American Assets Trust (AAT) director receives 3,843-share restricted stock grant

Rhea-AI Filing Summary

Schaefer Joy L. reported acquisition or exercise transactions in this Form 4 filing.

American Assets Trust, Inc. director Joy L. Schaefer received a grant of 3,843 shares of restricted common stock as compensation for service as a non-employee director under the company’s Amended and Restated 2011 Equity Incentive Award Plan. The award was made at no cash purchase price.

Following this grant, she holds 8,296 shares of common stock directly and 10,859 shares indirectly through the Joy L. Schaefer Skaggs Separate Property Trust, for which she disclaims beneficial ownership except to the extent of her pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Schaefer Joy L.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, par value $0.01	3,843	$0.00	--
holding	Common Stock, par value $0.01	--	--	--

Holdings After Transaction: Common Stock, par value $0.01 — 8,296 shares (Direct, null); Common Stock, par value $0.01 — 10,859 shares (Indirect, By Trust)

Footnotes (1)

1. Shares of restricted common stock issued to the Reporting Person as a non-employee director pursuant to the American Assets Trust, Inc. and American Assets Trust, L.P. Amended and Restated 2011 Equity Incentive Award Plan. The shares are held by the Joy L. Schaefer Skaggs Separate Property Trust. The reporting person disclaims beneficial ownership of these shares except to the extent of her pecuniary interest therein.

Key Figures

Restricted stock grant: 3,843 shares Grant price: $0.0000 per share Direct holdings after grant: 8,296 shares +1 more

4 metrics

Restricted stock grant 3,843 shares Award of restricted common stock to non-employee director

Grant price $0.0000 per share Stated price for restricted stock award

Direct holdings after grant 8,296 shares Common stock directly owned by Joy L. Schaefer

Indirect trust holdings 10,859 shares Shares held by Joy L. Schaefer Skaggs Separate Property Trust

Key Terms

restricted common stock, Equity Incentive Award Plan, pecuniary interest, non-employee director

4 terms

restricted common stock financial

"Shares of restricted common stock issued to the Reporting Person as a non-employee director"

Restricted common stock is company shares that carry limits on selling or transferring for a set period or until certain conditions are met, like time-based vesting or regulatory clearance. Think of them as shares in a locked box that gradually open; they can become freely tradable later but initially reduce the number of shares available on the market. Investors watch restricted stock because its eventual release can change a company’s share supply, affect stock price, and influence control and dilution.

Equity Incentive Award Plan financial

"pursuant to the American Assets Trust, Inc. and American Assets Trust, L.P. Amended and Restated 2011 Equity Incentive Award Plan"

pecuniary interest financial

"disclaims beneficial ownership of these shares except to the extent of her pecuniary interest therein"

non-employee director financial

"issued to the Reporting Person as a non-employee director pursuant to the"

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Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Schaefer Joy L.

(Last) (First) (Middle)

C/O AMERICAN ASSETS TRUST, INC.

3420 CARMEL MOUNTAIN ROAD, SUITE 100

(Street)

SAN DIEGO CALIFORNIA 92121

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
American Assets Trust, Inc. [ AAT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01	06/01/2026		A		3,843(1)	A	$0	8,296	D
Common Stock, par value $0.01								10,859	I	By Trust(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares of restricted common stock issued to the Reporting Person as a non-employee director pursuant to the American Assets Trust, Inc. and American Assets Trust, L.P. Amended and Restated 2011 Equity Incentive Award Plan.

2. The shares are held by the Joy L. Schaefer Skaggs Separate Property Trust. The reporting person disclaims beneficial ownership of these shares except to the extent of her pecuniary interest therein.

Remarks:

	/s/ Meleana Leaverton, Attorney-in-fact	06/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did AAT director Joy L. Schaefer report?

AAT director Joy L. Schaefer reported receiving 3,843 shares of restricted common stock as a compensation grant. The award was issued under American Assets Trust’s Amended and Restated 2011 Equity Incentive Award Plan for non-employee directors, with no cash purchase price per share.

How many AAT shares does Joy L. Schaefer hold after this Form 4?

After this filing, Joy L. Schaefer holds 8,296 American Assets Trust common shares directly. She is also reported as holding 10,859 shares indirectly through the Joy L. Schaefer Skaggs Separate Property Trust, while disclaiming beneficial ownership except for her pecuniary interest in those trust-held shares.

What type of shares did AAT grant to Joy L. Schaefer?

The company granted Joy L. Schaefer restricted shares of American Assets Trust common stock. These restricted common shares were issued as a non-employee director award under the Amended and Restated 2011 Equity Incentive Award Plan, reflecting equity-based compensation instead of a cash payment.

Was Joy L. Schaefer’s AAT stock grant an open-market purchase?

No, the reported AAT transaction was not an open-market purchase. It was a grant of 3,843 restricted common shares at a stated price of $0.0000 per share, classified as a compensation-related award rather than a market trade initiated by the director.

How are AAT shares held through the Joy L. Schaefer Skaggs Trust treated?

The Form 4 states 10,859 American Assets Trust shares are held by the Joy L. Schaefer Skaggs Separate Property Trust. The reporting person disclaims beneficial ownership of these shares, except to the extent of her pecuniary interest, indicating limited economic attribution to her personally.