American Assets Trust (NYSE: AAT) Q1 2026 results and credit facility boost

Q: How did American Assets Trust (AAT) perform financially in Q1 2026?

American Assets Trust generated net income of $6.7 million in Q1 2026, versus $54.1 million a year earlier, mainly because 2025 included a large property sale gain. FFO was $38.8 million, or $0.51 per diluted share , slightly below $0.52 in 2025.

Q: What were American Assets Trust’s key operating metrics in Q1 2026?

Total revenue reached $110.6 million , up from $108.6 million in Q1 2025. Same-store cash NOI was roughly flat at $66.4 million . Portfolio leasing stayed strong, with office 84.5% leased, retail 97.7% , multifamily 94.7% , and hotel occupancy at 91.9% .

Q: How did leasing activity trend for American Assets Trust in Q1 2026?

During Q1 2026, American Assets Trust leased about 237,000 square feet of office and 39,000 square feet of retail space. Comparable office leases achieved average cash rent increases of 4.8% , with 10.6% straight-line growth, while retail saw a 2.0% cash decline but 1.3% straight-line growth.

Q: What is American Assets Trust’s liquidity and debt position as of March 31, 2026?

As of March 31, 2026, American Assets Trust reported $3.8 billion in gross real estate assets and liquidity of $518.3 million , including $118.3 million of cash and $400.0 million of revolver availability. Total debt was $1.7 billion , with only one of 31 assets mortgage-encumbered.

Q: What dividend did American Assets Trust declare for 2026 and what is its 2026 guidance?

The company paid a $0.340 per share common dividend for Q1 2026 and declared the same amount for Q2 2026, payable June 18, 2026. It reaffirmed full-year 2026 FFO guidance of $1.96 to $2.10 per diluted share , with a midpoint of $2.03.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

American Assets Trust, Inc. reported first quarter 2026 results showing largely stable operating performance but sharply lower GAAP earnings due to prior‑year one‑time gains. Net income attributable to common stockholders was $5.1 million, or $0.08 per diluted share, versus $42.5 million, or $0.70 per share, a year earlier, mainly because 2025 included a gain on the sale of Del Monte Center and interest expense increased.

Funds From Operations (FFO), the REIT’s key performance metric, was $38.8 million, or $0.51 per diluted share and unit, slightly below $39.9 million, or $0.52, in 2025. Revenue rose to $110.6 million from $108.6 million, and same‑store cash NOI was essentially flat at $66.4 million.

Leasing metrics were generally healthy. The company leased about 237,000 square feet of office space with average cash rent spreads of 4.8% and straight‑line spreads of 10.6%, and 39,000 square feet of retail space with a modest cash rent decline but positive straight‑line spreads. Portfolio occupancy remained high across office, retail, multifamily and mixed‑use assets.

Balance sheet liquidity remained solid. As of March 31, 2026, the company reported $3.8 billion of gross real estate assets and $518.3 million of liquidity, including $118.3 million of cash and $400.0 million of availability on its line of credit. Only one of 31 assets was encumbered by a mortgage.

The company strengthened financing flexibility on April 1, 2026 by amending and restating its credit facility, increasing total borrowing capacity to $600 million—a $500 million revolver and a $100 million term loan—and extending maturities to 2030. This extends its debt ladder and supports ongoing development and leasing activity.

Common stock dividends were steady. The company paid a $0.340 per share dividend for the first quarter of 2026 and has declared the same amount for the second quarter, payable June 18, 2026 to holders of record on June 4, 2026.

Looking ahead, management affirmed 2026 FFO guidance in a range of $1.96 to $2.10 per diluted share, with a midpoint of $2.03. Guidance assumptions reflect current expectations for leasing, occupancy, interest rates and development timing and exclude potential future acquisitions, dispositions, equity raises or additional debt transactions.

Insights

Core cash performance is stable; GAAP earnings dropped on last year’s asset sale gain.

American Assets Trust posted Q1 2026 revenue of $110.6 million, up modestly from $108.6 million, while FFO per diluted share eased to $0.51 from $0.52. The large decline in net income to $6.7 million mainly reflects the $44.5 million Del Monte Center sale gain in Q1 2025 falling out of results.

Operationally, performance was steady. Same‑store cash NOI held at about $66.4 million, with slight softness in office, retail and mixed‑use segments offset by 3.0% growth in multifamily. Portfolio leasing remained strong: office leased 84.5%, retail 97.7%, multifamily 94.7%, and hotel 91.9% as of March 31, 2026.

Capital structure metrics show a moderately leveraged but liquid balance sheet. Total debt was $1.7 billion against total market capitalization of $3.1 billion, and liquidity stood at $518.3 million. Extending the credit facility to 2030 and lifting capacity to $600 million provides funding flexibility for leasing, redevelopment and the development pipeline while the company maintains 2026 FFO guidance of $1.96–$2.10 per share.

8-K Event Classification

3 items: 2.02, 7.01, 9.01

3 items

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.

Key Figures

Revenue: $110.6M Net income attributable to stockholders: $5.1M FFO per diluted share and unit: $0.51 +5 more

8 metrics

Revenue $110.6M Three months ended March 31, 2026 total revenue

Net income attributable to stockholders $5.1M Three months ended March 31, 2026; $0.08 diluted EPS

FFO per diluted share and unit $0.51 Three months ended March 31, 2026, vs $0.52 in 2025

Same-store cash NOI $66.4M Three months ended March 31, 2026; essentially flat year over year

Liquidity $518.3M As of March 31, 2026; includes $118.3M cash and $400.0M revolver availability

Amended credit facility size $600M As of April 1, 2026; $500M revolver and $100M term loan

Quarterly common dividend $0.340 per share Declared for Q1 and Q2 2026

2026 FFO guidance range $1.96–$2.10 per share Full-year 2026 FFO per diluted share guidance affirmed; midpoint $2.03

Key Terms

Funds From Operations (FFO), same-store cash Net Operating Income, Revolver Loan, Adjusted EBITDA, +1 more

5 terms

Funds From Operations (FFO) financial

"FFO of $0.51 per diluted share for the first quarter, compared to $0.52"

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 Net Operating Income financial

"Same-store cash Net Operating Income (“NOI”) remained flat for the first quarter"

Same-store cash net operating income measures the cash profit generated by a group of properties that were owned and operating for the entire comparison periods, excluding non-cash accounting items and one-time gains or losses. For investors it shows the underlying, apples-to-apples change in rental and operating performance—like comparing how much cash a set of unchanged stores actually earned this year versus last—helping gauge real growth and management efficiency.

Revolver Loan financial

"The Revolver Loan has a capacity of $400 million plus an accordion feature"

Adjusted EBITDA financial

"Total debt/Adjusted EBITDA 7.3x quarter annualized and 7.4x trailing 12 months"

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.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

04/28/2026 - 04:15 PM

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):

April 28, 2026

_________________________

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 Registrant	Title of each class	Trading Symbol	Name of each exchange on which registered
American Assets Trust, Inc.	Common Stock, par value $0.01 per share	AAT	New 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 April 28, 2026, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ending March 31, 2026. Also on April 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 March 31, 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 March 31, 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 April 28, 2026.
99.2**						American Assets Trust, Inc. Supplemental Information for the quarter ended March 31, 2026.
104						Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

_____________________

** Furnished herewith

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
April 28, 2026

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

SAN DIEGO, California - 4/28/2026 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its first quarter ended March 31, 2026.

First Quarter Highlights

•Net income available to common stockholders of $5.1 million for the first quarter, or $0.08 per diluted share.

•FFO of $0.51 per diluted share for the first quarter, compared to $0.52 per diluted share for the same period in 2025.

•Same-store cash Net Operating Income (“NOI”) remained flat for the first quarter, compared to the same period in 2025.

•Leased 237,000 of office square feet, of which approximately 108,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 10.6% and 4.8%, respectively, during the first quarter.

•Leased 39,000 of retail square feet, of which approximately 38,000 is comparable at an average straight-line basis increase of 1.3% and cash-basis contractual rent decrease of 2.0%, respectively, during the first 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.

Financial Results


(Unaudited, amounts in thousands, except per share data)	Three Months Ended March 31,
	2026		2025
Net income	$	6,739	$	54,107
Basic and diluted income attributable to common stockholders per share	$	0.08	$	0.70
FFO attributable to common stock and common units	$	38,834	$	39,945
FFO per diluted share and unit	$	0.51	$	0.52

Net income attributable to common stockholders decreased $47.4 million for the three months ended March 31, 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 stopped capitalizing interest related to La Jolla Commons III being placed into service, decrease in occupancy at First & Main and overall increase in rental expenses across all segments.

