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American Assets Trust (NYSE: AAT) Q2 2026 results, FFO and leasing trends

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

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.

Positive

  • The company enhanced liquidity by amending its credit facility to $600 million of total capacity, extending the maturity to 2030, leaving only the $100 million term loan outstanding and total liquidity of $609.7 million at June 30, 2026.

Negative

  • Net income attributable to common stockholders for the first half of 2026 declined by $47.7 million versus 2025, reflecting the absence of the prior‑year Del Monte Center sale gain, higher interest expense and weaker occupancy at certain office properties.

Filing Explained

Preliminary second-quarter results are furnished in the 8-K and remain subject to adjustment until the company files its Form 10-Q.

This Form 8-K reports the company’s July 28 second-quarter results under Items 2.02 and 7.01; its attached materials are furnished rather than filed, and the results remain preliminary pending the Form 10-Q.

For the six months ended June 30, 2026, the filing presents FAD of $53,396 thousand alongside $52,755 thousand of dividends declared and paid.

FAD and the dividend figures are presented as supplemental information, so this comparison does not replace the company’s GAAP financial statements or establish final quarterly results.

The company identifies the forthcoming Form 10-Q as the point at which these preliminary results may be adjusted.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 net income available to common stockholders $5.2 million Three months ended June 30, 2026; $0.09 per diluted share
Q2 2026 FFO per diluted share and unit $0.51 Three months ended June 30, 2026; $0.52 in Q2 2025
Same-store cash NOI change Q2 2026 0.3% Increase versus three months ended June 30, 2025
Liquidity at June 30, 2026 $609.7 million Cash and cash equivalents of $109.7 million plus $500.0 million revolver availability
Credit facility capacity $600 million $500 million revolving line of credit and $100 million term loan, maturing April 1, 2030
Quarterly dividend per common share $0.34 Declared for second and third quarters of 2026
Full-year 2026 FFO guidance range $1.96–$2.10 per diluted share Guidance affirmed with midpoint of $2.03
Gross real estate assets $3.8 billion Total gross real estate assets at June 30, 2026
Funds From Operations (FFO) financial
"FFO of $0.51 and $1.02 per diluted share for the three and six months"
Funds from operations (FFO) is a performance measure commonly used for real estate companies that adjusts net income by adding back non‑cash items like building depreciation and removing one‑time gains or losses from property sales, to show recurring operating earnings. Investors use FFO to judge a property portfolio’s ability to generate cash for dividends and growth — think of it as measuring a car’s regular fuel efficiency rather than its accounting value or one‑off resale price.
Same-store cash NOI financial
"Same-store cash Net Operating Income (“NOI”) increased 0.3% and decreased 0.1%"
Same-store cash NOI measures the actual cash profit a real estate asset or group of properties produced from operations during a period, limited to properties owned and operating in both the current and prior periods and excluding non-cash accounting items like straight‑line rent or depreciation. It matters to investors because it shows the underlying, cash-based performance and trend of a stable property portfolio — like checking the fuel gauge rather than the odometer to know how much usable fuel the car really has.
Adjusted EBITDA financial
"Total debt/Adjusted EBITDA (2)(3) | 7.2 x quarter annualized"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
RevPAR financial
"Revenue per available room, or RevPAR, represents the total unit revenue per total available units"
RevPAR, or revenue per available room, is a measure used in the hotel industry to show how much money a hotel earns from each of its rooms over a certain period. It helps investors understand how well a hotel is performing financially, similar to how a store's sales per square foot reveal its profitability. Higher RevPAR indicates better use of resources and stronger financial health.
credit facility financial
"the credit facility was amended and restated to increase the borrowing capacity to $600 million"
A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.
Six-month 2026 net income attributable to common stockholders $10.3 million decrease of $47.7 million versus the six months ended June 30, 2025
Q2 2026 FFO per diluted share and unit $0.51 down from $0.52 in the three months ended June 30, 2025
Six-month 2026 FFO per diluted share and unit $1.02 down from $1.04 for the six months ended June 30, 2025
Q2 2026 same-store cash NOI $66.5 million increase of 0.3% versus the three months ended June 30, 2025
Six-month 2026 same-store cash NOI $132.9 million decrease of 0.1% versus the six months ended June 30, 2025
Full-year 2026 FFO guidance $1.96–$2.10 per diluted share guidance affirmed with midpoint of $2.03 per diluted share
Guidance

For 2026, the company expects FFO of $1.96–$2.10 per diluted share, midpoint $2.03, excluding impacts from future acquisitions, dispositions, equity issuances or repurchases, and additional debt financing or repayments.

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FAQ

What were American Assets Trust (AAT) net income and EPS for Q2 2026?
For Q2 2026, American Assets Trust reported net income available to common stockholders of $5.2 million, or $0.09 per diluted share. For the six months ended June 30, 2026, net income available to common stockholders was $10.3 million, or $0.17 per diluted share.

How did American Assets Trust (AAT) Funds From Operations perform in Q2 2026?
FFO for Q2 2026 was $0.51 per diluted share and unit, compared with $0.52 in Q2 2025. For the six months ended June 30, 2026, FFO was $1.02 per diluted share and unit versus $1.04 for the same period in 2025.

Why did American Assets Trust (AAT) year-to-date net income decline in 2026?
Net income attributable to common stockholders for the six months ended June 30, 2026 decreased by $47.7 million versus 2025. The company cites the prior‑year gain on sale of Del Monte Center, higher interest expense, lower occupancy at First & Main and 14Acres, and higher rental expenses.

What is American Assets Trust (AAT) liquidity and debt position as of June 30, 2026?
At June 30, 2026, the company had liquidity of $609.7 million, including $109.7 million of cash and $500.0 million of revolver availability. Total debt was $1.7 billion, and only 1 of 31 assets was encumbered by a mortgage.

What dividends did American Assets Trust (AAT) declare for 2026 so far?
The company declared common stock dividends of $0.34 per share for the second quarter of 2026, paid June 18, 2026. It also declared a third‑quarter 2026 dividend of $0.34 per share, payable September 17, 2026 to stockholders of record on September 3, 2026.

What earnings guidance has American Assets Trust (AAT) provided for full-year 2026?
The company affirmed full‑year 2026 FFO guidance of $1.96–$2.10 per diluted share, with a midpoint of $2.03. This guidance excludes impacts from future acquisitions, dispositions, equity issuances or repurchases, and additional debt financing or repayments.
false000150021700015002172026-07-282026-07-28

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________
FORM 8-K
_________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
July 28, 2026
_________________________
aat2019q3a17.jpg
American Assets Trust, Inc.
(Exact name of registrant as specified in its charter)
_________________________
Maryland
001-35030
27-3338708
(State or other jurisdiction
of incorporation)		(Commission
File No.)		(I.R.S. Employer
Identification No.)

3420 Carmel Mountain Road, Suite 100
San Diego, California 92121
(Address of principal executive offices and Zip Code)

(858) 350-2600
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Name of RegistrantTitle of each classTrading SymbolName of each exchange on which registered
American Assets Trust, Inc.Common Stock, par value $0.01 per shareAATNew York Stock Exchange

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 ☐

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. ☐




Item 2.02    Results of Operations and Financial Condition.

On July 28, 2026, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ending June 30, 2026. Also on July 28, 2026, the Company made available on the “Investors” page of its website at www.americanassetstrust.com certain supplemental information concerning the Company’s financial results and operations for the quarter ending June 30, 2026. Copies of the press release and supplemental information are attached hereto as Exhibits 99.1 and 99.2, respectively.

Exhibits 99.1 and 99.2, are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 7.01    Regulation FD Disclosure.

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the quarter ending June 30, 2026 and made available on its website certain supplemental information relating thereto.

The information being furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.


Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits:
The following exhibits are filed herewith:
Exhibit Number
Exhibit Description
99.1**
Press release issued by American Assets Trust, Inc. on July 28, 2026.
99.2**
American Assets Trust, Inc. Supplemental Information for the quarter ended June 30, 2026.
104Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
_____________________
** Furnished herewith

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
American Assets Trust, Inc.
By:
/s/ Robert F. Barton
Robert F. Barton
Executive Vice President, CFO
July 28, 2026

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aat2019q3a17a.jpg

American Assets Trust, Inc. Reports Second Quarter 2026 Financial Results

SAN DIEGO, California - 7/28/2026 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its second quarter ended June 30, 2026.

Second Quarter Highlights
•Net income available to common stockholders of $5.2 million and $10.3 million for the three and six months ended June 30, 2026, respectively, or $0.09 and $0.17 per diluted share, respectively.
•FFO of $0.51 and $1.02 per diluted share for the three and six months ended June 30, 2026, respectively, compared to $0.52 and $1.04 per diluted share for the same periods in 2025.
•Same-store cash Net Operating Income (“NOI”) increased 0.3% and decreased 0.1% for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025.
•Achieved record average rental rates across our office, retail, and multifamily segments during the second quarter of 2026.
•Leased 110,000 of office square feet, of which approximately 75,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 10.2% and 9.1%, respectively, during the second quarter.
•Leased 139,000 of retail square feet, of which approximately 134,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 20.2% and 3.0%, respectively, during the second quarter.

Amended and Restated Credit Facility
•    On April 1, 2026, the credit facility was amended and restated to, among other things, increase the borrowing capacity to $600 million, consisting of a $500 million revolving line of credit and a $100 million term loan, and extend the maturity date to April 1, 2030. As of June 30, 2026, the only amount outstanding under the credit facility was the $100 million term loan.

Financial Results
(Unaudited, amounts in thousands, except per share data)Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net income $6,790 $7,121 $13,529 $61,228 
Basic and diluted income attributable to common stockholders per share$0.09 $0.09 $0.17 $0.79 
FFO attributable to common stock and common units$39,286 $39,723 $78,120 $79,668 
FFO per diluted share and unit$0.51 $0.52 $1.02 $1.04 
Net income attributable to common stockholders decreased $47.7 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by the gain on sale of Del Monte Center recognized in 2025, higher interest expense as we ceased capitalization of interest related to La Jolla Commons III being placed into service, decrease in occupancy at First & Main and 14Acres and overall increase in rental expenses across all segments.
1


FFO decreased $1.5 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to the items described above. Gain on sale of Del Monte Center is excluded from FFO computations.

FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of net income to FFO is attached to this press release.

Leasing
The portfolio leased status as of the end of the indicated quarter was as follows:
June 30, 2026March 31, 2026June 30, 2025
Total Portfolio
Office 84.4%84.5%82.0%
Retail97.9%97.7%97.7%
Multifamily (1) (2)
88.4%94.7%88.8%
Mixed-Use:
Retail92.2%96.2%95.0%
Hotel91.2%91.9%85.3%
Same-Store Portfolio (3)
Office84.4%84.5%82.0%
Retail97.9%97.7%97.7%
Multifamily (1) (2)
88.4%94.7%88.8%
Mixed-Use:
Retail92.2%96.2%95.0%
Hotel91.2%91.9%85.3%
(1)     Percentage leased for our multifamily properties includes total units rented and occupied as of each of the applicable dates.
(2)    Santa Fe Park RV Resort is excluded from the multifamily presentation above to reflect traditional multifamily performance. Including Santa Fe Park RV Resort, multifamily occupancy would be 87.7%, 92.1% and 88.1% as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.
(3)    Same-store portfolio excludes land held for development.

During the second quarter of 2026, the company signed 34 leases for approximately 248,700 square feet of office and retail space, as well as 575 multifamily apartment leases. Renewals accounted for 67% of the comparable office leases, 100% of the comparable retail leases, and 77% of the residential leases.

