American Assets Trust, Inc. SEC Filings

American Assets Trust, Inc. (AAT) received Amendment No. 11 to a Schedule 13D from entities associated with Ernest S. Rady, updating their beneficial ownership and recent share purchases. Ernest S. Rady now reports beneficial ownership of 28,951,754 Shares, representing 38.0% of the common stock on an as-converted basis, including operating partnership units.

The Ernest Rady Trust reports beneficial ownership of 27,568,194 Shares (36.2%), and American Assets, Inc. reports 7,376,603 Shares (11.1%). These percentages are calculated using 61,404,213 Shares outstanding as of July 31, 2026 plus specified OP Units, assuming only the reporting persons’ OP Units are exchanged.

Since the prior amendment, the reporting persons purchased 648,658 Shares for $14,808,700, including 572,321 Shares acquired in the last 60 days in open-market transactions at weighted average prices around the low-$20s per share. The Board granted an exemption to charter ownership limits (21.9%), and a Voting Support Agreement caps sole voting discretion at 19.9%, with voting on Shares above that level subject to agreement restrictions. The reporting persons state they hold the investment for general investment purposes and may consider additional purchases or strategic transactions, including potential mergers, take-private transactions, capital structure changes, or board and management changes.

American Assets Trust, Inc. (AAT) reported insider activity by Executive Chairman and ten percent owner Ernest S. Rady. Entities associated with Rady purchased 79,729 shares of common stock in open-market or private transactions on August 24 and 26, 2026 at per-share prices of $22.74 and $22.89, respectively. These purchases were made indirectly through Ernest Rady Trust U/D/T March 10, 1983, for which Rady is trustee, and he disclaims beneficial ownership except to the extent of his pecuniary interest. The filing also lists updated indirect holdings through several controlled entities and trusts, and 66,680 shares held in Rady’s IRA as direct ownership.

American Assets Trust, Inc. (AAT) reports that Executive Chairman and ten percent owner Ernest S. Rady, through Ernest Rady Trust U/D/T March 10, 1983 ("ERT"), purchased 50,000 shares of common stock on 2026-08-21 at $22.75 per share in an open-market or private transaction. After this purchase, ERT holds 8,916,117 shares, which the reporting person disclaims beneficial ownership of except to the extent of his pecuniary interest. The filing also lists indirect holdings through American Assets, Inc. (2,267,022 shares), Insurance Company of the West (1,275,336), Rady Foundation (1,209,021), Explorer Insurance Company (200,000), and Evelyn Shirley Rady Trust (107,859), each with similar pecuniary-interest disclaimers, plus 66,680 shares held directly by Ernest Rady IRA.

American Assets Trust, Inc. (AAT) reported that Executive Chairman and ten percent owner Ernest S. Rady, through Ernest Rady Trust U/D/T March 10, 1983, purchased 63,586 shares of common stock in open-market or private transactions between August 17 and 19, 2026, at prices of $22.55–$22.77 per share. The filing also lists indirect holdings through several controlled entities and trusts, and direct holdings in an IRA, with Mr. Rady disclaiming beneficial ownership of those shares except to the extent of his pecuniary interest.

American Assets Trust, Inc. reported that Executive Chairman and 10% owner Ernest S. Rady, through the Ernest Rady Trust (ERT), purchased 150,000 shares of common stock in open-market or private transactions, including 100,000 shares at $22.86 on August 13, 2026 and 50,000 shares at $22.79 on August 14, 2026. The filing also lists indirect holdings in entities he controls, such as American Assets, Inc., Insurance Company of the West, Rady Foundation, Explorer Insurance Company, and the Evelyn Shirley Rady Trust, plus directly held shares in an Ernest Rady IRA, with Rady disclaiming beneficial ownership except to the extent of his pecuniary interest. The transactions were not marked as pursuant to a Rule 10b5-1 trading plan.

