American Assets Trust 2026Q3 FFO 同比增14%并上调全年指引，盘后涨3.5%

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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):
October 27, 2026
_________________________
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 October 27, 2026, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ending September 30, 2026. Also on October 27, 2026, 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 ending September 30, 2026. 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 ending September 30, 2026 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
October 27
, 2026.
99.2**
American Assets Trust, Inc. Supplemental Information for the quarter ended
September
30, 2026.
104
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
_____________________
** Furnished herewith
2
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
October 27, 2026
3

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EX-99.1
2
a3q26earningsrelease.htm
EARNINGS RELEASE
Document
American Assets Trust, Inc. Reports Third Quarter 2026 Financial Results
SAN DIEGO, California - 10/27/2026
- American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its third quarter ended September 30, 2026.
Third Quarter Highlights
•
Net income available to common stockholders of $7.7 million and $18.0 million for the three and nine months ended September 30, 2026, respectively, or $0.13 and $0.30 per diluted share, respectively.
•
Funds From Operations (“FFO”) of $0.56 and $1.57 per diluted share for the three and nine months ended September 30, 2026, respectively, compared to $0.49 and $1.53 per diluted share for the same periods in 2025.
•
Same-store cash Net Operating Income (
“
NOI”) increased 8.3% and 2.3% for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025.
•
Increased 2026 FFO per diluted share guidance to a range of $2.04 to $2.10 with a midpoint of $2.07, a $0.04 increase over prior guidance.
•
Achieved record average rental rates across our retail and multifamily segments during the third quarter.
•
Leased 124,000 of office square feet, of which approximately 47,000 is comparable, at an average straight-line basis and cash-basis contractual rent increase of 8.2% and 2.1%, respectively, during the third quarter.
•
Leased 108,000 of retail square feet, of which approximately 94,000 is comparable, at an average straight-line basis and cash-basis contractual rent increase of 16.8% and 7.4%, respectively, during the third quarter.
Financial Results
(Unaudited, amounts in thousands, except per share data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Net income
$
10,018
$
5,921
$
23,547
$
67,149
Basic and diluted income attributable to common stockholders per share
$
0.13
$
0.07
$
0.30
$
0.87
FFO attributable to common stock and common units
$
42,832
$
37,754
$
120,952
$
117,422
FFO per diluted share and unit
$
0.56
$
0.49
$
1.57
$
1.53
Net income decreased $43.6 million for the nine months ended September 30, 2026, compared to the same period in 2025, primarily driven by the gain on sale of Del Monte Center recognized in 2025, higher interest expense as we ceased capitalization of interest related to La Jolla Commons III being placed into service, decrease in occupancy at First & Main and 14Acres and overall increase in rental expenses across our same-store properties. These decreases were partially offset by the acquisition of Genesee Park in 2025, prior year tax refunds received at Waikele Center and an increase in new tenant leases commenced at City Center Bellevue and La Jolla Commons III.
1
FFO increased $3.5 million for the nine months ended September 30, 2026, compared to the same period in 2025, primarily due to the items described above. Gain on sale of Del Monte Center is excluded from FFO computations.
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:
September 30, 2026
June 30, 2026
September 30, 2025
Total Portfolio
Office
85.8%
84.4%
81.9%
Retail
98.3%
97.9%
97.9%
Multifamily
(1) (2)
94.2%
88.4%
91.5%
Mixed-Use:
Retail
93.7%
92.2%
95.0%
Hotel
(3)
90.3%
91.2%
82.9%
Same-Store Portfolio
(4)
Office
85.8%
84.4%
81.9%
Retail
98.3%
97.9%
97.9%
Multifamily
(1) (2)
94.2%
88.4%
91.5%
Mixed-Use:
Retail
93.7%
92.2%
95.0%
Hotel
(3)
90.3%
91.2%
82.9%
(1)     Percentage leased for our multifamily properties includes total units rented and occupied as of each of the applicable dates.
(2)    Santa Fe Park RV Resort is excluded from the multifamily presentation above to reflect traditional multifamily performance. Including Santa Fe Park RV Resort, multifamily occupancy would be 92.4%, 87.7% and 89.7% as of September 30, 2026, June 30, 2026 and September 30, 2025, respectively.
(3)    Represents average occupancy for year to date as of each indicated quarter.
(4)    Same-store portfolio excludes land held for development.
During the third quarter of 2026, the company signed 43 leases for approximately 231,800 square feet of office and retail space, as well as 635 multifamily apartment leases. Renewals accounted for 88% of the comparable office leases, 86% of the comparable retail leases, and 50% 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:
4th Quarter 2025
1st Quarter 2026
2nd Quarter 2026
3rd Quarter 2026
Office
Weighted Average Portfolio
$56.69
$56.64
$57.83
$57.64
Retail
Weighted Average Portfolio
$29.72
$30.04
$30.12
$30.30
On a comparable basis (i.e., leases for which there was a former tenant in the past six months), our office and retail leasing spreads as of the end of the indicated quarter are shown below:
4th Quarter 2025
1st Quarter 2026
2nd Quarter 2026
3rd Quarter 2026
Office
Cash Basis % Change Over Prior Rent
6.6%
4.8%
9.1%
2.1%
Straight-Line Basis % Change Over Prior Rent
11.5%
10.6%
10.2%
8.2%
Retail
Cash Basis % Change Over Prior Rent
0.3%
(2.0)%
3.0%
7.4%
Straight-Line Basis % Change Over Prior Rent
24.3%
1.3%
20.2%
16.8%
2
On a comparable basis (i.e., leases for which there was a former tenant in the past six months) during the three and nine months ended September 30, 2026, 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.
Straight-Line Basis % Change Over Prior Rent
Office
Q3 2026
8
47,183
2.1%
$68.11
8.2%
YTD Q3 2026
35
231,055
5.5%
$61.60
9.9%
Retail
Q3 2026
14
94,158
7.4%
$35.40
16.8%
YTD Q3 2026
46
265,579
3.5%
$38.76
15.7%
Multifamily
The average monthly base rent per occupied unit as of the end of the indicated quarter was as follows:
4th Quarter 2025
1st Quarter 2026
2nd Quarter 2026
3rd Quarter 2026
Average Monthly Base Rent per Occupied Unit
$
2,684
$
2,756
$
2,776
$
2,816
Same-Store Cash Net Operating Income
For the three and nine months ended September 30, 2026, same-store cash NOI increased 8.3% and 2.3%, respectively, compared to the three and nine months ended September 30, 2025. The same-store cash NOI by segment was as follows (in thousands):
Three Months Ended
(1)
Nine Months Ended
(2)
September 30,
September 30,
2026
2025
Change
2026
2025
Change
Cash Basis:
Office
$
36,883
$
34,196
7.9
%
$
107,330
$
105,368
1.9
%
Retail
17,938
16,362
9.6
51,025
49,636
2.8
Multifamily
9,044
8,210
10.2
27,148
26,046
4.2
Mixed-Use
5,894
5,673
3.9
16,831
16,718
0.7
Same-store Cash NOI
(3)
$
69,759
$
64,441
8.3
%
$
202,334
$
197,768
2.3
%
(1)    For the three months ended September 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development.
(2)    For the nine months ended September 30, 2026, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025, (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into service on April 1, 2025 and (iv) land held for development.
(3)    Lease termination fees 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.
3
Balance Sheet and Liquidity
At September 30, 2026, the company had gross real estate assets of $3.8 billion and liquidity of $589.6 million, comprised of cash and cash equivalents of $89.6 million and $500.0 million of availability on its line of credit. At September 30, 2026, the company had only 1 out of 31 assets encumbered by a mortgage.
Dividends
The company declared dividends on its shares of common stock of $0.34 per share for the third quarter of 2026. The dividends were paid on September 17, 2026.
In addition, the company has declared a dividend on its common stock of $0.34 per share for the fourth quarter of 2026. The dividend will be paid in cash on December 17, 2026 to stockholders of record as of December 10, 2026.
Guidance
The company increased its 2026 FFO per diluted share guidance to a range of $2.04 to $2.10 per share, an increase of $0.04 at midpoint from the prior 2026 FFO per diluted share guidance range of $1.96 to $2.10 per share.
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 third
quarter of 2026 on Wednesday, October 28, 2026 at 8:00 a.m. Pacific Time. 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 third quarter 2026 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.
4
Financial Information
American Assets Trust, Inc.
Consolidated Balance Sheets
(In Thousands, Except Share Data)
September 30, 2026
December 31, 2025
Assets
(unaudited)
Real estate, at cost
Operating real estate
$
3,724,574
$
3,694,203
Construction in progress
92,656
68,937
Held for development
487
487
3,817,717
3,763,627
Accumulated depreciation
(1,213,965)
(1,144,259)
Net real estate
2,603,752
2,619,368
Cash and cash equivalents
89,613
129,362
Accounts receivable, net
6,920
7,407
Deferred rent receivables, net
84,771
84,642
Other assets, net
81,110
80,497
Total assets
$
2,866,166
$
2,921,276
Liabilities and equity
Liabilities:
Secured notes payable, net
$
74,917
$
74,849
Unsecured notes payable, net
1,613,618
1,612,761
Accounts payable and accrued expenses
70,767
71,094
Security deposits payable
11,366
10,063
Other liabilities and deferred credits, net
56,914
61,304
Total liabilities
1,827,582
1,830,071
Commitments and contingencies
Equity:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,402,515 and 61,390,936 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
614
614
Additional paid-in capital
1,484,916
1,479,870
Accumulated dividends in excess of net income
(374,975)
(331,086)
Accumulated other comprehensive (loss) income
(223)
1,419
Total American Assets Trust, Inc. stockholders' equity
1,110,332
1,150,817
Noncontrolling interests
(71,748)
(59,612)
Total equity
1,038,584
1,091,205
Total liabilities and equity
$
2,866,166
$
2,921,276
5
American Assets Trust, Inc.