Office and Retail
The annualized base rent per leased square foot as of the end of the indicated quarter was as follows:
3rd Quarter 20254th Quarter 20251st Quarter 20262nd Quarter 2026
OfficeWeighted Average Portfolio$56.59$56.69$56.64$57.83
RetailWeighted Average Portfolio$29.57$29.72$30.04$30.12

On a comparable basis (i.e., leases for which there was a former tenant in the past six-months) our office and retail leasing spreads as of the end of the indicated quarter are shown below:
3rd Quarter 20254th Quarter 20251st Quarter 20262nd Quarter 2026
OfficeCash Basis % Change Over Prior Rent9.3%6.6%4.8%9.1%
Straight-Line Basis % Change Over Prior Rent18.6%11.5%10.6%10.2%
RetailCash Basis % Change Over Prior Rent4.4%0.3%(2.0)%3.0%
Straight-Line Basis % Change Over Prior Rent21.0%24.3%1.3%20.2%

2

On a comparable basis (i.e., leases for which there was a former tenant in the past six months) during the three and six months ended June 30, 2026 our office and retail leasing spreads are shown below:
Number of Leases SignedComparable Leased Sq. Ft.Average Cash Basis % Change Over Prior RentAverage Cash Contractual Rent Per Sq. Ft.Straight-Line Basis % Change Over Prior Rent
OfficeQ2 20261275,4169.1%$61.7510.2%
YTD Q2 202627183,8726.6%$59.9310.4%
RetailQ2 202619133,8283.0%$39.1820.2%
YTD Q2 202632171,4211.7%$40.6115.3%

Multifamily
The average monthly base rent per occupied unit as of the end of the indicated quarter was as follows:
3rd Quarter 20254th Quarter 20251st Quarter 20262nd Quarter 2026
Average Monthly Base Rent per Occupied Unit$2,730 $2,684 $2,756 $2,776 

Same-Store Cash Net Operating Income
For the three and six months ended June 30, 2026, same-store cash NOI increased 0.3% and decreased 0.1%, respectively, compared to the three and six months ended June 30, 2025. The same-store cash NOI by segment was as follows (in thousands):

Three Months Ended (1)
Six Months Ended (2)
June 30,June 30,
20262025Change20262025Change
Cash Basis:
Office (3)
$34,575 $34,426 0.4 %$70,230 $70,344 (0.2)%
Retail16,818 16,891 (0.4)33,087 33,274 (0.6)
Multifamily9,390 9,307 0.9 18,671 18,444 1.2 
Mixed-Use5,718 5,681 0.7 10,937 11,045 (1.0)
Same-store Cash NOI (3)(4)
$66,501 $66,305 0.3 %$132,925 $133,107 (0.1)%
(1)    For the three months ended June 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development.
(2)    For the six months ended June 30, 2026, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025, (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into service on April 1, 2025 and (iv) land held for development.
(3)    Office same-store cash NOI and total same-store cash NOI include the impact of a one-time reserve for certain receivables related to an office tenant at Coastal Collection at Torrey Reserve. The company continues to pursue recovery of the outstanding amounts. Excluding this reserve, office same-store cash NOI would have increased 2.4% and 0.8% for the three and six months ended June 30, 2026, respectively, and total same-store cash NOI would have increased 1.3% and 0.4% for the respective periods, each compared to the corresponding periods in 2025.
(4)    Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.

Same-store cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of same-store cash NOI to net income is attached to this press release.

Credit Facility
On April 1, 2026, our credit facility was amended and restated to, among other things, increase the revolving line of credit from $400 million to $500 million, extend the maturity date of the restated $500 million revolving line of credit to April 1, 2030 (with two, six-month extension options), and extend the maturity of the $100 million term loan included within the credit facility to April 1, 2030 (with one, twelve-month extension option). As of June 30, 2026, the only amount outstanding under the credit facility was the $100 million term loan.
3

Balance Sheet and Liquidity
At June 30, 2026, the company had gross real estate assets of $3.8 billion and liquidity of $609.7 million, comprised of cash and cash equivalents of $109.7 million and $500.0 million of availability on its line of credit. At June 30, 2026, the company had only 1 out of 31 assets encumbered by a mortgage.

Dividends
The company declared dividends on its shares of common stock of $0.34 per share for the second quarter of 2026. The dividends were paid on June 18, 2026.

In addition, the company has declared a dividend on its common stock of $0.34 per share for the third quarter of 2026. The dividend will be paid in cash on September 17, 2026 to stockholders of record as of September 3, 2026.

Guidance
The company affirms its guidance range for full year 2026 FFO per diluted share of $1.96 to $2.10 per share, with a midpoint of $2.03.

The company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments. The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, credit spreads and the amount and timing of acquisition and development activities. The company's actual results may differ materially from these estimates.

Conference Call
The company will hold a conference call to discuss the results for the second quarter of 2026 on Wednesday, July 29, 2026 at 8:00 a.m. Pacific Time. To participate in the event by telephone, please dial 1-833-816-1162 and ask to join the American Assets Trust, Inc. conference call. A live on-demand audio webcast of the conference call will be available on the company's website at www.americanassetstrust.com. A replay of the call will also be available on the company's website.

Supplemental Information
Supplemental financial information regarding the company's second quarter 2026 results may be found on the "Financial Reporting" tab of the “Investors” page of the company's website at www.americanassetstrust.com. This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.
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Financial Information
American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
June 30, 2026December 31, 2025
Assets(unaudited)
Real estate, at cost  
Operating real estate$3,718,569 $3,694,203 
Construction in progress88,156 68,937 
Held for development487 487 
3,807,212 3,763,627 
Accumulated depreciation(1,195,972)(1,144,259)
Net real estate2,611,240 2,619,368 
Cash and cash equivalents109,697 129,362 
Accounts receivable, net5,502 7,407 
Deferred rent receivables, net84,527 84,642 
Other assets, net81,567 80,497 
Total assets$2,892,533 $2,921,276 
Liabilities and equity  
Liabilities:  
Secured notes payable, net$74,895 $74,849 
Unsecured notes payable, net1,613,061 1,612,761 
Accounts payable and accrued expenses81,216 71,094 
Security deposits payable10,500 10,063 
Other liabilities and deferred credits, net58,779 61,304 
Total liabilities1,838,451 1,830,071 
Commitments and contingencies  
Equity:  
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,404,213 and 61,390,936 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively614 614 
Additional paid-in capital1,483,234 1,479,870 
Accumulated dividends in excess of net income(362,058)(331,086)
Accumulated other comprehensive income 424 1,419 
Total American Assets Trust, Inc. stockholders' equity1,122,214 1,150,817 
Noncontrolling interests(68,132)(59,612)
Total equity1,054,082 1,091,205 
Total liabilities and equity$2,892,533 $2,921,276 

5

American Assets Trust, Inc.
Unaudited Consolidated Statements of Operations
(In Thousands, Except Shares and Per Share Data)
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue:
Rental income$103,115 $101,070 $207,537 $204,021 
Other property income6,368 6,863 12,538 12,519 
Total revenue109,483 107,933 220,075 216,540 
Expenses:
Rental expenses31,769 29,678 63,489 59,978 
Real estate taxes9,791 10,645 21,737 21,650 
General and administrative8,912 8,850 17,695 18,162 
Depreciation and amortization32,712 32,782 65,023 63,276 
Total operating expenses83,184 81,955 167,944 163,066 
Gain on sale of real estate— — — 44,476 
Operating income26,299 25,978 52,131 97,950 
Interest expense, net(19,931)(19,784)(39,638)(38,564)
Other income, net422 927 1,036 1,842 
Net income6,790 7,121 13,529 61,228 
Net income attributable to restricted shares(235)(206)(471)(409)
Net income attributable to unitholders in the Operating Partnership
(1,380)(1,459)(2,749)(12,828)
Net income attributable to American Assets Trust, Inc. stockholders
$5,175 $5,456 $10,309 $47,991 
Net income per share
Basic income attributable to common stockholders per share
$0.09 $0.09 $0.17 $0.79 
Weighted average shares of common stock outstanding - basic
60,703,355 60,540,125 60,700,533 60,538,720 
Diluted income attributable to common stockholders per share
$0.09 $0.09 $0.17 $0.79 
Weighted average shares of common stock outstanding - diluted
76,884,892 76,721,662 76,882,070 76,720,257 
Dividends declared per common share$0.340 $0.340 $0.680 $0.680 

6

Reconciliation of Net Income to Funds From Operations
The company's FFO attributable to common stockholders and operating partnership unitholders and reconciliation to net income is as follows (in thousands except shares and per share data, unaudited):
Three Months Ended Six Months Ended
June 30, 2026June 30, 2026
Funds From Operations (FFO)
Net income$6,790 $13,529 
Depreciation and amortization of real estate assets 32,712 65,023 
FFO, as defined by NAREIT$39,502 $78,552 
Less: Nonforfeitable dividends on restricted stock awards(216)(432)
FFO attributable to common stock and units$39,286 $78,120 
FFO per diluted share/unit$0.51 $1.02 
Weighted average number of common shares and units, diluted76,888,301 76,882,369 

Reconciliation of Same-Store Cash NOI to Net Income
The company's reconciliation of Same-Store Cash NOI to Net Income is as follows (in thousands, unaudited):
Three Months Ended (1)
Six Months Ended (2)
June 30,June 30,
2026202520262025
Same-store cash NOI $66,501 $66,305 $132,925 $133,107 
Non-same-store cash NOI(25)(134)(363)26 
Cash NOI$66,476 $66,171 $132,562 $133,133 
Lease termination fees and tenant improvement reimbursements (3)
725 919 969 1,093 
Non-cash revenue and other operating expenses (4)
722 520 1,318 686 
General and administrative(8,912)(8,850)(17,695)(18,162)
Depreciation and amortization(32,712)(32,782)(65,023)(63,276)
Interest expense, net(19,931)(19,784)(39,638)(38,564)
Gain on sale of real estate— — — 44,476 
Other income, net422 927 1,036 1,842 
Net income$6,790 $7,121 $13,529 $61,228 
Number of properties included in same-store analysis31293029

(1)    For the three months ended June 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development.
(2)    For the six months ended June 30, 2026, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025, (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into service on April 1, 2025 and (iv) land held for development.
(3)    Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.
(4)    Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances, the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, and straight-line rent expense for our lease of the Annex at The Landmark at One Market.


Reported results are preliminary and not final until the filing of the company's Form 10-Q with the Securities and Exchange Commission and, therefore, remain subject to adjustment.
7

Use of Non-GAAP Information
Funds from Operations
The company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

FFO is a supplemental non-GAAP financial measure. Management uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the company's operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year-over-year, captures trends in occupancy rates, rental rates and operating costs. The company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the company's operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the company's properties, all of which have real economic effects and could materially impact the company's results from operations, the utility of FFO as a measure of the company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the company does, and, accordingly, the company's FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the company's performance. FFO should not be used as a measure of the company's liquidity, nor is it indicative of funds available to fund the company's cash needs, including the company's ability to pay dividends or service indebtedness. FFO also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Cash Net Operating Income
The company uses NOI internally to evaluate and compare the operating performance of the company's properties. The company believes cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner. The company believes the exclusion of these items from net income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the company's properties but does not measure the company's performance as a whole. Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP.

Cash NOI is a non-GAAP financial measure of performance. The company defines cash NOI as operating revenues (rental income, tenant reimbursements (other than tenant improvement reimbursements), ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance), adjusted for non-cash revenue and operating expense items such as straight-line rent, amortization of lease intangibles, amortization of lease incentives and other adjustments. Cash NOI also excludes lease termination fees, tenant improvement reimbursements, general and administrative expenses, depreciation and amortization, interest expense, other nonproperty income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the company's cash NOI may not be comparable to the cash NOIs of other REITs.

8

About American Assets Trust, Inc.
American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust ("REIT"), headquartered in San Diego, California. The company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. The company's office portfolio comprises approximately 4.3 million rentable square feet, and its retail portfolio comprises approximately 2.4 million rentable square feet. In addition, the company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,302 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com.

Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in our markets; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; decreased rental rates or increased vacancy rates; our failure to generate sufficient cash flows to service our outstanding indebtedness; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing; our inability to develop or redevelop our properties due to market conditions; investment returns from our developed properties may be less than anticipated; general economic conditions, including the impact of tariffs and other trade restrictions; the potential impact of a prolonged government shutdown; financial market fluctuations; risks that affect the general office, retail, multifamily and mixed-use environment; the competitive environment in which we operate; system failures or security incidents through cyberattacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; risks related to joint venture arrangements; potential litigation; difficulties in completing dispositions; conflicts of interests with our officers or directors; lack or insufficient amounts of insurance; environmental uncertainties and risks related to adverse weather conditions and natural disasters; other factors affecting the real estate industry generally; limitations imposed on our business and our ability to satisfy complex rules in order for American Assets Trust, Inc. to continue to qualify as a REIT, for U.S. federal income tax purposes; and changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs. While forward-looking statements reflect the company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company's most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission. The company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Source: American Assets Trust, Inc.

