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American Assets Trust, Inc. Announces Pricing Of Initial Public Offering

American Assets Trust, Inc. (NYSE:AAT) (the “Company”) today announced the pricing of its initial public offering of 27,500,000 shares of its common stock at a public offering price of $20.50 per share. The shares are expected to begin trading on January 13, 2011 on the New York Stock Exchange under the symbol “AAT.” The offering is expected to close on January 19, 2011, subject to 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 the Company.

The Company 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. The Company 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. A copy of the final prospectus related to the offering will be filed with the Securities and Exchange Commission and may be obtained, when available, by contacting any of the book-running managers:

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