Form 8-K - Current report

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):

February 4, 2025

_________________________

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 February 4, 2025, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter and fiscal year ending December 31, 2024. Also on February 4, 2025, 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 and fiscal year ending December 31, 2024. 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 and fiscal year ending December 31, 2024 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 February 4, 2025.
99.2**						American Assets Trust, Inc. Supplemental Information for the quarter ended December 3 1 , 2024.
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
February 4, 2025

American Assets Trust, Inc. Reports Fourth Quarter and Year End 2024 Financial Results

Net income available to common stockholders of $9.0 million and $56.8 million for the three months and year ended December 31, 2024, respectively, or $0.15 and $0.94 per diluted share, respectively.

Funds from Operations ("FFO") per diluted share decreased 4% and increased 8% year-over-year for the three months and year ended December 31, 2024, respectively, to $0.55 and $2.58 per diluted share, respectively.

Introducing 2025 annual guidance midpoint of $1.94 with a range of $1.87 to $2.01 of FFO per diluted share.

SAN DIEGO, California - 2/4/2025 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2024.

Fourth Quarter Highlights

•Net income available to common stockholders of $9.0 million and $56.8 million for the three months and year ended December 31, 2024, respectively, or $0.15 and $0.94 per diluted share, respectively.

•FFO decreased 4% and increased 8% year-over-year to $0.55 and $2.58 per diluted share for the three months and year ended December 31, 2024, respectively, compared to the same periods in 2023.

•Same-store cash Net Operating Income ("NOI") increased 2.6% and 1.4% year-over-year for the three months and year ended December 31, 2024, respectively, compared to the same periods in 2023.

•Introducing 2025 annual guidance midpoint of $1.94 with a range of $1.87 to $2.01 of FFO per diluted share.

•Leased approximately 57,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 11% and 2%, respectively, during the fourth quarter.

•Leased approximately 100,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 31% and 7%, respectively, during the fourth quarter.

Financial Results


(Unaudited, amounts in thousands, except per share data)	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Net income attributable to American Assets Trust, Inc. stockholders	$	8,977	$	10,481	$	56,798	$	50,378
Basic and diluted income attributable to common stockholders per share	$	0.15	$	0.17	$	0.94	$	0.84
FFO attributable to common stock and common units	$	42,110	$	43,210	$	197,526	$	183,441
FFO per diluted share and unit	$	0.55	$	0.57	$	2.58	$	2.40
FFO per diluted share and unit, excluding lease termination fees and litigation income (1)	$	0.55	$	0.57	$	2.30	$	2.31

(1) Excludes lease termination fees and litigation income consisting of $11.7 million in lease termination fees and $10.0 million in litigation income recognized during the year ended December 31, 2024, and $0.3 million in lease termination fees and $6.5 million in litigation income recognized during the year ended December 31, 2023.

Net income attributable to common stockholders increased $6.4 million for the year ended December 31, 2024 compared to the same period in 2023, primarily due to (i) $10 million in litigation income received during the first quarter relating to building specifications for one of the existing buildings at our office project in University Town Center (San Diego), (ii) an $11 million increase in termination fees received at our Torrey Reserve Campus, (iii) a $6.9 million increase in interest and investment income attributable to a higher yield on our average cash balance, (iv) a $3.3 million net increase in our retail segment due to new tenant leases signed, scheduled rent increases and an increase in cost recoveries and (v) a $2.8 million net increase in our multifamily segment primarily due to an overall increase in average monthly base rent and an increase in occupancy. These increases were offset by (i) $6.5 million in litigation income received on January 3, 2023 related to certain building systems at our Hassalo on Eighth property, (ii) a $10.0 million net decrease in our office segment due to accelerated depreciation of assets related to a tenant vacating their space early at our Torrey Reserve Campus and tenant move-outs within our Lloyd Portfolio, and (iii) higher net interest expense of approximately $9.8 million primarily due to the $525 million in principal amount of 6.15% senior notes due 2034.

FFO decreased $1.1 million for the three months ended December 31, 2024 compared to the same period in 2023, primarily due to an increase in our interest expense as described above and a decrease in our office segment due to lower occupancy. These decreases were offset by an increase in our retail and multifamily segments due to higher occupancy and average monthly base rent and an increase in other income due to interest and investment income attributed to higher yield on our average cash balance during the period.

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:


	December 31, 2024	September 30, 2024	December 31, 2023
Total Portfolio
Office	85.0%	87.0%	86.0%
Retail	94.5%	94.5%	94.3%
Multifamily	91.8%	90.3%	92.3%
Mixed-Use:
Retail	90.5%	96.3%	95.1%
Hotel	85.9%	86.7%	85.2%

Same-Store Portfolio
Office (1)	87.1%	89.2%	88.2%
Retail	94.5%	94.5%	94.3%
Multifamily	91.8%	90.3%	92.3%
Mixed-Use:
Retail	90.5%	96.3%	95.1%
Hotel	85.9%	86.7%	85.2%

(1) Same-store office leased percentages exclude One Beach Street due to significant redevelopment activity and land held for development.

During the fourth quarter of 2024, the company signed 40 leases for approximately 189,400 square feet of office and retail space, as well as 508 multifamily apartment leases. Renewals accounted for 73% of the comparable office leases, 83% of the comparable retail leases, and 68% 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:


		1st Quarter 2024	2nd Quarter 2024	3rd Quarter 2024	4th Quarter 2024
Office	Weighted Average Portfolio	$55.72	$55.48	$56.39	$55.92
Retail	Weighted Average Portfolio	$26.65	$26.85	$27.29	$27.35

On a comparable basis (i.e., leases for which there was a former tenant) our office and retail leasing spreads as of the end of the indicated quarter are shown below:


		1st Quarter 2024	2nd Quarter 2024	3rd Quarter 2024	4th Quarter 2024
Office	Cash Basis % Change Over Prior Rent	7.9%	5.2%	7.8%	1.6%
	Straight-Line Basis % Change Over Prior Rent	10.9%	14.5%	16.4%	11.0%

Retail	Cash Basis % Change Over Prior Rent	1.9%	5.8%	4.4%	6.5%
	Straight-Line Basis % Change Over Prior Rent	22.3%	34.4%	18.7%	30.8%

On a comparable basis (i.e., leases for which there was a former tenant) during the fourth quarter of 2024 and year ended December 31, 2024, 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.	Prior Average Cash Contractual Rent Per Sq. Ft.	Straight-Line Basis % Change Over Prior Rent
Office	Q4 2024	11	57,000	1.6%	$52.32	$51.48	11.0%
	FY 2024	45	248,000	6.0%	$55.77	$52.62	13.0%

Retail	Q4 2024	18	100,000	6.5%	$35.71	$33.51	30.8%
	FY 2024	80	392,000	4.5%	$37.68	$36.04	25.0%

Multifamily

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


	1st Quarter 2024		2nd Quarter 2024		3rd Quarter 2024		4th Quarter 2024
Average Monthly Base Rent per Leased Unit	$	2,685	$	2,711	$	2,739	$	2,683

Same-Store Cash Net Operating Income

For the three months and year ended December 31, 2024, same-store cash NOI increased 2.6% and 1.4%, respectively, compared to the three months and year ended December 31, 2023. The same-store cash NOI by segment was as follows (in thousands):


	Three Months Ended						Year Ended
	December 31,						December 31,
	2024		2023		Change		2024		2023		Change






Cash Basis:
Office (1)	$	34,483	$	35,488	(2.8)	%	$	137,833	$	140,162	(1.7)	%
Retail	20,327		18,255		11.4		75,973		72,334		5.0
Multifamily	9,016		8,543		5.5		36,061		33,994		6.1
Mixed-Use	5,481		5,285		3.7		23,856		23,458		1.7
Same-store Cash NOI (2)	$	69,307	$	67,571	2.6	%	$	273,723	$	269,948	1.4	%

(1) Same-store office portfolio excludes One Beach Street due to significant redevelopment activity and land held for development.

(2) Lease termination fees (including, without limitation, the $11 million received at Torrey Reserve Campus during year ended December 31, 2024) 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.

Balance Sheet and Liquidity

At December 31, 2024, the company had gross real estate assets of $3.6 billion and liquidity of $825.7 million, comprised of cash and cash equivalents of $425.7 million and $400.0 million of availability on its line of credit. At December 31, 2024, the company had only 1 out of 31 assets encumbered by a mortgage.

On January 2, 2025, we repaid in full the $225 million outstanding balance on our Term Loan B and Term Loan C under the Amended and Restated Term Loan Agreement. Additionally, on February 3, 2025, we repaid in full the $100 million outstanding balance on our Series C Notes under the Note Purchase Agreement.

Dividends

The company declared dividends on its shares of common stock of $0.335 per share for the fourth quarter of 2024. The dividends were paid on December 19, 2024.

In addition, the company has declared a dividend on its common stock of $0.340 per share for the first quarter of 2025. The dividend will be paid in cash on March 20, 2025 to stockholders of record on March 6, 2025.

Guidance

The company is introducing 2025 guidance for full year 2025 FFO per diluted share of $1.87 to $2.01 per share, with a midpoint of $1.94.

A high-level reconciliation of 2024 actual FFO to our 2025 budgeted FFO is available on the “Corporate Guidance” page of our Supplemental Information. See below for more details regarding Supplemental Information.

