American Assets Trust, Inc. · NYSE:AAT
American Assets Trust — Q1 2026 Earnings Presentation
39 slides from American Assets Trust's earnings presentation, Apr 29, 2026
Slide 1: First Quarter 2026 Supplemental Information
FIRST QUARTER 2026 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 1,802,809 1,322,200 1,645 (1) — — Bellevue 1,028,470 — — — — Por
Slide 3: Index
INDEX FIRST QUARTER 2026 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 Same-Store Net Operating Income (NOI) 9 Same-Store Cash NOI Comparison 10
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS First Quarter 2026 Supplemental Information Page 4
Slide 5: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except shares and per share data) March 31, 2026 December 31, 2025 ASSETS (unaudited) Real estate, at cost Operating real estate $ 3,703,308 $ 3,694,203 Construction in progress 75,226 68,937 Held for development 487 487 3,779,021 3,763,627 Accumula
Slide 6: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except shares and per share data) Three Months Ended March 31, 2026 2025 REVENUE: Rental income $ 104,422 $ 102,951 Other property income 6,170 5,656 Total revenue 110,592 108,607 EXPENSES: Rental expenses 31,720 30,300 Real est
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 March 31, 2026 2025 Funds from Operations (FFO) (1) Net income $ 6,739 $ 54,107 Depreciation and amortization of real estate assets 32,311
Slide 8: Funds From Operations, 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 March 31, 2026 2025 Funds Available for Distribution (FAD) (1) FFO $ 39,050 $ 40,125 Adjustments: Tenant improvements, leasing
Slide 9: Same-Store Net Operating Income (NOI)
SAME-STORE NET OPERATING INCOME (NOI) (Unaudited, amounts in thousands) Three Months Ended March 31, 2026 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 51,516 $ 23,326 $ 16,920 $ 16,695 $ 108,457 Non-same store 841 18 1,276 — 2,135 Total 52,357 23,344 18,196 1
Slide 10: Same-Store Cash NOI Comparison
SAME-STORE CASH NOI COMPARISON (Unaudited, amounts in thousands) Three Months Ended March 31, 2026 2025 Change Cash Basis: Office $ 35,035 $ 35,074 (0.1)% Retail 16,269 16,383 (0.7) Multifamily 9,848 9,562 3.0 Mixed-Use 5,219 5,363 (2.7) Same-store Cash NOI (1)(2) $ 66,371 $ 66,382 —% Notes: (1) Lea
Slide 11: Cash NOI by Region
CASH NOI BY REGION (Unaudited, amounts in thousands) Three Months Ended March 31, 2026 Office Retail Multifamily Mixed-Use Total Cash Basis: Southern California $ 14,379 $ 8,947 $ 8,872 $ — $ 32,198 Northern California 7,429 290 — — 7,719 Hawaii — 2,964 — 5,219 8,183 Oregon 4,478 151 1,457 — 6,086 T
Slide 12: Cash NOI Breakdown
CASH NOI BREAKDOWN Three Months Ended March 31, 2026 Cash NOI Breakdown Portfolio Diversification by Geographic Region Portfolio Diversification by Segment Oregon Washington Mixed-Use 9% 12% 8% Retail 24% Hawaii Texas 12% 6% Multifamily 16% Northern California 12% Office Southern California 52% 49%
Slide 13: Property Revenue and Operating Expenses
PROPERTY REVENUE AND OPERATING EXPENSES (Unaudited, amounts in thousands) Three Months Ended March 31, 2026 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 $
Slide 14: Property Revenue and Operating Expenses (Continued)
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) (Unaudited, amounts in thousands) Three Months Ended March 31, 2026 Additional Property Property Billed Expense Operating Rental Cash Property Base Rent (1) Income (2) Reimbursements (3) Expenses (4) Adjustments (5) NOI (6) Multifamily Portfolio Lo
Slide 15: Property Revenue and Operating Expenses (Continued)
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) (2) Represents additional property-related income for the three months ended March 31, 2026, 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 16: Segment Capital Expenditures
SEGMENT CAPITAL EXPENDITURES (Unaudited, amounts in thousands) Three Months Ended March 31, 2026 Total Tenant Improvements, Tenant Leasing Improvements Commissions Redevelopment, and Leasing Capital and Capital Expansions and New Total Capital Segment Commissions Expenditures Expenditures Reposition
Slide 17: Summary of Outstanding Debt
SUMMARY OF OUTSTANDING DEBT (Unaudited, amounts in thousands) Amount Outstanding at Annual Debt Debt March 31, 2026 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) $
Slide 18: Market Capitalization
MARKET CAPITALIZATION (Unaudited, amounts in thousands, except per share data) De bt Maturity S che dule Market data March 31, 2026 as of March 31, 2026 Common shares outstanding 61,391 $600 Common units outstanding 16,182 Common shares and common units outstanding 77,573 Principal Repayment (in mil