American Assets Trust, Inc. director, Executive Chairman and ten percent owner Ernest S. Rady reported open-market purchases of common stock through an affiliated trust. On 2026-08-11, ERT acquired 100,000 shares at $22.52 per share, and on 2026-08-10 it acquired 93,243 shares at $22.45 per share, both reported as indirect ownership "By ERT." Related holdings reported as of 2026-08-10 include 2,267,022 shares held by American Assets, Inc., 1,275,336 by Insurance Company of the West, 1,209,021 by Rady Foundation, 200,000 by Explorer Insurance Company, 107,859 by Evelyn Shirley Rady Trust, and 66,680 shares held directly in Ernest Rady IRA. Footnotes state these entities are controlled by or associated with Rady and that he disclaims beneficial ownership except to the extent of his pecuniary interest.

American Assets Trust Executive Chairman and 10% owner Ernest S. Rady reported open‑market purchases totaling 35,763 common shares. On August 7, 32,763 shares were bought at $22.82 per share through the Ernest Rady Trust, taking that trust to 8,459,288 shares; on August 5, 3,000 shares were bought at $23.04 through the Evelyn Shirley Rady Trust, reaching 107,859 shares. Additional entries reflect substantial indirect holdings across several controlled entities and an IRA, for which Rady disclaims beneficial ownership beyond his pecuniary interests. The Rule 10b5‑1 trading‑plan checkbox was not selected.

American Assets Trust, Inc. and its operating partnership reported relatively stable operating performance for the quarter ended June 30, 2026. Total revenue was $109.5 million versus $107.9 million a year earlier, with six‑month revenue of $220.1 million compared with $216.5 million in 2025. Segment profit across office, retail, multifamily and mixed‑use assets was effectively flat year over year.

GAAP results declined because 2025 included a large one‑time gain on a property sale. For the first six months of 2026, net income was $13.5 million versus $61.2 million in 2025, and net income attributable to common stockholders was $10.3 million, or $0.17 per diluted share, compared with $0.79 per share. Operating cash flow remained strong at $87.5 million, funding $49.7 million of capital expenditures and $52.8 million of dividends and partnership distributions.

At June 30, 2026, the company held $2.89 billion in total assets, including net real estate of $2.61 billion, against total liabilities of $1.84 billion. Secured notes payable were $74.9 million and unsecured notes payable $1.61 billion, with all debt covenants disclosed as in compliance. A new $600 million unsecured credit facility (including a $500 million undrawn revolver and a $100 million term loan maturing in 2030) provides additional liquidity. The company maintained a quarterly dividend of $0.34 per share and has an unused $250 million at‑the‑market equity program.

American Assets Trust, Inc. reported second quarter 2026 results with net income available to common stockholders of $5.2 million, or $0.09 per diluted share, and $10.3 million, or $0.17 per diluted share, for the six months ended June 30, 2026. Funds From Operations (FFO) were $0.51 and $1.02 per diluted share and unit for the three and six months, respectively, compared with $0.52 and $1.04 in 2025. Six‑month net income attributable to common stockholders decreased $47.7 million versus 2025, mainly due to the 2025 gain on sale of Del Monte Center, higher interest expense after La Jolla Commons III was placed into service, lower occupancy at First & Main and 14Acres, and higher rental expenses.

Same‑store cash NOI rose 0.3% for the quarter and declined 0.1% for the six months year over year. The company reported record average rental rates across office, retail and multifamily segments and signed 34 office and retail leases totaling about 248,700 square feet plus 575 multifamily leases in the quarter. Cash leasing spreads on comparable space were 9.1% for office and 3.0% for retail. As of June 30, 2026, leased levels were 84.4% for office, 97.9% for retail, 88.4% for multifamily and 91.2% for the hotel.

On April 1, 2026, the credit facility was amended and restated, increasing total capacity to $600 million (a $500 million revolving line and a $100 million term loan) and extending the maturity to April 1, 2030. At June 30, 2026, only the $100 million term loan was outstanding. The company reported gross real estate assets of $3.8 billion and liquidity of $609.7 million, including $109.7 million of cash and $500.0 million of revolver availability, with only one of 31 assets encumbered by a mortgage. Dividends of $0.34 per common share were paid for the second quarter and declared for the third quarter of 2026, and full‑year 2026 FFO guidance of $1.96–$2.10 per diluted share (midpoint $2.03) was affirmed.