Maryland (American Assets Trust, Inc.)
Maryland (American Assets Trust, L.P.)
(State or other jurisdiction
of incorporation)
|
001-35030 (American Assets Trust, Inc.)
333-202342-01 (American Assets Trust, L.P.)
(Commission
File No.)
|
27-3338708 (American Assets Trust, Inc.)
27-3338894 (American Assets Trust, L.P.)
(I.R.S. Employer
Identification No.)
|
|||
11455 El Camino Real, Suite 200
San Diego, California 92130
(Address of principal executive offices)
|
|
92130
(Zip Code) |
|
||
(858) 350-2600
Registrant’s telephone number, including area code: |
|||||
Not Applicable
(Former name or former address, if changed since last report.) |
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
o
|
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
o
|
Item 9.01
|
Financial Statements and Exhibits.
|
(a)
|
Financial Statements of Businesses Acquired.
|
•
|
Report of Independent Auditors
|
•
|
Statement of Revenues and Certain Expenses for the year ended December 31, 2016 (Audited) and three months ended March 31, 2017 (Unaudited)
|
•
|
Notes to Statement of Revenues and Certain Expenses for the year ended December 31, 2016 (Audited) and three months ended March 31, 2017 (Unaudited)
|
•
|
Pro Forma Balance Sheet as of March 31, 2017 (Unaudited)
|
•
|
Pro Forma Consolidated Statement of Operations and Comprehensive Income for the year ended December 31, 2016 (Unaudited)
|
•
|
Pro Forma Consolidated Statement of Operations and Comprehensive Income for the three months ended March 31, 2017 (Unaudited)
|
•
|
Notes to Pro Forma Consolidated Financial Statements (Unaudited)
|
•
|
Pro Forma Balance Sheet as of March 31, 2017 (Unaudited)
|
•
|
Pro Forma Consolidated Statement of Operations and Comprehensive Income for the year ended December 31, 2016 (Unaudited)
|
•
|
Pro Forma Consolidated Statement of Operations and Comprehensive Income for the three months ended March 31, 2017 (Unaudited)
|
•
|
Notes to Pro Forma Consolidated Financial Statements (Unaudited)
|
Exhibit
Number
|
|
Exhibit Description
|
10.1*
|
|
Purchase Agreement and Escrow Instructions between CP III Pacific Ridge RF, LLC, CP III Pacific Ridge Solar, LLC, collectively as Seller, and American Assets Trust, Inc., as Purchaser, dated March 24, 2017.
|
23.1
|
|
Consent of Ernst & Young LLP, Independent Auditor for Pacific Ridge Apartments.
|
|
Three Months Ended
March 30, 2017
|
|
Year Ended
December 31, 2016
|
||||
|
(unaudited)
|
|
|
||||
Revenue:
|
|
|
|
||||
Rental income
|
$
|
4,191
|
|
|
$
|
15,213
|
|
Other income
|
45
|
|
|
283
|
|
||
Total revenue
|
4,236
|
|
|
15,496
|
|
||
Certain operating expenses:
|
|
|
|
||||
Rental expenses
|
732
|
|
|
3,234
|
|
||
Real estate taxes
|
585
|
|
|
2,324
|
|
||
General and administrative
|
48
|
|
|
90
|
|
||
Total expenses
|
1,365
|
|
|
5,648
|
|
||
Revenues over certain operating expenses
|
$
|
2,871
|
|
|
$
|
9,848
|
|
|
March 31, 2017
(A)
|
|
Pacific Ridge Apartments Acquisition
|
|
Pro Forma
Total
|
||||||
Assets
|
|
|
|
|
|
||||||
Real estate, at cost
|
|
|
|
|
|
||||||
Operating real estate
|
$
|
2,244,865
|
|
|
$
|