Unaudited Consolidated Statements of Operations
(In Thousands, Except Shares and Per Share Data)
Three Months Ended September 30,
Nine Months Ended September 30,
2026
2025
2026
2025
Revenue:
Rental income
$
107,837
$
102,222
$
315,374
$
306,243
Other property income
6,447
7,356
18,985
19,875
Total revenue
114,284
109,578
334,359
326,118
Expenses:
Rental expenses
33,605
31,768
97,094
91,746
Real estate taxes
9,545
11,529
31,282
33,179
General and administrative
8,659
9,500
26,354
27,662
Depreciation and amortization
33,029
32,014
98,052
95,290
Total operating expenses
84,838
84,811
252,782
247,877
Gain on sale of real estate
—
—
—
44,476
Operating income
29,446
24,767
81,577
122,717
Interest expense, net
(19,971)
(19,773)
(59,609)
(58,337)
Other income, net
543
927
1,579
2,769
Net income
10,018
5,921
23,547
67,149
Net income attributable to restricted shares
(233)
(207)
(704)
(616)
Net income attributable to unitholders in the Operating Partnership
(2,059)
(1,205)
(4,808)
(14,033)
Net income attributable to American Assets Trust, Inc. stockholders
$
7,726
$
4,509
$
18,035
$
52,500
Net income per share
Basic income attributable to common stockholders per share
$
0.13
$
0.07
$
0.30
$
0.87
Weighted average shares of common stock outstanding - basic
60,715,491
60,546,480
60,705,574
60,541,335
Diluted income attributable to common stockholders per share
$
0.13
$
0.07
$
0.30
$
0.87
Weighted average shares of common stock outstanding - diluted
76,897,028
76,728,017
76,887,111
76,722,872
Dividends declared per common share
$
0.340
$
0.340
$
1.020
$
1.020
6
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
Nine Months Ended
September 30, 2026
September 30, 2026
Funds From Operations (FFO)
Net income
$
10,018
$
23,547
Depreciation and amortization of real estate assets
33,029
98,052
FFO, as defined by NAREIT
$
43,047
$
121,599
Less: Nonforfeitable dividends on restricted stock awards
(215)
(647)
FFO attributable to common stock and units
$
42,832
$
120,952
FFO per diluted share/unit
$
0.56
$
1.57
Weighted average number of common shares and units, diluted
76,912,958
76,899,707
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
(1)
Nine Months Ended
(2)
September 30,
September 30,
2026
2025
2026
2025
Same-store cash NOI
$
69,759
$
64,441
$
202,334
$
197,768
Non-same-store cash NOI
(88)
(122)
(101)
(316)
Cash NOI
$
69,671
$
64,319
$
202,233
$
197,452
Lease termination fees and tenant improvement reimbursements
(3)
198
2,303
1,167
3,396
Non-cash revenue and other operating expenses
(4)
1,265
(341)
2,583
345
General and administrative
(8,659)
(9,500)
(26,354)
(27,662)
Depreciation and amortization
(33,029)
(32,014)
(98,052)
(95,290)
Interest expense, net
(19,971)
(19,773)
(59,609)
(58,337)
Gain on sale of real estate
—
—
—
44,476
Other income, net
543
927
1,579
2,769
Net income
$
10,018
$
5,921
$
23,547
$
67,149
Number of properties included in same-store analysis
31
29
30
29
(1)    For the three months ended September 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development.
(2)    For the nine months ended September 30, 2026, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025, (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into service on April 1, 2025 and (iv) land held for development.
(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 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-Q with the Securities and Exchange Commission and, therefore, remain subject to adjustment.
7
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 cash 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.
8
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 4.3 million rentable square feet, and its retail portfolio comprises approximately 2.4 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 2,302 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, including the impact of tariffs and other trade restrictions; the potential impact of a prolonged government shutdown; 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 cyberattacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus 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; 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
9

----- a3q26supplemental.htm -----
EX-99.2
3
a3q26supplemental.htm
SUPPLEMENTAL INFORMATION
Document
THIRD 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
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
1,802,809
1,322,200
1,645
(1)
—
—
Bellevue
1,028,470
—
—
—
—
Portland
930,903
44,236
657
—
—
San Antonio
—
588,148
—
—
—
San Francisco
511,493
35,097
—
—
—
Oahu
—
430,288
—
93,925
369
Total
4,273,675
2,419,969
2,302
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
4.3
million
64%
53%
Retail
(3)
2.4
million
36%
26%
Data is as of September 30, 2026.
Totals
6.7
million
(1) Includes 120 RV spaces.
(2) Percentage of Net Operating Income (NOI) calculated for the three months ended September 30, 2026. 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.
Third Quarter 2026 Supplemental Information
Page 2
INDEX
THIRD QUARTER 2026 SUPPLEMENTAL INFORMATION
1.
FINANCIAL HIGHLIGHTS
Consolidated Balance Sheets
5
Consolidated Statements of Operations
6
Funds From Operations (FFO) & Funds Available for Distribution
7
Guidance
9
Same-Store Net Operating Income (NOI)
10
Same-Store Cash NOI Comparison
12
Cash NOI By Region
13
Cash NOI Breakdown
14
Property Revenue and Operating Expenses
15
Segment Capital Expenditures
18
Summary of Outstanding Debt
19
Market Capitalization
20
Summary of Development Opportunities
21
2.
PORTFOLIO DATA
Property Report
23
Office Leasing Summary
26
Retail Leasing Summary
27
Multifamily Leasing Summary
28
Mixed-Use Leasing Summary
30
Lease Expirations
31
Portfolio Leased Statistics
33
Top Tenants - Office
34
Top Tenants - Retail
35
3.
APPENDIX
Glossary of Terms
37
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, including the impact of tariffs and other trade restrictions; the potential impact of a prolonged government shutdown; 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 cyberattacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus 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; 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.
Third Quarter 2026 Supplemental Information
Page 3
FINANCIAL HIGHLIGHTS
Third Quarter 2026 Supplemental Information
Page 4
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except shares and per share data)
September 30, 2026
December 31, 2025
ASSETS
(unaudited)
Real estate, at cost
Operating real estate
$
3,724,574
$
3,694,203
Construction in progress
92,656
68,937
Held for development
487
487
3,817,717
3,763,627
Accumulated depreciation
(1,213,965)
(1,144,259)
Net real estate
2,603,752
2,619,368
Cash and cash equivalents
89,613
129,362
Accounts receivable, net
6,920
7,407
Deferred rent receivable, net
84,771
84,642
Other assets, net
81,110
80,497
TOTAL ASSETS
$
2,866,166
$
2,921,276
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net
$
74,917
$
74,849
Unsecured notes payable, net
1,613,618
1,612,761
Accounts payable and accrued expenses
70,767
71,094
Security deposits payable
11,366
10,063
Other liabilities and deferred credits, net
56,914
61,304
Total liabilities
1,827,582
1,830,071
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,402,515 and 61,390,936 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively
614
614
Additional paid in capital
1,484,916
1,479,870
Accumulated dividends in excess of net income
(374,975)
(331,086)
Accumulated other comprehensive (loss) income
(223)
1,419
Total American Assets Trust, Inc. stockholders' equity
1,110,332
1,150,817
Noncontrolling interests
(71,748)
(59,612)
Total equity
1,038,584
1,091,205
TOTAL LIABILITIES AND EQUITY
$
2,866,166
$
2,921,276
Third Quarter 2026 Supplemental Information
Page 5
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, amounts in thousands, except shares and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
REVENUE:
Rental income
$
107,837
$
102,222
$
315,374
$
306,243
Other property income
6,447
7,356
18,985
19,875
Total revenue
114,284
109,578
334,359
326,118
EXPENSES:
Rental expenses
33,605
31,768
97,094
91,746
Real estate taxes
9,545
11,529
31,282
33,179
General and administrative
8,659
9,500
26,354
27,662
Depreciation and amortization
33,029
32,014
98,052
95,290
Total operating expenses
84,838
84,811
252,782
247,877
Gain on sale of real estate
—
—
—
44,476
OPERATING INCOME
29,446
24,767
81,577
122,717
Interest expense, net
(19,971)
(19,773)
(59,609)
(58,337)
Other income, net
543
927
1,579
2,769
NET INCOME
10,018
5,921
23,547
67,149
Net income attributable to restricted shares
(233)
(207)
(704)
(616)
Net income attributable to unitholders in the Operating Partnership
(2,059)
(1,205)
(4,808)
(14,033)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS
$
7,726
$
4,509
$
18,035
$
52,500
EARNINGS PER COMMON SHARE
Basic income from operations attributable to common stockholders per share
$
0.13
$
0.07
$
0.30
$
0.87
Weighted average shares of common stock outstanding - basic
60,715,491
60,546,480
60,705,574
60,541,335
Diluted income from operations attributable to common stockholders per share
$
0.13
$
0.07
$
0.30
$
0.87
Weighted average shares of common stock outstanding - diluted
76,897,028
76,728,017
76,887,111
76,722,872
Third Quarter 2026 Supplemental Information
Page 6
FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION
(Unaudited, amounts in thousands, except shares and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Funds from Operations (FFO)
(1)
Net income
$
10,018
$
5,921
$
23,547
$
67,149
Depreciation and amortization of real estate assets
33,029
32,014
98,052
95,290
Gain on sale of real estate
—
—
—
(44,476)
FFO, as defined by NAREIT
43,047
37,935
121,599
117,963
Less: Nonforfeitable dividends on incentive restricted stock awards
(215)
(181)
(647)
(541)
FFO attributable to common stock and common units
$
42,832
$
37,754
$
120,952
$
117,422
FFO per diluted share/unit
$
0.56
$
0.49
$
1.57
$
1.53
Weighted average number of common shares and common units, diluted
(2)
76,912,958
76,732,590
76,899,707
76,729,280
Funds Available for Distribution (FAD)
(1)
$
25,380
$
25,960
$
78,776
$
82,618
Dividends
Dividends declared and paid
$
26,378
$
26,294
$
79,133
$
78,876
Dividends declared and paid per share/unit
$
0.34
$
0.34
$
1.02
$
1.02
FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance.
