American Assets Trust, Inc. · NYSE:AAT
American Assets Trust — Q4 2025 Earnings Presentation
42 slides from American Assets Trust's earnings presentation, Feb 4, 2026
Slide 1: Fourth Quarter 2025 Supplemental Information
FOURTH 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 1,802,809 1,322,200 1,645 (1) — — Bellevue 1,028,470 — — — — Por
Slide 3: Index
INDEX FOURTH 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 Fourth Quarter 2025 Supplemental Information Page 4
Slide 5: Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except shares and per share data) December 31, 2025 December 31, 2024 ASSETS (unaudited) Real estate, at cost Operating real estate $ 3,694,203 $ 3,449,009 Construction in progress 68,937 176,868 Held for development 487 487 3,763,627 3,626,364 Accu
Slide 6: Consolidated Statements of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 REVENUE: Rental income $ 104,250 $ 107,947 $ 410,493 $ 423,611 Other property income 5,836 5,513 25,711 34,244 Total r
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 Year Ended December 31, December 31, 2025 2024 2025 2024 Funds from Operations (FFO) (1) Net income $ 4,221 $ 11,584 $ 71,370 $ 72,819 Depr
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 Year Ended December 31, December 31, 2025 2024 2025 2024 Funds Available for Distribution (FAD) (1) FFO $ 36,243 $ 42,288 $ 154
Slide 9: Corporate Guidance
CORPORATE GUIDANCE (Amounts in thousands, except share and per share data) 2026 Guidance Range (1) Funds from Operations (FFO): Net income $ 32,668 $ 43,450 Depreciation and amortization of real estate assets 119,110 119,110 Gain on sale of real estate — FFO, as defined by NAREIT 151,778 162,560 Les
Slide 10: Same-Store Net Operating Income (NOI)
SAME-STORE NET OPERATING INCOME (NOI) (Unaudited, amounts in thousands) Three Months Ended December 31, 2025 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 51,629 $ 24,356 $ 16,083 $ 16,408 $ 108,476 Non-same store 416 (21) 1,215 — 1,610 Total 52,045 24,335 17,
Slide 11: Same-Store Net Operating Income (NOI) (Continued)
SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED) (Unaudited, amounts in thousands) Year Ended December 31, 2025 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 204,964 $ 93,528 $ 65,051 $ 66,084 $ 429,627 Non-same store 1,073 1,594 3,910 — 6,577 Total 206,037 9
Slide 12: Same-Store Cash NOI Comparison
SAME-STORE CASH NOI COMPARISON (Unaudited, amounts in thousands) Three Months Ended Year Ended December 31, December 31, 2025 2024 Change 2025 2024 Change Cash Basis: Office (1) $ 34,541 $ 34,131 1.2 % $ 140,976 $ 137,832 2.3 % Retail 17,145 17,455 (1.8) 66,781 65,969 1.2 Multifamily 8,873 9,016 (1.