226,468
|
|
(B)
|
$
|
2,471,333
|
|
Construction in progress
|
54,346
|
|
|
—
|
|
|
54,346
|
|
|||
Held for development
|
9,447
|
|
|
—
|
|
|
9,447
|
|
|||
|
2,308,658
|
|
|
226,468
|
|
|
2,535,126
|
|
|||
Accumulated depreciation
|
(485,335
|
)
|
|
—
|
|
|
(485,335
|
)
|
|||
Net real estate
|
1,823,323
|
|
|
226,468
|
|
|
2,049,791
|
|
|||
Cash and cash equivalents
|
190,110
|
|
|
(96,963
|
)
|
(C)
|
93,147
|
|
|||
Restricted cash
|
9,836
|
|
|
—
|
|
|
9,836
|
|
|||
Accounts receivable, net
|
7,558
|
|
|
—
|
|
|
7,558
|
|
|||
Deferred rent receivables, net
|
38,555
|
|
|
—
|
|
|
38,555
|
|
|||
Other assets, net
|
45,959
|
|
|
1,217
|
|
(B)
|
47,176
|
|
|||
Total assets
|
$
|
2,115,341
|
|
|
$
|
130,722
|
|
|
$
|
2,246,063
|
|
Liabilities and equity
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
||||||
Secured notes payable
|
$
|
315,743
|
|
|
$
|
—
|
|
|
$
|
315,743
|
|
Unsecured notes payable
|
844,752
|
|
|
—
|
|
|
844,752
|
|
|||
Unsecured line of credit
|
—
|
|
|
130,000
|
|
(D)
|
130,000
|
|
|||
Accounts payable and accrued expenses
|
39,149
|
|
|
—
|
|
|
39,149
|
|
|||
Security deposits payable
|
6,195
|
|
|
673
|
|
(B)
|
6,868
|
|
|||
Other liabilities and deferred credits
|
47,793
|
|
|
49
|
|
(B)
|
47,842
|
|
|||
Total liabilities
|
1,253,632
|
|
|
130,722
|
|
|
1,384,354
|
|
|||
Commitments and contingencies
|
|
|
|
|
|
||||||
Equity:
|
|
|
|
|
|
||||||
American Assets Trust, Inc. stockholders’ equity
|
|
|
|
|
|
||||||
Common stock, $0.01 par value, 490,000,000 shares authorized, 46,431,341 shares issued and outstanding at March 31, 2017
|
464
|
|
|
—
|
|
|
464
|
|
|||
Additional paid-in capital
|
905,304
|
|
|
—
|
|
|
905,304
|
|
|||
Accumulated dividends in excess of net income
|
(81,921
|
)
|
|
—
|
|
|
(81,921
|
)
|
|||
Accumulated other comprehensive income
|
11,034
|
|
|
—
|
|
|
11,034
|
|
|||
Total American Assets Trust, Inc. stockholders’ equity
|
834,881
|
|
|
—
|
|
|
834,881
|
|
|||
Noncontrolling interests
|
26,828
|
|
|
—
|
|
|
26,828
|
|
|||
Total equity
|
861,709
|
|
|
—
|
|
|
861,709
|
|
|||
Total liabilities and equity
|
$
|
2,115,341
|
|
|
$
|
130,722
|
|
|
$
|
2,246,063
|
|
|
December 31, 2016
|
|
Pacific Ridge Apartments
|
|
Other Pro Forma Adjustments
|
|
Pro Forma Total
|
|
||||||||
|
(A)
|
|
(B)
|
|
|
|
|
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
279,498
|
|
|
$
|
15,213
|
|
|
$
|
—
|
|
|
$
|
294,711
|
|
|
Other property income
|
15,590
|
|
|
283
|
|
|
—
|
|
|
15,873
|
|
|
||||
Total revenue
|
295,088
|
|
|
15,496
|
|
|
—
|
|
|
310,584
|
|
|
||||
EXPENSES:
|
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
79,553
|
|
|
3,234
|
|
|
—
|
|
|
82,787
|
|
|
||||
Real estate taxes
|
28,378
|
|
|
2,324
|
|
|
—
|
|
|
30,702
|
|
|
||||
General and administrative
|
17,897
|
|
|
90
|
|
|
—
|
|
|
17,987
|
|
|
||||
Depreciation and amortization
|
71,319
|
|
|
12,015
|
|
|
—
|
|
|
83,334
|
|
|
||||
Total operating expenses
|
197,147
|
|
|
17,663
|
|
|
—
|
|
|
214,810
|
|
|
||||
OPERATING INCOME (LOSS)
|
97,941
|
|
|
(2,167
|
)
|
|
—
|
|
|
95,774
|
|
|
||||
Interest expense
|
(51,936
|
)
