Investor Presentation

September 2022

Forward‐Looking Statements

This presentation contains forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward‐looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations, and projections of revenue, net operating income, funds from operations, discounts to net asset values and other selected financial information. Forward looking statements can be identified by the use of words such as "potential," "may," "will," "plan," "could," "should," "expect," "anticipate," "outlook," "estimate," "projected," "target," "continue," "intend," "believe," "seek,"' or "assume," and variations of such words and similar expressions are intended to identify such forward‐looking statements. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward‐looking statements. You should not rely on forward‐looking statements as predictions of future events. Forward‐looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward‐looking statement made by us. These risks and uncertainties include, but are not limited to: the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of COVID‐19 and its variants) and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate, adverse economic and real estate developments in Northern and Southern California, Hawaii, the Pacific Northwest and Texas; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, early terminations of, or non‐renewal of leases by tenants; increased interest rates and operating costs; failure to generate sufficient cash flows to service our outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; failure to successfully integrate pending and recent acquisitions; failure to successfully operate acquired properties and operations; failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in laws and regulations; environmental uncertainties; risks related to natural disasters; lack or insufficient amount of insurance; inability to successfully expand into new markets or submarkets; risks associated with property development; conflicts of interest with our officers or directors; changes in real estate and zoning laws and increases in real property tax rates; and the consequences of any possible future terrorist attacks. You are cautioned that the information contained herein speaks only as of the date hereof and we assume no obligation to update any forward‐looking information, whether as a result of new information, future events or otherwise. The risks described above are not exhaustive, and additional factors could adversely affect our business and financial performance, including those discussed under the caption "Risk Factors" in our 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. In this presentation, we rely on and refer to information and statistical data regarding the industry and the sectors in which we operate. This information and statistical data is based on information obtained from various third‐party sources, and, in some cases, on our own internal estimates. We believe that these sources and estimates are reliable, but have not independently verified them and cannot guarantee their accuracy or completeness.

This presentation includes certain non‐GAAP financial measures that the company considers meaningful measures of financial performance during the COVID‐19 pandemic.

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Company Overview and Strategy

3

American Assets Trust

12.6% RETURN

8.9% CAGR

4.5% CAGR

10.4% CAGR

ANNUALIZED TSR (IPO‐12/31/2019)(1)

FFO PER SHARE (2011-2019)(1)

DIVIDENDS (2011-2019)(1)

NET ASSET VALUE (2011-2019)(2)

8.8% RETURN

6.1% CAGR

3.8% CAGR

ANNUALIZED TSR (IPO‐12/31/2021)(1)

FFO PER SHARE (2011-2021)(1)

DIVIDENDS (2011-2021)(1)

HISTORY OF SUCCESS

IRREPLACEABLE PORTFOLIO

EXECUTIVE MANAGEMENTANAGEMENT TEAMTEAM

AAT has been in business for 50 plus

Premier costal markets on the West Coast.

years.

High barrier‐to‐entry markets and infill

Annualized TSR of 12.6%since IPO.(1)

locations.

Senior management team with significant

Strong demographics‐high

ERNEST RADY

ROBERT BARTON

ADAM WYLL

experience working together.

population density and

CHAIRMAN AND CHIEF

EXECUTIVE VICE PRESIDENT

PRESIDENT AND CHIEF

Over 12 million square feet

household income.

EXECUTIVE OFFICER

AND CHIEF FINANCIAL OFFICER

OPERATING OFFICER

of acquisitions and

development.

BEST‐IN‐CLASS

DISCIPLINED FINANCIAL

STRATEGY & BALANCE SHEET

OPERATING PLATFORM

STRENGTH

JERRY GAMMIERI

CHRIS SULLIVAN

STEVE CENTER

SENIOR VICE PRESIDENT OF

SENIOR VICE PRESIDENT OF

SENIOR VICE PRESIDENT OF

Vertically integrated with significant

CONSTRUCTION

RETAIL PROPERTIES

OFFICE PROPERTIES

Well staggered debt maturity schedule.

experience in core markets.

Continued focus to achieve a Net

Expertise in all facets of the real estate

Debt/EBITDA ratio of 5.5x or lower.

industry across property types.

EMILY MANDIC

ABIGAIL REX

VICE PRESIDENT, REGIONAL MANAGER

VICE PRESIDENT, MULTIFAMILY

(1) Source: Bloomberg. Total Shareholder Return (TSR) assumes dividends are reinvested in security through December 31, 2019 and December 31, 2021 as indicated. AAT's IPO occurred on January 13, 2011.

PORTLAND AND BELLEVUE

SAN DIEGO

(2) AAT's NAV CAGR (2011 thru 2019) estimate is based on both management's knowledge of its core markets and published pricing data since IPO.

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Portfolio Composition

SQUARE FEET (000'S)(1)

UNITS/ROOMS(1)

REGION

MARKET

OFFICE

RETAIL

MIXED USE

TOTAL

MULTIFAMILY

HOTEL

S. CALIFORNIA

SAN DIEGO

1,563

1,322

2,885

1,455

WASHINGTON

BELLEVUE

1,026

1,026

OREGON

PORTLAND

876

44

920

657

N. CALIFORNIA

MONTEREY

673

673

TEXAS

SAN ANTONIO

588

588

N. CALIFORNIA

SAN FRANCISCO

523

35

558

HAWAII

OAHU

430

94

524

369

Waikiki/

TOTAL

3,988

3,092

94

7,174

2,112

369

Honolulu

ANNUALIZED BASE RENT (ABR)(1)(2)(3)

ABR DIVERSIFICATION BY SEGMENT

ABR DIVERSIFICATION BY REGION

TX

MULTIFAMILY

HI

4%

7%

16%

OREGON

12%

S. CALIFORNIA

RETAIL

OFFICE

WASHINGTON

49%

(1) As of 6/30/2022.

25%

59%

13%

  1. Annualized base rent (ABR) is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended June 30, 2022 by 12. In the

case of triple net or modified gross leases, annualized base rent does not include tenant

N. CALIFORNIA

reimbursements for real estate taxes, insurance, common area or other operating expenses. We caution

15%

investors that other equity REITs may not calculate annualized base rent as we do, and, accordingly, our

annualized base rent data may not be comparable to such other REITs' annualized base rent data.

(3) Retail data includes WBW Retail. Hawaii data excludes Embassy Suites Hotel.

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Disclaimer

American Assets Trust Inc. published this content on 13 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 September 2022 13:19:06 UTC.