American Assets Trust, Inc. Signs Lease with Safeway at Waikele Center in Waipahu, Hawaii

SAN DIEGO, July 23, 2018 (GLOBE NEWSWIRE) -- American Assets Trust, Inc. (NYSE:AAT) (the “Company”) announced today that Safeway, Inc. has signed a 20-year lease (with options to extend) for approximately 50,000 square feet in the former Sports Authority space at the Waikele Center in Waipahu, Hawaii.  The store is anticipated to open in the third or fourth quarter of 2019.

“We are thrilled to welcome Safeway to Waikele Center,” said Ernest Rady, President and CEO of the Company. “And we are committed to keeping Waikele Center squarely in the limelight of trusted and local Hawaiian shopping centers.” 

George Glukfeld, Safeway’s Hawaii District Manager shares the excitement.  “Waikele is an ideal location for a new Safeway with convenient access to the freeway and ample parking.  We are excited to be a part of the Waikele Center and create new jobs in the community.  We look forward to welcoming residents and offering the best in organic, fresh, local and healthier-for-you products.” 

“Safeway coming to Waikele Center provides the opportunity to once again change and enhance Waikele’s offerings for the community,” according to Wendell F. Brooks, III, Safeway’s broker and Waikele Center’s leasing advisor. “By adding a grocery store to the tenant mix, the center will transform to more of a ‘daily needs’ experience. All tenants, large and small, will benefit from the increased traffic.”

About Waikele Center

Waikele Center is a regional open-air shopping center located west of Honolulu at the intersection of Interstate H-1 and Paiwa Street. This 538,000 square foot shopping complex is one of Central Oahu's largest and most high profile retail projects and is anchored by Lowe's, Office Max, Old Navy Outlet, Gap Factory Store, and Brooks Brothers Outlet. The shopping center is home to multiple specialty retailers and restaurants that include Chili's Grill & Bar, Starbucks, Genki Sushi, McDonald's, and various other quick serve restaurants. Originally developed on former sugar cane fields and opened in 1993, Waikele Center became one of the true success stories of Hawaii retail and was billed as the state’s first “Power Center.” For more information, visit .

About American Assets Trust, Inc.                                                  

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California.  The Company has over 50 years of acquiring, improving, developing and managing premier retail, office and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington and Hawaii. The Company's retail portfolio comprises approximately 3.2 million rentable square feet, and its office portfolio comprises approximately 2.6 million square feet.  In addition, the Company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,112 multifamily units.  In 2011, the Company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes.  For additional information, please visit .

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially.  Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters.  While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance.  For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in the Company's annual report on Form 10-K filed on February 16, 2018 and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.  The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Source:  American Assets Trust, Inc.

Investor and Media Contact:

American Assets Trust

Robert F. Barton

Executive Vice President and Chief Financial Officer

858-350-2607