8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 8-K

_________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

February 3, 2026

_________________________

American Assets Trust, Inc.

(Exact name of registrant as specified in its charter)

_________________________

Maryland	001-35030	27-3338708
(State or other jurisdiction<br>of incorporation)	(Commission <br>File No.)	(I.R.S. Employer <br>Identification No.)

3420 Carmel Mountain Road, Suite 100

San Diego, California 92121

(Address of principal executive offices and Zip Code)

(858) 350-2600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report.)

_________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Name of Registrant	Title of each class	Trading Symbol	Name of each exchange on which registered
American Assets Trust, Inc.	Common Stock, par value $0.01 per share	AAT	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 3, 2026, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter and fiscal year ending December 31, 2025. Also on February 3, 2026, the Company made available on the “Investors” page of its website at www.americanassetstrust.com certain supplemental information concerning the Company’s financial results and operations for the quarter and fiscal year ending December 31, 2025. Copies of the press release and supplemental information are attached hereto as Exhibits 99.1 and 99.2, respectively.

Exhibits 99.1 and 99.2, are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 7.01    Regulation FD Disclosure.

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the quarter and fiscal year ending December 31, 2025 and made available on its website certain supplemental information relating thereto.

The information being furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits:

The following exhibits are filed herewith:

Exhibit Number	Exhibit Description
99.1**	Press release issued by American Assets Trust, Inc. onFebruarya4q25earningsrelease.htm3, 2026.
99.2**	American Assets Trust, Inc. Supplemental Information for the quarter endedDecember31, 2025.
104	Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

_____________________

** Furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	American Assets Trust, Inc.
	By:	/s/ Robert F. Barton
	Robert F. Barton<br><br>Executive Vice President, CFO
February 3, 2026

3

Document

American Assets Trust, Inc. Reports Fourth Quarter and Year End 2025 Financial Results

SAN DIEGO, California - 2/3/2026 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2025.

Fourth Quarter Highlights

•Net income available to common stockholders of $3.1 million and $55.6 million for the three months and year ended December 31, 2025, respectively, or $0.05 and $0.92 per diluted share, respectively.

•FFO of $0.47 and $2.00 per diluted share for the three months and year ended December 31, 2025, respectively, compared to $0.55 and $2.58 per diluted share for the same periods in 2024.

•Same-store cash Net Operating Income (“NOI”) remained flat and increased 0.5% year-over-year for the three months and year ended December 31, 2025, respectively, compared to the same periods in 2024.

•Introducing 2026 annual guidance midpoint of $2.03 with a range of $1.96 to $2.10 of FFO per diluted share.

•Leased 193,000 of office square feet, of which approximately 135,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 11.5% and 6.6%, respectively, during the fourth quarter.

•Leased 43,000 of retail square feet, of which approximately 29,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 24.3% and 0.3%, respectively, during the fourth quarter.

Financial Results

(Unaudited, amounts in thousands, except per share data)	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Net income	$	4,221	$	11,584	$	71,370	$	72,819
Basic and diluted income attributable to common stockholders per share	$	0.05	$	0.15	$	0.92	$	0.94
FFO attributable to common stock and common units	$	36,027	$	42,110	$	153,449	$	197,526
FFO per diluted share and unit	$	0.47	$	0.55	$	2.00	$	2.58
FFO per diluted share and unit, excluding lease termination fees and litigation income (1)	$	0.47	$	0.55	$	1.97	$	2.30

(1)     Excludes $1.9 million in lease termination fees recognized during the year ended December 31, 2025, and $11.7 million in lease termination fees and $10.0 million in litigation income recognized during the year ended December 31, 2024.

Net income attributable to common stockholders decreased $1.4 million for the year ended December 31, 2025 compared to the same period in 2024, primarily driven by the gain on sale of Del Monte Center in 2025 and office lease termination fees and litigation income recognized in 2024. A reconciliation of net income for the year ended December 31, 2024 to year ended December 31, 2025 is attached to this press release.

FFO decreased $44.1 million for the year ended December 31, 2025 compared to the same period in 2024, primarily due to the items described above. A reconciliation of FFO for the year ended December 31, 2024 to year ended December 31, 2025 is attached to this press release.

FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of net income to FFO is attached to this press release.

Leasing

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

	December 31, 2025	September 30, 2025	December 31, 2024
Total Portfolio
Office	83.1%	81.9%	85.0%
Retail	97.7%	97.9%	94.5%
Multifamily (1) (2)	93.7%	91.5%	93.1%
Mixed-Use:
Retail	96.2%	95.0%	90.5%
Hotel	82.3%	82.9%	85.9%
Same-Store Portfolio (3)
Office	85.6%	84.7%	85.0%
Retail	97.7%	97.9%	97.7%
Multifamily (1) (2)	93.4%	90.9%	93.1%
Mixed-Use:
Retail	96.2%	95.0%	90.5%
Hotel	82.3%	82.9%	85.9%

(1)     Percentage leased for our multifamily properties includes total units rented and occupied as of each of the applicable dates.

(2)    Santa Fe Park RV Resort is excluded from the multifamily presentation above to reflect traditional multifamily performance. Including Santa Fe Park RV Resort, multifamily occupancy would be 91.1%, 89.7% and 91.8% as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively. Including Santa Fe Park RV Resort, multifamily same-store occupancy would be 90.6%, 89.0% and 91.8% as of December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

(3)    Same-store portfolio includes: One Beach Street (office), which was placed into operations on August 1, 2024. 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 operations on April 1, 2025 and (iv) land held for development.

During the fourth quarter of 2025, the company signed 37 leases for approximately 236,800 square feet of office and retail space, as well as 466 multifamily apartment leases. Renewals accounted for 92% of the comparable office leases, 92% of the comparable retail leases, and 58% 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:

		1st Quarter 2025	2nd Quarter 2025	3rd Quarter 2025	4th Quarter 2025
Office	Weighted Average Portfolio	$56.49	$56.36	$56.59	$56.69
Retail	Weighted Average Portfolio	$29.64	$29.57	$29.57	$29.72

On a comparable basis (i.e., leases for which there was a former tenant) our office and retail leasing spreads as of the end of the indicated quarter are shown below:

				1st Quarter 2025		2nd Quarter 2025		3rd Quarter 2025		4th Quarter 2025
Office		Cash Basis % Change Over Prior Rent		7.8%		(2.0)%		9.3%		6.6%
	Straight-Line Basis % Change Over Prior Rent		15.2%		9.6%		18.6%		11.5%
Retail		Cash Basis % Change Over Prior Rent		13.3%		7.4%		4.4%		0.3%
	Straight-Line Basis % Change Over Prior Rent		21.0%		21.9%		21.0%		24.3%

On a comparable basis (i.e., leases for which there was a former tenant) during the fourth quarter of 2025 and year ended December 31, 2025, our office and retail leasing spreads are shown below:

				Number of Leases Signed		Comparable Leased Sq. Ft.		Average Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent
Office		Q4 2025		13		135,000		6.6%		11.5%
	FY 2025		46		371,000		6.4%		58.51
Retail		Q4 2025		12		29,000		0.3%		24.3%
	FY 2025		80		510,000		7.1%		31.93

All values are in US Dollars.

Multifamily

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

	1st Quarter 2025		2nd Quarter 2025		3rd Quarter 2025		4th Quarter 2025
Average Monthly Base Rent per Occupied Unit	$	2,699	$	2,732	$	2,730	$	2,684

Same-Store Cash Net Operating Income

For the three months and year ended December 31, 2025, same-store cash NOI remained flat and increased 0.5%, respectively, compared to the three months and year ended December 31, 2024. The same-store cash NOI by segment was as follows (in thousands):

	Three Months Ended (1)						Year Ended (2)
	December 31,						December 31,
	2025		2024		Change		2025		2024		Change
Cash Basis:
Office	$	34,541	$	34,131	1.2	%	$	140,976	$	137,832	2.3	%
Retail	17,145		17,455		(1.8)		66,781		65,969		1.2
Multifamily	8,873		9,016		(1.6)		34,919		36,061		(3.2)
Mixed-Use	5,545		5,481		1.2		22,262		23,856		(6.7)
Same-store Cash NOI (3)	$	66,104	$	66,083	—	%	$	264,938	$	263,718	0.5	%

(1)    For the three months ended December 31, 2025, same-store portfolio includes: One Beach Street (office), which was placed into operations on August 1, 2024. 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 operations on April 1, 2025 and (iv) land held for development.

(2)    For the year ended December 31, 2025, same-store portfolio excludes: (i) One Beach Street (office), which was placed into operations on August 1, 2024; (ii) Del Monte Center (retail), which was sold on February 25, 2025; (iii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iv) La Jolla Commons III (office), which was placed into operations on April 1, 2025 and (v) land held for development.

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

Same-store cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of same-store cash NOI to net income is attached to this press release.

Balance Sheet and Liquidity

At December 31, 2025, the company had gross real estate assets of $3.8 billion and liquidity of $529.4 million, comprised of cash and cash equivalents of $129.4 million and $400.0 million of availability on its line of credit. At December 31, 2025, the company had only 1 out of 31 assets encumbered by a mortgage.

On November 13, 2025, the company exercised the first of its two contractual six-month extension options under its existing $400 million line of credit, which extended the maturity date from January 5, 2026 to July 5, 2026. The extension was undertaken to adjust the historical cadence of the company’s recasting of its revolving credit facility from the first week of the applicable year of maturity to a later date. This extension provides greater flexibility in evaluating the company’s refinancing alternatives and the timing of any related actions, including the anticipated recast of the credit facility, expected to occur in the first half of 2026. The exercise of this option is not related to the company’s business operations, financial position or access to credit. No amendments were made to the credit agreement in connection with the extension.

Dividends

The company declared dividends on its shares of common stock of $0.340 per share for the fourth quarter of 2025. The dividends were paid on December 18, 2025.

In addition, the company has declared a dividend on its common stock of $0.340 per share for the first quarter of 2026. The dividend will be paid in cash on March 19, 2026 to stockholders of record as of March 5, 2026.

Guidance

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

Management will discuss the company's guidance in more detail during tomorrow's earnings call. Except as discussed during the call, the company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments. The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, credit spreads and the amount and timing of acquisition and development activities. The company's actual results may differ materially from these estimates.

Conference Call

The company will hold a conference call to discuss the results for the three months and year ended December 31, 2025 on Wednesday, February 4, 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 Information

Supplemental financial information regarding the company's three months and year ended December 31, 2025 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.

Financial Information

American Assets Trust, Inc.

Consolidated Balance Sheets

(In Thousands, Except Share Data)

		December 31, 2024
Assets
Real estate, at cost
Operating real estate	3,694,203	$	3,449,009
Construction in progress	68,937		176,868
Held for development	487		487
	3,763,627		3,626,364
Accumulated depreciation	(1,144,259)		(1,038,878)
Net real estate	2,619,368		2,587,486
Cash and cash equivalents	129,362		425,659
Accounts receivable, net	7,407		6,905
Deferred rent receivables, net	84,642		88,059
Other assets, net	80,497		87,737
Real estate assets held for sale	—		77,519
Total assets	2,921,276	$	3,273,365
Liabilities and equity
Liabilities:
Secured notes payable, net	74,849	$	74,759
Unsecured notes payable, net	1,612,761		1,935,756
Accounts payable and accrued expenses	71,094		63,693
Security deposits payable	10,063		8,896
Other liabilities and deferred credits, net	61,304		62,588
Liabilities related to real estate assets held for sale	—		3,352
Total liabilities	1,830,071		2,149,044
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 61,138,238 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	614		611
Additional paid-in capital	1,479,870		1,474,869
Accumulated dividends in excess of net income	(331,086)		(304,339)
Accumulated other comprehensive income	1,419		4,760
Total American Assets Trust, Inc. stockholders' equity	1,150,817		1,175,901
Noncontrolling interests	(59,612)		(51,580)
Total equity	1,091,205		1,124,321
Total liabilities and equity	2,921,276	$	3,273,365

All values are in US Dollars.

American Assets Trust, Inc.

