American Assets Trust : Investor Presentation – September 2023

Investor Presentation

September 2023

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: 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 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. 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.

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Company Overview and Strategy

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American Assets Trust

6.9% CAGR	7.0% CAGR	7.0% CAGR	4.4% CAGR
TOTAL REVENUE (IPO-2022)(1)	FFO PER SHARE (IPO-2022)(1)	NET ASSET VALUE (2011-2022)(2)	DIVIDENDS (IPO-2022)(1)

HISTORY OF SUCCESS (3)

EXECUTIVE MANAGEMENT TEAM

• AAT has been in business for 55 plusyears.
• Senior management team with significant experience working together.
• Over 12 million square feet of acquisitions and development.

2022 HIGHLIGHTS

TOTAL REVENUE ($ IN MILLIONS)

					CAGR: +6.9%					$423
								$367	$345	$376
							$331
						$315
					$295
			$260	$276
		$255
	$235
$203
2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

FFO PER SHARE

CAGR: +7.0%

								$2.20			$2.34
							$2.09		$2.00
						$1.92		$1.89
					$1.85
				$1.76
		$1.54	$1.62
	$1.35
$1.11
2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

1. AAT's IPO occurred on January 13, 2011.
2. AAT's NAV CAGR (2011 thru March 2022) internal estimate is based on both management's knowledge of its core markets and published asset pricing data since IPO.
3. Includes our predecessor, American Assets, Inc.

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

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

EMILY MANDIC	ABIGAIL REX
VICE PRESIDENT OF	VICE PRESIDENT OF
PORTLAND AND BELLEVUE	SAN DIEGO MULTIFAMILY

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Portfolio Composition

					SQUARE FEET (000'S) (1)		UNITS/ROOMS (1)
		REGION	MARKET	OFFICE	RETAIL	MIXED	TOTAL	MULTIFAMILY	HOTEL
		USE
		S. CALIFORNIA	SAN DIEGO	1,589	1,322	‐	2,911	1,453	‐
		WASHINGTON	BELLEVUE	1,030	‐	‐	1,030	‐	‐
		OREGON	PORTLAND	908	44	‐	952	657	‐
		N. CALIFORNIA	MONTEREY	‐	673	‐	673	‐	‐
		TEXAS	SAN ANTONIO	‐	588	‐	588	‐	‐
	1 Retail	N. CALIFORNIA	SAN FRANCISCO	523	35	‐	558	‐	‐
	2 Office
		HAWAII	OAHU	‐	430	94	524	‐	369
		TOTAL		4,050	3,092	94	7,236	2,110	369
					ANNUALIZED BASE RENT (ABR) (1)(2)(3)
			ABR DIVERSIFICATION BY SEGMENT		ABR DIVERSIFICATION BY REGION
								TX
			MULTIFAMILY				HI	5%
						7%
			16%
						WASHINGTON
							12%	S. CALIFORNIA
			RETAIL		OFFICE		OREGON	49%
(1) As of June 30, 2023.		26%		58%		12%

1. 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 June 30, 2023 by 12. In the

case of triple net or modified gross leases, annualized base rent does not include tenant	N. CALIFORNIA
reimbursements for real estate taxes, insurance, common area or other operating expenses. We caution	15%
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.

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