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American Assets Trust, Inc. Reports Second Quarter 2020 Financial Results and COVID-19 Operational Update

Net income available to common stockholders of $7.7 million and $19.7 million for the three and six months ended June 30, 2020, respectively, or $0.13 and $0.33 per diluted share, respectively
Funds From Operations per diluted share decreased 6% and 2% year-over-year for the three and six months ended June 30, 2020, respectively, or $0.48 and $1.04 per diluted share, respectively
Collected 83% to date of rents that were due during the second quarter

SAN DIEGO, California - 7/28/2020 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its second quarter ended June 30, 2020.

Second Quarter Highlights
Net income available to common stockholders of $7.7 million and $19.7 million for the three and six months ended June 30, 2020, respectively, or $0.13 and $0.33 per diluted share, respectively
Funds From Operations decreased 6% and 2% year-over-year to $0.48 and $1.04 per diluted share for the three and six months ended June 30, 2020, respectively, compared to the same periods in 2019
Same-store cash NOI decreased 11.5% and 1.5% year-over-year for the three and six months ended June 30, 2020, respectively. Excluding lease termination fees, same-store cash NOI would have been (3.6)% and 2.0% for the three and six months ended June 30, 2020, respectively
For the three months ended June 30, 2020, we have collected 98% of office rents, 58% of retail rents (including the retail component of Waikiki Beach Walk) and 95% of multifamily rents, that were due during the second quarter
Leased approximately 40,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 66% and 32%, respectively, during the three months ended June 30, 2020
Leased approximately 23,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 2% and 1%, respectively, during the three months ended June 30, 2020

Financial Results
Net income attributable to common stockholders was $7.7 million, or $0.13 per basic and diluted share for the three months ended June 30, 2020 compared to $8.9 million, or $0.18 per basic and diluted share for the three months ended June 30, 2019. For the six months ended June 30, 2020, net income attributed to common stockholders was $19.7 million, or $0.33 per basic and diluted share compared to $20.0 million, or $0.41 per basic and diluted share for the six months ended June 30, 2019. The year-over-year decrease in net income attributable to common stockholders is primarily due to the increase in reserve for bad debts of rent receivables of approximately $3.3 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Carmel Country Plaza, and Waikiki Beach Walk Retail, a decrease in lease termination fees at Carmel Mountain Plaza attributed to the termination of our former ground lease, and a decrease in revenue at our Waikiki Beach Walk Retail and Embassy Suites Hotel due to the COVID-19 pandemic causing a decline in occupancy, partially offset by an increase in revenue from the acquisition of La Jolla Commons on June 20, 2019 and an increase in annualized base rents at The Landmark at One Market, Lloyd District Portfolio, Torrey Point, and City Center Bellevue.


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The following information was filed by American Assets Trust, Inc. (AAT) on Tuesday, July 28, 2020 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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