Unaudited Consolidated Statements of Operations

(In Thousands, Except Shares and Per Share Data)

	Three Months Ended December 31,				Year Ended December 31,
	2025		2024		2025		2024
Revenue:
Rental income	$	104,250	$	107,947	$	410,493	$	423,611
Other property income	5,836		5,513		25,711		34,244
Total revenue	110,086		113,460		436,204		457,855
Expenses:
Rental expenses	32,855		32,796		124,601		123,503
Real estate taxes	11,815		11,091		44,994		44,224
General and administrative	10,179		8,821		37,841		35,468
Depreciation and amortization	32,022		30,704		127,312		125,461
Total operating expenses	86,871		83,412		334,748		328,656
Gain on sale of real estate	—		—		44,476		—
Operating income	23,215		30,048		145,932		129,199
Interest expense, net	(19,783)		(23,754)		(78,120)		(74,527)
Other income, net	789		5,290		3,558		18,147
Net income	4,221		11,584		71,370		72,819
Net income attributable to restricted shares	(236)		(202)		(852)		(787)
Net income attributable to unitholders in the Operating Partnership	(837)		(2,405)		(14,870)		(15,234)
Net income attributable to American Assets Trust, Inc. stockholders	$	3,148	$	8,977	$	55,648	$	56,798
Net income per share
Basic income attributable to common stockholders per share	$	0.05	$	0.15	$	0.92	$	0.94
Weighted average shares of common stock outstanding - basic	60,595,589		60,388,681		60,555,010		60,333,055
Diluted income attributable to common stockholders per share	$	0.05	$	0.15	$	0.92	$	0.94
Weighted average shares of common stock outstanding - diluted	76,777,126		76,570,218		76,736,547		76,514,592
Dividends declared per common share	$	0.340	$	0.335	$	1.360	$	1.340

Reconciliation of Net Income to Funds From Operations

The company's FFO attributable to common stockholders and operating partnership unitholders and reconciliation to net income is as follows (in thousands except shares and per share data, unaudited):

	Three Months Ended		Year Ended
	December 31, 2025		December 31, 2025
Funds From Operations (FFO)
Net income	$	4,221	$	71,370
Depreciation and amortization of real estate assets		32,022		127,312
Gain on sale of real estate		—		(44,476)
FFO, as defined by NAREIT	$	36,243	$	154,206
Less: Nonforfeitable dividends on restricted stock awards		(216)		(757)
FFO attributable to common stock and units	$	36,027	$	153,449
FFO per diluted share/unit	$	0.47	$	2.00
Weighted average number of common shares and units, diluted		76,787,095		76,746,917

Reconciliation of Same-Store Cash NOI to Net Income

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

	Three Months Ended (1)				Year Ended (2)
	December 31,				December 31,
	2025		2024		2025		2024
Same-store cash NOI	$	66,104	$	66,083	$	264,938	$	263,718
Non-same-store cash NOI	(770)		2,586		(2,154)		8,079
Cash NOI	$	65,334	$	68,669	$	262,784	$	271,797
Lease termination fees and tenant improvement reimbursements (3)	729		172		4,125		12,445
Non-cash revenue and other operating expenses (4)	(647)		732		(300)		5,886
General and administrative	(10,179)		(8,821)		(37,841)		(35,468)
Depreciation and amortization	(32,022)		(30,704)		(127,312)		(125,461)
Interest expense, net	(19,783)		(23,754)		(78,120)		(74,527)
Gain on sale of real estate	—		—		44,476		—
Other income, net	789		5,290		3,558		18,147
Net income	$	4,221	$	11,584	$	71,370	$	72,819
Number of properties included in same-store analysis	30		30		29		30

(1)    For the three months ended December 31, 2025, same-store portfolio includes: One Beach Street (office), which was placed into operations on August 1, 2024. 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 operations on April 1, 2025 and (iv) land held for development.

(2)    For the year ended December 31, 2025, same-store portfolio excludes: (i) One Beach Street (office), which was placed into operations on August 1, 2024; (ii) Del Monte Center (retail), which was sold on February 25, 2025; (iii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iv) La Jolla Commons III (office), which was placed into operations on April 1, 2025 and (v) land held for development.

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

(4)    Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances, the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, and straight-line rent expense for our lease of the Annex at The Landmark at One Market.

Net income attributable to common stockholders decreased $1.4 million for the year ended December 31, 2025 compared to the same period in 2024, primarily driven by the following (unaudited):

Reconciliation of net income for the year ended December 31, 2024 to 2025	in millions
Net income for the year ended December 31, 2024			$	72.8
Office termination fees received in 2024, not in 2025	$	(11.1)
Litigation income received in 2024, not in 2025	(10.0)
Decrease in office primarily due to lower occupancy at Coastal Collection at Torrey Reserve and First & Main	(5.0)
Decrease in retail primarily due to the sale of Del Monte Center	(4.7)
Decrease in interest income	(4.6)
Increase in net interest expense related to our $525M senior notes	(3.6)
Decrease in multifamily due to lower occupancy	(2.5)
Increase in general and administrative expenses	(2.4)
Decrease in the hotel portion of our mixed-use property	(2.0)
Gain on sale on Del Monte Center	44.5
Total decrease in net income	$	(1.4)
Net income for the year ended December 31, 2025			$	71.4

FFO decreased $44.1 million for the year ended December 31, 2025 compared to the same period in 2024, primarily driven by the following (unaudited):

Reconciliation of FFO for the year ended December 31, 2024 to 2025	in millions
FFO for the year ended December 31, 2024			$	197.5
Decrease in net income, as described above	$	(1.4)
Back-out gain on sale on Del Monte Center	(44.5)
Increase in depreciation and amortization expense	1.8
Total decrease in FFO	$	(44.1)
FFO for the year ended December 31, 2025			$	153.4

Reported results are preliminary and not final until the filing of the company's Form 10-K with the Securities and Exchange Commission and, therefore, remain subject to adjustment.

Use of Non-GAAP Information

Funds from Operations

The company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, impairment losses, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

FFO is a supplemental non-GAAP financial measure. Management uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the company's operational performance. Specifically, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year-over-year, captures trends in occupancy rates, rental rates and operating costs. The company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the company's operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the company's properties, all of which have real economic effects and could materially impact the company's results from operations, the utility of FFO as a measure of the company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the company does, and, accordingly, the company's FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the company's performance. FFO should not be used as a measure of the company's liquidity, nor is it indicative of funds available to fund the company's cash needs, including the company's ability to pay dividends or service indebtedness. FFO also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

Cash Net Operating Income

The company uses 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.

About American Assets Trust, Inc.

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust ("REIT"), headquartered in San Diego, California. The company has over 55 years of experience in acquiring, improving, developing and managing premier office, retail, and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Washington, Oregon, Texas and Hawaii.  The company's office portfolio comprises approximately 4.3 million rentable square feet, and its retail portfolio comprises approximately 2.4 million rentable square feet. In addition, the company owns one mixed-use property (including approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel) and 2,302 multifamily units. In 2011, the company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. For additional information, please visit www.americanassetstrust.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in our markets; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; decreased rental rates or increased vacancy rates; our failure to generate sufficient cash flows to service our outstanding indebtedness; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing; our inability to develop or redevelop our properties due to market conditions; investment returns from our developed properties may be less than anticipated; general economic conditions, including the impact of tariffs and other trade restrictions; the potential impact of a prolonged government shutdown; financial market fluctuations; risks that affect the general office, retail, multifamily and mixed-use environment; the competitive environment in which we operate; system failures or security incidents through cyberattacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; risks related to joint venture arrangements; potential litigation; difficulties in completing dispositions; conflicts of interests with our officers or directors; lack or insufficient amounts of insurance; environmental uncertainties and risks related to adverse weather conditions and natural disasters; other factors affecting the real estate industry generally; limitations imposed on our business and our ability to satisfy complex rules in order for American Assets Trust, Inc. to continue to qualify as a REIT, for U.S. federal income tax purposes; and changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs. While forward-looking statements reflect the company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the company's future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company's most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission. The company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Source: American Assets Trust, Inc.

Investor and Media Contact:

American Assets Trust

Robert F. Barton

Executive Vice President and Chief Financial Officer

858-350-2607

10

Document

FOURTH QUARTER 2025
Supplemental Information

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

American Assets Trust, Inc.'s Portfolio is concentrated in high-barrier-to-entry markets

with favorable supply/demand characteristics

	Office	Retail	Multifamily		Mixed-Use
Market	Square Feet	Square Feet	Units		Square Feet	Suites
San Diego	1,802,809	1,322,200	1,645	(1)	—	—
Bellevue	1,028,470	—	—		—	—
Portland	930,903	44,236	657		—	—
San Antonio	—	588,148	—		—	—
San Francisco	511,493	35,097	—		—	—
Oahu	—	430,288	—		93,925	369
Total	4,273,675	2,419,969	2,302		93,925	369
				Square Feet				%		NOI % (2)
---	---	---	---	---	---	---	---	---	---	---
Note: Circled areas represent all markets in which American Assets Trust, Inc. currently owns and operates its real estate properties. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.		Office		4.3		million		64%		51%
	Retail (3)		2.4		million		36%		27%
Data is as of December 31, 2025.		Totals		6.7		million
(1) Includes 120 RV spaces.
(2) Percentage of Net Operating Income (NOI) calculated for the three months ended December 31, 2025. NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of NOI to net income are included in the Glossary of Terms.
(3) Does not include mixed-use retail.
Fourth Quarter 2025 Supplemental Information	Page 2
---	---
INDEX
---			FOURTH QUARTER 2025 SUPPLEMENTAL INFORMATION
---	---	---
1.	FINANCIAL HIGHLIGHTS
	Consolidated Balance Sheets	5
	Consolidated Statements of Operations	6
	Funds From Operations (FFO), FFO As Adjusted & Funds Available for Distribution	7
	Corporate Guidance	9
	Same-Store Net Operating Income (NOI)	10
	Same-Store Cash NOI Comparison	12
	Cash NOI By Region	13
	Cash NOI Breakdown	14
	Property Revenue and Operating Expenses	15
	Segment Capital Expenditures	18
	Summary of Outstanding Debt	19
	Market Capitalization	20
	Summary of Development Opportunities	21
2.	PORTFOLIO DATA
	Property Report	23
	Office Leasing Summary	26
	Retail Leasing Summary	27
	Multifamily Leasing Summary	28
	Mixed-Use Leasing Summary	30
	Lease Expirations	31
	Portfolio Leased Statistics	33
	Top Tenants - Office	34
	Top Tenants - Retail	35
3.	APPENDIX
	Glossary of Terms	37

This Supplemental Information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in our markets; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; decreased rental rates or increased vacancy rates; our failure to generate sufficient cash flows to service our outstanding indebtedness; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing; our inability to develop or redevelop our properties due to market conditions; investment returns from our developed properties may be less than anticipated; general economic conditions, including the impact of tariffs and other trade restrictions; the potential impact of a prolonged government shutdown; financial market fluctuations; risks that affect the general office, retail, multifamily and mixed-use environment; the competitive environment in which we operate; system failures or security incidents through cyberattacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; risks related to joint venture arrangements; potential litigation; difficulties in completing dispositions; conflicts of interests with our officers or directors; lack or insufficient amounts of insurance; environmental uncertainties and risks related to adverse weather conditions and natural disasters; other factors affecting the real estate industry generally; limitations imposed on our business and our ability to satisfy complex rules in order for American Assets Trust, Inc. to continue to qualify as a REIT, for U.S. federal income tax purposes; and changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, refer to our most recent Annual Report on Form 10-K and other risks described in documents subsequently filed by us from time to time with the Securities and Exchange Commission.