Investor and Media Contact:
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607

9

SECOND QUARTER 2026
Supplemental Information



supplementcoverq42019v2a01a.jpg


image6a.jpg
Investor and Media Contact
American Assets Trust, Inc.
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607


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American Assets Trust, Inc.'s Portfolio is concentrated in high-barrier-to-entry markets
with favorable supply/demand characteristics
supppropertymap2025a.jpg
OfficeRetailMultifamilyMixed-Use
Market Square Feet Square Feet Units Square FeetSuites
San Diego1,802,809 1,322,200 1,645 (1)— — 
Bellevue1,028,470 — — — — 
Portland930,903 44,236 657 — — 
San Antonio— 588,148 — — — 
San Francisco511,493 35,097 — — — 
Oahu— 430,288 — 93,925 369 
Total4,273,675 2,419,969 2,302 93,925 369 
Square Feet%
NOI % (2)
Note: Circled areas represent all markets in which American Assets Trust, Inc. currently owns and operates its real estate properties. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.Office4.3 million64%52%
Retail (3)
2.4 million36%25%
Data is as of June 30, 2026.Totals6.7 million
(1) Includes 120 RV spaces.
(2) Percentage of Net Operating Income (NOI) calculated for the three months ended June 30, 2026. NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of NOI to net income are included in the Glossary of Terms.
(3) Does not include mixed-use retail.

Second Quarter 2026 Supplemental InformationPage 2
INDEX
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SECOND QUARTER 2026 SUPPLEMENTAL INFORMATION
1.FINANCIAL HIGHLIGHTS
Consolidated Balance Sheets
5
Consolidated Statements of Operations
6
Funds From Operations (FFO), FFO As Adjusted & Funds Available for Distribution
7
Same-Store Net Operating Income (NOI)
9
Same-Store Cash NOI Comparison
11
Cash NOI By Region
12
Cash NOI Breakdown
13
Property Revenue and Operating Expenses
14
Segment Capital Expenditures
17
Summary of Outstanding Debt
18
Market Capitalization
19
Summary of Development Opportunities
20
2.PORTFOLIO DATA
Property Report
22
Office Leasing Summary
25
Retail Leasing Summary
26
Multifamily Leasing Summary
27
Mixed-Use Leasing Summary
29
Lease Expirations
30
Portfolio Leased Statistics
32
Top Tenants - Office
33
Top Tenants - Retail
34
3.APPENDIX
Glossary of Terms
36
This Supplemental Information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in our markets; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; decreased rental rates or increased vacancy rates; our failure to generate sufficient cash flows to service our outstanding indebtedness; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing; our inability to develop or redevelop our properties due to market conditions; investment returns from our developed properties may be less than anticipated; general economic conditions, including the impact of tariffs and other trade restrictions; the potential impact of a prolonged government shutdown; financial market fluctuations; risks that affect the general office, retail, multifamily and mixed-use environment; the competitive environment in which we operate; system failures or security incidents through cyberattacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; risks related to joint venture arrangements; potential litigation; difficulties in completing dispositions; conflicts of interests with our officers or directors; lack or insufficient amounts of insurance; environmental uncertainties and risks related to adverse weather conditions and natural disasters; other factors affecting the real estate industry generally; limitations imposed on our business and our ability to satisfy complex rules in order for American Assets Trust, Inc. to continue to qualify as a REIT, for U.S. federal income tax purposes; and changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs.
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, refer to our most recent Annual Report on Form 10-K and other risks described in documents subsequently filed by us from time to time with the Securities and Exchange Commission.
Second Quarter 2026 Supplemental Information
Page 3

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FINANCIAL HIGHLIGHTS




Second Quarter 2026 Supplemental Information
Page 4

CONSOLIDATED BALANCE SHEETS
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(Amounts in thousands, except shares and per share data)June 30, 2026December 31, 2025
ASSETS(unaudited)
Real estate, at cost
Operating real estate$3,718,569 $3,694,203 
Construction in progress88,156 68,937 
Held for development487 487 
3,807,212 3,763,627 
Accumulated depreciation(1,195,972)(1,144,259)
Net real estate2,611,240 2,619,368 
Cash and cash equivalents109,697 129,362 
Accounts receivable, net5,502 7,407 
Deferred rent receivable, net84,527 84,642 
Other assets, net81,567 80,497 
TOTAL ASSETS$2,892,533 $2,921,276 
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net$74,895 $74,849 
Unsecured notes payable, net1,613,061 1,612,761 
Accounts payable and accrued expenses81,216 71,094 
Security deposits payable10,500 10,063 
Other liabilities and deferred credits, net58,779 61,304 
Total liabilities1,838,451 1,830,071 
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,404,213 and 61,390,936 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively614 614 
Additional paid in capital1,483,234 1,479,870 
Accumulated dividends in excess of net income(362,058)(331,086)
Accumulated other comprehensive income 424 1,419 
Total American Assets Trust, Inc. stockholders' equity1,122,214 1,150,817 
Noncontrolling interests(68,132)(59,612)
Total equity1,054,082 1,091,205 
TOTAL LIABILITIES AND EQUITY$2,892,533 $2,921,276 

Second Quarter 2026 Supplemental Information
Page 5

CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited, amounts in thousands, except shares and per share data)Three Months Ended Six Months Ended
June 30,June 30,
 2026202520262025
REVENUE:
Rental income$103,115 $101,070 $207,537 $204,021 
Other property income6,368 6,863 12,538 12,519 
Total revenue109,483 107,933 220,075 216,540 
EXPENSES:
Rental expenses31,769 29,678 63,489 59,978 
Real estate taxes9,791 10,645 21,737 21,650 
General and administrative8,912 8,850 17,695 18,162 
Depreciation and amortization32,712 32,782 65,023 63,276 
Total operating expenses83,184 81,955 167,944 163,066 
Gain on sale of real estate— — — 44,476 
OPERATING INCOME26,299 25,978 52,131 97,950 
Interest expense, net(19,931)(19,784)(39,638)(38,564)
Other income, net422 927 1,036 1,842 
NET INCOME6,790 7,121 13,529 61,228 
Net income attributable to restricted shares(235)(206)(471)(409)
Net income attributable to unitholders in the Operating Partnership(1,380)(1,459)(2,749)(12,828)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS$5,175 $5,456 $10,309 $47,991 
EARNINGS PER COMMON SHARE
Basic income from operations attributable to common stockholders per share$0.09 $0.09 $0.17 $0.79 
Weighted average shares of common stock outstanding - basic60,703,355 60,540,125 60,700,533 60,538,720 
Diluted income from operations attributable to common stockholders per share$0.09 $0.09 $0.17 $0.79 
Weighted average shares of common stock outstanding - diluted76,884,892 76,721,662 76,882,070 76,720,257 

Second Quarter 2026 Supplemental Information
Page 6

FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION
image6a.jpg
(Unaudited, amounts in thousands, except shares and per share data)Three Months Ended Six Months Ended
June 30,June 30,
2026202520262025
Funds from Operations (FFO) (1)
Net income$6,790 $7,121 $13,529 $61,228 
Depreciation and amortization of real estate assets32,712 32,782 65,023 63,276 
Gain on sale of real estate— — — (44,476)
FFO, as defined by NAREIT39,502 39,903 78,552 80,028 
Less: Nonforfeitable dividends on incentive restricted stock awards(216)(180)(432)(360)
FFO attributable to common stock and common units$39,286 $39,723 $78,120 $79,668 
FFO per diluted share/unit$0.51 $0.52 $1.02 $1.04 
Weighted average number of common shares and common units, diluted (2)
76,888,301 76,711,831 76,882,369 76,716,676 
Funds Available for Distribution (FAD) (1)
$29,538 $27,353 $53,396 $56,658 
Dividends
Dividends declared and paid$26,380 $26,294 $52,755 $52,582 
Dividends declared and paid per share/unit$0.34 $0.34 $0.68 $0.68 

FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance.
        
Second Quarter 2026 Supplemental Information
Page 7

FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
image6a.jpg
(Unaudited, amounts in thousands, except shares and per share data)Three Months Ended Six Months Ended
June 30,June 30,
2026202520262025
Funds Available for Distribution (FAD) (1)
FFO$39,502 $39,903 $78,552 $80,028 
Adjustments:
Tenant improvements, leasing commissions and capital expenditures (11,541)(14,247)(28,284)(27,119)
Net effect of straight-line rents (3)
(334)135 (591)490 
Amortization of net above (below) market rents (4)
(460)(691)(877)(1,241)
Net effect of other lease assets (5)
72 36 150 65 
Amortization of debt issuance costs833 714 1,514 1,442 
Non-cash compensation expense1,682 1,683 3,364 3,353 
Nonforfeitable dividends on restricted stock awards(216)(180)(432)(360)
FAD$29,538 $27,353 $53,396 $56,658 
Summary of Capital Expenditures
Tenant improvements and leasing commissions $5,002 $9,786 $15,607 $17,661 
Capital expenditures6,539 4,461 12,677 9,458 
$11,541 $14,247 $28,284 $27,119 

Notes:
(1)    See Glossary of Terms.
(2)    For the three and six months ended June 30, 2026 and 2025, the weighted average common shares and common units used to compute FFO per diluted share/unit included operating partnership common units and unvested restricted stock awards that are subject to time vesting. The shares/units used to compute FFO per diluted share/unit include additional shares/units which were excluded from the computation of diluted EPS, as they were anti-dilutive for the periods presented.
(3)    Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances.
(4)    Represents the adjustment related to the acquisition of buildings with above (below) market rents.
(5)    Represents adjustments related to amortization of lease incentives paid to tenants, amortization of lease intangibles, and straight-line rent expense for our leases at the Annex at The Landmark at One Market.

FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance.


Second Quarter 2026 Supplemental Information
Page 8

SAME-STORE NET OPERATING INCOME (NOI)
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(Unaudited, amounts in thousands)
Three Months Ended June 30, 2026 (1)
OfficeRetailMultifamilyMixed-UseTotal
Real estate rental revenue
Same-store$50,713 $23,524 $17,721 $17,513 $109,471 
Non-same-store 12 — — — 12 
Total50,725 23,524 17,721 17,513 109,483 
Real estate expenses
Same-store15,229 6,374 8,109 11,811 41,523 
Non-same-store37 — — — 37 
Total15,266 6,374 8,109 11,811 41,560 
Net Operating Income (NOI)
Same-store35,484 17,150 9,612 5,702 67,948 
Non-same-store(25)— — — (25)
Total$35,459 $17,150 $9,612 $5,702 $67,923 
Same-store NOI$35,484 $17,150 $9,612 $5,702 $67,948 
Net effect of straight-line rents (2)
102 (230)(222)16 (334)
Amortization of net above (below) market rents (3)
(354)(106)— — (460)
Net effect of other lease assets (4)
60 12 — — 72 
Lease termination fees and tenant improvement reimbursements (5)
(717)(8)— — (725)
Same-store cash NOI (5)
$34,575 $16,818 $9,390 $5,718 $66,501 

Notes:
(1)    Same-store and non-same-store classifications are determined based on properties held on June 30, 2026 and 2025. See Glossary of Terms.
(2)    Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances.
(3)    Represents the adjustment related to the acquisition of buildings with above (below) market rents.
(4)    Represents adjustments related to amortization of lease incentives paid to tenants, amortization of lease intangibles and straight-line rent expense for our leases at the Annex at The Landmark at One Market.
(5)    Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.

NOI and same-store cash NOI are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. Reconciliations of NOI and same-store cash NOI to net income are included in the Glossary of Terms.

