What changed in this filing

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Item 9A. Controls and Procedures

2026-02-06 compared with 2025-02-12 · 131 added, 178 removed, 1578 unchanged (16% of the section changed)

32 unchanged sentences

As required by Rule 13a-15(b) under the Exchange Act, the Operating Partnership carried out an evaluation, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer of its general partner, of the effectiveness of the design and operation of the Operating Partnership’s disclosure controls and procedures.

Based on the foregoing, the Chief Executive Officer and Chief Financial Officer of the Operating Partnership's

general partner concluded that, as of the end of the period covered by this report, the Operating Partnership’s disclosure controls and procedures were effective and were operating at a reasonable assurance level.

Based on the foregoing, the Chief Executive Officer and Chief Financial Officer of the Operating Partnership's general partner concluded that, as of the end of the period covered by this report, the Operating Partnership’s disclosure controls and procedures were effective and were operating at a reasonable assurance level.

Management’s Report on Internal Control over Financial Reporting

16 unchanged sentences

OTHER INFORMATION

On August 29, 2024, Adam Wyll , our President and then Chief Operating Officer (and current President and Chief Executive Officer effective January 1, 2025) , adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “Wyll 10b5-1 Plan”).

The Wyll 10b5-1 Plan provided for the sale of a number of shares of common stock that Mr.

Wyll then owned equal to 54% of the gross shares from certain performance-based restricted stock units (the “Wyll PRSUs”) granted under our Amended and Restated 2011 Equity Incentive Award Plan that were scheduled to vest in December 2024.

The sale of shares pursuant to the Wyll 10b5-1 Plan was intended to satisfy tax withholding obligations upon vesting of the Wyll PRSUs.

The Wyll 10b5-1 Plan terminated on December 31, 2024 .

During the year ended December 31, 2024, no other officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

During the year ended December 31, 2025, no officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.”

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

145 unchanged sentences

(20) Incorporated herein by reference to American Assets Trust, Inc.'s Current Report on Form 10-K filed with the Securities and Exchange Commission on February 14, 2024.

(21) Incorporated herein by reference to American Assets Trust, Inc.'s Current Report on Form 10-K filed with the Securities and Exchange Commission on February 12, 2025.

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrants have duly caused this Report to be signed on their behalf by the undersigned thereunto duly authorized this 6 th day of February, 2026.

65 unchanged sentences

Impairment of real estate properties

Description of the Matter The Company’s net real estate properties, inclusive of real estate assets held for sale, totaled $2.66 billion as of December 31, 2024.

Description of the Matter The Company’s net real estate properties totaled $2.62 billion as of December 31, 2025.

As discussed in Note 1 to the consolidated financial statements, the Company reviews for impairment on a property by property basis whenever events or changes in circumstances indicate that the carrying value of a property may not be fully recoverable.

63 unchanged sentences

Impairment of real estate properties

Description of the Matter The Company’s net real estate properties, inclusive of real estate assets held for sale, totaled $2.66 billion as of December 31, 2024.

Description of the Matter The Company’s net real estate properties totaled $2.62 billion as of December 31, 2025.

62 unchanged sentences

Total operating expenses 334,748 328,656 319,417

Gain on sale of real estate 44,476 — —

OPERATING INCOME 145,932 129,199 121,747

Interest expense, net ( 78,120 ) ( 74,527 ) ( 64,706 )

Other income (expense), net 18,147 7,649 ( 625 )

Other income, net 3,558 18,147 7,649

NET INCOME 71,370 72,819 64,690

11 unchanged sentences

Net income $ 71,370 $ 72,819 $ 64,690

Other comprehensive (loss) income - unrealized (loss) income on swap derivatives during the period ( 2,748 ) ( 1,827 ) 11,319

Other comprehensive loss - unrealized loss on swap derivatives during the period ( 3,205 ) ( 2,748 ) ( 1,827 )

Other comprehensive loss - unrealized loss on treasury locks during the period — ( 1,345 ) —

15 unchanged sentences

Issuance of restricted stock 300,889 3 ( 3 ) — — — —

325,682 3 ( 3 ) — — — —

Forfeiture of restricted stock ( 82,481 ) ( 1 ) 1 — — — —

( 106,796 ) ( 1 ) 1 — — — —

Dividends declared and paid — — — ( 80,211 ) — ( 21,360 ) ( 101,571 )

— — — ( 77,536 ) — ( 20,712 ) ( 98,248 )

Stock-based compensation — — 8,838 — — — 8,838

— — 8,690 — — — 8,690

Shares withheld for employee taxes ( 41,275 ) — ( 831 ) — — — ( 831 )

Other comprehensive income - change in value of interest rate swaps — — — — 8,916 2,403 11,319

Other comprehensive loss - change in value of interest rate swaps — — — — ( 1,437 ) ( 390 ) ( 1,827 )

Reclassification of amortization of forward-starting swaps included in interest expense — — — — ( 905 ) ( 244 ) ( 1,149 )

Balance at December 31, 2023 60,895,786 609 1,469,206 ( 280,239 ) 8,282 ( 44,183 ) 1,153,675

— — — 51,139 — 13,551 64,690

Net income — — — 57,585 — 15,234 72,819

Issuance of restricted stock 303,648 3 ( 3 ) — — — —

300,889 3 ( 3 ) — — — —

Forfeiture of restricted stock ( 10,397 ) — — — — — —

( 82,481 ) ( 1 ) 1 — — — —

Dividends declared and paid — — — ( 81,685 ) — ( 21,683 ) ( 103,368 )

— — — ( 80,211 ) — ( 21,360 ) ( 101,571 )

