American Assets Trust : Investor Presentation - February 2022

Investor Presentation

February 2022

Forward‐Looking Statements

This presentation contains forward‐looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward‐looking statements relate to, without limitation, our future economic performance, plans and objectives for future operations, and projections of revenue, net operating income, funds from operations, discounts to net asset values and other selected financial information. Forward looking statements can be identified by the use of words such as "potential," "may," "will," "plan," "could," "should," "expect," "anticipate," "outlook," "estimate," "projected," "target," "continue," "intend," "believe," "seek,"' or "assume," and variations of such words and similar expressions are intended to identify such forward‐looking statements. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward‐looking statements. You should not rely on forward‐looking statements as predictions of future events. Forward‐looking statements involve numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward‐looking statement made by us. These risks and uncertainties include, but are not limited to: adverse economic and real estate developments in Northern and Southern California, Hawaii, the Pacific Northwest and Texas; decreased rental rates or increased tenant incentives and vacancy rates; defaults on, early terminations of, or non‐ renewal of leases by tenants; increased interest rates and operating costs; failure to generate sufficient cash flows to service our outstanding indebtedness; difficulties in identifying properties to acquire and completing acquisitions; failure to successfully integrate pending and recent acquisitions; failure to successfully operate acquired properties and operations; failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in laws and regulations; environmental uncertainties; risks related to natural disasters; lack or insufficient amount of insurance; inability to successfully expand into new markets or submarkets; risks associated with property development; conflicts of interest with our officers or directors; changes in real estate and zoning laws and increases in real property tax rates; and the consequences of any possible future terrorist attacks. Currently, one of the most significant risk factors, is the potential adverse effect of the current COVID‐19 pandemic on the financial condition, results of operations, cash flows and performance of us, our tenants and guests, the real estate market and the global economy and financial markets. The extent to which COVID‐19 impacts us, our tenants and guests will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. You are cautioned that the information contained herein speaks only as of the date hereof and we assume no obligation to update any forward‐looking information, whether as a result of new information, future events or otherwise. The risks described above are not exhaustive, and additional factors could adversely affect our business and financial performance, including those discussed under the caption "Risk Factors" in our 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. In this presentation, we rely on and refer to information and statistical data regarding the industry and the sectors in which we operate. This information and statistical data is based on information obtained from various third‐party sources, and, in some cases, on our own internal estimates. We believe that these sources and estimates are reliable, but have not independently verified them and cannot guarantee their accuracy or completeness.

This presentation includes certain non‐GAAP financial measures that the company considers meaningful measures of financial performance during the COVID‐19 pandemic.

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Company Overview and Strategy

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American Assets Trust

12.6% RETURN	8.9% CAGR	4.5% CAGR	10.4% CAGR
ANNUALIZED TSR (IPO‐12/31/2019)(1)	FFO PER SHARE (2011-2019)(1)	DIVIDENDS (2011-2019)(1)	NET ASSET VALUE (2011-2019)(2)
8.8% RETURN	6.1% CAGR	3.8% CAGR
ANNUALIZED TSR (IPO‐12/31/2021)(1)	FFO PER SHARE (2011-2021)(1)	DIVIDENDS (2011-2021)(1)

HISTORY OF SUCCESS

• AAT has been in business for 50 plusyears.
• Annualized TSR of 12.6%since IPO.(1)
• Senior management team with significant experience working together.
• Over 12 million square feet of acquisitions and development.

BEST‐IN‐CLASS

OPERATING PLATFORM

• Vertically integrated with significant experience in core markets.
• Expertise in all facets of the real estate industry across property types.

IRREPLACEABLE PORTFOLIO

• Premier costal markets on the West Coast.
• High barrier‐to‐entry markets and infill locations.
• Strong demographics‐high population density and
  household income.

DISCIPLINED FINANCIAL

STRATEGY & BALANCE SHEET

STRENGTH

• Well staggered debt maturity schedule.
• Continued focus to achieve a Net Debt/EBITDA ratio of 5.5x or lower.

EXECUTIVE MANAGEMENTANAGEMENT TEAMTEAM

ERNEST RADY	ROBERT BARTON	ADAM WYLL
CHAIRMAN AND CHIEF	EXECUTIVE VICE PRESIDENT	PRESIDENT AND CHIEF
EXECUTIVE OFFICER	AND CHIEF FINANCIAL OFFICER	OPERATING OFFICER

JERRY GAMMIERI	CHRIS SULLIVAN	STEVE CENTER
SENIOR VICE PRESIDENT OF	SENIOR VICE PRESIDENT OF	SENIOR VICE PRESIDENT OF
CONSTRUCTION	RETAIL PROPERTIES	OFFICE PROPERTIES

1. Source: Bloomberg. Total Shareholder Return (TSR) assumes dividends are reinvested in security through December 31, 2019 and December 31, 2021. AAT IPO on January 13, 2011.
2. AAT's NAV CAGR (2011 thru 2019) estimate is based on both management's knowledge of its core markets and published pricing data since IPO.

EMILY MANDIC	ABIGAIL REX
VICE PRESIDENT, REGIONAL MANAGER	VICE PRESIDENT, MULTIFAMILY
PORTLAND AND BELLEVUE	SAN DIEGO

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Portfolio Composition

				SQUARE FEET (000'S)(1)		UNITS/ROOMS(1)
BELLEVUE	REGION	MARKET	OFFICE	RETAIL	MIXED USE	TOTAL	MULTIFAMILY	HOTEL
PORTLAND	S. CALIFORNIA	SAN DIEGO	1,563	1,322	‐	2,885	1,455	‐
	WASHINGTON	BELLEVUE	934	‐	‐	934	‐	‐
	OREGON	PORTLAND	876	44	‐	920	657	‐
	N. CALIFORNIA	MONTEREY	‐	673	‐	673	‐	‐
	TEXAS	SAN ANTONIO	‐	588	‐	588	‐	‐
SAN FRANCISCO	N. CALIFORNIA	SAN FRANCISCO	523	35	‐	558	‐	‐
MONTEREY
HAWAII	OAHU	‐	430	94	524	‐	369
	TOTAL		3,896	3,092	94	7,082	2,112	369
SAN DIEGO

		SAN ANTONIO
OAHU / HONOLULU

1. As of 12/31/2021.
2. Annualized base rent (ABR) is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended December 31, 2021 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. We caution investors that other equity REITs may not calculate annualized base rent as we do, and, accordingly, our annualized base rent data may not be comparable to such other REITs' annualized base rent data.
3. Retail data includes WBW Retail. Hawaii data excludes Embassy Suites Hotel.

ANNUALIZED BASE RENT (ABR)(1)(2)(3)

ABR DIVERSIFICATION BY SEGMENT	ABR DIVERSIFICATION BY REGION
	TX
MULTIFAMILY	HI 4%
6%
17%
	WASHINGTON

12%

S. CALIFORNIA

49%

RETAIL	OFFICE	OREGON
25%	58%	13%

N. CALIFORNIA

16%

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