Second Quarter 2026 Supplemental Information
Page 9

SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED)
image6a.jpg
(Unaudited, amounts in thousands)
Six Months Ended June 30, 2026 (1)
OfficeRetailMultifamilyMixed-UseTotal
Real estate rental revenue
Same-store$99,609 $46,850 $33,334 $34,208 $214,001 
Non-same-store3,473 18 2,583 — 6,074 
Total103,082 46,868 35,917 34,208 220,075 
Real estate expenses
Same-store30,084 13,354 14,742 23,289 81,469 
Non-same-store2,201 21 1,535 — 3,757 
Total32,285 13,375 16,277 23,289 85,226 
Net Operating Income (NOI)
Same-store69,525 33,496 18,592 10,919 132,532 
Non-same-store1,272 (3)1,048 — 2,317 
Total$70,797 $33,493 $19,640 $10,919 $134,849 
Same-store NOI$69,525 $33,496 $18,592 $10,919 $132,532 
Net effect of straight-line rents (2)
2,164 (210)79 18 2,051 
Amortization of net above (below) market rents (3)
(664)(213)— — (877)
Net effect of other lease assets (4)
104 23 — — 127 
Lease termination fees and tenant improvement reimbursements (5)
(899)(9)— — (908)
Same-store cash NOI (5)
$70,230 $33,087 $18,671 $10,937 $132,925 

Notes:
(1)    Same-store and non-same-store classifications are determined based on properties held on June 30, 2026 and 2025. See Glossary of Terms.
(2)    Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances.
(3)    Represents the adjustment related to the acquisition of buildings with above (below) market rents.
(4)    Represents adjustments related to amortization of lease incentives paid to tenants, amortization of lease intangibles, and straight-line rent expense for our leases at the Annex at The Landmark at One Market.
(5)    Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.


NOI and same-store cash NOI are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. Reconciliations of NOI and same-store cash NOI to net income are included in the Glossary of Terms.



Second Quarter 2026 Supplemental Information
Page 10

SAME-STORE CASH NOI COMPARISON
image6a.jpg
(Unaudited, amounts in thousands)Three Months Ended Six Months Ended
June 30,June 30,
20262025Change20262025Change
Cash Basis:
Office (1)
$34,575 $34,426 0.4 %$70,230 $70,344 (0.2)%
Retail16,818 16,891 (0.4)33,087 33,274 (0.6)
Multifamily9,390 9,307 0.9 18,671 18,444 1.2 
Mixed-Use5,718 5,681 0.7 10,937 11,045 (1.0)
Same-store Cash NOI (1)(2)(3)
$66,501 $66,305 0.3 %$132,925 $133,107 (0.1)%


Notes:
(1)    Office same-store cash NOI and total same-store cash NOI include the impact of a one-time reserve for certain receivables related to an office tenant at Coastal Collection at Torrey Reserve. The company continues to pursue recovery of the outstanding amounts. Excluding this reserve, office same-store cash NOI would have increased 2.4% and 0.8% for the three and six months ended June 30, 2026, respectively, and total same-store cash NOI would have increased 1.3% and 0.4% for the respective periods, each compared to the corresponding periods in 2025.
(2)    Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.
(3)    See Glossary of Terms.


Same-store cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of same-store cash NOI to net income is included in the Glossary of Terms.
Second Quarter 2026 Supplemental Information
Page 11

CASH NOI BY REGION
image6a.jpg
(Unaudited, amounts in thousands)Three Months Ended June 30, 2026
OfficeRetailMultifamilyMixed-UseTotal
Cash Basis:
Southern California$14,295 $9,308 $7,901 $— $31,504 
Northern California7,536 269 — — 7,805 
Hawaii— 3,131 — 5,718 8,849 
Oregon4,872 163 1,489 — 6,524 
Texas— 3,947 — — 3,947 
Washington7,847 — — — 7,847 
Total Cash NOI$34,550 $16,818 $9,390 $5,718 $66,476 


Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms.


Second Quarter 2026 Supplemental Information
Page 12

CASH NOI BREAKDOWN
image6a.jpg
Three Months Ended June 30, 2026
Cash NOI Breakdown
Portfolio Diversification by Geographic RegionPortfolio Diversification by Segment
    

chart-a85ec1f490864a27861a.jpg    chart-ea2d8a12a86d4d929b6a.jpg





Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms.
Second Quarter 2026 Supplemental Information
Page 13

PROPERTY REVENUE AND OPERATING EXPENSES
image6a.jpg
(Unaudited, amounts in thousands)Three Months Ended June 30, 2026
AdditionalProperty
PropertyBilled ExpenseOperatingRentalCash
Property
Base Rent (1)
   Income (2)
Reimbursements (3)
    Expenses (4)
  Adjustments (5)
    NOI (6)
Office Portfolio
La Jolla Commons$10,425 $371 $1,155 $(2,872)$(676)$8,403 
Coastal Collection at Torrey Reserve (7)
5,729 63 361 (1,952)(400)3,801 
Torrey Point (8)
1,542 97 38 (440)(477)760 
Solana Crossing2,199 14 112 (625)(365)1,335 
The Landmark at One Market10,700 98 488 (3,525)— 7,761 
One Beach Street 201 — 2 (328)(100)(225)
First & Main2,240 260 491 (981)(173)1,837 
Lloyd Portfolio (8)
3,939 448 144 (1,340)(135)3,056 
City Center Bellevue 7,263 720 255 (1,670)(393)6,175 
14Acres816 21 272 (644)(282)183 
Timber Ridge1,429 70 528 (567)(336)1,124 
Timber Springs478 13 201 (304)(23)365 
Subtotal Office Portfolio$46,961 $2,175 $4,047 $(15,248)$(3,360)$34,575 
Retail Portfolio
Carmel Country Plaza$1,063 $39 $240 $(234)$(7)$1,101 
Carmel Mountain Plaza3,677 65 811 (788)24 3,789 
South Bay Marketplace635 27 237 (227)— 672 
Gateway Marketplace544 — 142 (165)— 521 
Lomas Santa Fe Plaza1,664 19 321 (479)(15)1,510 
Solana Beach Towne Centre1,833 14 565 (620)(77)1,715 
Geary Marketplace300 — 107 (138)— 269 
The Shops at Kalakaua306 37 49 (95)— 297 
Waikele Center3,223 371 885 (1,645)— 2,834 
Alamo Quarry Market4,108 97 1,611 (1,870)1 3,947 
Hassalo on Eighth - Retail 217 21 38 (113)— 163 
Subtotal Retail Portfolio$17,570 $690 $5,006 $(6,374)$(74)$16,818 

Second Quarter 2026 Supplemental Information
Page 14

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
image6a.jpg
(Unaudited, amounts in thousands)Three Months Ended June 30, 2026
AdditionalProperty
PropertyBilled ExpenseOperatingRentalCash
Property
Base Rent (1)
Income (2)
Reimbursements (3)
Expenses (4)
Adjustments (5)
NOI (6)
Multifamily Portfolio
Loma Palisades$4,503 $279 $— $(1,821)$(9)$2,952 
Imperial Beach Gardens1,221 83 — (510)(3)791 
Mariner's Point565 34 — (263)— 336 
Santa Fe Park RV Resort374 30 — (219)— 185 
Pacific Ridge Apartments6,154 249 — (2,713)(619)3,071 
Genesee Park1,301 13 — (741)(7)566 
Hassalo on Eighth - Multifamily2,940 475 — (1,842)(84)1,489 
Subtotal Multifamily Portfolio$17,058 $1,163 $— $(8,109)$(722)$9,390 
Mixed-Use Portfolio
Waikiki Beach Walk - Retail$2,720 $1,464 $947 $(1,944)$3 $3,190 
Waikiki Beach Walk - Embassy Suites™10,341 2,052 — (9,865)— 2,528 
Subtotal Mixed-Use Portfolio$13,061 $3,516 $947 $(11,809)$3 $5,718 
Subtotal Development Properties$— $12 $— $(37)$— $(25)
Total$94,650 $7,556 $10,000 $(41,577)$(4,153)$66,476 
Cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of total cash NOI to net income is included in the Glossary of Terms.
Notes:
(1)    Base rent for our office and retail portfolios and the retail portion of our mixed-use portfolio represents base rent for the three months ended June 30, 2026 (before deferrals, abatements, and tenant improvement reimbursements) and excludes the impact of straight-line rent and above (below) market rent adjustments. Total abatements for our office portfolio and retail portfolio were approximately $3.4 million and $0.1 million, respectively, for the three months ended June 30, 2026. Total abatements for our mixed-use portfolio were minimal for the three months ended June 30, 2026. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Multifamily portfolio base rent represents base rent (including parking, before abatements) less vacancy allowance and employee rent credits and includes additional rents (which include insufficient notice penalties, month-to-month charges and pet rent). There were $0.7 million of abatements for our multifamily portfolio for the three months ended June 30, 2026. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended June 30, 2026. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.7 million in the aggregate for the three months ended June 30, 2026. A reconciliation of base rent to rental income is shown below:
Base Rent$94,650 
Billed Expense Reimbursement10,000 
Percentage Rent512 
Straight-line rent components334 
Other Rental Income*(2,381)
Rental Income$103,115 
* Other rental income includes rent abatement, rent deferral, above market rent, below market rent, lease incentives, tenant improvement reimbursement, storage rent and other miscellaneous rental income.
Second Quarter 2026 Supplemental Information
Page 15

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
image6a.jpg
(2)    Represents additional property-related income for the three months ended June 30, 2026, which includes (i) percentage rent, (ii) other rent (such as storage rent, license fees and association fees) and (iii) other property income (such as late fees, default fees, parking revenue, the reimbursement of general excise taxes, laundry income and food and beverage sales), and excludes lease termination fees.
(3)    Represents billed tenant expense reimbursements for the three months ended June 30, 2026.
(4)    Represents property operating expenses for the three months ended June 30, 2026. Property operating expenses includes all rental expenses, except non cash rent expense.
(5)    Represents rental adjustments related to base rent (deferrals and abatements).
(6)    See Glossary of Terms.
(7)    Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus.
(8)    Base rent shown includes amounts related to American Assets Trust, L.P.'s corporate leases at Torrey Point and Lloyd Portfolio. This intercompany rent is eliminated in the consolidated statement of operations. The base rent and abatement were both $0.4 million for the three months ended June 30, 2026.



Second Quarter 2026 Supplemental Information
Page 16

SEGMENT CAPITAL EXPENDITURES
image6a.jpg
(Unaudited, amounts in thousands)Three Months Ended June 30, 2026
SegmentTenant Improvements and Leasing CommissionsCapital ExpendituresTotal Tenant Improvements, Leasing Commissions and Capital Expenditures
Redevelopment, Expansions and Repositioning (1)
New DevelopmentTotal Capital Expenditures
Office Portfolio$4,482 $5,210 $9,692 $10,642 $2,303 $22,637 
Retail Portfolio467 576 1,043 — — 1,043 
Multifamily Portfolio— 445 445 1,950 — 2,395 
Mixed-Use Portfolio53 308 361 — — 361 
Total$5,002 $6,539 $11,541 $12,592 $2,303 $26,436 
Six Months Ended June 30, 2026
SegmentTenant Improvements and Leasing CommissionsCapital ExpendituresTotal Tenant Improvements, Leasing Commissions and Capital Expenditures
Redevelopment, Expansions and Repositioning (1)
New DevelopmentTotal Capital Expenditures
Office Portfolio$13,985 $10,482 $24,467 $14,494 $3,477 $42,438 
Retail Portfolio1,393 646 2,039 — — 2,039 
Multifamily Portfolio— 1,014 1,014 3,421 — 4,435 
Mixed-Use Portfolio229 535 764 — — 764 
Total$15,607 $12,677 $28,284 $17,915 $3,477 $49,676 
(1)    This capital expenditures category includes spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. These amounts are excluded from recurring capital expenditures for purposes of computing FAD.
Second Quarter 2026 Supplemental Information
Page 17

