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FOURTH QUARTER 2025 Supplemental Information Investor and Media Contact American Assets Trust, Inc. Robert F. Barton Executive Vice President and Chief Financial Officer 858-350-2607
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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 Feet Square Feet Units Square Feet Suites San Diego 1,802,809 1,322,200 1,645 (1) — — Bellevue 1,028,470 — — — — Portland 930,903 44,236 657 — — San Antonio — 588,148 — — — San Francisco 511,493 35,097 — — — Oahu — 430,288 — 93,925 369 Total 4,273,675 2,419,969 2,302 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 properties. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties. Office 4.3 million 64% 51% Retail (3) 2.4 million 36% 27% Data is as of December 31, 2025. Totals 6.7 million (1) Includes 120 RV spaces. (2) Percentage of Net Operating Income (NOI) calculated for the three months ended December 31, 2025. NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of NOI to net income are included in the Glossary of Terms. (3) Does not include mixed-use retail. Fourth Quarter 2025 Supplemental Information Page 2
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FOURTH QUARTER 2025 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 12 Cash NOI By Region 13 Cash NOI Breakdown 14 Property Revenue and Operating Expenses 15 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: adverse economic or real estate developments in our markets; defaults on, early terminations of or non- renewal of leases by tenants, including significant tenants; decreased rental rates or increased vacancy rates; our failure to generate sufficient cash flows to service our outstanding indebtedness; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing; our inability to develop or redevelop our properties due to market conditions; investment returns from our developed properties may be less than anticipated; general economic conditions, including the impact of tariffs and other trade restrictions; the potential impact of a prolonged government shutdown; financial market fluctuations; risks that affect the general office, retail, multifamily and mixed-use environment; the competitive environment in which we operate; system failures or security incidents through cyberattacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; risks related to joint venture arrangements; potential litigation; difficulties in completing dispositions; 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 American Assets Trust, Inc. 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. INDEX Fourth Quarter 2025 Supplemental Information Page 3
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FINANCIAL HIGHLIGHTS Fourth Quarter 2025 Supplemental Information Page 4
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(Amounts in thousands, except shares and per share data) December 31, 2025 December 31, 2024 ASSETS (unaudited) Real estate, at cost Operating real estate $ 3,694,203 $ 3,449,009 Construction in progress 68,937 176,868 Held for development 487 487 3,763,627 3,626,364 Accumulated depreciation (1,144,259) (1,038,878) Net real estate 2,619,368 2,587,486 Cash and cash equivalents 129,362 425,659 Accounts receivable, net 7,407 6,905 Deferred rent receivable, net 84,642 88,059 Other assets, net 80,497 87,737 Real estate assets held for sale — 77,519 TOTAL ASSETS $ 2,921,276 $ 3,273,365 LIABILITIES AND EQUITY LIABILITIES: Secured notes payable, net $ 74,849 $ 74,759 Unsecured notes payable, net 1,612,761 1,935,756 Accounts payable and accrued expenses 71,094 63,693 Security deposits payable 10,063 8,896 Other liabilities and deferred credits, net 61,304 62,588 Liabilities related to real estate assets held for sale — 3,352 Total liabilities 1,830,071 2,149,044 Commitments and contingencies EQUITY: American Assets Trust, Inc. stockholders' equity Common stock, $0.01 par value, 490,000,000 shares authorized, 61,390,936 and 61,138,238 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively 614 611 Additional paid in capital 1,479,870 1,474,869 Accumulated dividends in excess of net income (331,086) (304,339) Accumulated other comprehensive income 1,419 4,760 Total American Assets Trust, Inc. stockholders' equity 1,150,817 1,175,901 Noncontrolling interests (59,612) (51,580) Total equity 1,091,205 1,124,321 TOTAL LIABILITIES AND EQUITY $ 2,921,276 $ 3,273,365 CONSOLIDATED BALANCE SHEETS Fourth Quarter 2025 Supplemental Information Page 5