Stock-based compensation — — 7,110 — — — 7,110

— — 8,838 — — — 8,838

Shares withheld for employee taxes ( 50,799 ) ( 1 ) ( 1,444 ) — — — ( 1,445 )

Other comprehensive income - change in values of interest rate swaps — — — — ( 1,437 ) ( 390 ) ( 1,827 )

Reclassification of amortization of forward-starting swaps included in interest expense — — — — ( 905 ) ( 244 ) ( 1,149 )

Other comprehensive loss - change in values of interest rate swaps — — — — ( 2,164 ) ( 584 ) ( 2,748 )

Other comprehensive loss - unrealized loss on treasury locks — — — — ( 1,061 ) ( 284 ) ( 1,345 )

Reclassification of amortization of forward-starting swaps included in interest expense, net — — — — ( 297 ) ( 80 ) ( 377 )

Balance at December 31, 2024 61,138,238 611 1,474,869 ( 304,339 ) 4,760 ( 51,580 ) 1,124,321

— — — 57,585 — 15,234 72,819

Net income — — — 56,500 — 14,870 71,370

Issuance of restricted stock 402,735 4 ( 4 ) — — — —

303,648 3 ( 3 ) — — — —

Forfeiture of restricted stock ( 27,261 ) — — — — — —

( 10,397 ) — — — — — —

Dividends declared and paid — — — ( 83,247 ) — ( 22,007 ) ( 105,254 )

— — — ( 81,685 ) — ( 21,683 ) ( 103,368 )

Stock-based compensation — — 7,397 — — — 7,397

— — 7,110 — — — 7,110

Shares withheld for employee taxes ( 122,776 ) ( 1 ) ( 2,392 ) — — — ( 2,393 )

Other comprehensive loss - change in value of interest rate swaps — — — — ( 2,527 ) ( 678 ) ( 3,205 )

Other comprehensive loss - unrealized loss on treasury locks — — — — ( 1,061 ) ( 284 ) ( 1,345 )

Reclassification of amortization of forward-starting swaps included in interest expense, net — — — — ( 814 ) ( 217 ) ( 1,031 )

13 unchanged sentences

Provision for uncollectable rental income 540 1,517 1,439

Gain on sale of real estate ( 44,476 ) — —

Stock-based compensation expense 7,397 7,110 8,838

12 unchanged sentences

Capital expenditures ( 72,255 ) ( 70,205 ) ( 82,980 )

Proceeds from sale of real estate, net of selling costs 117,784 — —

Leasing commissions ( 8,165 ) ( 7,202 ) ( 6,907 )

1 unchanged sentence

FINANCING ACTIVITIES

Proceeds from secured notes payable — — 75,000

Repayment of secured notes payable — — ( 111,000 )

Proceeds from unsecured line of credit — 100,000 —

7 unchanged sentences

Shares withheld for employee taxes ( 2,393 ) ( 1,445 ) ( 831 )

Net cash provided by (used in) financing activities 213,072 ( 65,547 ) ( 102,704 )

Net increase (decrease) in cash, cash equivalents 342,771 33,317 ( 89,953 )

Net cash (used in) provided by financing activities ( 432,897 ) 213,072 ( 65,547 )

Net (decrease) increase in cash, cash equivalents ( 296,297 ) 342,771 33,317

Cash and cash equivalents, beginning of year 425,659 82,888 49,571

48 unchanged sentences

Total operating expenses 334,748 328,656 319,417

Gain on sale of real estate 44,476 — —

OPERATING INCOME 145,932 129,199 121,747

Interest expense, net ( 78,120 ) ( 74,527 ) ( 64,706 )

Other income (expense), net 18,147 7,649 ( 625 )

Other income, net 3,558 18,147 7,649

NET INCOME 71,370 72,819 64,690

13 unchanged sentences

Net income $ 71,370 $ 72,819 $ 64,690

Other comprehensive (loss) income - unrealized (loss) income on swap derivatives during the period ( 2,748 ) ( 1,827 ) 11,319

Other comprehensive loss - unrealized loss on swap derivatives during the period ( 3,205 ) ( 2,748 ) ( 1,827 )

Other comprehensive loss - unrealized loss on treasury locks during the period — ( 1,345 ) —

18 unchanged sentences

Units withheld for employee taxes — — ( 41,275 ) ( 831 ) — ( 831 )

Other comprehensive income - change in value of interest rate swaps — — — — 11,319 11,319

Other comprehensive loss - change in value of interest rate swaps — — — — ( 1,827 ) ( 1,827 )

Reclassification of amortization of forward starting swaps included in interest expense — — — — ( 1,149 ) ( 1,149 )

6 unchanged sentences

Units withheld for employee taxes — — ( 50,799 ) ( 1,445 ) — ( 1,445 )

Other comprehensive income - change in value of interest rate swaps — — — — ( 1,827 ) ( 1,827 )

Reclassification of amortization of forward starting swaps included in interest expense — — — — ( 1,149 ) ( 1,149 )

Other comprehensive loss - change in value of interest rate swaps — — — — ( 2,748 ) ( 2,748 )

Other comprehensive loss - unrealized loss on treasury locks — — — — ( 1,345 ) ( 1,345 )

Reclassification of amortization of forward-starting swaps included in interest expense, net — — — — ( 377 ) ( 377 )

Balance at December 31, 2024 16,181,537 ( 53,385 ) 61,138,238 1,171,141 6,565 1,124,321

6 unchanged sentences

Other comprehensive loss - change in value of interest rate swaps — — — — ( 3,205 ) ( 3,205 )

Other comprehensive loss - unrealized loss on treasury locks — — — — ( 1,345 ) ( 1,345 )

Reclassification of amortization of forward-starting swaps included in interest expense, net — — — — ( 1,031 ) ( 1,031 )

