American Assets Trust, Inc.

American Assets Trust, Inc. (AAT) is a Maryland corporation and a full-service, vertically integrated, self-administered real estate investment trust (REIT). The company owns, operates, acquires and develops a diversified portfolio of office, retail, multifamily and mixed-use properties in select high-barrier-to-entry markets.

Key business characteristics

• Property types: office, retail, multifamily, and a mixed-use property with a 369-room hotel and retail frontage.
• Portfolio size (as of December 31, 2025):
  • Total operating portfolio: 31 properties
  • Office and retail space: approximately 6.8 million rentable square feet
  • Residential units: 2,302 (including 120 RV spaces)
  • Hotel: 369 rooms
  • Held-for-development/construction sites: 2 properties
• Core markets: San Diego; San Francisco Bay Area (California); Bellevue, WA; Portland, OR; and Oahu, HI
• Organizational structure: American Assets Trust, Inc. is the sole general partner of its Operating Partnership; as of December 31, 2025, AAT owned about 78.95% of the Operating Partnership, consolidating its assets and results.
• Employees: 232 (as of December 31, 2025). None of the employees are represented by a union.

Revenue and income highlights (year ended December 31, 2025)

• Total property operating income by segment:
  • Office: $139,139 thousand
  • Retail: $68,338 thousand
  • Multifamily: $37,010 thousand
  • Mixed-Use: $22,122 thousand
  • Total: $266,609 thousand
• Annualized base rent (commenced leases, year ended 12/31/2025) by segment:
  • Office: $201,335,249
  • Retail: $70,277,527
  • Mixed-Use (retail portion lease base): combined weighted portfolio figures used for reporting
  • Combined total for Office and Retail portfolio: $271,612,776 (annualized base rent)
  • Per leased square foot for office/retail (weighted): $56.69 (office) and $29.72 (retail)
• Portfolio leasing metrics (selected):
  • Office portfolio: 4,273,675 RSF leased at 83.1% occupancy
  • Retail portfolio: 2,419,969 RSF leased at 97.7% occupancy
  • Mixed-Use Waikiki Beach Walk retail: 93,925 RSF leased at 96.2% occupancy; annualized base rent for the retail portion: $9,628,291; rent per SF: $106.56
  • Mixed-Use Waikiki Beach Walk Embassy Suites (hotel): 369 rooms; occupancy 82.3%; ADR approximately $359.93; RevPAR approximately $296.35
• Multifamily portfolio (including Santa Fe Park RV Resort in the overall multifamily total):
  • Total multifamily units (including Santa Fe Park RV Resort): 2,302
  • Leased/occupied metrics for multifamily: about 92.8% leased and 91.1% occupied on a combined basis
  • Multifamily annualized base rent: $66,482,784
  • Average monthly base rent per occupied unit: $2,715

Tenancy and concentration

• As of 12/31/2025, no single tenant accounted for more than 10% of total revenues.
• Top office tenants by annualized base rent:
  • Google LLC (The Landmark at One Market): $27,659,898 (approx. 9.8% of total base rent for the combined office portfolio)
  • LPL Holdings, Inc. (La Jolla Commons): $21,048,719 (approx. 7.5%)
  • Autodesk, Inc. (The Landmark at One Market): $13,730,889 (approx. 4.9%)
• Office rents are concentrated among a handful of major tenants, while company-wide revenues are diversified across the portfolio.

Notable properties and results

• La Jolla Commons (multiple phases) and other California assets contribute a substantial share of office base rent.
• Retail assets include a mix of regional centers in California and Hawaii, with weighted-average occupancy near 98% for several centers.
• The Waikiki Beach Walk mixed-use asset includes both retail and an Embassy Suites hotel, reflecting AAT’s mixed-use exposure.

Customers, operations and governance

• Lease counts:
  • Office and retail leases: approximately 735
  • Residential leases: approximately 2,041
  • Retail component of mixed-use: approximately 66
• The firm uses third-party property managers for certain properties and maintains a governance framework for cybersecurity and risk management.

Summary observations

• The operating profile is diversified across four property segments, with total annualized base rent of about $271.6 million for the Office and Retail portfolio and total property operating income of about $266.6 million for all four segments in 2025.
• The portfolio is concentrated in California and adjacent markets, with a meaningful mixed-use presence in Waikiki, Hawaii, and a multifamily footprint in Southern California and the Pacific Northwest.
• The workforce is modest (232 employees), and the company operates as a REIT with the associated distribution and tax considerations described in its risk factors.