American Assets Trust, Inc. Announces Pricing of $500 Million of 3.375% Senior Unsecured Notes Due 2031
January 14 2021 - 5:30PM
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
$500 million aggregate principal amount of 3.375% senior notes due
2031 (the “Notes”). The Notes were priced at 98.935% of the
principal amount and will mature on February 1, 2031. The offering
is expected to settle on January 26, 2021, 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 $175 million for the
development of La Jolla Commons III, approximately $155 million to
repay its Series A Senior Guaranteed Notes, approximately $100
million to repay outstanding borrowings under its revolving credit
facility, and the remainder for working capital and general
corporate purposes.
Wells Fargo Securities, LLC, BofA Securities, Inc. and Morgan
Stanley & Co. LLC acted 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, 608 2nd Avenue South,
Suite 1000, Minneapolis, MN 55402, Attn: WFS Customer Service, by
email at wfscustomerservice@wellsfargo.com or by telephone at
1-800-645-3751; BofA Securities, Inc., Attn: Prospectus Department,
at 200 North College Street, NC1-004-03-43, Charlotte, NC
28255-0001, by telephone at (800) 294-1322 or by email
dg.prospectus_requests@bofa.com; or Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014, by email at prospectus@morganstanley.com or by
telephone at 1-866-718-1649.
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.
Forward Looking StatementsThis 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
TrustRobert F. BartonExecutive Vice President and Chief Financial
Officer858-350-2607
American Assets (NYSE:AAT)
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