Fourth Quarter 2025 Supplemental Information	Page 3

FINANCIAL HIGHLIGHTS

Fourth Quarter 2025 Supplemental Information	Page 4
CONSOLIDATED BALANCE SHEETS
---		(Amounts in thousands, except shares and per share data)	December 31, 2025		December 31, 2024
---	---	---	---	---
ASSETS	(unaudited)
Real estate, at cost
Operating real estate	$	3,694,203	$	3,449,009
Construction in progress	68,937		176,868
Held for development	487		487
	3,763,627		3,626,364
Accumulated depreciation	(1,144,259)		(1,038,878)
Net real estate	2,619,368		2,587,486
Cash and cash equivalents	129,362		425,659
Accounts receivable, net	7,407		6,905
Deferred rent receivable, net	84,642		88,059
Other assets, net	80,497		87,737
Real estate assets held for sale	—		77,519
TOTAL ASSETS	$	2,921,276	$	3,273,365
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net	$	74,849	$	74,759
Unsecured notes payable, net	1,612,761		1,935,756
Accounts payable and accrued expenses	71,094		63,693
Security deposits payable	10,063		8,896
Other liabilities and deferred credits, net	61,304		62,588
Liabilities related to real estate assets held for sale	—		3,352
Total liabilities	1,830,071		2,149,044
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 61,138,238 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	614		611
Additional paid in capital	1,479,870		1,474,869
Accumulated dividends in excess of net income	(331,086)		(304,339)
Accumulated other comprehensive income	1,419		4,760
Total American Assets Trust, Inc. stockholders' equity	1,150,817		1,175,901
Noncontrolling interests	(59,612)		(51,580)
Total equity	1,091,205		1,124,321
TOTAL LIABILITIES AND EQUITY	$	2,921,276	$	3,273,365
Fourth Quarter 2025 Supplemental Information	Page 5
---	---
CONSOLIDATED STATEMENTS OF OPERATIONS
---		(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended				Year Ended
---	---	---	---	---	---	---	---	---
	December 31,				December 31,
	2025		2024		2025		2024
REVENUE:
Rental income	$	104,250	$	107,947	$	410,493	$	423,611
Other property income	5,836		5,513		25,711		34,244
Total revenue	110,086		113,460		436,204		457,855
EXPENSES:
Rental expenses	32,855		32,796		124,601		123,503
Real estate taxes	11,815		11,091		44,994		44,224
General and administrative	10,179		8,821		37,841		35,468
Depreciation and amortization	32,022		30,704		127,312		125,461
Total operating expenses	86,871		83,412		334,748		328,656
Gain on sale of real estate	—		—		44,476		—
OPERATING INCOME	23,215		30,048		145,932		129,199
Interest expense, net	(19,783)		(23,754)		(78,120)		(74,527)
Other income, net	789		5,290		3,558		18,147
NET INCOME	4,221		11,584		71,370		72,819
Net income attributable to restricted shares	(236)		(202)		(852)		(787)
Net income attributable to unitholders in the Operating Partnership	(837)		(2,405)		(14,870)		(15,234)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$	3,148	$	8,977	$	55,648	$	56,798
EARNINGS PER COMMON SHARE
Basic income from operations attributable to common stockholders per share	$	0.05	$	0.15	$	0.92	$	0.94
Weighted average shares of common stock outstanding - basic	60,595,589		60,388,681		60,555,010		60,333,055
Diluted income from continuing operations attributable to common stockholders per share	$	0.05	$	0.15	$	0.92	$	0.94
Weighted average shares of common stock outstanding - diluted	76,777,126		76,570,218		76,736,547		76,514,592
Fourth Quarter 2025 Supplemental Information	Page 6
---	---
FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION
---		(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended				Year Ended
---	---	---	---	---	---	---	---	---
	December 31,				December 31,
	2025		2024		2025		2024
Funds from Operations (FFO) (1)
Net income	$	4,221	$	11,584	$	71,370	$	72,819
Depreciation and amortization of real estate assets	32,022		30,704		127,312		125,461
Gain on sale of real estate	—		—		(44,476)		—
FFO, as defined by NAREIT	36,243		42,288		154,206		198,280
Less: Nonforfeitable dividends on restricted stock awards	(216)		(178)		(757)		(754)
FFO attributable to common stock and common units	$	36,027	$	42,110	$	153,449	$	197,526
FFO per diluted share/unit	$	0.47	$	0.55	$	2.00	$	2.58
FFO per diluted share/unit, excluding lease termination fees and litigation income (2)	$	0.47	$	0.55	$	1.97	$	2.30
Weighted average number of common shares and common units, diluted (3)	76,787,095		76,575,348		76,746,917		76,514,433
Funds Available for Distribution (FAD) (1)	$	23,841	$	26,795	$	106,458	$	140,338
Dividends
Dividends declared and paid	$	26,378	$	25,902	$	105,254	$	103,368
Dividends declared and paid per share/unit	$	0.340	$	0.335	$	1.360	$	1.340

FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance.

Fourth Quarter 2025 Supplemental Information	Page 7
FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
---
(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended				Year Ended
---	---	---	---	---	---	---	---	---
	December 31,				December 31,
	2025		2024		2025		2024
Funds Available for Distribution (FAD) (1)
FFO	$	36,243	$	42,288	$	154,206	$	198,280
Adjustments:
Tenant improvements, leasing commissions and capital expenditures	(15,792)		(17,439)		(57,580)		(62,064)
Net effect of straight-line rents (4)	1,040		(130)		2,392		(3,302)
Amortization of net above (below) market rents (5)	(395)		(604)		(2,127)		(2,683)
Net effect of other lease assets (6)	2		2		36		99
Amortization of debt issuance costs and debt fair value adjustment	718		1,094		2,891		3,652
Non-cash compensation expense	2,241		1,762		7,397		7,110
Nonforfeitable dividends on restricted stock awards	(216)		(178)		(757)		(754)
FAD	$	23,841	$	26,795	$	106,458	$	140,338
Summary of Capital Expenditures
Tenant improvements and leasing commissions	$	8,090	$	7,255	$	33,204	$	32,631
Capital expenditures	7,702		10,184		24,376		29,433
	$	15,792	$	17,439	$	57,580	$	62,064

Notes:

(1)    See Glossary of Terms.

(2)    Excludes $1.9 million in lease termination fees recognized during the year ended December 31, 2025, and $11.7 million in lease termination fees and $10.0 million in litigation income recognized during the year ended December 31, 2024.

(3)    For the three months and year ended December 31, 2025 and 2024, 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.

(4)    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.

(5)    Represents the adjustment related to the acquisition of buildings with above (below) market rents.

(6)    Represents adjustments related to amortization of lease incentives paid to tenants, amortization of lease intangibles, and straight-line rent expense for our leases at the Annex at The Landmark at One Market.

FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance.

Fourth Quarter 2025 Supplemental Information	Page 8
CORPORATE GUIDANCE
---		(Amounts in thousands, except share and per share data)
---	---	---	---	---	---
	2026 Guidance Range (1)
Funds from Operations (FFO):
Net income		$	32,668	$	43,450
Depreciation and amortization of real estate assets		119,110		119,110
Gain on sale of real estate		—
FFO, as defined by NAREIT		151,778		162,560
Less: Nonforfeitable dividends on restricted stock awards		(834)		(834)
FFO attributable to common stock and units		$	150,944	$	161,726
Weighted average number of common shares and units, diluted		77,012,633		77,012,633
FFO per diluted share, updated		$	1.96	$	2.10

Notes:

(1)    Management will discuss the company's guidance in more detail during tomorrow's earnings call. Except as discussed during the call, the company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments.

FFO is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance.

The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, credit spreads and the amount and timing of acquisition and development activities. The company's actual results may differ materially from these estimates.

Fourth Quarter 2025 Supplemental Information	Page 9
SAME-STORE NET OPERATING INCOME (NOI)
---
(Unaudited, amounts in thousands)	Three Months Ended December 31, 2025 (1)
---	---	---	---	---	---	---	---	---	---	---
	Office		Retail		Multifamily		Mixed-Use		Total
Real estate rental revenue
Same-store	$	51,629	$	24,356	$	16,083	$	16,408	$	108,476
Non-same store	416		(21)		1,215		—		1,610
Total	52,045		24,335		17,298		16,408		110,086
Real estate expenses
Same-store	17,145		6,973		7,505		10,861		42,484
Non-same store	1,247		(52)		991		—		2,186
Total	18,392		6,921		8,496		10,861		44,670
Net Operating Income (NOI)
Same-store	34,484		17,383		8,578		5,547		65,992
Non-same store	(831)		31		224		—		(576)
Total	$	33,653	$	17,414	$	8,802	$	5,547	$	65,416
Same-store NOI	$	34,484	$	17,383	$	8,578	$	5,547	$	65,992
Net effect of straight-line rents (2)	913		(142)		295		(2)		1,064
Amortization of net above (below) market rents (3)	(288)		(106)		—		—		(394)
Net effect of other lease assets (4)	(26)		12		—		—		(14)
Lease termination fees and tenant improvement reimbursements (5)	(542)		(2)		—		—		(544)
Same-store cash NOI (5)	$	34,541	$	17,145	$	8,873	$	5,545	$	66,104

Notes:

(1)    Same-store and non-same store classifications are determined based on properties held on December 31, 2025 and 2024. 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.

Fourth Quarter 2025 Supplemental Information	Page 10
SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED)
---		(Unaudited, amounts in thousands)	Year Ended December 31, 2025 (1)
---	---	---	---	---	---	---	---	---	---	---
	Office		Retail		Multifamily		Mixed-Use		Total
Real estate rental revenue
Same-store	$	204,964	$	93,528	$	65,051	$	66,084	$	429,627
Non-same store	1,073		1,594		3,910		—		6,577
Total	206,037		95,122		68,961		66,084		436,204
Real estate expenses
Same-store	61,746		26,094		29,483		43,962		161,285
Non-same store	5,152		690		2,468		—		8,310
Total	66,898		26,784		31,951		43,962		169,595
Net Operating Income (NOI)
Same-store	143,218		67,434		35,568		22,122		268,342
Non-same store	(4,079)		904		1,442		—		(1,733)
Total	$	139,139	$	68,338	$	37,010	$	22,122	$	266,609
Same-store NOI	$	143,218	$	67,434	$	35,568	$	22,122	$	268,342
Net effect of straight-line rents (2)	3,203		(36)		(649)		140		2,658
Amortization of net above (below) market rents (3)	(1,638)		(488)		—		—		(2,126)
Net effect of other lease assets (4)	(42)		46		—		—		4
Lease termination fees and tenant improvement reimbursements (5)	(3,765)		(175)		—		—		(3,940)
Same-store cash NOI (5)	$	140,976	$	66,781	$	34,919	$	22,262	$	264,938

Notes:

(1)    Same-store and non-same store classifications are determined based on properties held on December 31, 2025 and 2024. 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.

Fourth Quarter 2025 Supplemental Information	Page 11
SAME-STORE CASH NOI COMPARISON
---		(Unaudited, amounts in thousands)	Three Months Ended						Year Ended
---	---	---	---	---	---	---	---	---	---	---	---	---
	December 31,						December 31,
	2025		2024		Change		2025		2024		Change
Cash Basis:
Office (1)	$	34,541	$	34,131	1.2	%	$	140,976	$	137,832	2.3	%
Retail	17,145		17,455		(1.8)		66,781		65,969		1.2
Multifamily	8,873		9,016		(1.6)		34,919		36,061		(3.2)
Mixed-Use	5,545		5,481		1.2		22,262		23,856		(6.7)
Same-store Cash NOI (2)(3)	$	66,104	$	66,083	—	%	$	264,938	$	263,718	0.5	%

Notes:

(1)    One Beach Street is classified as same-store for the three months ended December 31, 2025 and is classified as non-same-store for the year ended December 31, 2025, as this property was placed into operations on August 1, 2024.

(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)    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.

Fourth Quarter 2025 Supplemental Information	Page 12
CASH NOI BY REGION
---		(Unaudited, amounts in thousands)	Three Months Ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---
	Office		Retail		Multifamily		Mixed-Use		Total
Cash Basis:
Southern California	$	14,206	$	9,263	$	7,787	$	—	$	31,256
Northern California	7,190		344		—		—		7,534
Hawaii	—		3,132		—		5,545		8,677
Oregon	4,452		147		1,310		—		5,909
Texas	—		4,290		—		—		4,290
Washington	7,668		—		—		—		7,668
Total Cash NOI	$	33,516	$	17,176	$	9,097	$	5,545	$	65,334

Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms.

Fourth Quarter 2025 Supplemental Information	Page 13
CASH NOI BREAKDOWN
---		Three Months Ended December 31, 2025
---		Cash NOI Breakdown
---	---
Portfolio Diversification by Geographic Region	Portfolio Diversification by Segment

    

Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms.