SUMMARY OF OUTSTANDING DEBT
image6a.jpg
(Unaudited, amounts in thousands)Amount
Outstanding atAnnual Debt
DebtJune 30, 2026Interest Rate
Service (1)
Maturity Date
City Center Bellevue$75,000 5.08 %$3,863 October 1, 2027
Secured Notes Payable / Weighted Average (2)
$75,000 5.08 %$3,863 
Term Loan A (3)
$100,000 2.65 %$3,537 April 1, 2030
(4)
Series D Notes (5)
250,000 3.87 %258,967 March 1, 2027
Series E Notes (6)
100,000 4.18 %4,240 May 23, 2029
Series G Notes (7)
150,000 3.88 %5,865 July 30, 2030
3.375% Senior Notes (8)
500,000 3.50 %16,875 February 1, 2031
6.150% Senior Notes (9)
525,000 6.21 %$32,288 October 1, 2034
Unsecured Notes Payable / Weighted Average (10)
$1,625,000 4.46 %$321,772 
Unsecured Line of Credit (11)
$— 
Notes:
(1)    Includes interest and principal payments due over the next twelve months.
(2)    The Secured Notes Payable total does not include debt issuance costs, net of $0.1 million.
(3)    Term Loan A accrues interest at a variable rate, which we fixed as part of an interest rate swap for an effective interest rate of 2.65% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio. After January 5, 2027, interest is accrued at a variable rate based on the applicable Secured Overnight Financing Rate ("SOFR"), plus a spread which ranges from 1.20%-1.70% based on our consolidated leverage ratio. For the purpose of the annual debt service calculation, the SOFR rate of 3.65% and spread of 1.20% as of April 1, 2026 (the effective date of the Fourth Amended and Restated Credit Agreement) is utilized.
(4)    On April 1, 2026, the maturity date for Term Loan A was extended from January 5, 2027 to April 1, 2030, subject to one twelve-month extension option.
(5)    $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027. Net of the settlement of the forward-starting interest rate swap, the effective interest rate for the Series D Notes is approximately 3.87% per annum, through maturity.
(6)    $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029. Net of the settlement of the treasury lock contract, the effective interest rate for the Series E Notes is approximately 4.18%, through maturity.
(7)    $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030. Net of the settlement of the treasury lock contract, the effective interest rate for the Series G Notes is approximately 3.88% through maturity.
(8)    $500 million of 3.375% Senior Notes due February 1, 2031. Net of the debt issuance discount, the effective interest rate for the 3.375% Notes is approximately 3.502% through maturity.
(9)    $525 million of 6.150% Senior Notes due October 1, 2034. Net of the debt issuance discount and settlement of the treasury lock contracts, the effective interest rate for the 6.150% Notes is approximately 6.209% through maturity.
(10)    The Unsecured Notes Payable total does not include debt issuance costs and discounts, net of $11.9 million.
(11)    On April 1, 2026, the Unsecured Line of Credit (the "Revolver Loan") capacity was increased to $500 million, with a maturity date of April 1, 2030, subject to two, six-month extension options. The Revolver Loan currently accrues interest at SOFR, plus the applicable SOFR adjustment and a spread which ranges from 1.05%-1.50%, based on our consolidated leverage ratio. The Revolver Loan total does not include debt issuance costs, net of $3.8 million.
Second Quarter 2026 Supplemental Information
Page 18

MARKET CAPITALIZATION
image6a.jpg
(Unaudited, amounts in thousands, except per share data)
Market dataJune 30, 2026
Common shares outstanding61,404 
Common units outstanding16,182 
Common shares and common units outstanding77,586 
Market price per common share$24.69 
Equity market capitalization$1,915,598 
Total debt$1,700,000 
Total market capitalization$3,615,598 
Less: Cash on hand$(109,697)
Total enterprise value$3,505,901 
Total unencumbered assets, gross$3,795,183 
Total debt/Total capitalization47.0 %
Total debt/Total enterprise value48.5 %
Net debt/Total enterprise value (1)
45.4 %
Total unencumbered assets, gross/Unsecured debt233.5%
Quarter AnnualizedTrailing 12 Months
Total debt/Adjusted EBITDA (2)(3)
7.2 x7.4 x
Net debt/Adjusted EBITDA (1)(2)(3)
6.7 x6.9 x
Interest coverage ratio (4)
3.1 x3.0 x
Fixed charge coverage ratio (4)
3.1 x3.0 x
Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes) (5)
CovenantJune 30, 2026
Aggregate Debt Test< 60%43.4%
Debt Service Test> 1.5x3.1
Secured Debt Test< 40%1.9%
Maintenance of Total Unencumbered Assets> 150%224.1%
chart-383747d58e8c4e8c991a.jpg
Weighted Average Fixed Interest Rate202620272028202920302031203220332034
—%4.2%—%4.2%3.4%3.5%—%—%6.2%
Total Weighted Average Fixed Interest Rate:4.5%
Weighted Average Term to Maturity (in years): 4.8
Credit Ratings
Rating AgencyRatingOutlook
FitchBBBStable
Moody'sBaa3Stable
Standard & PoorsBBB-Stable
Notes:
(1)    Net debt is equal to total debt less cash on hand.
(2)    See Glossary of Terms for discussion of EBITDA and Adjusted EBITDA.
(3)    As used here, Adjusted EBITDA represents the actual for the three months ended June 30, 2026, annualized.
(4)    Calculated as Adjusted EBITDA divided by interest on borrowed funds, including capitalized interest and excluding debt fair value adjustments and loan fee amortization.
(5)    The debt covenant headings set forth in this table are utilized, and the covenants themselves are detailed, in the documents governing the 3.375% Senior Notes and the 6.150% Senior Notes.

Adjusted EBITDA is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of Adjusted EBITDA to net income are in the Glossary of Terms.

Second Quarter 2026 Supplemental Information
Page 19

SUMMARY OF DEVELOPMENT OPPORTUNITIES
image6a.jpg
Our portfolio has numerous potential opportunities to create future shareholder value. These opportunities could be subject to government approvals, lender consents, tenant consents, market conditions, availability of debt and/or equity financing, etc. Many of these opportunities are in their preliminary stages and may not ultimately come to fruition. This schedule will update as we modify various assumptions and markets conditions change. Square footages and units set forth below are estimates only and ultimately may differ materially from actual square footages and units.
Development/Redevelopment Pipeline
PropertyProperty TypeLocationEstimated Rentable
Square Feet		Multifamily UnitsOpportunity
Waikele CenterRetailHonolulu, HI120,000N/ADevelopment of 120,000 square foot retail building (former KMart space)
Lomas Santa Fe PlazaRetailSolana Beach, CATBDDevelopment of multifamily units
Genesee ParkMultifamilySan Diego, CATBDDevelopment of multifamily units
Solana Beach Towne CentreRetailSolana Beach, CATBDDevelopment of multifamily units
Carmel Mountain PlazaRetailSan Diego, CATBDDevelopment of multifamily units
Lloyd Portfolio - multiple phases (1)
Mixed UsePortland, OR
Phase 2B - Oregon Square
385,000N/ADevelopment of high density, transit oriented, mixed-use urban village

Notes:
(1)    The Lloyd Portfolio was acquired in 2011, consisting of approximately 600,000 rentable square feet on more than 16 acres located in the Lloyd District of Portland, Oregon. The portion of the property that has been designated for additional development is expected to include a high density, transit oriented, mixed-use urban village, with the potential to be in excess of approximately three million square feet. The zoning for such development opportunity allows a 12:1 Floor Area Ratio with a 250 foot height limit and provides for retail, office and/or multifamily development.  Additional development plans are in the early stages and will continue to progress as demand and economic conditions allow.
Second Quarter 2026 Supplemental Information
Page 20

image6a.jpg





PORTFOLIO DATA




Second Quarter 2026 Supplemental Information
Page 21

PROPERTY REPORT
image6a.jpg
As of June 30, 2026Office and Retail Portfolios
NetAnnualized
RentableBase Rent per
Year Built/SquarePercentageAnnualizedLeasedRetail
PropertyLocationMost Recent Renovation
Feet (1)
Leased (2)
Base Rent (3)
Square Foot (4)
Anchor Tenant(s) (5)
Other Principal Retail Tenants (6)
Office Properties
La Jolla Commons I & II San Diego, CA2008725,439 97.2%$48,959,120 $69.43 
La Jolla Commons IIISan Diego, CA2025206,231 49.23,841,249 37.86 
Coastal Collection at Torrey Reserve (7)
San Diego, CA1996/2022552,276 84.426,243,513 56.30 
Torrey PointSan Diego, CA2017 94,854 96.36,032,749 66.04 
Solana CrossingSolana Beach, CA1982/2022224,009 77.68,813,949 50.70 
The Landmark at One Market (8)
San Francisco, CA1917/2000422,426 98.342,804,454 103.08 
One Beach StreetSan Francisco, CA1924/202489,067 35.41,206,026 38.25 
First & MainPortland, OR2010 362,633 84.18,970,913 29.42 
Lloyd PortfolioPortland, OR1940/2022568,270 81.115,783,506 34.25 
City Center BellevueBellevue, WA1987/2023498,606 95.129,497,020 62.21 
14AcresBellevue, WA1985/2024276,060 56.36,026,476 38.77 
Timber RidgeBellevue, WA1986160,509 97.57,556,103 48.28 
Timber SpringsBellevue, WA198393,295 75.22,840,399 40.49 
Subtotal/Weighted Average Office Portfolio (9)
4,273,675 84.4%$208,575,477 $57.83 
Retail Properties
Carmel Country PlazaSan Diego, CA199178,098 98.0%$4,398,087 $57.46 Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza (10)
San Diego, CA1994/2020528,416 99.814,895,665 28.25 At Home StoresDick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine & More, Marshalls, Angelika Film Center
South Bay Marketplace (10)
San Diego, CA1997/2018132,877 97.82,542,860 19.57 Ross Dress for Less, Grocery Outlet, Old Navy
Gateway Marketplace (10)
San Diego, CA1997/2016127,861 98.92,569,168 20.32 Hobby LobbySmart & Final, Aldi
Lomas Santa Fe PlazaSolana Beach, CA1972/1997208,297 98.16,753,116 33.05 Vons, Home Goods
Solana Beach Towne CentreSolana Beach, CA1973/2004246,651 97.57,334,804 30.50 Dixieline Probuild, Marshalls, CVS Pharmacy
Geary MarketplaceWalnut Creek, CA201235,097 98.31,270,679 36.83 Sprouts Farmers Market
The Shops at KalakauaHonolulu, HI1971/200611,893 100.01,220,880 102.66 Hawaii Beachware & Fashion, Diesel U.S.A.
Waikele CenterWaipahu, HI1993/2008418,395 97.212,943,528 31.83 Lowe's, Safeway, Inspire ChurchUFC Gym, Office Max, Old Navy
Alamo Quarry Market (10)
San Antonio, TX1997/1999588,148 99.816,570,743 28.23 Regal CinemasWhole Foods Market, Nordstrom Rack, Home Goods, Gold's Gym
Hassalo on Eighth - RetailPortland, OR201544,236 57.5869,125 34.17 Providence Health & Services, Sola Salon
Subtotal/Weighted Average Retail Portfolio (9)
2,419,969 97.9%$71,368,655 $30.12 
Total/Weighted Average Office and Retail Portfolio (9)
6,693,644 89.3%$279,944,132 $46.83 
Second Quarter 2026 Supplemental Information
Page 22

PROPERTY REPORT (CONTINUED)
image6a.jpg
As of June 30, 2026
Average Monthly
Year Built/
Percentage
Percentage
AnnualizedBase Rent per
PropertyLocationMost Recent RenovationUnits
Leased (2)
Occupied (2)
Base Rent (3)
Occupied Unit (4)
Loma PalisadesSan Diego, CA1958/2022548 98.2%95.3%$18,109,548 $2,890 
Imperial Beach GardensImperial Beach, CA1959/2023160 95.694.44,759,620 $2,626 
Mariner's PointImperial Beach, CA198688 93.292.12,308,740 $2,374 
Pacific Ridge ApartmentsSan Diego, CA2013533 95.777.322,593,552 $4,570 
Genesee ParkSan Diego, CA1985192 97.497.45,351,148 $2,385 
Hassalo on Eighth - Multifamily (12)
Portland, OR2015657 88.487.211,800,812 $1,717 
Total/Weighted Average Multifamily Portfolio2,178 94.2%88.4%$64,923,420 $2,810 
Santa Fe Park RV Resort (11)
San Diego, CA1971/2008124 74.274.22,319,192 $2,101 
Total/Weighted Average Multifamily Portfolio (including Santa Fe Park RV Resort)2,302 93.1%87.7%$67,242,612 $2,776 
Mixed-Use Portfolio
Net RentableAnnualized Base
Year Built/Square
Percentage
AnnualizedRent per LeasedRetail
Retail PortionLocationMost Recent Renovation
Feet (1)
Leased (2)
Base Rent (3)
Square Foot (4)
Anchor Tenant(s) (5)
Other Principal Retail Tenants (6)
Waikiki Beach Walk - RetailHonolulu, HI200693,925 92.2 %$9,424,918 $108.83 Yardhouse, Roy's
Year Built/AverageAverageRevenue per
Hotel PortionLocationMost Recent RenovationUnits
Occupancy (13)
Daily Rate (13)
 Available Room (13)
Waikiki Beach Walk - Embassy Suites™Honolulu, HI2008/2020369 90.5 %$340 $308 
Notes:
(1)    The net rentable square feet for each of our retail properties and the retail portion of our mixed-use property is the sum of (1) the square footages of existing leases, plus (2) for available space, the field-verified square footage. The net rentable square feet for each of our office properties is the sum of (1) the square footages of existing leases, plus (2) for available space, management’s estimate of net rentable square feet based, in part, on past leases. The net rentable square feet included in such office leases is generally determined consistently with the Building Owners and Managers Association, 2017 measurement guidelines. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.
(2)    Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property includes square footage under leases as of June 30, 2026, including leases which may not have commenced as of June 30, 2026. Percentage occupied for our multifamily properties includes total units rented and occupied as of June 30, 2026. Percentage leased for our multifamily properties includes units leased but not occupied as of June 30, 2026.
(3)     Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended June 30, 2026 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. The foregoing notwithstanding:
•The annualized base rent for La Jolla Commons I & II has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $38,103,357 to our estimate of annual triple net operating expenses of $10,855,763 for an estimated annualized base rent on a modified gross lease basis of $48,959,120 for La Jolla Commons I & II.
•The annualized base rent for 14Acres has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,232,130 to our estimate of annual triple net operating expenses of $1,794,345 for an estimated annualized base rent on a modified gross lease basis of $6,026,475 for 14Acres.
•The annualized base rent for Timber Ridge has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $5,360,421 to our estimate of annual triple net operating expenses of $2,195,683 for an estimated annualized base rent on a modified gross lease basis of $7,556,104 for Timber Ridge.
•The annualized base rent for Timber Springs has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $1,925,357 to our estimate of annual triple net operating expenses of $915,042 for an estimated annualized base rent on a modified gross lease basis of $2,840,399 for Timber Springs.

