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YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to manage our business and to implement our growth strategies, or could create a negative perception in the capital markets.
Our continued success and our ability to manage anticipated future growt... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
death or temporary or permanent disability of Mr. Rady, or otherwise in case Mr. Rady is unable to perform his duties as Chairman and Chief Executive Officer. This plan is reviewed at least annual... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
or our inability to attract and retain highly qualified personnel, could adversely affect our business, diminish our investment opportunities and weaken our relationships with lenders, business part... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of American Assets, Inc. and chairman of the board of directors of Insurance Company of the West. As such, Mr. Rady has certain ongoing duties to American Assets, Inc., Insurance Company of the West... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
limited and could adversely affect our operations.
We may be subject to on-going or future litigation and otherwise in the ordinary course of business, which could have a material adverse effect on... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
judgments, or settlements, which, if uninsured, or if the fines, judgments, and settlements exceed insured levels, could adversely impact our earnings and cash flows, thereby having an adverse effec... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to earthquakes. While we carry earthquake insurance on all of our properties, the amount of our earthquake insurance coverage may not be sufficient to fully cover losses from earthquakes and will be... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged.
We may be adversely affected by laws, regulations or other ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reporting costs, and capital expenditures for environmental control facilities and other new equipment. Furthermore, our reputation could be negatively affected if we violate climate change laws or ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
impact our properties directly, and may lead to additional compliance obligations and costs as well as additional taxes and fees
We cannot reliably predict the extent, rate, or impact of climate ch... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
all. Climate change may also have indirect effects on our business by increasing the cost of insurance, or making insurance unavailable. Although we strive to identify, analyze, and respond to the r... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of our portfolio is located in the State of California. Additionally, 14%, 13%, and 8% of the gross leaseable area of our portfolio is located in the States of Washington, Oregon and Texas, respecti... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of tenants or residents to remain in or move to these affected areas. Therefore, as a result of the geographic concentration of our properties, we face risks, including disruptions to our business a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the rebuilding of our properties. For example, if we experienced a substantial or comprehensive loss of our Torrey Reserve Campus in San Diego, California, reconstruction could be delayed or prevent... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
position to exercise sole decision-making authority regarding the property, partnership, joint venture or other entity. Investments in partnerships, joint ventures or other entities may, under certa... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
urer would have full control over the partnership or joint venture. In addition, a sale or transfer by us to a third party of our interests in the joint venture may be subject to consent rights or ri... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
/or directors from focusing their time and effort on our business. Consequently, actions by or disputes with partners or co-venturers might result in subjecting properties owned by the partnership or... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
owner occupied single and multifamily homes. Competitive housing in a particular area and an increase in the affordability of owner occupied single and multifamily homes due to, among other things, ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
REIT, we are required under the Code, among other things, to distribute annually at least 90% of our REIT taxable income, determined without regard to the dividends paid deduction and excluding any ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to third-party sources of capital depends, in part, on:
general market conditions;
the market's perception of our growth potential;
our current debt levels;
our current and expected future earni... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
condition.
Information security risks have generally increased in recent years due to the rise in new technologies and the increased sophistication and activities of perpetrators of cyber-attacks. ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, we collect and hold personal information of our residents and prospective residents in connection with our leasing activities at our multifamily locations. We also collect and hold personal inform... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
be no assurance that our efforts to maintain the confidentiality, integrity, and availability and controls of our (or our third-party service providers') IT networks and related data and systems wil... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
damage to our reputation.
21
Risks Related to the Real Estate Industry
Our performance and value are subject to risks associated with real estate assets and the real estate industry, including lo... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
our control may decrease cash available for distribution and the value of our properties. These events include many of the risks set forth above under “Risks Related to Our Business and Operations,”... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a significant number of potential residents of our multifamily apartment communities deciding to purchase homes instead of renting;
rent control or stabilization laws, or other laws regulating rent... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
increased incidence of defaults under existing leases, which would adversely affect our financial condition, results of operations, cash flow and per share trading price of our common stock.
Illiqu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. In particular, our ability to dispose of one or more properties within a specific time per... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of business, which may cause us to forgo or defer sales of properties that otherwise would be in our best interest. Therefore, we may not be able to vary our portfolio in response to economic or oth... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
If the property taxes we pay increase, our cash flow would be adversely impacted, and our ability to pay any expected dividends to our stockholders and unitholders could be adversely affected.
As ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
responsible for, the presence of such contamination, and the liability may be joint and several. These liabilities could be substantial and the cost of any required remediation, removal, fines or ot... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in which property may be used or businesses may be operated, and these restrictions may require substantial expenditures.