Management will discuss the company's guidance in more detail during tomorrow's earnings call. Except as discussed during the call, 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 three months and year ended December 31, 2024 on Wednesday, February 5, 2025 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 three months and year ended December 31, 2024 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)


	December 31, 2024		December 31, 2023

Assets	(unaudited)
Real estate, at cost
Operating real estate	$	3,449,009	$	3,353,735
Construction in progress		176,868		238,482
Held for development		487		487
		3,626,364		3,592,704
Accumulated depreciation		(1,038,878)		(958,645)
Net real estate		2,587,486		2,634,059
Cash and cash equivalents		425,659		82,888

Accounts receivable, net		6,905		6,486
Deferred rent receivables, net		88,059		87,995
Other assets, net		87,737		99,030
Real estate assets held for sale		77,519		74,223
Total assets	$	3,273,365	$	2,984,681
Liabilities and equity
Liabilities:
Secured notes payable, net	$	74,759	$	74,669
Unsecured notes payable, net		1,935,756		1,614,958

Accounts payable and accrued expenses		63,693		60,958
Security deposits payable		8,896		8,778
Other liabilities and deferred credits, net		62,588		69,739
Liabilities related to real estate assets held for sale		3,352		1,904
Total liabilities		2,149,044		1,831,006
Commitments and contingencies
Equity:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,138,238 and 60,895,786 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		611		609
Additional paid-in capital		1,474,869		1,469,206
Accumulated dividends in excess of net income		(304,339)		(280,239)
Accumulated other comprehensive income		4,760		8,282
Total American Assets Trust, Inc. stockholders' equity		1,175,901		1,197,858
Noncontrolling interests		(51,580)		(44,183)
Total equity		1,124,321		1,153,675
Total liabilities and equity	$	3,273,365	$	2,984,681

American Assets Trust, Inc.

Unaudited Consolidated Statements of Operations

(In Thousands, Except Shares and Per Share Data)


	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Revenue:
Rental income	$	107,947	$	107,268	$	423,611	$	419,373
Other property income	5,513		5,223		34,244		21,791
Total revenue	113,460		112,491		457,855		441,164
Expenses:
Rental expenses	32,796		32,673		123,503		118,801
Real estate taxes	11,091		11,039		44,224		45,156
General and administrative	8,821		9,472		35,468		35,960
Depreciation and amortization	30,704		29,908		125,461		119,500
Total operating expenses	83,412		83,092		328,656		319,417
Operating income	30,048		29,399		129,199		121,747
Interest expense, net	(23,754)		(16,284)		(74,527)		(64,706)


Other income, net	5,290		377		18,147		7,649
Net income	11,584		13,492		72,819		64,690
Net income attributable to restricted shares	(202)		(193)		(787)		(761)
Net income attributable to unitholders in the Operating Partnership	(2,405)		(2,818)		(15,234)		(13,551)
Net income attributable to American Assets Trust, Inc. stockholders	$	8,977	$	10,481	$	56,798	$	50,378

Net income per share
Basic income attributable to common stockholders per share	$	0.15	$	0.17	$	0.94	$	0.84
Weighted average shares of common stock outstanding - basic	60,388,681		60,193,953		60,333,055		60,158,976

Diluted income attributable to common stockholders per share	$	0.15	$	0.17	$	0.94	$	0.84
Weighted average shares of common stock outstanding - diluted	76,570,218		76,375,490		76,514,592		76,340,513

Dividends declared per common share	$	0.335	$	0.330	$	1.340	$	1.320

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		Year Ended
	December 31, 2024		December 31, 2024
Funds From Operations (FFO)
Net income	$	11,584	$	72,819
Depreciation and amortization of real estate assets		30,704		125,461

FFO, as defined by NAREIT	$	42,288	$	198,280
Less: Nonforfeitable dividends on restricted stock awards		(178)		(754)
FFO attributable to common stock and units	$	42,110	$	197,526
FFO per diluted share/unit	$	0.55	$	2.58
Weighted average number of common shares and units, diluted		76,575,348		76,514,433

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				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Same-store cash NOI (1)	$	69,307	$	67,571	$	273,723	$	269,948
Non-same-store cash NOI	(638)		(380)		(1,926)		(1,214)
Cash NOI	$	68,669	$	67,191	$	271,797	$	268,734
Lease termination fees and tenant improvement reimbursements (2)	172		505		12,445		1,450
Non-cash revenue and other operating expenses (3)	732		1,083		5,886		7,023
General and administrative	(8,821)		(9,472)		(35,468)		(35,960)
Depreciation and amortization	(30,704)		(29,908)		(125,461)		(119,500)
Interest expense, net	(23,754)		(16,284)		(74,527)		(64,706)


Other income, net	5,290		377		18,147		7,649
Net income	$	11,584	$	13,492	$	72,819	$	64,690

Number of properties included in same-store analysis	30		30		30		29

(1) Same-store office portfolio excludes One Beach Street due to significant redevelopment activity and 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-K 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 4.1 million rentable square feet, and its retail portfolio comprises approximately 3.1 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 2,110 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; 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 cyber attacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of COVID-19 and its variants) 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; on-going and/or 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



			FOURTH QUARTER 2024
			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	1,595,307	1,322,200	1,453	(1)	—	—

Bellevue	1,028,470	—	—		—	—

Portland	930,903	44,236	657		—	—

Monterey	—	673,155	—		—	—

San Antonio	—	588,148	—		—	—

San Francisco	522,696	35,159	—		—	—

Oahu	—	430,504	—		93,925	369

Total	4,077,376	3,093,402	2,110		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

4.1

million

57%

50%

Retail (3)

3.1

million

43%

29%

Data is as of December 31, 2024.

Totals

7.2

million

(1) Includes 120 RV spaces.

(2) Percentage of Net Operating Income (NOI) calculated for the three months ended December 31, 2024. 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.


Fourth Quarter 2024 Supplemental Information			Page



INDEX


	FOURTH QUARTER 2024 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
	Corporate Guidance	9
	Same-Store Net Operating Income (NOI)	10
	Same-Store Cash NOI Comparison excluding Redevelopment	12
	Same-Store Cash NOI Comparison with Redevelopment	13
	Cash NOI By Region	14
	Cash NOI Breakdown	15
	Property Revenue and Operating Expenses	16
	Segment Capital Expenditures	19
	Summary of Outstanding Debt	20
	Market Capitalization	21
	Summary of Development Opportunities	22
2.	PORTFOLIO DATA
	Property Report	24
	Office Leasing Summary	27
	Retail Leasing Summary	28
	Multifamily Leasing Summary	29
	Mixed-Use Leasing Summary	31
	Lease Expirations	32
	Portfolio Leased Statistics	34
	Top Tenants - Office	35
	Top Tenants - Retail	36
3.	APPENDIX
	Glossary of Terms	38

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; 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 cyber attacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of COVID-19 and its variants) 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; on-going and/or 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.


Fourth Quarter 2024 Supplemental Information			Page

FINANCIAL HIGHLIGHTS


Fourth Quarter 2024 Supplemental Information			Page



CONSOLIDATED BALANCE SHEETS


(Amounts in thousands, except shares and per share data)	December 31, 2024		December 31, 2023

ASSETS	(unaudited)
Real estate, at cost
Operating real estate	$	3,449,009	$	3,353,735
Construction in progress	176,868		238,482
Held for development	487		487
	3,626,364		3,592,704
Accumulated depreciation	(1,038,878)		(958,645)
Net real estate	2,587,486		2,634,059
Cash and cash equivalents	425,659		82,888


Accounts receivable, net	6,905		6,486
Deferred rent receivable, net	88,059		87,995
Other assets, net	87,737		99,030
Real estate assets held for sale	77,519		74,223
TOTAL ASSETS	$	3,273,365	$	2,984,681
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net	$	74,759	$	74,669
Unsecured notes payable, net	1,935,756		1,614,958

Accounts payable and accrued expenses	63,693		60,958
Security deposits payable	8,896		8,778
Other liabilities and deferred credits, net	62,588		69,739
Liabilities related to real estate assets held for sale	3,352		1,904
Total liabilities	2,149,044		1,831,006
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,138,238 and 60,895,786 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	611		609
Additional paid in capital	1,474,869		1,469,206
Accumulated dividends in excess of net income	(304,339)		(280,239)
Accumulated other comprehensive income	4,760		8,282
Total American Assets Trust, Inc. stockholders' equity	1,175,901		1,197,858
Noncontrolling interests	(51,580)		(44,183)
Total equity	1,124,321		1,153,675
TOTAL LIABILITIES AND EQUITY	$	3,273,365	$	2,984,681


Fourth Quarter 2024 Supplemental Information			Page



CONSOLIDATED STATEMENTS OF OPERATIONS


(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
REVENUE:
Rental income	$	107,947	$	107,268	$	423,611	$	419,373
Other property income	5,513		5,223		34,244		21,791
Total revenue	113,460		112,491		457,855		441,164
EXPENSES:
Rental expenses	32,796		32,673		123,503		118,801
Real estate taxes	11,091		11,039		44,224		45,156
General and administrative	8,821		9,472		35,468		35,960
Depreciation and amortization	30,704		29,908		125,461		119,500
Total operating expenses	83,412		83,092		328,656		319,417
OPERATING INCOME	30,048		29,399		129,199		121,747
Interest expense, net	(23,754)		(16,284)		(74,527)		(64,706)


Other income, net	5,290		377		18,147		7,649
NET INCOME	11,584		13,492		72,819		64,690
Net income attributable to restricted shares	(202)		(193)		(787)		(761)
Net income attributable to unitholders in the Operating Partnership	(2,405)		(2,818)		(15,234)		(13,551)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$	8,977	$	10,481	$	56,798	$	50,378

EARNINGS PER COMMON SHARE
Basic income from operations attributable to common stockholders per share	$	0.15	$	0.17	$	0.94	$	0.84
Weighted average shares of common stock outstanding - basic	60,388,681		60,193,953		60,333,055		60,158,976
Diluted income from continuing operations attributable to common stockholders per share	$	0.15	$	0.17	$	0.94	$	0.84
Weighted average shares of common stock outstanding - diluted	76,570,218		76,375,490		76,514,592		76,340,513


Fourth Quarter 2024 Supplemental Information			Page



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


(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Funds from Operations (FFO) (1)
Net income	$	11,584	$	13,492	$	72,819	$	64,690
Depreciation and amortization of real estate assets	30,704		29,908		125,461		119,500

FFO, as defined by NAREIT	42,288		43,400		198,280		184,190

Less: Nonforfeitable dividends on restricted stock awards	(178)		(190)		(754)		(749)
FFO attributable to common stock and common units	$	42,110	$	43,210	$	197,526	$	183,441

FFO per diluted share/unit	$	0.55	$	0.57	$	2.58	$	2.40

FFO per diluted share/unit, excluding lease termination fees and litigation income (2)	$	0.55	$	0.57	$	2.30	$	2.31