15 unchanged sentences

Provision for uncollectable rental income 540 1,517 1,439

Gain on sale of real estate ( 44,476 ) — —

Stock-based compensation expense 7,397 7,110 8,838

12 unchanged sentences

Capital expenditures ( 72,255 ) ( 70,205 ) ( 82,980 )

Proceeds from sale of real estate, net of selling costs 117,784 — —

Leasing commissions ( 8,165 ) ( 7,202 ) ( 6,907 )

1 unchanged sentence

FINANCING ACTIVITIES

Proceeds from secured notes payable — — 75,000

Repayment of secured notes payable — — ( 111,000 )

Proceeds from unsecured line of credit — 100,000 —

8 unchanged sentences

Net cash provided by (used in) financing activities ( 432,897 ) 213,072 ( 65,547 )

Net increase (decrease) in cash, cash equivalents 342,771 33,317 ( 89,953 )

Net (decrease) increase in cash, cash equivalents ( 296,297 ) 342,771 33,317

Cash and cash equivalents, beginning of year 425,659 82,888 49,571

17 unchanged sentences

As of December 31, 2025, we owned or had a controlling interest in 31 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate.

Additionally, as of December 31, 2024, we owned land at three of our properties that we classify as held for development and construction in progress.

Additionally, as of December 31, 2025, we owned land at two of our properties that we classify as held for development and construction in progress.

A summary of the properties owned by us is as follows:

Carmel Country Plaza Gateway Marketplace Alamo Quarry Market

Carmel Mountain Plaza Del Monte Center (held for sale) Hassalo on Eighth - Retail

South Bay Marketplace Geary Marketplace

Lomas Santa Fe Plaza The Shops at Kalakaua

Solana Beach Towne Centre Waikele Center

La Jolla Commons One Beach Street 14Acres (formerly known as Eastgate Office Park)

Torrey Reserve Campus First & Main Timber Ridge (formerly known as Corporate Campus East III)

Torrey Point Lloyd Portfolio

Solana Crossing City Center Bellevue Timber Springs (formerly known as Bel-Spring 520)

The Landmark at One Market

Carmel Country Plaza Gateway Marketplace Hassalo on Eighth - Retail

Carmel Mountain Plaza Geary Marketplace

South Bay Marketplace The Shops at Kalakaua

Lomas Santa Fe Plaza Waikele Center

Solana Beach Towne Centre Alamo Quarry Market

La Jolla Commons First & Main Timber Springs

Torrey Point Lloyd Portfolio Coastal Collection at Torrey Reserve (formerly known as Torrey Reserve Campus)

Solana Crossing City Center Bellevue

The Landmark at One Market 14Acres

One Beach Street Timber Ridge

Loma Palisades Hassalo on Eighth - Multifamily

Imperial Beach Gardens

Imperial Beach Gardens Genesee Park

Mariner's Point

3 unchanged sentences

Held for Development and Construction in Progress

La Jolla Commons - Construction in Progress

Solana Crossing – Land

47 unchanged sentences

Accounts receivable from straight-line rent is typically longer term in nature and relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the contractual lease agreement.

Hotel revenue recognized at Waikiki Beach Walk Embassy Suites™ Hotel is in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” and is included within rental income on the statement of comprehensive income.

We recognize revenue on the hotel portion of our mixed-use property from the rental of hotel rooms and guest services when we satisfy performance obligations as evidenced by the transfer of control when the rooms are occupied and services have been provided.

2 unchanged sentences

Revenue from other sales and services provided is included in other property income on the statement of comprehensive income.

The company recognizes hotel revenue when earned.

Revenues are recorded net of any sales, general excise or transient accommodations occupancy tax collected from the company’s guests.

Additionally, some of the company’s hotel rooms are booked through independent internet travel intermediaries.

If the guest pays the independent internet travel intermediary directly, revenue for the room is booked by the company at the price the company sold the room to the independent internet travel intermediary, less any discount or commission paid.

If the guest pays the company directly, revenue for the room is booked by the company on a gross basis.

The company participates in frequent guest programs sponsored by the brand owners of the company’s hotel and the company expenses the charges associated with those programs, as incurred.

Room revenue is generated through contracts with customers whereby the customer agrees to pay a daily rate for the right to use a hotel room.

The company’s contract performance obligations are fulfilled at the end of each day the room is provided to the customer and revenue is recognized daily at the contract rate.

The company records contract liabilities in the form of advanced deposits when a customer or group of customers provides a deposit for a future stay at the company’s hotel.

Advanced deposits for room revenue are included in the balance of other liabilities on the consolidated balance sheets and are recognized as revenue at the time of the guest’s stay.

We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which requires significant judgment by management.

25 unchanged sentences

For asset acquisitions not meeting the definition of a business, transaction costs are capitalized as part of the acquisition cost.

Real Estate Held for Sale

The company classifies long-lived assets or a disposal group to be sold as held for sale during the period when all the necessary criteria are met.

The criteria includes (i) management, having the authority to approve the action, commits to a plan to sell the asset or the disposal group, (ii) the asset or disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset or disposal group have been initiated, (iv) the sale of the asset or disposal group is probable, and transfer of the asset or disposal group is expected to qualify for recognition as a completed sale within one year, (v) the asset or disposal group is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria.

If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used.

Properties that do not meet the held for sale criteria are accounted for as operating properties.

Upon determining that a long-lived asset or disposal group meets the criteria to be classified as held for sale, the company reports the assets and liabilities of the disposal group, if material, in the line items “real estate assets held for sale” and “liabilities related to real estate assets held for sale”, as applicable, on the consolidated balance sheets.