Third Quarter 2026 Supplemental Information
Page 7
FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
(Unaudited, amounts in thousands, except shares and per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Funds Available for Distribution (FAD)
(1)
FFO
$
43,047
$
37,935
$
121,599
$
117,963
Adjustments:
Tenant improvements, leasing commissions and capital expenditures
(18,701)
(14,669)
(46,985)
(41,788)
Net effect of straight-line rents
(3)
(926)
861
(1,517)
1,351
Amortization of net above (below) market rents
(4)
(427)
(491)
(1,304)
(1,732)
Net effect of other lease assets
(5)
88
(29)
238
36
Amortization of debt issuance costs
832
731
2,346
2,173
Non-cash compensation expense
1,682
1,803
5,046
5,156
Nonforfeitable dividends on restricted stock awards
(215)
(181)
(647)
(541)
FAD
$
25,380
$
25,960
$
78,776
$
82,618
Summary of Capital Expenditures
Tenant improvements and leasing commissions
$
11,493
$
7,453
$
27,100
$
25,114
Capital expenditures
7,208
7,216
19,885
16,674
$
18,701
$
14,669
$
46,985
$
41,788
Notes:
(1)    See Glossary of Terms.
(2)    For the three and nine months ended September 30, 2026 and 2025, the weighted average common shares and common units used to compute FFO per diluted share/unit included 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.
(3)    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.
(4)    Represents the adjustment related to the acquisition of buildings with above (below) market rents.
(5)    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.
Third Quarter 2026 Supplemental Information
Page 8
CORPORATE GUIDANCE
(Amounts in thousands, except share and per share data)
Prior 2026 Guidance Range
(1) (2)
Revised 2026 Guidance Range
(2)
Funds from Operations (FFO):
Net income
$
32,668
$
43,450
$
30,871
$
35,486
Depreciation and amortization of real estate assets
119,110
119,110
126,925
126,925
FFO, as defined by NAREIT
151,778
162,560
157,796
162,411
Less: Nonforfeitable dividends on restricted stock awards
(834)
(834)
(870)
(870)
FFO attributable to common stock and units
$
150,944
$
161,726
$
156,926
$
161,541
Weighted average number of common shares and units, diluted
77,012,633
77,012,633
76,924,492
76,924,492
FFO per diluted share, updated
$
1.96
$
2.10
$
2.04
$
2.10
Notes:
(1)    The Prior 2026 Guidance Range as reported in the company's Fourth Quarter 2025 Supplemental Information.
(2)    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.
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.
Third Quarter 2026 Supplemental Information
Page 9
SAME-STORE NET OPERATING INCOME (NOI)
(Unaudited, amounts in thousands)
Three Months Ended September 30, 2026
(1)
Office
Retail
Multifamily
Mixed-Use
Total
Real estate rental revenue
Same-store
$
55,277
$
22,957
$
17,909
$
18,130
$
114,273
Non-same-store
11
—
—
—
11
Total
55,288
22,957
17,909
18,130
114,284
Real estate expenses
Same-store
17,685
4,785
8,271
12,311
43,052
Non-same-store
98
—
—
—
98
Total
17,783
4,785
8,271
12,311
43,150
Net Operating Income (NOI)
Same-store
37,592
18,172
9,638
5,819
71,221
Non-same-store
(87)
—
—
—
(87)
Total
$
37,505
$
18,172
$
9,638
$
5,819
$
71,134
Same-store NOI
$
37,592
$
18,172
$
9,638
$
5,819
$
71,221
Net effect of straight-line rents
(2)
(271)
(136)
(594)
75
(926)
Amortization of net above (below) market rents
(3)
(323)
(104)
—
—
(427)
Net effect of other lease assets
(4)
77
11
—
—
88
Lease termination fees and tenant improvement reimbursements
(5)
(192)
(5)
—
—
(197)
Same-store cash NOI
(5)
$
36,883
$
17,938
$
9,044
$
5,894
$
69,759
Notes:
(1)    Same-store and non-same-store classifications are determined based on properties held on September 30, 2026 and 2025. 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.
Third Quarter 2026 Supplemental Information
Page 10
SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED)
(Unaudited, amounts in thousands)
Nine Months Ended September 30, 2026
(1)
Office
Retail
Multifamily
Mixed-Use
Total
Real estate rental revenue
Same-store
$
153,702
$
69,807
$
49,892
$
52,338
$
325,739
Non-same-store
4,668
18
3,934
—
8,620
Total
158,370
69,825
53,826
52,338
334,359
Real estate expenses
Same-store
46,912
18,139
22,229
35,600
122,880
Non-same-store
3,157
20
2,319
—
5,496
Total
50,069
18,159
24,548
35,600
128,376
Net Operating Income (NOI)
Same-store
106,790
51,668
27,663
16,738
202,859
Non-same-store
1,511
(2)
1,615
—
3,124
Total
$
108,301
$
51,666
$
29,278
$
16,738
$
205,983
Same-store NOI
$
106,790
$
51,668
$
27,663
$
16,738
$
202,859
Net effect of straight-line rents
(2)
2,422
(346)
(515)
93
1,654
Amortization of net above (below) market rents
(3)
(987)
(317)
—
—
(1,304)
Net effect of other lease assets
(4)
170
34
—
—
204
Lease termination fees and tenant improvement reimbursements
(5)
(1,065)
(14)
—
—
(1,079)
Same-store cash NOI
(5)
$
107,330
$
51,025
$
27,148
$
16,831
$
202,334
Notes:
(1)    Same-store and non-same-store classifications are determined based on properties held on September 30, 2026 and 2025. 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.
Third Quarter 2026 Supplemental Information
Page 11
SAME-STORE CASH NOI COMPARISON
(Unaudited, amounts in thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
Change
2026
2025
Change
Cash Basis:
Office
$
36,883
$
34,196
7.9
%
$
107,330
$
105,368
1.9
%
Retail
17,938
16,362
9.6
51,025
49,636
2.8
Multifamily
9,044
8,210
10.2
27,148
26,046
4.2
Mixed-Use
5,894
5,673
3.9
16,831
16,718
0.7
Same-store Cash NOI
(1)(2)
$
69,759
$
64,441
8.3
%
$
202,334
$
197,768
2.3
%
Notes:
(1)    Lease termination fees 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.
Third Quarter 2026 Supplemental Information
Page 12
CASH NOI BY REGION
(Unaudited, amounts in thousands)
Three Months Ended September 30, 2026
Office
Retail
Multifamily
Mixed-Use
Total
Cash Basis:
Southern California
$
16,303
$
9,366
$
7,457
$
—
$
33,126
Northern California
7,579
291
—
—
7,870
Hawaii
—
4,006
—
5,894
9,900
Oregon
4,787
177
1,587
—
6,551
Texas
—
4,098
—
—
4,098
Washington
8,126
—
—
—
8,126
Total Cash NOI
$
36,795
$
17,938
$
9,044
$
5,894
$
69,671
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.
Third Quarter 2026 Supplemental Information
Page 13
CASH NOI BREAKDOWN
Three Months Ended September 30, 2026
Cash NOI Breakdown
Portfolio Diversification by Geographic Region
Portfolio Diversification by Segment
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.