Some of our properties have been or may be impacted by contamination arisin... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, with the remediation costs paid for through funds held in an escrow account funded by the prior owner. We expect that the funds in this escrow account will cover all remaining costs and expenses of... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
identify all environmental conditions or concerns. Furthermore, we do not have Phase I Environmental Site Assessment reports for all of the properties in our portfolio and, as such, we may not be aw... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
not comply with such laws, we could face fines for such noncompliance. Also, we could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous mater... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect our operations, or those of our tenants, which could in turn have an adverse effect on us.... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
remediation.
23
When excessive moisture accumulates in buildings or on building materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
indoor ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our tenants or others if property damage ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
at any time with respect to our properties, including prior to acquiring a property or when undertaking renovations of any of our existing properties. Among other things, these restrictions may rela... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, federal and state laws and regulations, including laws such as the ADA and the FHAA, impose further restrictions on our properties and operations. Under the ADA and the FHAA, all public accommodati... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
will adversely impact our financial condition, results of operations, cash flow and per share trading price of our common stock.
Risks Related to Our Organizational Structure
Ernest S. Rady and hi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
influence the outcome of matters submitted for stockholder action, including the approval of significant corporate transactions, including business combinations, consolidations and mergers. In addit... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
on us and could exercise his influence in a manner that conflicts with the interests of other stockholders.
Conflicts of interest may exist or could arise in the future between the interests of our... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
limited partners
24
under Maryland law and pursuant to the partnership agreement of our Operating Partnership in connection with the management of our Operating Partnership. Our fiduciary duties a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
other hand, we, in our capacity as the general partner of our Operating Partnership, are under no obligation not to give priority to the separate interests of our company or our stockholders, and th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the Operating Partnership or any limited partner, except for liability for our intentional harm or gross negligence. Our Operating Partnership must indemnify us, our directors and officers, officers... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of any such person upon its receipt of a written affirmation of the person's good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to re... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and reduce our fiduciary duties or obligations as the general partner or reduce or eliminate our liability for money damages to the Operating Partnership and its partners, and we have not obtained a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of directors to take such actions as it determines are advisable to preserve our qualification as a REIT. Our charter also prohibits the actual, beneficial or constructive ownership by any person of... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
), (2) Cohen & Steers Management, Inc. and (3) BlackRock, Inc. an exemption from the ownership limits that will allow them to own, in the aggregate, up to 19.9%, 10.0% and 10.0%, respectively, in val... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the benefit of a charitable beneficiary and, as a result, the forfeiture by the acquirer of the benefits of owning the additional shares.
We could increase the number of authorized shares of stock,... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
reclassified shares. As a result, we may issue series or classes of common stock or preferred stock with preferences, dividends, powers and rights, voting or otherwise, that are senior to, or otherw... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
price for our common stock or that our stockholders otherwise believe to be in their best interest.
Certain provisions of the Maryland General Corporation Law, or MGCL, may have the effect of inhib... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
directly or indirectly, of 10% or more of the voting power of our then outstanding voting stock at any time within the two-year period immediately prior to the date in question) for five years after... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
shares”) have no voting rights with respect to their control shares, except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
) are not currently applicable to us. These provisions may have the effect of limiting or precluding a third party from making an unsolicited acquisition proposal for us or of delaying, deferring or ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
parties from making proposals involving an unsolicited acquisition of us or change of our control, although some stockholders might consider such proposals, if made, desirable. These provisions incl... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
sale of all or substantially all of our assets, in the event that such transfer requires approval by our common stockholders.
In particular, we may not, without prior “partnership approval,” direct... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
with respect to such a transfer, when the sum of (1) the percentage interest of limited partners consenting to the transfer of our interest, plus (2) the product of (a) the percentage of the outstan... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
beneficial interest in our company on a fully diluted basis.
Our charter and bylaws, the partnership agreement of our Operating Partnership and Maryland law also contain other provisions that may d... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
. Our board of directors may alter or eliminate our current policy on borrowing at any time without stockholder approval. If this policy changed, we could become more highly leveraged which could res... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
officers are limited.
As permitted by Maryland law, our charter eliminates the liability of our directors and officers to us and our stockholders for money damages, except for liability resulting f... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
no direct operations and, as such, we will rely on funds received from our Operating Partnership to pay liabilities, and the interests of our stockholders will be structurally subordinated to all li... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
ordinated to all existing and future liabilities and obligations (whether or not for borrowed money) of our Operating Partnership and its subsidiaries. Therefore, in the event of our bankruptcy, liqu... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
Assets Trust, L.P.'s unitholders.