Fourth Quarter 2025 Supplemental Information	Page 14
PROPERTY REVENUE AND OPERATING EXPENSES
---		(Unaudited, amounts in thousands)	Three Months Ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
			Additional				Property
			Property		Billed Expense		Operating		Rental		Cash
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)		Adjustments (5)		NOI (6)
Office Portfolio
La Jolla Commons	$	9,856	$	223	$	3,026	$	(5,128)	$	(308)	$	7,669
Coastal Collection at Torrey Reserve (7)	6,295		73		501		(2,219)		(306)		4,344
Torrey Point (8)	1,530		93		64		(478)		(338)		871
Solana Crossing	2,148		20		199		(759)		(283)		1,325
The Landmark at One Market	10,458		106		520		(3,600)		—		7,484
One Beach Street	—		—		—		(294)		—		(294)
First & Main	2,232		266		420		(935)		(261)		1,722
Lloyd Portfolio (8)	3,908		432		250		(1,534)		(217)		2,839
City Center Bellevue	6,938		738		300		(1,777)		(94)		6,105
14Acres	773		29		369		(837)		(128)		206
Timber Ridge	1,170		53		428		(453)		(119)		1,079
Timber Springs	439		9		156		(273)		(53)		278
Subtotal Office Portfolio	$	45,747	$	2,042	$	6,233	$	(18,287)	$	(2,107)	$	33,628
Retail Portfolio
Carmel Country Plaza	$	1,062	$	20	$	250	$	(306)	$	(58)	$	968
Carmel Mountain Plaza	3,646		175		1,090		(1,119)		(3)		3,789
South Bay Marketplace	634		187		242		(241)		—		822
Gateway Marketplace	560		—		214		(285)		—		489
Lomas Santa Fe Plaza	1,666		14		343		(559)		(15)		1,449
Solana Beach Towne Centre	1,837		25		619		(710)		(25)		1,746
Geary Marketplace	310		(5)		143		(104)		—		344
The Shops at Kalakaua	302		24		49		(94)		—		281
Waikele Center	3,137		393		926		(1,605)		—		2,851
Alamo Quarry Market	4,080		461		1,518		(1,769)		—		4,290
Hassalo on Eighth - Retail	214		17		44		(128)		—		147
Subtotal Retail Portfolio	$	17,448	$	1,311	$	5,438	$	(6,920)	$	(101)	$	17,176
Fourth Quarter 2025 Supplemental Information	Page 15
---	---
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
---		(Unaudited, amounts in thousands)	Three Months Ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
			Additional				Property
			Property		Billed Expense		Operating		Rental		Cash
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)		Adjustments (5)		NOI (6)
Multifamily Portfolio
Loma Palisades	$	4,426	$	255	$	—	$	(1,870)	$	(62)	$	2,749
Imperial Beach Gardens	1,158		74		—		(508)		(49)		675
Mariner's Point	546		44		—		(315)		(13)		262
Santa Fe Park RV Resort	267		28		—		(225)		—		70
Pacific Ridge Apartments	6,189		224		—		(2,571)		(35)		3,807
Genesee Park (9)	1,222		9		—		(990)		(17)		224
Hassalo on Eighth - Multifamily	2,974		446		—		(2,018)		(92)		1,310
Subtotal Multifamily Portfolio	$	16,782	$	1,080	$	—	$	(8,497)	$	(268)	$	9,097
Mixed-Use Portfolio
Waikiki Beach Walk - Retail	$	2,374	$	1,619	$	946	$	(1,875)	$	(10)	$	3,054
Waikiki Beach Walk - Embassy Suites™	9,642		1,834		—		(8,985)		—		2,491
Subtotal Mixed-Use Portfolio	$	12,016	$	3,453	$	946	$	(10,860)	$	(10)	$	5,545
Subtotal Development Properties	$	—	$	12	$	—	$	(124)	$	—	$	(112)
Total	$	91,993	$	7,898	$	12,617	$	(44,688)	$	(2,486)	$	65,334

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 December 31, 2025 (before deferrals, abatements, and tenant improvement reimbursements) and excludes the impact of straight-line rent and above (below) market rent adjustments. Total abatements for our office portfolio and retail portfolio were approximately $2.1 million and $0.1 million, respectively, for the three months ended December 31, 2025. Total abatements for our mixed-use portfolio were minimal for the three months ended December 31, 2025. 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 $0.3 million of abatements for our multifamily portfolio for the three months ended December 31, 2025. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended December 31, 2025. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.7 million in the aggregate for the three months ended December 31, 2025. A reconciliation of base rent to rental income is shown below:

Base Rent	$	91,993
Billed Expense Reimbursement	12,617
Percentage Rent	1,371
Straight-line rent components	(1,040)
Other Rental Income*	(691)
Rental Income	$	104,250

* 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.

Fourth Quarter 2025 Supplemental Information	Page 16
PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
---

(2)    Represents additional property-related income for the three months ended December 31, 2025, which includes (i) percentage rent, (ii) other rent (such as storage rent, license fees and association fees) and (iii) other property income (such as 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 December 31, 2025.

(4)    Represents property operating expenses for the three months ended December 31, 2025. 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 December 31, 2025.

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

Fourth Quarter 2025 Supplemental Information	Page 17
SEGMENT CAPITAL EXPENDITURES
---		(Unaudited, amounts in thousands)	Three Months Ended December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
Segment	Tenant Improvements and Leasing Commissions		Capital Expenditures		Total Tenant Improvements, Leasing Commissions and Capital Expenditures		Redevelopment, Expansions and Repositioning (1)		New Development		Total Capital Expenditures
Office Portfolio	$	6,445	$	3,846	$	10,291	$	2,948	$	917	$	14,156
Retail Portfolio	1,525		2,839		4,364		—		—		4,364
Multifamily Portfolio	—		778		778		1,244		—		2,022
Mixed-Use Portfolio	120		239		359		—		—		359
Total	$	8,090	$	7,702	$	15,792	$	4,192	$	917	$	20,901
	Year Ended December 31, 2025
Segment	Tenant Improvements and Leasing Commissions		Capital Expenditures		Total Tenant Improvements, Leasing Commissions and Capital Expenditures		Redevelopment, Expansions and Repositioning (1)		New Development		Total Capital Expenditures
Office Portfolio	$	27,315	$	14,133	$	41,448	$	6,587	$	13,475	$	61,510
Retail Portfolio	5,346		5,466		10,812		698		—		11,510
Multifamily Portfolio	—		3,014		3,014		2,080		—		5,094
Mixed-Use Portfolio	543		1,763		2,306		—		—		2,306
Total	$	33,204	$	24,376	$	57,580	$	9,365	$	13,475	$	80,420

(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.

Fourth Quarter 2025 Supplemental Information	Page 18
SUMMARY OF OUTSTANDING DEBT
---		(Unaudited, amounts in thousands)	Amount
---	---	---	---	---	---	---	---
	Outstanding at				Annual Debt
Debt	December 31, 2025		Interest Rate		Service (1)		Maturity Date
City Center Bellevue	75,000		5.08	%	3,863		October 1, 2027
Secured Notes Payable / Weighted Average (2)	$	75,000	5.08	%	$	3,863
Term Loan A (3)	$	100,000	2.70	%	$	2,700	January 5, 2027
Series D Notes (4)	250,000		3.87	%	10,725		March 1, 2027
Series E Notes (5)	100,000		4.18	%	4,240		May 23, 2029
Series G Notes (6)	150,000		3.88	%	5,865		July 30, 2030
3.375% Senior Notes (7)	500,000		3.50	%	16,875		February 1, 2031
6.150% Senior Notes (8)	525,000		6.21	%	$	32,288	October 1, 2034
Unsecured Notes Payable / Weighted Average (9)	$	1,625,000	4.46	%	$	72,693
Unsecured Line of Credit (10)	$	—

Notes:

(1)    Includes interest and principal payments due over the next twelve months.

(2)    The Secured Notes Payable total does not include debt issuance costs, net of $0.2 million.

(3)    Term Loan A has a stated maturity of January 5, 2027, with no further extension options. Term Loan A accrues interest at a variable rate, which we fixed as part of an interest rate swap for an effective interest rate of 2.70%, subject to adjustments based on our consolidated leverage ratio.

(4)    $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027. Net of the settlement of the forward-starting interest rate swap, the effective interest rate for the Series D Notes is approximately 3.87% per annum, through maturity.

(5)    $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029. Net of the settlement of the treasury lock contract, the effective interest rate for the Series E Notes is approximately 4.18%, through maturity.

(6)    $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030. Net of the settlement of the treasury lock contract, the effective interest rate for the Series G Notes is approximately 3.88% through maturity.

(7)    $500 million of 3.375% Senior Notes due February 1, 2031. Net of the debt issuance discount, the effective interest rate for the 3.375% Notes is approximately 3.502% through maturity.

(8)    $525 million of 6.150% Senior Notes due October 1, 2034. Net of the debt issuance discount and settlement of the treasury lock contracts, the effective interest rate for the 6.150% Notes is approximately 6.209% through maturity.

(9)    The Unsecured Notes Payable total does not include debt issuance costs and discounts, net of $12.2 million.

(10)    The Unsecured Line of Credit (the "Revolver Loan") has a capacity of $400 million plus an accordion feature that may allow us to increase the availability thereunder up to an additional $400 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The Revolver Loan matures on July 5, 2026, subject to our option to extend the Revolver Loan for one six-month period. The Revolver Loan currently accrues interest at SOFR, plus the applicable SOFR adjustment and a spread which ranges from 1.05%-1.50%, based on our consolidated leverage ratio. The Revolver Loan total does not include debt issuance costs, net of $0.3 million.

Fourth Quarter 2025 Supplemental Information	Page 19
MARKET CAPITALIZATION
---
(Unaudited, amounts in thousands, except per share data)
---	---	---	---	---	---
Market data	December 31, 2025
Common shares outstanding	61,391
Common units outstanding	16,182
Common shares and common units outstanding	77,573
Market price per common share	$	18.93
Equity market capitalization	$	1,468,457
Total debt	$	1,700,000
Total market capitalization	$	3,168,457
Less: Cash on hand	$	(129,362)
Total enterprise value	$	3,039,095
Total unencumbered assets, gross	$	3,771,495
Total debt/Total capitalization				53.7	%
Total debt/Total enterprise value				55.9	%
Net debt/Total enterprise value (1)				51.7	%
Total unencumbered assets, gross/Unsecured debt				232.1	%
	Quarter Annualized			Trailing 12 Months
Total debt/Adjusted EBITDA (2)(3)	7.7		x	7.4	x
Net debt/Adjusted EBITDA (1)(2)(3)	7.1		x	6.9	x
Interest coverage ratio (4)	2.9		x	3.0	x
Fixed charge coverage ratio (4)	2.9		x	3.0	x
Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes) (5)	Covenant			December 31, 2025
Aggregate Debt Test	< 60%			43.7%
Debt Service Test	> 1.5x			3.0
Secured Debt Test	< 40%			1.9%
Maintenance of Total Unencumbered Assets	> 150%			222.5%

Weighted Average Fixed Interest Rate		2026		2027		2028		2029		2030		2031		2032		2033		2034
	—%		3.8%		—%		4.2%		3.9%		3.5%		—%		—%		6.2%
Total Weighted Average Fixed Interest Rate:	4.5%
---	---
Weighted Average Term to Maturity (in years):	5.1
Credit Ratings
---	---	---
Rating Agency	Rating	Outlook
Fitch	BBB	Stable
Moody's	Baa3	Stable
Standard & Poors	BBB-	Stable

Notes:

(1)    Net debt is equal to total debt less cash on hand.

(2)    See Glossary of Terms for discussion of EBITDA and Adjusted EBITDA.

(3)    As used here, Adjusted EBITDA represents the actual for the three months ended December 31, 2025, annualized.

(4)    Calculated as Adjusted EBITDA divided by interest on borrowed funds, including capitalized interest and excluding debt fair value adjustments and loan fee amortization.

(5)    The debt covenant headings set forth in this table are utilized, and the covenants themselves are detailed, in the documents governing the 3.375% Senior Notes and the 6.150% Senior Notes.

Adjusted EBITDA is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of Adjusted EBITDA to net income are in the Glossary of Terms.

Fourth Quarter 2025 Supplemental Information	Page 20
SUMMARY OF DEVELOPMENT OPPORTUNITIES
---		Our portfolio has numerous potential opportunities to create future shareholder value. These opportunities could be subject to government approvals, lender consents, tenant consents, market conditions, availability of debt and/or equity financing, etc. Many of these opportunities are in their preliminary stages and may not ultimately come to fruition. This schedule will update as we modify various assumptions and markets conditions change. Square footages and units set forth below are estimates only and ultimately may differ materially from actual square footages and units.
---		Development/Redevelopment Pipeline
---	---	---	---	---	---
Property	Property Type	Location	Estimated Rentable<br>Square Feet	Multifamily Units	Opportunity
Waikele Center	Retail	Honolulu, HI	120,000	N/A	Development of 120,000 square foot retail building (former KMart space)
Lomas Santa Fe Plaza	Retail	Solana Beach, CA		TBD	Development of multifamily units
Genesee Park	Multifamily	San Diego, CA		TBD	Development of multifamily units
Solana Beach Towne Centre	Retail	Solana Beach, CA		TBD	Development of multifamily units
Carmel Mountain Plaza	Retail	San Diego, CA		TBD	Development of multifamily units
Lloyd Portfolio - multiple phases (1)	Mixed Use	Portland, OR
Phase 2B - Oregon Square			385,000	N/A	Development of high density, transit oriented, mixed-use urban village

Notes:

(1)    The Lloyd Portfolio was acquired in 2011, consisting of approximately 600,000 rentable square feet on more than 16 acres located in the Lloyd District of Portland, Oregon. The portion of the property that has been designated for additional development is expected to include a high density, transit oriented, mixed-use urban village, with the potential to be in excess of approximately three million square feet. The zoning for such development opportunity allows a 12:1 Floor Area Ratio with a 250 foot height limit and provides for retail, office and/or multifamily development.  Additional development plans are in the early stages and will continue to progress as demand and economic conditions allow.

Fourth Quarter 2025 Supplemental Information	Page 21

PORTFOLIO DATA

Fourth Quarter 2025 Supplemental Information	Page 22
PROPERTY REPORT
---
As of December 31, 2025			Office and Retail Portfolios
---	---	---	---	---	---	---	---	---
			Net				Annualized
			Rentable				Base Rent per
		Year Built/	Square	Percentage	Annualized		Leased
Property	Location	Most Recent Renovation	Feet (1)	Leased (2)	Base Rent (3)		Square Foot (4)	Other Principal Retail Tenants (6)
Office Properties
La Jolla Commons I & II	San Diego, CA	2008	725,439	98.5%	$	48,403,723	67.74
La Jolla Commons III	San Diego, CA	2025	206,231	34.7	2,643,758		36.94
Coastal Collection at Torrey Reserve (7)	San Diego, CA	1996/2022	552,276	82.2	25,033,359		55.14
Torrey Point	San Diego, CA	2017	94,854	99.6	6,119,373		64.77
Solana Crossing	Solana Beach, CA	1982/2022	224,009	81.3	8,833,711		48.51
The Landmark at One Market (8)	San Francisco, CA	1917/2000	422,426	98.3	41,830,682		100.74
One Beach Street	San Francisco, CA	1924/2024	89,067	14.5	—		—
First & Main	Portland, OR	2010	362,633	74.9	8,937,842		32.91
Lloyd Portfolio	Portland, OR	1940/2022	568,270	84.1	16,051,144		33.59
City Center Bellevue	Bellevue, WA	1987/2023	498,606	92.0	27,649,275		60.28
14Acres	Bellevue, WA	1985/2024	276,060	63.5	5,962,845		34.02
Timber Ridge	Bellevue, WA	1986	160,509	97.5	7,280,357		46.52
Timber Springs	Bellevue, WA	1983	93,295	73.0	2,589,179		38.02
Subtotal/Weighted Average Office Portfolio (9)			4,273,675	83.1%	$	201,335,248	56.69
Retail Properties
Carmel Country Plaza	San Diego, CA	1991	78,098	98.0%	$	4,316,334	56.40	Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza (10)	San Diego, CA	1994/2020	528,416	99.8	14,602,922		27.69	Dick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine & More, Marshalls, Angelika Film Center
South Bay Marketplace (10)	San Diego, CA	1997/2018	132,877	97.8	2,535,608		19.51	Ross Dress for Less, Grocery Outlet, Old Navy
Gateway Marketplace (10)	San Diego, CA	1997/2016	127,861	98.9	2,473,675		19.56	Smart & Final, Aldi
Lomas Santa Fe Plaza	Solana Beach, CA	1972/1997	208,297	96.6	6,613,353		32.87	Vons, Home Goods
Solana Beach Towne Centre	Solana Beach, CA	1973/2004	246,651	97.5	7,423,168		30.87	Dixieline Probuild, Marshalls, CVS Pharmacy
Geary Marketplace	Walnut Creek, CA	2012	35,097	100.0	1,299,574		37.03	Sprouts Farmers Market
The Shops at Kalakaua	Honolulu, HI	1971/2006	11,893	100.0	1,206,000		101.40	Hawaii Beachware & Fashion, Diesel U.S.A.
Waikele Center	Waipahu, HI	1993/2008	418,395	97.2	12,637,563		31.07	UFC Gym, Office Max, Old Navy
Alamo Quarry Market (10)	San Antonio, TX	1997/1999	588,148	99.2	16,311,778		27.96	Whole Foods Market, Nordstrom Rack, Home Goods, Gold's Gym
Hassalo on Eighth - Retail	Portland, OR	2015	44,236	57.5	857,552		33.71	Providence Health & Services, Sola Salon
Subtotal/Weighted Average Retail Portfolio (9)			2,419,969	97.7%	$	70,277,527	29.72
Total/Weighted Average Office and Retail Portfolio (9)			6,693,644	88.4%	$	271,612,775	45.90

All values are in US Dollars.

Fourth Quarter 2025 Supplemental Information	Page 23
PROPERTY REPORT (CONTINUED)
---		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---
										Average Monthly
		Year Built/		Percentage		Percentage		Annualized		Base Rent per
Property	Location	Most Recent Renovation	Units	Leased (2)		Occupied (2)		Base Rent (3)		Occupied Unit (4)
Loma Palisades	San Diego, CA	1958/2022	548	96.7%		94.9%		$	18,131,064	$	2,905
Imperial Beach Gardens	Imperial Beach, CA	1959/2023	160	95.0		91.3		4,754,016		$	2,712
Mariner's Point	Imperial Beach, CA	1986	88	93.2		92.1		1,928,100		$	1,982
Pacific Ridge Apartments	San Diego, CA	2013	533	99.1		98.1		24,977,172		$	3,981
Genesee Park	San Diego, CA	1985	192	98.4		96.9		4,878,144		$	2,185
Hassalo on Eighth - Multifamily (12)	Portland, OR	2015	657	91.2		89.0		11,814,288		$	1,684
Total/Weighted Average Multifamily Portfolio			2,178	95.5%		93.7%		$	66,482,784	$	2,715
Santa Fe Park RV Resort (11)	San Diego, CA	1971/2008	124	45.2		45.2		1,064,856		$	1,583
Total/Weighted Average Multifamily Portfolio (including Santa Fe Park RV Resort)			2,302	92.8%		91.1%		$	67,547,640	$	2,684
Mixed-Use Portfolio
			Net Rentable					Annualized Base
		Year Built/	Square	Percentage		Annualized		Rent per Leased		Retail
Retail Portion	Location	Most Recent Renovation	Feet (1)	Leased (2)		Base Rent (3)		Square Foot (4)		Anchor Tenant(s) (5)		Other Principal Retail Tenants (6)
Waikiki Beach Walk - Retail	Honolulu, HI	2006	93,925	96.2	%	$	9,628,291	$	106.56			Yardhouse, Roy's
		Year Built/		Average		Average		Revenue per
Hotel Portion	Location	Most Recent Renovation	Units	Occupancy (13)		Daily Rate (13)		Available Room (13)
Waikiki Beach Walk - Embassy Suites™	Honolulu, HI	2008/2020	369	80.7	%	$	352	$	284

Notes:

(1)    The net rentable square feet for each of our retail properties and the retail portion of our mixed-use property is the sum of (1) the square footages of existing leases, plus (2) for available space, the field-verified square footage. The net rentable square feet for each of our office properties is the sum of (1) the square footages of existing leases, plus (2) for available space, management’s estimate of net rentable square feet based, in part, on past leases. The net rentable square feet included in such office leases is generally determined consistently with the Building Owners and Managers Association, 2017 measurement guidelines. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.

(2)    Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property includes square footage under leases as of December 31, 2025, including leases which may not have commenced as of December 31, 2025. Percentage occupied for our multifamily properties includes total units rented and occupied as of December 31, 2025. Percentage leased for our multifamily properties includes units leased but not occupied as of December 31, 2025.

(3)     Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended December 31, 2025 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. The foregoing notwithstanding:

•The annualized base rent for La Jolla Commons I & II has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $37,801,285 to our estimate of annual triple net operating expenses of $10,602,439 for an estimated annualized base rent on a modified gross lease basis of $48,403,724 for La Jolla Commons I & II.

•The annualized base rent for 14Acres has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,081,195 to our estimate of annual triple net operating expenses of $1,881,650 for an estimated annualized base rent on a modified gross lease basis of $5,962,845 for 14Acres.

•The annualized base rent for Timber Ridge has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $5,297,966 to our estimate of annual triple net operating expenses of $1,982,391 for an estimated annualized base rent on a modified gross lease basis of $7,280,357 for Timber Ridge.

•The annualized base rent for Timber Springs has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $1,822,289 to our estimate of annual triple net operating expenses of $766,890 for an estimated annualized base rent on a modified gross lease basis of $2,589,179 for Timber Springs.

Fourth Quarter 2025 Supplemental Information	Page 24
PROPERTY REPORT (CONTINUED)
---

(4)    Annualized base rent per leased square foot for our retail and office properties and the retail portion of the mixed-use property is calculated by dividing annualized base rent, by square footage under lease as of December 31, 2025. Annualized base rent per occupied unit for our multifamily properties is calculated by dividing annualized base rent by units occupied as of December 31, 2025. The foregoing notwithstanding, the annualized base rent per leased square foot for La Jolla Commons, 14Acres, Timber Ridge and Timber Springs has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases. See footnote 3 for further explanation.

(5)    Retail anchor tenants are defined as retail tenants leasing 50,000 square feet or more.

(6)    Other principal retail tenants, excluding anchor tenants.

(7)    Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus.

(8)    This property contains 422,426 net rentable square feet consisting of The Landmark at One Market (378,206 net rentable square feet) as well as a separate long-term leasehold interest in approximately 44,220 net rentable square feet of space located in an adjacent six-story leasehold known as the Annex. We currently lease the Annex from an affiliate of the Paramount Group pursuant to a long-term master lease effective through June 30, 2031.

(9)    Lease data for signed but not commenced leases as of December 31, 2025 is in the following table:

	Leased Square Feet			Annualized Base		Pro Forma Annualized
	Under Signed But	Annualized		Rent per		Base Rent per
	Not Commenced Leases (a)	Base Rent (b)		Leased Square Foot (b)		Leased Square Foot (c)
Office Portfolio	139,722	$	7,204,628	$	51.56	$	58.71
Retail Portfolio	11,300	$	570,430	$	50.48	$	29.97
Total Retail and Office Portfolio	151,022	$	7,775,058	$	51.48	$	47.23

(a)    Office portfolio leases signed but not commenced of 84,009, 35,861, 15,194, and 4,658 square feet are expected to commence during each quarter of 2026, respectively. Retail portfolio leases signed but not commenced of 1,700, 1,627, 5,255, and 2,718 square feet are expected to commence during each quarter of 2026, respectively.

(b)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements) for signed but not commenced leases as of December 31, 2025 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage for signed by not commenced leases.

(c)     Pro forma annualized base rent is calculated by dividing annualized base rent for commenced leases and for signed but not commenced leases as of December 31, 2025, by square footage under lease as of December 31, 2025.

(10)    Net rentable square feet at certain of our retail properties includes pad sites leased pursuant to the ground leases in the following table:

Property	Number of Ground Leases	Square Footage Leased Pursuant to Ground Leases	Aggregate Annualized Base Rent
Carmel Mountain Plaza	5	17,607	$	1,051,461
South Bay Marketplace	1	2,824	$	114,552
Alamo Quarry Market	4	31,994	$	723,455
Gateway Marketplace	1	18,903	$	226,800

(11)    The Santa Fe Park RV Resort is subject to seasonal variation, with higher rates of occupancy occurring during the summer months. During the 12 months ended December 31, 2025, the highest average monthly occupancy rate for this property was 84.7%, occurring in August 2025. The number of units at the Santa Fe Park RV Resort includes 120 RV spaces and four apartments. The Santa Fe Park RV resort is excluded from the multifamily presentation above to accurately reflect true multifamily performance.

(12)    Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.

