Form 8-K

8-K — American Assets Trust, Inc.

Accession: 0001500217-26-000043

Filed: 2026-07-28

Period: 2026-07-28

CIK: 0001500217

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — aat-20260728.htm (Primary)

EX-99.1 — EARNINGS RELEASE (a2q26earningsrelease.htm)

EX-99.2 — SUPPLEMENTAL INFORMATION (a2q26supplemental.htm)

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8-K

8-K (Primary)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_________________________

FORM 8-K

_________________________

CURRENT REPORT

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

Date of Report (Date of Earliest Event Reported):

July 28, 2026

_________________________

American Assets Trust, Inc.

(Exact name of registrant as specified in its charter)

_________________________

Maryland

001-35030

27-3338708

(State or other jurisdiction

of incorporation) (Commission

File No.) (I.R.S. Employer

Identification No.)

3420 Carmel Mountain Road, Suite 100

San Diego, California 92121

(Address of principal executive offices and Zip Code)

(858) 350-2600

(Registrant’s telephone number, including area code)

Not Applicable

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

_________________________

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

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Name of Registrant Title of each class Trading Symbol Name of each exchange on which registered

American Assets Trust, Inc. Common Stock, par value $0.01 per share AAT New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On July 28, 2026, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter ending June 30, 2026. Also on July 28, 2026, the Company made available on the “Investors” page of its website at www.americanassetstrust.com certain supplemental information concerning the Company’s financial results and operations for the quarter ending June 30, 2026. Copies of the press release and supplemental information are attached hereto as Exhibits 99.1 and 99.2, respectively.

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

Item 7.01 Regulation FD Disclosure.

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the quarter ending June 30, 2026 and made available on its website certain supplemental information relating thereto.

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

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits:

The following exhibits are filed herewith:

Exhibit Number

Exhibit Description

99.1**

Press release issued by American Assets Trust, Inc. on July 28, 2026.

99.2**

American Assets Trust, Inc. Supplemental Information for the quarter ended June 30, 2026.

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

Executive Vice President, CFO

July 28, 2026

EX-99.1 — EARNINGS RELEASE

EX-99.1

Filename: a2q26earningsrelease.htm · Sequence: 2

Document

American Assets Trust, Inc. Reports Second Quarter 2026 Financial Results

SAN DIEGO, California - 7/28/2026 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its second quarter ended June 30, 2026.

Second Quarter Highlights

•Net income available to common stockholders of $5.2 million and $10.3 million for the three and six months ended June 30, 2026, respectively, or $0.09 and $0.17 per diluted share, respectively.

•FFO of $0.51 and $1.02 per diluted share for the three and six months ended June 30, 2026, respectively, compared to $0.52 and $1.04 per diluted share for the same periods in 2025.

•Same-store cash Net Operating Income (“NOI”) increased 0.3% and decreased 0.1% for the three and six months ended June 30, 2026, respectively, compared to the same periods in 2025.

•Achieved record average rental rates across our office, retail, and multifamily segments during the second quarter of 2026.

•Leased 110,000 of office square feet, of which approximately 75,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 10.2% and 9.1%, respectively, during the second quarter.

•Leased 139,000 of retail square feet, of which approximately 134,000 is comparable at an average straight-line basis and cash-basis contractual rent increase of 20.2% and 3.0%, respectively, during the second quarter.

Amended and Restated Credit Facility

• On April 1, 2026, the credit facility was amended and restated to, among other things, increase the borrowing capacity to $600 million, consisting of a $500 million revolving line of credit and a $100 million term loan, and extend the maturity date to April 1, 2030. As of June 30, 2026, the only amount outstanding under the credit facility was the $100 million term loan.

Financial Results

(Unaudited, amounts in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

Basic and diluted income attributable to common stockholders per share $ 0.09 $ 0.09 $ 0.17 $ 0.79

FFO attributable to common stock and common units $ 39,286 $ 39,723 $ 78,120 $ 79,668

FFO per diluted share and unit $ 0.51 $ 0.52 $ 1.02 $ 1.04

Net income attributable to common stockholders decreased $47.7 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily driven by the gain on sale of Del Monte Center recognized in 2025, higher interest expense as we ceased capitalization of interest related to La Jolla Commons III being placed into service, decrease in occupancy at First & Main and 14Acres and overall increase in rental expenses across all segments.

FFO decreased $1.5 million for the six months ended June 30, 2026 compared to the same period in 2025, primarily due to the items described above. Gain on sale of Del Monte Center is excluded from FFO computations.

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

Leasing

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

June 30, 2026 March 31, 2026 June 30, 2025

Total Portfolio

Office 84.4% 84.5% 82.0%

Retail 97.9% 97.7% 97.7%

Multifamily (1) (2)

88.4% 94.7% 88.8%

Mixed-Use:

Retail 92.2% 96.2% 95.0%

Hotel 91.2% 91.9% 85.3%

Same-Store Portfolio (3)

Office 84.4% 84.5% 82.0%

Retail 97.9% 97.7% 97.7%

Multifamily (1) (2)

88.4% 94.7% 88.8%

Mixed-Use:

Retail 92.2% 96.2% 95.0%

Hotel 91.2% 91.9% 85.3%

(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 87.7%, 92.1% and 88.1% as of June 30, 2026, March 31, 2026 and June 30, 2025, respectively.

(3) Same-store portfolio excludes land held for development.

During the second quarter of 2026, the company signed 34 leases for approximately 248,700 square feet of office and retail space, as well as 575 multifamily apartment leases. Renewals accounted for 67% of the comparable office leases, 100% of the comparable retail leases, and 77% 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:

3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026

Office Weighted Average Portfolio $56.59 $56.69 $56.64 $57.83

Retail Weighted Average Portfolio $29.57 $29.72 $30.04 $30.12

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

3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026

Office Cash Basis % Change Over Prior Rent 9.3% 6.6% 4.8% 9.1%

Straight-Line Basis % Change Over Prior Rent 18.6% 11.5% 10.6% 10.2%

Retail Cash Basis % Change Over Prior Rent 4.4% 0.3% (2.0)% 3.0%

Straight-Line Basis % Change Over Prior Rent 21.0% 24.3% 1.3% 20.2%

On a comparable basis (i.e., leases for which there was a former tenant in the past six months) during the three and six months ended June 30, 2026 our office and retail leasing spreads are shown below:

Number of Leases Signed Comparable Leased Sq. Ft. Average Cash Basis % Change Over Prior Rent Average Cash Contractual Rent Per Sq. Ft. Straight-Line Basis % Change Over Prior Rent

Office Q2 2026 12 75,416 9.1% $61.75 10.2%

YTD Q2 2026 27 183,872 6.6% $59.93 10.4%

Retail Q2 2026 19 133,828 3.0% $39.18 20.2%

YTD Q2 2026 32 171,421 1.7% $40.61 15.3%

Multifamily

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

3rd Quarter 2025 4th Quarter 2025 1st Quarter 2026 2nd Quarter 2026

Average Monthly Base Rent per Occupied Unit $ 2,730 $ 2,684 $ 2,756 $ 2,776

Same-Store Cash Net Operating Income

For the three and six months ended June 30, 2026, same-store cash NOI increased 0.3% and decreased 0.1%, respectively, compared to the three and six months ended June 30, 2025. The same-store cash NOI by segment was as follows (in thousands):

Three Months Ended (1)

Six Months Ended (2)

June 30, June 30,

2026 2025 Change 2026 2025 Change

Cash Basis:

Office (3)

$ 34,575 $ 34,426 0.4 % $ 70,230 $ 70,344 (0.2) %

Retail 16,818 16,891 (0.4) 33,087 33,274 (0.6)

Multifamily 9,390 9,307 0.9 18,671 18,444 1.2

Mixed-Use 5,718 5,681 0.7 10,937 11,045 (1.0)

Same-store Cash NOI (3)(4)

$ 66,501 $ 66,305 0.3 % $ 132,925 $ 133,107 (0.1) %

(1) For the three months ended June 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development.

(2) For the six months ended June 30, 2026, the same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025, (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into service on April 1, 2025 and (iv) land held for development.

(3) Office same-store cash NOI and total same-store cash NOI include the impact of a one-time reserve for certain receivables related to an office tenant at Coastal Collection at Torrey Reserve. The company continues to pursue recovery of the outstanding amounts. Excluding this reserve, office same-store cash NOI would have increased 2.4% and 0.8% for the three and six months ended June 30, 2026, respectively, and total same-store cash NOI would have increased 1.3% and 0.4% for the respective periods, each compared to the corresponding periods in 2025.

(4) 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.

Credit Facility

On April 1, 2026, our credit facility was amended and restated to, among other things, increase the revolving line of credit from $400 million to $500 million, extend the maturity date of the restated $500 million revolving line of credit to April 1, 2030 (with two, six-month extension options), and extend the maturity of the $100 million term loan included within the credit facility to April 1, 2030 (with one, twelve-month extension option). As of June 30, 2026, the only amount outstanding under the credit facility was the $100 million term loan.

Balance Sheet and Liquidity

At June 30, 2026, the company had gross real estate assets of $3.8 billion and liquidity of $609.7 million, comprised of cash and cash equivalents of $109.7 million and $500.0 million of availability on its line of credit. At June 30, 2026, the company had only 1 out of 31 assets encumbered by a mortgage.

Dividends

The company declared dividends on its shares of common stock of $0.34 per share for the second quarter of 2026. The dividends were paid on June 18, 2026.

In addition, the company has declared a dividend on its common stock of $0.34 per share for the third quarter of 2026. The dividend will be paid in cash on September 17, 2026 to stockholders of record as of September 3, 2026.