We may, in connection with our acquisition of properties or otherwise, issue additional partnership units to third parties. Such issuances would reduce our ownersh... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
our TRS Lessee to pay us rent based in part on revenues from the Waikiki Beach Walk-Embassy Suites™. Our operating risks include decreases in hotel revenues and increases in hotel operating expenses... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
stock or common units by our directors and officers, or their pledgees, as a result of margin calls or foreclosures could adversely affect the price of our common stock and could, in the future, res... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
by these pledgees may not be subject to the volume limitations of Rule 144 of the Securities Act. A sale of pledged stock or units by pledgees could result in a loss of control of our company, depen... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and believe we are organized and operate in a manner that has allowed us to qualify and will allow us to remain qualified as a REIT for federal income tax purposes commencing with our taxable year e... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
computing our taxable income and would be subject to the regular U.S. federal corporate income tax rate (and we could be subject to the federal alternative minimum tax for taxable years prior to 201... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to make distributions to American Assets Trust, Inc.'s stockholders. As a result of all these factors, our failure to maintain our qualification as a REIT also could impair our ability to expand our... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
a REIT. In order to maintain our qualification as a REIT, we must satisfy a number of requirements, including requirements regarding the ownership of our stock, requirements regarding the compositio... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
to some federal, state and local income, property and excise taxes on our income or property and, in certain cases, a 100% penalty tax, in the event we sell property as a dealer. In addition, our ta... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
of our Operating Partnership's income. We cannot be assured, however, that the IRS will not challenge the status of our Operating Partnership or any other subsidiary partnership in which we own an i... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
significantly the amount of cash available for debt service and for distribution to its partners, including us.
The asset tests applicable to REITs limit our ability to own taxable REIT subsidiarie... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
total voting power or value of the outstanding securities of another corporation, such other corporation will also be treated as a taxable REIT subsidiary. Other than some activities relating to lod... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
REIT's ownership of securities of a taxable REIT subsidiary is not subject to the 5% or 10% asset tests applicable to REITs. Not more than 25% of a REIT's total assets may be represented by securiti... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
's length terms to avoid incurring the 100% excise tax described above. There can be no assurance, however, that we will be able to comply with these ownership limitations or to avoid application of ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
% of our net taxable income each year, excluding net capital gains, and we will be subject to regular U.S. federal corporate income taxes to the extent that we distribute less than 100% of our net ta... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
not favorable for these borrowings. These borrowing needs could result from, among other things, differences in timing between the actual receipt of cash and inclusion of income for federal income t... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and/or to dispose of assets at inopportune times, and could adversely affect our financial condition, results of operations, cash flow and per share trading price of our common stock.
We may in the... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
the full amount of the dividend as ordinary income to the extent of our current and accumulated earnings and profits for federal income tax purposes. As a result, a U.S. stockholder may be required ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, if a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, such sales may have an adverse effect on the per share trading price of ou... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends, which could adversely affect the value of the shares of REITs, including the per share trading ... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
net income from prohibited transactions is subject to a 100% penalty tax. In general, prohibited transactions are sales or other dispositions of property, other than foreclosure property, held prima... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
as a REIT, we must continually satisfy tests concerning, among other things, the nature and diversification of our assets, the sources of our income and the amounts we distribute to our stockholders... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
3) distribute amounts that would otherwise be invested in future acquisitions, capital expenditures or repayment of debt. Accordingly, satisfying the REIT requirements could have an adverse effect on... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
qualification.
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Department of the Treasury. Chan... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
attractive relative to an investment in a REIT.
COVID-19 and governmental or business restrictions intended to prevent its spread could adversely impact our business, financial condition, results o... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
, (i) the extent to which COVID-19 and its variants will continue to spread, (ii) the extent and duration of governmental or business measures aimed to contain the virus, such as instituting quaranti... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
service obligations and to pay dividends and distributions to security holders. For instance we have previously seen a material reduction in rent collections from certain tenants, particularly retai... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
lease modifications that resulted in COVID-19-related adjustments (including rent abatements and other monetary lease concessions) for approximately 1% of the rent originally contracted for the year... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
mutations and related variants of the virus, could have significant adverse impacts on our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our debt... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
in the industries of our tenants, which may decrease demand for our office and retail space, causing market rental rates and property values to be negatively impacted;
increased working from home a... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
financial markets, including the debt and equity capital markets, all of which have already experienced and may continue to experience significant volatility, or deteriorations in credit and financi... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
potential future capital recycling transactions to obtain debt financing, which has been and may continue to be constrained for some potential buyers;
a reduction in the values of our properties th... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
increases associated with building materials or construction services necessary for construction that could adversely impact our ability to continue or complete construction as planned, on budget or... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
and the volatile financial, economic and capital markets environment present material risks and uncertainties with respect to our business, financial condition, results of operations, cash flows, li... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
120 RV spaces) and a 369-room hotel. Additionally, as of December 31, 2022, we owned land at three of our properties that we classified as held for development or construction in progress.
Retail an... |
YOU are a financial analyst. You are reading a report of a company.
The report is about the company's financial status.
14
547,035
95.2
24,544,722
47.13
Torrey Point
San Diego, CA
2017
93,264
96.8
5,426,536
60.11
Solana Beach Corporate Centre
Solana Beach, CA
1982/2005
224,009
85.1
7,887,387
41.38
... |
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