Weighted average number of common shares and common units, diluted (3)	76,575,348		76,381,507		76,514,433		76,346,772

Funds Available for Distribution (FAD) (1)	$	26,795	$	33,081	$	140,338	$	133,420















Dividends
Dividends declared and paid	$	25,902	$	25,436	$	103,368	$	101,571
Dividends declared and paid per share/unit	$	0.335	$	0.330	$	1.340	$	1.320

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


Fourth Quarter 2024 Supplemental Information			Page



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


(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Funds Available for Distribution (FAD) (1)
FFO	$	42,288	$	43,400	$	198,280	$	184,190
Adjustments:
Tenant improvements, leasing commissions and maintenance capital expenditures	(17,439)		(12,465)		(62,064)		(55,226)
Net effect of straight-line rents (4)	(130)		(361)		(3,302)		(4,135)
Amortization of net above (below) market rents (5)	(604)		(748)		(2,683)		(3,085)
Net effect of other lease assets (6)	2		26		99		199
Amortization of debt issuance costs and debt fair value adjustment	1,094		835		3,652		3,388
Non-cash compensation expense	1,762		2,584		7,110		8,838


Nonforfeitable dividends on restricted stock awards	(178)		(190)		(754)		(749)

FAD	$	26,795	$	33,081	$	140,338	$	133,420

Summary of Capital Expenditures
Tenant improvements and leasing commissions	$	7,255	$	3,306	$	32,631	$	21,190
Maintenance capital expenditures	10,184		9,159		29,433		34,036
	$	17,439	$	12,465	$	62,064	$	55,226

Notes:

(1) See Glossary of Terms.

(2) Excludes lease termination fees and litigation income consisting of $11.7 million in lease termination fees and $10.0 million in litigation income recognized during the year ended December 31, 2024, and $0.3 million in lease termination fees and $6.5 million in litigation income recognized during the year ended December 31, 2023.

(3) For the three months and year ended December 31, 2024 and 2023, the weighted average common shares and common units used to compute FFO per diluted share/unit include 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.

(4) 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.

(5) Represents the adjustment related to the acquisition of buildings with above (below) market rents.

(6) 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.


Fourth Quarter 2024 Supplemental Information			Page



CORPORATE GUIDANCE


(Amounts in thousands, except share and per share data)
	2025 Guidance Range (1)
Funds from Operations (FFO):
Net income		$	27,053	$	37,789
Depreciation and amortization of real estate assets		117,097		117,097
FFO, as defined by NAREIT		144,150		154,886
Less: Nonforfeitable dividends on restricted stock awards		(755)		(755)
FFO attributable to common stock and units		$	143,395	$	154,131
Weighted average number of common shares and units, diluted		76,681,924		76,681,924
FFO per diluted share, updated		$	1.87	$	2.01


Reconciliation of 2024 actual FFO per diluted share to 2025 guidance midpoint	FFO/ share
2024 Actual FFO per diluted share			$	2.58
Non-recurring lease termination fees in 2024	$	(0.15)
Litigation income in 2024	(0.13)
Total non-recurring	(0.28)
Increase in interest expense due to the end of capitalized interest on La Jolla Commons III and 6.150% Senior Notes	(0.06)
Increase in real estate tax expense due to 2024 tax refunds excluded from 2025 guidance and the end of capitalized taxes for La Jolla Commons III	(0.05)
Decrease in interest income	(0.04)
2025 other budgeted operating results, primarily from GAAP adjustments, general and administrative and known office move outs	(0.07)
2025 total change - before credit reserves	(0.50)
2025 budgeted FFO per diluted share before credit reserves			2.08
Budgeted credit reserves (Office - $0.02 and Retail - $0.03)	(0.05)
2025 budgeted FFO per diluted share including credit reserves			2.03
Disposition of Del Monte Center	(0.11)
Acquisition of multifamily community (partial reinvestment of proceeds from Del Monte Center)	$	0.02
2025 budgeted FFO per diluted share at midpoint			$	1.94

Notes:

(1) Management will discuss the company's guidance in more detail during tomorrow's earnings call. Except as discussed during the call, the company's initial guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments.

FFO is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance.

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.


Fourth Quarter 2024 Supplemental Information			Page



SAME-STORE NET OPERATING INCOME (NOI)


(Unaudited, amounts in thousands)	Three Months Ended December 31, 2024 (1)
	Office		Retail		Multifamily		Mixed-Use		Total
Real estate rental revenue
Same-store	$	51,695	$	28,844	$	16,352	$	16,536	$	113,427
Non-same store	33		—		—		—		33
Total	51,728		28,844		16,352		16,536		113,460
Real estate expenses
Same-store	16,112		8,499		7,460		11,145		43,216
Non-same store	671		—		—		—		671
Total	16,783		8,499		7,460		11,145		43,887
Net Operating Income (NOI)
Same-store	35,583		20,345		8,892		5,391		70,211
Non-same store	(638)		—		—		—		(638)
Total	$	34,945	$	20,345	$	8,892	$	5,391	$	69,573
Same-store NOI	$	35,583	$	20,345	$	8,892	$	5,391	$	70,211
Net effect of straight-line rents (2)	(457)		114		124		90		(129)
Amortization of net above (below) market rents (3)	(464)		(141)		—		—		(605)
Net effect of other lease assets (4)	(11)		13		—		—		2
Lease termination fees and tenant improvement reimbursements (5)	(168)		(4)		—		—		(172)
Same-store cash NOI (5)	$	34,483	$	20,327	$	9,016	$	5,481	$	69,307

Notes:

(1) Same-store and non-same store classifications are determined based on properties held on December 31, 2024 and 2023. 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.


Fourth Quarter 2024 Supplemental Information			Page



SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED)


(Unaudited, amounts in thousands)	Year Ended December 31, 2024 (1)
	Office		Retail		Multifamily		Mixed-Use		Total
Real estate rental revenue
Same-store	$	215,719	$	109,040	$	65,372	$	67,665	$	457,796
Non-same store	59		—		—		—		59
Total	215,778		109,040		65,372		67,665		457,855
Real estate expenses
Same-store	60,249		32,508		28,789		44,196		165,742
Non-same store	1,985		—		—		—		1,985
Total	62,234		32,508		28,789		44,196		167,727
Net Operating Income (NOI)
Same-store	155,470		76,532		36,583		23,469		292,054
Non-same store	(1,926)		—		—		—		(1,926)
Total	$	153,544	$	76,532	$	36,583	$	23,469	$	290,128
Same-store NOI	$	155,470	$	76,532	$	36,583	$	23,469	$	292,054
Net effect of straight-line rents (2)	(3,953)		787		(522)		387		(3,301)
Amortization of net above (below) market rents (3)	(1,904)		(780)		—		—		(2,684)
Net effect of other lease assets (4)	47		52		—		—		99
Lease termination fees and tenant improvement reimbursements (5)	(11,827)		(618)		—		—		(12,445)
Same-store cash NOI (5)	$	137,833	$	75,973	$	36,061	$	23,856	$	273,723

Notes:

(1) Same-store and non-same store classifications are determined based on properties held on December 31, 2024 and 2023. 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.


Fourth Quarter 2024 Supplemental Information			Page



SAME-STORE CASH NOI COMPARISON EXCLUDING REDEVELOPMENT


(Unaudited, amounts in thousands)	Three Months Ended						Year Ended
	December 31,						December 31,
	2024		2023		Change		2024		2023		Change
Cash Basis:
Office (1)	$	34,483	$	35,488	(2.8)	%	$	137,833	$	140,162	(1.7)	%
Retail	20,327		18,255		11.4		75,973		72,334		5.0
Multifamily	9,016		8,543		5.5		36,061		33,994		6.1
Mixed-Use	5,481		5,285		3.7		23,856		23,458		1.7
Same-store Cash NOI (2)	$	69,307	$	67,571	2.6	%	$	273,723	$	269,948	1.4	%

Notes:

(1) Lease termination fees (including, without limitation, the $11 million received at Torrey Reserve Campus during year ended December 31, 2024) 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.


Fourth Quarter 2024 Supplemental Information			Page



SAME-STORE CASH NOI COMPARISON WITH REDEVELOPMENT


(Unaudited, amounts in thousands)	Three Months Ended						Year Ended
	December 31,						December 31,
	2024		2023		Change		2024		2023		Change
Cash Basis:
Office (1) (2)	$	34,130	$	35,385	(3.5)	%	$	137,021	$	139,702	(1.9)	%
Retail	20,327		18,255		11.4		75,973		72,334		5.0
Multifamily	9,016		8,543		5.5		36,061		33,994		6.1
Mixed-Use	5,481		5,285		3.7		23,856		23,458		1.7
Same-store Cash NOI with Redevelopment (3)	$	68,954	$	67,468	2.2	%	$	272,911	$	269,488	1.3	%

Notes:

(1) Office same-store Cash NOI with Redevelopment includes One Beach Street.

(3) See Glossary of Terms.

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


Fourth Quarter 2024 Supplemental Information			Page



CASH NOI BY REGION


(Unaudited, amounts in thousands)	Three Months Ended December 31, 2024
	Office		Retail		Multifamily		Mixed-Use		Total
Cash Basis:





Southern California	$	13,960	$	9,371	$	7,803	$	—	$	31,134






Northern California	7,211		3,153		—		—		10,364






Hawaii	—		3,247		—		5,481		8,728






Oregon	5,286		167		1,213		—		6,666






Texas	—		4,389		—		—		4,389






Washington	7,388		—		—		—		7,388






Total Cash NOI	$	33,845	$	20,327	$	9,016	$	5,481	$	68,669

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.