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(Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 REVENUE: Rental income $ 104,250 $ 107,947 $ 410,493 $ 423,611 Other property income 5,836 5,513 25,711 34,244 Total revenue 110,086 113,460 436,204 457,855 EXPENSES: Rental expenses 32,855 32,796 124,601 123,503 Real estate taxes 11,815 11,091 44,994 44,224 General and administrative 10,179 8,821 37,841 35,468 Depreciation and amortization 32,022 30,704 127,312 125,461 Total operating expenses 86,871 83,412 334,748 328,656 Gain on sale of real estate — — 44,476 — OPERATING INCOME 23,215 30,048 145,932 129,199 Interest expense, net (19,783) (23,754) (78,120) (74,527) Other income, net 789 5,290 3,558 18,147 NET INCOME 4,221 11,584 71,370 72,819 Net income attributable to restricted shares (236) (202) (852) (787) Net income attributable to unitholders in the Operating Partnership (837) (2,405) (14,870) (15,234) NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 3,148 $ 8,977 $ 55,648 $ 56,798 EARNINGS PER COMMON SHARE Basic income from operations attributable to common stockholders per share $ 0.05 $ 0.15 $ 0.92 $ 0.94 Weighted average shares of common stock outstanding - basic 60,595,589 60,388,681 60,555,010 60,333,055 Diluted income from continuing operations attributable to common stockholders per share $ 0.05 $ 0.15 $ 0.92 $ 0.94 Weighted average shares of common stock outstanding - diluted 76,777,126 76,570,218 76,736,547 76,514,592 CONSOLIDATED STATEMENTS OF OPERATIONS Fourth Quarter 2025 Supplemental Information Page 6
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(Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Funds from Operations (FFO) (1) Net income $ 4,221 $ 11,584 $ 71,370 $ 72,819 Depreciation and amortization of real estate assets 32,022 30,704 127,312 125,461 Gain on sale of real estate — — (44,476) — FFO, as defined by NAREIT 36,243 42,288 154,206 198,280 Less: Nonforfeitable dividends on restricted stock awards (216) (178) (757) (754) FFO attributable to common stock and common units $ 36,027 $ 42,110 $ 153,449 $ 197,526 FFO per diluted share/unit $ 0.47 $ 0.55 $ 2.00 $ 2.58 FFO per diluted share/unit, excluding lease termination fees and litigation income (2) $ 0.47 $ 0.55 $ 1.97 $ 2.30 Weighted average number of common shares and common units, diluted (3) 76,787,095 76,575,348 76,746,917 76,514,433 Funds Available for Distribution (FAD) (1) $ 23,841 $ 26,795 $ 106,458 $ 140,338 Dividends Dividends declared and paid $ 26,378 $ 25,902 $ 105,254 $ 103,368 Dividends declared and paid per share/unit $ 0.340 $ 0.335 $ 1.360 $ 1.340 FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION Fourth Quarter 2025 Supplemental Information Page 7
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(Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Funds Available for Distribution (FAD) (1) FFO $ 36,243 $ 42,288 $ 154,206 $ 198,280 Adjustments: Tenant improvements, leasing commissions and capital expenditures (15,792) (17,439) (57,580) (62,064) Net effect of straight-line rents (4) 1,040 (130) 2,392 (3,302) Amortization of net above (below) market rents (5) (395) (604) (2,127) (2,683) Net effect of other lease assets (6) 2 2 36 99 Amortization of debt issuance costs and debt fair value adjustment 718 1,094 2,891 3,652 Non-cash compensation expense 2,241 1,762 7,397 7,110 Nonforfeitable dividends on restricted stock awards (216) (178) (757) (754) FAD $ 23,841 $ 26,795 $ 106,458 $ 140,338 Summary of Capital Expenditures Tenant improvements and leasing commissions $ 8,090 $ 7,255 $ 33,204 $ 32,631 Capital expenditures 7,702 10,184 24,376 29,433 $ 15,792 $ 17,439 $ 57,580 $ 62,064 Notes: (1) See Glossary of Terms. (2) Excludes $1.9 million in lease termination fees recognized