Guidance

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

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

Conference Call

The company will hold a conference call to discuss the results for the second quarter of 2026 on Wednesday, July 29, 2026 at 8:00 a.m. Pacific Time. To participate in the event by telephone, please dial 1-833-816-1162 and ask to join the American Assets Trust, Inc. conference call. A live on-demand audio webcast of the conference call will be available on the company's website at www.americanassetstrust.com. A replay of the call will also be available on the company's website.

Supplemental Information

Supplemental financial information regarding the company's second quarter 2026 results may be found on the "Financial Reporting" tab of the “Investors” page of the company's website at www.americanassetstrust.com. This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.

Financial Information

American Assets Trust, Inc.

Consolidated Balance Sheets

(In Thousands, Except Share Data)

June 30, 2026 December 31, 2025

Assets (unaudited)

Real estate, at cost

Operating real estate $ 3,718,569 $ 3,694,203

Construction in progress 88,156 68,937

Held for development 487 487

3,807,212 3,763,627

Accumulated depreciation (1,195,972) (1,144,259)

Net real estate 2,611,240 2,619,368

Cash and cash equivalents 109,697 129,362

Accounts receivable, net 5,502 7,407

Deferred rent receivables, net 84,527 84,642

Other assets, net 81,567 80,497

Total assets $ 2,892,533 $ 2,921,276

Liabilities and equity

Liabilities:

Secured notes payable, net $ 74,895 $ 74,849

Unsecured notes payable, net 1,613,061 1,612,761

Accounts payable and accrued expenses 81,216 71,094

Security deposits payable 10,500 10,063

Other liabilities and deferred credits, net 58,779 61,304

Total liabilities 1,838,451 1,830,071

Commitments and contingencies

Equity:

American Assets Trust, Inc. stockholders' equity

Common stock, $0.01 par value, 490,000,000 shares authorized, 61,404,213 and 61,390,936 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 614 614

Additional paid-in capital 1,483,234 1,479,870

Accumulated dividends in excess of net income (362,058) (331,086)

Accumulated other comprehensive income 424 1,419

Total American Assets Trust, Inc. stockholders' equity 1,122,214 1,150,817

Noncontrolling interests (68,132) (59,612)

Total equity 1,054,082 1,091,205

Total liabilities and equity $ 2,892,533 $ 2,921,276

American Assets Trust, Inc.

Unaudited Consolidated Statements of Operations

(In Thousands, Except Shares and Per Share Data)

Three Months Ended June 30, Six Months Ended June 30,

2026 2025 2026 2025

Revenue:

Rental income $ 103,115 $ 101,070 $ 207,537 $ 204,021

Other property income 6,368 6,863 12,538 12,519

Total revenue 109,483 107,933 220,075 216,540

Expenses:

Rental expenses 31,769 29,678 63,489 59,978

Real estate taxes 9,791 10,645 21,737 21,650

General and administrative 8,912 8,850 17,695 18,162

Depreciation and amortization 32,712 32,782 65,023 63,276

Total operating expenses 83,184 81,955 167,944 163,066

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

Operating income 26,299 25,978 52,131 97,950

Interest expense, net (19,931) (19,784) (39,638) (38,564)

Other income, net 422 927 1,036 1,842

Net income 6,790 7,121 13,529 61,228

Net income attributable to restricted shares (235) (206) (471) (409)

Net income attributable to unitholders in the Operating Partnership

(1,380) (1,459) (2,749) (12,828)

Net income attributable to American Assets Trust, Inc. stockholders

$ 5,175 $ 5,456 $ 10,309 $ 47,991

Net income per share

Basic income attributable to common stockholders per share

$ 0.09 $ 0.09 $ 0.17 $ 0.79

Weighted average shares of common stock outstanding - basic

60,703,355 60,540,125 60,700,533 60,538,720

Diluted income attributable to common stockholders per share

$ 0.09 $ 0.09 $ 0.17 $ 0.79

Weighted average shares of common stock outstanding - diluted

76,884,892 76,721,662 76,882,070 76,720,257

Dividends declared per common share $ 0.340 $ 0.340 $ 0.680 $ 0.680

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 Six Months Ended

June 30, 2026 June 30, 2026

Funds From Operations (FFO)

Net income $ 6,790 $ 13,529

Depreciation and amortization of real estate assets 32,712 65,023

FFO, as defined by NAREIT $ 39,502 $ 78,552

Less: Nonforfeitable dividends on restricted stock awards (216) (432)

FFO attributable to common stock and units $ 39,286 $ 78,120

FFO per diluted share/unit $ 0.51 $ 1.02

Weighted average number of common shares and units, diluted 76,888,301 76,882,369

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)

Six Months Ended (2)

June 30, June 30,

2026 2025 2026 2025

Same-store cash NOI $ 66,501 $ 66,305 $ 132,925 $ 133,107

Non-same-store cash NOI (25) (134) (363) 26

Cash NOI $ 66,476 $ 66,171 $ 132,562 $ 133,133

Lease termination fees and tenant improvement reimbursements (3)

725 919 969 1,093

Non-cash revenue and other operating expenses (4)

722 520 1,318 686

General and administrative (8,912) (8,850) (17,695) (18,162)

Depreciation and amortization (32,712) (32,782) (65,023) (63,276)

Interest expense, net (19,931) (19,784) (39,638) (38,564)

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

Other income, net 422 927 1,036 1,842

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

Number of properties included in same-store analysis 31 29 30 29

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

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

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

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

EX-99.2 — SUPPLEMENTAL INFORMATION

EX-99.2

Filename: a2q26supplemental.htm · Sequence: 3

Document

SECOND QUARTER 2026

Supplemental Information

Investor and Media Contact

American Assets Trust, Inc.

Robert F. Barton

Executive Vice President and Chief Financial Officer

858-350-2607

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

with favorable supply/demand characteristics

Office Retail Multifamily Mixed-Use

Market Square Feet Square Feet Units Square Feet Suites

San Diego 1,802,809 1,322,200 1,645 (1) — —

Bellevue 1,028,470 — — — —

Portland 930,903 44,236 657 — —

San Antonio — 588,148 — — —

San Francisco 511,493 35,097 — — —

Oahu — 430,288 — 93,925 369

Total 4,273,675 2,419,969 2,302 93,925 369

Square Feet %

NOI % (2)

Note: Circled areas represent all markets in which American Assets Trust, Inc. currently owns and operates its real estate properties. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties. Office 4.3 million 64% 52%

Retail (3)

2.4 million 36% 25%

Data is as of June 30, 2026. Totals 6.7 million

(1) Includes 120 RV spaces.

(2) Percentage of Net Operating Income (NOI) calculated for the three months ended June 30, 2026. NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of NOI to net income are included in the Glossary of Terms.

(3) Does not include mixed-use retail.

Second Quarter 2026 Supplemental Information Page 2

INDEX

SECOND QUARTER 2026 SUPPLEMENTAL INFORMATION

1. FINANCIAL HIGHLIGHTS

Consolidated Balance Sheets

Consolidated Statements of Operations

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

Same-Store Net Operating Income (NOI)

Same-Store Cash NOI Comparison

Cash NOI By Region

Cash NOI Breakdown

Property Revenue and Operating Expenses

Segment Capital Expenditures

Summary of Outstanding Debt

Market Capitalization

Summary of Development Opportunities

2. PORTFOLIO DATA

Property Report

Office Leasing Summary

Retail Leasing Summary

Multifamily Leasing Summary

Mixed-Use Leasing Summary

Lease Expirations

Portfolio Leased Statistics

Top Tenants - Office

Top Tenants - Retail

3. APPENDIX

Glossary of Terms

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.

Second Quarter 2026 Supplemental Information

Page 3

FINANCIAL HIGHLIGHTS

Second Quarter 2026 Supplemental Information

Page 4

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except shares and per share data) June 30, 2026 December 31, 2025

ASSETS (unaudited)

Real estate, at cost

Operating real estate $ 3,718,569 $ 3,694,203

Construction in progress 88,156 68,937

Held for development 487 487

3,807,212 3,763,627

Accumulated depreciation (1,195,972) (1,144,259)

Net real estate 2,611,240 2,619,368

Cash and cash equivalents 109,697 129,362

Accounts receivable, net 5,502 7,407

Deferred rent receivable, net 84,527 84,642

Other assets, net 81,567 80,497

TOTAL ASSETS $ 2,892,533 $ 2,921,276

LIABILITIES AND EQUITY

LIABILITIES:

Secured notes payable, net $ 74,895 $ 74,849

Unsecured notes payable, net 1,613,061 1,612,761

Accounts payable and accrued expenses 81,216 71,094

Security deposits payable 10,500 10,063

Other liabilities and deferred credits, net 58,779 61,304

Total liabilities 1,838,451 1,830,071

Commitments and contingencies

EQUITY:

American Assets Trust, Inc. stockholders' equity

Common stock, $0.01 par value, 490,000,000 shares authorized, 61,404,213 and 61,390,936 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 614 614

Additional paid in capital 1,483,234 1,479,870

Accumulated dividends in excess of net income (362,058) (331,086)

Accumulated other comprehensive income 424 1,419

Total American Assets Trust, Inc. stockholders' equity 1,122,214 1,150,817

Noncontrolling interests (68,132) (59,612)

Total equity 1,054,082 1,091,205

TOTAL LIABILITIES AND EQUITY $ 2,892,533 $ 2,921,276

Second Quarter 2026 Supplemental Information

Page 5

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

REVENUE:

Rental income $ 103,115 $ 101,070 $ 207,537 $ 204,021

Other property income 6,368 6,863 12,538 12,519

Total revenue 109,483 107,933 220,075 216,540

EXPENSES:

Rental expenses 31,769 29,678 63,489 59,978

Real estate taxes 9,791 10,645 21,737 21,650

General and administrative 8,912 8,850 17,695 18,162

Depreciation and amortization 32,712 32,782 65,023 63,276

Total operating expenses 83,184 81,955 167,944 163,066

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

OPERATING INCOME 26,299 25,978 52,131 97,950

Interest expense, net (19,931) (19,784) (39,638) (38,564)

Other income, net 422 927 1,036 1,842

NET INCOME 6,790 7,121 13,529 61,228

Net income attributable to restricted shares (235) (206) (471) (409)

Net income attributable to unitholders in the Operating Partnership (1,380) (1,459) (2,749) (12,828)

NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 5,175 $ 5,456 $ 10,309 $ 47,991

EARNINGS PER COMMON SHARE

Basic income from operations attributable to common stockholders per share $ 0.09 $ 0.09 $ 0.17 $ 0.79

Weighted average shares of common stock outstanding - basic 60,703,355 60,540,125 60,700,533 60,538,720

Diluted income from operations attributable to common stockholders per share $ 0.09 $ 0.09 $ 0.17 $ 0.79

Weighted average shares of common stock outstanding - diluted 76,884,892 76,721,662 76,882,070 76,720,257

Second Quarter 2026 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 Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Funds from Operations (FFO) (1)

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

Depreciation and amortization of real estate assets 32,712 32,782 65,023 63,276

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

FFO, as defined by NAREIT 39,502 39,903 78,552 80,028

Less: Nonforfeitable dividends on incentive restricted stock awards (216) (180) (432) (360)

FFO attributable to common stock and common units $ 39,286 $ 39,723 $ 78,120 $ 79,668

FFO per diluted share/unit $ 0.51 $ 0.52 $ 1.02 $ 1.04

Weighted average number of common shares and common units, diluted (2)

76,888,301 76,711,831 76,882,369 76,716,676

Funds Available for Distribution (FAD) (1)

$ 29,538 $ 27,353 $ 53,396 $ 56,658

Dividends

Dividends declared and paid $ 26,380 $ 26,294 $ 52,755 $ 52,582

Dividends declared and paid per share/unit $ 0.34 $ 0.34 $ 0.68 $ 0.68

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

Second Quarter 2026 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 Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Funds Available for Distribution (FAD) (1)

FFO $ 39,502 $ 39,903 $ 78,552 $ 80,028

Adjustments:

Tenant improvements, leasing commissions and capital expenditures (11,541) (14,247) (28,284) (27,119)

Net effect of straight-line rents (3)

(334) 135 (591) 490

Amortization of net above (below) market rents (4)

(460) (691) (877) (1,241)

Net effect of other lease assets (5)

72 36 150 65

Amortization of debt issuance costs 833 714 1,514 1,442

Non-cash compensation expense 1,682 1,683 3,364 3,353

Nonforfeitable dividends on restricted stock awards (216) (180) (432) (360)

FAD $ 29,538 $ 27,353 $ 53,396 $ 56,658

Summary of Capital Expenditures

Tenant improvements and leasing commissions $ 5,002 $ 9,786 $ 15,607 $ 17,661

Capital expenditures 6,539 4,461 12,677 9,458

$ 11,541 $ 14,247 $ 28,284 $ 27,119

Notes:

(1) See Glossary of Terms.

(2) For the three and six months ended June 30, 2026 and 2025, the weighted average common shares and common units used to compute FFO per diluted share/unit included operating partnership common units and unvested restricted stock awards that are subject to time vesting. The shares/units used to compute FFO per diluted share/unit include additional shares/units which were excluded from the computation of diluted EPS, as they were anti-dilutive for the periods presented.

(3) Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances.

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

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

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

Second Quarter 2026 Supplemental Information

Page 8

SAME-STORE NET OPERATING INCOME (NOI)

(Unaudited, amounts in thousands)

Three Months Ended June 30, 2026 (1)

Office Retail Multifamily Mixed-Use Total

Real estate rental revenue

Same-store $ 50,713 $ 23,524 $ 17,721 $ 17,513 $ 109,471

Non-same-store 12 — — — 12

Total 50,725 23,524 17,721 17,513 109,483

Real estate expenses

Same-store 15,229 6,374 8,109 11,811 41,523

Non-same-store 37 — — — 37

Total 15,266 6,374 8,109 11,811 41,560

Net Operating Income (NOI)

Same-store 35,484 17,150 9,612 5,702 67,948

Non-same-store (25) — — — (25)

Total $ 35,459 $ 17,150 $ 9,612 $ 5,702 $ 67,923

Same-store NOI $ 35,484 $ 17,150 $ 9,612 $ 5,702 $ 67,948

Net effect of straight-line rents (2)

102 (230) (222) 16 (334)

Amortization of net above (below) market rents (3)

(354) (106) — — (460)

Net effect of other lease assets (4)

60 12 — — 72

Lease termination fees and tenant improvement reimbursements (5)

(717) (8) — — (725)

Same-store cash NOI (5)

$ 34,575 $ 16,818 $ 9,390 $ 5,718 $ 66,501

Notes:

(1) Same-store and non-same-store classifications are determined based on properties held on June 30, 2026 and 2025. See Glossary of Terms.

(2) Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances.

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

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

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

NOI and same-store cash NOI are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. Reconciliations of NOI and same-store cash NOI to net income are included in the Glossary of Terms.

Second Quarter 2026 Supplemental Information

Page 9

SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED)

(Unaudited, amounts in thousands)

Six Months Ended June 30, 2026 (1)

Office Retail Multifamily Mixed-Use Total

Real estate rental revenue

Same-store $ 99,609 $ 46,850 $ 33,334 $ 34,208 $ 214,001

Non-same-store 3,473 18 2,583 — 6,074

Total 103,082 46,868 35,917 34,208 220,075

Real estate expenses

Same-store 30,084 13,354 14,742 23,289 81,469

Non-same-store 2,201 21 1,535 — 3,757

Total 32,285 13,375 16,277 23,289 85,226

Net Operating Income (NOI)

Same-store 69,525 33,496 18,592 10,919 132,532

Non-same-store 1,272 (3) 1,048 — 2,317

Total $ 70,797 $ 33,493 $ 19,640 $ 10,919 $ 134,849

Same-store NOI $ 69,525 $ 33,496 $ 18,592 $ 10,919 $ 132,532

Net effect of straight-line rents (2)

2,164 (210) 79 18 2,051

Amortization of net above (below) market rents (3)

(664) (213) — — (877)

Net effect of other lease assets (4)

104 23 — — 127

Lease termination fees and tenant improvement reimbursements (5)

(899) (9) — — (908)

Same-store cash NOI (5)

$ 70,230 $ 33,087 $ 18,671 $ 10,937 $ 132,925

Notes:

(1) Same-store and non-same-store classifications are determined based on properties held on June 30, 2026 and 2025. See Glossary of Terms.

(2) Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances.

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

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

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

Second Quarter 2026 Supplemental Information

Page 10

SAME-STORE CASH NOI COMPARISON

(Unaudited, amounts in thousands) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 Change 2026 2025 Change

Cash Basis:

Office (1)

$ 34,575 $ 34,426 0.4 % $ 70,230 $ 70,344 (0.2) %

Retail 16,818 16,891 (0.4) 33,087 33,274 (0.6)

Multifamily 9,390 9,307 0.9 18,671 18,444 1.2

Mixed-Use 5,718 5,681 0.7 10,937 11,045 (1.0)

Same-store Cash NOI (1)(2)(3)

$ 66,501 $ 66,305 0.3 % $ 132,925 $ 133,107 (0.1) %

Notes:

(1) Office same-store cash NOI and total same-store cash NOI include the impact of a one-time reserve for certain receivables related to an office tenant at Coastal Collection at Torrey Reserve. The company continues to pursue recovery of the outstanding amounts. Excluding this reserve, office same-store cash NOI would have increased 2.4% and 0.8% for the three and six months ended June 30, 2026, respectively, and total same-store cash NOI would have increased 1.3% and 0.4% for the respective periods, each compared to the corresponding periods in 2025.

(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.

Second Quarter 2026 Supplemental Information

Page 11

CASH NOI BY REGION

(Unaudited, amounts in thousands) Three Months Ended June 30, 2026

Office Retail Multifamily Mixed-Use Total

Cash Basis:

Southern California $ 14,295 $ 9,308 $ 7,901 $ — $ 31,504

Northern California 7,536 269 — — 7,805

Hawaii — 3,131 — 5,718 8,849

Oregon 4,872 163 1,489 — 6,524

Texas — 3,947 — — 3,947

Washington 7,847 — — — 7,847

Total Cash NOI $ 34,550 $ 16,818 $ 9,390 $ 5,718 $ 66,476

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.