FFO decreased $1.1 million for the three months ended March 31, 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:


	March 31, 2026	December 31, 2025	March 31, 2025
Total Portfolio
Office	84.5%	83.1%	85.5%
Retail	97.7%	97.7%	97.4%
Multifamily (1) (2)	94.7%	93.7%	91.4%
Mixed-Use:
Retail	96.2%	96.2%	89.3%
Hotel	91.9%	82.3%	84.6%

Same-Store Portfolio (3)
Office	86.3%	85.6%	85.5%
Retail	97.7%	97.7%	97.4%
Multifamily (1) (2)	94.3%	93.4%	91.3%
Mixed-Use:
Retail	96.2%	96.2%	89.3%
Hotel	91.9%	82.3%	84.6%

(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 92.1%, 91.1% and 90.0% as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Including Santa Fe Park RV Resort, multifamily same-store occupancy would be 91.5%, 90.6% and 89.7% as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(3) 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.

During the first quarter of 2026, the company signed 43 leases for approximately 275,300 square feet of office and retail space, as well as 337 multifamily apartment leases. Renewals accounted for 73% of the comparable office leases, 92% of the comparable retail leases, and 52% 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:


		2nd Quarter 2025	3rd Quarter 2025	4th Quarter 2025	1st Quarter 2026
Office	Weighted Average Portfolio	$56.36	$56.59	$56.69	$56.64
Retail	Weighted Average Portfolio	$29.57	$29.57	$29.72	$30.04

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:


		2nd Quarter 2025	3rd Quarter 2025	4th Quarter 2025	1st Quarter 2026
Office	Cash Basis % Change Over Prior Rent	(2.0)%	9.3%	6.6%	4.8%
	Straight-Line Basis % Change Over Prior Rent	9.6%	18.6%	11.5%	10.6%

Retail	Cash Basis % Change Over Prior Rent	7.4%	4.4%	0.3%	(2.0)%
	Straight-Line Basis % Change Over Prior Rent	21.9%	21.0%	24.3%	1.3%

On a comparable basis (i.e., leases for which there was a former tenant in the past six-months) during the first quarter of 2026, our office and retail leasing spreads are shown below:


		Number of Leases Signed	Comparable Leased Sq. Ft.	Average Cash Basis % Change Over Prior Rent	Average Cash Contractual Rent Per Sq. Ft.	Straight-Line Basis % Change Over Prior Rent
Office	Q1 2026	15	108,000	4.8%	$58.66	10.6%


Retail	Q1 2026	13	38,000	(2.0)%	$45.70	1.3%

Multifamily

The average monthly base rent per occupied unit as of the end of the indicated quarter was as follows:


	2nd Quarter 2025		3rd Quarter 2025		4th Quarter 2025		1st Quarter 2026
Average Monthly Base Rent per Occupied Unit	$	2,732	$	2,730	$	2,684	$	2,756

Same-Store Cash Net Operating Income

For the three months ended March 31, 2026, same-store cash NOI remained flat, compared to the three months ended March 31, 2025. The same-store cash NOI by segment was as follows (in thousands):


	Three Months Ended (1)
	March 31,
	2026		2025		Change






Cash Basis:
Office	$	35,035	$	35,074	(0.1)	%
Retail	16,269		16,383		(0.7)
Multifamily	9,848		9,562		3.0
Mixed-Use	5,219		5,363		(2.7)
Same-store Cash NOI (2)	$	66,371	$	66,382	—	%

(1) 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.

(2) 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).

Balance Sheet and Liquidity

At March 31, 2026, the company had gross real estate assets of $3.8 billion and liquidity of $518.3 million, comprised of cash and cash equivalents of $118.3 million and $400.0 million of availability on its line of credit. At March 31, 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 $0.340 per share for the first quarter of 2026. The dividends were paid on March 19, 2026.

In addition, the company has declared a dividend on its common stock of $0.340 per share for the second quarter of 2026. The dividend will be paid in cash on June 18, 2026 to stockholders of record as of June 4, 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 first quarter of 2026 on Wednesday, April 29, 2026 at 8:00 a.m. Pacific Time (“PT”). 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 first 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.

Financial Information

American Assets Trust, Inc.

Consolidated Balance Sheets

(In Thousands, Except Share Data)


	March 31, 2026		December 31, 2025

Assets	(unaudited)
Real estate, at cost
Operating real estate	$	3,703,308	$	3,694,203
Construction in progress		75,226		68,937
Held for development		487		487
		3,779,021		3,763,627
Accumulated depreciation		(1,167,625)		(1,144,259)
Net real estate		2,611,396		2,619,368
Cash and cash equivalents		118,340		129,362

Accounts receivable, net		6,728		7,407
Deferred rent receivables, net		84,333		84,642
Other assets, net		79,770		80,497

Total assets	$	2,900,567	$	2,921,276
Liabilities and equity
Liabilities:
Secured notes payable, net	$	74,872	$	74,849
Unsecured notes payable, net		1,613,295		1,612,761

Accounts payable and accrued expenses		68,901		71,094
Security deposits payable		10,503		10,063
Other liabilities and deferred credits, net		60,279		61,304

Total liabilities		1,827,850		1,830,071
Commitments and contingencies
Equity:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,390,936 and 61,390,936 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		614		614
Additional paid-in capital		1,481,552		1,479,870
Accumulated dividends in excess of net income		(346,589)		(331,086)
Accumulated other comprehensive income		998		1,419
Total American Assets Trust, Inc. stockholders' equity		1,136,575		1,150,817
Noncontrolling interests		(63,858)		(59,612)
Total equity		1,072,717		1,091,205
Total liabilities and equity	$	2,900,567	$	2,921,276

American Assets Trust, Inc.

Unaudited Consolidated Statements of Operations

(In Thousands, Except Shares and Per Share Data)


	Three Months Ended March 31,
	2026		2025
Revenue:
Rental income	$	104,422	$	102,951
Other property income	6,170		5,656
Total revenue	110,592		108,607
Expenses:
Rental expenses	31,720		30,300
Real estate taxes	11,946		11,005
General and administrative	8,783		9,312
Depreciation and amortization	32,311		30,494
Total operating expenses	84,760		81,111
Gain on sale of real estate	—		44,476
Operating income	25,832		71,972
Interest expense, net	(19,707)		(18,780)

Other income, net	614		915
Net income	6,739		54,107
Net income attributable to restricted shares	(236)		(203)
Net income attributable to unitholders in the Operating Partnership	(1,369)		(11,369)
Net income attributable to American Assets Trust, Inc. stockholders	$	5,134	$	42,535

Net income per share
Basic income attributable to common stockholders per share	$	0.08	$	0.70
Weighted average shares of common stock outstanding - basic	60,697,679		60,537,300

Diluted income attributable to common stockholders per share	$	0.08	$	0.70
Weighted average shares of common stock outstanding - diluted	76,879,216		76,718,837

Dividends declared per common share	$	0.340	$	0.340

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
	March 31, 2026
Funds From Operations (FFO)
Net income	$	6,739
Depreciation and amortization of real estate assets		32,311

FFO, as defined by NAREIT	$	39,050
Less: Nonforfeitable dividends on restricted stock awards		(216)
FFO attributable to common stock and units	$	38,834
FFO per diluted share/unit	$	0.51
Weighted average number of common shares and units, diluted		76,893,750

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)
	March 31,
	2026		2025
Same-store cash NOI	$	66,371	$	66,382
Non-same-store cash NOI	(285)		580
Cash NOI	$	66,086	$	66,962
Lease termination fees and tenant improvement reimbursements (2)	244		174
Non-cash revenue and other operating expenses (3)	596		166
General and administrative	(8,783)		(9,312)
Depreciation and amortization	(32,311)		(30,494)
Interest expense, net	(19,707)		(18,780)
Gain on sale of real estate	—		44,476

Other income, net	614		915
Net income	$	6,739	$	54,107

Number of properties included in same-store analysis	30		29

(1) 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.

(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) 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.

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.

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



			FIRST QUARTER 2026
			Supplemental Information





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

American Assets Trust, Inc.'s Portfolio is concentrated in high-barrier-to-entry markets

with favorable supply/demand characteristics







	Office	Retail	Multifamily		Mixed-Use
Market	Square Feet	Square Feet	Units		Square Feet	Suites
San Diego	1,802,809	1,322,200	1,645	(1)	—	—

Bellevue	1,028,470	—	—		—	—

Portland	930,903	44,236	657		—	—

San Antonio	—	588,148	—		—	—

San Francisco	511,493	35,097	—		—	—

Oahu	—	430,288	—		93,925	369

Total	4,273,675	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.