during the year ended December 31, 2025, and $11.7 million in lease termination fees and $10.0 million in litigation income recognized during the year ended December 31, 2024. (3) For the three months and year ended December 31, 2025 and 2024, the weighted average common shares and common units used to compute FFO per diluted share/unit included operating partnership common units and unvested restricted stock awards that are subject to time vesting. The shares/units used to compute FFO per diluted share/unit include additional shares/units which were excluded from the computation of diluted EPS, as they were anti-dilutive for the periods presented. (4) Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances. (5) Represents the adjustment related to the acquisition of buildings with above (below) market rents. (6) Represents adjustments related to amortization of lease incentives paid to tenants, amortization of lease intangibles, and straight-line rent expense for our leases at the Annex at The Landmark at One Market. FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 8
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(Amounts in thousands, except share and per share data) 2026 Guidance Range (1) Funds from Operations (FFO): Net income $ 32,668 $ 43,450 Depreciation and amortization of real estate assets 119,110 119,110 Gain on sale of real estate — FFO, as defined by NAREIT 151,778 162,560 Less: Nonforfeitable dividends on restricted stock awards (834) (834) FFO attributable to common stock and units $ 150,944 $ 161,726 Weighted average number of common shares and units, diluted 77,012,633 77,012,633 FFO per diluted share, updated $ 1.96 $ 2.10 Notes: (1) Management will discuss the company's guidance in more detail during tomorrow's earnings call. Except as discussed during the call, the company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments. FFO is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates, credit spreads and the amount and timing of acquisition and development activities. The company's actual results may differ materially from these estimates. CORPORATE GUIDANCE Fourth Quarter 2025 Supplemental Information Page 9
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(Unaudited, amounts in thousands) Three Months Ended December 31, 2025 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 51,629 $ 24,356 $ 16,083 $ 16,408 $ 108,476 Non-same store 416 (21) 1,215 — 1,610 Total 52,045 24,335 17,298 16,408 110,086 Real estate expenses Same-store 17,145 6,973 7,505 10,861 42,484 Non-same store 1,247 (52) 991 — 2,186 Total 18,392 6,921 8,496 10,861 44,670 Net Operating Income (NOI) Same-store 34,484 17,383 8,578 5,547 65,992 Non-same store (831) 31 224 — (576) Total $ 33,653 $ 17,414 $ 8,802 $ 5,547 $ 65,416 Same-store NOI $ 34,484 $ 17,383 $ 8,578 $ 5,547 $ 65,992 Net effect of straight-line rents (2) 913 (142) 295 (2) 1,064 Amortization of net above (below) market rents (3) (288) (106) — — (394) Net effect of other lease assets (4) (26) 12 — — (14) Lease termination fees and tenant improvement reimbursements (5) (542) (2) — — (544) Same-store cash NOI (5) $ 34,541 $ 17,145 $ 8,873 $ 5,545 $ 66,104 Notes: (1) Same-store and non-same store classifications are determined based on properties held on December 31, 2025 and 2024. See Glossary of Terms. (2) Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances. (3) Represents the adjustment related to the acquisition of buildings with above (below) market rents. (4) Represents adjustments related to amortization of lease incentives paid to tenants, amortization of lease intangibles and straight-line rent expense for our leases at the Annex at The Landmark at One Market. (5) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance. NOI and same-store cash NOI are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. Reconciliations of NOI and same-store cash NOI to net income are included in the Glossary of Terms. SAME-STORE NET OPERATING INCOME (NOI) Fourth Quarter 2025 Supplemental Information Page 10
