American Assets Trust, Inc. (AAT), a vertically integrated and self-administered real estate investment trust (REIT), recently announced the acquisition of Corporate Campus East III in Bellevue, Washington, for $84 million.
The property spans an area of about 161,000 square foot and is about 86% leased. It consists of four buildings and features a campus-setting in a natural landscape with easy access to the highway. The property has recently undergone renovations to its common areas, lobbies, onsite café and entry areas with options available to add further amenities comparable or superior to competing office projects. (See American Assets Trust stock chart on TipRanks)
Recently, Morgan Stanley analyst Richard Hill reiterated a Hold rating on the stock. The analyst, however, raised the price target to $38 from $36, which implies upside potential of 0.81% from current levels.
The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 1 Buy and 1 Hold. The average American Assets Trust price target of $41.25 implies that the stock has upside potential of 8% from current levels.
American Assets Trust scores an 8 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained about 49.9% over the past year.