Second Quarter 2026 Supplemental Information
Page 23

PROPERTY REPORT (CONTINUED)
image6a.jpg
(4)    Annualized base rent per leased square foot for our retail and office properties and the retail portion of the mixed-use property is calculated by dividing annualized base rent from commenced leases as of June 30, 2026, by leased square footage, which includes executed leases that have not yet commenced rent. As a result, properties with signed but not yet commenced leases may have lower annualized base rent per leased square foot. See footnote 9 for lease data for signed but not commenced leases. Annualized base rent per occupied unit for our multifamily properties is calculated by dividing annualized base rent by units occupied as of June 30, 2026. The foregoing notwithstanding, the annualized base rent per leased square foot for La Jolla Commons, 14Acres, Timber Ridge and Timber Springs has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases. See footnote 3 for further explanation.
(5)    Retail anchor tenants are defined as retail tenants leasing 50,000 square feet or more.
(6)    Other principal retail tenants, excluding anchor tenants.
(7)    Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus.
(8)    This property contains 422,426 net rentable square feet consisting of The Landmark at One Market (378,206 net rentable square feet) as well as a separate long-term leasehold interest in approximately 44,220 net rentable square feet of space located in an adjacent six-story leasehold known as the Annex. We currently lease the Annex from an affiliate of the Paramount Group pursuant to a long-term master lease effective through June 30, 2031.
(9)    Lease data for signed but not commenced leases as of June 30, 2026 is in the following table:
    
Leased Square FeetAnnualized Base Pro Forma Annualized
Under Signed ButAnnualizedRent per Base Rent per
Not Commenced Leases (a)Base Rent (b) Leased Square Foot (b) Leased Square Foot (c)
Office Portfolio197,137 $10,223,672 $51.86 $60.67 
Retail Portfolio9,024 $463,359 $51.35 $30.31 
Total Retail and Office Portfolio206,161 $10,687,031 $51.84 $48.63 
(a)    Office portfolio leases signed but not commenced of 56,579, 46,473, 63,103, and 30,982 square feet are expected to commence during the third and fourth quarters of 2026, and first and third quarters of 2027, respectively. Retail portfolio leases signed but not commenced of 3,859 and 5,165 square feet are expected to commence during the third quarter of 2026 and first quarter of 2027, respectively.
(b)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements) for signed but not commenced leases as of June 30, 2026 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage for signed by not commenced leases.
(c)     Pro forma annualized base rent is calculated by dividing annualized base rent for commenced leases and for signed but not commenced leases as of June 30, 2026, by square footage under lease as of June 30, 2026.
(10)    Net rentable square feet at certain of our retail properties includes pad sites leased pursuant to the ground leases in the following table:
PropertyNumber of Ground LeasesSquare Footage Leased Pursuant to Ground LeasesAggregate Annualized Base Rent
Carmel Mountain Plaza517,607 $1,051,461 
South Bay Marketplace 12,824 $114,552 
Alamo Quarry Market 431,994 $723,455 
Gateway Marketplace118,903 $226,800 
(11)    The Santa Fe Park RV Resort is subject to seasonal variation, with higher rates of occupancy occurring during the summer months. During the 12 months ended June 30, 2026, the highest average monthly occupancy rate for this property was 84.7%, occurring in August 2025. The number of units at the Santa Fe Park RV Resort includes 120 RV spaces and four apartments. The Santa Fe Park RV resort is excluded from the multifamily presentation above to accurately reflect true multifamily performance.
(12)    Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.
(13)    Average occupancy represents the percentage of available units that were sold during the three months ended June 30, 2026, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the three months ended June 30, 2026 by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the three months ended June 30, 2026 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

Second Quarter 2026 Supplemental Information
Page 24

OFFICE LEASING SUMMARY
image6a.jpg
Three Months Ended June 30, 2026
Lease TypeNumber of Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Cash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (3)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Total Leases14 109,715 $53.87 ——6.5$6,470,864 $58.98 
New Non-Comparable2 34,299 $36.56 ——10.9$5,341,558 $155.74 
Total Comparable (1)
12 75,416 $61.75 9.1 %10.2 %4.5$1,129,306 $14.97 
New Comparable4 29,529 $63.22 14.3 %12.8 %5.0$718,927 $24.35 
Renewal Comparable (4)
8 45,887 $60.79 5.9 %8.6 %4.1$410,379 $8.94 
Six Months Ended June 30, 2026
Number of Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Cash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (3)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Lease Type
Total Leases43 346,385 $58.11 ——5.5$14,946,911 $43.15 
New Non-Comparable16 162,513 $56.05 ——7.1$12,614,736 $77.62 
Total Comparable (1)
27 183,872 $59.93 6.6 %10.4 %4.1$2,332,176 $12.68 
New Comparable8 58,404 $57.17 9.4 %11.0 %4.7$1,431,488 $24.51 
Renewal Comparable (4)
19 125,468 $61.21 5.4 %10.2 %3.9$900,688 $7.18 
Notes:
(1)    Comparable leases represent those leases signed on spaces for which there was a previous lease in the past six months.
(2)    Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.
(3)    Weighted average is calculated on the basis of square footage.
(4)    Includes renewals at fixed contractual rates specified in the lease.
Second Quarter 2026 Supplemental Information
Page 25

RETAIL LEASING SUMMARY
image6a.jpg
Three Months Ended June 30, 2026
Number of Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Cash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (3)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Lease Type
Total Leases20 138,993 $39.58 ——9.7$493,200 $3.55 
New Non-Comparable1 5,165 $50.00 ——10.0$413,200 $80.00 
Total Comparable (1)
19 133,828 $39.18 3.0 %20.2 %9.7$80,000 $0.60 
New Comparable— — $— ———$— $— 
Renewal Comparable (4)
19 133,828 $39.18 3.0 %20.2 %9.7$80,000 $0.60 
Six Months Ended June 30, 2026
Number of Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Cash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (3)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Lease Type
Total Leases34 177,574 $40.91 ——8.5$818,200 $4.61 
New Non-Comparable2 6,153 $49.20 ——9.2$463,200 $75.28 
Total Comparable (1)
32 171,421 $40.61 1.7 %15.3 %8.5$355,000 $2.07 
New Comparable1 10,000 $38.40 (17.8)%(22.0)%5.0$225,000 $22.50 
Renewal Comparable (4)
31 161,421 $40.75 3.2 %18.8 %8.7$130,000 $0.81 

Notes:
(1)    Comparable leases represent those leases signed on spaces for which there was a previous lease in the past six months, including leases signed for the retail portion of our mixed-use property.
(2)    Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.
(3)    Weighted average is calculated on the basis of square footage.
(4)    Includes renewals at fixed contractual rates specified in the lease.

Second Quarter 2026 Supplemental Information
Page 26

MULTIFAMILY LEASING SUMMARY
image6a.jpg
As of June 30, 2026
Lease Summary - Loma Palisades
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 202652295.3%$18,109,548$2,890
1st Quarter 202652495.6%$18,438,396$2,933
4th Quarter 202552094.9%$18,131,064$2,905
3rd Quarter 202550091.2%$17,579,544$2,931
Lease Summary - Imperial Beach Gardens
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 202615194.4%$4,759,620$2,626
1st Quarter 202615395.6%$4,981,524$2,714
4th Quarter 202514691.3%$4,754,016$2,712
3rd Quarter 202514389.4%$4,698,804$2,737
Lease Summary - Mariner's Point
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 20268192.1%$2,308,740$2,374
1st Quarter 20268192.1%$2,317,632$2,383
4th Quarter 20258192.1%$1,928,100$1,982
3rd Quarter 20258192.1%$2,320,500$2,386
Lease Summary - Santa Fe Park RV Resort
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 20269274.2%$2,319,192$2,101
1st Quarter 20265846.8%$1,246,668$1,790
4th Quarter 20255645.2%$1,064,856$1,583
3rd Quarter 20257258.1%$1,586,304$1,835
Second Quarter 2026 Supplemental Information
Page 27

MULTIFAMILY LEASING SUMMARY (CONTINUED)
image6a.jpg

As of June 30, 2026
Lease Summary - Pacific Ridge Apartments
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 202641277.3%$22,593,552$4,570
1st Quarter 202651095.7%$26,008,200$4,249
4th Quarter 202552398.1%$24,977,172$3,981
3rd Quarter 202549192.1%$24,734,688$4,199
Lease Summary - Genesee Park
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 202618797.4%$5,351,148$2,385
1st Quarter 202618998.4%$5,018,676$2,214
4th Quarter 202518696.9%$4,878,144$2,185
3rd Quarter 202518797.4%$4,899,912$2,183
Lease Summary - Hassalo on Eighth - Multifamily (4)
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 202657387.2%$11,800,812$1,717
1st Quarter 202660592.1%$12,109,044$1,668
4th Quarter 202558589.0%$11,814,288$1,684
3rd Quarter 202559089.8%$11,823,060$1,670
Total Multifamily Lease Summary
Number of Occupied Units (1)
Percentage occupied (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Occupied Unit (3)
Quarter
2nd Quarter 20262,01887.7%$67,242,612$2,776
1st Quarter 20262,12092.1%$70,120,140$2,756
4th Quarter 20252,09791.1%$67,547,640$2,684
3rd Quarter 20252,06489.7%$67,642,812$2,730

Notes:
(1)    Number of occupied units and percentage occupancy for our multifamily properties includes total units rented and occupied as of each respective quarter end date.
(2)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) as of each respective quarter end date.
(3)    Annualized base rent per occupied unit is calculated by dividing annualized base rent, by units occupied as of each respective quarter end date.
(4)    Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.

