Unless otherwise indicated or unless the context requires otherwise, references to “we,” “our,” “us” and “our company” refer to American Assets Trust, Inc., a Maryland corporation, together with our consolidated subsidiaries, including American Assets Trust, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership.
−Removed: In statements regarding qualifications as a REIT, such terms refer solely to American Assets Trust, Inc.
−Removed: We are a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Oregon, Washington, Texas and Hawaii.
+Added: In statements regarding qualification as a REIT, such terms refer solely to American Assets Trust, Inc.
+Added: We are a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties in attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.
As of December 31, 2022, our portfolio is comprised of twelve retail shopping centers;
−Removed: eleven office properties;
+Added: twelve office properties;
a mixed-use property consisting of a 369-room all-suite hotel and a retail shopping center;
2 unchanged sentences
Our core markets include San Diego, California;
−Removed: San Francisco, California;
−Removed: Portland, Oregon;
−Removed: Bellevue, Washington and Oahu, Hawaii.
+Added: the San Francisco Bay Area, California;
+Added: Bellevue, Washington;
+Added: Portland, Oregon and Oahu, Hawaii.
American Assets Trust, Inc.
2 unchanged sentences
After the completion of our initial public offering and the related acquisitions, our operations have been carried on through our Operating Partnership.
−Removed: Our company, as the sole general partner of our Operating Partnership, has control of our Operating Partnership and owned 78.8% of our Operating Partnership as of December 31, 2021.
+Added: American Assets Trust, Inc., as the sole general partner of our Operating Partnership, has control of our Operating Partnership and owned 78.8% of our Operating Partnership as of December 31, 2022.
Accordingly, we consolidate the assets, liabilities and results of operations of our Operating Partnership.
2 unchanged sentences
• Irreplaceable Portfolio of High Quality Office, Retail and Multifamily Properties.
−Removed: We have acquired and developed a high quality portfolio of office, retail and multifamily properties located in affluent neighborhoods and sought-after business centers in San Diego, California, San Francisco, California, Portland, Oregon;
−Removed: Bellevue, Washington;
+Added: We have acquired and developed a high quality portfolio of office, retail and multifamily properties located in affluent neighborhoods and sought-after business centers in San Diego, California, the San Francisco Bay Area, California, Bellevue, Washington;
+Added: Portland, Oregon;
San Antonio, Texas and Oahu, Hawaii.
4 unchanged sentences
• Properties Located in High-Barrier-to-Entry Markets with Strong Real Estate Fundamentals.
−Removed: Our core markets currently include Southern California, Northern California, Oregon, Washington and Hawaii, which we believe have attractive long-term real estate fundamentals driven by favorable supply and demand characteristics.
+Added: Our core markets currently include Southern California, Northern California, Washington, Oregon and Hawaii, which we believe have attractive long-term real estate fundamentals driven by favorable supply and demand characteristics.
• Extensive Market Knowledge and Long-Standing Relationships Facilitate Access to a Pipeline of Acquisition and Leasing Opportunities.
3 unchanged sentences
• Broad Real Estate Expertise with Office, Retail and Multifamily Focus.
−Removed: Our senior management team has strong experience and capabilities across the real estate sector with significant expertise in the office, retail and multifamily asset classes, which provides for flexibility in pursuing attractive acquisition, development and repositioning opportunities.
−Removed: Ernest Rady, our Chairman and Chief Executive Officer, and Robert Barton,
−Removed: our Chief Financial Officer, each have over 30 years of commercial real estate experience, and the other members of senior management, including Adam Wyll, our President and Chief Operating Officer, each have over 20 years of commercial real estate experience.
+Added: Our senior management team has strong experience and capabilities across the real estate sector with significant expertise in the office, retail and multifamily asset classes, which provides for flexibility in pursuing attractive acquisition, development
+Added: and repositioning opportunities.
+Added: Ernest Rady, our Chairman and Chief Executive Officer, and Robert Barton, our Chief Financial Officer, each have over 30 years of commercial real estate experience, and the other members of senior management, including Adam Wyll, our President and Chief Operating Officer, each have over 20 years of commercial real estate experience.
Business and Growth Strategies
18 unchanged sentences
We provide our employees with access to a variety of flexible and convenient health and wellness programs designed to support their physical and mental health by providing tools and resources to help them improve or maintain their health and encourage healthy behaviors.
−Removed: In response to the COVID-19 pandemic and its variants, we implemented significant changes that we believe were and continue to be in the best interests of our employees and which comply with government orders in all the states and counties where we operate.
+Added: In response to COVID-19 and its variants, we implemented significant changes that we believe were and continue to be in the best interests of our employees and which comply with government orders in all the states and counties where we operate.
These changes include a number of new health-related measures, such as vaccination mandates for all employees (subject to certain permitted exceptions), requirements to wear face-masks at our properties to the extent required by government regulations, increased hygiene, cleaning and sanitizing procedures at our properties, social-distancing at our properties and limiting in-person meetings and other gatherings.
7 unchanged sentences
To maintain REIT status, we must meet a number of organizational and operational requirements, including a requirement that we annually distribute at least 90% of our net taxable income to our stockholders (excluding any net capital gains).
−Removed: We carry comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio under a blanket insurance policy, in addition to other coverages, such as trademark and pollution coverage, that may be appropriate for certain of our properties.
+Added: We carry comprehensive general liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio under a blanket insurance policy or standalone policy, in addition to other coverages, such as trademark, cyber and pollution coverage, that may be appropriate for certain of our properties.
We believe the policy specifications and insured limits are appropriate and adequate for our properties given the relative risk of loss, the cost of the coverage and industry practice;
1 unchanged sentence
We do not carry insurance for certain losses, including losses caused by riots or war.
−Removed: Some of our policies, like those covering losses due to terrorism and earthquakes, are insured subject to limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover losses for such events.
+Added: Some of our policies, like those covering losses due to terrorism, hail, flood, named storm and earthquakes, are insured subject to limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover losses for such events.
In addition, all our properties except our property located in San Antonio, Texas are subject to an increased risk of 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.
−Removed: We may reduce or discontinue earthquake, terrorism or other insurance on some or all of our properties in the future if the cost of premiums for any of these policies exceeds, in our judgment, the value of the coverage discounted for the risk of loss.
+Added: We may self-insure, reduce or discontinue casualty, earthquake, terrorism or other insurance on some or all of our properties in the future if the cost of premiums for any of these policies exceeds, in our judgment, the value of the coverage discounted for the risk of loss.
Also, if destroyed, we may not be able to rebuild certain of our properties due to current zoning and land use regulations.
1 unchanged sentence
In addition, our title insurance policies may not insure for the current aggregate market value of our portfolio, and we do not intend to increase our title insurance coverage if the market value of our portfolio increases.
−Removed: If we or one or more of our tenants experiences a loss that is uninsured or that exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties.
+Added: If we or one or more of our tenants experiences a loss that is uninsured or that exceeds applicable policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties.
In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged.
−Removed: Furthermore, we may not be able to obtain adequate insurance coverage at reasonable costs in the future as the costs associated with property and casualty renewals may be higher than anticipated.
+Added: Furthermore, we may not be able to obtain adequate insurance coverage at reasonable costs in the future if the costs associated with property and casualty renewals become higher than anticipated or insurance carriers no longer offer certain coverage.
Our properties are subject to various covenants, laws, ordinances and regulations, including laws such as the Americans with Disabilities Act of 1990, or ADA, and the Fair Housing Amendment Act of 1988, or FHAA, that impose further restrictions on our properties and operations.
55 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.