Slide 13: Cash NOI by Region
CASH NOI BY REGION (Unaudited, amounts in thousands) Three Months Ended December 31, 2025 Office Retail Multifamily Mixed-Use Total Cash Basis: Southern California $ 14,206 $ 9,263 $ 7,787 $ — $ 31,256 Northern California 7,190 344 — — 7,534 Hawaii — 3,132 — 5,545 8,677 Oregon 4,452 147 1,310 — 5,90
Slide 14: Cash NOI Breakdown
CASH NOI BREAKDOWN Three Months Ended December 31, 2025 Cash NOI Breakdown Portfolio Diversification by Geographic Region Portfolio Diversification by Segment Oregon Washington Mixed-Use 9% 12% 9% Retail Texas 26% Hawaii 13% 7% Multifamily 14% Northern California 11% Office Southern California 51% 4
Slide 15: Property Revenue and Operating Expenses
PROPERTY REVENUE AND OPERATING EXPENSES (Unaudited, amounts in thousands) Three Months Ended December 31, 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
Slide 16: Property Revenue and Operating Expenses (Continued)
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) (Unaudited, amounts in thousands) Three Months Ended December 31, 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
Slide 17: Property Revenue and Operating Expenses (Continued)
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) (2) Represents additional property-related income for the three months ended December 31, 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 l
Slide 18: Segment Capital Expenditures
SEGMENT CAPITAL EXPENDITURES (Unaudited, amounts in thousands) Three Months Ended December 31, 2025 Total Tenant Improvements, Tenant Leasing Improvements Commissions Redevelopment, and Leasing Capital and Capital Expansions and New Total Capital Segment Commissions Expenditures Expenditures Reposit
Slide 19: Summary of Outstanding Debt
SUMMARY OF OUTSTANDING DEBT (Unaudited, amounts in thousands) Amount Outstanding at Annual Debt Debt December 31, 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)
Slide 20: Market Capitalization
MARKET CAPITALIZATION (Unaudited, amounts in thousands, except per share data) Debt Maturity Schedule Market data December 31, 2025 as of December 31, 2025 Common shares outstanding 61,391 $600 Common units outstanding 16,182 Common shares and common units outstanding 77,573 $525 Principal Repayment
Slide 21: 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 22: Portfolio Data
PORTFOLIO DATA Fourth Quarter 2025 Supplemental Information Page 22
Slide 23: Property Report
PROPERTY REPORT As of December 31, 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 Ten
Slide 24: Property Report (Continued)
PROPERTY REPORT (CONTINUED) As of December 31, 2025 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 96.7% 94.9% $ 18,131,064 $
Slide 25: 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 December 31, 2025. Annualized base rent per occupied u
Slide 26: Office Leasing Summary
OFFICE LEASING SUMMARY As of December 31, 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
Slide 27: Retail Leasing Summary
RETAIL LEASING SUMMARY As of December 31, 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 Chan
Slide 28: Multifamily Leasing Summary
MULTIFAMILY LEASING SUMMARY As of December 31, 2025 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) 4th Quarter 2025 520 94.9% $18,131,064 $2,905 3rd Quarter 2025 500 91.2% $17,579,54
Slide 29: Multifamily Leasing Summary (Continued)
MULTIFAMILY LEASING SUMMARY (CONTINUED) As of December 31, 2025 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) 4th Quarter 2025 585 89.0% $11,814,288 $1,684 3rd
Slide 30: Mixed-Use Leasing Summary
MIXED-USE LEASING SUMMARY As of December 31, 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) 4th Quarter 2025 90,346 96.2% $9,628,291 $107 3rd Quarter 2025 89,204 95.0% $9,882,053
Slide 31: Lease Expirations
LEASE EXPIRATIONS As of December 31, 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
Slide 32: 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 33: Portfolio Leased Statistics
PORTFOLIO LEASED STATISTICS At December 31, 2025 At December 31, 2024 Type Size Leased (1) Leased % Size Leased (1) Leased % Overall Portfolio(2) Statistics Office Properties (square feet) 4,273,675 3,553,315 83.1 % 4,077,376 3,464,551 85.0 % Retail Properties (square feet) 2,419,969 (5) 2,363,946 9
Slide 34: Top Tenants - Office
TOP TENANTS - OFFICE As of December 31, 2025 Annualized Total Rentable Rentable Base Rent as Annualized Occupied 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
Slide 35: Top Tenants - Retail
TOP TENANTS - RETAIL As of December 31, 2025 Annualized Total Rentable Rentable Base Rent as Annualized Occupied 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
Slide 36: Appendix
APPENDIX Fourth Quarter 2025 Supplemental Information Page 36
Slide 37: 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 38: 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 39: 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 40: 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 41: Glossary of Terms (Continued)
GLOSSARY OF TERMS (CONTINUED) Comparison of Three Months Ended Comparison of Year Ended December 31, 2025 to 2024 December 31, 2025 to 2024 Same-Store Non Same-Store Same-Store Non Same-Store Office Properties La Jolla Commons (1) X X X X Coastal Collection at Torrey Reserve (formerly Torrey Reserve
Slide 42: Glossary of Terms (Continued)
GLOSSARY OF TERMS (CONTINUED) (2) One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. As noted above, One Beach Street is considered same-store for the three months ended December 31, 2025 and non- same store for the year ended December 31, 2025, since it
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