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(Unaudited, amounts in thousands) Year Ended December 31, 2025 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 204,964 $ 93,528 $ 65,051 $ 66,084 $ 429,627 Non-same store 1,073 1,594 3,910 — 6,577 Total 206,037 95,122 68,961 66,084 436,204 Real estate expenses Same-store 61,746 26,094 29,483 43,962 161,285 Non-same store 5,152 690 2,468 — 8,310 Total 66,898 26,784 31,951 43,962 169,595 Net Operating Income (NOI) Same-store 143,218 67,434 35,568 22,122 268,342 Non-same store (4,079) 904 1,442 — (1,733) Total $ 139,139 $ 68,338 $ 37,010 $ 22,122 $ 266,609 Same-store NOI $ 143,218 $ 67,434 $ 35,568 $ 22,122 $ 268,342 Net effect of straight-line rents (2) 3,203 (36) (649) 140 2,658 Amortization of net above (below) market rents (3) (1,638) (488) — — (2,126) Net effect of other lease assets (4) (42) 46 — — 4 Lease termination fees and tenant improvement reimbursements (5) (3,765) (175) — — (3,940) Same-store cash NOI (5) $ 140,976 $ 66,781 $ 34,919 $ 22,262 $ 264,938 Notes: (1) Same-store and non-same store classifications are determined based on properties held on December 31, 2025 and 2024. See Glossary of Terms. (2) Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances. (3) Represents the adjustment related to the acquisition of buildings with above (below) market rents. (4) Represents adjustments related to amortization of lease incentives paid to tenants, amortization of lease intangibles, and straight-line rent expense for our leases at the Annex at The Landmark at One Market. (5) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance. NOI and same-store cash NOI are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. Reconciliations of NOI and same-store cash NOI to net income are included in the Glossary of Terms. SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 11
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(Unaudited, amounts in thousands) Three Months Ended Year Ended December 31, December 31, 2025 2024 Change 2025 2024 Change Cash Basis: Office (1) $ 34,541 $ 34,131 1.2 % $ 140,976 $ 137,832 2.3 % Retail 17,145 17,455 (1.8) 66,781 65,969 1.2 Multifamily 8,873 9,016 (1.6) 34,919 36,061 (3.2) Mixed-Use 5,545 5,481 1.2 22,262 23,856 (6.7) Same-store Cash NOI (2)(3) $ 66,104 $ 66,083 — % $ 264,938 $ 263,718 0.5 % Notes: (1) One Beach Street is classified as same-store for the three months ended December 31, 2025 and is classified as non-same-store for the year ended December 31, 2025, as this property was placed into operations on August 1, 2024. (2) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance. (3) See Glossary of Terms. Same-store cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of same-store cash NOI to net income is included in the Glossary of Terms. SAME-STORE CASH NOI COMPARISON Fourth Quarter 2025 Supplemental Information Page 12
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(Unaudited, amounts in thousands) Three Months Ended December 31, 2025 Office Retail Multifamily Mixed-Use Total Cash Basis: Southern California $ 14,206 $ 9,263 $ 7,787 $ — $ 31,256 Northern California 7,190 344 — — 7,534 Hawaii — 3,132 — 5,545 8,677 Oregon 4,452 147 1,310 — 5,909 Texas — 4,290 — — 4,290 Washington 7,668 — — — 7,668 Total Cash NOI $ 33,516 $ 17,176 $ 9,097 $ 5,545 $ 65,334 Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms. CASH NOI BY REGION Fourth Quarter 2025 Supplemental Information Page 13
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Three Months Ended December 31, 2025 Cash NOI Breakdown Portfolio Diversification by Geographic Region Portfolio Diversification by Segment Southern California 48% Northern California 11% Hawaii 13% Oregon 9% Washington 12% Texas 7% Retail 26% Office 51% Multifamily 14% Mixed-Use 9% Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms. CASH NOI BREAKDOWN Fourth Quarter 2025 Supplemental Information Page 14