Office

4.3

million

64%

53%

Retail (3)

2.4

million

36%

24%

Data is as of March 31, 2026.

Totals

6.7

million

(1) Includes 120 RV spaces.

(2) Percentage of Net Operating Income (NOI) calculated for the three months ended March 31, 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.


First Quarter 2026 Supplemental Information			Page 2



INDEX


	FIRST 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	10
	Cash NOI By Region	11
	Cash NOI Breakdown	12
	Property Revenue and Operating Expenses	13
	Segment Capital Expenditures	16
	Summary of Outstanding Debt	17
	Market Capitalization	18
	Summary of Development Opportunities	19
2.	PORTFOLIO DATA
	Property Report	21
	Office and Retail Leasing Summary	24

	Multifamily Leasing Summary	25
	Mixed-Use Leasing Summary	27
	Lease Expirations	28
	Portfolio Leased Statistics	30
	Top Tenants - Office	31
	Top Tenants - Retail	32
3.	APPENDIX
	Glossary of Terms	34

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.


First Quarter 2026 Supplemental Information			Page 3

FINANCIAL HIGHLIGHTS


First Quarter 2026 Supplemental Information			Page 4



CONSOLIDATED BALANCE SHEETS


(Amounts in thousands, except shares and per share data)	March 31, 2026		December 31, 2025

ASSETS	(unaudited)
Real estate, at cost
Operating real estate	$	3,703,308	$	3,694,203
Construction in progress	75,226		68,937
Held for development	487		487
	3,779,021		3,763,627
Accumulated depreciation	(1,167,625)		(1,144,259)
Net real estate	2,611,396		2,619,368
Cash and cash equivalents	118,340		129,362


Accounts receivable, net	6,728		7,407
Deferred rent receivable, net	84,333		84,642
Other assets, net	79,770		80,497

TOTAL ASSETS	$	2,900,567	$	2,921,276
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net	$	74,872	$	74,849
Unsecured notes payable, net	1,613,295		1,612,761

Accounts payable and accrued expenses	68,901		71,094
Security deposits payable	10,503		10,063
Other liabilities and deferred credits, net	60,279		61,304

Total liabilities	1,827,850		1,830,071
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,390,936 and 61,390,936 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	614		614
Additional paid in capital	1,481,552		1,479,870
Accumulated dividends in excess of net income	(346,589)		(331,086)
Accumulated other comprehensive income	998		1,419
Total American Assets Trust, Inc. stockholders' equity	1,136,575		1,150,817
Noncontrolling interests	(63,858)		(59,612)
Total equity	1,072,717		1,091,205
TOTAL LIABILITIES AND EQUITY	$	2,900,567	$	2,921,276


First Quarter 2026 Supplemental Information			Page 5



CONSOLIDATED STATEMENTS OF OPERATIONS


(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended
	March 31,
	2026		2025
REVENUE:
Rental income	$	104,422	$	102,951
Other property income	6,170		5,656
Total revenue	110,592		108,607
EXPENSES:
Rental expenses	31,720		30,300
Real estate taxes	11,946		11,005
General and administrative	8,783		9,312
Depreciation and amortization	32,311		30,494
Total operating expenses	84,760		81,111
Gain on sale of real estate	—		44,476
OPERATING INCOME	25,832		71,972
Interest expense, net	(19,707)		(18,780)

Other income, net	614		915
NET INCOME	6,739		54,107
Net income attributable to restricted shares	(236)		(203)
Net income attributable to unitholders in the Operating Partnership	(1,369)		(11,369)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$	5,134	$	42,535

EARNINGS PER COMMON SHARE
Basic income from operations attributable to common stockholders per share	$	0.08	$	0.70
Weighted average shares of common stock outstanding - basic	60,697,679		60,537,300
Diluted income from continuing operations attributable to common stockholders per share	$	0.08	$	0.70
Weighted average shares of common stock outstanding - diluted	76,879,216		76,718,837


First Quarter 2026 Supplemental Information			Page 6



FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION


(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended
	March 31,
	2026		2025
Funds from Operations (FFO) (1)
Net income	$	6,739	$	54,107
Depreciation and amortization of real estate assets	32,311		30,494
Gain on sale of real estate	—		(44,476)
FFO, as defined by NAREIT	39,050		40,125

Less: Nonforfeitable dividends on restricted stock awards	(216)		(180)
FFO attributable to common stock and common units	$	38,834	$	39,945

FFO per diluted share/unit	$	0.51	$	0.52



Weighted average number of common shares and common units, diluted (2)	76,893,750		76,719,191

Funds Available for Distribution (FAD) (1)	$	23,858	$	29,305















Dividends
Dividends declared and paid	$	26,375	$	26,288
Dividends declared and paid per share/unit	$	0.340	$	0.340

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


First Quarter 2026 Supplemental Information			Page 7



FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)


(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended
	March 31,
	2026		2025
Funds Available for Distribution (FAD) (1)
FFO	$	39,050	$	40,125
Adjustments:
Tenant improvements, leasing commissions and capital expenditures	(16,743)		(12,872)
Net effect of straight-line rents (3)	(257)		355
Amortization of net above (below) market rents (4)	(417)		(550)
Net effect of other lease assets (5)	78		29
Amortization of debt issuance costs and debt fair value adjustment	681		728
Non-cash compensation expense	1,682		1,670


Nonforfeitable dividends on restricted stock awards	(216)		(180)

FAD	$	23,858	$	29,305

Summary of Capital Expenditures
Tenant improvements and leasing commissions	$	10,605	$	7,875
Capital expenditures	6,138		4,997
	$	16,743	$	12,872

Notes:

(1) See Glossary of Terms.

(2) For the three months ended March 31, 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.


First Quarter 2026 Supplemental Information			Page 8



SAME-STORE NET OPERATING INCOME (NOI)


(Unaudited, amounts in thousands)	Three Months Ended March 31, 2026 (1)
	Office		Retail		Multifamily		Mixed-Use		Total
Real estate rental revenue
Same-store	$	51,516	$	23,326	$	16,920	$	16,695	$	108,457
Non-same store	841		18		1,276		—		2,135
Total	52,357		23,344		18,196		16,695		110,592
Real estate expenses
Same-store	15,854		6,980		7,373		11,478		41,685
Non-same store	1,165		21		795		—		1,981
Total	17,019		7,001		8,168		11,478		43,666
Net Operating Income (NOI)
Same-store	35,662		16,346		9,547		5,217		66,772
Non-same store	(324)		(3)		481		—		154
Total	$	35,338	$	16,343	$	10,028	$	5,217	$	66,926
Same-store NOI	$	35,662	$	16,346	$	9,547	$	5,217	$	66,772
Net effect of straight-line rents (2)	(172)		20		301		2		151
Amortization of net above (below) market rents (3)	(310)		(107)		—		—		(417)
Net effect of other lease assets (4)	55		11		—		—		66
Lease termination fees and tenant improvement reimbursements (5)	(200)		(1)		—		—		(201)
Same-store cash NOI (5)	$	35,035	$	16,269	$	9,848	$	5,219	$	66,371

Notes:

(1) Same-store and non-same store classifications are determined based on properties held on March 31, 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.


First Quarter 2026 Supplemental Information			Page 9



SAME-STORE CASH NOI COMPARISON


(Unaudited, amounts in thousands)	Three Months Ended
	March 31,
	2026		2025		Change
Cash Basis:
Office	$	35,035	$	35,074	(0.1)	%
Retail	16,269		16,383		(0.7)
Multifamily	9,848		9,562		3.0
Mixed-Use	5,219		5,363		(2.7)
Same-store Cash NOI (1)(2)	$	66,371	$	66,382	—	%

Notes:

(1) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.

(2) 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.


First Quarter 2026 Supplemental Information			Page 10



CASH NOI BY REGION


(Unaudited, amounts in thousands)	Three Months Ended March 31, 2026
	Office		Retail		Multifamily		Mixed-Use		Total
Cash Basis:





Southern California	$	14,379	$	8,947	$	8,872	$	—	$	32,198






Northern California	7,429		290		—		—		7,719






Hawaii	—		2,964		—		5,219		8,183






Oregon	4,478		151		1,457		—		6,086






Texas	—		3,915		—		—		3,915






Washington	7,985		—		—		—		7,985






Total Cash NOI	$	34,271	$	16,267	$	10,329	$	5,219	$	66,086

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.