Second Quarter 2026 Supplemental Information

Page 12

CASH NOI BREAKDOWN

Three Months Ended June 30, 2026

Cash NOI Breakdown

Portfolio Diversification by Geographic Region Portfolio Diversification by Segment

Second Quarter 2026 Supplemental Information

Page 13

PROPERTY REVENUE AND OPERATING EXPENSES

(Unaudited, amounts in thousands) Three Months Ended June 30, 2026

Additional Property

Property Billed Expense Operating Rental Cash

Property

Base Rent (1)

Income (2)

Reimbursements (3)

Expenses (4)

Adjustments (5)

NOI (6)

Office Portfolio

La Jolla Commons $ 10,425 $ 371 $ 1,155 $ (2,872) $ (676) $ 8,403

Coastal Collection at Torrey Reserve (7)

5,729 63 361 (1,952) (400) 3,801

Torrey Point (8)

1,542 97 38 (440) (477) 760

Solana Crossing 2,199 14 112 (625) (365) 1,335

The Landmark at One Market 10,700 98 488 (3,525) — 7,761

One Beach Street 201 — 2 (328) (100) (225)

First & Main 2,240 260 491 (981) (173) 1,837

Lloyd Portfolio (8)

3,939 448 144 (1,340) (135) 3,056

City Center Bellevue 7,263 720 255 (1,670) (393) 6,175

14Acres 816 21 272 (644) (282) 183

Timber Ridge 1,429 70 528 (567) (336) 1,124

Timber Springs 478 13 201 (304) (23) 365

Subtotal Office Portfolio $ 46,961 $ 2,175 $ 4,047 $ (15,248) $ (3,360) $ 34,575

Retail Portfolio

Carmel Country Plaza $ 1,063 $ 39 $ 240 $ (234) $ (7) $ 1,101

Carmel Mountain Plaza 3,677 65 811 (788) 24 3,789

South Bay Marketplace 635 27 237 (227) — 672

Gateway Marketplace 544 — 142 (165) — 521

Lomas Santa Fe Plaza 1,664 19 321 (479) (15) 1,510

Solana Beach Towne Centre 1,833 14 565 (620) (77) 1,715

Geary Marketplace 300 — 107 (138) — 269

The Shops at Kalakaua 306 37 49 (95) — 297

Waikele Center 3,223 371 885 (1,645) — 2,834

Alamo Quarry Market 4,108 97 1,611 (1,870) 1 3,947

Hassalo on Eighth - Retail 217 21 38 (113) — 163

Subtotal Retail Portfolio $ 17,570 $ 690 $ 5,006 $ (6,374) $ (74) $ 16,818

Second Quarter 2026 Supplemental Information

Page 14

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(Unaudited, amounts in thousands) Three Months Ended June 30, 2026

Additional Property

Property Billed Expense Operating Rental Cash

Property

Base Rent (1)

Income (2)

Reimbursements (3)

Expenses (4)

Adjustments (5)

NOI (6)

Multifamily Portfolio

Loma Palisades $ 4,503 $ 279 $ — $ (1,821) $ (9) $ 2,952

Imperial Beach Gardens 1,221 83 — (510) (3) 791

Mariner's Point 565 34 — (263) — 336

Santa Fe Park RV Resort 374 30 — (219) — 185

Pacific Ridge Apartments 6,154 249 — (2,713) (619) 3,071

Genesee Park 1,301 13 — (741) (7) 566

Hassalo on Eighth - Multifamily 2,940 475 — (1,842) (84) 1,489

Subtotal Multifamily Portfolio $ 17,058 $ 1,163 $ — $ (8,109) $ (722) $ 9,390

Mixed-Use Portfolio

Waikiki Beach Walk - Retail $ 2,720 $ 1,464 $ 947 $ (1,944) $ 3 $ 3,190

Waikiki Beach Walk - Embassy Suites™ 10,341 2,052 — (9,865) — 2,528

Subtotal Mixed-Use Portfolio $ 13,061 $ 3,516 $ 947 $ (11,809) $ 3 $ 5,718

Subtotal Development Properties $ — $ 12 $ — $ (37) $ — $ (25)

Total $ 94,650 $ 7,556 $ 10,000 $ (41,577) $ (4,153) $ 66,476

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 June 30, 2026 (before deferrals, abatements, and tenant improvement reimbursements) and excludes the impact of straight-line rent and above (below) market rent adjustments. Total abatements for our office portfolio and retail portfolio were approximately $3.4 million and $0.1 million, respectively, for the three months ended June 30, 2026. Total abatements for our mixed-use portfolio were minimal for the three months ended June 30, 2026. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Multifamily portfolio base rent represents base rent (including parking, before abatements) less vacancy allowance and employee rent credits and includes additional rents (which include insufficient notice penalties, month-to-month charges and pet rent). There were $0.7 million of abatements for our multifamily portfolio for the three months ended June 30, 2026. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended June 30, 2026. 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 June 30, 2026. A reconciliation of base rent to rental income is shown below:

Base Rent $ 94,650

Billed Expense Reimbursement 10,000

Percentage Rent 512

Straight-line rent components 334

Other Rental Income* (2,381)

Rental Income $ 103,115

* 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.

Second Quarter 2026 Supplemental Information

Page 15

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(2) Represents additional property-related income for the three months ended June 30, 2026, which includes (i) percentage rent, (ii) other rent (such as storage rent, license fees and association fees) and (iii) other property income (such as late fees, default fees, parking revenue, the reimbursement of general excise taxes, laundry income and food and beverage sales), and excludes lease termination fees.

(3) Represents billed tenant expense reimbursements for the three months ended June 30, 2026.

(4) Represents property operating expenses for the three months ended June 30, 2026. Property operating expenses includes all rental expenses, except non cash rent expense.

(5) Represents rental adjustments related to base rent (deferrals and abatements).

(6) See Glossary of Terms.

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

(8) Base rent shown includes amounts related to American Assets Trust, L.P.'s corporate leases at Torrey Point and Lloyd Portfolio. This intercompany rent is eliminated in the consolidated statement of operations. The base rent and abatement were both $0.4 million for the three months ended June 30, 2026.

Second Quarter 2026 Supplemental Information

Page 16

SEGMENT CAPITAL EXPENDITURES

(Unaudited, amounts in thousands) Three Months Ended June 30, 2026

Segment Tenant Improvements and Leasing Commissions Capital Expenditures Total Tenant Improvements, Leasing Commissions and Capital Expenditures

Redevelopment, Expansions and Repositioning (1)

New Development Total Capital Expenditures

Office Portfolio $ 4,482 $ 5,210 $ 9,692 $ 10,642 $ 2,303 $ 22,637

Retail Portfolio 467 576 1,043 — — 1,043

Multifamily Portfolio — 445 445 1,950 — 2,395

Mixed-Use Portfolio 53 308 361 — — 361

Total $ 5,002 $ 6,539 $ 11,541 $ 12,592 $ 2,303 $ 26,436

Six Months Ended June 30, 2026

Segment Tenant Improvements and Leasing Commissions Capital Expenditures Total Tenant Improvements, Leasing Commissions and Capital Expenditures

Redevelopment, Expansions and Repositioning (1)

New Development Total Capital Expenditures

Office Portfolio $ 13,985 $ 10,482 $ 24,467 $ 14,494 $ 3,477 $ 42,438

Retail Portfolio 1,393 646 2,039 — — 2,039

Multifamily Portfolio — 1,014 1,014 3,421 — 4,435

Mixed-Use Portfolio 229 535 764 — — 764

Total $ 15,607 $ 12,677 $ 28,284 $ 17,915 $ 3,477 $ 49,676

(1) This capital expenditures category includes spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. These amounts are excluded from recurring capital expenditures for purposes of computing FAD.

Second Quarter 2026 Supplemental Information

Page 17

SUMMARY OF OUTSTANDING DEBT

(Unaudited, amounts in thousands) Amount

Outstanding at Annual Debt

Debt June 30, 2026 Interest Rate

Service (1)

Maturity Date

City Center Bellevue $ 75,000 5.08 % $ 3,863 October 1, 2027

Secured Notes Payable / Weighted Average (2)

$ 75,000 5.08 % $ 3,863

Term Loan A (3)

$ 100,000 2.65 % $ 3,537 April 1, 2030

(4)

Series D Notes (5)

250,000 3.87 % 258,967 March 1, 2027

Series E Notes (6)

100,000 4.18 % 4,240 May 23, 2029

Series G Notes (7)

150,000 3.88 % 5,865 July 30, 2030

3.375% Senior Notes (8)

500,000 3.50 % 16,875 February 1, 2031

6.150% Senior Notes (9)

525,000 6.21 % $ 32,288 October 1, 2034

Unsecured Notes Payable / Weighted Average (10)

$ 1,625,000 4.46 % $ 321,772

Unsecured Line of Credit (11)

$ —

Notes:

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

(2) The Secured Notes Payable total does not include debt issuance costs, net of $0.1 million.

(3) Term Loan A accrues interest at a variable rate, which we fixed as part of an interest rate swap for an effective interest rate of 2.65% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio. After January 5, 2027, interest is accrued at a variable rate based on the applicable Secured Overnight Financing Rate ("SOFR"), plus a spread which ranges from 1.20%-1.70% based on our consolidated leverage ratio. For the purpose of the annual debt service calculation, the SOFR rate of 3.65% and spread of 1.20% as of April 1, 2026 (the effective date of the Fourth Amended and Restated Credit Agreement) is utilized.

(4) On April 1, 2026, the maturity date for Term Loan A was extended from January 5, 2027 to April 1, 2030, subject to one twelve-month extension option.

(5) $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.

(6) $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.

(7) $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.

(8) $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.

(9) $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.

(10) The Unsecured Notes Payable total does not include debt issuance costs and discounts, net of $11.9 million.

(11) On April 1, 2026, the Unsecured Line of Credit (the "Revolver Loan") capacity was increased to $500 million, with a maturity date of April 1, 2030, subject to two, six-month extension options. The Revolver Loan currently accrues interest at SOFR, plus the applicable SOFR adjustment and a spread which ranges from 1.05%-1.50%, based on our consolidated leverage ratio. The Revolver Loan total does not include debt issuance costs, net of $3.8 million.

