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American Assets Trust, Inc. Reports Second Quarter 2018 Financial Results

Net income available to common stockholders of $3.1 million and $2.6 million for the three and six months ended June 30, 2018, respectively, or $0.07 and $0.06 per diluted share, respectively
Funds From Operations per diluted share increased 18% and 16% year-over-year for the three and six months ended June 30, 2018, respectively
Same-store cash NOI increased 7% and 6% year-over-year for the three and six months ended June 30, 2018, respectively

SAN DIEGO, California - 7/31/18 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its second quarter ended June 30, 2018.

Second Quarter Highlights
Net income available to common stockholders of $3.1 million and $2.6 million for the three and six months ended June 30, 2018, respectively, or $0.07 and $0.06 per diluted share, respectively
Funds From Operations increased 18% and 16% year-over-year to $0.58 and $1.09 for the three and six months ended June 30, 2018, respectively, compared to the same periods in 2017
Same-store cash NOI increased 7% and 6% year-over-year for the three and six months ended June 30, 2018, respectively, compared to the same periods in 2017
Increased 2018 annual guidance to a range of $2.05 to $2.10 of FFO per diluted share
Leased approximately 113,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 29% and 17%, respectively, during the three months ended June 30, 2018
Leased approximately 66,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 14% and 1%, respectively, during the three months ended June 30, 2018

Financial Results
Net income attributable to common stockholders was $3.1 million, or $0.07 per basic and diluted share for the three months ended June 30, 2018 compared to net income of $5.5 million, or $0.12 per basic and diluted share for the three months ended June 30, 2017. For the six months ended June 30, 2018, net income attributable to common stockholders was $2.6 million, or $0.06 per basic and diluted share compared to $12.9 million, or $0.28 per basic and diluted share for the six months ended June 30, 2017. The year-over-year decrease is due to an increase in depreciation expense at Waikele Center attributed to the redevelopment of the Kmart space.

During the second quarter of 2018, the company generated funds from operations (“FFO”) for common stockholders of $37.2 million, or $0.58 per diluted share, compared to $31.7 million, or $0.49 per diluted share, for the second quarter of 2017. For the six months ended June 30, 2018, the company generated FFO for common stockholders of $69.7 million, or $1.09 per diluted share, compared to $59.9 million, or $0.94 per diluted share, for the six months ended June 30, 2017. The increase in FFO from the corresponding periods in 2017 was primarily due to the acquisitions of the Pacific Ridge Apartments on April 28, 2017, the acquisition of Gateway Marketplace on July 6, 2017, and increase in lease termination fees at Lloyd District Portfolio and Torrey Point. The space related to the Lloyd District Portfolio lease termination fee has been subsequently re-leased at a higher rent which commences in the first quarter of 2019. For the three months ended June 30, 2018, FFO includes approximately $3.7 million of lease termination fees or approximately $0.06 of FFO per diluted share.

Additionally, subsequent to quarter end, the company signed a lease with Safeway, Inc., for approximately 50,000 square feet in the former Sports Authority space at Waikele Center.


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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, July 31, 2018 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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