American Assets Trust, Inc. (NYSE:AAT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Amendment to Annual Incentive Bonus Plan and Plan Guidelines for 2018 and 2019
On December 3, 2018, the Compensation Committee of American Assets Trust, Inc. (the “Company”) approved an amendment to our incentive bonus plan. Our incentive bonus plan focuses annual cash bonus opportunities and payouts based, in part, on the achievement of specific, pre-established corporate performance objectives, and based, in part, on individual performance, for each executive officer that participates in the plan (each a “Participant”). Consistent with the plan guidelines previously adopted by the Compensation Committee for 2018, 50% of a Participant’s annual bonus will be tied, in part, to corporate performance, with “threshold,” “target” and “maximum” performance levels corresponding to the payout levels for the corporate component of each Participant’s target annual bonus payout (with below threshold performance representing a 0% payout level, target performance representing a 50% payout level and maximum or greater performance representing a 200% payout level, for each financial measure). The corporate financial measure to be utilized for the 2018 plan guidelines under the incentive bonus plan continues to be funds from operations per share (or FFO per share). The other 50% of a Participant’s annual bonus will continue to be determined in the discretion of the Compensation Committee based on the Participant’s individual performance and such other factors as the Compensation Committee deems appropriate. A Participant’s maximum overall bonus under the plan may not exceed 250% of his or her target bonus, unless otherwise determined by the Compensation Committee. The other provisions of our incentive bonus plan remained unchanged. The Company has adopted similar plan guidelines under the incentive bonus plan for 2019, which will reward achievement at specified levels of corporate financial performance (FFO per share) and individual performance, consistent with those disclosed above.
About American Assets Trust, Inc. (NYSE:AAT)
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust (REIT). The Company owns, operates, acquires and develops retail, office, multifamily and mixed-use properties in high-barrier-to-entry markets in Southern California, Northern California, Oregon, Washington, Texas and Hawaii. The Company operates through four segments: retail, office, multifamily and mixed-use. The Company’s portfolio consists of approximately 10 retail shopping centers; over seven office properties; a mixed-use property consisting of approximately 370-room all-suite hotel and a retail shopping center, and approximately five multifamily properties. The Company owns land at over five of its properties that it classifies as held for development and construction in progress. The Company’s markets include San Diego; the San Francisco Bay Area; Portland, Oregon; Bellevue, Washington, and Oahu, Hawaii.