American Assets Trust, Inc. Enters into Purchase Agreement to Acquire the Pacific Ridge Apartments in San Diego, California

SAN DIEGO, March 27, 2017 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the "Company") has entered into a purchase agreement to acquire the Pacific Ridge Apartments (the "Property"), a 533 unit luxury apartment community located in San Diego, California that was completed in 2013 and is currently approximately 97% leased.

The Property is perched atop a bluff offering unobstructed panoramic views of the Pacific Ocean with an unparalleled amenities package and designed with a large focus on environmental sustainability.

The Property's central location in San Diego provides residents with convenient access to the light rail systems, extending residents' reach to downtown, the San Diego International Airport, the San Diego Zoo, sporting venues, numerous malls and retail centers, three universities, culinary destinations and the freeway and public transportation. 

The purchase price is approximately $232 million, to be paid with a combination of cash on hand and funds drawn against the Company's existing credit facility. 

The acquisition is subject to customary closing conditions.  The Company can offer no assurances that this acquisition will close on the terms described herein, or at all. 

The transaction is being structured to accommodate a possible tax deferred exchange pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986 and applicable state revenue and taxation code sections.

About American Assets Trust, Inc.

Forward Looking Statements

Investor and Media Contact:

American Assets Trust

Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607

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