Second Quarter 2026 Supplemental Information

Page 18

MARKET CAPITALIZATION

(Unaudited, amounts in thousands, except per share data)

Market data June 30, 2026

Common shares outstanding 61,404

Common units outstanding 16,182

Common shares and common units outstanding 77,586

Market price per common share $ 24.69

Equity market capitalization $ 1,915,598

Total debt $ 1,700,000

Total market capitalization $ 3,615,598

Less: Cash on hand $ (109,697)

Total enterprise value $ 3,505,901

Total unencumbered assets, gross $ 3,795,183

Total debt/Total capitalization 47.0 %

Total debt/Total enterprise value 48.5 %

Net debt/Total enterprise value (1)

45.4 %

Total unencumbered assets, gross/Unsecured debt 233.5 %

Quarter Annualized Trailing 12 Months

Total debt/Adjusted EBITDA (2)(3)

7.2 x 7.4 x

Net debt/Adjusted EBITDA (1)(2)(3)

6.7 x 6.9 x

Interest coverage ratio (4)

3.1 x 3.0 x

Fixed charge coverage ratio (4)

3.1 x 3.0 x

Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes) (5)

Covenant June 30, 2026

Aggregate Debt Test < 60% 43.4%

Debt Service Test > 1.5x 3.1

Secured Debt Test < 40% 1.9%

Maintenance of Total Unencumbered Assets > 150% 224.1%

Weighted Average Fixed Interest Rate 2026 2027 2028 2029 2030 2031 2032 2033 2034

—% 4.2% —% 4.2% 3.4% 3.5% —% —% 6.2%

Total Weighted Average Fixed Interest Rate: 4.5%

Weighted Average Term to Maturity (in years): 4.8

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 June 30, 2026, annualized.

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

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

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

Second Quarter 2026 Supplemental Information

Page 19

SUMMARY OF DEVELOPMENT OPPORTUNITIES

Our portfolio has numerous potential opportunities to create future shareholder value. These opportunities could be subject to government approvals, lender consents, tenant consents, market conditions, availability of debt and/or equity financing, etc. Many of these opportunities are in their preliminary stages and may not ultimately come to fruition. This schedule will update as we modify various assumptions and markets conditions change. Square footages and units set forth below are estimates only and ultimately may differ materially from actual square footages and units.

Development/Redevelopment Pipeline

Property Property Type Location Estimated Rentable

Square Feet Multifamily Units Opportunity

Waikele Center Retail Honolulu, HI 120,000 N/A Development of 120,000 square foot retail building (former KMart space)

Lomas Santa Fe Plaza Retail Solana Beach, CA TBD Development of multifamily units

Genesee Park Multifamily San Diego, CA TBD Development of multifamily units

Solana Beach Towne Centre Retail Solana Beach, CA TBD Development of multifamily units

Carmel Mountain Plaza Retail San Diego, CA TBD Development of multifamily units

Lloyd Portfolio - multiple phases (1)

Mixed Use Portland, OR

Phase 2B - Oregon Square

385,000 N/A Development of high density, transit oriented, mixed-use urban village

Notes:

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

Second Quarter 2026 Supplemental Information

Page 20

PORTFOLIO DATA

Second Quarter 2026 Supplemental Information

Page 21

PROPERTY REPORT

As of June 30, 2026 Office and Retail Portfolios

Net Annualized

Rentable Base Rent per

Year Built/ Square Percentage Annualized Leased Retail

Property Location Most Recent Renovation

Feet (1)

Leased (2)

Base Rent (3)

Square Foot (4)

Anchor Tenant(s) (5)

Other Principal Retail Tenants (6)

Office Properties

La Jolla Commons I & II San Diego, CA 2008 725,439 97.2% $ 48,959,120 $ 69.43

La Jolla Commons III San Diego, CA 2025 206,231 49.2 3,841,249 37.86

Coastal Collection at Torrey Reserve (7)

San Diego, CA 1996/2022 552,276 84.4 26,243,513 56.30

Torrey Point San Diego, CA 2017 94,854 96.3 6,032,749 66.04

Solana Crossing Solana Beach, CA 1982/2022 224,009 77.6 8,813,949 50.70

The Landmark at One Market (8)

San Francisco, CA 1917/2000 422,426 98.3 42,804,454 103.08

One Beach Street San Francisco, CA 1924/2024 89,067 35.4 1,206,026 38.25

First & Main Portland, OR 2010 362,633 84.1 8,970,913 29.42

Lloyd Portfolio Portland, OR 1940/2022 568,270 81.1 15,783,506 34.25

City Center Bellevue Bellevue, WA 1987/2023 498,606 95.1 29,497,020 62.21

14Acres Bellevue, WA 1985/2024 276,060 56.3 6,026,476 38.77

Timber Ridge Bellevue, WA 1986 160,509 97.5 7,556,103 48.28

Timber Springs Bellevue, WA 1983 93,295 75.2 2,840,399 40.49

Subtotal/Weighted Average Office Portfolio (9)

4,273,675 84.4% $ 208,575,477 $ 57.83

Retail Properties

Carmel Country Plaza San Diego, CA 1991 78,098 98.0% $ 4,398,087 $ 57.46 Sharp Healthcare, San Diego County Credit Union

Carmel Mountain Plaza (10)

San Diego, CA 1994/2020 528,416 99.8 14,895,665 28.25 At Home Stores Dick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine & More, Marshalls, Angelika Film Center

South Bay Marketplace (10)

San Diego, CA 1997/2018 132,877 97.8 2,542,860 19.57 Ross Dress for Less, Grocery Outlet, Old Navy

Gateway Marketplace (10)

San Diego, CA 1997/2016 127,861 98.9 2,569,168 20.32 Hobby Lobby Smart & Final, Aldi

Lomas Santa Fe Plaza Solana Beach, CA 1972/1997 208,297 98.1 6,753,116 33.05 Vons, Home Goods

Solana Beach Towne Centre Solana Beach, CA 1973/2004 246,651 97.5 7,334,804 30.50 Dixieline Probuild, Marshalls, CVS Pharmacy

Geary Marketplace Walnut Creek, CA 2012 35,097 98.3 1,270,679 36.83 Sprouts Farmers Market

The Shops at Kalakaua Honolulu, HI 1971/2006 11,893 100.0 1,220,880 102.66 Hawaii Beachware & Fashion, Diesel U.S.A.

Waikele Center Waipahu, HI 1993/2008 418,395 97.2 12,943,528 31.83 Lowe's, Safeway, Inspire Church UFC Gym, Office Max, Old Navy

Alamo Quarry Market (10)

San Antonio, TX 1997/1999 588,148 99.8 16,570,743 28.23 Regal Cinemas Whole Foods Market, Nordstrom Rack, Home Goods, Gold's Gym

Hassalo on Eighth - Retail Portland, OR 2015 44,236 57.5 869,125 34.17 Providence Health & Services, Sola Salon

Subtotal/Weighted Average Retail Portfolio (9)

2,419,969 97.9% $ 71,368,655 $ 30.12

Total/Weighted Average Office and Retail Portfolio (9)

6,693,644 89.3% $ 279,944,132 $ 46.83

Second Quarter 2026 Supplemental Information

Page 22

PROPERTY REPORT (CONTINUED)

As of June 30, 2026

Average Monthly

Year Built/

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 98.2% 95.3% $ 18,109,548 $ 2,890

Imperial Beach Gardens Imperial Beach, CA 1959/2023 160 95.6 94.4 4,759,620 $ 2,626

Mariner's Point Imperial Beach, CA 1986 88 93.2 92.1 2,308,740 $ 2,374

Pacific Ridge Apartments San Diego, CA 2013 533 95.7 77.3 22,593,552 $ 4,570

Genesee Park San Diego, CA 1985 192 97.4 97.4 5,351,148 $ 2,385

Hassalo on Eighth - Multifamily (12)

Portland, OR 2015 657 88.4 87.2 11,800,812 $ 1,717

Total/Weighted Average Multifamily Portfolio 2,178 94.2% 88.4% $ 64,923,420 $ 2,810

Santa Fe Park RV Resort (11)

San Diego, CA 1971/2008 124 74.2 74.2 2,319,192 $ 2,101

Total/Weighted Average Multifamily Portfolio (including Santa Fe Park RV Resort) 2,302 93.1% 87.7% $ 67,242,612 $ 2,776

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 92.2 % $ 9,424,918 $ 108.83 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 90.5 % $ 340 $ 308

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 June 30, 2026, including leases which may not have commenced as of June 30, 2026. Percentage occupied for our multifamily properties includes total units rented and occupied as of June 30, 2026. Percentage leased for our multifamily properties includes units leased but not occupied as of June 30, 2026.

(3) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended June 30, 2026 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. The foregoing notwithstanding:

•The annualized base rent for La Jolla Commons I & II has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $38,103,357 to our estimate of annual triple net operating expenses of $10,855,763 for an estimated annualized base rent on a modified gross lease basis of $48,959,120 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 $4,232,130 to our estimate of annual triple net operating expenses of $1,794,345 for an estimated annualized base rent on a modified gross lease basis of $6,026,475 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 $5,360,421 to our estimate of annual triple net operating expenses of $2,195,683 for an estimated annualized base rent on a modified gross lease basis of $7,556,104 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 $1,925,357 to our estimate of annual triple net operating expenses of $915,042 for an estimated annualized base rent on a modified gross lease basis of $2,840,399 for Timber Springs.