First Quarter 2026 Supplemental Information			Page 11



CASH NOI BREAKDOWN


Three Months Ended March 31, 2026


Cash NOI Breakdown

Portfolio Diversification by Geographic Region						Portfolio Diversification by Segment


First Quarter 2026 Supplemental Information			Page 12



PROPERTY REVENUE AND OPERATING EXPENSES


(Unaudited, amounts in thousands)	Three Months Ended March 31, 2026
			Additional				Property
			Property		Billed Expense		Operating		Rental		Cash
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)		Adjustments (5)		NOI (6)
Office Portfolio
La Jolla Commons	$	10,049	$	414	$	2,321	$	(4,185)	$	(454)	$	8,145
Coastal Collection at Torrey Reserve (7)	6,240		67		376		(1,978)		(677)		4,028
Torrey Point (8)	1,544		94		28		(428)		(384)		854
Solana Crossing	2,160		22		146		(571)		(401)		1,356
The Landmark at One Market	10,699		87		570		(3,639)		—		7,717
One Beach Street	—		—		—		(288)		—		(288)
First & Main	2,234		272		428		(992)		(188)		1,754
Lloyd Portfolio (8)	3,976		482		272		(1,624)		(278)		2,828
City Center Bellevue	7,057		579		365		(1,835)		(128)		6,038
14Acres	961		66		260		(648)		(224)		415
Timber Ridge	1,392		60		486		(463)		(305)		1,170
Timber Springs	457		12		188		(265)		(30)		362
Subtotal Office Portfolio	$	46,769	$	2,155	$	5,440	$	(16,916)	$	(3,069)	$	34,379
Retail Portfolio
Carmel Country Plaza	$	1,060	$	20	$	227	$	(234)	$	(26)	$	1,047
Carmel Mountain Plaza	3,680		55		1,028		(1,009)		24		3,778
South Bay Marketplace	635		40		230		(235)		—		670
Gateway Marketplace	544		—		173		(259)		—		458
Lomas Santa Fe Plaza	1,655		17		302		(487)		(15)		1,472
Solana Beach Towne Centre	1,747		4		522		(711)		(40)		1,522
Geary Marketplace	317		38		95		(160)		—		290
The Shops at Kalakaua	305		27		50		(95)		—		287
Waikele Center	3,213		286		961		(1,783)		—		2,677
Alamo Quarry Market	4,055		136		1,629		(1,906)		1		3,915
Hassalo on Eighth - Retail	215		18		39		(121)		—		151
Subtotal Retail Portfolio	$	17,426	$	641	$	5,256	$	(7,000)	$	(56)	$	16,267


First Quarter 2026 Supplemental Information			Page 13



PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)


(Unaudited, amounts in thousands)	Three Months Ended March 31, 2026
			Additional				Property
			Property		Billed Expense		Operating		Rental		Cash
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)		Adjustments (5)		NOI (6)
Multifamily Portfolio
Loma Palisades	$	4,537	$	280	$	—	$	(1,824)	$	(9)	$	2,984
Imperial Beach Gardens	1,218		74		—		(518)		(15)		759
Mariner's Point	569		31		—		(251)		(16)		333
Santa Fe Park RV Resort	263		27		—		(251)		—		39
Pacific Ridge Apartments	6,533		280		—		(2,527)		(10)		4,276
Genesee Park (9)	1,263		13		—		(795)		—		481
Hassalo on Eighth - Multifamily	2,993		586		—		(2,001)		(121)		1,457
Subtotal Multifamily Portfolio	$	17,376	$	1,291	$	—	$	(8,167)	$	(171)	$	10,329
Mixed-Use Portfolio
Waikiki Beach Walk - Retail	$	2,430	$	1,301	$	952	$	(1,889)	$	(10)	$	2,784
Waikiki Beach Walk - Embassy Suites™	10,117		1,907		—		(9,589)		—		2,435
Subtotal Mixed-Use Portfolio	$	12,547	$	3,208	$	952	$	(11,478)	$	(10)	$	5,219
Subtotal Development Properties	$	—	$	13	$	—	$	(121)	$	—	$	(108)
Total	$	94,118	$	7,308	$	11,648	$	(43,682)	$	(3,306)	$	66,086

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 March 31, 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 $3.1 million and $0.1 million, respectively, for the three months ended March 31, 2026. Total abatements for our mixed-use portfolio were minimal for the three months ended March 31, 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 $0.2 million of abatements for our multifamily portfolio for the three months ended March 31, 2026. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended March 31, 2026. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.2 million in the aggregate for the three months ended March 31, 2026. A reconciliation of base rent to rental income is shown below:


Base Rent	$	94,118
Billed Expense Reimbursement	11,648
Percentage Rent	465
Straight-line rent components	257
Other Rental Income*	(2,066)
Rental Income	$	104,422

* 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.


First Quarter 2026 Supplemental Information			Page 14



PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(2) Represents additional property-related income for the three months ended March 31, 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 March 31, 2026.

(4) Represents property operating expenses for the three months ended March 31, 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 March 31, 2026.

(9) Genesee Park was acquired on February 28, 2025.


First Quarter 2026 Supplemental Information			Page 15



SEGMENT CAPITAL EXPENDITURES


(Unaudited, amounts in thousands)	Three Months Ended March 31, 2026
Segment	Tenant Improvements and Leasing Commissions		Capital Expenditures		Total Tenant Improvements, Leasing Commissions and Capital Expenditures		Redevelopment, Expansions and Repositioning (1)		New Development		Total Capital Expenditures
Office Portfolio	$	9,503	$	5,272	$	14,775	$	3,852	$	1,174	$	19,801
Retail Portfolio	926		70		996		—		—		996
Multifamily Portfolio	—		569		569		1,471		—		2,040
Mixed-Use Portfolio	176		227		403		—		—		403
Total	$	10,605	$	6,138	$	16,743	$	5,323	$	1,174	$	23,240

(1) Beginning with the three months ended June 30, 2025, this capital expenditures category includes spending related to repositioning initiatives at operating properties, as well as planned capital expenditures identified at the time of acquisition.


First Quarter 2026 Supplemental Information			Page 16



SUMMARY OF OUTSTANDING DEBT


(Unaudited, amounts in thousands)	Amount
	Outstanding at				Annual Debt
Debt	March 31, 2026		Interest 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	2.70	%	$	102,293	January 5, 2027	(4)
Series D Notes (5)	250,000		3.87	%	261,649		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	%	$	423,210

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 2.70% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio.

(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 $11.7 million.

(11) The Unsecured Line of Credit (the "Revolver Loan") has a capacity of $400 million plus an accordion feature that may allow us to increase the availability thereunder up to an additional $400 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The Revolver Loan matures on July 5, 2026. 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 $0.1 million. On April 1, 2026, the Revolver Loan capacity was increased to $500 million, with a maturity date of April 1, 2030, subject to two, six-month extension options.


First Quarter 2026 Supplemental Information			Page 17



MARKET CAPITALIZATION


(Unaudited, amounts in thousands, except per share data)
Market data	March 31, 2026
Common shares outstanding	61,391
Common units outstanding	16,182
Common shares and common units outstanding	77,573
Market price per common share	$	18.41
Equity market capitalization	$	1,428,119
Total debt	$	1,700,000
Total market capitalization	$	3,128,119
Less: Cash on hand	$	(118,340)
Total enterprise value	$	3,009,779

Total unencumbered assets, gross	$	3,778,029

Total debt/Total capitalization				54.3	%
Total debt/Total enterprise value				56.5	%
Net debt/Total enterprise value (1)				52.6	%


Total unencumbered assets, gross/Unsecured debt				232.5	%
	Quarter Annualized			Trailing 12 Months
Total debt/Adjusted EBITDA (2)(3)	7.3		x	7.4	x
Net debt/Adjusted EBITDA (1)(2)(3)	6.8		x	6.9	x
Interest coverage ratio (4)	3.1		x	3.0	x
Fixed charge coverage ratio (4)	3.1		x	3.0	x
Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes) (5)	Covenant			March 31, 2026
Aggregate Debt Test	< 60%			43.6%
Debt Service Test	> 1.5x			3.1
Secured Debt Test	< 40%			1.9%
Maintenance of Total Unencumbered Assets	> 150%			222.9%


Weighted Average Fixed Interest Rate	2026	2027	2028	2029	2030	2031	2032	2033	2034
	—%	3.8%	—%	4.2%	3.9%	3.5%	—%	—%	6.2%


Total Weighted Average Fixed Interest Rate:			4.5%
Weighted Average Term to Maturity (in years):			4.9


Credit Ratings
Rating Agency	Rating	Outlook
Fitch	BBB	Stable
Moody's	Baa3	Stable
Standard & Poors	BBB-	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 March 31, 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.