|
|
—
|
|
|
(1,865
|
)
|
(C)
|
(53,801
|
)
|
|
||||
Other income, net
|
(368
|
)
|
|
—
|
|
|
—
|
|
|
(368
|
)
|
|
||||
NET INCOME (LOSS)
|
45,637
|
|
|
(2,167
|
)
|
|
(1,865
|
)
|
|
41,605
|
|
|
||||
Net income attributable to restricted shares
|
(189
|
)
|
|
—
|
|
|
—
|
|
|
(189
|
)
|
|
||||
Net (income) loss attributable to unitholders in the Operating Partnership
|
(12,863
|
)
|
|
819
|
|
|
528
|
|
(D)
|
(11,516
|
)
|
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS
|
32,585
|
|
|
(1,348
|
)
|
|
(1,337
|
)
|
|
29,900
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|||||||
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share, basic
|
$
|
0.72
|
|
|
|
|
|
|
$
|
0.66
|
|
|
||||
Weighted average shares of common stock outstanding - basic
|
45,332,471
|
|
|
|
|
|
|
45,332,471
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share, diluted
|
$
|
0.72
|
|
|
|
|
|
|
$
|
0.66
|
|
|
||||
Weighted average shares of common stock outstanding - diluted
|
63,228,159
|
|
|
|
|
|
|
63,228,159
|
|
|
|
March 31, 2017
|
|
Pacific Ridge Apartments
|
|
Other Pro Forma Adjustments
|
|
Pro Forma Total
|
||||||||
|
(A)
|
|
(B)
|
|
|
|
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
70,040
|
|
|
$
|
4,191
|
|
|
$
|
—
|
|
|
$
|
74,231
|
|
Other property income
|
3,752
|
|
|
45
|
|
|
—
|
|
|
3,797
|
|
||||
Total revenue
|
73,792
|
|
|
4,236
|
|
|
—
|
|
|
78,028
|
|
||||
EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
19,859
|
|
|
732
|
|
|
—
|
|
|
20,591
|
|
||||
Real estate taxes
|
7,536
|
|
|
585
|
|
|
—
|
|
|
8,121
|
|
||||
General and administrative
|
5,082
|
|
|
48
|
|
|
—
|
|
|
5,130
|
|
||||
Depreciation and amortization
|
17,986
|
|
|
1,606
|
|
|
—
|
|
|
19,592
|
|
||||
Total operating expenses
|
50,463
|
|
|
2,971
|
|
|
—
|
|
|
53,434
|
|
||||
OPERATING INCOME
|
23,329
|
|
|
1,265
|
|
|
—
|
|
|
24,594
|
|
||||
Interest expense
|
(13,331
|
)
|
|
—
|
|
|
(649
|
)
|
(C)
|
(13,980
|
)
|
||||
Other income, net
|
310
|
|
|
—
|
|
|
—
|
|
|
310
|
|
||||
NET INCOME (LOSS)
|
10,308
|
|
|
1,265
|
|
|
(649
|
)
|
|
10,924
|
|
||||
Net income attributable to restricted shares
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
||||
Net (income) loss attributable to unitholders in the Operating Partnership
|
(2,861
|
)
|
|
(313
|
)
|
|
181
|
|
(D)
|
(2,993
|
)
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS
|
7,387
|
|
|
952
|
|
|
(468
|
)
|
|
7,871
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share, basic
|
$
|
0.16
|
|
|
|
|
|
|
$
|
0.17
|
|
||||
Weighted average shares of common stock outstanding - basic
|
46,173,788
|
|
|
|
|
|
|
|
|
46,173,788
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Earnings per common share, diluted
|
$
|
0.16
|
|
|
|
|
|
|
|
|
$
|
0.17
|
|
||
Weighted average shares of common stock outstanding - diluted
|
64,062,610
|
|
|
|
|
|
|
|
|
64,062,610
|
|
|
March 31, 2017
(A)
|
|
Pacific Ridge Apartments Acquisition
|
|
Pro Forma
Total
|
||||||
Assets
|
|
|
|
|
|
||||||
Real estate, at cost
|
|
|
|
|
|
||||||
Operating real estate
|
$
|
2,244,865
|
|
|
$
|
226,468
|
|
(B)
|
$
