American Assets Trust : Q4 2021 Supplemental Information

FOURTH QUARTER 2021

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	Square	Units		Square	Suites
Feet	Feet		Feet
San Diego	1,563,221	1,322,200	1,455	(1)	-	-
San Francisco	522,696	35,159	-		-	-
Oahu	-	429,718	-		93,925	369
Monterey	-	673,155	-		-	-
	-		-		-	-
San Antonio	588,148
	876,242				-	-
Portland	44,236	657
	933,653		-		-	-
Seattle	-
Total	3,895,812	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 December 31, 2021.

1. Includes 122 RV spaces.
2. Percentage of Net Operating Income (NOI) calculated for the three months ended December 31, 2021. Reconciliation of NOI to net income is included in the Glossary of Terms.

	Square Feet	%	NOI % (2)
Office	3.9	million	56%	54%
Retail	3.1	million	44%	26%
Totals	7.0	million

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INDEX

	FOURTH QUARTER 2021 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	12
	Same-Store Cash NOI Comparison with Redevelopment	13
	Cash NOI By Region	14
	Cash NOI Breakdown	15
	Property Revenue and Operating Expenses	16
	Segment Capital Expenditures	18
	Summary of Outstanding Debt	19
	Market Capitalization	20
	Summary of Development Opportunities	22
2.	PORTFOLIO DATA
	Property Report	24
	Office Leasing Summary	27
	Retail Leasing Summary	28
	Multifamily Leasing Summary	29
	Mixed-Use Leasing Summary	31
	Lease Expirations	32
	Portfolio Leased Statistics	34
	Top Tenants - Office	35
	Top Tenants - Retail	36
3.	APPENDIX
	Glossary of Terms	38

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; 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. Currently, one of the most significant risk factors is the potential adverse effect of the current COVID-19 pandemic on our financial condition, results of operations, cash flows and performance or that of, 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.

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.

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FINANCIAL HIGHLIGHTS

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CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except shares and per share data)		December 31, 2021			December 31, 2020
ASSETS		(unaudited)
Real estate, at cost
Operating real estate	$	3,389,726	$	3,155,280
Construction in progress		139,098			91,047
Held for development		547			547
		3,529,371			3,246,874
Accumulated depreciation		(847,390)			(754,140)
Net real estate		2,681,981			2,492,734
Cash and cash equivalents		139,524			137,333
Restricted cash		-			1,716
Accounts receivable, net		7,445			6,938
Deferred rent receivable, net		82,724			72,476
Other assets, net		106,253			106,112
TOTAL ASSETS	$	3,017,927	$	2,817,309
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net	$	110,965	$	110,923
Unsecured notes payable, net		1,538,238			1,196,677
Unsecured line of credit, net		-			99,151
Accounts payable and accrued expenses		64,531			59,262
Security deposits payable		7,855			6,590
Other liabilities and deferred credits, net		86,215			91,300
Total liabilities		1,807,804			1,563,903
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,525,580 and 60,476,292 shares issued
and outstanding at December 31, 2021 and December 31, 2020, respectively		605			605
Additional paid in capital		1,453,272			1,445,644
Accumulated dividends in excess of net income		(217,785)			(176,560)
Accumulated other comprehensive income		2,872			1,753
Total American Assets Trust, Inc. stockholders' equity		1,238,964			1,271,442
Noncontrolling interests		(28,841)			(18,036)
Total equity		1,210,123			1,253,406
TOTAL LIABILITIES AND EQUITY	$	3,017,927	$	2,817,309

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