American Assets Trust : Q1 2022 Supplemental Information

FIRST QUARTER 2022

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

Market	Office	Retail	Multifamily	Mixed-Use
Square Feet	Square Feet	Units	Square Feet	Suites
San Diego	1,563,221 1,026,063 876,242 - - 522,696	1,322,200 - 44,236 673,155 588,148 35,159 429,718	1,455 (1) - 657 - - - -	- - - - - - 93,925	- - - - - - 369
Bellevue
Portland
Monterey
San Antonio
San Francisco
Oahu
Total	3,988,222	3,092,616	2,112	93,925	369

Note: Circled areas represent all markets in which American Assets Trust, Inc. currently owns and operates its real estate properties. Size of circle denotes approximation of square feet / units. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.

Data is as of March 31, 2022.

• (1) Includes 122 RV spaces.

• (2) Percentage of Net Operating Income (NOI) calculated for the three months ended March 31, 2022. Reconciliation of NOI to net income is included in the Glossary of Terms.

Square Feet	%	NOI % (2)
56%	55%
44%	26%

Office Retail Totals

4.0 million 3.1 million 7.1 million

First Quarter 2022 Supplemental Information

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INDEX

FIRST QUARTER 2022 SUPPLEMENTAL INFORMATION

1.	FINANCIAL HIGHLIGHTS
Consolidated Balance Sheets	5
Consolidated Statements of Operations	6
Funds From Operations (FFO), FFO As Adjusted & Funds Available for Distribution	7
Corporate Guidance	9
Same-Store Net Operating Income (NOI)	10
Same-Store Cash NOI Comparison excluding Redevelopment	11
Same-Store Cash NOI Comparison with Redevelopment	12
Cash NOI By Region	13
Cash NOI Breakdown	14
Property Revenue and Operating Expenses	15
Segment Capital Expenditures	17
Summary of Outstanding Debt	18
Market Capitalization	19
Summary of Development Opportunities	20
2.	PORTFOLIO DATA
Property Report	22
Office Leasing Summary	25
Retail Leasing Summary	26
Multifamily Leasing Summary	27
Mixed-Use Leasing Summary	29
Lease Expirations	30
Portfolio Leased Statistics	32
Top Tenants - Office	33
Top Tenants - Retail	34
3.	APPENDIX
Glossary of Terms	36

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: the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of COVID-19 and its variants) and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; adverse economic or real estate developments in our markets; our failure to generate sufficient cash flows to service our outstanding indebtedness; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; difficulties in identifying properties to acquire and completing acquisitions; difficulties in completing dispositions; our failure to successfully operate acquired properties and operations; our inability to develop or redevelop our properties due to market conditions; fluctuations in interest rates and increased operating costs; risks related to joint venture arrangements; our failure to obtain necessary outside financing; on-going litigation; general economic conditions; financial market fluctuations; risks that affect the general retail, office, multifamily and mixed-use environment; the competitive environment in which we operate; decreased rental rates or increased vacancy rates; 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 us 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.

FINANCIAL HIGHLIGHTS

CONSOLIDATED BALANCE SHEETS

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

ASSETS

Real estate, at cost

Operating real estate Construction in progress Held for developmentAccumulated depreciation Net real estate

Cash and cash equivalents Restricted cash

Accounts receivable, net Deferred rent receivable, net Other assets, net

TOTAL ASSETS LIABILITIES AND EQUITY

LIABILITIES:

Secured notes payable, net Unsecured notes payable, net Unsecured line of credit, net

Accounts payable and accrued expenses Security deposits payable

Other liabilities and deferred credits, net

Total liabilities

Commitments and contingencies EQUITY:

American Assets Trust, Inc. stockholders' equity

Common stock, $0.01 par value, 490,000,000 shares authorized, 60,522,043 and 60,525,580 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

Additional paid in capital

Accumulated dividends in excess of net income Accumulated other comprehensive income

Total American Assets Trust, Inc. stockholders' equity Noncontrolling interests

Total equity

TOTAL LIABILITIES AND EQUITY

March 31, 2022

(unaudited)

$

3,440,692

159,066

547

3,600,305

(868,848)

December 31, 2021

$

3,389,726

139,098

547

3,529,371

(847,390)

2,731,457

2,681,981

73,573

-

139,524 -

7,876 7,445

85,551 82,724

112,677 106,253

$

3,011,134

$

3,017,927

$

110,976 1,538,052 -

68,797 64,531

8,280 7,855

79,142 86,215

$

110,965 1,538,238 -

1,805,247

1,807,804

605

1,454,746

(226,474)

7,063

1,235,940

(30,053)

605

1,453,272

(217,785)

2,872

1,238,964

(28,841)

1,205,887 1,210,123

$

3,011,134

$ 3,017,927

First Quarter 2022 Supplemental Information

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