(13)    Average occupancy represents the percentage of available units that were sold during the three months ended December 31, 2025, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the three months ended December 31, 2025 by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the three months ended December 31, 2025 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

Fourth Quarter 2025 Supplemental Information	Page 25
OFFICE LEASING SUMMARY
---
As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Total Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)	Annual Change in Rent	Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	13	100%	135,024	$74.14	69.54		6.6	%	11.5	%	4.3	$	4,092,472	$30.31
3rd Quarter 2025	11	100%	121,810	$59.09	54.05		9.3	%	18.6	%	4.2	$	1,350,521	$11.09
2nd Quarter 2025	13	100%	69,363	$40.93	41.74		(2.0)	%	9.6	%	6.8	$	2,661,151	$38.37
1st Quarter 2025	9	100%	44,422	$36.83	34.16		7.8	%	15.2	%	7.0	$	668,939	$15.06
Total 12 months	46	100%	370,619	$58.51	55.01		6.4	%	13.8	%	5.1	$	8,773,083	$23.67
New Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)	Annual Change in Rent	Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	1	8%	3,747	$40.32	35.73		12.8	%	21.9	%	6.1	$	22,482	$6.00
3rd Quarter 2025	3	27%	62,781	$67.95	63.16		7.6	%	20.1	%	2.7	$	909,502	$14.49
2nd Quarter 2025	4	31%	50,765	$38.87	41.01		(5.2)	%	9.2	%	7.9	$	2,444,097	$48.15
1st Quarter 2025	1	11%	1,913	$35.50	34.01		4.4	%	0.6	%	1.1	$	—	—
Total 12 months	9	20%	119,206	$54.18	52.40		3.4	%	16.3	%	5.0	$	3,376,081	$28.33
Renewal Lease Summary - Comparable (1)(5)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)	Annual Change in Rent	Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	12	92%	131,277	$75.10	70.50		6.5	%	11.4	%	4.3	$	4,069,990	$31.00
3rd Quarter 2025	8	73%	59,029	$49.68	44.36		12.0	%	16.5	%	5.8	$	441,019	$7.47
2nd Quarter 2025	9	69%	18,598	$46.55	43.74		6.4	%	10.7	%	4.0	$	217,054	$11.67
1st Quarter 2025	8	89%	42,509	$36.89	34.17		8.0	%	16.0	%	7.2	$	668,939	$15.74
Total 12 months	37	80%	251,413	$60.56	56.24		7.7	%	12.8	%	5.1	$	5,397,002	$21.47
Total Lease Summary - Comparable and Non-Comparable
	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives	Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	23	193,319	$70.16	4.7		33.10
3rd Quarter 2025	20	181,455	$56.01	4.9		31.19
2nd Quarter 2025	20	102,290	$37.39	6.7		39.67
1st Quarter 2025	19	139,616	$47.79	8.2		87.20
Total 12 months	82	616,680	$55.50	5.9		45.88

All values are in US Dollars.

Notes:

(1)    Comparable leases represent those leases signed on spaces for which there was a previous lease.

(2)    Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.

(3)    Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term.

(4)    Weighted average is calculated on the basis of square footage.

(5)    Includes renewals at fixed contractual rates specified in the lease.

Fourth Quarter 2025 Supplemental Information	Page 26
RETAIL LEASING SUMMARY
---
As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Total Lease Summary - Comparable (1)(7)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)	Annual Change in Rent	Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent			Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	12	100%	29,004	$56.85	56.65		0.3	%	24.3	%		5.2	$	190,770	$6.58
3rd Quarter 2025	23	100%	111,903	$38.72	37.08		4.4	%	21.0	%		4.9	$	774,250	$6.92
2nd Quarter 2025	30	100%	213,073	$31.59	29.41		7.4	%	21.9	%		5.8	$	911,860	$4.28
1st Quarter 2025	15	100%	155,944	$22.89	20.21		13.3	%	21.0	%		4.6	$	2,010,000	$12.89
Total 12 months	80	100%	509,924	$31.93	29.83		7.1	%	21.8	%		5.2	$	3,886,880	$7.62
New Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)	Annual Change in Rent	Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent			Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	1	8%	2,718	$28.15	13.25		112.5	%	—	%		10.0	$	160,770	$59.15
3rd Quarter 2025	1	4%	2,000	$60.00	64.51		(7.0)	%	—	%		10.0	$	235,000	$117.50
2nd Quarter 2025	3	10%	20,654	$25.83	24.17		6.9	%	263.2	%	(6)	10.5	$	691,500	$33.48
1st Quarter 2025	—	—%	—	—	—		—	%	—	%		—	$	—	—
Total 12 months	5	6%	25,372	$28.77	26.18		9.9	%	436.8	%	(6)	10.4	$	1,087,270	$42.85
Renewal Lease Summary - Comparable (1)(5)(7)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)	Annual Change in Rent	Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent			Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	11	92%	26,286	$59.81	61.14		(2.2)	%	13.7	%		4.7	$	30,000	$1.14
3rd Quarter 2025	22	96%	109,903	$38.33	36.58		4.8	%	15.4	%		4.8	$	539,250	$4.91
2nd Quarter 2025	27	90%	192,419	$32.21	29.97		7.5	%	13.7	%		5.3	$	220,360	$1.15
1st Quarter 2025	15	100%	155,944	$22.89	20.21		13.3	%	21.0	%		4.6	$	2,010,000	$12.89
Total 12 months	75	94%	484,552	$32.10	30.02		6.9	%	15.6	%		4.9	$	2,799,610	$5.78
Total Lease Summary - Comparable and Non-Comparable (1)(7)
	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Weighted Average Lease<br><br>Term (4)	Tenant Improvements & Incentives	Tenant Improvements & Incentives Per Sq. Ft.
Quarter
4th Quarter 2025	14	43,493	$45.01	4.2		4.39
3rd Quarter 2025	29	125,022	$40.40	4.9		11.73
2nd Quarter 2025	32	220,247	$32.40	5.9		6.56
1st Quarter 2025	16	157,644	$23.24	4.6		13.29
Total 12 months	91	546,406	$32.59	5.2		9.51

All values are in US Dollars. Notes:

(1)    Comparable leases represent those leases signed on spaces for which there was a previous lease, including leases signed for the retail portion of our mixed-use property.

(2)    Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.

(3)    Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term.

(4)    Weighted average is calculated on the basis of square footage.

(5)    Includes renewals at fixed contractual rates specified in the lease.

(6)    Prior tenants' rent was modified to cash-basis, therefore there is no straight-line rent for comparison.

(7)    Comparable renewal leases for the first quarter of 2025 excludes approximately 7,000 square feet of leases renewed at Del Monte Center, which was sold on February 25, 2025.

Fourth Quarter 2025 Supplemental Information	Page 27
MULTIFAMILY LEASING SUMMARY
---		As of December 31, 2025
---	---	---	---	---
Lease Summary - Loma Palisades
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	520	94.9%	$18,131,064	$2,905
3rd Quarter 2025	500	91.2%	$17,579,544	$2,931
2nd Quarter 2025	505	92.2%	$17,530,764	$2,891
1st Quarter 2025	505	92.2%	$17,809,548	$2,937
Lease Summary - Imperial Beach Gardens
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	146	91.3%	$4,754,016	$2,712
3rd Quarter 2025	143	89.4%	$4,698,804	$2,737
2nd Quarter 2025	142	88.8%	$4,841,556	$2,840
1st Quarter 2025	149	93.1%	$4,931,352	$2,759
Lease Summary - Mariner's Point
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	81	92.1%	$1,928,100	$1,982
3rd Quarter 2025	81	92.1%	$2,320,500	$2,386
2nd Quarter 2025	78	88.6%	$2,439,192	$2,607
1st Quarter 2025	79	89.8%	$2,291,508	$2,416
Lease Summary - Santa Fe Park RV Resort
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	56	45.2%	$1,064,856	$1,583
3rd Quarter 2025	72	58.1%	$1,586,304	$1,835
2nd Quarter 2025	95	76.6%	$2,229,156	$1,956
1st Quarter 2025	80	64.5%	$1,507,464	$1,571
Lease Summary - Pacific Ridge Apartments
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	523	98.1%	$24,977,172	$3,981
3rd Quarter 2025	491	92.1%	$24,734,688	$4,199
2nd Quarter 2025	443	83.1%	$22,982,460	$4,324
1st Quarter 2025	505	94.7%	$24,984,036	$4,125
Lease Summary - Genesee Park
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	186	96.9%	$4,878,144	$2,185
3rd Quarter 2025	187	97.4%	$4,899,912	$2,183
2nd Quarter 2025	183	95.3%	$4,753,440	$2,165
1st Quarter 2025	178	92.7%	$4,132,356	$1,935
Fourth Quarter 2025 Supplemental Information	Page 28
---	---
MULTIFAMILY LEASING SUMMARY (CONTINUED)
---
As of December 31, 2025
---	---	---	---	---
Lease Summary - Hassalo on Eighth - Multifamily (4)
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	585	89.0%	$11,814,288	$1,684
3rd Quarter 2025	590	89.8%	$11,823,060	$1,670
2nd Quarter 2025	582	88.6%	$11,706,456	$1,676
1st Quarter 2025	575	87.5%	$11,444,760	$1,659
Total Multifamily Lease Summary
	Number of Occupied Units (1)	Percentage occupied (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Occupied Unit (3)
Quarter
4th Quarter 2025	2,097	91.1%	$67,547,640	$2,684
3rd Quarter 2025	2,064	89.7%	$67,642,812	$2,730
2nd Quarter 2025	2,028	88.1%	$66,483,024	$2,732
1st Quarter 2025	2,071	90.0%	$67,101,024	$2,699

Notes:

(1)    Number of occupied units and percentage occupancy for our multifamily properties includes total units rented and occupied as of each respective quarter end date.

(2)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) as of each respective quarter end date.

(3)    Annualized base rent per occupied unit is calculated by dividing annualized base rent, by units occupied as of each respective quarter end date.

(4)    Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood.

Fourth Quarter 2025 Supplemental Information	Page 29
MIXED-USE LEASING SUMMARY
---		As of December 31, 2025
---	---	---	---	---
Lease Summary - Retail Portion
	Number of Leased Square Feet	Percentage leased (1)	Annualized Base Rent (2)	Annualized Base Rent per Leased Square Foot (3)
Quarter
4th Quarter 2025	90,346	96.2%	$9,628,291	$107
3rd Quarter 2025	89,204	95.0%	$9,882,053	$111
2nd Quarter 2025	89,204	95.0%	$9,807,163	$110
1st Quarter 2025	83,911	89.3%	$9,771,216	$116
Lease Summary - Hotel Portion
	Number of Leased Units	Average Occupancy (4)	Average Daily Rate (4)	Annualized Revenue per Available Room (4)
Quarter
4th Quarter 2025	298	80.7%	$352	$284
3rd Quarter 2025	289	78.3%	$381	$298
2nd Quarter 2025	317	86.0%	$355	$305
1st Quarter 2025	312	84.6%	$353	$298

Notes:

(1)    Percentage leased for mixed-use property includes square footage under leases as of December 31, 2025, including leases which may not have commenced as of December 31, 2025.

(2)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended December 31, 2025 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses.

(3)    Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of December 31, 2025.

(4)    Average occupancy represents the percentage of available units that were sold during the three months ended December 31, 2025, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for each respective quarter period by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for each respective quarter period and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