|
2,471,333
|
|
Construction in progress
|
54,346
|
|
|
—
|
|
|
54,346
|
|
|||
Held for development
|
9,447
|
|
|
—
|
|
|
9,447
|
|
|||
|
2,308,658
|
|
|
226,468
|
|
|
2,535,126
|
|
|||
Accumulated depreciation
|
(485,335
|
)
|
|
—
|
|
|
(485,335
|
)
|
|||
Net real estate
|
1,823,323
|
|
|
226,468
|
|
|
2,049,791
|
|
|||
Cash and cash equivalents
|
190,110
|
|
|
(96,963
|
)
|
(C)
|
93,147
|
|
|||
Restricted cash
|
9,836
|
|
|
—
|
|
|
9,836
|
|
|||
Accounts receivable, net
|
7,558
|
|
|
—
|
|
|
7,558
|
|
|||
Deferred rent receivables, net
|
38,555
|
|
|
—
|
|
|
38,555
|
|
|||
Other assets, net
|
45,959
|
|
|
1,217
|
|
(B)
|
47,176
|
|
|||
Total assets
|
$
|
2,115,341
|
|
|
$
|
130,722
|
|
|
$
|
2,246,063
|
|
Liabilities and equity
|
|
|
|
|
|
||||||
Liabilities:
|
|
|
|
|
|
||||||
Secured notes payable
|
$
|
315,743
|
|
|
$
|
—
|
|
|
$
|
315,743
|
|
Unsecured notes payable
|
844,752
|
|
|
—
|
|
|
844,752
|
|
|||
Unsecured line of credit
|
—
|
|
|
130,000
|
|
(D)
|
130,000
|
|
|||
Accounts payable and accrued expenses
|
39,149
|
|
|
—
|
|
|
39,149
|
|
|||
Security deposits payable
|
6,195
|
|
|
673
|
|
(B)
|
6,868
|
|
|||
Other liabilities and deferred credits
|
47,793
|
|
|
49
|
|
(B)
|
47,842
|
|
|||
Total liabilities
|
1,253,632
|
|
|
130,722
|
|
|
1,384,354
|
|
|||
Commitments and contingencies
|
|
|
|
|
|
||||||
CAPITAL:
|
|
|
|
|
|
||||||
Limited partners' capital, 17,888,822 units issued and outstanding as of March 31, 2017
|
22,525
|
|
|
|
|
22,525
|
|
||||
General partner's capital, 46,431,341 units issued and outstanding as of March 31, 2017
|
823,847
|
|
|
—
|
|
|
823,847
|
|
|||
Accumulated other comprehensive income (loss)
|
15,337
|
|
|
—
|
|
|
15,337
|
|
|||
Total capital
|
861,709
|
|
|
—
|
|
|
861,709
|
|
|||
TOTAL LIABILITIES AND CAPITAL
|
$
|
2,115,341
|
|
|
$
|
130,722
|
|
|
$
|
2,246,063
|
|
|
December 31, 2016
|
|
Pacific Ridge Apartments
|
|
Other Pro Forma Adjustments
|
|
Pro Forma Total
|
||||||||
|
(A)
|
|
(B)
|
|
|
|
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
279,498
|
|
|
$
|
15,213
|
|
|
$
|
—
|
|
|
$
|
294,711
|
|
Other property income
|
15,590
|
|
|
283
|
|
|
—
|
|
|
15,873
|
|
||||
Total revenue
|
295,088
|
|
|
15,496
|
|
|
—
|
|
|
310,584
|
|
||||
EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
79,553
|
|
|
3,234
|
|
|
—
|
|
|
82,787
|
|
||||
Real estate taxes
|
28,378
|
|
|
2,324
|
|
|
—
|
|
|
30,702
|
|
||||
General and administrative
|
17,897
|
|
|
90
|
|
|
—
|
|
|
17,987
|
|
||||
Depreciation and amortization
|
71,319
|
|
|
12,015
|
|
|
—
|
|
|
83,334
|
|
||||
Total operating expenses
|
197,147
|
|
|
17,663
|
|
|
—
|
|
|
214,810
|
|
||||
OPERATING INCOME (LOSS)
|
97,941
|
|
|
(2,167
|
)
|
|
—
|
|
|
95,774
|
|
||||
Interest expense
|
(51,936
|
)
|
|
—
|
|
|
(1,865
|
)
|
(C)
|
(53,801
|
)
|
||||
Other income, net
|
(368
|
)
|
|
—
|
|
|
—
|
|
|
(368
|
)
|
||||
NET INCOME (LOSS)
|
45,637
|
|
|
(2,167
|
)
|
|
(1,865
|
)
|
|
41,605
|
|
||||
Net income attributable to restricted shares
|
(189
|
)
|
|
—
|
|
|
—
|
|
|
(189
|
)
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.