Second Quarter 2026 Supplemental Information
Page 28

MIXED-USE LEASING SUMMARY
image6a.jpg
As of June 30, 2026
Lease Summary - Retail Portion
Number of Leased Square Feet
Percentage leased (1)
Annualized Base Rent (2)
Annualized Base Rent per Leased Square Foot (3)
Quarter
2nd Quarter 202686,62692.2%$9,424,918$109
1st Quarter 202690,34696.2%$9,975,837$110
4th Quarter 202590,34696.2%$9,628,291$107
3rd Quarter 202589,20495.0%$9,882,053$111
Lease Summary - Hotel Portion
Number of Leased Units
Average Occupancy (4)
Average Daily Rate (4)
Annualized Revenue per Available Room (4)
Quarter
2nd Quarter 202633490.5%$340$308
1st Quarter 202633991.9%$332$305
4th Quarter 202529880.7%$352$284
3rd Quarter 202528978.3%$381$298
Notes:
(1)    Percentage leased for mixed-use property includes square footage under leases as of June 30, 2026, including leases which may not have commenced as of June 30, 2026.
(2)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended June 30, 2026 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses.
(3)    Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of June 30, 2026.
(4)    Average occupancy represents the percentage of available units that were sold during the three months ended June 30, 2026, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for each respective quarter period by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for each respective quarter period and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.
Second Quarter 2026 Supplemental Information
Page 29

LEASE EXPIRATIONS
image6a.jpg
As of June 30, 2026
Assumes no exercise of lease options
OfficeRetailMixed-Use (Retail Portion Only)Total
% of% ofAnnualized% of% ofAnnualized% of% ofAnnualized% ofAnnualized
ExpiringOfficeTotalBase RentExpiringRetailTotalBase RentExpiringMixed-UseTotalBase RentExpiringTotalBase Rent
YearSq. Ft.Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Sq. Ft.Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Sq. Ft.Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Month to Month83,139 1.9 %1.2 %$0.66 10,221 0.4 %0.2 %$43.54 6,871 7.3 %0.1 %$4.12 100,231 1.5 %$5.27 
2026163,032 3.8 2.4 47.04 41,316 1.7 0.6 38.13 1,028 1.1 — 304.32 205,376 3.0 46.54 
2027360,776 8.4 5.3 52.46 271,624 11.2 4.0 33.09 6,871 7.3 0.1 121.01 639,271 9.4 44.97 
2028541,846 

12.7 8.0 61.23 489,024 20.2 7.2 25.68 17,075 18.2 0.3 130.64 1,047,945 15.4 45.77 
2029908,948 21.3 13.4 68.16 333,951 13.8 4.9 33.25 13,199 14.1 0.2 147.14 1,256,098 18.5 59.71 
2030394,006 

9.2 5.8 48.17 184,337 7.6 2.7 38.15 17,384 18.5 0.3 82.40 595,727 8.8 46.07 
2031308,888 7.2 4.6 58.54 306,558 12.7 4.5 32.83 17,134 18.2 0.3 122.94 632,580 9.3 47.82 
2032142,842 

3.3 2.1 54.26 132,632 5.5 2.0 30.82 — — — — 275,474 4.1 42.97 
2033118,591 2.8 1.7 54.77 159,643 6.6 2.4 24.79 — — — — 278,234 4.1 37.57 
2034145,572 3.4 2.1 59.28 119,699 4.9 1.8 27.29 973 1.0 — 216.48 266,244 3.9 45.47 
203588,446 2.1 1.3 45.08 112,833 4.7 1.7 26.38 — — — — 201,279 3.0 34.60 
Thereafter153,315 3.6 2.3 46.34 199,184 

8.2 2.9 26.67 5,630 6.0 0.1 58.61 358,129 5.3 35.59 
Signed Leases Not Commenced197,137 4.6 2.9 — 9,024 0.4 0.1 — 461 0.5 — — 206,622 3.0 — 
Available667,137 

15.6 9.8 — 49,923 2.1 0.7 — 7,299 7.8 0.1 — 724,359 10.7 — 
Total (2)
4,273,675 100.0 %63.0 %$45.12 2,419,969 100.0 %35.7 %$29.49 93,925 100.0 %1.4 %$100.35 6,787,569 100.0 %$40.31 
Assumes all lease options are exercised
OfficeRetailMixed-Use (Retail Portion Only)Total
% of% ofAnnualized% of% ofAnnualized% of% ofAnnualized% ofAnnualized
ExpiringOfficeTotalBase RentExpiringRetailTotalBase RentExpiringMixed-UseTotalBase RentExpiringTotalBase Rent
YearSq. Ft.Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Sq. Ft.Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Sq. Ft.Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Sq. Ft.Sq. Ft.
Per Sq. Ft.(1)
Month to Month83,139 1.9 %1.2 %$0.66 10,221 0.4 %0.2 %$43.54 6,871 7.3 %0.1 %$4.12 100,231 1.5 %$5.27 
202657,839 1.4 0.9 51.12 18,136 0.7 0.3 41.32 1,028 1.1 — 304.32 77,003 1.1 52.19 
2027124,498 2.9 1.8 54.86 75,123 3.1 1.1 41.56 5,610 6.0 0.1 119.17 205,231 3.0 51.75 
2028104,978 2.5 1.5 48.77 81,476 3.4 1.2 35.37 10,161 10.8 0.1 107.33 196,615 2.9 46.24 
2029113,007 2.6 1.7 56.00 126,917 5.2 1.9 35.63 7,797 8.3 0.1 181.67 247,721 3.6 49.52 
2030250,888 5.9 3.7 40.39 135,029 5.6 2.0 35.52 3,646 3.9 0.1 103.87 389,563 5.7 39.30 
2031112,529 2.6 1.7 56.96 109,550 4.5 1.6 37.27 17,134 18.2 0.3 122.94 239,213 3.5 52.67 
2032290,961 6.8 4.3 54.22 117,220 4.8 1.7 33.32 911 1.0 — 98.88 409,092 6.0 48.33 
2033349,503 8.2 5.1 67.50 101,260 4.2 1.5 31.57 6,914 7.4 0.1 164.90 457,677 6.7 61.02 
2034147,205 3.4 2.2 49.72 223,571 9.2 3.3 30.16 5,402 5.8 0.1 97.32 376,178 5.5 38.78 
2035103,996 2.4 1.5 57.49 37,875 1.6 0.6 41.67 14,088 15.0 0.2 79.96 155,959 2.3 55.68 
Thereafter1,670,858 39.1 24.6 61.24 1,324,644 54.7 19.5 26.68 6,603 7.0 0.1 81.88 3,002,105 44.2 46.04 
Signed Leases Not Commenced197,137 4.6 2.9 — 9,024 0.4 0.1 — 461 0.5 — — 206,622 3.0 — 
Available667,137 15.6 9.8 — 49,923 2.1 0.7 — 7,299 7.8 0.1 — 724,359 10.7 — 
Total (2)
4,273,675 100.0 %63.0 %$45.12 2,419,969 100.0 %35.7 %$29.49 93,925 100.0 %1.4 %$100.35 6,787,569 100.0 %$40.31 
Second Quarter 2026 Supplemental Information
Page 30

LEASE EXPIRATIONS (CONTINUED)
image6a.jpg
Notes:
(1)    Annualized base rent per occupied square foot is calculated by dividing (i) annualized base rent for leases expiring during the applicable period, by (ii) square footage under such expiring leases. Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended June 30, 2026 for the leases expiring during the applicable period by (ii) 12 months.
(2)    Individual items may not add up to total due to rounding.


Second Quarter 2026 Supplemental Information
Page 31

PORTFOLIO LEASED STATISTICS
image6a.jpg
At June 30, 2026At June 30, 2025
TypeSize
Leased (1)
Leased %Size
Leased (1)
Leased %
Overall Portfolio(2) Statistics
Office Properties (square feet)
4,273,675 3,606,538 84.4 %4,283,607 3,510,838 82.0 %
Retail Properties (square feet)2,419,969 2,370,046 97.9 %2,420,247 2,364,002 97.7 %
Multifamily Properties (units) (3)
2,178 1,926 88.4 %2,178 1,933 88.8 %
Mixed-Use Properties (square feet)93,925 86,626 92.2 %93,925 89,204 95.0 %
Mixed-Use Properties (units) (4)
369 337 91.2 %369 315 85.3 %
Same-Store(2) (5) Statistics
Office Properties (square feet)4,273,675 3,606,538 84.4 %4,283,607 3,510,838 82.0 %
Retail Properties (square feet)2,419,969 2,370,046 97.9 %2,420,247 2,364,002 97.7 %
Multifamily Properties (units) (3)
2,178 1,926 88.4 %2,178 1,933 88.8 %
Mixed-Use Properties (square feet)93,925 86,626 92.2 %93,925 89,204 95.0 %
Mixed-Use Properties (units) (4)
369 337 91.2 %369 315 85.3 %

Notes:
(1)    Leased square feet includes square feet under lease as of each date, including leases which may not have commenced as of that date. Leased units for our multifamily properties include total units leased and occupied as of that date.
(2)    See Glossary of Terms.
(3)    Santa Fe Park RV Resort is excluded from the multifamily presentation above to reflect traditional multifamily performance as of each of the applicable dates.
(4)    Represents average occupancy for the six months ended June 30, 2026 and 2025.
(5)    Same-store portfolio excludes land held for development.     

Second Quarter 2026 Supplemental Information
Page 32

TOP TENANTS - OFFICE
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As of June 30, 2026
TenantPropertyLease ExpirationTotal Occupied Square FeetRentable Square Feet as a Percentage of Total OfficeRentable Square Feet as a Percentage of TotalAnnualized Base RentAnnualized Base Rent as a Percentage of Total Office
1 Google LLCThe Landmark at One Market12/31/2029253,198 5.9 %3.7 %$28,213,097 13.5 %
2 LPL Holdings, Inc.La Jolla Commons4/30/2029421,001 9.9 6.2 21,629,701 10.4 
3 Autodesk, Inc. (1)The Landmark at One Market12/31/2028
6/30/2031		138,615 3.2 2.0 14,142,816 6.8 
4 Smartsheet, Inc. (2)City Center Bellevue12/31/2026
4/30/2029
12/31/2032		103,344 2.4 1.5 6,333,546 3.0 
5 Databricks, Inc. (3)City Center Bellevue11/30/2027
1/31/2028
3/31/2028		87,685 2.1 1.3 5,817,668 2.8 
6 Industrious (4)City Center Bellevue
La Jolla Commons		3/31/2030
4/30/2033
3/31/2034
7/31/2035		95,446 2.2 1.4 5,314,719 2.5 
7 Illumina, Inc.La Jolla Commons10/31/202773,176 1.7 1.1 5,110,316 2.5 
8 State of Oregon: Department of Environmental QualityLloyd Portfolio10/31/203187,787 2.1 1.3 3,207,179 1.5 
9 Top technology tenant (5)La Jolla Commons8/31/203040,800 1.0 0.6 2,674,996 1.3 
10 Genentech, Inc.Lloyd Portfolio10/31/202666,852 1.6 1.0 2,631,025 1.3 
Top 10 Office Tenants Total1,367,904 32.1 %20.1 %$95,075,063 45.6 %

Notes:
(1)    For Autodesk, Inc., 92,820 and 45,795 of leased square feet have a lease expiration of December 31, 2028 and June 30, 2031, respectively.
(2)    For Smartsheet, Inc., 19,697, 49,372, and 34,275 of leased square feet have a lease expiration of December 31, 2026, April 30, 2029, and December 31, 2032, respectively.
(3)    For Databricks, Inc., 17,623, 32,562, and 37,500 of leased square feet have a lease expiration of November 30, 2027, January 31, 2028, and March 31, 2028, respectively.
(4)    For Industrious, 19,697, 18,090, 37,166, and 20,493 of leased square feet have a lease expiration of March 31, 2030 (City Center Bellevue), April 30, 2033 (City Center Bellevue), March 31, 2034 (City Center Bellevue), and July 31, 2035 (La Jolla Commons), respectively.
(5)    Name withheld per tenant's request.
Second Quarter 2026 Supplemental Information
Page 33

TOP TENANTS - RETAIL
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As of June 30, 2026
TenantProperty(ies)Lease ExpirationTotal Occupied Square FeetRentable Square Feet as a Percentage of Total RetailRentable Square Feet as a Percentage of TotalAnnualized Base RentAnnualized Base Rent as a Percentage of Total Retail
1 Lowe'sWaikele Center5/31/2028155,000 6.4 %2.3 %$4,092,000 5.7 %
2 Sprouts Farmers Market (1)Solana Beach Towne Centre
Geary Marketplace
Carmel Mountain Plaza 		6/30/2029
9/30/2032
3/31/2035		71,431 3.0 1.1 2,248,554 3.2 
3 Marshalls (2)Carmel Mountain Plaza
Solana Beach Towne Centre		1/31/2029
1/31/2035		68,055 2.8 1.0 1,901,151 2.7 
4 Nordstrom Rack (3)Carmel Mountain Plaza
Alamo Quarry Market		9/30/2027
10/31/2027		69,047 2.9 1.0 1,804,269 2.5 
5 VonsLomas Santa Fe Plaza12/31/204749,895 2.1 0.7 1,609,086 2.3 
6 Old Navy (4)Alamo Quarry Market
Southbay Marketplace
Waikele Center		9/30/2027
4/30/2028
7/31/2030		52,936 2.2 0.8 1,308,258 1.8 
7 Sola Salons (5)Solana Beach Towne Centre
Hassalo on Eighth
South Bay Marketplace
Carmel Mountain Plaza
Carmel Country Plaza		11/30/2029
3/31/2031
6/30/2032
8/31/2034
2/29/2036 		42,576 1.8 0.6 1,225,726 1.7 
8 SafewayWaikele Center1/31/204050,050 2.1 0.7 1,201,200 1.7 
9 HomeGoods (6)Lomas Santa Fe Plaza
Alamo Quarry Market		2/28/2030
8/31/2034		55,837 2.3 0.8 1,200,000 1.7 
10 Hobby LobbyGateway Marketplace9/30/203664,900 2.7 1.0 1,172,885 1.6 
Top 10 Retail Tenants Total679,727 28.3 %10.0 %$17,763,129 24.9 %