(6) On April 1, 2026, the maturity date of Term Loan A was extended to April 1, 2030, subject to one twelve-month extension option.

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.


First Quarter 2026 Supplemental Information			Page 18



SUMMARY OF DEVELOPMENT OPPORTUNITIES

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

Property

Property Type

Location

Estimated Rentable
Square Feet

Multifamily Units

Opportunity

Waikele Center

Retail

Honolulu, HI

120,000

N/A

Development of 120,000 square foot retail building (former KMart space)

Lomas Santa Fe Plaza

Retail

Solana Beach, CA

TBD

Development of multifamily units

Genesee Park

Multifamily

San Diego, CA

TBD

Development of multifamily units

Solana Beach Towne Centre

Retail

Solana Beach, CA

TBD

Development of multifamily units

Carmel Mountain Plaza

Retail

San Diego, CA

TBD

Development of multifamily units

Lloyd Portfolio - multiple phases (1)

Mixed Use

Portland, OR

Phase 2B - Oregon Square

385,000

N/A

Development 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.


First Quarter 2026 Supplemental Information			Page 19

PORTFOLIO DATA


First Quarter 2026 Supplemental Information			Page 20



PROPERTY REPORT


As of March 31, 2026			Office and Retail Portfolios
			Net				Annualized
			Rentable				Base Rent per
		Year Built/	Square	Percentage	Annualized		Leased	Retail
Property	Location	Most 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, CA	2008	725,439	96.7%	$	48,292,889	$68.84
La Jolla Commons III	San Diego, CA	2025	206,231	49.2	3,557,590		35.06
Coastal Collection at Torrey Reserve (7)	San Diego, CA	1996/2022	552,276	86.8	24,851,903		51.84
Torrey Point	San Diego, CA	2017	94,854	99.6	6,219,751		65.84
Solana Crossing	Solana Beach, CA	1982/2022	224,009	76.1	8,763,054		51.41
The Landmark at One Market (8)	San Francisco, CA	1917/2000	422,426	98.3	42,795,807		103.06
One Beach Street	San Francisco, CA	1924/2024	89,067	35.4	—		—
First & Main	Portland, OR	2010	362,633	75.7	8,937,842		32.56
Lloyd Portfolio	Portland, OR	1940/2022	568,270	81.4	15,615,947		33.76
City Center Bellevue	Bellevue, WA	1987/2023	498,606	95.1	28,706,269		60.54
14Acres	Bellevue, WA	1985/2024	276,060	64.9	6,554,516		36.58
Timber Ridge	Bellevue, WA	1986	160,509	97.5	7,506,698		47.97
Timber Springs	Bellevue, WA	1983	93,295	75.2	2,747,148		39.16
Subtotal/Weighted Average Office Portfolio (9)			4,273,675	84.5%	$	204,549,414	$56.64
Retail Properties
Carmel Country Plaza	San Diego, CA	1991	78,098	98.0%	$	4,295,972	$56.13		Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza (10)	San Diego, CA	1994/2020	528,416	99.8	14,773,081		28.01	At Home Stores	Dick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine & More, Marshalls, Angelika Film Center
South Bay Marketplace (10)	San Diego, CA	1997/2018	132,877	97.8	2,538,753		19.54		Ross Dress for Less, Grocery Outlet, Old Navy
Gateway Marketplace (10)	San Diego, CA	1997/2016	127,861	98.9	2,569,168		20.32	Hobby Lobby	Smart & Final, Aldi
Lomas Santa Fe Plaza	Solana Beach, CA	1972/1997	208,297	97.9	6,763,059		33.16		Vons, Home Goods
Solana Beach Towne Centre	Solana Beach, CA	1973/2004	246,651	97.5	7,343,822		30.54		Dixieline Probuild, Marshalls, CVS Pharmacy
Geary Marketplace	Walnut Creek, CA	2012	35,097	98.3	1,267,747		36.75		Sprouts Farmers Market
The Shops at Kalakaua	Honolulu, HI	1971/2006	11,893	100.0	1,218,000		102.41		Hawaii Beachware & Fashion, Diesel U.S.A.
Waikele Center	Waipahu, HI	1993/2008	418,395	97.2	12,920,946		31.77	Lowe's, Safeway, Inspire Church	UFC Gym, Office Max, Old Navy
Alamo Quarry Market (10)	San Antonio, TX	1997/1999	588,148	98.9	16,476,582		28.33	Regal Cinemas	Whole Foods Market, Nordstrom Rack, Home Goods, Gold's Gym
Hassalo on Eighth - Retail	Portland, OR	2015	44,236	57.5	863,199		33.94		Providence Health & Services, Sola Salon
Subtotal/Weighted Average Retail Portfolio (9)			2,419,969	97.7%	$	71,030,329	$30.04
Total/Weighted Average Office and Retail Portfolio (9)			6,693,644	89.3%	$	275,579,743	$46.10


First Quarter 2026 Supplemental Information			Page 21



PROPERTY REPORT (CONTINUED)


As of March 31, 2026
										Average Monthly
		Year Built/		Percentage		Percentage		Annualized		Base Rent per
Property	Location	Most Recent Renovation	Units	Leased (2)		Occupied (2)		Base Rent (3)		Occupied Unit (4)
Loma Palisades	San Diego, CA	1958/2022	548	97.3%		95.6%		$	18,438,396	$	2,933
Imperial Beach Gardens	Imperial Beach, CA	1959/2023	160	96.9		95.6		4,981,524		$	2,714
Mariner's Point	Imperial Beach, CA	1986	88	95.5		92.1		2,317,632		$	2,383
Pacific Ridge Apartments	San Diego, CA	2013	533	98.3		95.7		26,008,200		$	4,249
Genesee Park	San Diego, CA	1985	192	99.5		98.4		5,018,676		$	2,214
Hassalo on Eighth - Multifamily (12)	Portland, OR	2015	657	92.7		92.1		12,109,044		$	1,668
Total/Weighted Average Multifamily Portfolio			2,178	96.2%		94.7%		$	68,873,472	$	2,783
Santa Fe Park RV Resort (11)	San Diego, CA	1971/2008	124	46.8		46.8		1,246,668		$	1,790
Total/Weighted Average Multifamily Portfolio (including Santa Fe Park RV Resort)			2,302	93.6%		92.1%		$	70,120,140	$	2,756

Mixed-Use Portfolio
			Net Rentable					Annualized Base
		Year Built/	Square	Percentage		Annualized		Rent per Leased		Retail
Retail Portion	Location	Most Recent Renovation	Feet (1)	Leased (2)		Base Rent (3)		Square Foot (4)		Anchor Tenant(s) (5)		Other Principal Retail Tenants (6)
Waikiki Beach Walk - Retail	Honolulu, HI	2006	93,925	96.2	%	$	9,975,837	$	110.41			Yardhouse, Roy's


		Year Built/		Average		Average		Revenue per
Hotel Portion	Location	Most Recent Renovation	Units	Occupancy (13)		Daily Rate (13)		Available Room (13)
Waikiki Beach Walk - Embassy Suites™	Honolulu, HI	2008/2020	369	91.9	%	$	332	$	305

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 March 31, 2026, including leases which may not have commenced as of March 31, 2026. Percentage occupied for our multifamily properties includes total units rented and occupied as of March 31, 2026. Percentage leased for our multifamily properties includes units leased but not occupied as of March 31, 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 March 31, 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 $37,358,105 to our estimate of annual triple net operating expenses of $10,934,785 for an estimated annualized base rent on a modified gross lease basis of $48,292,890 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 $4,487,018 to our estimate of annual triple net operating expenses of $2,067,498 for an estimated annualized base rent on a modified gross lease basis of $6,554,516 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 $5,311,016 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 $7,506,699 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 $1,832,106 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 $2,747,148 for Timber Springs.