Fourth Quarter 2025 Supplemental Information	Page 30
LEASE EXPIRATIONS
---		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Assumes no exercise of lease options
	Office						Retail						Mixed-Use (Retail Portion Only)						Total
		% of		% of		Annualized		% of		% of		Annualized		% of		% of		Annualized		% of		Annualized
	Expiring	Office		Total		Base Rent	Expiring	Retail		Total		Base Rent	Expiring	Mixed-Use		Total		Base Rent	Expiring	Total		Base Rent
Year	Sq. Ft.	Sq. Ft.		Sq. Ft.		Per Sq. Ft.(1)	Sq. Ft.	Sq. Ft.		Sq. Ft.		Per Sq. Ft.(1)	Sq. Ft.	Sq. Ft.		Sq. Ft.		Per Sq. Ft.(1)	Sq. Ft.	Sq. Ft.		Per Sq. Ft.(1)
Month to Month	82,422	1.9	%	1.2	%	$0.67	10,459	0.4	%	0.2	%	$30.57	2,770	2.9	%	—	%	$10.05	95,651	1.4	%	$4.21
2026	346,949	8.1		5.1		44.70	99,516	4.1		1.5		49.55	7,893	8.4		0.1		164.61	454,358	6.7		47.85
2027	369,345	8.6		5.4		51.30	315,748	13.0		4.7		33.22	5,528	5.9		0.1		136.29	690,621	10.2		43.71
2028	576,450	13.5		8.5		58.55	537,819	22.2		7.9		24.48	20,401	21.7		0.3		109.21	1,134,670	16.7		43.31
2029	891,650	20.9		13.1		66.93	324,213	13.4		4.8		31.91	13,199	14.1		0.2		144.41	1,229,062	18.1		58.52
2030	323,511	7.6		4.8		43.37	181,928	7.5		2.7		37.58	17,384	18.5		0.3		82.19	522,823	7.7		42.65
2031	273,763	6.4		4.0		57.45	222,984	9.2		3.3		31.59	14,965	15.9		0.2		118.98	511,712	7.5		47.98
2032	116,015	2.7		1.7		55.00	130,509	5.4		1.9		29.95	—	—		—		—	246,524	3.6		41.74
2033	88,576	2.1		1.3		52.61	159,643	6.6		2.4		24.22	—	—		—		—	248,219	3.7		34.35
2034	133,279	3.1		2.0		62.42	119,699	4.9		1.8		27.16	973	1.0		—		210.12	253,951	3.7		46.37
2035	88,446	2.1		1.3		44.65	112,833	4.7		1.7		26.35	—	—		—		—	201,279	3.0		34.39
Thereafter	123,187	2.9		1.8		41.36	137,295	5.7		2.0		22.94	—	—		—		—	260,482	3.8		31.65
Signed Leases Not Commenced	139,722	3.3		2.1		—	11,300	0.5		0.2		—	7,233	7.7		0.1		—	158,255	2.3		—
Available	720,360	16.9		10.6		—	56,023	2.3		0.8		—	3,579	3.8		0.1		—	779,962	11.5		—
Total (2)	4,273,675	100.0	%	63.0	%	$43.55	2,419,969	100.0	%	35.7	%	$29.04	93,925	100.0	%	1.4	%	$102.51	6,787,569	100.0	%	$39.19
Assumes all lease options are exercised
	Office						Retail						Mixed-Use (Retail Portion Only)						Total
		% of		% of		Annualized		% of		% of		Annualized		% of		% of		Annualized		% of		Annualized
	Expiring	Office		Total		Base Rent	Expiring	Retail		Total		Base Rent	Expiring	Mixed-Use		Total		Base Rent	Expiring	Total		Base Rent
Year	Sq. Ft.	Sq. Ft.		Sq. Ft.		Per Sq. Ft.(1)	Sq. Ft.	Sq. Ft.		Sq. Ft.		Per Sq. Ft.(1)	Sq. Ft.	Sq. Ft.		Sq. Ft.		Per Sq. Ft.(1)	Sq. Ft.	Sq. Ft.		Per Sq. Ft.(1)
Month to Month	82,422	1.9	%	1.2	%	$0.67	10,459	0.4	%	0.2	%	$30.57	2,770	2.9	%	—	%	$10.05	95,651	1.4	%	$4.21
2026	180,772	4.2		2.7		42.16	47,437	2.0		0.7		56.85	4,852	5.2		0.1		158.12	233,061	3.4		47.56
2027	103,832	2.4		1.5		48.65	72,379	3.0		1.1		42.77	4,267	4.5		0.1		138.39	180,478	2.7		48.41
2028	126,036	2.9		1.9		51.65	130,705	5.4		1.9		26.80	13,487	14.4		0.2		83.12	270,228	4.0		41.20
2029	110,046	2.6		1.6		53.66	119,819	5.0		1.8		33.33	7,797	8.3		0.1		179.02	237,662	3.5		47.52
2030	224,407	5.3		3.3		36.27	132,620	5.5		2.0		34.75	3,646	3.9		0.1		102.88	360,673	5.3		36.38
2031	145,660	3.4		2.1		56.36	59,145	2.4		0.9		52.63	18,006	19.2		0.3		128.44	222,811	3.3		61.19
2032	316,443	7.4		4.7		54.52	163,275	6.7		2.4		31.95	911	1.0		—		98.88	480,629	7.1		46.94
2033	326,344	7.6		4.8		63.68	102,190	4.2		1.5		31.61	6,914	7.4		0.1		160.09	435,448	6.4		57.68
2034	119,154	2.8		1.8		52.56	224,771	9.3		3.3		30.20	5,402	5.8		0.1		94.45	349,327	5.1		38.82
2035	92,658	2.2		1.4		51.88	37,875	1.6		0.6		41.50	14,088	15.0		0.2		79.96	144,621	2.1		51.90
Thereafter	1,585,819	37.1		23.4		60.23	1,251,971	51.7		18.4		25.67	973	1.0		—		210.12	2,838,763	41.8		45.04
Signed Leases Not Commenced	139,722	3.3		2.1		—	11,300	0.5		0.2		—	7,233	7.7		0.1		—	158,255	2.3		—
Available	720,360	16.9		10.6		—	56,023	2.3		0.8		—	3,579	3.8		0.1		—	779,962	11.5		—
Total (2)	4,273,675	100.0	%	63.0	%	$43.55	2,419,969	100.0	%	35.7	%	$29.04	93,925	100.0	%	1.4	%	$102.51	6,787,569	100.0	%	$39.19
Fourth Quarter 2025 Supplemental Information	Page 31
---	---
LEASE EXPIRATIONS (CONTINUED)
---

Notes:

(1)    Annualized base rent per occupied square foot is calculated by dividing (i) annualized base rent for leases expiring during the applicable period, by (ii) square footage under such expiring leases. Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended December 31, 2025 for the leases expiring during the applicable period by (ii) 12 months.

(2)    Individual items may not add up to total due to rounding.

Fourth Quarter 2025 Supplemental Information	Page 32
PORTFOLIO LEASED STATISTICS
---			At December 31, 2025					At December 31, 2024
---	---	---	---	---	---	---	---	---	---
Type	Size		Leased (1)	Leased %		Size	Leased (1)	Leased %
Overall Portfolio(2) Statistics
Office Properties (square feet)	4,273,675		3,553,315	83.1	%	4,077,376	3,464,551	85.0	%
Retail Properties (square feet)	2,419,969	(5)	2,363,946	97.7	%	3,093,402	2,922,865	94.5	%
Multifamily Properties (units) (3)	2,178		2,041	93.7	%	1,986	1,849	93.1	%
Mixed-Use Properties (square feet)	93,925		90,346	96.2	%	93,925	85,024	90.5	%
Mixed-Use Properties (units) (4)	369		304	82.3	%	369	317	85.9	%
Same-Store(2) (6) Statistics
Office Properties (square feet)	4,067,444		3,481,838	85.6	%	4,077,376	3,464,551	85.0	%
Retail Properties (square feet)	2,419,969		2,363,946	97.7	%	2,420,247	2,365,723	97.7	%
Multifamily Properties (units) (3)	1,986		1,855	93.4	%	1,986	1,849	93.1	%
Mixed-Use Properties (square feet)	93,925		90,346	96.2	%	93,925	85,024	90.5	%
Mixed-Use Properties (units) (4)	369		304	82.3	%	369	317	85.9	%

Notes:

(1)    Leased square feet includes square feet under lease as of each date, including leases which may not have commenced as of that date. Leased units for our multifamily properties include total units leased and occupied as of that date.

(2)    See Glossary of Terms.

(3)    Santa Fe Park RV Resort is excluded from the multifamily presentation above to reflect traditional multifamily performance as of each of the applicable dates.

(4)    Represents average occupancy for the years ended December 31, 2025 and 2024.

(5)    Excludes Del Monte Center, which was sold on February 25, 2025.

(6)    Same-store portfolio includes: One Beach Street (office), which was placed into operations on August 1, 2024. 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 operations on April 1, 2025 and (iv) land held for development.

Fourth Quarter 2025 Supplemental Information	Page 33
TOP TENANTS - OFFICE
---		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Tenant	Property	Lease Expiration	Total Occupied Square Feet	Rentable Square Feet as a Percentage of Total Office		Rentable Square Feet as a Percentage of Total		Annualized Base Rent		Annualized Base Rent as a Percentage of Total Office		Annualized Base Rent as a Percentage of Total
1	Google LLC	The Landmark at One Market	12/31/2029	253,198	5.9	%	3.7	%	$	27,659,898	13.7	%	9.8	%
2	LPL Holdings, Inc.	La Jolla Commons	4/30/2029	421,001	9.9		6.2		21,048,719		10.5		7.5
3	Autodesk, Inc. (1)	The Landmark at One Market	12/31/2028<br>6/30/2031	138,615	3.2		2.0		13,730,889		6.8		4.9
4	Smartsheet, Inc. (2)	City Center Bellevue	12/31/2026<br>4/30/2029<br>12/31/2032	123,041	2.9		1.8		7,340,059		3.6		2.6
5	Illumina, Inc.	La Jolla Commons	10/31/2027	73,176	1.7		1.1		5,110,316		2.5		1.8
6	Databricks, Inc. (3)	City Center Bellevue	11/30/2027<br>1/31/2028<br>3/31/2028<br>10/31/2028	69,104	1.6		1.0		4,183,793		2.1		1.5
7	Industrious (4)	City Center Bellevue<br>La Jolla Commons	4/30/2033<br>3/31/2034<br>7/31/2035	75,749	1.8		1.1		4,015,281		2.0		1.4
8	VMware, Inc. (5)	City Center Bellevue	1/31/2026<br>3/31/2028	55,683	1.3		0.8		3,667,357		1.8		1.3
9	State of Oregon: Department of Environmental Quality	Lloyd Portfolio	10/31/2031	87,787	2.1		1.3		3,207,179		1.6		1.1
10	Top technology tenant (6)	La Jolla Commons	8/31/2030	40,800	1.0		0.6		2,674,996		1.3		1.0
	Top 10 Office Tenants Total			1,338,154	31.4	%	19.6	%	$	92,638,487	45.9	%	32.9	%

Notes:

(1)    For Autodesk, Inc., 92,820 and 45,795 of leased square feet have a lease expiration of December 31, 2028 and June 30, 2031, respectively.

(2)    For Smartsheet, Inc., 39,394, 49,372, and 34,275 of leased square feet have a lease expiration of December 31, 2026, April 30, 2029, and December 31, 2032, respectively.

(3)    For Databricks, Inc., 17,623, 27,984, 18,919, and 4,578 of leased square feet have a lease expiration of November 30, 2027, January 31, 2028, March 31, 2028, and October 31, 2028, respectively. Additionally, effective February 1, 2026, Databricks, Inc will lease an additional 18,581 square feet that will have a lease expiration of March 31, 2028 (City Center Bellevue), which VMware, Inc. is vacating on January 31, 2026.

(4)    For Industrious, 18,090, 37,166, and 20,493 of leased square feet have a lease expiration of April 30, 2033 (City Center Bellevue), March 31, 2034 (City Center Bellevue), and July 31, 2035 (La Jolla Commons), respectively.

(5)    For VMware, Inc., 18,581 and 37,102 of leased square feet have a lease expiration of January 31, 2026 and March 31, 2028, respectively.

(6)    Name withheld per tenant's request.

Fourth Quarter 2025 Supplemental Information	Page 34
TOP TENANTS - RETAIL
---		As of December 31, 2025
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
	Tenant	Property(ies)	Lease Expiration	Total Occupied Square Feet	Rentable Square Feet as a Percentage of Total Retail		Rentable Square Feet as a Percentage of Total		Annualized Base Rent		Annualized Base Rent as a Percentage of Total Retail		Annualized Base Rent as a Percentage of Total
1	Lowe's	Waikele Center	5/31/2028	155,000	6.4	%	2.3	%	$	4,092,000	5.8	%	1.5	%
2	Sprouts Farmers Market (1)	Solana Beach Towne Centre<br>Geary Marketplace<br>Carmel Mountain Plaza	6/30/2029<br>9/30/2032<br>3/31/2035	71,431	3.0		1.1		2,248,554		3.2		0.8
3	Marshalls (2)	Carmel Mountain Plaza<br>Solana Beach Towne Centre	1/31/2029<br>1/31/2035	68,055	2.8		1.0		1,901,151		2.7		0.7
4	Nordstrom Rack (3)	Carmel Mountain Plaza<br>Alamo Quarry Market	9/30/2027<br>10/31/2027	69,047	2.9		1.0		1,804,269		2.6		0.6
5	Vons	Lomas Santa Fe Plaza	12/31/2027	49,895	2.1		0.7		1,609,086		2.3		0.6
6	Old Navy (4)	Alamo Quarry Market<br>Southbay Marketplace<br>Waikele Center	9/30/2027<br>4/30/2028<br>7/31/2030	52,936	2.2		0.8		1,308,258		1.9		0.5
7	Sola Salons (5)	Solana Beach Towne Centre<br>Hassalo on Eighth - Retail<br>South Bay Marketplace<br>Carmel Mountain Plaza<br>Carmel Country Plaza	11/30/2029<br>3/31/2031<br>6/30/2032<br>8/31/2034<br>2/29/2036	42,576	1.8		0.6		1,206,927		1.7		0.4
8	Safeway	Waikele Center	1/31/2040	50,050	2.1		0.7		1,201,200		1.7		0.4
9	HomeGoods (6)	Lomas Santa Fe Plaza<br>Alamo Quarry Market	2/28/2030<br>8/31/2034	55,837	2.3		0.8		1,200,000		1.7		0.4
10	Hobby Lobby	Gateway Marketplace	9/30/2036	64,900	2.7		1.0		1,172,885		1.7		0.4
	Top 10 Retail Tenants Total			679,727	28.3	%	10.0	%	$	17,744,330	25.3	%	6.3	%

Notes:

(1)    For Sprouts Farmers Market, 14,986, 25,472, and 30,973 of leased square feet have a lease expiration of June 30, 2029 (Solana Beach Towne Centre), September 30, 2032 (Geary Marketplace), and March 31, 2035 (Carmel Mountain Plaza), respectively.

