SAN DIEGO, California - 4/28/2026 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its first quarter ended March 31, 2026.

•Net income available to common stockholders of $5.1 million for the first quarter, or $0.08 per diluted share.

•FFO of $0.51 per diluted share for the first quarter, compared to $0.52 per diluted share for the same period in 2025.

•Same-store cash Net Operating Income (“NOI”) remained flat for the first quarter, compared to the same period in 2025.

•Leased 237,000 of office square feet, of which approximately 108,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 10.6% and 4.8%, respectively, during the first quarter.

•Leased 39,000 of retail square feet, of which approximately 38,000 is comparable at an average straight-line basis increase of 1.3% and cash-basis contractual rent decrease of 2.0%, respectively, during the first quarter.

Net income attributable to common stockholders decreased $47.4 million for the three months ended March 31, 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 stopped capitalizing interest related to La Jolla Commons III being placed into service, decrease in occupancy at First & Main and overall increase in rental expenses across all segments.

FFO decreased $1.1 million for the three months ended March 31, 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.

The portfolio leased status as of the end of the indicated quarter was as follows:

(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 92.1%, 91.1% and 90.0% as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively. Including Santa Fe Park RV Resort, multifamily same-store occupancy would be 91.5%, 90.6% and 89.7% as of March 31, 2026, December 31, 2025 and March 31, 2025, respectively.

(3)    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.

During the first quarter of 2026, the company signed 43 leases for approximately 275,300 square feet of office and retail space, as well as 337 multifamily apartment leases. Renewals accounted for 73% of the comparable office leases, 92% of the comparable retail leases, and 52% 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:

						2nd Quarter 2025			3rd Quarter 2025			4th Quarter 2025			1st Quarter 2026
Office			Weighted Average Portfolio			$56.36			$56.59			$56.69			$56.64
Retail			Weighted Average Portfolio			$29.57			$29.57			$29.72			$30.04

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:

						2nd Quarter 2025			3rd Quarter 2025			4th Quarter 2025			1st Quarter 2026
Office			Cash Basis % Change Over Prior Rent			(2.0)%			9.3%			6.6%			4.8%
			Straight-Line Basis % Change Over Prior Rent			9.6%			18.6%			11.5%			10.6%
Retail			Cash Basis % Change Over Prior Rent			7.4%			4.4%			0.3%			(2.0)%
			Straight-Line Basis % Change Over Prior Rent			21.9%			21.0%			24.3%			1.3%

On a comparable basis (i.e., leases for which there was a former tenant in the past six-months) during the first quarter of 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			Q1 2026			15			108,000			4.8%			$58.66			10.6%
Retail			Q1 2026			13			38,000			(2.0)%			$45.70			1.3%

Multifamily

The average monthly base rent per occupied unit as of the end of the indicated quarter was as follows:

For the three months ended March 31, 2026, same-store cash NOI remained flat, compared to the three months ended March 31, 2025. The same-store cash NOI by segment was as follows (in thousands):

(1)    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.

(2)    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.

On April 1, 2026, our credit facility was amended and restated to, among other things, increase the revolving line of credit from $400 million to $500 million, extend the maturity date of the restated $500 million revolving line of credit to April 1, 2030 (with two, six-month extension options), and extend the maturity of the $100 million term loan included within the credit facility to April 1, 2030 (with one, twelve-month extension option).

At March 31, 2026, the company had gross real estate assets of $3.8 billion and liquidity of $518.3 million, comprised of cash and cash equivalents of $118.3 million and $400.0 million of availability on its line of credit. At March 31, 2026, the company had only 1 out of 31 assets encumbered by a mortgage.

The company declared dividends on its shares of common stock of $0.340 per share for the first quarter of 2026. The dividends were paid on March 19, 2026.

In addition, the company has declared a dividend on its common stock of $0.340 per share for the second quarter of 2026. The dividend will be paid in cash on June 18, 2026 to stockholders of record as of June 4, 2026.

