American Assets Trust, Inc. Increases Revolving Line of Credit to $400 Million and Extends Maturity Date in Its Third Amended and Restated Credit Agreement
06 January 2022 - 8:15AM
American Assets Trust, Inc. (NYSE:AAT) (the “Company”) announced
today that it has amended and restated its existing credit
agreement.
The credit agreement was amended and restated to,
among other things, (1) increase the revolving line of credit from
$350 million to $400 million, (2) extend the maturity date of the
restated $400 million revolving line of credit to January 5, 2026
(with two, six-month extension options), (3) extend the maturity
date of the $100 million term loan included as part of the credit
agreement to January 5, 2027 (with no further extension options),
(4) decrease the applicable ratings-based pricing spreads and (5)
transition borrowings to the Secured Overnight Financing Rate
(SOFR), and away from LIBOR. The revolving line of credit and $100
million term loan are both unsecured.
Additional information regarding the Third Amended
and Restated Credit Agreement can be found in the Company’s Form
8-K filed on January 5, 2022 with the Securities and Exchange
Commission.
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 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 and Hawaii. The Company's
office portfolio comprises approximately 3.9 million square feet,
and its retail portfolio comprises approximately 3.1 million
rentable 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. For additional
information, please visit www.americanassetstrust.com.
Forward Looking Statements
This 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 Trust
Robert F. Barton Executive Vice President and
Chief Financial Officer 858-350-2607
American Assets (NYSE:AAT)
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