|
45,448
|
|
|
(2,167
|
)
|
|
(1,865
|
)
|
|
41,416
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
EARNINGS PER UNIT
|
|
|
|
|
|
|
|
|
|||||||
Earnings per unit, basic
|
$
|
0.72
|
|
|
|
|
|
|
$
|
0.66
|
|
||||
Weighted average units outstanding - basic
|
63,228,159
|
|
|
|
|
|
|
63,228,159
|
|
||||||
|
|
|
|
|
|
|
|
|
|||||||
Earnings per unit, diluted
|
$
|
0.72
|
|
|
|
|
|
|
$
|
0.66
|
|
||||
Weighted average units outstanding - diluted
|
63,228,159
|
|
|
|
|
|
|
63,228,159
|
|
|
March 31, 2017
|
|
Pacific Ridge Apartments
|
|
Other Pro Forma Adjustments
|
|
Pro Forma Total
|
||||||||
|
(A)
|
|
(B)
|
|
|
|
|
||||||||
REVENUE:
|
|
|
|
|
|
|
|
||||||||
Rental income
|
$
|
70,040
|
|
|
$
|
4,191
|
|
|
$
|
—
|
|
|
$
|
74,231
|
|
Other property income
|
3,752
|
|
|
45
|
|
|
—
|
|
|
3,797
|
|
||||
Total revenue
|
73,792
|
|
|
4,236
|
|
|
—
|
|
|
78,028
|
|
||||
EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Rental expenses
|
19,859
|
|
|
732
|
|
|
—
|
|
|
20,591
|
|
||||
Real estate taxes
|
7,536
|
|
|
585
|
|
|
—
|
|
|
8,121
|
|
||||
General and administrative
|
5,082
|
|
|
48
|
|
|
—
|
|
|
5,130
|
|
||||
Depreciation and amortization
|
17,986
|
|
|
1,606
|
|
|
—
|
|
|
19,592
|
|
||||
Total operating expenses
|
50,463
|
|
|
2,971
|
|
|
—
|
|
|
53,434
|
|
||||
OPERATING INCOME
|
23,329
|
|
|
1,265
|
|
|
—
|
|
|
24,594
|
|
||||
Interest expense
|
(13,331
|
)
|
|
—
|
|
|
(649
|
)
|
(C)
|
(13,980
|
)
|
||||
Other income, net
|
310
|
|
|
—
|
|
|
—
|
|
|
310
|
|
||||
NET INCOME (LOSS)
|
10,308
|
|
|
1,265
|
|
|
(649
|
)
|
|
10,924
|
|
||||
Net income attributable to restricted shares
|
(60
|
)
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
||||
NET INCOME (LOSS) ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.
|
10,248
|
|
|
1,265
|
|
|
(649
|
)
|
|
10,864
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
EARNINGS PER UNIT
|
|
|
|
|
|
|
|
|
|||||||
Earnings per unit, basic
|
$
|
0.16
|
|
|
|
|
|
|
$
|
0.17
|
|
||||
Weighted average units outstanding - basic
|
64,062,610
|
|
|
|
|
|
|
|
|
64,062,610
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Earnings per unit, diluted
|
$
|
0.16
|
|
|
|
|
|
|
|
|
$
|
0.17
|
|
||
Weighted average units outstanding - diluted
|
64,062,610
|
|
|
|
|
|
|
|
|
64,062,610
|
|
|
American Assets Trust, Inc.
|
|
|
June 28, 2017
|
/s/ ERNEST RADY
|
|
Ernest Rady
|
|
Chairman, President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
June 28, 2017
|
/s/ ROBERT F. BARTON
|
|
Robert F. Barton
|
|
Executive Vice President, Chief Financial
Officer
|
|
(Principal Financial and Accounting
Officer)
|
|
|
|
American Assets Trust, L.P.
|
|
|
June 28, 2017
|
/s/ ERNEST RADY
|
|
Ernest Rady
|
|
Chairman, President and Chief Executive Officer
|
|
(Principal Executive Officer)
|
|
|
June 28, 2017
|
/s/ ROBERT F. BARTON
|
|
Robert F. Barton
|
|
Executive Vice President, Chief Financial
Officer
|
|
(Principal Financial and Accounting
Officer)
|
Exhibit
Number
|
|
Exhibit Description
|
10.1*
|
|
Purchase Agreement and Escrow Instructions between CP III Pacific Ridge RF, LLC, CP III Pacific Ridge Solar, LLC, collectively as Seller, and American Assets Trust, Inc., as Purchaser, dated March 24, 2017.
|
23.1
|
|
Consent of Ernst & Young LLP, Independent Auditor for Pacific Ridge Apartments.
|
(1)
|
Registration Statement (Form S-3ASR No. 333-201909) of American Assets Trust, Inc.,
|
(2)
|
Registration Statement (Form S-3 ASR No. 333-202342) of American Assets Trust, Inc. and American Assets Trust, LP,
|
(3)
|
Registration Statement (Form S-8 No. 333-171752) pertaining to the American Assets Trust, Inc. and American Assets Trust, L.P. 2011 Equity Incentive Award Plan;
|