American Assets Trust, Inc. has announced the pricing of $525 million of 6.150% senior unsecured notes due 2034. The notes were priced at 99.671% of the principal amount and will mature on October 1, 2034. The offering is expected to settle on September 17, 2024. The company's operating partnership, American Assets Trust, L.P., intends to use the net proceeds from this offering for various purposes, including the repayment of existing debts and for working capital and general corporate purposes.
The offering is being made pursuant to an effective shelf registration statement and prospectus and related preliminary prospectus supplement filed by the company and the operating partnership with the Securities and Exchange Commission. Wells Fargo Securities, Mizuho, and PNC Capital Markets LLC are acting as joint book-running managers of this offering.
American Assets Trust, Inc. is a full-service, vertically integrated, and self-administered real estate investment trust headquartered in San Diego, California. The company has over 55 years of experience in acquiring, improving, developing, and managing premier office, retail, and residential properties throughout the United States.
As of the press release, the company's office portfolio comprises approximately 4.1 million rentable square feet, its retail portfolio comprises approximately 3.1 million rentable square feet, and it also owns one mixed-use property and 2,110 multifamily units.
The company has significant experience, long-standing relationships, and extensive knowledge of its core markets, submarkets, and asset classes due to its formation in 2011 to succeed the real estate business of American Assets, Inc., a privately held corporation founded in 1967.
The press release did not include specific metrics comparing the current offering to the previous period. Today the company's shares have moved -1.0% to a price of $25.8. For more information, read the company's full 8-K submission here.