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(Unaudited, amounts in thousands) Three Months Ended December 31, 2025 Additional Property Property Billed Expense Operating Rental Cash Property Base Rent (1) Income (2) Reimbursements (3) Expenses (4) Adjustments (5) NOI (6) Office Portfolio La Jolla Commons $ 9,856 $ 223 $ 3,026 $ (5,128) $ (308) $ 7,669 Coastal Collection at Torrey Reserve (7) 6,295 73 501 (2,219) (306) 4,344 Torrey Point (8) 1,530 93 64 (478) (338) 871 Solana Crossing 2,148 20 199 (759) (283) 1,325 The Landmark at One Market 10,458 106 520 (3,600) — 7,484 One Beach Street — — — (294) — (294) First & Main 2,232 266 420 (935) (261) 1,722 Lloyd Portfolio (8) 3,908 432 250 (1,534) (217) 2,839 City Center Bellevue 6,938 738 300 (1,777) (94) 6,105 14Acres 773 29 369 (837) (128) 206 Timber Ridge 1,170 53 428 (453) (119) 1,079 Timber Springs 439 9 156 (273) (53) 278 Subtotal Office Portfolio $ 45,747 $ 2,042 $ 6,233 $ (18,287) $ (2,107) $ 33,628 Retail Portfolio Carmel Country Plaza $ 1,062 $ 20 $ 250 $ (306) $ (58) $ 968 Carmel Mountain Plaza 3,646 175 1,090 (1,119) (3) 3,789 South Bay Marketplace 634 187 242 (241) — 822 Gateway Marketplace 560 — 214 (285) — 489 Lomas Santa Fe Plaza 1,666 14 343 (559) (15) 1,449 Solana Beach Towne Centre 1,837 25 619 (710) (25) 1,746 Geary Marketplace 310 (5) 143 (104) — 344 The Shops at Kalakaua 302 24 49 (94) — 281 Waikele Center 3,137 393 926 (1,605) — 2,851 Alamo Quarry Market 4,080 461 1,518 (1,769) — 4,290 Hassalo on Eighth - Retail 214 17 44 (128) — 147 Subtotal Retail Portfolio $ 17,448 $ 1,311 $ 5,438 $ (6,920) $ (101) $ 17,176 PROPERTY REVENUE AND OPERATING EXPENSES Fourth Quarter 2025 Supplemental Information Page 15
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(Unaudited, amounts in thousands) Three Months Ended December 31, 2025 Additional Property Property Billed Expense Operating Rental Cash Property Base Rent (1) Income (2) Reimbursements (3) Expenses (4) Adjustments (5) NOI (6) Multifamily Portfolio Loma Palisades $ 4,426 $ 255 $ — $ (1,870) $ (62) $ 2,749 Imperial Beach Gardens 1,158 74 — (508) (49) 675 Mariner's Point 546 44 — (315) (13) 262 Santa Fe Park RV Resort 267 28 — (225) — 70 Pacific Ridge Apartments 6,189 224 — (2,571) (35) 3,807 Genesee Park (9) 1,222 9 — (990) (17) 224 Hassalo on Eighth - Multifamily 2,974 446 — (2,018) (92) 1,310 Subtotal Multifamily Portfolio $ 16,782 $ 1,080 $ — $ (8,497) $ (268) $ 9,097 Mixed-Use Portfolio Waikiki Beach Walk - Retail $ 2,374 $ 1,619 $ 946 $ (1,875) $ (10) $ 3,054 Waikiki Beach Walk - Embassy Suites™ 9,642 1,834 — (8,985) — 2,491 Subtotal Mixed-Use Portfolio $ 12,016 $ 3,453 $ 946 $ (10,860) $ (10) $ 5,545 Subtotal Development Properties $ — $ 12 $ — $ (124) $ — $ (112) Total $ 91,993 $ 7,898 $ 12,617 $ (44,688) $ (2,486) $ 65,334 Cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of total cash NOI to net income is included in the Glossary of Terms. Notes: (1) Base rent for our office and retail portfolios and the retail portion of our mixed-use portfolio represents base rent for the three months ended December 31, 2025 (before deferrals, abatements, and tenant improvement reimbursements) and excludes the impact of straight-line rent and above (below) market rent adjustments. Total abatements for our office portfolio and retail portfolio were approximately $2.1 million and $0.1 million, respectively, for the three months ended December 31, 2025. Total abatements for our mixed-use portfolio were minimal for the three months ended December 31, 2025. 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. Multifamily portfolio base rent represents base rent (including parking, before abatements) less vacancy allowance and employee rent credits and includes additional rents (which include insufficient notice penalties, month-to-month charges and pet rent). There were $0.3 million of abatements for our multifamily portfolio for the three months ended December 31, 2025. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended December 31, 2025. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.7 million in the aggregate for the three months ended December 31, 2025. A reconciliation of base rent to rental income is shown below: Base Rent $ 91,993 Billed Expense Reimbursement 12,617 Percentage Rent 1,371 Straight-line rent components (1,040) Other Rental Income* (691) Rental Income $ 104,250 * Other rental income includes rent abatement, rent deferral, above market rent, below market rent, lease incentives, tenant improvement reimbursement, storage rent and other miscellaneous rental income. PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 16