First Quarter 2026 Supplemental Information			Page 22



PROPERTY REPORT (CONTINUED)

(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, by square footage under lease as of March 31, 2026. Annualized base rent per occupied unit for our multifamily properties is calculated by dividing annualized base rent by units occupied as of March 31, 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 March 31, 2026 is in the following table:


	Leased Square Feet			Annualized Base		Pro Forma Annualized
	Under Signed But	Annualized		Rent per		Base Rent per
	Not Commenced Leases (a)	Base Rent (b)		Leased Square Foot (b)		Leased Square Foot (c)
Office Portfolio	244,202	$	13,983,472	$	57.26	$	60.54
Retail Portfolio	7,600	$	356,930	$	46.96	$	30.19
Total Retail and Office Portfolio	251,802	$	14,340,402	$	56.95	$	48.53

(a) Office portfolio leases signed but not commenced of 104,731, 40,466, 44,542, and 54,463 square feet are expected to commence during the second, third, and fourth quarters of 2026 and first quarter of 2027, respectively. Retail portfolio leases signed but not commenced of 7,600 square feet are expected to commence during the third quarter of 2026.

(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 March 31, 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 March 31, 2026, by square footage under lease as of March 31, 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:


Property	Number of Ground Leases	Square Footage Leased Pursuant to Ground Leases	Aggregate Annualized Base Rent
Carmel Mountain Plaza	5	17,607	$	1,051,461
South Bay Marketplace	1	2,824	$	114,552
Alamo Quarry Market	4	31,994	$	723,455
Gateway Marketplace	1	18,903	$	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 March 31, 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 March 31, 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 March 31, 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 March 31, 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.


First Quarter 2026 Supplemental Information			Page 23



OFFICE AND RETAIL LEASING SUMMARY


As of March 31, 2026

Office Leasing Summary
Lease Type	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (3)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.



Total Leases	29	236,670	$	60.08	—		—		5.1	$	8,476,047	$	35.81
New Non-Comparable	14	128,214	$	61.27	—		—		6.1	$	7,273,177	$	56.73
Total Comparable (1)	15	108,456	$	58.66	4.8	%	10.6	%	3.9	$	1,202,869	$	11.09
New Comparable	4	28,875	$	50.98	3.7	%	8.9	%	4.3	$	712,560	$	24.68
Renewal Comparable (4)	11	79,581	$	61.45	5.1	%	11.2	%	3.7	$	490,309	$	6.16













Retail Leasing Summary
Lease Type	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (3)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.



Total Leases	14	38,581	$	45.69	—		—		4.3	$	325,000	$	8.42
New Non-Comparable	1	988	$	45.00	—		—		5.0	$	50,000	$	50.61
Total Comparable (1)	13	37,593	$	45.70	(2.0)	%	1.3	%	4.2	$	275,000	$	7.32
New Comparable	1	10,000	$	38.40	(17.8)	%	(22.0)	%	5.0	$	225,000	$	22.50
Renewal Comparable (4)	12	27,593	$	48.35	3.8	%	13.0	%	4.0	$	50,000	$	1.81

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.


First Quarter 2026 Supplemental Information			Page 24



MULTIFAMILY LEASING SUMMARY


As of March 31, 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
1st Quarter 2026	524	95.6%	$18,438,396	$2,933
4th Quarter 2025	520	94.9%	$18,131,064	$2,905
3rd Quarter 2025	500	91.2%	$17,579,544	$2,931
2nd Quarter 2025	505	92.2%	$17,530,764	$2,891

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
1st Quarter 2026	153	95.6%	$4,981,524	$2,714
4th Quarter 2025	146	91.3%	$4,754,016	$2,712
3rd Quarter 2025	143	89.4%	$4,698,804	$2,737
2nd Quarter 2025	142	88.8%	$4,841,556	$2,840

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
1st Quarter 2026	81	92.1%	$2,317,632	$2,383
4th Quarter 2025	81	92.1%	$1,928,100	$1,982
3rd Quarter 2025	81	92.1%	$2,320,500	$2,386
2nd Quarter 2025	78	88.6%	$2,439,192	$2,607

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
1st Quarter 2026	58	46.8%	$1,246,668	$1,790
4th Quarter 2025	56	45.2%	$1,064,856	$1,583
3rd Quarter 2025	72	58.1%	$1,586,304	$1,835
2nd Quarter 2025	95	76.6%	$2,229,156	$1,956

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
1st Quarter 2026	510	95.7%	$26,008,200	$4,249
4th Quarter 2025	523	98.1%	$24,977,172	$3,981
3rd Quarter 2025	491	92.1%	$24,734,688	$4,199
2nd Quarter 2025	443	83.1%	$22,982,460	$4,324

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
1st Quarter 2026	189	98.4%	$5,018,676	$2,214
4th Quarter 2025	186	96.9%	$4,878,144	$2,185
3rd Quarter 2025	187	97.4%	$4,899,912	$2,183
2nd Quarter 2025	183	95.3%	$4,753,440	$2,165


First Quarter 2026 Supplemental Information			Page 25



MULTIFAMILY LEASING SUMMARY (CONTINUED)


As of March 31, 2026
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
1st Quarter 2026	605	92.1%	$12,109,044	$1,668
4th Quarter 2025	585	89.0%	$11,814,288	$1,684
3rd Quarter 2025	590	89.8%	$11,823,060	$1,670
2nd Quarter 2025	582	88.6%	$11,706,456	$1,676

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
1st Quarter 2026	2,120	92.1%	$70,120,140	$2,756
4th Quarter 2025	2,097	91.1%	$67,547,640	$2,684
3rd Quarter 2025	2,064	89.7%	$67,642,812	$2,730
2nd Quarter 2025	2,028	88.1%	$66,483,024	$2,732

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.


First Quarter 2026 Supplemental Information			Page 26



MIXED-USE LEASING SUMMARY


As of March 31, 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
1st Quarter 2026	90,346	96.2%	$9,975,837	$110
4th Quarter 2025	90,346	96.2%	$9,628,291	$107
3rd Quarter 2025	89,204	95.0%	$9,882,053	$111
2nd Quarter 2025	89,204	95.0%	$9,807,163	$110

Lease Summary - Hotel Portion
	Number of Leased Units	Average Occupancy (4)	Average Daily Rate (4)	Annualized Revenue per Available Room (4)
Quarter
1st Quarter 2026	339	91.9%	$332	$305
4th Quarter 2025	298	80.7%	$352	$284
3rd Quarter 2025	289	78.3%	$381	$298
2nd Quarter 2025	317	86.0%	$355	$305

Notes:

(1) Percentage leased for mixed-use property includes square footage under leases as of March 31, 2026, including leases which may not have commenced as of March 31, 2026.

(2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 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 March 31, 2026.

(4) Average occupancy represents the percentage of available units that were sold during the three months ended March 31, 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.


First Quarter 2026 Supplemental Information			Page 27



LEASE EXPIRATIONS


As of March 31, 2026
Assumes no exercise of lease options
	Office						Retail						Mixed-Use (Retail Portion Only)						Total
		% of		% of		Annualized		% of		% of		Annualized		% of		% of		Annualized		% of		Annualized
	Expiring	Office		Total		Base Rent	Expiring	Retail		Total		Base Rent	Expiring	Mixed-Use		Total		Base Rent	Expiring	Total		Base Rent
Year	Sq. 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 Month	80,464	1.9	%	1.2	%	$0.69	10,399	0.4	%	0.2	%	$32.05	2,512	2.7	%	—	%	$11.26	93,375	1.4	%	$4.47
2026	239,258	5.6		3.5		47.61	68,719	2.8		1.0		52.57	6,866	7.3		0.1		156.90	314,843	4.6		51.08
2027	380,672	8.9		5.6		53.31	320,029	13.2		4.7		33.08	5,786	6.2		0.1		132.45	706,487	10.4		44.79
2028	537,148	12.6		7.9		61.10	536,357	22.2		7.9		24.84	20,401	21.7		0.3		111.46	1,093,906	16.1		44.26
2029	904,865	21.2		13.3		67.55	327,883	13.5		4.8		32.31	13,199	14.1		0.2		146.70	1,245,947	18.4		59.11
2030	346,683	8.1		5.1		44.95	183,390	7.6		2.7		37.91	17,384	18.5		0.3		71.71	547,457	8.1		43.44
2031	299,992	7.0		4.4		58.19	246,309	10.2		3.6		33.31	17,134	18.2		0.3		122.94	563,435	8.3		49.28
2032	119,551	2.8		1.8		54.70	130,509	5.4		1.9		29.99	—	—		—		—	250,060	3.7		41.80
2033	111,470	2.6		1.6		56.35	159,643	6.6		2.4		24.70	—	—		—		—	271,113	4.0		37.71
2034	133,813	3.1		2.0		57.60	119,699	4.9		1.8		27.27	973	1.0		—		216.48	254,485	3.7		43.94
2035	88,446	2.1		1.3		44.65	112,833	4.7		1.7		26.35	—	—		—		—	201,279	3.0		34.39
Thereafter	124,440	2.9		1.8		42.13	140,995	5.8		2.1		23.63	5,630	6.0		0.1		58.61	271,065	4.0		32.85
Signed Leases Not Commenced	244,202	5.7		3.6		—	7,600	0.3		0.1		—	461	0.5		—		—	252,263	3.7		—
Available	662,671	15.5		9.8		—	55,604	2.3		0.8		—	3,579	3.8		0.1		—	721,854	10.6		—
Total (2)	4,273,675	100.0	%	63.0	%	$44.09	2,419,969	100.0	%	35.7	%	$29.35	93,925	100.0	%	1.4	%	$106.21	6,787,569	100.0	%	$39.69