The company affirms its guidance range for full year 2026 FFO per diluted share of $1.96 to $2.10 per share, with a midpoint of $2.03.

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.

The company will hold a conference call to discuss the results for the first quarter of 2026 on Wednesday, April 29, 2026 at 8:00 a.m. Pacific Time (“PT”). 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 financial information regarding the company's first 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.

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
			March 31, 2026
Funds From Operations (FFO)
Net income			$			6,739
Depreciation and amortization of real estate assets						32,311
FFO, as defined by NAREIT			$			39,050
Less: Nonforfeitable dividends on restricted stock awards						(216)
FFO attributable to common stock and units			$			38,834
FFO per diluted share/unit			$			0.51
Weighted average number of common shares and units, diluted						76,893,750

The company's reconciliation of Same-Store Cash NOI to Net Income is as follows (in thousands, unaudited):

			Three Months Ended (1)
			March 31,
			2026						2025
Same-store cash NOI			$	66,371					$	66,382
Non-same-store cash NOI			(285)						580
Cash NOI			$	66,086					$	66,962
Lease termination fees and tenant improvement reimbursements (2)			244						174
Non-cash revenue and other operating expenses (3)			596						166
General and administrative			(8,783)						(9,312)
Depreciation and amortization			(32,311)						(30,494)
Interest expense, net			(19,707)						(18,780)
Gain on sale of real estate			—						44,476
Other income, net			614						915
Net income			$	6,739					$	54,107
Number of properties included in same-store analysis			30						29

(1)    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.

(2)    Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.

(3)    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.

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 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.

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.

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.

American Assets Trust

Robert F. Barton

Executive Vice President and Chief Financial Officer

858-350-2607

			FIRST QUARTER 2026
			Supplemental Information

Investor and Media Contact
American Assets Trust, Inc.
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607

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.

        

(Unaudited, amounts in thousands, except shares and per share data)			Three Months Ended
			March 31,
			2026						2025
Funds Available for Distribution (FAD) (1)
FFO			$	39,050					$	40,125
Adjustments:
Tenant improvements, leasing commissions and capital expenditures			(16,743)						(12,872)
Net effect of straight-line rents (3)			(257)						355
Amortization of net above (below) market rents (4)			(417)						(550)
Net effect of other lease assets (5)			78						29
Amortization of debt issuance costs and debt fair value adjustment			681						728
Non-cash compensation expense			1,682						1,670
Nonforfeitable dividends on restricted stock awards			(216)						(180)
FAD			$	23,858					$	29,305
Summary of Capital Expenditures
Tenant improvements and leasing commissions			$	10,605					$	7,875
Capital expenditures			6,138						4,997
			$	16,743					$	12,872

Notes:

(1)    See Glossary of Terms.

(2)    For the three months ended March 31, 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.

Notes:

(1)    Same-store and non-same store classifications are determined based on properties held on March 31, 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.

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.

    

    

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 March 31, 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 $3.1 million and $0.1 million, respectively, for the three months ended March 31, 2026. Total abatements for our mixed-use portfolio were minimal for the three months ended March 31, 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 $0.2 million of abatements for our multifamily portfolio for the three months ended March 31, 2026. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended March 31, 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 March 31, 2026. A reconciliation of base rent to rental income is shown below:

* 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.

(2)    Represents additional property-related income for the three months ended March 31, 2026, which includes (i) percentage rent, (ii) other rent (such as storage rent, license fees and association fees) and (iii) other property income (such as late 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 March 31, 2026.

(4)    Represents property operating expenses for the three months ended March 31, 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 March 31, 2026.

(9)    Genesee Park was acquired on February 28, 2025.

(1)    Beginning with the three months ended June 30, 2025, this capital expenditures category includes spending related to repositioning initiatives at operating properties, as well as planned capital expenditures identified at the time of acquisition.