American Assets Begins Selling 27.5 Mil Shares of Stock

American Assets Trust, a California-based real estate investment trust, has priced  their 27.5 million shares of common stock at $20.50 each and you still have time to snap some up.

The shares began trading on January 13, 2011 on the New York Stock Exchange by the symbol “AAT,” and will likely close on January 19, 2011, contingent on the completion of customary closing conditions. The underwriters have been granted a 30-day option to purchase up to an additional 4,125,000 shares at the initial public offering price, less the underwriting discount, to cover over-allotments, if any. All shares are being offered by AAT.

AAT will contribute the net proceeds of the offering to its operating partnership. The net proceeds of the initial public offering are estimated to be approximately $514.8 million after deducting underwriting discounts and commissions and estimated offering expenses, prior to any exercise of the underwriters’ overallotment option. AAT intends to use the proceeds of the offering to repay outstanding debt, for tenant improvements and leasing commissions, for loan transfer and consent fees and property renovations, and for general corporate purposes, including working capital, future acquisitions and transfer taxes.

BofA Merrill Lynch, Wells Fargo Securities and Morgan Stanley are the joint book-running managers for the offering. The co-managers of the offering are KeyBanc Capital Markets, RBC Capital Markets, Piper Jaffray, PNC Capital Markets LLC and JMP Securities.

A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the offered securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. The offering of these securities is being made only by means of a prospectus.


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