A long-lived asset or disposal group that is classified as held for sale is measured at the lower of its cost or estimated fair value less any costs to sell.

The fair values of assets held for sale are assessed each reporting period and changes in such fair values are reported as an adjustment to the carrying value of the asset or disposal group with an offset on the consolidated statements of income, to the extent that any subsequent changes in fair value do not exceed the cost basis of the asset or disposal group.

Any loss resulting from the transfer of long-lived assets or disposal groups to assets held for sale is recognized in the period during which the held for sale criteria are met.

Capitalized Costs

47 unchanged sentences

Identifying the party with the controlling interest requires a focus on which entity has the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (1) the obligation to absorb the expected losses of the VIE or (2) the right to receive the benefits from the VIE.

December 31, 2024 and December 31, 2023 we had no investments in real estate joint ventures, and no other interests in VIEs to be evaluated for consolidated.

At December 31, 2025 and December 31, 2024 we had no investments in real estate joint ventures, and no other interests in VIEs to be evaluated for consolidated.

Stock-Based Compensation

30 unchanged sentences

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures, that requires the quarterly disclosure of segment expenses if they are (i) significant to the segment, (ii) regularly provided to the chief operating decision maker (“CODM”), and (iii) included in each reported measure of a segment’s profit or loss.

In addition, this ASU requires an annual disclosure of the CODM’s title and a description of how the CODM uses the segment’s profit/loss measure to assess segment performance and to allocate resources.

We retrospectively adopted ASU 2023-07 during the year ended December 31, 2024.

While the adoption has no impact on our financial statements, it has resulted in incremental disclosures within the footnotes to our consolidated financial statements, see Note 17 Segment Reporting.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures .

In December 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-09, Improvements to Income Tax Disclosures .

This pronouncement requires enhanced income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction.

This pronouncement is effective for annual periods in fiscal years beginning after December 15, 2024, and should be applied either prospectively or retrospectively.

We are currently evaluating the impact this pronouncement will have on our disclosures.

We adopted ASU 2023-09 during the year ended December 31, 2025.

The adoption has no material impact on our consolidated financial statements or related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures.

16 unchanged sentences

Net real estate $ 469,733 $ 1,587,316 $ 406,163 $ 156,156 $ 2,619,368

$ 478,037 $ 1,597,458 $ 351,016 $ 160,975 $ 2,587,486

December 31, 2024

13 unchanged sentences

(2) Excludes net real estate assets held for sale

Real Estate Assets Held for Sale

As of December 31, 2024, the company had one property under contract for sale, classified as held for sale.

The following table presents the assets associated with the property classified as held for sale (in thousands):

December 31, 2024 December 31, 2023

Buildings and improvements $ 100,567 $ 99,765

On February 28, 2025, we acquired Genesee Park in San Diego, California, consisting of a 192 -unit apartment community.

The purchase price was $ 67.9 million , excluding closing costs of approximately $ 0.1 million.

The property was acquired using cash on hand, primarily from the proceeds received on the sale of Del Monte Center on February 25, 2025.

The financial information set forth below summarizes the company’s purchase price allocation for Genesee Park during the year ended December 31, 2025 (in thousands):

Land $ 27,125

Tenant improvements 24,758 21,633

Construction in Progress 1,692 549

Accumulated depreciation ( 80,435 ) ( 77,808 )

Net real estate assets 73,699 71,256

Other Assets 3,820 2,968

Real estate assets held for sale $ 77,519 $ 74,223

Building 38,101

Land improvements 1,156

Furniture, fixtures, and equipment 274

Total real estate 66,656

Lease intangibles 1,373

Prepaid expenses and other assets 114

Assets acquired $ 68,143

Security deposits payable ( 236 )

Other liabilities and deferred credits ( 28 )

Liabilities assumed $ ( 264 )

The value allocated to lease intangibles is amortized over six-months as depreciation and amortization expense in the statement of comprehensive income, which is fully amortized as of December 31, 2025.

The following table summarizes the operating results for Genesee Park included in the company's historical consolidated statement of operations for the period of acquisition through December 31, 2025 (in thousands):

Revenues $ 3,909

Operating expenses 5,021

Operating loss ( 1,112 )

Other income, net 2

Net income attributable to American Assets Trust, Inc.

On February 25, 2025, we sold Del Monte Center, which is located in Monterey, California and was previously included in our retail segment.

The sale price of this property was $ 123.5 million, less closing costs and prorations, resulting in net proceeds of approximately $ 117.8 million.

Accordingly, we recorded a gain on sale of approximately $ 44.5 million for the year ended December 31, 2025.

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

21 unchanged sentences

$ ( 3,053 ) $ ( 1,900 ) $ ( 1,842 )

As of December 31, 2024, the amortization for acquired leases during the next five years and thereafter (excluding the real estate assets held for sale), assuming no early lease terminations, is as follows (in thousands):

As of December 31, 2025, the amortization for acquired leases during the next five years and thereafter, assuming no early lease terminations, is as follows (in thousands):

Leases Above Market

14 unchanged sentences

Level 3 Inputs—unobservable inputs

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments.

The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.

71 unchanged sentences

(1) Interest only.

The Operating Partnership has provided a carve-out guarantee on the new mortgage at City Center Bellevue.

The Operating Partnership has provided a carve-out guarantee on the mortgage at City Center Bellevue.

Certain loans require the Operating Partnership to comply with various financial covenants.