Assumes all lease options are exercised
	Office						Retail						Mixed-Use (Retail Portion Only)						Total
		% of		% of		Annualized		% of		% of		Annualized		% of		% of		Annualized		% of		Annualized
	Expiring	Office		Total		Base Rent	Expiring	Retail		Total		Base Rent	Expiring	Mixed-Use		Total		Base Rent	Expiring	Total		Base Rent
Year	Sq. 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 Month	80,464	1.9	%	1.2	%	$0.69	10,399	0.4	%	0.2	%	$32.05	2,512	2.7	%	—	%	$11.26	93,375	1.4	%	$4.47
2026	124,343	2.9		1.8		49.05	28,993	1.2		0.4		61.53	3,825	4.1		0.1		142.54	157,161	2.3		53.63
2027	124,069	2.9		1.8		59.84	76,660	3.2		1.1		41.44	4,525	4.8		0.1		133.36	205,254	3.0		54.59
2028	104,978	2.5		1.5		48.81	127,879	5.3		1.9		28.13	13,487	14.4		0.2		84.06	246,344	3.6		40.00
2029	112,465	2.6		1.7		53.23	123,489	5.1		1.8		34.24	7,797	8.3		0.1		180.92	243,751	3.6		47.69
2030	224,407	5.3		3.3		36.30	134,082	5.5		2.0		35.22	3,646	3.9		0.1		52.93	362,135	5.3		36.07
2031	115,377	2.7		1.7		57.13	62,001	2.6		0.9		52.61	20,175	21.5		0.3		130.78	197,553	2.9		63.23
2032	300,777	7.0		4.4		53.95	163,275	6.7		2.4		32.02	911	1.0		—		98.88	464,963	6.9		46.34
2033	344,925	8.1		5.1		67.38	102,190	4.2		1.5		31.77	6,914	7.4		0.1		164.90	454,029	6.7		60.85
2034	137,228	3.2		2.0		50.93	224,771	9.3		3.3		30.27	5,402	5.8		0.1		97.32	367,401	5.4		38.97
2035	103,996	2.4		1.5		56.85	37,875	1.6		0.6		41.50	14,088	15.0		0.2		79.96	155,959	2.3		55.21
Thereafter	1,593,773	37.3		23.5		60.64	1,265,151	52.3		18.6		26.14	6,603	7.0		0.1		81.88	2,865,527	42.2		45.46
Signed Leases Not Commenced	244,202	5.7		3.6		—	7,600	0.3		0.1		—	461	0.5		—		—	252,263	3.7		—
Available	662,671	15.5		9.8		—	55,604	2.3		0.8		—	3,579	3.8		0.1		—	721,854	10.6		—
Total (2)	4,273,675	100.0	%	63.0	%	$44.09	2,419,969	100.0	%	35.7	%	$29.35	93,925	100.0	%	1.4	%	$106.21	6,787,569	100.0	%	$39.69


First Quarter 2026 Supplemental Information			Page 28



LEASE EXPIRATIONS (CONTINUED)

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 March 31, 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.


First Quarter 2026 Supplemental Information			Page 29



PORTFOLIO LEASED STATISTICS


	At March 31, 2026				At March 31, 2025
Type	Size	Leased (1)	Leased %		Size	Leased (1)	Leased %
Overall Portfolio(2) Statistics
Office Properties (square feet)	4,273,675	3,611,004	84.5	%	4,077,376	3,484,902	85.5	%
Retail Properties (square feet)	2,419,969	2,364,365	97.7	%	2,420,247	2,356,245	97.4	%
Multifamily Properties (units) (3)	2,178	2,062	94.7	%	2,178	1,991	91.4	%
Mixed-Use Properties (square feet)	93,925	90,346	96.2	%	93,925	83,911	89.3	%
Mixed-Use Properties (units) (4)	369	339	91.9	%	369	312	84.6	%

Same-Store(2) (5) Statistics
Office Properties (square feet)	4,067,444	3,509,621	86.3	%	4,077,376	3,484,902	85.5	%
Retail Properties (square feet)	2,419,969	2,364,365	97.7	%	2,420,247	2,356,245	97.4	%
Multifamily Properties (units) (3)	1,986	1,873	94.3	%	1,986	1,813	91.3	%
Mixed-Use Properties (square feet)	93,925	90,346	96.2	%	93,925	83,911	89.3	%
Mixed-Use Properties (units) (4)	369	339	91.9	%	369	312	84.6	%

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 three months ended March 31, 2026 and 2025.

(5) 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.


First Quarter 2026 Supplemental Information			Page 30



TOP TENANTS - OFFICE


As of March 31, 2026
	Tenant	Property	Lease Expiration	Total Occupied Square Feet	Rentable Square Feet as a Percentage of Total Office		Rentable Square Feet as a Percentage of Total		Annualized Base Rent		Annualized Base Rent as a Percentage of Total Office
1	Google LLC	The Landmark at One Market	12/31/2029	253,198	5.9	%	3.7	%	$	28,213,097	13.8	%
2	LPL Holdings, Inc.	La Jolla Commons	4/30/2029	421,001	9.9		6.2		21,048,719		10.3
3	Autodesk, Inc. (1)	The Landmark at One Market	12/31/2028 6/30/2031	138,615	3.2		2.0		14,142,816		6.9
4	Smartsheet, Inc. (2)	City Center Bellevue	12/31/2026 4/30/2029 12/31/2032	123,041	2.9		1.8		7,421,805		3.6
5	Databricks, Inc. (3)	City Center Bellevue	11/30/2027 1/31/2028 3/31/2028 10/31/2028	87,685	2.1		1.3		5,515,520		2.7
6	Illumina, Inc.	La Jolla Commons	10/31/2027	73,176	1.7		1.1		5,110,316		2.5
7	Industrious (4)	City Center Bellevue La Jolla Commons	4/30/2033 3/31/2034 7/31/2035	75,749	1.8		1.1		4,015,281		2.0
8	State of Oregon: Department of Environmental Quality	Lloyd Portfolio	10/31/2031	87,787	2.1		1.3		3,207,179		1.6
9	Top technology tenant (5)	La Jolla Commons	8/31/2030	40,800	1.0		0.6		2,674,996		1.3
10	Genentech, Inc.	Lloyd Portfolio	10/31/2026	66,852	1.6		1.0		2,554,393		1.2
	Top 10 Office Tenants Total			1,367,904	32.2	%	20.1	%	$	93,904,122	45.9	%

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., 39,394, 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, 27,984, 37,500, and 4,578 of leased square feet have a lease expiration of November 30, 2027, January 31, 2028, March 31, 2028, and October 31, 2028, respectively.

(4) For Industrious, 18,090, 37,166, and 20,493 of leased square feet have a lease expiration of 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.


First Quarter 2026 Supplemental Information			Page 31



TOP TENANTS - RETAIL


As of March 31, 2026
	Tenant	Property(ies)	Lease Expiration	Total Occupied Square Feet	Rentable Square Feet as a Percentage of Total Retail		Rentable Square Feet as a Percentage of Total		Annualized Base Rent		Annualized Base Rent as a Percentage of Total Retail
1	Lowe's	Waikele Center	5/31/2028	155,000	6.4	%	2.3	%	$	4,092,000	5.8	%
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	Vons (4)	Lomas Santa Fe Plaza	12/31/2027	49,895	2.1		0.7		1,609,086		2.3
6	Old Navy (5)	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 (6)	Solana Beach Towne Centre Hassalo on Eighth - Retail 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		1,221,619		1.7
8	Safeway	Waikele Center	1/31/2040	50,050	2.1		0.7		1,201,200		1.7
9	HomeGoods (7)	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 Lobby	Gateway Marketplace	9/30/2036	64,900	2.7		1.0		1,172,885		1.7
	Top 10 Retail Tenants Total			679,727	28.3	%	10.0	%	$	17,759,022	25.1	%

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 Vons, on April 9, 2026, we entered into an extension of 49,895 of leased square feet which have a lease expiration of December 31, 2047.