Second Quarter 2026 Supplemental Information

Page 23

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 from commenced leases as of June 30, 2026, by leased square footage, which includes executed leases that have not yet commenced rent. As a result, properties with signed but not yet commenced leases may have lower annualized base rent per leased square foot. See footnote 9 for lease data for signed but not commenced leases. Annualized base rent per occupied unit for our multifamily properties is calculated by dividing annualized base rent by units occupied as of June 30, 2026. 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 June 30, 2026 is in the following table:

Leased Square Feet Annualized Base Pro Forma Annualized

Under Signed But Annualized Rent per Base Rent per

Not Commenced Leases (a) Base Rent (b) Leased Square Foot (b) Leased Square Foot (c)

Office Portfolio 197,137 $ 10,223,672 $ 51.86 $ 60.67

Retail Portfolio 9,024 $ 463,359 $ 51.35 $ 30.31

Total Retail and Office Portfolio 206,161 $ 10,687,031 $ 51.84 $ 48.63

(a) Office portfolio leases signed but not commenced of 56,579, 46,473, 63,103, and 30,982 square feet are expected to commence during the third and fourth quarters of 2026, and first and third quarters of 2027, respectively. Retail portfolio leases signed but not commenced of 3,859 and 5,165 square feet are expected to commence during the third quarter of 2026 and first quarter of 2027, respectively.

(b) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements) for signed but not commenced leases as of June 30, 2026 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage for signed 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 June 30, 2026, by square footage under lease as of June 30, 2026.

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

Property Number of Ground Leases Square Footage Leased Pursuant to Ground Leases Aggregate Annualized Base Rent

Carmel Mountain Plaza 5 17,607 $ 1,051,461

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 June 30, 2026, 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 June 30, 2026, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the three months ended June 30, 2026 by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the three months ended June 30, 2026 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

Second Quarter 2026 Supplemental Information

Page 24

OFFICE LEASING SUMMARY

Three Months Ended June 30, 2026

Lease Type Number of Leases Signed Net Rentable Square Feet Signed

Contractual Rent Per Sq. Ft. (2)

Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent

Weighted Average Lease

Term (3)

Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.

Total Leases 14 109,715 $ 53.87 — — 6.5 $ 6,470,864 $ 58.98

New Non-Comparable 2 34,299 $ 36.56 — — 10.9 $ 5,341,558 $ 155.74

Total Comparable (1)

12 75,416 $ 61.75 9.1 % 10.2 % 4.5 $ 1,129,306 $ 14.97

New Comparable 4 29,529 $ 63.22 14.3 % 12.8 % 5.0 $ 718,927 $ 24.35

Renewal Comparable (4)

8 45,887 $ 60.79 5.9 % 8.6 % 4.1 $ 410,379 $ 8.94

Six Months Ended June 30, 2026

Number of Leases Signed Net Rentable Square Feet Signed

Contractual Rent Per Sq. Ft. (2)

Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent

Weighted Average Lease

Term (3)

Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.

Lease Type

Total Leases 43 346,385 $ 58.11 — — 5.5 $ 14,946,911 $ 43.15

New Non-Comparable 16 162,513 $ 56.05 — — 7.1 $ 12,614,736 $ 77.62

Total Comparable (1)

27 183,872 $ 59.93 6.6 % 10.4 % 4.1 $ 2,332,176 $ 12.68

New Comparable 8 58,404 $ 57.17 9.4 % 11.0 % 4.7 $ 1,431,488 $ 24.51

Renewal Comparable (4)

19 125,468 $ 61.21 5.4 % 10.2 % 3.9 $ 900,688 $ 7.18

Notes:

(1) Comparable leases represent those leases signed on spaces for which there was a previous lease in the past six months.

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

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

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

Second Quarter 2026 Supplemental Information

Page 25

RETAIL LEASING SUMMARY

Three Months Ended June 30, 2026

Number of Leases Signed Net Rentable Square Feet Signed

Contractual Rent Per Sq. Ft. (2)

Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent

Weighted Average Lease

Term (3)

Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.

Lease Type

Total Leases 20 138,993 $ 39.58 — — 9.7 $ 493,200 $ 3.55

New Non-Comparable 1 5,165 $ 50.00 — — 10.0 $ 413,200 $ 80.00

Total Comparable (1)

19 133,828 $ 39.18 3.0 % 20.2 % 9.7 $ 80,000 $ 0.60

New Comparable — — $ — — — — $ — $ —

Renewal Comparable (4)

19 133,828 $ 39.18 3.0 % 20.2 % 9.7 $ 80,000 $ 0.60

Six Months Ended June 30, 2026

Number of Leases Signed Net Rentable Square Feet Signed

Contractual Rent Per Sq. Ft. (2)

Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent

Weighted Average Lease

Term (3)

Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.

Lease Type

Total Leases 34 177,574 $ 40.91 — — 8.5 $ 818,200 $ 4.61

New Non-Comparable 2 6,153 $ 49.20 — — 9.2 $ 463,200 $ 75.28

Total Comparable (1)

32 171,421 $ 40.61 1.7 % 15.3 % 8.5 $ 355,000 $ 2.07

New Comparable 1 10,000 $ 38.40 (17.8) % (22.0) % 5.0 $ 225,000 $ 22.50

Renewal Comparable (4)

31 161,421 $ 40.75 3.2 % 18.8 % 8.7 $ 130,000 $ 0.81

Notes:

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

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

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

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

Second Quarter 2026 Supplemental Information

Page 26

MULTIFAMILY LEASING SUMMARY

As of June 30, 2026

Lease Summary - Loma Palisades

Number of Occupied Units (1)

Percentage occupied (1)

Annualized Base Rent (2)

Average Monthly Base Rent per Occupied Unit (3)

Quarter

2nd Quarter 2026 522 95.3% $18,109,548 $2,890

1st Quarter 2026 524 95.6% $18,438,396 $2,933

4th Quarter 2025 520 94.9% $18,131,064 $2,905

3rd Quarter 2025 500 91.2% $17,579,544 $2,931

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

2nd Quarter 2026 151 94.4% $4,759,620 $2,626

1st Quarter 2026 153 95.6% $4,981,524 $2,714

4th Quarter 2025 146 91.3% $4,754,016 $2,712

3rd Quarter 2025 143 89.4% $4,698,804 $2,737

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

2nd Quarter 2026 81 92.1% $2,308,740 $2,374

1st Quarter 2026 81 92.1% $2,317,632 $2,383

4th Quarter 2025 81 92.1% $1,928,100 $1,982

3rd Quarter 2025 81 92.1% $2,320,500 $2,386

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

2nd Quarter 2026 92 74.2% $2,319,192 $2,101

1st Quarter 2026 58 46.8% $1,246,668 $1,790

4th Quarter 2025 56 45.2% $1,064,856 $1,583

3rd Quarter 2025 72 58.1% $1,586,304 $1,835

Second Quarter 2026 Supplemental Information

Page 27

MULTIFAMILY LEASING SUMMARY (CONTINUED)

As of June 30, 2026

Lease Summary - Pacific Ridge Apartments

Number of Occupied Units (1)

Percentage occupied (1)

Annualized Base Rent (2)

Average Monthly Base Rent per Occupied Unit (3)

Quarter

2nd Quarter 2026 412 77.3% $22,593,552 $4,570

1st Quarter 2026 510 95.7% $26,008,200 $4,249

4th Quarter 2025 523 98.1% $24,977,172 $3,981

3rd Quarter 2025 491 92.1% $24,734,688 $4,199

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

2nd Quarter 2026 187 97.4% $5,351,148 $2,385

1st Quarter 2026 189 98.4% $5,018,676 $2,214

4th Quarter 2025 186 96.9% $4,878,144 $2,185

3rd Quarter 2025 187 97.4% $4,899,912 $2,183

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

2nd Quarter 2026 573 87.2% $11,800,812 $1,717

1st Quarter 2026 605 92.1% $12,109,044 $1,668

4th Quarter 2025 585 89.0% $11,814,288 $1,684

3rd Quarter 2025 590 89.8% $11,823,060 $1,670

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

2nd Quarter 2026 2,018 87.7% $67,242,612 $2,776

1st Quarter 2026 2,120 92.1% $70,120,140 $2,756

4th Quarter 2025 2,097 91.1% $67,547,640 $2,684

3rd Quarter 2025 2,064 89.7% $67,642,812 $2,730

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.

Second Quarter 2026 Supplemental Information

Page 28

MIXED-USE LEASING SUMMARY

As of June 30, 2026

Lease Summary - Retail Portion

Number of Leased Square Feet

Percentage leased (1)

Annualized Base Rent (2)

Annualized Base Rent per Leased Square Foot (3)

Quarter

2nd Quarter 2026 86,626 92.2% $9,424,918 $109

1st Quarter 2026 90,346 96.2% $9,975,837 $110

4th Quarter 2025 90,346 96.2% $9,628,291 $107

3rd Quarter 2025 89,204 95.0% $9,882,053 $111

Lease Summary - Hotel Portion

Number of Leased Units

Average Occupancy (4)

Average Daily Rate (4)

Annualized Revenue per Available Room (4)

Quarter

2nd Quarter 2026 334 90.5% $340 $308

1st Quarter 2026 339 91.9% $332 $305

4th Quarter 2025 298 80.7% $352 $284

3rd Quarter 2025 289 78.3% $381 $298

Notes:

(1) Percentage leased for mixed-use property includes square footage under leases as of June 30, 2026, including leases which may not have commenced as of June 30, 2026.

(2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended June 30, 2026 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses.

(3) Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of June 30, 2026.

