American Assets Trust : Q2 2023 Supplemental Information

SECOND QUARTER 2023

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	1,588,956	1,322,200	1,453	(1)	-	-
Bellevue	1,030,434	-	-		-	-
Portland	908,178	44,236	657		-	-
Monterey	-	673,155	-		-	-
San Antonio	-	588,148	-		-	-
San Francisco	522,696	35,159	-		-	-
Oahu	-	429,718	-		93,925	369
Total	4,050,264	3,092,616	2,110		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	Office	4.1	million	57%	53%
properties. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the	Retail	3.1	million	43%	26%
properties.
Data is as of June 30, 2023.	Totals	7.2	million

(1) Includes 120 RV spaces.

(2) Percentage of Net Operating Income (NOI) calculated for the three months ended June 30, 2023. Reconciliation of NOI to net income is included in the Glossary of Terms.

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INDEX

SECOND QUARTER 2023 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	21
2.	PORTFOLIO DATA
	Property Report	23
	Office Leasing Summary	26
	Retail Leasing Summary	27
	Multifamily Leasing Summary	28
	Mixed-Use Leasing Summary	30
	Lease Expirations	31
	Portfolio Leased Statistics	33
	Top Tenants - Office	34
	Top Tenants - Retail	35

3. APPENDIX

Glossary of Terms

37

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.

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FINANCIAL HIGHLIGHTS

Second Quarter 2023 Supplemental Information

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CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except shares and per share data)		June 30, 2023			December 31, 2022
ASSETS		(unaudited)
Real estate, at cost	$	3,489,314	$	3,468,537
Operating real estate
Construction in progress		220,906			202,385
Held for development		547			547
		3,710,767			3,671,469
Accumulated depreciation		(988,560)			(936,913)
Net real estate		2,722,207			2,734,556
Cash and cash equivalents		84,709			49,571
Accounts receivable, net		7,348			7,848
Deferred rent receivable, net		89,042			87,192
Other assets, net		109,154			108,714
TOTAL ASSETS	$	3,012,460	$	2,987,881
LIABILITIES AND EQUITY
LIABILITIES:	$	74,623	$	74,578
Secured notes payable, net
Unsecured notes payable, net		1,613,663			1,539,453
Unsecured line of credit, net		-			34,057
Accounts payable and accrued expenses		62,961			65,992
Security deposits payable		8,680			8,699
Other liabilities and deferred credits, net		76,417			79,577
Total liabilities		1,836,344			1,802,356
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,724,630 and 60,718,653 shares issued
and outstanding at June 30, 2023 and December 31, 2022, respectively		607			607
Additional paid in capital		1,465,346			1,461,201
Accumulated dividends in excess of net income		(262,745)			(251,167)
Accumulated other comprehensive income		11,524			10,624
Total American Assets Trust, Inc. stockholders' equity		1,214,732			1,221,265
Noncontrolling interests		(38,616)			(35,740)
Total equity		1,176,116			1,185,525
TOTAL LIABILITIES AND EQUITY	$	3,012,460	$	2,987,881

Second Quarter 2023 Supplemental Information

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