SAN DIEGO, June 11, 2019 — 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 [email protected]; 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 [email protected]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 StatementsThis 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 Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
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