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

Nachrichtenquelle: globenewswire
27.10.2020, 21:15  |  118   |   |   

Net income available to common stockholders of $5.0 million and $24.8 million for the three and nine months ended September 30, 2020, respectively, or $0.08 and $0.41 per diluted share, respectively

Funds From Operations per diluted share decreased 23% and 9% year-over-year for the three and nine months ended September 30, 2020, respectively, or $0.44 and $1.48 per diluted share, respectively

Collected 89% to date of rents that were due during the third quarter

SAN DIEGO, Oct. 27, 2020 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2020.

Third Quarter Highlights

  • Net income available to common stockholders of $5.0 million and $24.8 million for the three and nine months ended September 30, 2020, respectively, or $0.08 and $0.41 per diluted share, respectively
  • Funds From Operations decreased 23% and 9% year-over-year to $0.44 and $1.48 per diluted share for the three and nine months ended September 30, 2020, respectively, compared to the same periods in 2019
  • Same-store cash NOI decreased 2.7% and 2.9% year-over-year for the three and nine months ended September 30, 2020, respectively. Excluding lease termination fees, same-store cash NOI would have been (3.4)% and (3.7)% for the three and nine months ended September 30, 2020, respectively
  • Increased same-store cash NOI to $50.1 million for the three months ended September 30, 2020 compared to $42.4 million for the three months ended June 30, 2020
  • For the three months ended September 30, 2020, we have collected 98% of office rents, 73% of retail rents (including the retail component of Waikiki Beach Walk) and 94% of multifamily rents, that were due during the third quarter
  • Totals collections increased to 89% in the third quarter compared to 83% in the second quarter
  • Leased approximately 55,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 11% and 7%, respectively, during the three months ended September 30, 2020
  • Leased approximately 71,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent decrease of 4% and 6%, respectively, during the three months ended September 30, 2020
  • Embassy Suites Waikiki hotel average occupancy increased to 66% in the third quarter compared to 17% in the second quarter

Financial Results
Net income attributable to common stockholders was $5.0 million, or $0.08 per basic and diluted share for the three months ended September 30, 2020 compared to $12.9 million, or $0.22 per basic and diluted share for the three months ended September 30, 2019. For the nine months ended September 30, 2020, net income attributed to common stockholders was $24.8 million, or $0.41 per basic and diluted share compared to $32.9 million, or $0.63 per basic and diluted share for the nine months ended September 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 $9.8 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Del Monte Center, 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 incremental 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, City Center Bellevue, and Torrey Point.

During the third quarter of 2020, the company generated funds from operations (“FFO”) for common stockholders of $33.3 million, or $0.44 per diluted share, compared to $43.0 million, or $0.57 per diluted share, for the third quarter of 2019. For the nine months ended September 30, 2020, the company generated FFO for common stockholders of $112.4 million, or $1.48 per diluted share, compared to $112.5 million, or $1.63 per diluted share, for the nine months ended September 30, 2019. The decrease in FFO from the corresponding period in 2019 was primarily due to the increase in reserve for bad debts of rent receivables of approximately $9.8 million primarily at Alamo Quarry Market, Carmel Mountain Plaza, Del Monte Center 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, City Center Bellevue, and Torrey Point.

FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance.  A reconciliation of FFO to net income is attached to this press release.

Leasing

The portfolio leased status as of the end of the indicated quarter was as follows:

  September 30, 2020 June 30, 2020 September 30, 2019
Total Portfolio      
Office 93.8% 94.4% 94.7%
Retail 95.0% 94.7% 98.0%
Multifamily 87.5% 85.1% 90.5%
Mixed-Use:      
Retail 87.8% 95.7% 98.0%
Hotel 52.8% 46.4% 92.1%
       
Same-Store Portfolio    
Office (1) 96.1% 96.4% 94.5%
Retail (2) 94.2% 93.8% 97.7%
Multifamily 87.5% 85.1% 90.5%

(1) Same-store office leased percentages includes the 830 building at Lloyd District Portfolio which was placed into operations on August 1, 2019 after renovating the building. Same-store office leased percentages excludes One Beach Street due to significant redevelopment activity.
(2) Same-store retail leased percentages exclude Waikele Center, due to significant redevelopment activity.

