|
|
 | | | |
- close
- close
- close
- close
American Assets Trust (AAT) |
Suggest other news sources for this topic
WIKI ANALYSIS|
Error creating thumbnail: convert: unable to open image `/home/wikinvest/src_live_1/mediawiki/images/c/ce/IPO.jpg': No such file or directory @ blob.c/OpenBlob/2480. convert: missing an image filename `/home/wikinvest/src_live_1/mediawiki/images/thumb/c/ce/IPO.jpg/40px-IPO.jpg' @ convert.c/ConvertImageCommand/2800. |
This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
American Assets Trust (NYSE:AAT) is a Real Estate Investment Trust (REIT) which purchases and runs retail and office properties in Northern and Southern California and Hawaii. It focuses on properties which are attractive and tend to have high barriers to entry. As of September 2010, the trust owned 10 retail properties which consisted of 3M rentable square feat. These properties made up 45.9% of the total rent from the trusts portfolio. They also own 5 officer properties consisting of a total of 1.5M rentable square feet. This made up 37.5% of the total yearly rent from the trusts portfolio. Next, the trust owns a mixed use property which consist of 6.7% of the trusts annual rent. This mixed use real estate is made up of 97,000 rentable square feet of retail and a 369-room all-suite hotel. Finally, the trust owns 3 apartment communities for a total of 922 multifamily units and 9.8% of total annual rent.[1]
Because the American Assets Trust operates primarily in San Diego, the San Francisco Bay Area, and Oahu Hawaii, the company believes that its properties are high quality, in high demand, and not easily replaceable. In particular, the scarcity of land combined with zoning and environmental laws make it very difficult to further develop in these regions. In addition, the trust believes that the combination of income levels and the economy in these regions will maintain demand stable and constant in the future.[2]
The company's initial public offering of stock on the NYSE occurred on January12, 2011. The company offered 27.5M shares each for $20.50. The company had originally planned to sell 25M shares within the range of $19-$21. The original deal would have been worth $500M at the center of the price range. However, the increase in shares brought the total deal to $564M. The lead underwriters of the IPO were Bank Of America (MXK:BAC), Wells Fargo (WFC), and Morgan Stanley (MS).[3]
AAT's total revenue in 2009 was $113M which was a slight drop compared to its 2008 total revenue of $117M. However, the company's' unaudited total revenue for the first 9 months of 2010 was $148M. This compares to an unaudited total revenue for the first 9 months of 2009 of $87M. The net income for the full year 2009 was $6.4M, a rise from the -$7M of 2008. The unaudited net income for the first 9 months of 2010 was $9.6M.[4]
References
- ↑ AAT S-11/A 2010 PROSPECTUS SUMMARY "American Assets Trust, Inc" p1
- ↑ AAT S-11/A 2010 PROSPECTUS SUMMARY "Our Competitive Strengths" p2
- ↑ Renaissance Capital - IPO Home "American Assets Trust prices upsized IPO at $20.50, within the range" 13 Jan 2010
- ↑ AAT S-11/A 2010 PROSPECTUS SUMMARY "The Company (Pro Forma) and Our Predecessor (Historical)" p18
| |||||||
