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

Net income available to common stockholders of $10.4 million and $13.0 million for the three and nine months ended September 30, 2018, respectively, or $0.22 and $0.28 per diluted share, respectively
Funds From Operations per diluted share increased 2% and 11% year-over-year for the three and nine months ended September 30, 2018, respectively
Same-store cash NOI increased 1% and 4% year-over-year for the three and nine months ended September 30, 2018, respectively

SAN DIEGO, California - 10/30/18 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2018.

Third Quarter Highlights
Net income available to common stockholders of $10.4 million and $13.0 million for the three and nine months ended September 30, 2018, respectively, or $0.22 and $0.28 per diluted share, respectively
Funds From Operations increased 2% and 11% year-over-year to $0.53 and $1.62 for the three and nine months ended September 30, 2018, respectively, compared to the same periods in 2017
Quarterly dividend will increase 4% to $0.28 per share of common stock in the fourth quarter of 2018 compared to the third quarter of 2018
Increasing 2018 annual guidance $0.02 to a revised midpoint of $2.10 with a range of $2.09 to $2.11 of FFO per diluted share, a 9% increase over 2017 FFO per diluted share
Introducing 2019 annual guidance midpoint of $2.16 with a range of $2.12 to $2.20 of FFO per diluted share, a 3% increase over the revised 2018 annual guidance midpoint; excluding 2018 lease termination fees the increase is 6% over the revised 2018 annual guidance midpoint
Same-store cash NOI increased 1% and 4% year-over-year for the three and nine months ended September 30, 2018, respectively, compared to the same periods in 2017
Leased approximately 95,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 13% and 11%, respectively, during the three months ended September 30, 2018
Leased approximately 65,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 22% and 19%, respectively, during the three months ended September 30, 2018

Financial Results
Net income attributable to common stockholders was $10.4 million, or $0.22 per basic and diluted share for the three months ended September 30, 2018 compared to net income of $9.1 million, or $0.19 per basic and diluted share for the three months ended September 30, 2017. For the nine months ended September 30, 2018, net income attributable to common stockholders was $13.0 million, or $0.28 per basic and diluted share compared to $22.0 million, or $0.47 per basic and diluted share for the nine months ended September 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 third quarter of 2018, the company generated funds from operations (“FFO”) for common stockholders of $34.1 million, or $0.53 per diluted share, compared to $33.6 million, or $0.52 per diluted share, for the third quarter of 2017. For the nine months ended September 30, 2018, the company generated FFO for common stockholders of $103.8 million, or $1.62 per diluted share, compared to $93.6 million, or $1.46 per diluted share, for the nine months ended September 30, 2017. The increase in FFO from the corresponding periods in 2017 was primarily due to the

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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, October 30, 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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