Fourth Quarter 2024 Supplemental Information			Page



CASH NOI BREAKDOWN


Three Months Ended December 31, 2024


Cash NOI Breakdown

Portfolio Diversification by Geographic Region						Portfolio Diversification by Segment


Fourth Quarter 2024 Supplemental Information			Page



PROPERTY REVENUE AND OPERATING EXPENSES


(Unaudited, amounts in thousands)	Three Months Ended December 31, 2024
			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	$	9,116	$	227	$	2,521	$	(3,393)	$	(396)	$	8,075
Torrey Reserve Campus (7)	5,946		56		346		(1,883)		(658)		3,807
Torrey Point	1,489		97		45		(441)		(328)		862
Solana Crossing	1,910		23		157		(685)		(17)		1,388
The Landmark at One Market	10,218		76		1,053		(3,787)		—		7,560
One Beach Street	—		—		—		(349)		—		(349)
First & Main	2,788		233		635		(947)		—		2,709
Lloyd Portfolio (7)	3,708		378		276		(1,513)		(157)		2,692
City Center Bellevue	6,466		533		264		(1,872)		(620)		4,771
14Acres (8)	1,197		25		599		(771)		(5)		1,045
Timber Ridge (9)	1,134		58		502		(525)		(8)		1,161
Timber Springs (10)	474		13		267		(333)		(10)		411
Subtotal Office Portfolio	$	44,446	$	1,719	$	6,665	$	(16,499)	$	(2,199)	$	34,132
Retail Portfolio
Carmel Country Plaza	$	1,033	$	16	$	259	$	(291)	$	2	$	1,019
Carmel Mountain Plaza	3,663		178		1,103		(1,129)		—		3,815
South Bay Marketplace	628		186		234		(238)		—		810
Gateway Marketplace	622		—		239		(273)		—		588
Lomas Santa Fe Plaza	1,643		18		376		(603)		—		1,434
Solana Beach Towne Centre	1,779		13		622		(709)		—		1,705
Del Monte Center	2,551		936		1,043		(1,659)		—		2,871
Geary Marketplace	298		—		119		(135)		—		282
The Shops at Kalakaua	299		16		52		(110)		—		257
Waikele Center	3,217		420		997		(1,644)		—		2,990
Alamo Quarry Market	4,082		474		1,420		(1,587)		—		4,389
Hassalo on Eighth - Retail	223		24		41		(121)		—		167
Subtotal Retail Portfolio	$	20,038	$	2,281	$	6,505	$	(8,499)	$	2	$	20,327


Fourth Quarter 2024 Supplemental Information			Page



PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)


(Unaudited, amounts in thousands)	Three Months Ended December 31, 2024
			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	$	4,539	$	284	$	—	$	(1,927)	$	(10)	$	2,886
Imperial Beach Gardens	1,212		76		—		(505)		—		783
Mariner's Point	573		40		—		(265)		(7)		341
Santa Fe Park RV Resort	404		42		—		(270)		—		176
Pacific Ridge Apartments	6,028		211		—		(2,488)		(134)		3,617
Hassalo on Eighth - Multifamily	2,879		397		—		(2,005)		(58)		1,213
Subtotal Multifamily Portfolio	$	15,635	$	1,050	$	—	$	(7,460)	$	(209)	$	9,016
Mixed-Use Portfolio
Waikiki Beach Walk - Retail	$	2,173	$	1,483	$	968	$	(1,846)	$	(10)	$	2,768
Waikiki Beach Walk - Embassy Suites™	10,210		1,802		—		(9,299)		—		2,713
Subtotal Mixed-Use Portfolio	$	12,383	$	3,285	$	968	$	(11,145)	$	(10)	$	5,481
Subtotal Development Properties	$	169	$	5	$	—	$	(320)	$	(141)	$	(287)
Total	$	92,671	$	8,340	$	14,138	$	(43,923)	$	(2,557)	$	68,669

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 December 31, 2024 (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 were approximately $2.3 million for the three months ended December 31, 2024. Total abatements for our retail and mixed-use portfolios were minimal for the three months ended December 31, 2024. 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 December 31, 2024. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended December 31, 2024. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.1 million in the aggregate for the three months ended December 31, 2024. A reconciliation of base rent to rental income is shown below:


Base Rent	$	92,671
Billed Expense Reimbursement	14,138
Percentage Rent	2,167
Straight-line rent components	129
Other Rental Income*	(1,158)
Rental Income	$	107,947

* 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.

(2) Represents additional property-related income for the three months ended December 31, 2024, 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.


Fourth Quarter 2024 Supplemental Information			Page



PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(3) Represents billed tenant expense reimbursements for the three months ended December 31, 2024.

(4) Represents property operating expenses for the three months ended December 31, 2024. 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) 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 December 31, 2024.

(8) 14Acres was formerly known as Eastgate Office Park.

(9) Timber Ridge was formerly known as Corporate Campus East III.

(10) Timber Springs was formerly known as Bel-Spring 520.


Fourth Quarter 2024 Supplemental Information			Page



SEGMENT CAPITAL EXPENDITURES


(Unaudited, amounts in thousands)	Three Months Ended December 31, 2024
Segment	Tenant Improvements and Leasing Commissions		Maintenance Capital Expenditures		Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures		Redevelopment and Expansions		New Development		Total Capital Expenditures
Office Portfolio	$	4,843	$	6,742	$	11,585	$	—	$	3,205	$	14,790
Retail Portfolio	2,338		1,579		3,917		—		—		3,917
Multifamily Portfolio	—		1,377		1,377		—		—		1,377
Mixed-Use Portfolio	74		486		560		—		—		560
Total	$	7,255	$	10,184	$	17,439	$	—	$	3,205	$	20,644



	Year Ended December 31, 2024
Segment	Tenant Improvements and Leasing Commissions		Maintenance Capital Expenditures		Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures		Redevelopment and Expansions		New Development		Total Capital Expenditures
Office Portfolio	$	23,048	$	18,329	$	41,377	$	1,979	$	13,364	$	56,720
Retail Portfolio	9,158		4,410		13,568		—		—		13,568
Multifamily Portfolio	—		5,637		5,637		—		—		5,637
Mixed-Use Portfolio	425		1,057		1,482		—		—		1,482
Total	$	32,631	$	29,433	$	62,064	$	1,979	$	13,364	$	77,407


Fourth Quarter 2024 Supplemental Information			Page



SUMMARY OF OUTSTANDING DEBT


(Unaudited, amounts in thousands)	Amount
	Outstanding at				Annual Debt
Debt	December 31, 2024		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	%	$	2,700	January 5, 2027
Term Loan B (4)	150,000		5.57	%	150,710		January 5, 2025
Term Loan C (5)	75,000		5.57	%	75,355		January 5, 2025
Series C Notes (6)	100,000		4.50	%	101,538		April 1, 2025
Series D Notes (7)	250,000		3.87	%	10,725		March 1, 2027
Series E Notes (8)	100,000		4.18	%	4,240		May 23, 2029
Series G Notes (9)	150,000		3.88	%	5,865		July 30, 2030
3.375% Senior Notes (10)	500,000		3.38	%	16,875		February 1, 2031
6.150% Senior Notes (11)	525,000		6.21	%	$	33,543	October 1, 2034
Unsecured Notes Payable / Weighted Average (12)	$	1,950,000	4.58	%	$	401,551

Unsecured Line of Credit (13)	$	—

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 $0.2 million.

(3) Term Loan A has a stated maturity of January 5, 2027, with no further extension options. 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%, subject to adjustments based on our consolidated leverage ratio.

(4) On January 5, 2023, the fully-drawn borrowings on Term Loan B were increased from $100 million to $150 million and the maturity date was extended from March 1, 2023 to January 5, 2025, with one, twelve-month extension option. Prior thereto, we entered into forward starting interest rate swaps that are intended to fix the interest rate on the $150 million Term Loan B at approximately 5.47% for the first year of the extended term loan and 5.57% for the second year of the extended term loan, subject to adjustments based on our consolidated leverage ratio. On January 2, 2025, we repaid the entirety of Term Loan B.

(5) On January 5, 2023, the fully-drawn borrowings on Term Loan C were increased from $50 million to $75 million and the maturity date was extended from March 1, 2023 to January 5, 2025, with one, twelve-month extension option. Prior thereto, we entered into forward starting interest rate swaps that are intended to fix the interest rate on the $75 million Term Loan C at approximately 5.47% for the first year of the extended term loan and 5.57% for the second year of the extended term loan, subject to adjustments based on our consolidated leverage ratio. On January 2, 2025, we repaid the entirety of Term Loan C.

(6) The Series C Notes were prepaid in full on February 3, 2025, without penalty or premium.

(7) $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.

(8) $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.

(9) $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.

(10) $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.

(11) $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.

(12) The Unsecured Notes Payable total does not include debt issuance costs and discounts, net of $14.2 million.

(13) The unsecured revolving 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 January 5, 2026, subject to our option to extend the Revolver Loan up to two times, with each such extension for a six-month period. 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 $0.6 million.


Fourth Quarter 2024 Supplemental Information			Page



MARKET CAPITALIZATION


(Unaudited, amounts in thousands, except per share data)
Market data	December 31, 2024
Common shares outstanding	61,138
Common units outstanding	16,182
Common shares and common units outstanding	77,320
Market price per common share	$	26.26
Equity market capitalization	$	2,030,423
Total debt	$	2,025,000
Total market capitalization	$	4,055,423
Less: Cash on hand	$	(425,659)
Total enterprise value	$	3,629,764

Total unencumbered assets, gross	$	4,105,318

Total debt/Total capitalization				49.9	%
Total debt/Total enterprise value				55.8	%
Net debt/Total enterprise value (1)				44.1	%


Total unencumbered assets, gross/Unsecured debt				210.5	%
	Quarter Annualized			Trailing 12 Months
Total debt/Adjusted EBITDA (2)(3)	8.3		x	7.7	x
Net debt/Adjusted EBITDA (1)(2)(3)	6.6		x	6.0	x
Interest coverage ratio (4)	2.5		x	3.4	x
Fixed charge coverage ratio (4)	2.5		x	3.4	x
Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes) (5)	Covenant			December 31, 2024
Aggregate Debt Test	< 60%			48.1%
Debt Service Test	> 1.5x			3.9
Secured Debt Test	< 40%			1.8%
Maintenance of Total Unencumbered Assets	> 150%			201.8%


Weighted Average Fixed Interest Rate	2025		2026		2027		2028		2029		2030		2031		2032		2033		2034
	5.2	%	—	%	3.8	%	—	%	4.2	%	3.9	%	3.4	%	—	%	—	%	6.2	%


Total Weighed Average Fixed Interest Rate:			4.6%
Weighted Average Term to Maturity (in years):			5.1


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 December 31, 2024, 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) Term Loan B, Term Loan C and Series C Notes, totaling $325 million in the aggregate, were repaid in full without penalty or premium, subsequent to the year ended December 31, 2024.