10 unchanged sentences

January 5, 2025 (2)

Senior Guaranteed Notes, Series F (4)

— 100,000 3.78 % (4)

July 19, 2024

Senior Guaranteed Notes, Series B (5)

— 100,000 4.45 % February 2, 2025

Senior Guaranteed Notes, Series C (6)

100,000 100,000 4.50 % April 1, 2025

Senior Guaranteed Notes, Series C — 100,000 4.50 % April 1, 2025 (4)

Senior Guaranteed Notes, Series D 250,000 250,000 4.29 % (5)

13 unchanged sentences

(1) The Operating Partnership has entered into two interest rate swap agreements that are intended to fix the interest rate associated with Term Loan A at approximately 2.70 % through its maturity date, subject to adjustments based on our consolidated leverage ratio.

(2) On January 5, 2023, we extended Term Loan B and Term Loan C to a maturity date of January 5, 2025 with one , twelve-month extension option and increased the fully drawn borrowings thereunder to $ 150 million and $ 75 million, respectively.

(2) On January 2, 2025, we repaid the entirety of Term Loan B and Term Loan C.

(3) The Operating Partnership entered into interest rate swap agreements that are intended to fix the effective interest rate associated with Term Loan B and Term Loan C, subject to adjustments based on our consolidated leverage ratio, at, 5.47 % from January 5, 2023 to January 4, 2024 and at 5.57 % from January 5, 2024 to January 4, 2025.

(4) The Operating Partnership entered into a treasury lock contract on May 31, 2017, which was settled on June 23, 2017 at a loss of approximately $ 0.5 million.

The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.85 % per annum.

On July 18, 2024, we borrowed $ 100 million on our Revolver Loan (as defined below) to repay the entirety of our Series F Notes upon their maturity on July 19, 2024.

(5) The Senior B Notes were prepaid in full on December 2, 2024, without penalty or premium.

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

9 unchanged sentences

Thereafter 1,025,000

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

On January 26, 2021, the Operating Partnership issued $ 500 million of senior unsecured notes (the " 3.375 % Senior Notes") that mature February 1, 2031 and bear interest at 3.375 % per annum.

5 unchanged sentences

To date, the net proceeds were used to repay the $ 100 million then outstanding balance under our Revolver Loan on September 19, 2024, our Series B Notes in the amount of $ 100 million on December 2, 2024 and our Series C Notes in the amount of $ 100 million on February 3, 2025.

The remaining net proceeds will be used for working capital and general corporate purposes.

The remaining net proceeds are intended to be used for working capital and general corporate purposes.

Prior to the issuance of the 6.150 % Senior Notes, the Operating Partnership entered into a treasury lock contract on September 9, 2024 for $ 150 million and September 10, 2024 for an additional $ 150 million, which were both settled on September 10, 2024 at a combined loss of approximately $ 1.3 million.

22 unchanged sentences

On July 18, 2024, we borrowed $ 100 million on our Revolver Loan to repay the entirety of our $ 100 million Series F Notes upon their maturity on July 19, 2024.

On July 30, 2019, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $ 150 million of 3.91 % Senior Guaranteed Notes, Series G, due July 30, 2030 (the "Series G Notes" and collectively with the Series A Notes, Series B Notes, Series C Notes, Series D Notes, Series E Notes, Series F Notes and Series G Notes are referred to herein as, the “Notes".) The Series G Notes were issued on July 30, 2019 and pay interest semi-annually on the 30th of July and January until their maturity.

On July 30, 2019, the Operating Partnership entered into a Note Purchase Agreement for the private placement of $ 150 million of 3.91 % Senior Guaranteed Notes, Series G, due July 30, 2030 (the “Series G Notes” and collectively with the Series D Notes and Series E Notes are referred to herein as, the “Notes”.) The Series G Notes were issued on July 30, 2019 and pay interest semi-annually on the 30th of July and January until their maturity.

The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5 % of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100 % of the principal amount so prepaid plus a Make-Whole Amount.

7 unchanged sentences

The Third Amended and Restated Credit Facility provides for aggregate, unsecured borrowings of up to $ 500 million, consisting of a revolving line of credit of $ 400 million (the “Revolver Loan”) and a term loan of $ 100 million (“Term Loan A”).

The Revolver Loan initially matures on January 5, 2026, subject to two , six-month extension options.

The Revolver Loan was initially scheduled to mature on January 5, 2026, subject to two , six-month extension options.

On November 13, 2025, we exercised the first of the extension options, which extended the maturity date to July 5, 2026, subject to our option to extend the Revolver Loan for one additional six-month period.

Term Loan A matures on January 5, 2027, with no further extension options.

16 unchanged sentences

The Amended and Restated Term Loan Agreement provides to the Operating Partnership a term loan of $ 150 million (“Term Loan B”) and a term loan of $ 75 million (“Term Loan C”), each maturing on January 5, 2025, with one , twelve-month extension option, subject to certain conditions.

As of December 31, 2024, the entirety of the principal amounts of Term Loan B and Term Loan C were outstanding.

On January 2, 2025, we repaid the entirety of Term Loan B and Term Loan C.

Borrowings under the Amended and Restated Term Loan Agreement bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) the applicable SOFR, plus a SOFR adjustment and a spread (based on the Operating Partnership’s consolidated leverage ratio and applicable year of Term Loan B and Term Loan C) ranging from 1.20 % to 1.90 %, or (2) a base rate equal to the highest of (a) 0 %, (b) the prime rate, (c) the federal funds rate plus 50 bps and (d) the one-month SOFR, plus a SOFR adjustment and 100 bps, plus, in each case, a spread (based on the Operating Partnership’s consolidated leverage ratio and applicable year of Term Loan B and Term Loan C) ranging from 0.20 % to 0.90 %.

Additionally, the Operating Partnership may elect for borrowings to bear interest based on a ratings-based pricing grid based on the Operating Partnership’s then-applicable investment grade debt ratings under the terms set forth in the Amended and Restated Term Loan Agreement.