Third Quarter 2026 Supplemental Information
Page 14
PROPERTY REVENUE AND OPERATING EXPENSES
(Unaudited, amounts in thousands)
Three Months Ended September 30, 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
$
10,682
$
570
$
2,654
$
(4,665)
$
(566)
$
8,675
Coastal Collection at Torrey Reserve
(7)
7,256
244
434
(2,021)
(410)
5,503
Torrey Point
(8)
1,517
94
33
(443)
(477)
724
Solana Crossing
2,216
12
162
(728)
(257)
1,405
The Landmark at One Market
10,701
86
737
(3,866)
—
7,658
One Beach Street
302
—
—
(381)
—
(79)
First & Main
2,273
271
355
(1,015)
(123)
1,761
Lloyd Portfolio
(8)
3,974
458
199
(1,461)
(60)
3,110
City Center Bellevue
7,227
638
228
(1,700)
(205)
6,188
14Acres
920
31
307
(669)
(320)
269
Timber Ridge
1,419
117
486
(465)
(192)
1,365
Timber Springs
509
11
187
(292)
(111)
304
Subtotal Office Portfolio
$
48,996
$
2,532
$
5,782
$
(17,706)
$
(2,721)
$
36,883
Retail Portfolio
Carmel Country Plaza
$
1,059
$
17
$
242
$
(286)
$
(34)
$
998
Carmel Mountain Plaza
3,616
126
1,062
(1,058)
20
3,766
South Bay Marketplace
636
24
222
(221)
—
661
Gateway Marketplace
653
—
231
(270)
—
614
Lomas Santa Fe Plaza
1,670
19
318
(486)
(15)
1,506
Solana Beach Towne Centre
1,868
14
570
(631)
—
1,821
Geary Marketplace
323
—
116
(148)
—
291
The Shops at Kalakaua
305
20
51
(95)
—
281
Waikele Center
3,255
385
(203)
288
—
3,725
Alamo Quarry Market
4,118
173
1,587
(1,780)
—
4,098
Hassalo on Eighth - Retail
218
26
31
(98)
—
177
Subtotal Retail Portfolio
$
17,721
$
804
$
4,227
$
(4,785)
$
(29)
$
17,938
Third Quarter 2026 Supplemental Information
Page 15
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
(Unaudited, amounts in thousands)
Three Months Ended September 30, 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
Loma Palisades
$
4,560
$
292
$
—
$
(1,938)
$
(3)
$
2,911
Imperial Beach Gardens
1,207
92
—
(549)
(18)
732
Mariner's Point
548
41
—
(246)
(8)
335
Santa Fe Park RV Resort
473
50
—
(298)
—
225
Pacific Ridge Apartments
6,292
296
—
(2,838)
(1,062)
2,688
Genesee Park
1,332
17
—
(783)
—
566
Hassalo on Eighth - Multifamily
2,912
438
—
(1,618)
(145)
1,587
Subtotal Multifamily Portfolio
$
17,324
$
1,226
$
—
$
(8,270)
$
(1,236)
$
9,044
Mixed-Use Portfolio
Waikiki Beach Walk - Retail
$
2,346
$
1,441
$
1,034
$
(2,056)
$
—
$
2,765
Waikiki Beach Walk - Embassy Suites™
11,453
1,932
—
(10,256)
—
3,129
Subtotal Mixed-Use Portfolio
$
13,799
$
3,373
$
1,034
$
(12,312)
$
—
$
5,894
Subtotal Development Properties
$
—
$
10
$
—
$
(98)
$
—
$
(88)
Total
$
97,840
$
7,945
$
11,043
$
(43,171)
$
(3,986)
$
69,671
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 September 30, 2026 (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 and retail portfolio were approximately $2.7 million and $0.1 million, respectively, for the three months ended September 30, 2026. There were no abatements for our mixed-use portfolio for the three months ended September 30, 2026. 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 $1.2 million of abatements for our multifamily portfolio for the three months ended September 30, 2026. For Waikiki Beach Walk - Embassy Suites
TM
, base rent is equal to the actual room revenue for the three months ended September 30, 2026. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.2 million in the aggregate for the three months ended September 30, 2026. A reconciliation of base rent to rental income is shown below:
Base Rent
$
97,840
Billed Expense Reimbursement
11,043
Percentage Rent
793
Straight-line rent components
926
Other Rental Income*
(2,765)
Rental Income
$
107,837
* 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.
Third Quarter 2026 Supplemental Information
Page 16
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
(2)    Represents additional property-related income for the three months ended September 30, 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 fees, default fees, parking revenue, the reimbursement of general excise taxes, laundry income and food and beverage sales), and excludes lease termination fees.
(3)    Represents billed tenant expense reimbursements for the three months ended September 30, 2026.
(4)    Represents property operating expenses for the three months ended September 30, 2026. 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)    Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus.
(8)    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 September 30, 2026.
Third Quarter 2026 Supplemental Information
Page 17
SEGMENT CAPITAL EXPENDITURES
(Unaudited, amounts in thousands)
Three Months Ended September 30, 2026
Segment
Tenant Improvements and Leasing Commissions
Capital Expenditures
Total Tenant Improvements, Leasing Commissions and Capital Expenditures
Redevelopment, Expansions and Repositioning
(1)
New Development
Total Capital Expenditures
Office Portfolio
$
10,279
$
6,016
$
16,295
$
10,752
$
3,777
$
30,824
Retail Portfolio
1,142
425
1,567
878
—
2,445
Multifamily Portfolio
—
457
457
1,921
—
2,378
Mixed-Use Portfolio
72
310
382
—
—
382
Total
$
11,493
$
7,208
$
18,701
$
13,551
$
3,777
$
36,029
Nine Months Ended September 30, 2026
Segment
Tenant Improvements and Leasing Commissions
Capital Expenditures
Total Tenant Improvements, Leasing Commissions and Capital Expenditures
Redevelopment, Expansions and Repositioning
(1)
New Development
Total Capital Expenditures
Office Portfolio
$
24,264
$
16,498
$
40,762
$
25,246
$
7,254
$
73,262
Retail Portfolio
2,535
1,071
3,606
878
—
4,484
Multifamily Portfolio
—
1,471
1,471
5,342
—
6,813
Mixed-Use Portfolio
301
845
1,146
—
—
1,146
Total
$
27,100
$
19,885
$
46,985
$
31,466
$
7,254
$
85,705
(1)    This capital expenditures category includes spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. These amounts are excluded from recurring capital expenditures for purposes of computing FAD.
Third Quarter 2026 Supplemental Information
Page 18
SUMMARY OF OUTSTANDING DEBT
(Unaudited, amounts in thousands)
Amount
Outstanding at
Annual Debt
Debt
September 30, 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)
$
100,000
2.65
%
$
4,310
April 1, 2030
Series D Notes
(4)
250,000
3.87
%
256,286
March 1, 2027
Series E Notes
(5)
100,000
4.18
%
4,240
May 23, 2029
Series G Notes
(6)
150,000
3.88
%
5,865
July 30, 2030
3.375% Senior Notes
(7)
500,000
3.50
%
16,875
February 1, 2031
6.150% Senior Notes
(8)
525,000
6.21
%
$
32,288
October 1, 2034
Unsecured Notes Payable / Weighted Average
(9)
$
1,625,000
4.46
%
$
319,864
Unsecured Line of Credit
(10)
$
—
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 $0.1 million.
(3)    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 2.65% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio. After January 5, 2027, interest will be accrued at a variable rate based on the applicable Secured Overnight Financing Rate ("SOFR"), plus a spread which ranges from 1.20%-1.70% based on our consolidated leverage ratio. For the purpose of the annual debt service calculation, the SOFR rate of 3.65% as of April 1, 2026 (the effective date of the Fourth Amended and Restated Credit Agreement) and spread of 1.25% is utilized.
(4)    $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.
(5)    $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.
(6)    $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.
(7)    $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.
(8)    $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.
(9)    The Unsecured Notes Payable total does not include debt issuance costs and discounts, net of $11.4 million.
(10)    On April 1, 2026, the Unsecured Line of Credit (the "Revolver Loan") capacity was increased to $500 million, with a maturity date of April 1, 2030, subject to two, six-month extension options. 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 $3.5 million.
Third Quarter 2026 Supplemental Information
Page 19
MARKET CAPITALIZATION
(Unaudited, amounts in thousands, except per share data)
Market data
September 30, 2026
Common shares outstanding
61,403
Common units outstanding
16,182
Common shares and common units outstanding
77,585
Market price per common share
$
21.26
Equity market capitalization
$
1,649,457
Total debt
$
1,700,000
Total market capitalization
$
3,349,457
Less: Cash on hand
$
(89,613)
Total enterprise value
$
3,259,844
Total unencumbered assets, gross
$
3,790,930
Total debt/Total capitalization
50.8
%
Total debt/Total enterprise value
52.1
%
Net debt/Total enterprise value
(1)
49.4
%
Total unencumbered assets, gross/Unsecured debt
233.3
%
Quarter Annualized
Trailing 12 Months
Total debt/Adjusted EBITDA
(2)(3)
6.8
x
7.2
x
Net debt/Adjusted EBITDA
(1)(2)(3)
6.4
x
6.9
x
Interest coverage ratio
(4)
3.3
x
3.1
x
Fixed charge coverage ratio
(4)
3.3
x
3.1
x
Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes)
(5)
Covenant
September 30, 2026
Aggregate Debt Test
< 60%
43.5%
Debt Service Test
> 1.5x
3.2
Secured Debt Test
< 40%
1.9%
Maintenance of Total Unencumbered Assets
> 150%
223.6%
Weighted Average Fixed Interest Rate
2026
2027
2028
2029
2030
2031
2032
2033
2034
—%
4.2%
—%
4.2%
3.4%
3.5%
—%
—%
6.2%
Total Weighted Average Fixed Interest Rate:
4.5%
Weighted Average Term to Maturity (in years):
4.6
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 September 30, 2026, 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.
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.
Third Quarter 2026 Supplemental Information
Page 20
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 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
Genesee Park
Multifamily
San Diego, 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
(1)
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 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.
Third Quarter 2026 Supplemental Information
Page 21
PROPERTY REPORT
PORTFOLIO DATA
Third Quarter 2026 Supplemental Information
Page 22
PROPERTY REPORT
As of September 30, 2026
Office and Retail Portfolios
Net
Annualized
Year Built/
Rentable
Base Rent
Most
Square
Percentage
Percentage
Annualized
per Occupied
Retail
Property
Location
Recent Renovation
Feet
(1)
Leased
(2)
Occupied
Base Rent
(3)
Square Foot
(4)
Anchor Tenant(s)
(5)
Other Principal Retail Tenants
(6)
Office Properties
La Jolla Commons I & II
San Diego, CA
2008
725,439
97.2%
97.2%
$
49,387,853
$
70.04
La Jolla Commons III
San Diego, CA
2025
206,231
50.7
34.4
3,859,692
54.41
Coastal Collection at Torrey Reserve
(7)
San Diego, CA
1996/2022
552,276
87.5
78.2
26,065,204
60.35
Torrey Point
San Diego, CA
2017
94,854
96.3
96.3
6,066,499
66.41
Solana Crossing
Solana Beach, CA
1982/2022
224,009
77.5
74.6
8,883,519
53.16
The Landmark at One Market
(8)
San Francisco, CA
1917/2000
422,426
100.0
98.4
42,804,454
102.98
One Beach Street
San Francisco, CA
1924/2024
89,067
50.9
14.5
1,206,026
93.38
First & Main
Portland, OR
2010
362,633
83.9
74.0
9,152,335
34.11
Lloyd Portfolio
Portland, OR
1940/2022
568,270
85.0
81.1
15,914,345
34.53
City Center Bellevue
Bellevue, WA
1987/2023
498,606
95.1
93.4
30,202,101
64.85
14Acres
Bellevue, WA
1985/2024
276,060
57.1
52.8
6,283,576
43.11
Timber Ridge
Bellevue, WA
1986
160,509
97.5
97.5
8,334,970
53.26
Timber Springs
Bellevue, WA
1983
93,295
72.7
72.7
3,197,083
47.14
Subtotal/Weighted Average Office Portfolio
(9)
4,273,675
85.8%
80.9%
$
211,357,657
$
61.13
Retail Properties
Carmel Country Plaza
San Diego, CA
1991
78,098
100.0%
96.8%
$
4,259,780
$
56.35
Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza
(10)
San Diego, CA
1994/2020
528,416
99.8
99.8
14,935,615
28.32
At Home Stores
Dick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine & More, Marshalls, Angelika Film Center
South Bay Marketplace
(10)
San Diego, CA
1997/2018
132,877
97.8
97.8
2,545,294
19.59
Ross Dress for Less, Grocery Outlet, Old Navy
Gateway Marketplace
(10)
San Diego, CA
1997/2016
127,861
100.0
98.9
2,733,204
21.61
Hobby Lobby
Smart & Final, Aldi
Lomas Santa Fe Plaza
Solana Beach, CA
1972/1997
208,297
96.0
93.0
6,664,696
34.40
Vons, Home Goods
Solana Beach Towne Centre
Solana Beach, CA
1973/2004
246,651
99.5
98.8
7,585,874
31.13
Dixieline Probuild, Marshalls, CVS Pharmacy
Geary Marketplace
Walnut Creek, CA
2012
35,097
98.3
90.2
1,171,688
37.01
Sprouts Farmers Market
The Shops at Kalakaua
Honolulu, HI
1971/2006
11,893
100.0
100.0
1,220,880
102.66
Hawaii Beachware & Fashion, Diesel U.S.A.
Waikele Center
Waipahu, HI
1993/2008
418,395
98.2
98.2
13,296,818
32.36
Lowe's, Safeway, Inspire Church
UFC Gym, Office Max, Old Navy
Alamo Quarry Market
(10)
San Antonio, TX
1997/1999
588,148
99.8
99.5
16,788,067
28.69
Regal Cinemas
Whole Foods Market, Nordstrom Rack, Home Goods, Gold's Gym
Hassalo on Eighth - Retail
Portland, OR
2015
44,236
57.5
57.5
871,973
34.28
Providence Health & Services, Sola Salons
Subtotal/Weighted Average Retail Portfolio
(9)
2,419,969
98.3%
97.6%
$
72,073,889
$
30.52
Total/Weighted Average Office and Retail Portfolio
(9)
6,693,644
90.3%
87.0%
$
283,431,546
$
48.67
Third Quarter 2026 Supplemental Information
Page 23
PROPERTY REPORT (CONTINUED)
As of September 30, 2026
Average Monthly
Year Built/
Percentage
Percentage
Annualized
Base Rent per
Property
Location
Most Recent Renovation
Units
Leased
(2)
Occupied
(2)
Base Rent
(3)
Occupied Unit
(4)
Loma Palisades
San Diego, CA
1958/2022
548
96.4%
93.6%
$
18,234,300
$
2,962
Imperial Beach Gardens
Imperial Beach, CA
1959/2023
160
96.9
96.9
5,037,660
$
2,708
Mariner's Point
Imperial Beach, CA
1986
88
95.5
95.5
2,314,008
$
2,295
Pacific Ridge Apartments
San Diego, CA
2013
533
99.3
96.6
27,482,316
$
4,448
Genesee Park
San Diego, CA
1985
192
97.9
96.9
5,354,472
$
2,398
Hassalo on Eighth - Multifamily
(12)
Portland, OR
2015
657
91.8
91.0
11,927,160
$
1,662
Total/Weighted Average Multifamily Portfolio
2,178
95.8%
94.2%
$
70,349,916
$
2,857
Santa Fe Park RV Resort
(11)
San Diego, CA
1971/2008
124
62.1
62.1
1,522,140
$
1,647
Total/Weighted Average Multifamily Portfolio (including Santa Fe Park RV Resort)
2,302
94.0%
92.4%
$
71,872,056
$
2,816
Mixed-Use Portfolio
Net Rentable
Annualized Base
Year Built/
Square
Percentage
Percentage
Annualized
Rent per Occupied
Retail Portion
Location
Most Recent Renovation
Feet
(1)
Leased
(2)
Occupied
Base Rent
(3)
Square Foot
(4)
Other Principal Retail Tenants
(6)
Waikiki Beach Walk - Retail
Honolulu, HI
2006
93,925
93.7
%
92.7
%
$
9,502,756
$
109.14
Yardhouse, Roy's
Year Built/
Average
Average
Revenue per
Hotel Portion
Location
Most Recent Renovation
Units
Occupancy
(13)
Daily Rate
(13)
Available Room
(13)
Waikiki Beach Walk - Embassy Suites™
Honolulu, HI
2008/2020
369
88.5
%
$
381
$
337
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 September 30, 2026, including leases which may not have commenced as of September 30, 2026. Percentage occupied for our multifamily properties includes total units rented and occupied as of September 30, 2026. Percentage leased for our multifamily properties includes units leased but not occupied as of September 30, 2026.
(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 September 30, 2026 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 I & II 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 $39,197,419 to our estimate of annual triple net operating expenses of $10,190,434 for an estimated annualized base rent on a modified gross lease basis of $49,387,853 for La Jolla Commons I & II.
•
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 $4,464,306 to our estimate of annual triple net operating expenses of $1,819,271 for an estimated annualized base rent on a modified gross lease basis of $6,283,577 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 $6,139,287 to our estimate of annual triple net operating expenses of $2,195,683 for an estimated annualized base rent on a modified gross lease basis of $8,334,970 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 $2,311,571 to our estimate of annual triple net operating expenses of $885,511 for an estimated annualized base rent on a modified gross lease basis of $3,197,082 for Timber Springs.
Third Quarter 2026 Supplemental Information
Page 24
PROPERTY REPORT (CONTINUED)
(4)    Annualized base rent per occupied square foot for our retail and office properties and the retail portion of the mixed-use property is calculated by dividing annualized base rent from commenced leases as of September 30, 2026, by occupied square footage. Annualized base rent per occupied unit for our multifamily properties is calculated by dividing annualized base rent by units occupied as of September 30, 2026. The foregoing notwithstanding, the annualized base rent per occupied 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.
(6)    Other principal retail tenants, excluding anchor tenants.
(7)    Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus.
(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, 2031.
(9)    Lease data for signed but not commenced leases as of September 30, 2026 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
209,357
$
11,954,193
$
57.10
$
60.87
Retail Portfolio
16,257
$
878,296
$
54.03
$
30.68
Total Retail and Office Portfolio
225,614
$
12,832,489
$
56.88
$
49.00
(a)    Office portfolio leases signed but not commenced of 71,613, 72,966, 26,942, 30,982 and 6,854 square feet are expected to commence during the fourth quarter of 2026, and first, second, third and fourth quarters of 2027, respectively. Retail portfolio leases signed but not commenced of 3,188, 1,587, 3,786, 1,400 and 6,296 square feet are expected to commence during the fourth quarter of 2026 and first, second, third and fourth quarters of 2027, 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 September 30, 2026 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 but 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 September 30, 2026, by square footage under lease as of September 30, 2026.
(10)    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
$
1,055,634
South Bay Marketplace
1
2,824
$
114,552
Alamo Quarry Market
4
31,994
$
723,455
Gateway Marketplace
1
18,903
$
244,944
(11)    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 September 30, 2026, the highest average monthly occupancy rate for this property was 84.7%, occurring in July 2026. The number of units at the Santa Fe Park RV Resort includes 120 RV spaces and four apartments. The Santa Fe Park RV resort is excluded from the multifamily presentation above to accurately reflect true multifamily performance.
(12)    Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.
(13)    Average occupancy represents the percentage of available units that were sold during the three months ended September 30, 2026, 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 September 30, 2026 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 September 30, 2026 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.
Third Quarter 2026 Supplemental Information
Page 25
OFFICE LEASING SUMMARY
Three Months Ended September 30, 2026
Lease Type
Number of Leases Signed
Net Rentable Square Feet Signed
Contractual Rent Per Sq. Ft.
(2)
Cash Basis % Change Over Prior Rent
Straight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term
(3)
Tenant Improvements & Incentives
Tenant Improvements & Incentives Per Sq. Ft.
Total Leases
20
123,517
$
60.62
—
—
6.3
$
6,292,165
$
50.94
New Non-Comparable
12
76,334
$
55.98
—
—
7.2
$
5,777,565
$
75.69
Total Comparable
(1)
8
47,183
$
68.11
2.1
%
8.2
%
4.9
$
514,600
$
10.91
New Comparable
1
3,196
$
73.00
0.9
%
2.4
%
3.3
$
—
$
—
Renewal Comparable
(4)
7
43,987
$
67.76
2.2
%
8.7
%
5.0
$
514,600
$
11.70
Nine Months Ended September 30, 2026
Number of Leases Signed
Net Rentable Square Feet Signed
Contractual Rent Per Sq. Ft.
(2)
Cash Basis % Change Over Prior Rent
Straight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term
(3)
Tenant Improvements & Incentives
Tenant Improvements & Incentives Per Sq. Ft.
Lease Type
Total Leases
63
469,902
$
58.77
—
—
5.7
$
21,239,076
$
45.20
New Non-Comparable
28
238,847
$
56.03
—
—
7.1
$
18,392,301
$
77.00
Total Comparable
(1)
35
231,055
$
61.60
5.5
%
9.9
%
4.3
$
2,846,776
$
12.32
New Comparable
9
61,600
$
57.99
8.8
%
10.4
%
4.6
$
1,431,488
$
23.24
Renewal Comparable
(4)
26
169,455
$
62.91
4.5
%
9.8
%
4.2
$
1,415,288
$
8.35
Notes:
(1)    Comparable leases represent those leases signed on spaces for which there was a previous lease in the past six months.
(2)    Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.
(3)    Weighted average is calculated on the basis of square footage.
(4)    Includes renewals at fixed contractual rates specified in the lease.
Third Quarter 2026 Supplemental Information
Page 26
RETAIL LEASING SUMMARY
Three Months Ended September 30, 2026
Number of Leases Signed
Net Rentable Square Feet Signed
Contractual Rent Per Sq. Ft.
(2)
Cash Basis % Change Over Prior Rent
Straight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term
(3)
Tenant Improvements & Incentives
Tenant Improvements & Incentives Per Sq. Ft.
Lease Type
Total Leases
23
108,344
$
37.50
—
—
5.0
$
1,169,815
$
10.80
New Non-Comparable
9
14,186
$
51.41
—
—
4.9
$
663,035
$
46.74
Total Comparable
(1)
14
94,158
$
35.40
7.4
%
16.8
%
5.0
$
506,780
$
5.38
New Comparable
2
9,152
$
53.75
7.2
%
57.5
%
8.4
$
494,680
$
54.05
Renewal Comparable
(4)
12
85,006
$
33.43
7.4
%
9.7
%
4.7
$
12,100
$
0.14
Nine Months Ended September 30, 2026
Number of Leases Signed
Net Rentable Square Feet Signed
Contractual Rent Per Sq. Ft.
(2)
Cash Basis % Change Over Prior Rent
Straight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term
(3)
Tenant Improvements & Incentives
Tenant Improvements & Incentives Per Sq. Ft.
Lease Type
Total Leases
57
285,918
$
39.62
—
—
7.2
$
1,988,015
$
6.95
New Non-Comparable
11
20,339
$
50.74
—
—
6.2
$
1,126,235
$
55.37
Total Comparable
(1)
46
265,579
$
38.76
3.5
%
15.7
%
7.3
$
861,780
$
3.24
New Comparable
3
19,152
$
45.73
(5.4)
%
11.0
%
6.6
$
719,680
$
37.58
Renewal Comparable
(4)
43
246,427
$
38.22
4.4
%
16.3
%
7.3
$
142,100
$
0.58
Notes:
(1)    Comparable leases represent those leases signed on spaces for which there was a previous lease in the past six months, 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)    Weighted average is calculated on the basis of square footage.
(4)    Includes renewals at fixed contractual rates specified in the lease.
Third Quarter 2026 Supplemental Information
Page 27
MULTIFAMILY LEASING SUMMARY
As of September 30, 2026
Lease Summary - Loma Palisades
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
513
93.6%
$18,234,300
$2,962
2nd Quarter 2026
522
95.3%
$18,109,548
$2,890
1st Quarter 2026
524
95.6%
$18,438,396
$2,933
4th Quarter 2025
520
94.9%
$18,131,064
$2,905
Lease Summary - Imperial Beach Gardens
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
155
96.9%
$5,037,660
$2,708
2nd Quarter 2026
151
94.4%
$4,759,620
$2,626
1st Quarter 2026
153
95.6%
$4,981,524
$2,714
4th Quarter 2025
146
91.3%
$4,754,016
$2,712
Lease Summary - Mariner's Point
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
84
95.5%
$2,314,008
$2,295
2nd Quarter 2026
81
92.1%
$2,308,740
$2,374
1st Quarter 2026
81
92.1%
$2,317,632
$2,383
4th Quarter 2025
81
92.1%
$1,928,100
$1,982
Lease Summary - Santa Fe Park RV Resort
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
77
62.1%
$1,522,140
$1,647
2nd Quarter 2026
92
74.2%
$2,319,192
$2,101
1st Quarter 2026
58
46.8%
$1,246,668
$1,790
4th Quarter 2025
56
45.2%
$1,064,856
$1,583
Third Quarter 2026 Supplemental Information
Page 28
MULTIFAMILY LEASING SUMMARY (CONTINUED)
As of September 30, 2026
Lease Summary - Pacific Ridge Apartments
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
515
96.6%
$27,482,316
$4,448
2nd Quarter 2026
412
77.3%
$22,593,552
$4,570
1st Quarter 2026
510
95.7%
$26,008,200
$4,249
4th Quarter 2025
523
98.1%
$24,977,172
$3,981
Lease Summary - Genesee Park
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
186
96.9%
$5,354,472
$2,398
2nd Quarter 2026
187
97.4%
$5,351,148
$2,385
1st Quarter 2026
189
98.4%
$5,018,676
$2,214
4th Quarter 2025
186
96.9%
$4,878,144
$2,185
Lease Summary - Hassalo on Eighth - Multifamily
(4)
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
598
91.0%
$11,927,160
$1,662
2nd Quarter 2026
573
87.2%
$11,800,812
$1,717
1st Quarter 2026
605
92.1%
$12,109,044
$1,668
4th Quarter 2025
585
89.0%
$11,814,288
$1,684
Total Multifamily Lease Summary
Number of Occupied Units
(1)
Percentage occupied
(1)
Annualized Base Rent
(2)
Average Monthly Base Rent per Occupied Unit
(3)
Quarter
3rd Quarter 2026
2,128
92.4%
$71,872,056
$2,816
2nd Quarter 2026
2,018
87.7%
$67,242,612
$2,776
1st Quarter 2026
2,120
92.1%
$70,120,140
$2,756
4th Quarter 2025
2,097
91.1%
$67,547,640
$2,684
Notes:
(1)
Number of occupied units and percentage occupancy 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 occupied unit is calculated by dividing annualized base rent, by units occupied as of each respective quarter end date.
(4)
Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.
Third Quarter 2026 Supplemental Information
Page 29
MIXED-USE LEASING SUMMARY
As of September 30, 2026
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
3rd Quarter 2026
88,048
93.7%
$9,502,756
$108
2nd Quarter 2026
86,626
92.2%
$9,424,918
$109
1st Quarter 2026
90,346
96.2%
$9,975,837
$110
4th Quarter 2025
90,346
96.2%
$9,628,291
$107
Lease Summary - Hotel Portion
Number of Leased Units
Average Occupancy
(4)
Average Daily Rate
(4)
Revenue per Available Room
(4)
Quarter
3rd Quarter 2026
327
88.5%
$381
$337
2nd Quarter 2026
334
90.5%
$340
$308
1st Quarter 2026
339
91.9%
$332
$305
4th Quarter 2025
298
80.7%
$352
$284
Notes:
(1)    Percentage leased for mixed-use property includes square footage under leases as of September 30, 2026, including leases which may not have commenced as of September 30, 2026.
(2)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended September 30, 2026 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 September 30, 2026.
(4)    Average occupancy represents the percentage of available units that were sold during the three months ended September 30, 2026, 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.
