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American Assets Trust, Inc. Reports Third Quarter 2017 Financial Results

Net income available to common stockholders of $9.1 million and $22.0 million for the three and nine months ended September 30, 2017, respectively, or $0.19 and $0.47 per diluted share, respectively
Funds From Operations per diluted share increases 11% and 7% year-over-year for the three and nine months ended September 30, 2017, respectively
Same-store cash NOI decreases 0.3% and increases 0.5% year-over-year for the three and nine months ended September 30, 2017, respectively
Acquisition of Gateway Marketplace in Chula Vista, California

SAN DIEGO, California - 10/31/2017 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2017.

Financial Results and Recent Developments
Net income available to common stockholders of $9.1 million and $22.0 million for the three and nine months ended September 30, 2017, respectively, or $0.19 and $0.47 per diluted share, respectively
Funds From Operations increased 11% and 7% year-over-year to $0.52 and $1.46 per diluted share for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016
Quarterly dividend increased 4% to $0.27 per share of common stock for the fourth quarter of 2017
Decreasing 2017 annual guidance to a range of $1.99 to $2.01 of FFO per diluted share, an 8% increase over 2016 FFO per diluted share
Introducing 2018 annual guidance range of $2.01 to $2.09 per diluted share, a 3% increase over the revised 2017 annual guidance midpoint
Same-store GAAP NOI increased 4% and 2% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016
Same-store cash NOI decreased 0.3% and increased 0.5% for the three and nine months ended September 30, 2017, respectively, compared to the same periods in 2016
Leased approximately 69,000 comparable office square feet at an average GAAP-basis and cash-basis contractual rent increase of 15% and 10%, respectively, during the three months ended September 30, 2017
Leased approximately 24,000 comparable retail square feet at an average GAAP-basis contractual rent increase of 8% and cash- basis contractual rent decrease of 1% during the three months ended September 30, 2017
Acquisition of Gateway Marketplace in Chula Vista, California

Net income attributable to common stockholders was $9.1 million, or $0.19 per basic and diluted share for the three months ended September 30, 2017 compared to $8.5 million, or $0.19 per basic and diluted share for the three months ended September 30, 2016. The increase from the corresponding period in 2016 was primarily due to growth in same-store net operating income from our existing portfolio. For the nine months ended September 30, 2017, net income attributable to common stockholders was $22.0 million, or $0.47 per basic and diluted share compared to $23.7 million, or $0.52 per basic and diluted share for the nine months ended September 30, 2016. The decrease from the corresponding period in 2016 was primarily due to an increase in depreciation and amortization expense attributed to the acquisition of the Pacific Ridge Apartments on April 28, 2017.

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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, October 31, 2017 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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