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(2) Represents additional property-related income for the three months ended December 31, 2025, which includes (i) percentage rent, (ii) other rent (such as storage rent, license fees and association fees) and (iii) other property income (such as late fees, default fees, parking revenue, the reimbursement of general excise taxes, laundry income and food and beverage sales), and excludes lease termination fees. (3) Represents billed tenant expense reimbursements for the three months ended December 31, 2025. (4) Represents property operating expenses for the three months ended December 31, 2025. Property operating expenses includes all rental expenses, except non cash rent expense. (5) Represents rental adjustments related to base rent (deferrals and abatements). (6) See Glossary of Terms. (7) Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus. (8) Base rent shown includes amounts related to American Assets Trust, L.P.'s corporate leases at Torrey Point and Lloyd Portfolio. This intercompany rent is eliminated in the consolidated statement of operations. The base rent and abatement were both $0.4 million for the three months ended December 31, 2025. (9) Genesee Park was acquired on February 28, 2025. PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 17
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(Unaudited, amounts in thousands) Three Months Ended December 31, 2025 Segment Tenant Improvements and Leasing Commissions Capital Expenditures Total Tenant Improvements, Leasing Commissions and Capital Expenditures Redevelopment, Expansions and Repositioning (1) New Development Total Capital Expenditures Office Portfolio $ 6,445 $ 3,846 $ 10,291 $ 2,948 $ 917 $ 14,156 Retail Portfolio 1,525 2,839 4,364 — — 4,364 Multifamily Portfolio — 778 778 1,244 — 2,022 Mixed-Use Portfolio 120 239 359 — — 359 Total $ 8,090 $ 7,702 $ 15,792 $ 4,192 $ 917 $ 20,901 Year Ended December 31, 2025 Segment Tenant Improvements and Leasing Commissions Capital Expenditures Total Tenant Improvements, Leasing Commissions and Capital Expenditures Redevelopment, Expansions and Repositioning (1) New Development Total Capital Expenditures Office Portfolio $ 27,315 $ 14,133 $ 41,448 $ 6,587 $ 13,475 $ 61,510 Retail Portfolio 5,346 5,466 10,812 698 — 11,510 Multifamily Portfolio — 3,014 3,014 2,080 — 5,094 Mixed-Use Portfolio 543 1,763 2,306 — — 2,306 Total $ 33,204 $ 24,376 $ 57,580 $ 9,365 $ 13,475 $ 80,420 (1) Beginning with the three months ended June 30, 2025, this capital expenditures category includes spending related to repositioning initiatives at operating properties, as well as planned capital expenditures identified at the time of acquisition. SEGMENT CAPITAL EXPENDITURES Fourth Quarter 2025 Supplemental Information Page 18
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(Unaudited, amounts in thousands) Amount Outstanding at Annual Debt Debt December 31, 2025 Interest Rate Service (1) Maturity Date City Center Bellevue 75,000 5.08 % 3,863 October 1, 2027 Secured Notes Payable / Weighted Average (2) $ 75,000 5.08 % $ 3,863 Term Loan A (3) $ 100,000 2.70 % $ 2,700 January 5, 2027 Series D Notes (4) 250,000 3.87 % 10,725 March 1, 2027 Series E Notes (5) 100,000 4.18 % 4,240 May 23, 2029 Series G Notes (6) 150,000 3.88 % 5,865 July 30, 2030 3.375% Senior Notes (7) 500,000 3.50 % 16,875 February 1, 2031 6.150% Senior Notes (8) 525,000 6.21 % $ 32,288 October 1, 2034 Unsecured Notes Payable / Weighted Average (9) $ 1,625,000 4.46 % $ 72,693 Unsecured Line of Credit (10) $ — Notes: (1) Includes interest and principal payments due over the next twelve months. (2) The Secured Notes Payable total does not include debt issuance costs, net of $0.2 million. (3) Term Loan A has a stated maturity of January 5, 2027, with no further extension options. Term Loan A accrues interest at a variable rate, which we fixed as part of an interest rate swap for