Notes:
(1)    For Sprouts Farmers Market, 14,986, 25,472, and 30,973 of leased square feet have a lease expiration of June 30, 2029 (Solana Beach Towne Centre), September 30, 2032 (Geary Marketplace), and March 31, 2035 (Carmel Mountain Plaza), respectively.
(2)    For Marshalls, 28,760 and 39,295 of leased square feet have a lease expiration of January 31, 2029 (Carmel Mountain Plaza) and January 31, 2035 (Solana Beach Towne Centre).
(3)    For Nordstrom Rack, 39,047 and 30,000 of leased square feet have a lease expiration of September 30, 2027 (Carmel Mountain Plaza) and October 31, 2027 (Alamo Quarry Market), respectively.
(4)    For Old Navy, 15,021, 20,000 and 17,915 of leased square feet have a lease expiration of September 30, 2027 (Alamo Quarry Market), April 30, 2028 (South Bay Marketplace) and July 31, 2030 (Waikele Center), respectively.
(5)    For Sola Salons, 6,300, 5,775, 7,500, 14,289, and 8,712 of leased square feet have a lease expiration of November 30, 2029 (Solana Beach Towne Centre), March 31, 2031 (Hassalo on Eighth - Retail), June 30, 2032 (South Bay Marketplace), August 31, 2034 (Carmel Mountain Plaza), and February 29, 2036 (Carmel Country Plaza), respectively.
(6)    For HomeGoods, 30,000 and 25,837 of leased square feet have a lease expiration of February 28, 2030 (Lomas Sante Fe Plaza) and August 31, 2034 (Alamo Quarry Market), respectively.
Second Quarter 2026 Supplemental Information
Page 34

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APPENDIX




Second Quarter 2026 Supplemental Information
Page 35

GLOSSARY OF TERMS
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Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate and impairments of real estate, if any. EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDA for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months Ended Six Months Ended
June 30,June 30,
2026202520262025
Net income$6,790 $7,121 $13,529 $61,228 
Depreciation and amortization 32,712 32,782 65,023 63,276 
Interest expense, net 19,931 19,784 39,638 38,564 
Interest income(540)(1,045)(1,255)(2,377)
Income tax expense118 118 219 535 
Gain on sale of real estate— — — (44,476)
EBITDA$59,011 $58,760 $117,154 $116,750 

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that begins with EBITDA and includes adjustments for certain items that we believe are not representative of ongoing operating performance. Specifically, we include an early extinguishment of debt adjustment and pro forma adjustment to reflect a full period of NOI on the operating properties we acquire during the quarter, to assume all transactions occurred at the beginning of the quarter. We use Adjusted EBITDA as a supplemental performance measure because we believe these items create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential. However, Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined by GAAP. The reconciliation of EBITDA to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months Ended Six Months Ended
June 30,June 30,
2026202520262025
EBITDA$59,011 $58,760 $117,154 $116,750 
Pro forma adjustments— — — — 
Adjusted EBITDA$59,011 $58,760 $117,154 $116,750 

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre): EBITDAre is a supplemental non-GAAP measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts (NAREIT) defines EBITDAre as follows: net income or loss, computed in accordance with GAAP plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate including gain or loss on change of control, impairments of real estate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates, if any. EBITDAre is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three and six months ended June 30, 2026 and 2025 is as follows:
Three Months Ended Six Months Ended
June 30,June 30,
2026202520262025
Net income$6,790 $7,121 $13,529 $61,228 
Depreciation and amortization 32,712 32,782 65,023 63,276 
Interest expense, net 19,931 19,784 39,638 38,564 
Interest income(540)(1,045)(1,255)(2,377)
Income tax expense118 118 219 535 
Gain on sale of real estate— — — (44,476)
EBITDAre
$59,011 $58,760 $117,154 $116,750 
Second Quarter 2026 Supplemental Information
Page 36

GLOSSARY OF TERMS (CONTINUED)
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Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus depreciation and amortization of real estate assets and excluding extraordinary items, gains and losses on sale of real estate and impairment losses. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

Funds Available for Distribution (FAD): FAD is a supplemental measure of our liquidity. We compute FAD by subtracting from FFO As Adjusted second generation tenant improvements and leasing commissions and recurring capital expenditures, eliminating the net effect of straight-line rents, amortization of above (below) market rents for acquisition properties, the effects of other lease intangibles, adding noncash amortization of deferred financing costs and debt fair value adjustments, adding noncash compensation expense, and adding (subtracting) unrealized losses (gains) on marketable securities. Recurring capital expenditures exclude spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. FAD provides an additional perspective on our ability to fund cash needs and make distributions by adjusting FFO for the impact of certain cash and noncash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. However, other REITs may use different methodologies for calculating FAD and, accordingly, our FAD may not be comparable to other REITs.

Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant reimbursements, lease termination fees, ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance). NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expense, other nonproperty income and losses, gains and losses from property dispositions, extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. Since NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, gains and losses from property dispositions, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. However, NOI should not be viewed as an alternative measure of our financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations.
Three Months Ended Six Months Ended
June 30,June 30,
Reconciliation of NOI to net income2026202520262025
Total NOI$67,923 $67,610 $134,849 $134,912 
General and administrative(8,912)(8,850)(17,695)(18,162)
Depreciation and amortization(32,712)(32,782)(65,023)(63,276)
Gain on sale of real estate— — — 44,476 
Operating Income$26,299 $25,978 $52,131 $97,950 
Interest expense, net(19,931)(19,784)(39,638)(38,564)
Other income, net422 927 1,036 1,842 
Net income$6,790 $7,121 $13,529 $61,228 
Net income attributable to restricted shares(235)(206)(471)(409)
Net income attributable to unitholders in the Operating Partnership(1,380)(1,459)(2,749)(12,828)
Net income attributable to American Assets Trust, Inc. stockholders$5,175 $5,456 $10,309 $47,991 

Overall Portfolio: Includes all operating properties owned by us as of June 30, 2026.


Second Quarter 2026 Supplemental Information
Page 37

GLOSSARY OF TERMS (CONTINUED)
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Cash NOI: We define cash NOI as operating revenues (rental income, tenant reimbursements (other than tenant improvement reimbursements), ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance), adjusted for non-cash revenue and operating expense items such as straight-line rent, amortization of lease intangibles, amortization of lease incentives and other adjustments. Cash NOI also excludes lease termination fees, tenant improvement reimbursements, general and administrative expenses, depreciation and amortization, interest expense, other non-property income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, our cash NOI may not be comparable to the cash NOIs of other REITs. We believe cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner. We believe the exclusion of these items from net (loss) income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the company's properties but does not measure the company's performance as a whole. Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP. A Reconciliation of Total Cash NOI to Net Income is presented below:
Three Months Ended Six Months Ended
June 30,June 30,
Reconciliation of Total Cash NOI to Net Income2026202520262025
Total Cash NOI$66,476 $66,171 $132,562 $133,133 
Lease termination fees and tenant improvement reimbursements725 919 969 1,093 
Non-cash revenue and other operating expenses (1)
722 520 1,318 686 
General and administrative(8,912)(8,850)(17,695)(18,162)
Depreciation and amortization(32,712)(32,782)(65,023)(63,276)
Gain on sale of real estate— — — 44,476 
Operating income$26,299 $25,978 $52,131 $97,950 
Interest expense, net(19,931)(19,784)(39,638)(38,564)
Other income, net422 927 1,036 1,842 
Net income$6,790 $7,121 $13,529 $61,228 
(1)    Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, and straight-line rent expense for our leases of the Annex at The Landmark at One Market.



Second Quarter 2026 Supplemental Information
Page 38

GLOSSARY OF TERMS (CONTINUED)
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Same-Store Portfolio and Non-Same-Store Portfolio: Information provided on a same-store basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties for which significant redevelopment or expansion occurred during either of the periods being compared, properties under development, properties classified as held for development and properties classified as discontinued operations. The following table shows the properties included in the same-store and non-same-store portfolio for the comparative periods presented. A reconciliation of Same-Store Cash NOI to Net Income is presented below:

Three Months Ended (1)
Year Ended (2)
June 30,June 30,
Reconciliation of Same-Store Cash NOI Comparison to Operating Income2026202520262025
Same-Store Cash NOI$66,501 $66,305 $132,925 $133,107 
Non-Same-Store Cash NOI(25)(134)(363)26 
Total Cash NOI$66,476 $66,171 $132,562 $133,133 
Lease termination fees and tenant improvement reimbursements (3)
725 919 969 1,093 
Non-cash revenue and other operating expenses (4)
722 520 1,318 686 
General and administrative(8,912)(8,850)(17,695)(18,162)
Depreciation and amortization(32,712)(32,782)(65,023)(63,276)
Gain on sale of real estate— — — 44,476 
Operating income$26,299 $25,978 $52,131 $97,950 
Interest expense, net(19,931)(19,784)(39,638)(38,564)
Other income, net422 927 1,036 1,842 
Net income$6,790 $7,121 $13,529 $61,228 

(1)    For the three months ended June 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development.
(2)    For the six months ended June 30, 2026, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025, (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into service on April 1, 2025 and (iv) land held for development.
(3)    Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.
(4)    Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles and straight-line rent expense for our leases of the Annex at The Landmark at One Market.







Second Quarter 2026 Supplemental Information
Page 39

GLOSSARY OF TERMS (CONTINUED)
image6a.jpg
Comparison of Three Months Ended Comparison of Six Months Ended
June 30, 2026 to 2025June 30, 2026 to 2025
Same-StoreNon-Same-StoreSame-StoreNon-Same-Store
Office Properties
La Jolla Commons (1)
XXX
Coastal Collection at Torrey Reserve (formerly Torrey Reserve Campus)XX
Torrey PointXX
Solana CrossingXX
The Landmark at One MarketXX
One Beach Street (2)
XX
First & MainXX
Lloyd PortfolioXX
City Center BellevueXX
14AcresXX
Timber RidgeXX
Timber SpringsXX
Retail Properties
Carmel Country PlazaXX
Carmel Mountain PlazaXX
South Bay MarketplaceXX
Gateway MarketplaceXX
Lomas Santa Fe PlazaXX
Solana Beach Towne CentreXX
Geary MarketplaceXX
The Shops at KalakauaXX
Waikele CenterXX
Alamo Quarry MarketXX
Hassalo on Eighth - RetailXX
Multifamily Properties
Loma PalisadesXX
Imperial Beach GardensXX
Mariner's PointXX
Santa Fe Park RV ResortXX
Pacific Ridge ApartmentsXX
Genesee Park (3)
XX
Hassalo on EighthXX
Mixed-Use Properties
Waikiki Beach Walk - RetailXX
Waikiki Beach Walk - Embassy Suites™XX
Development Properties
Solana Crossing - LandXX
Lloyd Portfolio - Land (2)
XX


Second Quarter 2026 Supplemental Information
Page 40

GLOSSARY OF TERMS (CONTINUED)
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(1)     La Jolla Commons Tower III is considered same-store for the three months ended June 30, 2026 and non-same-store for the six months ended June 30, 2026, as it was placed into service on April 1, 2025.
(2)    One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. One Beach Street is considered same-store for the three and six months ended June 30, 2026 as it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such it is included within the non-same-store portfolio.
(3)    Genesee Park is considered same-store for the three months ended June 30, 2026 and non-same-store for the six months ended June 30, 2026, since it was acquired on February 28, 2025.

Tenant Improvements and Incentives: Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may also include base building costs (i.e., expansion, escalators, new entrances, etc.) which are required to make the space leasable. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.


Second Quarter 2026 Supplemental Information
Page 41

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