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American Assets Trust, Inc. Reports Third Quarter 2019 Financial Results

Net income available to common stockholders of $12.9 million and $32.9 million for the three and nine months ended September 30, 2019, respectively, or
$0.22 and $0.63 per diluted share, respectively
Funds From Operations per diluted share increased 8% and 1% year-over-year for the three and nine months ended September 30, 2019, respectively, or $0.57 and $1.63 per diluted share, respectively
Same-store cash NOI increased 1.6% and decreased 1.0% year-over-year for the three and nine months ended September 30, 2019, respectively. Excluding lease termination fees, same-store cash NOI increased 0.6% and 1.0% year-over-year for the three and nine months ended September 30, 2019, respectively

SAN DIEGO, California - 10/29/2019 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2019.

Third Quarter Highlights
Net income available to common stockholders of $12.9 million and $32.9 million for the three and nine months ended September 30, 2019, respectively, or $0.22 and $0.63 per diluted share, respectively
Funds From Operations increased 8% and 1% year-over-year to $0.57 and $1.63 per diluted share for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018
Same-store cash NOI increased 1.6% and decreased 1.0% year-over-year for the three and nine months ended September 30, 2019, respectively, compared to the same periods in 2018
Increasing quarterly dividend 7% to $0.30 per share of common stock in the fourth quarter of 2019 compared to the third quarter of 2019
Introducing 2020 annual guidance midpoint of $2.42 with a range of $2.38 to $2.46 of FFO per diluted share, a 9% increase over the revised 2019 annual guidance midpoint; excluding 2019 lease termination fees, the increase is 13% over the revised 2019 annual guidance midpoint
2020 same-store cash NOI estimated to increase approximately 9% over the 2019 full year same-store cash NOI forecast based on an approximately 4.0% same-store cash NOI increase in retail, an approximately 14.0% same-store cash NOI increase in office and an approximately 3.5% same-store cash NOI increase in multifamily
Leased approximately 71,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 29% and 12%, respectively, during the three months ended September 30, 2019
Leased approximately 30,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 9% and 3%, respectively, during the three months ended September 30, 2019
Closed a privately placed debt offering of $150 million of eleven-year senior guaranteed notes, due July 30, 2030, with a fixed interest rate of 3.91% and an effective interest rate of 3.88% net of settlement of a treasury lock contract


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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, October 29, 2019 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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