During the third quarter of 2020, the company signed 31 leases for approximately 130,600 square feet of office and retail space, as well as 697 multifamily apartment leases.  Renewals accounted for 100% of the comparable office leases, 100% of the comparable retail leases, and 45% of the residential leases. 

Office and Retail
On a comparable space basis (i.e. leases for which there was a former tenant) during the third quarter of 2020 and trailing four quarters ended September 30, 2020, our retail and office leasing spreads are shown below: 

    Number of Leases Signed Comparable Leased Sq. Ft. Average Cash Basis % Change Over Prior Rent Average Cash Contractual Rent Per Sq. Ft. Prior Average Cash Contractual Rent Per Sq. Ft. Straight-Line Basis % Change Over Prior Rent
Office Q3 2020 9 55,000   6.7%   $46.01 $43.11   10.8%
Last 4 Quarters 35 357,000   21.8%   $49.37 $40.53   31.7%
                     
Retail Q3 2020 21 71,000   (6.2)%   $29.29 $31.23   (3.6)%
Last 4 Quarters 57 190,000   (3.3)%   $36.32 $37.57   3.5%


Multifamily
The average monthly base rent per leased unit for same-store properties for the third quarter of 2020 was $2,193 compared to an average monthly base rent per leased unit of $2,073 for the third quarter of 2019, which is an increase of approximately 6%.

Same-Store Cash Net Operating Income
For the three and nine months ended September 30, 2020, same-store cash NOI decreased 2.7% and 2.9%, respectively, compared to the three and nine months ended September 30, 2019. The same-store cash NOI by segment was as follows (in thousands):

  Three Months Ended (1)         Nine Months Ended (2)      
  September 30,         September 30,      
  2020   2019   Change   2020   2019   Change
Cash Basis:                          
Office (3) $ 27,026     $ 23,841     13.4       $ 61,452     $ 53,270     15.4   %
Retail (3) 11,171     15,221     (26.6 ) %   34,730     44,878     (22.6 )  
Multifamily 6,967     7,367     (5.4 )     21,789     23,353     (6.7 )  
Mixed-Use                          
Same-store Cash NOI (3) $ 45,164     $ 46,429     (2.7 ) %   $ 117,971     $ 121,501     (2.9 ) %

(1)    Same-store portfolio excludes (i) Waikele Center due to significant redevelopment activity; (ii) One Beach Street due to significant redevelopment activity; (iii) Waikiki Beach Walk - Embassy Suites and Waikiki Beach Walk - Retail, due to significant spalling repair activity; and (iv) land held for development.
(2)    Same-store portfolio excludes (i) Waikele Center due to significant redevelopment activity; (ii) La Jolla Commons, which was acquired on June 20, 2019; (iii) One Beach Street due to significant redevelopment activity; (iv) Waikiki Beach Walk - Embassy Suites and Waikiki Beach Walk - Retail, due to significant spalling repair activity; and (v) land held for development.
(3)    Same-store cash NOI for the three and nine months ended September 30, 2020 includes cash lease termination fees received of $1.1 million and $1.8 million, respectively. Excluding lease termination fees for the three and nine months ended September 30, 2020, office same-store cash NOI would have been 15.0% and 15.7%, respectively.
(4)    Excluding lease termination fees for the three and nine months September 30, 2020, same-store cash NOI would have been (3.4)% and (3.7)%, respectively.

Same-store cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance.  A reconciliation of same-store cash NOI to net income is attached to this press release.

Balance Sheet and Liquidity
At September 30, 2020, the company had gross real estate assets of $3.2 billion and liquidity of $405.3 million, comprised of cash and cash equivalents of $155.3 million and $250.0 million of availability on its line of credit, which the company believes is sufficient to meet the company's short-term liquidity requirements. At September 30, 2020, the company has no debt obligations maturing during the remainder of 2020; and only 1 out of 28 assets encumbered by a mortgage. The company has exercised its option to extend the maturity date of its $100 million term loan from January 9, 2021 to January 9, 2022. As a result, the company has $150 million of debt obligations maturing in 2021.

Dividends
The company declared dividends on its shares of common stock of $0.25 per share for the third quarter of 2020.  The dividends were paid on September 24, 2020.

In addition, the company has declared a dividend on its common stock of $0.25 per share for the fourth quarter of 2020. The dividend will be paid in cash on December 24, 2020 to stockholders of record on December 10, 2020. The company maintained the dividend of $0.25 per share in the fourth quarter based on the company's rent collection in the third quarter.

COVID-19 Operational Update

Operations
As of September 30, 2020, we have entered into lease modifications that resulted in COVID-19 adjustments (including rent deferrals and other monetary lease concessions) for approximately 2% of the rent originally contracted for the three months ended September 30, 2020. Furthermore, as of September 30, 2020 and specific to the impact of COVID-19 on our retail sector (including the retail component of Waikiki Beach Walk Retail and Embassy Suites Hotel) for the three months ended September 30, 2020, we have recorded an allowance for doubtful accounts against accounts receivable of approximately 21% and an allowance for doubtful accounts against deferred rent receivables (straight-line rent receivables) of approximately 11%.

Rent Collection for the Third Quarter of 2020 and October 2020(1)

  July   August   September   Q3 Average   October
Office 98.3%   98.7%   97.5%   98.2%   97.4%
Retail 80.0%   75.9%   82.6%   79.4%   77.3%
Multifamily 94.4%   94.6%   94.2%   94.4%   94.3%
Mixed-Use (2) 34.2%   28.2%   28.2%   30.3%   24.5%
Average 89.3%   88.4%   89.0%   88.9%   87.4%

(1) Data as of October 27, 2020.
(2) Includes only the retail portion of Waikiki Beach Walk Retail and Embassy Suites Hotel.

Rent Deferrals
As of October 1, 2020, we have entered into deferral agreements for $7.0 million of recurring rents related to second and third quarters of 2020. The weighted average payback period of the deferral agreements is approximately 28 months. Revenue from approximately 80% of tenants with deferral agreements is recognized on a straight-line basis.

Conference Call
The company will hold a conference call to discuss the results for the third quarter of 2020 on Wednesday, October 28, 2020 at 8:00 a.m. Pacific Time (“PT”).  To participate in the event by telephone, please dial 1-877-868-5513 and use the pass code 7475607.  A telephonic replay of the conference call will be available beginning at 2:00 p.m. PT on Wednesday, October 28, 2020 through Wednesday, November 4, 2020.  To access the replay, dial 1-855-859-2056 and use the pass code 7475607.  A live on-demand audio webcast of the conference call will be available on the company's website at www.americanassetstrust.com.  A replay of the call will also be available on the company's website.

Supplemental Information
Supplemental financial information regarding the company's third quarter 2020 results may be found on the “Investors” page of the company's website at www.americanassetstrust.com.  This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.


Financial Information
American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)

  September 30, 2020   December 31, 2019
Assets (unaudited)      
Real estate, at cost          
Operating real estate $ 3,147,237     $ 3,096,886  
Construction in progress   81,485       91,264  
Held for development   547       547  
    3,229,269       3,188,697  
Accumulated depreciation   (730,705 )     (665,222 )
Net real estate   2,498,564       2,523,475  
Cash and cash equivalents   155,327       99,303  
Restricted cash   1,231       10,148  
Accounts receivable, net   12,018       12,016  
Deferred rent receivables, net   68,752       52,171  
Other assets, net   108,222       93,220  
Total assets $ 2,844,114     $ 2,790,333  
Liabilities and equity          
Liabilities:          
Secured notes payable, net $ 110,913     $ 161,879  
Unsecured notes payable, net   1,196,547       1,195,780  
Unsecured line of credit, net   99,049        
Accounts payable and accrued expenses   71,837       62,576  
Security deposits payable   6,530       8,316  
Other liabilities and deferred credits, net   93,256       68,110  
Total liabilities   1,578,132       1,496,661  
Commitments and contingencies          
Equity:          
American Assets Trust, Inc. stockholders' equity          
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,282,929 and 60,068,228 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively   603       601  
Additional paid-in capital   1,443,764       1,452,014  
Accumulated dividends in excess of net income   (164,462 )     (144,378 )
Accumulated other comprehensive income   1,034       5,680  
Total American Assets Trust, Inc. stockholders' equity   1,280,939       1,313,917  
Noncontrolling interests   (14,957 )     (20,245 )
Total equity   1,265,982       1,293,672  
Total liabilities and equity $ 2,844,114     $ 2,790,333  


American Assets Trust, Inc.
Unaudited Consolidated Statements of Operations
(In Thousands, Except Shares and Per Share Data)

  Three Months Ended September 30,   Nine Months Ended September 30,
  2020   2019   2020   2019
Revenue:              
Rental income $ 80,759     $ 93,147     $ 252,059     $ 249,634  
Other property income 3,615     5,215     11,167     18,160  
Total revenue 84,374     98,362     263,226     267,794  
Expenses:              
Rental expenses 19,208     23,989     58,757     66,611  
Real estate taxes 11,491     10,942     31,497     29,263  
General and administrative 6,438     6,479     19,937     18,495  
Depreciation and amortization 26,914     26,568     80,869     69,733  
Total operating expenses 64,051     67,978     191,060     184,102  
Operating income 20,323     30,384     72,166     83,692  
Interest expense (13,302 )   (13,734 )   (40,105 )   (40,212 )
Gain on sale of real estate             633  
Other income (expense), net (531 )   (131 )   (261 )   (410 )
Net income 6,490     16,519     31,800     43,703  
Net income attributable to restricted shares (87 )   (92 )   (260 )   (277 )
Net income attributable to unitholders in the Operating Partnership (1,365 )   (3,565 )   (6,778 )   (10,553 )
Net income attributable to American Assets Trust, Inc. stockholders $ 5,038     $ 12,862     $ 24,762     $ 32,873  
               
Net income per share              
Basic income attributable to common stockholders per share $ 0.08     $ 0.22     $ 0.41     $ 0.63  
Weighted average shares of common stock outstanding - basic 59,825,174     59,441,887     59,757,709     52,239,668  
               
Diluted income attributable to common stockholders per share $ 0.08     $ 0.22     $ 0.41     $ 0.63  
Weighted average shares of common stock outstanding - diluted 76,118,032     75,832,435     76,115,456     69,010,772  
               
Dividends declared per common share $ 0.25     $ 0.28     $ 0.75     $ 0.84  


Reconciliation of Net Income to Funds From Operations
The company's FFO attributable to common stockholders and operating partnership unitholders and reconciliation to net income is as follows (in thousands except shares and per share data, unaudited):

  Three Months Ended   Nine Months Ended
  September 30, 2020   September 30, 2020
Funds From Operations (FFO)          
Net income $ 6,490      $ 31,800   
Depreciation and amortization of real estate assets   26,914        80,869   
FFO, as defined by NAREIT $ 33,404      $ 112,669   
Less: Nonforfeitable dividends on restricted stock awards   (85 )     (255 )
FFO attributable to common stock and units $ 33,319      $ 112,414   
FFO per diluted share/unit $ 0.44      $ 1.48   
Weighted average number of common shares and units, diluted   76,118,264        76,117,040   


Reconciliation of Same-Store Cash NOI to Net Income
The company's reconciliation of Same-Store Cash NOI to Net Income is as follows (in thousands, unaudited):

  Three Months Ended (1)   Nine Months Ended (2)
  September 30,   September 30,
  2020   2019   2020   2019
Same-store cash NOI 45,164      $ 46,429      $ 117,971      $ 121,501   
Non-same-store cash NOI 2,675      9,773      28,977      33,832   
Tenant improvement reimbursements (3) 2,264      1,060      5,093      8,473   
Cash NOI $ 50,103      $ 57,262      $ 152,041      $ 163,806   
Non-cash revenue and other operating expenses (4) 3,572      6,169      20,931      8,114   
General and administrative (6,438 )   (6,479 )   (19,937 )   (18,495 )
Depreciation and amortization (26,914 )   (26,568 )   (80,869 )   (69,733 )
Interest expense (13,302 )   (13,734 )   (40,105 )   (40,212 )
Gain on sale of real estate —      —      —      633   
Other income (expense), net (531 )   (131 )   (261 )   (410 )
Net income $ 6,490      $ 16,519      $ 31,800      $ 43,703   
               
Number of properties included in same-store analysis 25   24   24   24

(1)    Same-store portfolio includes the 830 building at Lloyd District Portfolio which was placed into operations on August 1, 2019 after renovating the building. Same-store portfolio excludes (i) Waikele Center, due to significant redevelopment activity; (ii) One Beach Street, due to significant redevelopment activity; (iii) Waikiki Beach Walk - Embassy Suites and Waikiki Beach Walk - Retail, due to significant spalling repair activity; and (iv) land held for development.
(2)    Same-store portfolio includes the 830 building at Lloyd District Portfolio which was placed into operations on August 1, 2019 after renovating the building. Same-store portfolio excludes (i) Waikele Center, due to significant redevelopment activity; (ii) La Jolla Commons, which was acquired on June 20, 2019; (iii) One Beach Street, due to significant redevelopment activity; (iv) Waikiki Beach Walk - Embassy Suites and Waikiki Beach Walk - Retail, due to significant spalling repair activity; and (v) land held for development.
(3)    Tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.
(4)    Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; net change in lease receivables, the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, lease termination fees at Carmel Mountain Plaza, and straight-line rent expense for our lease of the Annex at The Landmark at One Market.

Reported results are preliminary and not final until the filing of the company's Form 10-Q with the Securities and Exchange Commission and, therefore, remain subject to adjustment.

Use of Non-GAAP Information
Funds from Operations
The company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

FFO is a supplemental non-GAAP financial measure. Management uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the company's operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year-over-year, captures trends in occupancy rates, rental rates and operating costs. The company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the company's operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the company's properties, all of which have real economic effects and could materially impact the company's results from operations, the utility of FFO as a measure of the company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the company does, and, accordingly, the company's FFO may not be comparable to such other REITs' FFO.  Accordingly, FFO should be considered only as a supplement to net income as a measure of the company's performance. FFO should not be used as a measure of the company's liquidity, nor is it indicative of funds available to fund the company's cash needs, including the company's ability to pay dividends or service indebtedness. FFO also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Cash Net Operating Income
The company uses cash net operating income ("NOI") internally to evaluate and compare the operating performance of the company's properties. The company believes cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner.  The company believes the exclusion of these items from net income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the company's properties but does not measure the company's performance as a whole.  Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP.

Cash NOI, is a non-GAAP financial measure of performance.  The company defines cash NOI as operating revenues (rental income, tenant reimbursements, lease termination fees, ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance), adjusted for non-cash revenue and operating expense items such as straight-line rent, net change in lease receivables, amortization of lease intangibles, amortization of lease incentives and other adjustments.  Cash NOI also excludes general and administrative expenses, depreciation and amortization, interest expense, other nonproperty income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions.  Other REITs may use different methodologies for calculating cash NOI, and accordingly, the company's cash NOI may not be comparable to the cash NOIs of other REITs.

About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company has over 50 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington, Texas and Hawaii.  The company's office portfolio comprises approximately 3.4 million rentable square feet, and its retail portfolio comprises approximately 3.1 million square feet. In addition, the company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com

Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially.  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. Currently, one of the most significant risk factors, is the potential adverse effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flows and performance of the company, its tenants and guests, the real estate market and the global economy and financial markets. The extent to which COVID-19 impacts the company, its tenants and guests will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others.  For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company's most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.  The company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Source:  American Assets Trust, Inc.

Investor and Media Contact:
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607

 


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Disclaimer

American Assets Trust, Inc. Reports Third Quarter 2020 Financial Results and COVID-19 Operational Update Net income available to common stockholders of $5.0 million and $24.8 million for the three and nine months ended September 30, 2020, respectively, or $0.08 and $0.41 per diluted share, respectively Funds From Operations per diluted share …

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