American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2013 Financial Results

FFO per share increases 5% and 14% year-over-year for the three months and year ended December 31, 2013
Same-store cash NOI increases 4% and 6% year-over-year for the three months and year ended December 31, 2013

SAN DIEGO, California - 2/18/2014 - American Assets Trust, Inc. (NYSE: AAT) (the “Company”) today reported financial results for its fourth quarter and year-ended December 31, 2013.

Financial Results and Recent Developments
Funds From Operations increased 5% and 14% to $0.40 and $1.54 per diluted share for the three months and year ended December 31, 2013, respectively, compared to the same periods in 2012
Net income available to common stockholders of $4.7 million and $15.2 million for the three months and year ended December 31, 2013, respectively, or $0.11 and $0.38 per diluted share, respectively
Same-store cash NOI increased 4% and 6% for the three months and year ended December 31, 2013, respectively, compared to the same periods in 2012
Embassy Suites—Waikiki Beach WalkTM increased Revenue per Available Room by 7% and 11% for the three months and year ended December 31, 2013, respectively, compared to the same periods in 2012
Signed 44 retail and office leases for approximately 326,700 square feet

During the fourth quarter of 2013, the Company generated funds from operations (“FFO”) for common stockholders of $23.0 million, or $0.40 per diluted share, compared to $21.7 million, or $0.38 per diluted share, for the quarter ended December 31, 2012. For the year ended December 31, 2013, the Company generated FFO for common stockholders of $89.0 million, or $1.54 per diluted share, compared to $77.5 million, or $1.35 per diluted share, for the year ended December 31, 2012. The increase in FFO from the corresponding period in 2012 was largely due to additional operating income from our 2012 acquisitions, primarily City Center Bellevue and Geary Marketplace.

Net income attributable to common stockholders was $4.7 million, or $0.11 per basic and diluted share, for the three months ended December 31, 2013 compared to $28.6 million, or $0.73 per basic and diluted share, for the three months ended December 31, 2012. For the year ended December 31, 2013, net income attributable to common stockholders was $15.2 million, or $0.38 per basic and diluted share, compared to net income attributable to common stockholders of $34.9 million, or $0.90 per basic and diluted share, for the year ended December 31, 2012. The decrease in net income attributable to common stockholders was largely due to the sale of 160 King Street during the fourth quarter of 2012.

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.

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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, February 18, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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