(2)    For Marshalls, 28,760 and 39,295 of leased square feet have a lease expiration of January 31, 2029 (Carmel Mountain Plaza) and January 31, 2035 (Solana Beach Towne Centre).

(3)    For Nordstrom Rack, 39,047 and 30,000 of leased square feet have a lease expiration of September 30, 2027 (Carmel Mountain Plaza) and October 31, 2027 (Alamo Quarry Market), respectively.

(4)    For Old Navy, 15,021, 20,000 and 17,915 of leased square feet have a lease expiration of September 30, 2027 (Alamo Quarry Market), April 30, 2028 (South Bay Marketplace) and July 31, 2030 (Waikele Center), respectively.

(5)    For Sola Salons, 6,300, 5,775, 7,500, 14,289, and 8,712 of leased square feet have a lease expiration of November 30, 2029 (Solana Beach Towne Centre), March 31, 2031 (Hassalo on Eighth - Retail), June 30, 2032 (South Bay Marketplace), August 31, 2034 (Carmel Mountain Plaza), and February 29, 2036 (Carmel Country Plaza), respectively.

(6)    For HomeGoods, 30,000 and 25,837 of leased square feet have a lease expiration of February 28, 2030 (Lomas Sante Fe Plaza) and August 31, 2034 (Alamo Quarry Market), respectively.

Fourth Quarter 2025 Supplemental Information	Page 35

APPENDIX

Fourth Quarter 2025 Supplemental Information	Page 36
GLOSSARY OF TERMS
---

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate and impairments of real estate, if any. EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDA for the three months and year ended December 31, 2025 and 2024 is as follows:

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income	$	4,221	$	11,584	$	71,370	$	72,819
Depreciation and amortization	32,022		30,704		127,312		125,461
Interest expense, net	19,783		23,754		78,120		74,527
Interest income	(868)		(5,480)		(4,328)		(9,031)
Income tax expense	79		190		770		886
Gain on sale of real estate	—		—		(44,476)		—
EBITDA	$	55,237	$	60,752	$	228,768	$	264,662

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that begins with EBITDA and includes adjustments for certain items that we believe are not representative of ongoing operating performance. Specifically, we include an early extinguishment of debt adjustment and pro forma adjustment to reflect a full period of NOI on the operating properties we acquire during the quarter, to assume all transactions occurred at the beginning of the quarter. We use Adjusted EBITDA as a supplemental performance measure because we believe these items create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential. However, Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined by GAAP. The reconciliation of EBITDA to Adjusted EBITDA for the three months and year ended December 31, 2025 and 2024 is as follows:

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
EBITDA	$	55,237	$	60,752	$	228,768	$	264,662
Pro forma adjustments	—		—		—		—
Adjusted EBITDA	$	55,237	$	60,752	$	228,768	$	264,662

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre): EBITDAre is a supplemental non-GAAP measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts (NAREIT) defines EBITDAre as follows: net income or loss, computed in accordance with GAAP plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate including gain or loss on change of control, impairments of real estate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates, if any. EBITDAre is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three months and year ended December 31, 2025 and 2024 is as follows:

	Three Months Ended				Year Ended
	December 31,				December 31,
	2025		2024		2025		2024
Net income	$	4,221	$	11,584	$	71,370	$	72,819
Depreciation and amortization	32,022		30,704		127,312		125,461
Interest expense, net	19,783		23,754		78,120		74,527
Interest income	(868)		(5,480)		(4,328)		(9,031)
Income tax expense	79		190		770		886
Gain on sale of real estate	—		—		(44,476)		—
EBITDAre	$	55,237	$	60,752	$	228,768	$	264,662
Fourth Quarter 2025 Supplemental Information	Page 37
---	---
GLOSSARY OF TERMS (CONTINUED)
---

Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus depreciation and amortization of real estate assets and excluding extraordinary items, gains and losses on sale of real estate and impairment losses. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

Funds Available for Distribution (FAD): FAD is a supplemental measure of our liquidity. We compute FAD by subtracting from FFO As Adjusted second generation tenant improvements and leasing commissions and capital expenditures, eliminating the net effect of straight-line rents, amortization of above (below) market rents for acquisition properties, the effects of other lease intangibles, adding noncash amortization of deferred financing costs and debt fair value adjustments, adding noncash compensation expense, and adding (subtracting) unrealized losses (gains) on marketable securities. Capital expenditures do not include capital expenditures incurred in connection with repositioning activities, as well as planned capital expenditures identified at the time of acquisition. FAD provides an additional perspective on our ability to fund cash needs and make distributions by adjusting FFO for the impact of certain cash and noncash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. However, other REITs may use different methodologies for calculating FAD and, accordingly, our FAD may not be comparable to other REITs.

Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant reimbursements, lease termination fees, ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance). NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expense, other nonproperty income and losses, gains and losses from property dispositions, extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. Since NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, gains and losses from property dispositions, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. However, NOI should not be viewed as an alternative measure of our financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations.

	Three Months Ended				Year Ended
	December 31,				December 31,
Reconciliation of NOI to net income	2025		2024		2025		2024
Total NOI	$	65,416	$	69,573	$	266,609	$	290,128
General and administrative	(10,179)		(8,821)		(37,841)		(35,468)
Depreciation and amortization	(32,022)		(30,704)		(127,312)		(125,461)
Gain on sale of real estate	—		—		44,476		—
Operating Income	$	23,215	$	30,048	$	145,932	$	129,199
Interest expense, net	(19,783)		(23,754)		(78,120)		(74,527)
Other income, net	789		5,290		3,558		18,147
Net income	$	4,221	$	11,584	$	71,370	$	72,819
Net income attributable to restricted shares	(236)		(202)		(852)		(787)
Net income attributable to unitholders in the Operating Partnership	(837)		(2,405)		(14,870)		(15,234)
Net income attributable to American Assets Trust, Inc. stockholders	$	3,148	$	8,977	$	55,648	$	56,798

Overall Portfolio: Includes all operating properties owned by us as of December 31, 2025.

Fourth Quarter 2025 Supplemental Information	Page 38
GLOSSARY OF TERMS (CONTINUED)
---

Cash NOI: We define cash NOI as operating revenues (rental income, tenant reimbursements (other than tenant improvement reimbursements), ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance), adjusted for non-cash revenue and operating expense items such as straight-line rent, amortization of lease intangibles, amortization of lease incentives and other adjustments. Cash NOI also excludes lease termination fees, tenant improvement reimbursements, general and administrative expenses, depreciation and amortization, interest expense, other non-property income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, our cash NOI may not be comparable to the cash NOIs of other REITs. We believe cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner. We believe the exclusion of these items from net (loss) income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the company's properties but does not measure the company's performance as a whole. Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP. A Reconciliation of Total Cash NOI to Net Income is presented below:

	Three Months Ended				Year Ended
	December 31,				December 31,
Reconciliation of Total Cash NOI to Net Income	2025		2024		2025		2024
Total Cash NOI	$	65,334	$	68,669	$	262,784	$	271,797
Lease termination fees and tenant improvement reimbursements	729		172		4,125		12,445
Non-cash revenue and other operating expenses (1)	(647)		732		(300)		5,886
General and administrative	(10,179)		(8,821)		(37,841)		(35,468)
Depreciation and amortization	(32,022)		(30,704)		(127,312)		(125,461)
Gain on sale of real estate	—		—		44,476		—
Operating income	$	23,215	$	30,048	$	145,932	$	129,199
Interest expense, net	(19,783)		(23,754)		(78,120)		(74,527)
Other income, net	789		5,290		3,558		18,147
Net income	$	4,221	$	11,584	$	71,370	$	72,819

(1)    Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, and straight-line rent expense for our leases of the Annex at The Landmark at One Market.

Fourth Quarter 2025 Supplemental Information	Page 39
GLOSSARY OF TERMS (CONTINUED)
---

Same-Store Portfolio and Non-Same Store Portfolio: Information provided on a same-store basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties for which significant redevelopment or expansion occurred during either of the periods being compared, properties under development, properties classified as held for development and properties classified as discontinued operations. The following table shows the properties included in the same-store and non-same store portfolio for the comparative periods presented. A reconciliation of Same-Store Cash NOI to Net Income is presented below:

	Three Months Ended (1)				Year Ended (2)
	December 31,				December 31,
Reconciliation of Same-Store Cash NOI Comparison to Operating Income	2025		2024		2025		2024
Same-Store Cash NOI	$	66,104	$	66,083	$	264,938	$	263,718
Non-Same Store Cash NOI (3)	(770)		2,586		(2,154)		8,079
Total Cash NOI	$	65,334	$	68,669	$	262,784	$	271,797
Lease termination fees and tenant improvement reimbursements (4)	729		172		4,125		12,445
Non-cash revenue and other operating expenses (5)	(647)		732		(300)		5,886
General and administrative	(10,179)		(8,821)		(37,841)		(35,468)
Depreciation and amortization	(32,022)		(30,704)		(127,312)		(125,461)
Gain on sale of real estate	—		—		44,476		—
Operating income	$	23,215	$	30,048	$	145,932	$	129,199
Interest expense, net	(19,783)		(23,754)		(78,120)		(74,527)
Other income, net	789		5,290		3,558		18,147
Net income	$	4,221	$	11,584	$	71,370	$	72,819

(1)    For the three months ended December 31, 2025, same-store portfolio includes: One Beach Street (office), which was placed into operations on August 1, 2024. 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 operations on April 1, 2025 and (iv) land held for development.

(2)    For the year ended December 31, 2025, same-store portfolio excludes: (i) One Beach Street (office), which was placed into operations on August 1, 2024; (ii) Del Monte Center (retail), which was sold on February 25, 2025; (iii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iv) La Jolla Commons III (office), which was placed into operations on April 1, 2025 and (v) land held for development.

(3)    One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. As noted above, One Beach Street is considered same-store for the three months ended December 31, 2025 and non-same store for the year ended December 31, 2025, since it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such is included within the non-same-store portfolio.

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

(5)    Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles and straight-line rent expense for our leases of the Annex at The Landmark at One Market.

Fourth Quarter 2025 Supplemental Information	Page 40
GLOSSARY OF TERMS (CONTINUED)
---			Comparison of Three Months Ended		Comparison of Year Ended
---	---	---	---	---
	December 31, 2025 to 2024		December 31, 2025 to 2024
	Same-Store	Non Same-Store	Same-Store	Non Same-Store
Office Properties
La Jolla Commons (1)	X	X	X	X
Coastal Collection at Torrey Reserve (formerly Torrey Reserve Campus)	X		X
Torrey Point	X		X
Solana Crossing	X		X
The Landmark at One Market	X		X
One Beach Street (2)	X			X
First & Main	X		X
Lloyd Portfolio	X		X
City Center Bellevue	X		X
14Acres	X		X
Timber Ridge	X		X
Timber Springs	X		X
Retail Properties
Carmel Country Plaza	X		X
Carmel Mountain Plaza	X		X
South Bay Marketplace	X		X
Gateway Marketplace	X		X
Lomas Santa Fe Plaza	X		X
Solana Beach Towne Centre	X		X
Geary Marketplace	X		X
The Shops at Kalakaua	X		X
Waikele Center	X		X
Alamo Quarry Market	X		X
Hassalo on Eighth - Retail	X		X
Multifamily Properties
Loma Palisades	X		X
Imperial Beach Gardens	X		X
Mariner's Point	X		X
Santa Fe Park RV Resort	X		X
Pacific Ridge Apartments	X		X
Genesee Park		X		X
Hassalo on Eighth	X		X
Mixed-Use Properties
Waikiki Beach Walk - Retail	X		X
Waikiki Beach Walk - Embassy Suites™	X		X
Development Properties
Solana Crossing - Land		X		X
Lloyd Portfolio - Land (2)		X		X

(1)     La Jolla Commons Tower III is considered non same-store, as it was placed into operations on April 1, 2025.

Fourth Quarter 2025 Supplemental Information	Page 41
GLOSSARY OF TERMS (CONTINUED)
---

(2)    One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. As noted above, One Beach Street is considered same-store for the three months ended December 31, 2025 and non-same store for the year ended December 31, 2025, since it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such is included within the non-same-store portfolio.

Tenant Improvements and Incentives: Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may also include base building costs (i.e. expansion, escalators, new entrances, etc.) which are required to make the space leasable. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements.

Fourth Quarter 2025 Supplemental Information	Page 42