American Assets Trust : AAT Q1 2026 Supplemental Information

Published: 2026-04-28 17:55:06 ET AAT

Published on 04/28/2026 at 05:55 pm EDT

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

Market

Office

Retail

Multifamily

Mixed-Use

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)

Office

4.3

million

64%

53%

Retail (3)

2.4

million

36%

24%

Totals

6.7

million

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.

Data is as of March 31, 2026.

Includes 120 RV spaces.

Percentage of Net Operating Income (NOI) calculated for the three months ended March 31, 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.

Does not include mixed-use retail.

FIRST QUARTER 2026 SUPPLEMENTAL INFORMATION

Consolidated Balance Sheets 5

1. FINANCIAL HIGHLIGHTS

Funds From Operations (FFO), FFO As Adjusted & Funds Available for Distribution 7

Consolidated Statements of Operations 6

Same-Store Cash NOI Comparison 10

Same-Store Net Operating Income (NOI) 9

Cash NOI Breakdown 12

Cash NOI By Region 11

Segment Capital Expenditures 16

Property Revenue and Operating Expenses 13

Market Capitalization 18

Summary of Outstanding Debt 17

2. PORTFOLIO DATA

Summary of Development Opportunities 19

Office and Retail Leasing Summary 24

Property Report 21

Mixed-Use Leasing Summary 27

Multifamily Leasing Summary 25

Portfolio Leased Statistics 30

Lease Expirations 28

Top Tenants - Retail 32

Top Tenants - Office 31

Glossary of Terms 34

3. APPENDIX

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.

CONSOLIDATED BALANCE SHEETS

‌(Amounts in thousands, except shares and per share data)

March 31, 2026

December 31, 2025

ASSETS

(unaudited)

Real estate, at cost

Operating real estate

$ 3,703,308

$ 3,694,203

Construction in progress

75,226

68,937

Held for development

487

3,779,021

3,763,627

Accumulated depreciation

(1,167,625)

(1,144,259)

Net real estate

2,611,396

2,619,368

Cash and cash equivalents

118,340

129,362

Accounts receivable, net

6,728

7,407

Deferred rent receivable, net

84,333

84,642

Other assets, net

79,770

80,497

TOTAL ASSETS

$ 2,900,567

$ 2,921,276

LIABILITIES AND EQUITY

LIABILITIES:

Secured notes payable, net

74,872

74,849

Unsecured notes payable, net

1,613,295

1,612,761

Accounts payable and accrued expenses

68,901

71,094

Security deposits payable

10,503

10,063

Other liabilities and deferred credits, net

60,279

61,304

Total liabilities

1,827,850

1,830,071

Commitments and contingencies

EQUITY:

American Assets Trust, Inc. stockholders' equity

Common stock, $0.01 par value, 490,000,000 shares authorized, 61,390,936 and 61,390,936 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively

614

Additional paid in capital

1,481,552

1,479,870

Accumulated dividends in excess of net income

(346,589)

(331,086)

Accumulated other comprehensive income

998

1,419

Total American Assets Trust, Inc. stockholders' equity

1,136,575

1,150,817

Noncontrolling interests

(63,858)

(59,612)

Total equity

1,072,717

1,091,205

TOTAL LIABILITIES AND EQUITY

$ 2,900,567

2,921,276

Disclaimer

American Assets Trust Inc. published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 28, 2026 at 21:55 UTC.