Prior to entering into the Amended and Restated Term Loan Agreement, the Operating Partnership entered into interest rate swap agreements that are intended to fix the interest rate associated with Term Loan B and Term Loan C at approximately (1) 5.47 % for the first year of Term Loan B and Term Loan C and (2) 5.57 % for the second year of Term Loan B and Term Loan C, subject to adjustments based on the company’s consolidated leverage ratio.

The Amended and Restated Term Loan Agreement contains a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios.

Subject to the terms of the Term Loan Agreement, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest under Term Loan B or Term Loan C, and (ii) a default in the payment of certain other indebtedness of the Operating Partnership, the company or their subsidiaries, the principal and accrued and unpaid interest and prepayment penalties on the outstanding Term Loan B or Term Loan C will become due and payable at the option of the lenders.

DERIVATIVE AND HEDGING ACTIVITIES

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$ 50,000 1/14/2022 1/5/2027 $ 1,007

Wells Fargo Bank, N.A.

$ 150,000 1/5/2023 1/5/2025 $ 69

Mizuho Capital Markets LLC $ 75,000 1/5/2023 1/5/2025 $ 2

These forward-starting interest rate swap contracts are designed to fix the effective interest rates (1) associated with Term Loan A at 2.70 % through its maturity date, subject to adjustments based on our consolidated leverage ratio, (2) associated with Term Loan B at 5.47 % from January 5, 2023 to January 4, 2024 and at 5.57 % from January 5, 2024 to January 4, 2025, subject to adjustments based on our consolidated debt ratio and (3) associated with Term Loan C at 5.47 % from January 5, 2023 to January 4, 2024 and at 5.57 % from January 5, 2024 to January 4, 2025, subject to adjustments based on our consolidated debt ratio.

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Stockholders' Equity

On December 3, 2021, we entered into a new ATM equity program, with five sales agents under which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $ 250 million.

The sale of shares of our common stock made through the ATM equity program are made in "at-the-market" offerings as defined in Rule 415 of the Securities Act of 1933, as amended.

On December 3, 2021, we entered into an ATM equity program with five sales agents pursuant to which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $ 250 million.

The sale of shares of our common stock made through the ATM equity program, as amended, are made in “at-the-market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended.

For the year ended December 31, 2025, no shares of common stock were sold through the ATM equity program.

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Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common stock and our capital needs.

As of December 31, 2024, we have no obligation to sell the remaining shares available for sale under the active ATM equity program.

As of December 31, 2025, we have no obligation to sell the remaining shares available for sale under the ATM equity program.

Preferred Stock Authorized Shares

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19.83 - 20.79

December 4, 2024 (4)

June 2, 2025 (1)

1 unchanged sentence

13.36 - 14.32

December 4, 2024 (5)

(1) Restricted common stock issued to members of the company's non-employee directors.

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Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2025, 2026 and 2027, subject to the employee's continued employment on those dates.

(4) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting.

(4) Time-based restricted common stock issued to Mr.

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Wyll's continued employment on those dates.

(5) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting.

Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2026, 2027 and 2028, subject to the employee's continued employment on those dates.

For the 2023, 2024, and 2025 grants, the fair value of the awards was estimated using a Monte Carlo Simulation model.

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Earnings Per Unit of the Operating Partnership

Basic earnings (loss) per unit (“EPU”) of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities.

Basic earnings per unit (“EPU”) of the Operating Partnership is computed by dividing income (loss) applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities.

Operating Partnership units granted in equity-based payment transactions are considered participating securities prior to vesting.

The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings (losses).

The calculation of diluted earnings per unit for the year ended December 31, 2024, 2023 and 2022 does not include 583,512 , 573,344 , and 489,765 unvested weighted average Operating Partnership units, respectively, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive.

The calculation of diluted EPU for the year ended December 31, 2025, 2024 and 2023 does not include 609,312 , 583,512 , and 573,344 unvested weighted average Operating Partnership units, respectively, as these equity securities are either considered contingently issuable or the effect of including these equity securities was anti-dilutive to income from continuing operations and net income attributable to the unitholders.

The computation of basic and diluted EPS for American Assets Trust, Inc.

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We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT for federal income tax purposes commencing with our taxable year ended December 31, 2011.

As a REIT, we are generally not subject to corporate

level income tax on the earnings distributed currently to our stockholders.

As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders.

Our Operating Partnership is subject to state and local income taxes and our TRS is subject to federal and state income taxes.

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Also, under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us as owner of the properties due to certain matters relating to the tenants' operations at our properties.

See Footnote 13 for description of our leases, as a lessee.

See Footnote 13 for a description of our leases, as a lessee.

We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property.

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If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $ 7.9 million based on operating performance through December 31, 2025.

Our Del Monte Center property has ongoing environmental remediation related to ground water contamination.

The environmental issue existed at purchase and is currently in the final stages of remediation.

The final stages of the remediation will include routine, long term ground monitoring by the appropriate regulatory agency over the next five to seven years .

The work performed is financed through an escrow account funded by the seller upon our purchase of the Del Monte Center.

We believe the funds in the escrow account are sufficient for the remaining work to be performed.

However, if further work is required costing more than the remaining escrow funds, we could be required to pay such overage, although we may have a contractual claim for such costs against the prior owner or our environmental remediation consultant.

Concentrations of Credit Risk

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The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate.

Fifteen of our consolidated properties, representing 43.2 % and 41.2 % of our total revenue for the year ended December 31, 2024 and 2023, respectively, are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio.

Sixteen of our consolidated properties, representing 43.8 % and 43.2 % of our total revenue for the year ended December 31, 2025 and 2024, respectively, are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio.