(5) 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.

(6) 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.

(7) 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.


First Quarter 2026 Supplemental Information			Page 32

APPENDIX


First Quarter 2026 Supplemental Information			Page 33



GLOSSARY OF TERMS

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 months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended
	March 31,
	2026		2025
Net income	$	6,739	$	54,107
Depreciation and amortization	32,311		30,494
Interest expense, net	19,707		18,780
Interest income	(715)		(1,332)
Income tax expense	101		417
Gain on sale of real estate	—		(44,476)
EBITDA	$	58,143	$	57,990

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 months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended
	March 31,
	2026		2025
EBITDA	$	58,143	$	57,990
Pro forma adjustments	—		—


Adjusted EBITDA	$	58,143	$	57,990

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 months ended March 31, 2026 and 2025 is as follows:


	Three Months Ended
	March 31,
	2026		2025
Net income	$	6,739	$	54,107
Depreciation and amortization	32,311		30,494
Interest expense, net	19,707		18,780
Interest income	(715)		(1,332)
Income tax expense	101		417
Gain on sale of real estate	—		(44,476)
EBITDAre	$	58,143	$	57,990


First Quarter 2026 Supplemental Information			Page 34



GLOSSARY OF TERMS (CONTINUED)

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 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. Capital expenditures do not include capital expenditures incurred in connection with repositioning activities, as well as planned capital expenditures identified at the time of acquisition. 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
	March 31,
Reconciliation of NOI to net income	2026		2025
Total NOI	$	66,926	$	67,302
General and administrative	(8,783)		(9,312)
Depreciation and amortization	(32,311)		(30,494)
Gain on sale of real estate	—		44,476
Operating Income	$	25,832	$	71,972
Interest expense, net	(19,707)		(18,780)

Other income, net	614		915





Net income	$	6,739	$	54,107
Net income attributable to restricted shares	(236)		(203)
Net income attributable to unitholders in the Operating Partnership	(1,369)		(11,369)
Net income attributable to American Assets Trust, Inc. stockholders	$	5,134	$	42,535

Overall Portfolio: Includes all operating properties owned by us as of March 31, 2026.


First Quarter 2026 Supplemental Information			Page 35



GLOSSARY OF TERMS (CONTINUED)

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
	March 31,
Reconciliation of Total Cash NOI to Net Income	2026		2025
Total Cash NOI	$	66,086	$	66,962
Lease termination fees and tenant improvement reimbursements	244		174
Non-cash revenue and other operating expenses (1)	596		166
General and administrative	(8,783)		(9,312)
Depreciation and amortization	(32,311)		(30,494)
Gain on sale of real estate	—		44,476
Operating income	$	25,832	$	71,972
Interest expense, net	(19,707)		(18,780)

Other income, net	614		915
Net income	$	6,739	$	54,107

(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.


First Quarter 2026 Supplemental Information			Page 36



GLOSSARY OF TERMS (CONTINUED)

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)
	March 31,
Reconciliation of Same-Store Cash NOI Comparison to Operating Income	2026		2025
Same-Store Cash NOI	$	66,371	$	66,382
Non-Same Store Cash NOI	(285)		580
Total Cash NOI	$	66,086	$	66,962
Lease termination fees and tenant improvement reimbursements (2)	244		174
Non-cash revenue and other operating expenses (3)	596		166
General and administrative	(8,783)		(9,312)
Depreciation and amortization	(32,311)		(30,494)
Gain on sale of real estate	—		44,476
Operating income	$	25,832	$	71,972
Interest expense, net	(19,707)		(18,780)

Other income, net	614		915
Net income	$	6,739	$	54,107

(1) For the three months ended March 31, 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.

(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) 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.


First Quarter 2026 Supplemental Information			Page 37



GLOSSARY OF TERMS (CONTINUED)

Comparison of Three Months Ended

March 31, 2026 to 2025

Same-Store

Non Same-Store

Office Properties

La Jolla Commons (1)

Coastal Collection at Torrey Reserve (formerly Torrey Reserve Campus)

Torrey Point

Solana Crossing

The Landmark at One Market

One Beach Street (2)

First & Main

Lloyd Portfolio

City Center Bellevue

14Acres

Timber Ridge

Timber Springs

Retail Properties

Carmel Country Plaza

Carmel Mountain Plaza

South Bay Marketplace

Gateway Marketplace

Lomas Santa Fe Plaza

Solana Beach Towne Centre

Geary Marketplace

The Shops at Kalakaua

Waikele Center

Alamo Quarry Market

Hassalo on Eighth - Retail

Multifamily Properties

Loma Palisades

Imperial Beach Gardens

Mariner's Point

Santa Fe Park RV Resort

Pacific Ridge Apartments

Genesee Park

Hassalo on Eighth

Mixed-Use Properties

Waikiki Beach Walk - Retail

Waikiki Beach Walk - Embassy Suites™

Development Properties

Solana Crossing - Land

Lloyd Portfolio - Land (2)

(1) La Jolla Commons Tower III is considered non same-store, as it was placed into service on April 1, 2025.


First Quarter 2026 Supplemental Information			Page 38



GLOSSARY OF TERMS (CONTINUED)

(2) One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. One Beach Street is considered same-store for the three months ended March 31, 2026 since 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.

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.


First Quarter 2026 Supplemental Information			Page 39

Source: View Original Filing on SEC EDGAR

FAQ

How did American Assets Trust (AAT) perform financially in Q1 2026?

American Assets Trust generated net income of $6.7 million in Q1 2026, versus $54.1 million a year earlier, mainly because 2025 included a large property sale gain. FFO was $38.8 million, or $0.51 per diluted share, slightly below $0.52 in 2025.

What were American Assets Trust’s key operating metrics in Q1 2026?

Total revenue reached $110.6 million, up from $108.6 million in Q1 2025. Same-store cash NOI was roughly flat at $66.4 million. Portfolio leasing stayed strong, with office 84.5% leased, retail 97.7%, multifamily 94.7%, and hotel occupancy at 91.9%.

How did leasing activity trend for American Assets Trust in Q1 2026?

During Q1 2026, American Assets Trust leased about 237,000 square feet of office and 39,000 square feet of retail space. Comparable office leases achieved average cash rent increases of 4.8%, with 10.6% straight-line growth, while retail saw a 2.0% cash decline but 1.3% straight-line growth.

What is American Assets Trust’s liquidity and debt position as of March 31, 2026?

As of March 31, 2026, American Assets Trust reported $3.8 billion in gross real estate assets and liquidity of $518.3 million, including $118.3 million of cash and $400.0 million of revolver availability. Total debt was $1.7 billion, with only one of 31 assets mortgage-encumbered.

What changes did American Assets Trust make to its credit facility in April 2026?

On April 1, 2026, the company amended and restated its credit facility to expand borrowing capacity to $600 million, including a $500 million revolving line and a $100 million term loan. The maturity date was extended to April 1, 2030, with additional extension options.

What dividend did American Assets Trust declare for 2026 and what is its 2026 guidance?

The company paid a $0.340 per share common dividend for Q1 2026 and declared the same amount for Q2 2026, payable June 18, 2026. It reaffirmed full-year 2026 FFO guidance of $1.96 to $2.10 per diluted share, with a midpoint of $2.03.

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American Assets Trust (NYSE: AAT) Q1 2026 results and credit facility boost

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FAQ

How did American Assets Trust (AAT) perform financially in Q1 2026?

What were American Assets Trust’s key operating metrics in Q1 2026?

How did leasing activity trend for American Assets Trust in Q1 2026?

What is American Assets Trust’s liquidity and debt position as of March 31, 2026?

What changes did American Assets Trust make to its credit facility in April 2026?

What dividend did American Assets Trust declare for 2026 and what is its 2026 guidance?

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American Assets Trust (NYSE: AAT) Q1 2026 results and credit facility boost

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Key Figures

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FAQ

How did American Assets Trust (AAT) perform financially in Q1 2026?

What were American Assets Trust’s key operating metrics in Q1 2026?

How did leasing activity trend for American Assets Trust in Q1 2026?

What is American Assets Trust’s liquidity and debt position as of March 31, 2026?

What changes did American Assets Trust make to its credit facility in April 2026?

What dividend did American Assets Trust declare for 2026 and what is its 2026 guidance?

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