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.


Fourth Quarter 2024 Supplemental Information			Page



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 Projects

Project Costs (in thousands) (3)

Start
Date

Completion Date

Estimated Stabilized

Yield (1)

Rentable Square Feet

Percent
Leased

Estimated Stabilization Date (2)

Cost Incurred to Date

Total Estimated Investment

Property

Location

Office Property:

La Jolla Commons

University Town Center, San Diego, CA

April 2021

March 2024

6.5% - 7.5%

213,000

18.5%

2025/2026

$126,351

$175,000

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

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 (4)

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 estimated stabilized yield is calculated based on total estimated project costs, as defined above, when the project has reached stabilized occupancy.

(2) Based on management's estimation of stabilized occupancy (90%).

(3) Project costs exclude capitalized interest cost which is calculated in accordance with Accounting Standards Codification 835-20-50-1.

(4) 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.


Fourth Quarter 2024 Supplemental Information			Page

PORTFOLIO DATA


Fourth Quarter 2024 Supplemental Information			Page



PROPERTY REPORT


As of December 31, 2024			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 (7)	San Diego, CA	2008/2014	725,439	98.5%	$	46,530,658	$65.12
Torrey Reserve Campus	San Diego, CA	1996/2022	551,005	79.1	23,840,979		54.70
Torrey Point	San Diego, CA	2017	94,854	99.6	5,954,067		63.02
Solana Crossing	Solana Beach, CA	1982/2022	224,009	77.4	8,218,550		47.40
The Landmark at One Market (8)	San Francisco, CA	1917/2000	422,426	98.5	40,876,013		98.24
One Beach Street	San Francisco, CA	1924/2024	100,270	—	—		—
First & Main	Portland, OR	2010	362,633	94.2	11,163,267		32.68
Lloyd Portfolio	Portland, OR	1940/2022	568,270	82.1	14,987,738		32.12
City Center Bellevue	Bellevue, WA	1987/2023	498,606	91.4	26,320,549		57.76
14Acres (9)	Bellevue, WA	1985/2024	276,060	62.0	6,800,550		39.73
Timber Ridge (10)	Bellevue, WA	1986	160,509	87.2	6,471,011		46.23
Timber Springs (11)	Bellevue, WA	1983	93,295	59.2	2,626,198		47.55
Subtotal/Weighted Average Office Portfolio (12)			4,077,376	85.0%	$	193,789,580	$55.92
Retail Properties
Carmel Country Plaza	San Diego, CA	1991	78,098	91.8%	$	4,200,992	$58.60		Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza (13)	San Diego, CA	1994/2020	528,416	99.4	14,738,486		28.06	At Home Stores	Dick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine & More
South Bay Marketplace (13)	San Diego, CA	1997/2018	132,877	97.8	2,524,203		19.42		Ross Dress for Less, Grocery Outlet
Gateway Marketplace	San Diego, CA	1997/2016	127,861	98.7	2,533,074		20.07	Hobby Lobby	Smart & Final, Aldi
Lomas Santa Fe Plaza	Solana Beach, CA	1972/1997	208,297	96.3	6,588,028		32.84		Vons, Home Goods
Solana Beach Towne Centre	Solana Beach, CA	1973/2004	246,651	95.9	7,098,293		30.01		Dixieline Probuild, Marshalls
Del Monte Center (13)	Monterey, CA	1967/2018	673,155	82.8	10,475,471		18.79	Macy's	Century Theatres, Whole Foods Market, H&M, Apple, Sephora, Williams-Sonoma
Geary Marketplace	Walnut Creek, CA	2012	35,159	100.0	1,236,025		35.16		Sprouts Farmers Market
The Shops at Kalakaua	Honolulu, HI	1971/2006	11,893	100.0	1,194,000		100.40		Hawaii Beachware & Fashion, Diesel U.S.A.
Waikele Center	Waipahu, HI	1993/2008	418,611	99.5	12,740,116		30.59	Lowe's, Safeway	UFC Gym, Office Max, Old Navy
Alamo Quarry Market (13)	San Antonio, TX	1997/1999	588,148	99.8	15,780,519		26.88	Regal Cinemas	Whole Foods Market, Nordstrom Rack, Williams-Sonoma, Sephora, Home Goods
Hassalo on Eighth - Retail	Portland, OR	2015	44,236	57.5	847,389		33.31		Providence Health & Services, Sola Salon
Subtotal/Weighted Average Retail Portfolio (12)			3,093,402	94.5%	$	79,956,596	$27.35
Total/Weighted Average Office and Retail Portfolio (12)			7,170,778	89.1%	$	273,746,176	$42.85


Fourth Quarter 2024 Supplemental Information			Page



PROPERTY REPORT (CONTINUED)


As of December 31, 2024
								Average Monthly
		Year Built/		Percentage		Annualized		Base Rent per
Property	Location	Most Recent Renovation	Units	Leased (2)		Base Rent (3)		Leased Unit (4)
Loma Palisades	San Diego, CA	1958/2022	548	96.0%		$	17,699,328	$	2,804
Imperial Beach Gardens	Imperial Beach, CA	1959/2023	160	93.1		4,926,204		$	2,756
Mariner's Point	Imperial Beach, CA	1986	88	94.3		2,393,256		$	2,403
Santa Fe Park RV Resort (14)	San Diego, CA	1971/2008	124	70.2		1,646,532		$	1,576
Pacific Ridge Apartments	San Diego, CA	2013	533	97.0		24,201,228		$	3,901
Hassalo on Eighth - Multifamily (15)	Portland, OR	2015	657	87.4		11,496,168		$	1,668
Total/Weighted Average Multifamily Portfolio			2,110	91.8%		$	62,362,716	$	2,683

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	90.5	%	$	10,004,777	$	117.70		Yardhouse, Roy's


		Year Built/		Average		Average		Revenue per
Hotel Portion	Location	Most Recent Renovation	Units	Occupancy (16)		Daily Rate (16)		Available Room (16)
Waikiki Beach Walk - Embassy Suites™	Honolulu, HI	2008/2020	369	83.6	%	$	360	$	301

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 December 31, 2024, including leases which may not have commenced as of December 31, 2024. Percentage leased for our multifamily properties includes total units rented and occupied as of December 31, 2024.

(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 December 31, 2024 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 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 $36,379,330 to our estimate of annual triple net operating expenses of $10,151,328 for an estimated annualized base rent on a modified gross lease basis of $46,530,658 for La Jolla Commons.

•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 $4,815,832 to our estimate of annual triple net operating expenses of $1,984,718 for an estimated annualized base rent on a modified gross lease basis of $6,800,550 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 $4,541,907 to our estimate of annual triple net operating expenses of $1,929,104 for an estimated annualized base rent on a modified gross lease basis of $6,471,011 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 $1,889,523 to our estimate of annual triple net operating expenses of $736,675 for an estimated annualized base rent on a modified gross lease basis of $2,626,198 for Timber Springs.

(4) Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of December 31, 2024. Annualized base rent per leased unit is calculated by dividing annualized base rent by units under lease as of December 31, 2024. 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.


Fourth Quarter 2024 Supplemental Information			Page



PROPERTY REPORT (CONTINUED)

(6) Other principal retail tenants, excluding anchor tenants.

(7) Data for La Jolla Commons does not include La Jolla Commons - Tower III, which remains under development. However, as of December 31, 2024, 38,130 out of 206,231 rentable square feet, or 18.5%, of La Jolla Commons - Tower III has been leased.

(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, 2026, which we have the option to extend until 2031 pursuant to one five-year extension option.

(9) 14Acres was formerly known as Eastgate Office Park.

(10) Timber Ridge was formerly known as Corporate Campus East III.

(11) Timber Springs was formerly known as Bel-Spring 520.

(12) Lease data for signed but not commenced leases as of December 31, 2024 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	73,609	$	3,381,430	$	45.94	$	56.92
Retail Portfolio	11,238	$	767,399	$	68.29	$	27.62
Total Retail and Office Portfolio	84,847	$	4,148,829	$	48.90	$	43.51

(a) Office portfolio leases signed but not commenced of 44,374, 8,764, and 20,471 are expected to commence during the first and second quarters of 2025, and the first quarter of 2026, respectively. Retail portfolio leases signed but not commenced of 1,898, 4,374, and 4,966 square feet are expected to commence during the first, second, and fourth quarters of 2025, respectively.

(b) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements) for signed but not commenced leases as of December 31, 2024 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 December 31, 2024, by square footage under lease as of December 31, 2024.

(13) 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	$	1,028,160
South Bay Marketplace	1	2,824	$	114,552
Del Monte Center	1	212,500	$	96,000
Alamo Quarry Market	3	20,694	$	423,455

(14) 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 December 31, 2024, the highest average monthly occupancy rate for this property was 86.3%, occurring in June 2024. The number of units at the Santa Fe Park RV Resort includes 120 RV spaces and four apartments.

(15) Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.

(16) Average occupancy represents the percentage of available units that were sold during the three months ended December 31, 2024, 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 December 31, 2024 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 December 31, 2024 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.


Fourth Quarter 2024 Supplemental Information			Page



OFFICE LEASING SUMMARY


As of December 31, 2024
Total Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	11	100%	56,564	$52.32	$51.48		$	47,631	1.6	%	11.0	%	2.6	$	520,590	$9.20
3rd Quarter 2024	10	100%	57,935	$62.04	$57.53		$	261,422	7.8	%	16.4	%	5.6	$	2,249,123	$38.82
2nd Quarter 2024	12	100%	52,618	$46.77	$44.46		$	121,777	5.2	%	14.5	%	4.5	$	946,908	$18.00
1st Quarter 2024	12	100%	80,434	$59.57	$55.23		$	349,604	7.9	%	10.9	%	7.0	$	3,513,436	$43.68
Total 12 months	45	100%	247,551	$55.77	$52.62		$	780,434	6.0	%	13.0	%	5.1	$	7,230,057	$29.21

New Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	3	27%	24,128	$61.41	$61.86		$	(10,753)	(0.7)	%	16.1	%	3.3	$	499,990	$20.72
3rd Quarter 2024	3	30%	16,671	$66.27	$56.02		$	170,860	18.3	%	15.7	%	4.5	$	1,034,194	$62.04
2nd Quarter 2024	2	17%	20,978	$36.79	$35.33		$	30,579	4.1	%	26.4	%	7.3	$	728,096	$34.71
1st Quarter 2024	3	25%	22,658	$53.80	$47.27		$	148,025	13.8	%	19.4	%	5.3	$	866,025	$38.22
Total 12 months	11	24%	84,435	$54.21	$50.20		$	338,711	8.0	%	18.5	%	5.1	$	3,128,305	$37.05

Renewal Lease Summary - Comparable (1)(5)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	8	73%	32,436	$45.56	$43.76		$	58,384	4.1	%	6.2	%	2.2	$	20,600	$0.64
3rd Quarter 2024	7	70%	41,264	$60.34	$58.14		$	90,562	3.8	%	16.7	%	6.0	$	1,214,929	$29.44
2nd Quarter 2024	10	83%	31,640	$53.40	$50.51		$	91,198	5.7	%	9.7	%	2.7	$	218,812	$6.92
1st Quarter 2024	9	75%	57,776	$61.84	$58.35		$	201,579	6.0	%	8.3	%	7.7	$	2,647,411	$45.82
Total 12 months	34	76%	163,116	$56.59	$53.87		$	441,723	5.0	%	10.4	%	5.2	$	4,101,752	$25.15

Total Lease Summary - Comparable and Non-Comparable
	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	17	72,113	$52.76	3.4	$	1,499,704	$20.80
3rd Quarter 2024	14	105,746	$49.09	7.0	$	9,342,244	$88.35
2nd Quarter 2024	18	96,042	$51.46	4.1	$	1,980,356	$20.62
1st Quarter 2024	18	124,605	$55.47	7.6	$	8,106,666	$65.06
Total 12 months	67	398,506	$52.32	5.8	$	20,928,970	$52.52

Notes:

(1) Comparable leases represent those leases signed on spaces for which there was a previous lease.

(2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.

(3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term.

(4) Weighted average is calculated on the basis of square footage.

(5) Includes renewals at fixed contractual rates specified in the lease.


Fourth Quarter 2024 Supplemental Information			Page



RETAIL LEASING SUMMARY


As of December 31, 2024
Total Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent			Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	18	100%	99,604	$35.71	$33.51		$	218,612	6.5	%	30.8	%		6.5	$	604,031	$6.06
3rd Quarter 2024	20	100%	125,308	$34.27	$32.81		$	182,499	4.4	%	18.7	%		6.1	$	75,173	$0.60
2nd Quarter 2024	16	100%	64,127	$46.81	$44.25		$	164,181	5.8	%	34.4	%		3.1	$	290,000	$4.52
1st Quarter 2024	26	100%	103,311	$38.03	$37.30		$	75,109	1.9	%	22.3	%		4.7	$	358,355	$3.47
Total 12 months	80	100%	392,350	$37.68	$36.04		$	640,401	4.5	%	25.0	%		5.3	$	1,327,559	$3.38

New Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent			Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	3	17%	2,942	$117.65	$112.20		$	16,007	4.8	%	307.3	%	(6)	5.0	$	84,031	28.56
3rd Quarter 2024	1	5%	505	$37.80	$38.19		$	(198)	(1.0)	%	5.2	%		3.1	$	—	—
2nd Quarter 2024	1	6%	1,064	$204.00	$166.28		$	40,134	22.7	%	—	%	(6)	3.1	$	20,000	$18.80
1st Quarter 2024	2	8%	4,783	$39.25	$28.78		$	50,073	36.4	%	—	%	(6)	6.4	$	196,780	$41.14
Total 12 months	7	9%	9,294	$82.85	$71.44		$	106,016	16.0	%	669.3	%	(6)	5.4	$	300,811	$32.36

Renewal Lease Summary - Comparable (1)(5)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent			Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	15	83%	96,662	$33.21	$31.12		$	202,605	6.7	%	20.8	%		6.5	$	520,000	$5.38
3rd Quarter 2024	19	95%	124,803	$34.26	$32.79		$	182,697	4.5	%	18.8	%		6.1	$	75,173	$0.60
2nd Quarter 2024	15	94%	63,063	$44.15	$42.19		$	124,047	4.7	%	17.9	%		3.1	$	270,000	$4.28
1st Quarter 2024	24	92%	98,528	$37.97	$37.72		$	25,036	0.7	%	15.7	%		4.6	$	161,575	$1.64
Total 12 months	73	91%	383,056	$36.58	$35.18		$	534,385	4.0	%	18.1	%		5.3	$	1,026,748	$2.68

Total Lease Summary - Comparable and Non-Comparable (1)
	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.


Quarter
4th Quarter 2024	23	117,333	$35.82	6.9	$	2,754,892	$23.48
3rd Quarter 2024	23	133,499	$34.38	6.3	$	746,923	$5.59
2nd Quarter 2024	19	68,735	$48.20	3.1	$	490,000	$7.13
1st Quarter 2024	30	109,414	$39.61	4.8	$	687,274	$6.28
Total 12 months	95	428,981	$38.32	5.6	$	4,679,089	$10.91

Notes:

(1) Comparable leases represent those leases signed on spaces for which there was a previous lease, including leases signed for the retail portion of our mixed-use property.

(2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.

(3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term.

(4) Weighted average is calculated on the basis of square footage.

(5) Includes renewals at fixed contractual rates specified in the lease.

(6) Prior tenants' rent was modified to cash-basis, therefore there is no straight-line rent for comparison.


Fourth Quarter 2024 Supplemental Information			Page



MULTIFAMILY LEASING SUMMARY


As of December 31, 2024
Lease Summary - Loma Palisades
	Number of Leased Units (1)	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2024	526	96.0%	$17,699,328	$2,804
3rd Quarter 2024	521	95.1%	$17,974,692	$2,874
2nd Quarter 2024	515	94.0%	$17,819,220	$2,883
1st Quarter 2024	521	95.1%	$17,678,568	$2,827

Lease Summary - Imperial Beach Gardens
	Number of Leased Units (1)	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2024	149	93.1%	$4,926,204	$2,756
3rd Quarter 2024	150	93.8%	$4,886,124	$2,713
2nd Quarter 2024	149	93.1%	$4,860,036	$2,719
1st Quarter 2024	150	93.8%	$4,698,120	$2,609

Lease Summary - Mariner's Point
	Number of Leased Units (1)	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2024	83	94.3%	$2,393,256	$2,403
3rd Quarter 2024	72	81.8%	$2,143,020	$2,481
2nd Quarter 2024	82	93.2%	$2,336,928	$2,374
1st Quarter 2024	80	90.9%	$2,300,556	$2,397

Lease Summary - Santa Fe Park RV Resort
	Number of Leased Units (1)	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2024	87	70.2%	$1,646,532	$1,576
3rd Quarter 2024	94	75.8%	$1,736,184	$1,539
2nd Quarter 2024	107	86.3%	$2,396,616	$1,866
1st Quarter 2024	96	77.4%	$1,895,376	$1,646

Lease Summary - Pacific Ridge Apartments
	Number of Leased Units (1)	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2024	517	97.0%	$24,201,228	$3,901
3rd Quarter 2024	486	91.2%	$24,221,832	$4,152
2nd Quarter 2024	447	83.9%	$22,531,920	$4,199
1st Quarter 2024	509	95.5%	$24,624,852	$4,031


Fourth Quarter 2024 Supplemental Information			Page



MULTIFAMILY LEASING SUMMARY (CONTINUED)


As of December 31, 2024
Lease Summary - Hassalo on Eighth - Multifamily (5)
	Number of Leased Units (1)	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2024	574	87.4%	$11,496,168	$1,668
3rd Quarter 2024	583	88.7%	$11,658,612	$1,667
2nd Quarter 2024	600	91.3%	$11,842,080	$1,645
1st Quarter 2024	603	91.8%	$11,901,264	$1,644

Total Multifamily Lease Summary
	Number of Leased Units (1)	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2024	1,936	91.8%	$62,362,716	$2,683
3rd Quarter 2024	1,906	90.3%	$62,620,464	$2,739
2nd Quarter 2024	1,900	90.0%	$61,786,800	$2,711
1st Quarter 2024	1,959	92.8%	$63,098,736	$2,685

Notes:

(1) Number of leased units and percentage leased 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 leased unit is calculated by dividing annualized base rent, by units under lease as of each respective quarter end date.

(4) Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.


Fourth Quarter 2024 Supplemental Information			Page



MIXED-USE LEASING SUMMARY


As of December 31, 2024
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
4th Quarter 2024	85,024	90.5%	$10,004,777	$118
3rd Quarter 2024	90,406	96.3%	$10,109,397	$112
2nd Quarter 2024	89,908	95.7%	$10,212,397	$114
1st Quarter 2024	89,558	95.4%	$9,645,825	$108

Lease Summary - Hotel Portion
	Number of Leased Units	Average Occupancy (4)	Average Daily Rate (4)	Annualized Revenue per Available Room (4)
Quarter
4th Quarter 2024	308	83.6%	$360	$301
3rd Quarter 2024	309	83.8%	$402	$337
2nd Quarter 2024	319	86.4%	$367	$317
1st Quarter 2024	331	89.8%	$356	$320

Notes:

(1) Percentage leased for mixed-use property includes square footage under leases as of December 31, 2024, including leases which may not have commenced as of December 31, 2024.

(2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended December 31, 2024 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 December 31, 2024.

(4) Average occupancy represents the percentage of available units that were sold during the three months ended December 31, 2024, 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.


Fourth Quarter 2024 Supplemental Information			Page



LEASE EXPIRATIONS


As of December 31, 2024
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	87,002	2.1	%	1.2	%	$1.53	16,448	0.5	%	0.2	%	$52.82	3,398	3.6	%	—	%	$18.60	106,848	1.5	%	$9.97
2025	356,130	8.7		4.9		$37.49	150,790	4.9		2.1		$36.74	12,217	13.0		0.2		$112.92	519,137	7.1		$39.05
2026	365,206	9.0		5.0		$46.33	287,075	9.3		4.0		$33.75	6,588	7.0		0.1		$174.35	658,869	9.1		$42.13
2027	426,802	10.5		5.9		$55.60	476,467	15.4		6.6		$30.68	6,028	6.4		0.1		$157.18	909,297	12.5		$43.22
2028	506,377	12.4		7.0		$57.58	777,458	25.1		10.7		$19.83	14,408	15.3		0.2		$135.00	1,298,243	17.9		$35.83
2029	865,245	21.2		11.9		$65.70	436,124	14.1		6.0		$27.28	13,719	14.6		0.2		$141.42	1,315,088	18.1		$53.75
2030	289,073	7.1		4.0		$43.30	121,991	3.9		1.7		$31.15	11,558	12.3		0.2		$72.26	422,622	5.8		$40.58
2031	191,839	4.7		2.6		$46.42	169,903	5.5		2.3		$26.84	14,965	15.9		0.2		116.65	376,707	5.2		$40.38
2032	46,959	1.2		0.6		$50.43	146,772	4.7		2.0		$29.15	—	—		—		—	193,731	2.7		$34.31
2033	60,445	1.5		0.8		$64.67	58,977	1.9		0.8		$37.45	—	—		—		—	119,422	1.6		$51.23
2034	130,817	3.2		1.8		$57.49	135,203	4.4		1.9		$26.25	—	—		—		—	266,020	3.7		$41.61
Thereafter	65,047	1.6		0.9		$55.82	134,419	4.3		1.9		$26.25	—	—		—		—	199,466	2.7		$35.89
Signed Leases Not Commenced	73,609	1.8		1.0		—	11,238	0.4		0.2		—	2,143	2.3		—		—	86,990	1.2		—
Available	612,825	15.0		8.4		—	170,537	5.5		2.3		—	8,901	9.5		0.1		—	792,263	10.9		—
Total (2)	4,077,376	100.0	%	56.1	%	$43.90	3,093,402	100.0	%	42.6	%	$25.85	93,925	100.0	%	1.3	%	$106.52	7,264,703	100.0	%	$37.02

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	87,002	2.1	%	1.2	%	$1.53	16,448	0.5	%	0.2	%	$52.82	3,398	3.6	%	—	%	$18.60	106,848	1.5	%	$9.97
2025	303,216	7.4		4.2		$38.67	108,311	3.5		1.5		$33.99	12,217	13.0		0.2		$112.92	423,744	5.8		$39.61
2026	83,122	2.0		1.1		$39.95	94,440	3.1		1.3		$36.05	3,547	3.8		—		$173.82	181,109	2.5		$40.54
2027	95,412	2.3		1.3		$49.75	195,625	6.3		2.7		$33.49	3,703	3.9		0.1		$154.36	294,740	4.1		$40.27
2028	99,918	2.5		1.4		$49.32	143,918	4.7		2.0		$30.46	7,494	8.0		0.1		$116.14	251,330	3.5		$40.51
2029	87,890	2.2		1.2		$53.43	120,108	3.9		1.7		$32.61	7,344	7.8		0.1		$169.70	215,342	3.0		$45.78
2030	198,119	4.9		2.7		$35.21	103,515	3.3		1.4		$29.54	1,414	1.5		—		$443.18	303,048	4.2		$35.18
2031	223,163	5.5		3.1		$53.41	61,204	2.0		0.8		$52.93	18,006	19.2		0.2		126.49	302,373	4.2		$57.66
2032	329,208	8.1		4.5		$51.03	181,895	5.9		2.5		$30.27	911	1.0		—		$96.00	512,014	7.0		$43.73
2033	323,470	7.9		4.5		$61.66	197,223	6.4		2.7		$23.24	6,914	7.4		0.1		155.43	527,607	7.3		$48.53
2034	111,155	2.7		1.5		$51.85	253,298	8.2		3.5		$29.89	6,375	6.8		0.1		$108.84	370,828	5.1		$37.83
Thereafter	1,449,267	35.5		19.9		$60.74	1,435,642	46.4		19.8		$23.12	11,558	12.3		0.2		43.00	2,896,467	39.9		$42.02
Signed Leases Not Commenced	73,609	1.8		1.0		—	11,238	0.4		0.2		—	2,143	2.3		—		—	86,990	1.2		—
Available	612,825	15.0		8.4		—	170,537	5.5		2.3		—	8,901	9.5		0.1		—	792,263	10.9		—
Total (2)	4,077,376	100.0	%	56.1	%	$43.90	3,093,402	100.0	%	42.6	%	$25.85	93,925	100.0	%	1.3	%	$106.52	7,264,703	100.0	%	$37.02


Fourth Quarter 2024 Supplemental Information			Page



LEASE EXPIRATIONS (CONTINUED)


As of December 31, 2024

Notes:

(1) Annualized base rent per leased 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 December 31, 2024 for the leases expiring during the applicable period by (ii) 12 months.

(2) Individual items may not add up to total due to rounding.


Fourth Quarter 2024 Supplemental Information			Page



PORTFOLIO LEASED STATISTICS


	At December 31, 2024					At December 31, 2023
Type	Size	Leased (1)		Leased %		Size	Leased (1)		Leased %
Overall Portfolio(2) Statistics
Office Properties (square feet)	4,077,376	3,464,551		85.0	%	4,058,523	3,491,696		86.0	%
Retail Properties (square feet)	3,093,402	2,922,865		94.5	%	3,092,616	2,914,886		94.3	%
Multifamily Properties (units)	2,110	1,936		91.8	%	2,110	1,948		92.3	%
Mixed-Use Properties (square feet)	93,925	85,024		90.5	%	93,925	89,329		95.1	%
Mixed-Use Properties (units)	369	317	(3)	85.9	%	369	314	(3)	85.2	%

Same-Store(2) Statistics
Office Properties (square feet)(4)	3,977,106	3,464,551		87.1	%	3,958,253	3,491,696		88.2	%
Retail Properties (square feet)	3,093,402	2,922,865		94.5	%	3,092,616	2,914,886		94.3	%
Multifamily Properties (units)	2,110	1,936		91.8	%	2,110	1,948		92.3	%
Mixed-Use Properties (square feet)	93,925	85,024		90.5	%	93,925	89,329		95.1	%
Mixed-Use Properties (units)	369	317	(3)	85.9	%	369	314	(3)	85.2	%

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 rented and occupied as of that date.

(2) See Glossary of Terms.

(3) Represents average occupancy for the year ended December 31, 2024 and 2023.

(4) Same-store office leased percentages exclude One Beach Street due to significant redevelopment activity and land held for development.


Fourth Quarter 2024 Supplemental Information			Page



TOP TENANTS - OFFICE


As of December 31, 2024
	Tenant	Property	Lease Expiration	Total Leased 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		Annualized Base Rent as a Percentage of Total
1	Google LLC	The Landmark at One Market	12/31/2029	253,198	6.2	%	3.5	%	$	27,117,548	14.0	%	9.6	%
2	LPL Holdings, Inc.	La Jolla Commons	4/30/2029	421,001	10.3		5.8		20,467,738		10.6		7.2
3	Autodesk, Inc. (1)	The Landmark at One Market	12/31/2027 12/31/2028	138,615	3.4		1.9		13,330,960		6.9		4.7
4	Smartsheet, Inc. (2)	City Center Bellevue	12/31/2026 4/30/2029	123,041	3.0		1.7		7,168,221		3.7		2.5
5	Illumina, Inc.	La Jolla Commons	10/31/2027	73,176	1.8		1.0		4,937,503		2.5		1.7
6	VMware, Inc.	City Center Bellevue	3/31/2028	75,000	1.8		1.0		4,673,061		2.4		1.6
7	Clearesult Operating, LLC	First & Main	4/30/2025	101,848	2.5		1.4		3,588,009		1.9		1.3
8	Industrious (3)	City Center Bellevue	4/30/2033 3/31/2034	55,256	1.4		0.8		3,301,447		1.7		1.2
9	State of Oregon: Department of Environmental Quality	Lloyd Portfolio	10/31/2031	87,787	2.2		1.2		3,113,766		1.6		1.1
10	Top technology tenant (4)	La Jolla Commons	8/31/2030	40,800	1.0		0.6		2,597,083		1.3		0.9
	Top 10 Office Tenants Total			1,369,722	33.6	%	18.9	%	$	90,295,336	46.6	%	31.8	%

Notes:

(1) For Autodesk, Inc., 45,795 and 92,820 of leased square feet have a lease expiration of December 31, 2027 and 2028, respectively.

(2) For Smartsheet, Inc., 73,669 and 49,372 of leased square feet have a lease expiration of December 31, 2026 and April 30, 2029, respectively.

(3) For Industrious, 18,090 and 37,166 of leased square feet have a lease expiration of April 30, 2033 and March 31, 2034, respectively. This does not include the recently executed lease for 20,493 square feet at La Jolla Commons - Tower III, because the building remains under development and is not yet included in total office rentable square feet.

(4) Name withheld per tenant's request.


Fourth Quarter 2024 Supplemental Information			Page



TOP TENANTS - RETAIL


As of December 31, 2024
	Tenant	Property(ies)	Lease Expiration	Total Leased 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		Annualized Base Rent as a Percentage of Total
1	Lowe's	Waikele Center	5/31/2028	155,000	5.0	%	2.1	%	$	4,092,000	5.1	%	1.4	%
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	2.3		1.0		2,174,838		2.7		0.8
3	Marshalls (2)	Carmel Mountain Plaza Solana Beach Towne Centre	1/31/2029 1/31/2035	68,055	2.2		0.9		1,822,561		2.3		0.6
4	Nordstrom Rack (3)	Carmel Mountain Plaza Alamo Quarry Market	9/30/2027 10/31/2027	69,047	2.2		1.0		1,804,269		2.3		0.6
5	Vons	Lomas Santa Fe Plaza	12/31/2027	49,895	1.6		0.7		1,609,086		2.0		0.6
6	At Home Stores	Carmel Mountain Plaza	7/31/2029	107,870	3.5		1.5		1,545,367		1.9		0.5
7	Old Navy (4)	Alamo Quarry Market Southbay Marketplace Waikele Center	9/30/2027 4/30/2028 7/31/2030	52,936	1.7		0.7		1,308,258		1.6		0.5
8	Safeway	Waikele Center	1/31/2040	50,050	1.6		0.7		1,201,200		1.5		0.4
9	HomeGoods (5)	Lomas Santa Fe Plaza Alamo Quarry Market	2/28/2030 8/31/2034	55,837	1.8		0.8		1,140,000		1.4		0.4
10	Michaels (6)	Alamo Quarry Market Carmel Mountain Plaza	2/29/2028 1/31/2029	46,850	1.5		0.6		1,124,218		1.4		0.4
	Top 10 Retail Tenants Total			726,971	23.4	%	10.0	%	$	17,821,797	22.2	%	6.2	%

Notes:

(1) For Sprouts Farmers Market, 14,986, 25,472, and 30,973 of leased square feet have a lease expiration of June 30, 2029 (Solana Beach Towne Centre), September 30, 2032 (Geary Marketplace), and March 31, 2035 (Carmel Mountain Plaza), respectively.

(2) For Marshalls, 28,760 and 39,295 of leased square feet have a lease expiration of January 31, 2029 (Carmel Mountain Plaza) and January 31, 2035 (Solana Beach Towne Centre).

(3) For Nordstrom Rack, 39,047 and 30,000 of leased square feet have a lease expiration of September 30, 2027 (Carmel Mountain Plaza) and October 31, 2027 (Alamo Quarry Market), respectively.

(4) For Old Navy, 15,021, 20,000 and 17,915 of leased square feet have a lease expiration of September 30, 2027 (Alamo Quarry Market), April 30, 2028 (Southbay Marketplace) and July 31, 2030 (Waikele Center), respectively.

(5) 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.

(6) For Michaels, 23,881 and 22,969 of leased square feet have a lease expiration of February 29, 2028 (Alamo Quarry Market) and January 31, 2029 (Carmel Mountain Plaza), respectively.


Fourth Quarter 2024 Supplemental Information			Page

APPENDIX


Fourth Quarter 2024 Supplemental Information			Page



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 and year ended December 31, 2024 and 2023 is as follows:


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net income	$	11,584	$	13,492	$	72,819	$	64,690
Depreciation and amortization	30,704		29,908		125,461		119,500
Interest expense, net	23,754		16,284		74,527		64,706
Interest income	(5,480)		(668)		(9,031)		(2,175)
Income tax expense	190		291		886		1,041

EBITDA	$	60,752	$	59,307	$	264,662	$	247,762

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 and year ended December 31, 2024 and 2023 is as follows:


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
EBITDA	$	60,752	$	59,307	$	264,662	$	247,762
Pro forma adjustments	—		—		—		—


Adjusted EBITDA	$	60,752	$	59,307	$	264,662	$	247,762

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 and year ended December 31, 2024 and 2023 is as follows:


	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023
Net income	$	11,584	$	13,492	$	72,819	$	64,690
Depreciation and amortization	30,704		29,908		125,461		119,500
Interest expense, net	23,754		16,284		74,527		64,706
Interest income	(5,480)		(668)		(9,031)		(2,175)
Income tax expense	190		291		886		1,041

EBITDAre	$	60,752	$	59,307	$	264,662	247,762


Fourth Quarter 2024 Supplemental Information			Page



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 tenant improvements, leasing commissions and maintenance 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. 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				Year Ended
	December 31,				December 31,
Reconciliation of NOI to net income	2024		2023		2024		2023
Total NOI	$	69,573	$	68,779	$	290,128	$	277,207
General and administrative	(8,821)		(9,472)		(35,468)		(35,960)
Depreciation and amortization	(30,704)		(29,908)		(125,461)		(119,500)
Operating Income	$	30,048	$	29,399	$	129,199	$	121,747
Interest expense, net	(23,754)		(16,284)		(74,527)		(64,706)


Other income, net	5,290		377		18,147		7,649





Net income	$	11,584	$	13,492	$	72,819	$	64,690
Net income attributable to restricted shares	(202)		(193)		(787)		(761)
Net income attributable to unitholders in the Operating Partnership	(2,405)		(2,818)		(15,234)		(13,551)
Net income attributable to American Assets Trust, Inc. stockholders	$	8,977	$	10,481	$	56,798	$	50,378

Overall Portfolio: Includes all operating properties owned by us as of December 31, 2024.


Fourth Quarter 2024 Supplemental Information			Page



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 Operating Income is presented below:


	Three Months Ended				Year Ended
	December 31,				December 31,
Reconciliation of Total Cash NOI to Net Income	2024		2023		2024		2023
Total Cash NOI	$	68,669	$	67,191	$	271,797	$	268,734
Lease termination fees and tenant improvement reimbursements	172		505		12,445		1,450
Non-cash revenue and other operating expenses (1)	732		1,083		5,886		7,023
General and administrative	(8,821)		(9,472)		(35,468)		(35,960)
Depreciation and amortization	(30,704)		(29,908)		(125,461)		(119,500)
Operating income	$	30,048	$	29,399	$	129,199	$	121,747
Interest expense, net	(23,754)		(16,284)		(74,527)		(64,706)


Other income, net	5,290		377		18,147		7,649
Net income	$	11,584	$	13,492	$	72,819	$	64,690

(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.


Fourth Quarter 2024 Supplemental Information			Page



GLOSSARY OF TERMS (CONTINUED)

Same-Store Portfolio, Non-Same Store Portfolio and Redevelopment Same-Store: 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. Information provided on a redevelopment same-store basis includes the results of properties undergoing significant redevelopment for the entirety or portion of both periods being compared. The following table shows the properties included in the same-store, non-same store and redevelopment same-store portfolio for the comparative periods presented.

Same-Store Cash NOI Comparison with Redevelopment: As noted below in the definition of Same-Store, Non-Same Store and Redevelopment Same-Store, information provided on a redevelopment same-store basis includes the results of properties undergoing significant redevelopment for the entirety or portion of both periods being compared. Redevelopment same-store is considered by management to be an important measure because it assists in eliminating disparities due to the redevelopment of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's stabilized and redevelopment properties, as applicable. Additionally, redevelopment same-store is considered by management to be an important measure because it assists in evaluating the timing of the start and stabilization of our redevelopment opportunities and the impact that these redevelopments have in enhancing our operating performance. We present Same-Store Cash NOI Comparison with Redevelopment using cash NOI to evaluate and compare the operating performance of the company's properties, as defined above. A reconciliation of Same-Store Cash NOI Comparison with Redevelopment on a cash basis to operating income is presented below:


	Three Months Ended				Year Ended
	December 31,				December 31,
Reconciliation of Same-Store Cash NOI Comparison with Redevelopment to Operating Income	2024		2023		2024		2023
Same-Store Cash NOI (1)	$	69,307	$	67,571	$	273,723	$	269,948
Redevelopment Cash NOI (2)	(353)		(103)		(812)		(460)
Total Same-Store Cash NOI with Redevelopment	$	68,954	$	67,468	$	272,911	$	269,488
Non-Same Store Cash NOI	(285)		(277)		(1,114)		(754)
Total Cash NOI	$	68,669	$	67,191	$	271,797	$	268,734
Lease termination fees and tenant improvement reimbursements (3)	172		505		12,445		1,450
Non-cash revenue and other operating expenses (4)	732		1,083		5,886		7,023
General and administrative	(8,821)		(9,472)		(35,468)		(35,960)
Depreciation and amortization	(30,704)		(29,908)		(125,461)		(119,500)
Operating income	$	30,048	$	29,399	$	129,199	$	121,747
Interest expense, net	(23,754)		(16,284)		(74,527)		(64,706)


Other income, net	5,290		377		18,147		7,649
Net income	$	11,584	$	13,492	$	72,819	$	64,690

(1) Same-store portfolio excludes One Beach Street due to significant redevelopment activity and land held for development.

(2) Redevelopment property refers to One Beach Street and Lloyd Portfolio - Land.

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

(4) Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles and straight-line rent expense for our leases of the Annex at The Landmark at One Market.


Fourth Quarter 2024 Supplemental Information			Page



GLOSSARY OF TERMS (CONTINUED)

Comparison of Three Months Ended

Comparison of Year Ended

December 31, 2024 to 2023

Same-Store

Non Same-Store

Redevelopment Same-Store

Same-Store

Non Same-Store

Redevelopment Same-Store

Office Properties

La Jolla Commons

Torrey Reserve Campus

Torrey Point

Solana Crossing (formerly Solana Beach Corporate Centre)

The Landmark at One Market

One Beach Street

First & Main

Lloyd Portfolio

City Center Bellevue

14Acres (formerly known as Eastgate Office Park)

Timber Ridge (formerly known as Corporate Campus East III)

Timber Springs (formerly known as Bel-Spring 520)

Retail Properties

Carmel Country Plaza

Carmel Mountain Plaza

South Bay Marketplace

Gateway Marketplace

Lomas Santa Fe Plaza

Solana Beach Towne Centre

Del Monte Center

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

Hassalo on Eighth

Mixed-Use Properties

Waikiki Beach Walk - Retail

Waikiki Beach Walk - Embassy Suites™

Development Properties

La Jolla Commons - Land

Solana Crossing - Land

Lloyd Portfolio - Land


Fourth Quarter 2024 Supplemental Information			Page



GLOSSARY OF TERMS (CONTINUED)

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.


Fourth Quarter 2024 Supplemental Information			Page

Cover Page	Feb. 04, 2025
Cover [Abstract]
Document Type	8-K
Document Period End Date	Feb. 04, 2025
Entity Registrant Name	American Assets Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-35030
Entity Tax Identification Number	27-3338708
Entity Address, Address Line One	3420 Carmel Mountain Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	350-2600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AAT
Security Exchange Name	NYSE
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001500217

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