Our mixed-use property located in Honolulu, Hawaii accounted for 15.1 % and 14.8 % of total revenues for the year ended December 31, 2025 and 2024, respectively.

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At December 31, 2025, Google LLC at The Landmark at One Market accounted for 9.8 % of total annualized base rent.

Three other tenants (LPL Holdings, Inc., Autodesk, Inc., and Smartsheet, Inc.) comprise 14.4 % of our total annualized base rent at December 31, 2024, in the aggregate.

Three other tenants (LPL Holdings, Inc., Autodesk, Inc.

, and Smartsheet, Inc.) comprise 15 % of our total annualized base rent at December 31, 2025, in the aggregate.

No other tenants represent greater than 2.0 % of our total annualized base rent.

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We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended.

We maintain a proactive leasing and capital improvement program that, combined with

the quality and locations of our properties, has made our properties attractive to tenants.

We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants.

However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics.

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Our multifamily properties are located in Southern California and Portland, Oregon, and we had 2,041 leases with residential tenants at December 31, 2025, excluding Santa Fe Park RV Resort.

As of December 31, 2024, minimum future rentals from noncancelable operating leases before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property (excluding the real estate assets held for sale) are as follows for the years ended December 31 (in thousands):

As of December 31, 2025, minimum future rentals from noncancelable operating leases before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands):

2026 $ 256,537

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We lease real estate under operating leases.

At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark at One Market under an operating lease effective through June 30, 2026, which we have the option to extend until 2031 by way of the remaining five years extension option (the "Annex Lease").

The lease payments under the extension option provided for under the Annex Lease will be equal to the fair rental value at the time the extension option is exercised.

The extension option is included in the calculation of the right-of-use asset and lease liability as we are reasonably certain of exercising the extension option.

In March 2020, we exercised a five-year extension option to extend the Annex Lease through June 30, 2026, which was memorialized in a lease amendment executed in August 2020 that additionally modified other certain lease payment terms.

At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark at One Market under an operating lease effective through June 30, 2031 (the “Annex Lease”).

The lease payments under the Annex Lease are equal to the fair rental value at the time the extension option was exercised.

In June 2025, we exercised the final five-year extension option to extend the Annex Lease through June 30, 2031, which was memorialized in a lease amendment executed in August 2025.

Our lease agreements do not contain any residual value guarantees or material restrictive covenants.

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Sublease income ( 3,429 ) ( 3,445 )

Total lease (income) cost $ 282 $ 49

Total lease cost $ 302 $ 282

Weighted-average remaining lease term - operating leases (in years) 5.5

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Cash paid for amounts included in the measurement of lease liabilities $ 3,531 $ 3,428

At The Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through December 31, 2029.

At The Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through June 30, 2031.

The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

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Total rental expenses $ 124,601 $ 123,503 $ 118,801

OTHER (EXPENSE) INCOME

The principal components of other (expense) income, net are as follows (in thousands):

The principal components of other income, net are as follows (in thousands):

Year Ended December 31,

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Interest and investment income $ 4,328 $ 9,031 $ 2,175

Income tax (expense) benefit ( 886 ) ( 1,041 ) ( 850 )

Other non-operating income (expense) 10,002 6,515 —

Total other income (expense) $ 18,147 $ 7,649 $ ( 625 )

Income tax expense ( 770 ) ( 886 ) ( 1,041 )

Other non-operating income — 10,002 6,515

Total other income $ 3,558 $ 18,147 $ 7,649

For the year ended December 31, 2024, other non-operating income includes the net settlement payment of approximately $ 10.0 million received on January 2, 2024 related to building specifications for one of the existing buildings at our office project in University Town Center (San Diego).

1 unchanged sentence

RELATED PARTY TRANSACTIONS

During the first quarter of 2019, we terminated the lease agreement with American Assets, Inc.

At Torrey Point, the company leases space to American Assets, Inc.

(“AAI”), an entity owned and controlled by Mr.

Rady, and entered into a new lease agreement with AAI for office space at Torrey Reserve Campus.

Rents commenced on March 1, 2019 for an initial lease term of three years at an average annual rental rate of $ 0.2 million.

During the third quarter of 2020, we entered into a new lease with AAI for office space at Torrey Point to replace its existing lease at Torrey Reserve Campus.

Rents commenced on March 1, 2021 for an initial lease term of ten years at an average annual rental rate of $ 0.2 million.

Rental revenue recognized on the leases of $ 0.3 million, $ 0.3 million and $ 0.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, is included in rental income on the consolidated statements of comprehensive income.

At Torrey Reserve Campus, we lease space to Ensight, Inc, or Ensight (formerly EDisability, LLC), an entity majority owned and controlled by Mr.

During the fourth quarter of 2020, we entered into a lease termination agreement with Ensight and entered into a new lease agreement for office space at Torrey Reserve Campus.

Rents under the new lease agreement commenced on June 1, 2021 for an initial three years at an average rental rate of $ 0.1 million.

During the first quarter of 2024, we entered into a lease amendment with Ensight for a two-year extension term at an average annual rental rate of $ 0.1 million.

Rady, for an initial lease term of ten years at an average annual rental rate of $ 0.2 million.

Rental revenue recognized on the lease of $ 0.3 million, $ 0.3 million and $ 0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively, is included in rental income on the consolidated statements of comprehensive income.

At Coastal Collection at Torrey Reserve, the company leases space to Ensight, Inc.

an entity majority owned and controlled by Mr.

Rady, at an average annual rental rate of $ 0.1 million.

Rent revenue recognized on the lease of $ 0.1 million, $ 0.1 million and $ 0.1 million for the years ended December 31, 2025, 2024 and 2023, respectively, is included in rental income on the consolidated statements of comprehensive income.