Third Quarter 2026 Supplemental Information
Page 30
LEASE EXPIRATIONS
As of September 30, 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
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
80,279
1.9
%
1.2
%
$
0.69
12,992
0.5
%
0.2
%
$
46.16
7,377
7.9
%
0.1
%
$
46.24
100,648
1.5
%
$
9.90
2026
152,215
3.6
2.2
46.11
5,101
0.2
0.1
33.96
1,064
1.1
—
—
158,380
2.3
45.41
2027
320,139
7.5
4.7
54.25
205,543
8.5
3.0
34.36
5,807
6.2
0.1
144.57
531,489
7.8
47.54
2028
542,366
12.7
8.0
61.51
490,465
20.3
7.2
25.82
18,497
19.7
0.3
123.36
1,051,328
15.5
45.95
2029
925,753
21.7
13.6
68.36
338,451
14.0
5.0
33.77
13,199
14.1
0.2
148.13
1,277,403
18.8
60.02
2030
394,935
9.2
5.8
48.38
187,729
7.8
2.8
38.63
17,384
18.5
0.3
82.72
600,048
8.8
46.32
2031
311,000
7.3
4.6
58.41
315,916
13.1
4.7
33.44
17,134
18.2
0.3
122.94
644,050
9.5
47.88
2032
150,621
3.5
2.2
54.75
199,644
8.2
2.9
29.68
—
—
—
—
350,265
5.2
40.46
2033
162,347
3.8
2.4
55.51
162,898
6.7
2.4
25.22
—
—
—
—
325,245
4.8
40.34
2034
169,180
4.0
2.5
55.95
119,699
4.9
1.8
27.33
973
1.0
—
216.48
289,852
4.3
44.67
2035
81,005
1.9
1.2
43.72
112,833
4.7
1.7
26.48
—
—
—
—
193,838
2.9
33.68
Thereafter
169,611
4.0
2.5
45.08
210,349
8.7
3.1
28.67
5,630
6.0
0.1
58.61
385,590
5.7
36.33
Signed Leases Not Commenced
209,357
4.9
3.1
—
16,257
0.7
0.2
—
983
1.0
—
—
226,597
3.3
—
Available
604,867
14.2
8.9
—
42,092
1.7
0.6
—
5,877
6.3
0.1
—
652,836
9.6
—
Total
(2)
4,273,675
100.0
%
63.0
%
$
45.92
2,419,969
100.0
%
35.7
%
$
29.78
93,925
100.0
%
1.4
%
$
101.17
6,787,569
100.0
%
$
40.93
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
80,279
1.9
%
1.2
%
$
0.69
12,992
0.5
%
0.2
%
$
46.16
7,377
7.9
%
0.1
%
$
46.24
100,648
1.5
%
$
9.90
2026
50,582
1.2
0.7
48.01
2,466
0.1
—
34.08
1,064
1.1
—
—
54,112
0.8
46.43
2027
123,664
2.9
1.8
55.06
77,151
3.2
1.1
40.60
4,546
4.8
0.1
148.51
205,361
3.0
51.70
2028
105,498
2.5
1.6
48.58
82,917
3.4
1.2
35.54
11,583
12.3
0.2
98.57
199,998
2.9
46.07
2029
120,866
2.8
1.8
55.81
126,917
5.2
1.9
35.78
7,797
8.3
0.1
183.34
255,580
3.8
49.75
2030
248,632
5.8
3.7
40.82
138,421
5.7
2.0
35.84
3,646
3.9
0.1
104.27
390,699
5.8
39.65
2031
114,641
2.7
1.7
56.83
116,739
4.8
1.7
37.36
17,134
18.2
0.3
122.94
248,514
3.7
52.24
2032
260,472
6.1
3.8
56.73
98,057
4.1
1.4
38.84
911
1.0
—
98.88
359,440
5.3
51.96
2033
349,503
8.2
5.1
65.54
101,260
4.2
1.5
31.97
6,914
7.4
0.1
164.90
457,677
6.7
59.61
2034
147,205
3.4
2.2
52.72
228,071
9.4
3.4
30.88
5,402
5.8
0.1
97.32
380,678
5.6
40.27
2035
103,996
2.4
1.5
57.73
37,875
1.6
0.6
43.22
14,088
15.0
0.2
80.36
155,959
2.3
56.25
Thereafter
1,754,113
41.0
25.8
60.99
1,338,754
55.3
19.7
26.68
6,603
7.0
0.1
81.88
3,099,470
45.7
46.21
Signed Leases Not Commenced
209,357
4.9
3.1
—
16,257
0.7
0.2
—
983
1.0
—
—
226,597
3.3
—
Available
604,867
14.2
8.9
—
42,092
1.7
0.6
—
5,877
6.3
0.1
—
652,836
9.6
—
Total
(2)
4,273,675
100.0
%
63.0
%
$
45.92
2,419,969
100.0
%
35.7
%
$
29.78
93,925
100.0
%
1.4
%
$
101.17
6,787,569
100.0
%
$
40.93
Third Quarter 2026 Supplemental Information
Page 31
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 rental payments (defined as cash base rents (before abatements)) for the month ended September 30, 2026 for the leases expiring during the applicable period by (ii) 12 months.
(2)    Individual items may not add up to total due to rounding.
Third Quarter 2026 Supplemental Information
Page 32
PORTFOLIO LEASED STATISTICS
At September 30, 2026
At September 30, 2025
Type
Size
Leased
(1)
Leased %
Size
Leased
(1)
Leased %
Overall Portfolio
(2)
Statistics
Office Properties (square feet)
4,273,675
3,668,808
85.8
%
4,283,607
3,506,419
81.9
%
Retail Properties (square feet)
2,419,969
2,377,877
98.3
%
2,420,247
2,370,501
97.9
%
Multifamily Properties (units)
(3)
2,178
2,051
94.2
%
2,178
1,992
91.5
%
Mixed-Use Properties (square feet)
93,925
88,048
93.7
%
93,925
89,204
95.0
%
Mixed-Use Properties (units)
(4)
369
333
90.3
%
369
306
82.9
%
Same-Store
(2) (5)
Statistics
Office Properties (square feet)
4,273,675
3,668,808
85.8
%
4,283,607
3,506,419
81.9
%
Retail Properties (square feet)
2,419,969
2,377,877
98.3
%
2,420,247
2,370,501
97.9
%
Multifamily Properties (units)
(3)
2,178
2,051
94.2
%
2,178
1,992
91.5
%
Mixed-Use Properties (square feet)
93,925
88,048
93.7
%
93,925
89,204
95.0
%
Mixed-Use Properties (units)
(4)
369
333
90.3
%
369
306
82.9
%
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 leased and occupied as of that date.
(2)    See Glossary of Terms.
(3)    Santa Fe Park RV Resort is excluded from the multifamily presentation above to reflect traditional multifamily performance as of each of the applicable dates.
(4)    Represents average occupancy for the nine months ended September 30, 2026 and 2025.
(5)    Same-store portfolio excludes land held for development.
Third Quarter 2026 Supplemental Information
Page 33
TOP TENANTS - OFFICE
As of September 30, 2026
Tenant
Property
Lease Expiration
Total Occupied 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
(6)
1
Google LLC
The Landmark at One Market
12/31/2029
253,198
5.9
%
3.7
%
$
28,213,097
13.3
%
6.9
%
2
LPL Holdings, Inc.
La Jolla Commons
4/30/2029
421,001
9.9
6.2
21,629,701
10.2
5.3
3
Autodesk, Inc. (1)
The Landmark at One Market
12/31/2028
6/30/2031
138,615
3.2
2.0
14,142,816
6.7
3.5
4
Smartsheet, Inc. (2)
City Center Bellevue
12/31/2026
4/30/2029
12/31/2032
103,344
2.4
1.5
6,333,546
3.0
1.6
5
Databricks, Inc. (3)
City Center Bellevue
11/30/2027
1/31/2028
3/31/2028
87,685
2.1
1.3
5,856,683
2.8
1.4
6
Industrious (4)
City Center Bellevue
La Jolla Commons
3/31/2030
4/30/2033
3/31/2034
7/31/2035
96,375
2.3
1.4
5,333,162
2.5
1.3
7
Illumina, Inc.
La Jolla Commons
10/31/2027
73,176
1.7
1.1
5,289,177
2.5
1.3
8
State of Oregon: Department of Environmental Quality
Lloyd Portfolio
10/31/2031
87,787
2.1
1.3
3,207,179
1.5
0.8
9
Top technology tenant (5)
La Jolla Commons
8/31/2030
40,800
1.0
0.6
2,755,246
1.3
0.7
10
Genentech, Inc.
Lloyd Portfolio
10/31/2026
66,852
1.6
1.0
2,631,025
1.2
0.6
Top 10 Office Tenants Total
1,368,833
32.2
%
20.1
%
$
95,391,632
45.0
%
23.4
%
Notes:
(1)    For Autodesk, Inc., 92,820 and 45,795 of leased square feet have a lease expiration of December 31, 2028 and June 30, 2031, respectively.
(2)    For Smartsheet, Inc., 19,697, 49,372, and 34,275 of leased square feet have a lease expiration of December 31, 2026, April 30, 2029, and December 31, 2032, respectively.
(3)    For Databricks, Inc., 17,623, 32,562, and 37,500 of leased square feet have a lease expiration of November 30, 2027, January 31, 2028, and March 31, 2028, respectively.
(4)    For Industrious, 20,626, 18,090, 37,166, and 20,493 of leased square feet have a lease expiration of March 31, 2030 (City Center Bellevue), April 30, 2033 (City Center Bellevue), March 31, 2034 (City Center Bellevue), and July 31, 2035 (La Jolla Commons), respectively.
(5)    Name withheld per tenant's request.
(6)    Total includes annualized base rent for office, retail (including mixed-use retail) and multifamily portfolios, plus trailing twelve months' room revenue (ended September 30, 2026) for the mixed-use hotel.