(4) Average occupancy represents the percentage of available units that were sold during the three months ended June 30, 2026, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for each respective quarter period by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for each respective quarter period and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

Second Quarter 2026 Supplemental Information

Page 29

LEASE EXPIRATIONS

As of June 30, 2026

Assumes no exercise of lease options

Office Retail Mixed-Use (Retail Portion Only) Total

% of % of Annualized % of % of Annualized % of % of Annualized % of Annualized

Expiring Office Total Base Rent Expiring Retail Total Base Rent Expiring Mixed-Use Total Base Rent Expiring Total Base Rent

Year Sq. Ft. Sq. Ft. Sq. Ft.

Per Sq. Ft.(1)

Sq. Ft. Sq. Ft. Sq. Ft.

Per Sq. Ft.(1)

Sq. Ft. Sq. Ft. Sq. Ft.

Per Sq. Ft.(1)

Sq. Ft. Sq. Ft.

Per Sq. Ft.(1)

Month to Month 83,139 1.9 % 1.2 % $ 0.66 10,221 0.4 % 0.2 % $ 43.54 6,871 7.3 % 0.1 % $ 4.12 100,231 1.5 % $ 5.27

2026 163,032 3.8 2.4 47.04 41,316 1.7 0.6 38.13 1,028 1.1 — 304.32 205,376 3.0 46.54

2027 360,776 8.4 5.3 52.46 271,624 11.2 4.0 33.09 6,871 7.3 0.1 121.01 639,271 9.4 44.97

2028 541,846

12.7 8.0 61.23 489,024 20.2 7.2 25.68 17,075 18.2 0.3 130.64 1,047,945 15.4 45.77

2029 908,948 21.3 13.4 68.16 333,951 13.8 4.9 33.25 13,199 14.1 0.2 147.14 1,256,098 18.5 59.71

2030 394,006

9.2 5.8 48.17 184,337 7.6 2.7 38.15 17,384 18.5 0.3 82.40 595,727 8.8 46.07

2031 308,888 7.2 4.6 58.54 306,558 12.7 4.5 32.83 17,134 18.2 0.3 122.94 632,580 9.3 47.82

2032 142,842

3.3 2.1 54.26 132,632 5.5 2.0 30.82 — — — — 275,474 4.1 42.97

2033 118,591 2.8 1.7 54.77 159,643 6.6 2.4 24.79 — — — — 278,234 4.1 37.57

2034 145,572 3.4 2.1 59.28 119,699 4.9 1.8 27.29 973 1.0 — 216.48 266,244 3.9 45.47

2035 88,446 2.1 1.3 45.08 112,833 4.7 1.7 26.38 — — — — 201,279 3.0 34.60

Thereafter 153,315 3.6 2.3 46.34 199,184

8.2 2.9 26.67 5,630 6.0 0.1 58.61 358,129 5.3 35.59

Signed Leases Not Commenced 197,137 4.6 2.9 — 9,024 0.4 0.1 — 461 0.5 — — 206,622 3.0 —

Available 667,137

15.6 9.8 — 49,923 2.1 0.7 — 7,299 7.8 0.1 — 724,359 10.7 —

Total (2)

4,273,675 100.0 % 63.0 % $ 45.12 2,419,969 100.0 % 35.7 % $ 29.49 93,925 100.0 % 1.4 % $ 100.35 6,787,569 100.0 % $ 40.31

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 83,139 1.9 % 1.2 % $ 0.66 10,221 0.4 % 0.2 % $ 43.54 6,871 7.3 % 0.1 % $ 4.12 100,231 1.5 % $ 5.27

2026 57,839 1.4 0.9 51.12 18,136 0.7 0.3 41.32 1,028 1.1 — 304.32 77,003 1.1 52.19

2027 124,498 2.9 1.8 54.86 75,123 3.1 1.1 41.56 5,610 6.0 0.1 119.17 205,231 3.0 51.75

2028 104,978 2.5 1.5 48.77 81,476 3.4 1.2 35.37 10,161 10.8 0.1 107.33 196,615 2.9 46.24

2029 113,007 2.6 1.7 56.00 126,917 5.2 1.9 35.63 7,797 8.3 0.1 181.67 247,721 3.6 49.52

2030 250,888 5.9 3.7 40.39 135,029 5.6 2.0 35.52 3,646 3.9 0.1 103.87 389,563 5.7 39.30

2031 112,529 2.6 1.7 56.96 109,550 4.5 1.6 37.27 17,134 18.2 0.3 122.94 239,213 3.5 52.67

2032 290,961 6.8 4.3 54.22 117,220 4.8 1.7 33.32 911 1.0 — 98.88 409,092 6.0 48.33

2033 349,503 8.2 5.1 67.50 101,260 4.2 1.5 31.57 6,914 7.4 0.1 164.90 457,677 6.7 61.02

2034 147,205 3.4 2.2 49.72 223,571 9.2 3.3 30.16 5,402 5.8 0.1 97.32 376,178 5.5 38.78

2035 103,996 2.4 1.5 57.49 37,875 1.6 0.6 41.67 14,088 15.0 0.2 79.96 155,959 2.3 55.68

Thereafter 1,670,858 39.1 24.6 61.24 1,324,644 54.7 19.5 26.68 6,603 7.0 0.1 81.88 3,002,105 44.2 46.04

Signed Leases Not Commenced 197,137 4.6 2.9 — 9,024 0.4 0.1 — 461 0.5 — — 206,622 3.0 —

Available 667,137 15.6 9.8 — 49,923 2.1 0.7 — 7,299 7.8 0.1 — 724,359 10.7 —

Total (2)

4,273,675 100.0 % 63.0 % $ 45.12 2,419,969 100.0 % 35.7 % $ 29.49 93,925 100.0 % 1.4 % $ 100.35 6,787,569 100.0 % $ 40.31

Second Quarter 2026 Supplemental Information

Page 30

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 June 30, 2026 for the leases expiring during the applicable period by (ii) 12 months.

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

Second Quarter 2026 Supplemental Information

Page 31

PORTFOLIO LEASED STATISTICS

At June 30, 2026 At June 30, 2025

Type Size

Leased (1)

Leased % Size

Leased (1)

Leased %

Overall Portfolio(2) Statistics

Office Properties (square feet)

4,273,675 3,606,538 84.4 % 4,283,607 3,510,838 82.0 %

Retail Properties (square feet) 2,419,969 2,370,046 97.9 % 2,420,247 2,364,002 97.7 %

Multifamily Properties (units) (3)

2,178 1,926 88.4 % 2,178 1,933 88.8 %

Mixed-Use Properties (square feet) 93,925 86,626 92.2 % 93,925 89,204 95.0 %

Mixed-Use Properties (units) (4)

369 337 91.2 % 369 315 85.3 %

Same-Store(2) (5) Statistics

Office Properties (square feet) 4,273,675 3,606,538 84.4 % 4,283,607 3,510,838 82.0 %

Retail Properties (square feet) 2,419,969 2,370,046 97.9 % 2,420,247 2,364,002 97.7 %

Multifamily Properties (units) (3)

2,178 1,926 88.4 % 2,178 1,933 88.8 %

Mixed-Use Properties (square feet) 93,925 86,626 92.2 % 93,925 89,204 95.0 %

Mixed-Use Properties (units) (4)

369 337 91.2 % 369 315 85.3 %

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 six months ended June 30, 2026 and 2025.

(5) Same-store portfolio excludes land held for development.

Second Quarter 2026 Supplemental Information

Page 32

TOP TENANTS - OFFICE

As of June 30, 2026

Tenant Property Lease Expiration Total Occupied Square Feet Rentable Square Feet as a Percentage of Total Office Rentable Square Feet as a Percentage of Total Annualized Base Rent Annualized Base Rent as a Percentage of Total Office

1 Google LLC The Landmark at One Market 12/31/2029 253,198 5.9 % 3.7 % $ 28,213,097 13.5 %

2 LPL Holdings, Inc. La Jolla Commons 4/30/2029 421,001 9.9 6.2 21,629,701 10.4

3 Autodesk, Inc. (1) The Landmark at One Market 12/31/2028

6/30/2031 138,615 3.2 2.0 14,142,816 6.8

4 Smartsheet, Inc. (2) City Center Bellevue 12/31/2026

4/30/2029

12/31/2032 103,344 2.4 1.5 6,333,546 3.0

5 Databricks, Inc. (3) City Center Bellevue 11/30/2027

1/31/2028

3/31/2028 87,685 2.1 1.3 5,817,668 2.8

6 Industrious (4) City Center Bellevue

La Jolla Commons 3/31/2030

4/30/2033

3/31/2034

7/31/2035 95,446 2.2 1.4 5,314,719 2.5

7 Illumina, Inc. La Jolla Commons 10/31/2027 73,176 1.7 1.1 5,110,316 2.5

8 State of Oregon: Department of Environmental Quality Lloyd Portfolio 10/31/2031 87,787 2.1 1.3 3,207,179 1.5

9 Top technology tenant (5) La Jolla Commons 8/31/2030 40,800 1.0 0.6 2,674,996 1.3

10 Genentech, Inc. Lloyd Portfolio 10/31/2026 66,852 1.6 1.0 2,631,025 1.3

Top 10 Office Tenants Total 1,367,904 32.1 % 20.1 % $ 95,075,063 45.6 %

Notes:

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

(2) For Smartsheet, Inc., 19,697, 49,372, and 34,275 of leased square feet have a lease expiration of December 31, 2026, April 30, 2029, and December 31, 2032, respectively.

(3) For Databricks, Inc., 17,623, 32,562, and 37,500 of leased square feet have a lease expiration of November 30, 2027, January 31, 2028, and March 31, 2028, respectively.

(4) For Industrious, 19,697, 18,090, 37,166, and 20,493 of leased square feet have a lease expiration of March 31, 2030 (City Center Bellevue), April 30, 2033 (City Center Bellevue), March 31, 2034 (City Center Bellevue), and July 31, 2035 (La Jolla Commons), respectively.

