American Assets Trust (NYSE: AAT) leader adds 10,748 indirect shares

Rhea-AI Filing Summary

American Assets Trust, Inc. Executive Chairman Ernest S. Rady reported open‑market purchases of a total of 10,748 shares of common stock at prices of $20.06 and $19.52 per share. The shares were bought indirectly by the Ernest Rady Trust, for which he serves as trustee, and he disclaims beneficial ownership except for his pecuniary interest.

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

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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^*

RADY ERNEST S

(Last) (First) (Middle)

C/O AMERICAN ASSETS TRUST, INC.

3420 CARMEL MOUNTAIN ROAD, SUITE 100

(Street)

SAN DIEGO CA 92121

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
02/25/2026

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

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

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

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	02/25/2026		P		5,597	A	$19.52	8,109,414	I	By ERT(1)
Common Stock, par value $0.01	02/26/2026		P		5,151	A	$20.06	8,114,565	I	By ERT(1)
Common Stock, par value $0.01								2,267,022	I	By AAI(2)
Common Stock, par value $0.01								1,275,336	I	By ICW(3)
Common Stock, par value $0.01								1,009,021	I	By RF(4)
Common Stock, par value $0.01								200,000	I	By EIC(5)
Common Stock, par value $0.01								100,459	I	By ESRT(6)
Common Stock, par value $0.01								66,680	D(7)

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. Represents shares held by Ernest Rady Trust U/D/T March 10, 1983 ("ERT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

2. Represents shares held by American Assets, Inc. ("AAI"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

3. Represents shares held by Insurance Company of the West ("ICW"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

4. Represents shares held by Rady Foundation ("RF"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

5. Represents shares held by Explorer Insurance Company ("EIC"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

6. Represents shares held by Evelyn Shirley Rady Trust U/D/T March 10, 1983 ("ESRT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

7. Represents shares held by Ernest Rady IRA.

Remarks:

	/s/ Adam Wyll, Attorney-in-fact	02/26/2026
	** 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.

FAQ

What insider transactions did AAT executive Ernest S. Rady report?

Ernest S. Rady reported indirect open-market purchases totaling 10,748 American Assets Trust (AAT) common shares. The trades occurred at prices of $20.06 and $19.52 per share, increasing trust-held positions associated with him while he disclaims beneficial ownership beyond his pecuniary interest.

On what dates did the reported AAT insider share purchases occur?

The reported American Assets Trust (AAT) insider purchases occurred on February 25 and February 26, 2026. On these dates, entities associated with Ernest S. Rady bought common stock in open-market transactions, as reflected in the Form 4 filing’s non-derivative transaction entries.

How many AAT shares were bought in each reported insider transaction?

The Form 4 shows two separate purchases of American Assets Trust (AAT) common stock. One transaction involved 5,597 shares, and the other involved 5,151 shares. Together, these open-market trades total 10,748 shares acquired indirectly through the Ernest Rady Trust entity.

At what prices were the recent AAT insider share purchases executed?

The reported insider purchases of American Assets Trust (AAT) common stock were executed at $19.52 and $20.06 per share. These prices apply to the two non-derivative open-market transactions, reflecting the consideration paid for the 10,748 total shares acquired indirectly through the trust.

Through which entities are Ernest S. Rady’s AAT holdings reported?

Ernest S. Rady’s American Assets Trust (AAT) holdings are reported indirectly through several entities, including Ernest Rady Trust, American Assets, Inc., Insurance Company of the West, Rady Foundation, Explorer Insurance Company, Evelyn Shirley Rady Trust, and an Ernest Rady IRA, with beneficial ownership disclaimed except for pecuniary interests.

Does Ernest S. Rady directly own AAT shares in the Form 4 filing?

The filing lists one direct holding line for 66,680 American Assets Trust (AAT) shares and multiple indirect holdings via various entities. Footnotes state he disclaims beneficial ownership of many indirect positions, except to the extent of his pecuniary interest in those entities or accounts.