Third Quarter 2026 Supplemental Information
Page 34
TOP TENANTS - RETAIL
As of September 30, 2026
Tenant
Property(ies)
Lease Expiration
Total Occupied 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
(7)
1
Lowe's
Waikele Center
5/31/2028
155,000
6.4
%
2.3
%
$
4,092,000
5.7
%
1.0
%
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
3.0
1.1
2,248,554
3.1
0.6
3
Marshalls (2)
Carmel Mountain Plaza
Solana Beach Towne Centre
1/31/2029
1/31/2035
68,055
2.8
1.0
1,901,151
2.6
0.5
4
Nordstrom Rack (3)
Alamo Quarry Market
Carmel Mountain Plaza
10/31/2027
9/30/2032
69,047
2.9
1.0
1,804,269
2.5
0.4
5
Vons
Lomas Santa Fe Plaza
12/31/2047
49,895
2.1
0.7
1,609,086
2.2
0.4
6
Old Navy (4)
Alamo Quarry Market
Southbay Marketplace
Waikele Center
9/30/2027
4/30/2028
7/31/2030
52,936
2.2
0.8
1,365,407
1.9
0.3
7
Hobby Lobby
Gateway Marketplace
9/30/2036
64,900
2.7
1.0
1,247,500
1.7
0.3
8
Sola Salons (5)
Solana Beach Towne Centre
Hassalo on Eighth
South Bay Marketplace
Carmel Mountain Plaza
Carmel Country Plaza
11/30/2029
3/31/2031
6/30/2032
8/31/2034
2/29/2036
42,576
1.8
0.6
1,225,726
1.7
0.3
9
Safeway
Waikele Center
1/31/2040
50,050
2.1
0.7
1,201,200
1.7
0.3
10
HomeGoods (6)
Lomas Santa Fe Plaza
Alamo Quarry Market
2/28/2030
8/31/2034
55,837
2.3
0.8
1,200,000
1.7
0.3
Top 10 Retail Tenants Total
679,727
28.3
%
10.0
%
$
17,894,893
24.8
%
4.4
%
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, 30,000 and 39,047 of leased square feet have a lease expiration of October 31, 2027 (Alamo Quarry Market) and September 30, 2032 (Carmel Mountain Plaza), 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 (South Bay Marketplace) and July 31, 2030 (Waikele Center), respectively.
(5)    For Sola Salons, 6,300, 5,775, 7,500, 14,289, and 8,712 of leased square feet have a lease expiration of November 30, 2029 (Solana Beach Towne Centre), March 31, 2031 (Hassalo on Eighth - Retail), June 30, 2032 (South Bay Marketplace), August 31, 2034 (Carmel Mountain Plaza), and February 29, 2036 (Carmel Country Plaza), respectively.
(6)    For HomeGoods, 30,000 and 25,837 of leased square feet have a lease expiration of February 28, 2030 (Lomas Santa Fe Plaza) and August 31, 2034 (Alamo Quarry Market), respectively.
(7)    Total includes annualized base rent for office, retail (including mixed-use retail) and multifamily portfolios, plus trailing twelve months' room revenue (ended September 30, 2026) for the mixed-use hotel.
Third Quarter 2026 Supplemental Information
Page 35
APPENDIX
Third Quarter 2026 Supplemental Information
Page 36
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 and nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income
$
10,018
$
5,921
$
23,547
$
67,149
Depreciation and amortization
33,029
32,014
98,052
95,290
Interest expense, net
19,971
19,773
59,609
58,337
Interest income
(727)
(1,083)
(1,982)
(3,460)
Income tax expense
184
156
403
691
Gain on sale of real estate
—
—
—
(44,476)
EBITDA
$
62,475
$
56,781
$
179,629
$
173,531
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 and nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
EBITDA
$
62,475
$
56,781
$
179,629
$
173,531
Pro forma adjustments
—
—
—
—
Adjusted EBITDA
$
62,475
$
56,781
$
179,629
$
173,531
Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDA
re
):
EBITDA
re
is a supplemental non-GAAP measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts (NAREIT) defines EBITDA
re
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 EBITDA
re
of unconsolidated affiliates, if any. EBITDA
re
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
re
for the three and nine months ended September 30, 2026 and 2025 is as follows:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2026
2025
2026
2025
Net income
$
10,018
$
5,921
$
23,547
$
67,149
Depreciation and amortization
33,029
32,014
98,052
95,290
Interest expense, net
19,971
19,773
59,609
58,337
Interest income
(727)
(1,083)
(1,982)
(3,460)
Income tax expense
184
156
403
691
Gain on sale of real estate
—
—
—
(44,476)
EBITDA
re
$
62,475
$
56,781
$
179,629
$
173,531
Third Quarter 2026 Supplemental Information
Page 37
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 second generation tenant improvements and leasing commissions and recurring 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. Recurring capital expenditures exclude spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. 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
Nine Months Ended
September 30,
September 30,
Reconciliation of NOI to net income
2026
2025
2026
2025
Total NOI
$
71,134
$
66,281
$
205,983
$
201,193
General and administrative
(8,659)
(9,500)
(26,354)
(27,662)
Depreciation and amortization
(33,029)
(32,014)
(98,052)
(95,290)
Gain on sale of real estate
—
—
—
44,476
Operating Income
$
29,446
$
24,767
$
81,577
$
122,717
Interest expense, net
(19,971)
(19,773)
(59,609)
(58,337)
Other income, net
543
927
1,579
2,769
Net income
$
10,018
$
5,921
$
23,547
$
67,149
Net income attributable to restricted shares
(233)
(207)
(704)
(616)
Net income attributable to unitholders in the Operating Partnership
(2,059)
(1,205)
(4,808)
(14,033)
Net income attributable to American Assets Trust, Inc. stockholders
$
7,726
$
4,509
$
18,035
$
52,500
Overall Portfolio:
Includes all operating properties owned by us as of September 30, 2026.
Third Quarter 2026 Supplemental Information
Page 38
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 Net Income is presented below:
Three Months Ended
Nine Months Ended
September 30,
September 30,
Reconciliation of Total Cash NOI to Net Income
2026
2025
2026
2025
Total Cash NOI
$
69,671
$
64,319
$
202,233
$
197,452
Lease termination fees and tenant improvement reimbursements
198
2,303
1,167
3,396
Non-cash revenue and other operating expenses
(1)
1,265
(341)
2,583
345
General and administrative
(8,659)
(9,500)
(26,354)
(27,662)
Depreciation and amortization
(33,029)
(32,014)
(98,052)
(95,290)
Gain on sale of real estate
—
—
—
44,476
Operating income
$
29,446
$
24,767
$
81,577
$
122,717
Interest expense, net
(19,971)
(19,773)
(59,609)
(58,337)
Other income, net
543
927
1,579
2,769
Net income
$
10,018
$
5,921
$
23,547
$
67,149
(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.
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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 expansion occurred during either of the periods being compared, properties under development, properties classified as held for development and properties classified as discontinued operations. The following table shows the properties included in the same-store and non-same-store portfolio for the comparative periods presented. A reconciliation of Same-Store Cash NOI to Net Income is presented below:
Three Months Ended
(1)
Nine Months Ended
(2)
September 30,
September 30,
Reconciliation of Same-Store Cash NOI Comparison to Operating Income
2026
2025
2026
2025
Same-Store Cash NOI
$
69,759
$
64,441
$
202,334
$
197,768
Non-Same-Store Cash NOI
(88)
(122)
(101)
(316)
Total Cash NOI
$
69,671
$
64,319
$
202,233
$
197,452
Lease termination fees and tenant improvement reimbursements
(3)
198
2,303
1,167
3,396
Non-cash revenue and other operating expenses
(4)
1,265
(341)
2,583
345
General and administrative
(8,659)
(9,500)
(26,354)
(27,662)
Depreciation and amortization
(33,029)
(32,014)
(98,052)
(95,290)
Gain on sale of real estate
—
—
—
44,476
Operating income
$
29,446
$
24,767
$
81,577
$
122,717
Interest expense, net
(19,971)
(19,773)
(59,609)
(58,337)
Other income, net
543
927
1,579
2,769
Net income
$
10,018
$
5,921
$
23,547
$
67,149
(1)    For the three months ended September 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development.
(2)    For the nine months ended September 30, 2026, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025, (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into service on April 1, 2025 and (iv) land held for development.
(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.
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GLOSSARY OF TERMS (CONTINUED)
Comparison of Three Months Ended
Comparison of Nine Months Ended
September 30, 2026 to 2025
September 30, 2026 to 2025
Same-Store
Non-Same-Store
Same-Store
Non-Same-Store
Office Properties
La Jolla Commons
(1)
X
X
X
Coastal Collection at Torrey Reserve (formerly Torrey Reserve Campus)
X
X
Torrey Point
X
X
Solana Crossing
X
X
The Landmark at One Market
X
X
One Beach Street
(2)
X
X
First & Main
X
X
Lloyd Portfolio
X
X
City Center Bellevue
X
X
14Acres
X
X
Timber Ridge
X
X
Timber Springs
X
X
Retail Properties
Carmel Country Plaza
X
X
Carmel Mountain Plaza
X
X
South Bay Marketplace
X
X
Gateway Marketplace
X
X
Lomas Santa Fe Plaza
X
X
Solana Beach Towne Centre
X
X
Geary Marketplace
X
X
The Shops at Kalakaua
X
X
Waikele Center
X
X
Alamo Quarry Market
X
X
Hassalo on Eighth - Retail
X
X
Multifamily Properties
Loma Palisades
X
X
Imperial Beach Gardens
X
X
Mariner's Point
X
X
Santa Fe Park RV Resort
X
X
Pacific Ridge Apartments
X
X
Genesee Park
(3)
X
X
Hassalo on Eighth
X
X
Mixed-Use Properties
Waikiki Beach Walk - Retail
X
X
Waikiki Beach Walk - Embassy Suites™
X
X
Development Properties
Solana Crossing - Land
X
X
Lloyd Portfolio - Land
(2)
X
X
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GLOSSARY OF TERMS (CONTINUED)
(1)     La Jolla Commons Tower III is considered same-store for the three months ended September 30, 2026
and
non-same-store for the nine months ended September 30, 2026
,
as it was placed into service on April 1, 2025.
(2)    One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. One Beach Street is considered same-store for the three and nine months ended September 30, 2026 as it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such it is included within the non-same-store portfolio.
(3)    Genesee Park is considered same-store for the three months ended September 30, 2026 and non-same-store for the nine months ended September 30, 2026, since it was acquired on February 28, 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 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.
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