(5) Name withheld per tenant's request.

Second Quarter 2026 Supplemental Information

Page 33

TOP TENANTS - RETAIL

As of June 30, 2026

Tenant Property(ies) Lease Expiration Total Occupied Square Feet Rentable Square Feet as a Percentage of Total Retail Rentable Square Feet as a Percentage of Total Annualized Base Rent Annualized Base Rent as a Percentage of Total Retail

1 Lowe's Waikele Center 5/31/2028 155,000 6.4 % 2.3 % $ 4,092,000 5.7 %

2 Sprouts Farmers Market (1) Solana Beach Towne Centre

Geary Marketplace

Carmel Mountain Plaza 6/30/2029

9/30/2032

3/31/2035 71,431 3.0 1.1 2,248,554 3.2

3 Marshalls (2) Carmel Mountain Plaza

Solana Beach Towne Centre 1/31/2029

1/31/2035 68,055 2.8 1.0 1,901,151 2.7

4 Nordstrom Rack (3) Carmel Mountain Plaza

Alamo Quarry Market 9/30/2027

10/31/2027 69,047 2.9 1.0 1,804,269 2.5

5 Vons Lomas Santa Fe Plaza 12/31/2047 49,895 2.1 0.7 1,609,086 2.3

6 Old Navy (4) Alamo Quarry Market

Southbay Marketplace

Waikele Center 9/30/2027

4/30/2028

7/31/2030 52,936 2.2 0.8 1,308,258 1.8

7 Sola Salons (5) Solana Beach Towne Centre

Hassalo on Eighth

South Bay Marketplace

Carmel Mountain Plaza

Carmel Country Plaza 11/30/2029

3/31/2031

6/30/2032

8/31/2034

2/29/2036 42,576 1.8 0.6 1,225,726 1.7

8 Safeway Waikele Center 1/31/2040 50,050 2.1 0.7 1,201,200 1.7

9 HomeGoods (6) Lomas Santa Fe Plaza

Alamo Quarry Market 2/28/2030

8/31/2034 55,837 2.3 0.8 1,200,000 1.7

10 Hobby Lobby Gateway Marketplace 9/30/2036 64,900 2.7 1.0 1,172,885 1.6

Top 10 Retail Tenants Total 679,727 28.3 % 10.0 % $ 17,763,129 24.9 %

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.

Second Quarter 2026 Supplemental Information

Page 34

APPENDIX

Second Quarter 2026 Supplemental Information

Page 35

GLOSSARY OF TERMS

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate and impairments of real estate, if any. EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDA for the three and six months ended June 30, 2026 and 2025 is as follows:

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

Depreciation and amortization 32,712 32,782 65,023 63,276

Interest expense, net 19,931 19,784 39,638 38,564

Interest income (540) (1,045) (1,255) (2,377)

Income tax expense 118 118 219 535

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

EBITDA $ 59,011 $ 58,760 $ 117,154 $ 116,750

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that begins with EBITDA and includes adjustments for certain items that we believe are not representative of ongoing operating performance. Specifically, we include an early extinguishment of debt adjustment and pro forma adjustment to reflect a full period of NOI on the operating properties we acquire during the quarter, to assume all transactions occurred at the beginning of the quarter. We use Adjusted EBITDA as a supplemental performance measure because we believe these items create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential. However, Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined by GAAP. The reconciliation of EBITDA to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 is as follows:

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

EBITDA $ 59,011 $ 58,760 $ 117,154 $ 116,750

Pro forma adjustments — — — —

Adjusted EBITDA $ 59,011 $ 58,760 $ 117,154 $ 116,750

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 and six months ended June 30, 2026 and 2025 is as follows:

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

Depreciation and amortization 32,712 32,782 65,023 63,276

Interest expense, net 19,931 19,784 39,638 38,564

Interest income (540) (1,045) (1,255) (2,377)

Income tax expense 118 118 219 535

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

EBITDAre

$ 59,011 $ 58,760 $ 117,154 $ 116,750

Second Quarter 2026 Supplemental Information

Page 36

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 recurring capital expenditures, eliminating the net effect of straight-line rents, amortization of above (below) market rents for acquisition properties, the effects of other lease intangibles, adding noncash amortization of deferred financing costs and debt fair value adjustments, adding noncash compensation expense, and adding (subtracting) unrealized losses (gains) on marketable securities. Recurring capital expenditures exclude spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. FAD provides an additional perspective on our ability to fund cash needs and make distributions by adjusting FFO for the impact of certain cash and noncash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. However, other REITs may use different methodologies for calculating FAD and, accordingly, our FAD may not be comparable to other REITs.

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

Three Months Ended Six Months Ended

June 30, June 30,

Reconciliation of NOI to net income 2026 2025 2026 2025

Total NOI $ 67,923 $ 67,610 $ 134,849 $ 134,912

General and administrative (8,912) (8,850) (17,695) (18,162)

Depreciation and amortization (32,712) (32,782) (65,023) (63,276)

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

Operating Income $ 26,299 $ 25,978 $ 52,131 $ 97,950

Interest expense, net (19,931) (19,784) (39,638) (38,564)

Other income, net 422 927 1,036 1,842

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

Net income attributable to restricted shares (235) (206) (471) (409)

Net income attributable to unitholders in the Operating Partnership (1,380) (1,459) (2,749) (12,828)

Net income attributable to American Assets Trust, Inc. stockholders $ 5,175 $ 5,456 $ 10,309 $ 47,991

Overall Portfolio: Includes all operating properties owned by us as of June 30, 2026.

Second Quarter 2026 Supplemental Information

Page 37

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 Six Months Ended

June 30, June 30,

Reconciliation of Total Cash NOI to Net Income 2026 2025 2026 2025

Total Cash NOI $ 66,476 $ 66,171 $ 132,562 $ 133,133

Lease termination fees and tenant improvement reimbursements 725 919 969 1,093

Non-cash revenue and other operating expenses (1)

722 520 1,318 686

General and administrative (8,912) (8,850) (17,695) (18,162)

Depreciation and amortization (32,712) (32,782) (65,023) (63,276)

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

Operating income $ 26,299 $ 25,978 $ 52,131 $ 97,950

Interest expense, net (19,931) (19,784) (39,638) (38,564)

Other income, net 422 927 1,036 1,842

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

(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.

Second Quarter 2026 Supplemental Information

Page 38

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)

June 30, June 30,

Reconciliation of Same-Store Cash NOI Comparison to Operating Income 2026 2025 2026 2025

Same-Store Cash NOI $ 66,501 $ 66,305 $ 132,925 $ 133,107

Non-Same-Store Cash NOI (25) (134) (363) 26

Total Cash NOI $ 66,476 $ 66,171 $ 132,562 $ 133,133

Lease termination fees and tenant improvement reimbursements (3)

725 919 969 1,093

Non-cash revenue and other operating expenses (4)

722 520 1,318 686

General and administrative (8,912) (8,850) (17,695) (18,162)

Depreciation and amortization (32,712) (32,782) (65,023) (63,276)

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

Operating income $ 26,299 $ 25,978 $ 52,131 $ 97,950

Interest expense, net (19,931) (19,784) (39,638) (38,564)

Other income, net 422 927 1,036 1,842

Net income $ 6,790 $ 7,121 $ 13,529 $ 61,228

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

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

Second Quarter 2026 Supplemental Information

Page 39

GLOSSARY OF TERMS (CONTINUED)

Comparison of Three Months Ended Comparison of Six Months Ended

June 30, 2026 to 2025 June 30, 2026 to 2025

Same-Store Non-Same-Store Same-Store Non-Same-Store

Office Properties

La Jolla Commons (1)

X X X

Coastal Collection at Torrey Reserve (formerly Torrey Reserve Campus) X X

Torrey Point X X

Solana Crossing X X

The Landmark at One Market X X

One Beach Street (2)

X X

First & Main X X

Lloyd Portfolio X X

City Center Bellevue X X

14Acres X X

Timber Ridge X X

Timber Springs X X

Retail Properties

Carmel Country Plaza X X

Carmel Mountain Plaza X X

South Bay Marketplace X X

Gateway Marketplace X X

Lomas Santa Fe Plaza X X

Solana Beach Towne Centre X X

Geary Marketplace X X

The Shops at Kalakaua X X

Waikele Center X X

Alamo Quarry Market X X

Hassalo on Eighth - Retail X X

Multifamily Properties

Loma Palisades X X

Imperial Beach Gardens X X

Mariner's Point X X

Santa Fe Park RV Resort X X

Pacific Ridge Apartments X X

Genesee Park (3)

X X

Hassalo on Eighth X X

Mixed-Use Properties

Waikiki Beach Walk - Retail X X

Waikiki Beach Walk - Embassy Suites™ X X

Development Properties

Solana Crossing - Land X X

Lloyd Portfolio - Land (2)

X X

Second Quarter 2026 Supplemental Information

Page 40

GLOSSARY OF TERMS (CONTINUED)

(1) La Jolla Commons Tower III is considered same-store for the three months ended June 30, 2026 and non-same-store for the six months ended June 30, 2026, as it was placed into service on April 1, 2025.

(2) One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. One Beach Street is considered same-store for the three and six months ended June 30, 2026 as it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such it is included within the non-same-store portfolio.

(3) Genesee Park is considered same-store for the three months ended June 30, 2026 and non-same-store for the six months ended June 30, 2026, since it was acquired on February 28, 2025.

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

Second Quarter 2026 Supplemental Information

Page 41

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