Slide 19: 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 20: Portfolio Data
PORTFOLIO DATA First Quarter 2026 Supplemental Information Page 20
Slide 21: Property Report
PROPERTY REPORT As of March 31, 2026 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 Tenant
Slide 22: Property Report (Continued)
PROPERTY REPORT (CONTINUED) As of March 31, 2026 Average Monthly Year Built/ Percentage Percentage Annualized Base Rent per Most Recent Property Location Renovation Units Leased (2) Occupied (2) Base Rent (3) Occupied Unit (4) Loma Palisades San Diego, CA 1958/2022 548 97.3% 95.6% $ 18,438,396 $ 2,9
Slide 23: Property Report (Continued)
PROPERTY REPORT (CONTINUED) (4) Annualized base rent per leased square foot for our retail and office properties and the retail portion of the mixed-use property is calculated by dividing annualized base rent, by square footage under lease as of March 31, 2026. Annualized base rent per occupied unit
Slide 24: Office and Retail Leasing Summary
OFFICE AND RETAIL LEASING SUMMARY As of March 31, 2026 Office Leasing Summary Net Rentable Cash Basis % Straight-Line Basis Weighted Average Tenant Tenant Number of Square Feet Contractual Rent Change Over Prior % Change Over Lease Improvements & Improvements & Lease Type Leases Signed Signed Per Sq
Slide 25: Multifamily Leasing Summary
MULTIFAMILY LEASING SUMMARY As of March 31, 2026 Lease Summary - Loma Palisades Number of Occupied Annualized Base Rent Average Monthly Base Rent Quarter Units (1) Percentage occupied (1) (2) per Occupied Unit (3) 1st Quarter 2026 524 95.6% $18,438,396 $2,933 4th Quarter 2025 520 94.9% $18,131,064 $
Slide 26: Multifamily Leasing Summary (Continued)
MULTIFAMILY LEASING SUMMARY (CONTINUED) As of March 31, 2026 Lease Summary - Hassalo on Eighth - Multifamily (4) Number of Average Monthly Base Rent Quarter Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) per Occupied Unit (3) 1st Quarter 2026 605 92.1% $12,109,044 $1,668 4th Qua
Slide 27: Mixed-Use Leasing Summary
MIXED-USE LEASING SUMMARY As of March 31, 2026 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) 1st Quarter 2026 90,346 96.2% $9,975,837 $110 4th Quarter 2025 90,346 96.2% $9,628,291 $10
Slide 28: Lease Expirations
LEASE EXPIRATIONS As of March 31, 2026 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 Bas
Slide 29: Lease Expirations (Continued)
LEASE EXPIRATIONS (CONTINUED) Notes: (1) Annualized base rent per occupied 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 re
Slide 30: Portfolio Leased Statistics
PORTFOLIO LEASED STATISTICS At March 31, 2026 At March 31, 2025 Type Size Leased (1) Leased % Size Leased (1) Leased % Overall Portfolio(2) Statistics Office Properties (square feet) 4,273,675 3,611,004 84.5 % 4,077,376 3,484,902 85.5 % Retail Properties (square feet) 2,419,969 2,364,365 97.7 % 2,42
Slide 31: Top Tenants - Office
TOP TENANTS - OFFICE As of March 31, 2026 Annualized Total Rentable Rentable Base Rent as Occupied Square Feet as Square Feet as a Percentage Lease Square a Percentage of a Percentage of Annualized of Total Tenant Property Expiration Feet Total Office Total Base Rent Office 1 Google LLC The Landmark
Slide 32: Top Tenants - Retail
TOP TENANTS - RETAIL As of March 31, 2026 Annualized Total Rentable Rentable Base Rent as Occupied Square Feet as Square Feet as a Percentage Lease Square a Percentage of a Percentage of Annualized of Total Tenant Property(ies) Expiration Feet Total Retail Total Base Rent Retail 1 Lowe's Waikele Cen
Slide 33: Appendix
APPENDIX First Quarter 2026 Supplemental Information Page 33
Slide 34: 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 35: 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 36: 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 37: Glossary of Terms (Continued)
GLOSSARY OF TERMS (CONTINUED) Same-Store Portfolio and Non-Same Store Portfolio: 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 expan
Slide 38: Glossary of Terms (Continued)
GLOSSARY OF TERMS (CONTINUED) Comparison of Three Months Ended March 31, 2026 to 2025 Same-Store Non Same-Store Office Properties La Jolla Commons (1) X X Coastal Collection at Torrey Reserve (formerly Torrey Reserve Campus) X Torrey Point X Solana Crossing X The Landmark at One Market X One Beach S
Slide 39: Glossary of Terms (Continued)
GLOSSARY OF TERMS (CONTINUED) (2) One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. One Beach Street is considered same-store for the three months ended March 31, 2026 since it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not l
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