Investor Presentation
November 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
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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
- AAT has been in business for 50 plusyears.
- Annualized TSR of 12.6%since IPO.(1)
- Senior management team with significant experience working together.
- Over 12 million square feet of acquisitions and development.
IRREPLACEABLE PORTFOLIO
- Premier costal markets on the West Coast.
- High barrier‐to‐entry markets and infill locations.
- Strong demographics ‐
high population density and household income.
EXECUTIVE MANAGEMENT TEAM
ERNEST RADY | ROBERT BARTON | ADAM WYLL |
CHAIRMAN AND CHIEF | EXECUTIVE VICE PRESIDENT | PRESIDENT AND CHIEF |
EXECUTIVE OFFICER | AND CHIEF FINANCIAL OFFICER | OPERATING OFFICER |
DISCIPLINED FINANCIAL | ||||||
BEST‐IN‐CLASS | ||||||
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 | Well staggered debt maturity schedule. | CONSTRUCTION | RETAIL PROPERTIES | OFFICE PROPERTIES | ||
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 | TOTAL | MULTIFAMILY | HOTEL | |||
USE | ||||||||||
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% | ||||||||||
18% | ||||||||||
WASHINGTON | ||||||||||
12% | ||||||||||
S. CALIFORNIA | ||||||||||
RETAIL | OFFICE | OREGON | 50% | |||||||
(1) As of September 30, 2022. | 57% | 12% | ||||||||
25% | ||||||||||
- 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 September 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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American Assets Trust Inc. published this content on 16 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 November 2022 14:08:06 UTC.