SAN DIEGO, September 10, 2021 (GLOBE NEWSWIRE) – American Assets Trust, Inc. (NYSE: AAT) (the “Company”) has successfully completed the acquisition of Corporate Campus East III of approximately 161 000 square foot, multi-tenant office campus located just off the 405 and 520 freeway interchange, less than 5 minutes from downtown Bellevue, Washington.
The Corporate Campus East III is currently approximately 86% leased to a diverse tenant base with contractual rental rates that the Company considers to be below market rates in effect for the submarket.
The four-building property features a campus in a natural landscape with immediate freeway access and a diverse rental list of financial services institutions and professional services firms. The property has undergone recent renovations to its common areas, lobbies, on-site cafe and lobby areas, with the ability to add other amenities comparable or superior to competing office projects.
The purchase price of approximately $ 84 million was paid in cash.
About American Assets Trust, Inc.
American Assets Trust, Inc. is a full-service, vertically integrated, self-directed 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, commercial and residential properties across the United States in some of the fastest growing markets and the most demanding in the country, mainly in southern California, northern California, Oregon, Washington, Texas and Hawaii. The Company’s office portfolio comprises approximately 3.9 million rentable square feet and its retail portfolio comprises approximately 3.1 million square feet. In addition, the company owns a mixed-use building (including approximately 97,000 square feet of leasable retail space and a 369-room hotel comprised of suites only) and 2,112 multi-family units. In 2011, the company was formed to succeed the real estate business of American Assets, Inc., a privately held company founded in 1967 and, as such, has significant experience, long-standing relationships and in-depth knowledge of its main markets, sub-markets. and asset classes. For more information, please visit www.americanassetstrust.com.
This press release may contain forward-looking statements within the meaning of federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual results to differ materially and the results. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking terminology such as “may”, “will”, “should”, “expects”, “intends”, “anticipates”, “anticipates”, “” Believes “,” estimates “,” predicts “or” potential “or the negative of such words and expressions or similar words or expressions which are predictions or indicate future events or trends and which do not relate solely to historical questions. Although forward-looking statements reflect the company’s beliefs, assumptions and good faith expectations, they are not guarantees of future performance. Currently, one of the most significant risk factors is the potential negative effect of the current COVID-19 pandemic on the financial condition, results of operations, cash flow and performance of the company, its tenants and guests, the real estate market and the global economy and financial markets. The extent of the impact of COVID-19 on the business, its tenants and its guests will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the extent, severity and duration of pandemic, measures 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 statement, 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, new information, data or methods, future events or other changes.
Source: American Assets Trust, Inc.
Investor and media contact:
U.S. Asset Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer