American Assets Trust, Inc. · NYSE:AAT
American Assets Trust — Q2 2025 Earnings Presentation
43 slides from American Assets Trust's earnings presentation, Jul 30, 2025
Slide 1: Second Quarter 2025 Supplemental Information
SECOND QUARTER 2025 Supplemental Information Investor and Media Contact American Assets Trust, Inc. Robert F. Barton Executive Vice President and Chief Financial Officer 858-350-2607
Slide 2: Portfolio concentrated in high-barrier-to-entry markets
American Assets Trust, Inc.'s Portfolio is concentrated in high-barrier-to-entry markets with favorable supply/demand characteristics Office Retail Multifamily Mixed-Use Square Square Square Suites Market Feet Units Feet Feet San Diego 1,801,538 1,322,200 1,645 (1) — — Bellevue 1,028,470 — — — — Por
Slide 3: Index
INDEX SECOND QUARTER 2025 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
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Second Quarter 2025 Supplemental Information Page 4
Slide 5: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except shares and per share data) June 30, 2025 December 31, 2024 ASSETS (unaudited) Real estate, at cost Operating real estate $ 3,656,674 $ 3,449,009 Construction in progress 68,067 176,868 Held for development 487 487 3,725,228 3,626,364 Accumula
Slide 6: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 REVENUE: Rental income $ 101,070 $ 105,094 $ 204,021 $ 210,115 Other property income 6,863 5,796 12,519 11,470 Total rev
Slide 7: Funds From Operations, FFO As Adjusted & Funds Available for Distribution
FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Funds from Operations (FFO) (1) Net income $ 7,121 $ 15,294 $ 61,228 $ 39,917 Deprec
Slide 8: FFO, FFO As Adjusted & Funds Available for Distribution (Continued)
FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED) (Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Funds Available for Distribution (FAD) (1) FFO $ 39,903 $ 46,305 $ 80,02
Slide 9: Corporate Guidance
CORPORATE GUIDANCE (Amounts in thousands, except share and per share data) Prior 2025 Guidance Range (1) (2) Revised 2025 Guidance Range (2) Funds from Operations (FFO): Net income $ 27,053 $ 37,789 $ 70,977 $ 80,186 Depreciation and amortization of real estate assets 117,097 117,097 119,256 119,256
Slide 10: Same-Store Net Operating Income (NOI)
SAME-STORE NET OPERATING INCOME (NOI) (Unaudited, amounts in thousands) Three Months Ended June 30, 2025 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 50,604 $ 23,042 $ 16,306 $ 16,679 $ 106,631 Non-same store 214 (34) 1,122 — 1,302 Total 50,818 23,008 17,428
Slide 11: Same-Store Net Operating Income (NOI) (Continued)
SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED) (Unaudited, amounts in thousands) Six Months Ended June 30, 2025 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 101,391 $ 46,049 $ 32,777 $ 32,926 $ 213,143 Non-same store 308 1,607 1,482 — 3,397 Total 101,699 4
Slide 12: Same-Store Cash NOI Comparison Excluding Redevelopment
SAME-STORE CASH NOI COMPARISON EXCLUDING REDEVELOPMENT (Unaudited, amounts in thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 Change 2025 2024 Change Cash Basis: Office $ 35,501 $ 35,730 (0.6)% $ 70,819 $ 69,244 2.3 % Retail 16,891 16,163 4.5 33,274 31,714 4.9 Multifamily
Slide 13: Same-Store Cash NOI Comparison with Redevelopment
SAME-STORE CASH NOI COMPARISON WITH REDEVELOPMENT (Unaudited, amounts in thousands) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 Change 2025 2024 Change Cash Basis: Office (1) $ 35,270 $ 35,603 (0.9)% $ 70,344 $ 69,018 1.9 % Retail 16,891 16,163 4.5 33,274 31,714 4.9 Multifamily 8
Slide 14: Cash NOI by Region
CASH NOI BY REGION (Unaudited, amounts in thousands) Three Months Ended June 30, 2025 Office Retail Multifamily Mixed-Use Total Cash Basis: Southern California $ 14,195 $ 9,160 $ 8,002 $ — $ 31,357 Northern California 7,225 314 — — 7,539 Hawaii — 3,070 — 5,681 8,751 Oregon 4,716 162 1,305 — 6,183 Te
Slide 15: Cash NOI Breakdown
CASH NOI BREAKDOWN Three Months Ended June 30, 2025 Cash NOI Breakdown Portfolio Diversification by Geographic Region Portfolio Diversification by Segment Oregon Washington Mixed-Use 9% 12% 9% Retail 25% Hawaii Texas 13% 6% Multifamily 14% Northern California 12% Office Southern California 52% 48% C
Slide 16: Property Revenue and Operating Expenses
PROPERTY REVENUE AND OPERATING EXPENSES (Unaudited, amounts in thousands) Three Months Ended June 30, 2025 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
Slide 17: Property Revenue and Operating Expenses (Continued)
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) (Unaudited, amounts in thousands) Three Months Ended June 30, 2025 Additional Property Property Billed Expense Operating Rental Cash Property Base Rent (1) Income (2) Reimbursements (3) Expenses (4) Adjustments (5) NOI (6) Multifamily Portfolio Lom
Slide 18: Property Revenue and Operating Expenses (Continued)
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) (2) Represents additional property-related income for the three months ended June 30, 2025, 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
Slide 19: Segment Capital Expenditures
SEGMENT CAPITAL EXPENDITURES (Unaudited, amounts in thousands) Three Months Ended June 30, 2025 Total Tenant Improvements, Tenant Leasing Improvements Commissions Redevelopment, and Leasing Capital and Capital Expansions and New Total Capital Segment Commissions Expenditures Expenditures Repositioni
Slide 20: Summary of Outstanding Debt
SUMMARY OF OUTSTANDING DEBT (Unaudited, amounts in thousands) Amount Outstanding at Annual Debt Debt June 30, 2025 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) $ 1
Slide 21: Market Capitalization
MARKET CAPITALIZATION (Unaudited, amounts in thousands, except per share data) Debt Maturity Schedule Market data June 30, 2025 as of June 30, 2025 Common shares outstanding 61,153 $600 Common units outstanding 16,182 Common shares and common units outstanding 77,335 $525 Principal Repayment (in mil
Slide 22: Summary of Development Opportunities
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 th
Slide 23: Portfolio Data
PORTFOLIO DATA Second Quarter 2025 Supplemental Information Page 23
Slide 24: Property Report
PROPERTY REPORT As of June 30, 2025 Office and Retail Portfolios Net Annualized Rentable Base Rent per Year Built/ Square Percentage Annualized Leased Retail Most Recent Anchor Tenant(s) Property Location Renovation Feet (1) Leased (2) Base Rent (3) Square Foot (4) (5) Other Principal Retail Tenants
Slide 25: Property Report (Continued)
PROPERTY REPORT (CONTINUED) As of June 30, 2025 Average Monthly Year Built/ Percentage Annualized Base Rent per Most Recent Property Location Renovation Units Leased (2) Base Rent (3) Leased Unit (4) Loma Palisades San Diego, CA 1958/2022 548 92.2% $ 17,530,764 $ 2,891 Imperial Beach Gardens Imperia
Slide 26: Property Report (Continued)
PROPERTY REPORT (CONTINUED) (5) Retail anchor tenants are defined as retail tenants leasing 50,000 square feet or more. (6) Other principal retail tenants, excluding anchor tenants. (7) This property contains 422,426 net rentable square feet consisting of The Landmark at One Market (378,206 net rent
Slide 27: Office Leasing Summary
OFFICE LEASING SUMMARY As of June 30, 2025 Total Lease Summary - Comparable (1) Cash Basis Straight-Line Weighted Tenant Number % of Net Rentable Contractual % Change Basis % Average Tenant Improvements of Leases Comparable Square Feet Rent Per Sq. Prior Rent Per Annual Change Over Prior Change Over
Slide 28: Retail Leasing Summary
RETAIL LEASING SUMMARY As of June 30, 2025 Total Lease Summary - Comparable (1)(7) Cash Basis Straight-Line Weighted Tenant Number % of Net Rentable Contractual % Change Basis % Average Tenant Improvements of Leases Comparable Square Feet Rent Per Sq. Prior Rent Per Annual Change Over Prior Change O
Slide 29: Multifamily Leasing Summary
MULTIFAMILY LEASING SUMMARY As of June 30, 2025 Lease Summary - Loma Palisades Number of Leased Average Monthly Base Rent Quarter Units (1) Percentage leased (1) Annualized Base Rent (2) per Leased Unit (3) 2nd Quarter 2025 505 92.2% $17,530,764 $2,891 1st Quarter 2025 505 92.2% $17,809,548 $2,937 4
Slide 30: Multifamily Leasing Summary (Continued)
MULTIFAMILY LEASING SUMMARY (CONTINUED) As of June 30, 2025 Lease Summary - Hassalo on Eighth - Multifamily (4) Number of Leased Average Monthly Base Rent Quarter Units (1) Percentage leased (1) Annualized Base Rent (2) per Leased Unit (3) 2nd Quarter 2025 582 88.6% $11,706,456 $1,676 1st Quarter 20
Slide 31: Mixed-Use Leasing Summary
MIXED-USE LEASING SUMMARY As of June 30, 2025 Lease Summary - Retail Portion Number of Leased Annualized Base Rent per Quarter Square Feet Percentage leased (1) Annualized Base Rent (2) Leased Square Foot (3) 2nd Quarter 2025 89,204 95.0% $9,807,163 $110 1st Quarter 2025 83,911 89.3% $9,771,216 $116
Slide 32: Lease Expirations
LEASE EXPIRATIONS As of June 30, 2025 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 Mixed- Expiring Office Total Base Rent Expiring Retail Total Base Rent Expiring Use Total Base
Slide 33: Lease Expirations (Continued)
LEASE EXPIRATIONS (CONTINUED) As of June 30, 2025 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 multi
Slide 34: Portfolio Leased Statistics
PORTFOLIO LEASED STATISTICS At June 30, 2025 At June 30, 2024 Type Size Leased (1) Leased % Size Leased (1) Leased % (2) Overall Portfolio Statistics Office Properties (square feet) 4,283,607 3,510,838 82.0 % 4,058,523 3,516,281 86.6 % Retail Properties (square feet) 2,420,247 (4) 2,364,002 97.7 % 3
Slide 35: Top Tenants - Office
TOP TENANTS - OFFICE As of June 30, 2025 Annualized Total Rentable Rentable Base Rent as Annualized Leased Square Feet as Square Feet as a Percentage Base Rent as a Lease Square a Percentage of a Percentage of Annualized of Total Percentage of Tenant Property Expiration Feet Total Office Total Base
Slide 36: Top Tenants - Retail
TOP TENANTS - RETAIL As of June 30, 2025 Annualized Total Rentable Rentable Base Rent as Annualized Leased Square Feet as Square Feet as a Percentage Base Rent as a Lease Square a Percentage of a Percentage of Annualized of Total Percentage of Tenant Property(ies) Expiration Feet Total Retail Total
Slide 37: Appendix
APPENDIX Second Quarter 2025 Supplemental Information Page 37
Slide 38: Glossary of Terms
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. E
Slide 39: Glossary of Terms (Continued)
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
Slide 40: Glossary of Terms (Continued)
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, pr
Slide 41: Glossary of Terms (Continued)
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 signific
Slide 42: Glossary of Terms (Continued)
GLOSSARY OF TERMS (CONTINUED) Comparison of Three Months Ended Comparison of Six Months Ended June 30, 2025 to 2024 June 30, 2025 to 2024 Redevelopment Redevelopment Same-Store Non Same-Store Same-Store Same-Store Non Same-Store Same-Store Office Properties La Jolla Commons (1) X X X X X X Torrey Re
Slide 43: Glossary of Terms (Continued)
GLOSSARY OF TERMS (CONTINUED) (1) La Jolla Commons Tower III is considered non same-store, as it was placed into operations on April 1, 2025. 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
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