.46  $0.84 
Weighted average shares of common stock outstanding - basic59,951,055  59,663,771  59,806,309  54,110,949 
        
Diluted income attributable to common stockholders per share$0.05  $0.22  $0.46  $0.84 
Weighted average shares of common stock outstanding - diluted76,132,592  76,054,319  76,119,763  70,786,132 
        
Dividends declared per common share$0.25  $0.30  $1.00  $1.14 
                

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  Year Ended
 December 31, 2020 December 31, 2020
Funds From Operations (FFO)     
Net income$3,788  $35,588 
Depreciation and amortization of real estate assets 27,423   108,292 
FFO, as defined by NAREIT$31,211  $143,880 
Less: Nonforfeitable dividends on restricted stock awards (122)  (377)
FFO attributable to common stock and units$31,089  $143,503 
FFO per diluted share/unit$0.41  $1.89 
Weighted average number of common shares and units, diluted 76,132,963   76,122,842 
        

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) Year Ended (2)
 December 31, December 31,
 2020 2019 2020 2019
Same-store cash NOI46,335  $47,822  $158,085  $163,160 
Non-same-store cash NOI3,240  8,607  38,438  48,628 
Tenant improvement reimbursements (3)137  3,498  5,230  11,945 
Cash NOI$49,712  $59,927  $201,753  $223,733 
Non-cash revenue and other operating expenses (4)770  2,914  21,701  11,028 
General and administrative(6,644) (6,376) (26,581) (24,871)
Depreciation and amortization(27,423) (26,472) (108,292) (96,205)
Interest expense(13,335) (13,796) (53,440) (54,008)
Gain on sale of real estate      633 
Other income (expense), net708  288  447  (122)
Net income$3,788  $16,485  $35,588  $60,188 
        
Number of properties included in same-store analysis25 25 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) One Beach Street, due to significant redevelopment activity; (iii) Waikiki Beach Walk - Embassy Suites™ and Waikiki Beach Walk - Retail, due to significant spalling repair activity; and (iv) land held for development.(2)  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.(3)  Tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.(4)  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; net change in lease receivables, 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-K 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, net change in lease receivables, 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 office, retail, 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

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Source: American Assets Trust, Inc.


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