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SEGMENT REPORTING

In November 2023, the FASB issued ASU 2023-07, Improvements to Reportable Segment Disclosures.

The pronouncement requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss.

For the year ended December 31, 2024, the CODM for the company is comprised of our executive management team:

Rady, our Chief Executive Officer (through December 31, 2024) and Executive Chairman (effective January 1, 2025), Mr.

Wyll, our President and Chief Operating Officer (through December 31, 2024), and Chief Executive Officer (effective January 1, 2025) and Mr.

Barton, our Chief Financial Officer.

For the year ended December 31, 2025, the CODM for the company was comprised of our President and Chief Executive Officer and our Chief Financial Officer.

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes.

51 unchanged sentences

Interest expense, net ( 78,120 ) ( 74,527 ) ( 64,706 )

Loss on early extinguishment of debt — — —

Other income (expense), net 18,147 7,649 ( 625 )

Gain on sale of real estate 44,476 — —

Other income, net 3,558 18,147 7,649

Net income 71,370 72,819 64,690

21 unchanged sentences

$ 80,420 $ 77,407

(1) Excludes the real estate assets held for sale.

(1) Excludes the real estate assets held for sale as of December 31, 2024.

(2) Excludes unamortized debt issuance costs of $ 0.2 million and $ 0.2 million as of December 31, 2025 and 2024, respectively.

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$ 0.15 $ 0.28 $ 0.20 $ 0.32

SUBSEQUENT EVENTS

On January 2, 2025, we repaid in full the $ 225 million outstanding balance on our Term Loan B and Term Loan C under the Amended and Restated Term Loan Agreement.

On February 3, 2025, we repaid in full the $ 100 million outstanding balance on our Series C Notes under the Note Purchase Agreement.

American Assets Trust, Inc.

33 unchanged sentences

Solana Crossing Land — 487 — — 487 — — N/A 1/19/2011 N/A

Torrey Reserve Campus:

Coastal Collection at Torrey Reserve:

Torrey Plaza — 4,095 — 63,850 5,408 62,537 ( 31,711 ) 1996-1997/2014 6/6/1989 40 years

3 unchanged sentences

Pacific Torrey Daycare — 715 — 1,990 911 1,794 ( 1,266 ) 1996-1997 6/6/1989 40 years

Torrey Reserve Building 6 — — — 6,833 682 6,151 ( 1,922 ) 2013 6/6/1989 40 years

Torrey Reserve Building 5 — — — 3,573 1,017 2,556 ( 598 ) 2014 6/6/1989 40 years

Torrey Reserve Building 13 & 14 — — — 16,631 2,188 14,443 ( 5,674 ) 2015 6/6/1989 40 years

Coastal Collection at Torrey Reserve Building 6 — — — 6,886 682 6,204 ( 2,076 ) 2013 6/6/1989 40 years

Coastal Collection at Torrey Reserve Building 5 — — — 4,403 1,017 3,386 ( 714 ) 2014 6/6/1989 40 years

Coastal Collection at Torrey Reserve Building 13 & 14 — — — 16,668 2,188 14,480 ( 6,193 ) 2015 6/6/1989 40 years

Torrey Point — 2,073 741 49,864 5,050 47,628 ( 14,282 ) 2018 5/9/1997 40 years

1 unchanged sentence

La Jolla Commons I-II — 62,312 393,662 28,683 62,312 422,345 ( 86,665 ) 2008 6/20/2019 40 years

La Jolla Commons Land — 20,446 — 127,070 20,446 127,070 ( 63 ) N/A 6/20/2019 N/A

La Jolla Commons III — 20,446 — 141,862 20,446 141,862 ( 3,141 ) 2025 6/20/2019 40 years

Imperial Beach Gardens — 1,281 4,820 8,767 1,281 13,587 ( 9,226 ) 1959/2023 7/31/1985 30 years

Loma Palisades — 14,000 16,570 39,635 14,052 56,153 ( 34,564 ) 1958/2022 7/20/1990 30 years

Mariner’s Point — 2,744 4,540 1,945 2,744 6,485 ( 4,608 ) 1986 5/9/2001 30 years

Santa Fe Park RV Resort — 401 928 1,516 401 2,444 ( 1,768 ) 1971/2008 6/1/1979 30 years

American Assets Trust, Inc.

10 unchanged sentences

Improvements Land Building and

Loma Palisades — 14,000 16,570 40,361 14,052 56,879 ( 36,258 ) 1958/2022 7/20/1990 30 years

Mariner’s Point — 2,744 4,540 2,191 2,744 6,731 ( 4,790 ) 1986 5/9/2001 30 years

Santa Fe Park RV Resort — 401 928 1,584 401 2,512 ( 1,822 ) 1971/2008 6/1/1979 30 years

Pacific Ridge Apartments — 47,971 178,497 1,523 47,971 180,020 ( 54,769 ) 2013 4/28/2017 30 years

Genesee Park — 27,125 39,532 2,423 27,125 41,955 ( 1,166 ) 1983 2/28/2025 30 years

Hassalo on Eighth - Multifamily — — — 177,817 6,219 171,598 ( 58,881 ) 2015 7/1/2011 30 years

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$ 75,000 $ 666,065 $ 1,905,975 $ 1,191,587 $ 701,274 $ 3,062,353 $ ( 1,144,259 )

The table above excludes the real estate assets held for sale as of December 31, 2024

(1) For Federal tax purposes, the aggregate tax basis is approximately $ 2.5 billion as of December 31, 2024, excluding the real estate assets held for sale.

(1) For Federal tax purposes, the aggregate tax basis is approximately $ 2.5 billion as of December 31, 2025 .

American Assets Trust, Inc.

20 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures