American Assets Trust, Inc. Announces Pricing of $525 Million of 6.150% Senior Unsecured Notes Due 2034

SAN DIEGO, Sept. 10, 2024 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today announced that its operating partnership, American Assets Trust, L.P. (the “operating partnership”), has priced a public offering of $525 million aggregate principal amount of 6.150% senior notes due 2034 (the “Notes”). The Notes were priced at 99.671% of the principal amount and will mature on October 1, 2034. The offering is expected to settle on September 17, 2024, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed by the company.

The operating partnership intends to use the net proceeds from this offering as follows: approximately $100 million for the repayment of the operating partnership’s Series B Senior Guaranteed Notes at or prior to maturity; approximately $100 million for the repayment of the operating partnership’s Series C Senior Guaranteed Notes at or prior to maturity; approximately $100 million to repay outstanding borrowings under the revolver loan under the operating partnership’s third amended and restated credit facility; and the remainder for working capital and general corporate purposes.

Wells Fargo Securities, Mizuho and PNC Capital Markets LLC are acting as joint book-running managers of this offering.

This offering is being made pursuant to an effective shelf registration statement and prospectus and related preliminary prospectus supplement filed by the company and the operating partnership with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from: Wells Fargo Securities, LLC, by calling toll-free at 1-800-645-3751 or emailing [e-mail]; Mizuho Securities USA LLC, by calling toll-free at 1-866-271-7403; or PNC Capital Markets LLC, by calling toll-free at 1-855-881-0697 or emailing [e-mail].

About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust (“REIT”) headquartered in San Diego, California. The company has over 55 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, Washington, Oregon, Texas and Hawaii. The company's office portfolio comprises approximately 4.1 million rentable square feet, and its retail portfolio comprises approximately 3.1 million rentable square feet. In addition, the company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,110 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.