an effective interest rate of 2.70%, subject to adjustments based on our consolidated leverage ratio. (4) $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027. Net of the settlement of the forward-starting interest rate swap, the effective interest rate for the Series D Notes is approximately 3.87% per annum, through maturity. (5) $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029. Net of the settlement of the treasury lock contract, the effective interest rate for the Series E Notes is approximately 4.18%, through maturity. (6) $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030. Net of the settlement of the treasury lock contract, the effective interest rate for the Series G Notes is approximately 3.88% through maturity. (7) $500 million of 3.375% Senior Notes due February 1, 2031. Net of the debt issuance discount, the effective interest rate for the 3.375% Notes is approximately 3.502% through maturity. (8) $525 million of 6.150% Senior Notes due October 1, 2034. Net of the debt issuance discount and settlement of the treasury lock contracts, the effective interest rate for the 6.150% Notes is approximately 6.209% through maturity. (9) The Unsecured Notes Payable total does not include debt issuance costs and discounts, net of $12.2 million. (10) The Unsecured Line of Credit (the "Revolver Loan") has a capacity of $400 million plus an accordion feature that may allow us to increase the availability thereunder up to an additional $400 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The Revolver Loan matures on July 5, 2026, subject to our option to extend the Revolver Loan for one six-month period. The Revolver Loan currently accrues interest at SOFR, plus the applicable SOFR adjustment and a spread which ranges from 1.05%-1.50%, based on our consolidated leverage ratio. The Revolver Loan total does not include debt issuance costs, net of $0.3 million. SUMMARY OF OUTSTANDING DEBT Fourth Quarter 2025 Supplemental Information Page 19
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(Unaudited, amounts in thousands, except per share data) Market data December 31, 2025 Common shares outstanding 61,391 Common units outstanding 16,182 Common shares and common units outstanding 77,573 Market price per common share $ 18.93 Equity market capitalization $ 1,468,457 Total debt $ 1,700,000 Total market capitalization $ 3,168,457 Less: Cash on hand $ (129,362) Total enterprise value $ 3,039,095 Total unencumbered assets, gross $ 3,771,495 Total debt/Total capitalization 53.7 % Total debt/Total enterprise value 55.9 % Net debt/Total enterprise value (1) 51.7 % Total unencumbered assets, gross/Unsecured debt 232.1% Quarter Annualized Trailing 12 Months Total debt/Adjusted EBITDA (2)(3) 7.7x 7.4x Net debt/Adjusted EBITDA (1)(2)(3) 7.1x 6.9x Interest coverage ratio (4) 2.9x 3.0x Fixed charge coverage ratio (4) 2.9x 3.0x Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes) (5) Covenant December 31, 2025 Aggregate Debt Test < 60% 43.7% Debt Service Test > 1.5x 3.0 Secured Debt Test < 40% 1.9% Maintenance of Total Unencumbered Assets > 150% 222.5% Principal Repayment (in millions) Debt Maturity Schedule as of December 31, 2025 $75 $— $350 $— $100 $150 $500 $— $— $525 Secured Debt Unsecured Debt 2026 2027 2028 2029 2030 2031 2032 2033 2034 $0 $200 $400 $600 Weighted Average Fixed Interest Rate 2026 2027 2028 2029 2030 2031 2032 2033 2034 —% 3.8% —% 4.2% 3.9% 3.5% —% —% 6.2% Total Weighted Average Fixed Interest Rate: 4.5% Weighted Average Term to Maturity (in years): 5.1 Credit Ratings Rating Agency Rating Outlook Fitch BBB Stable Moody's Baa3 Stable Standard & Poors BBB- Stable Notes: (1) Net debt is equal to total debt less cash on hand. (2) See Glossary of Terms for discussion of EBITDA and Adjusted EBITDA. (3) As used here, Adjusted EBITDA represents the actual for the three months ended December 31, 2025, annualized. (4) Calculated as Adjusted EBITDA divided by interest on borrowed funds, including capitalized interest and excluding debt fair value adjustments and loan fee amortization. (5) The debt covenant headings set forth in this table are utilized, and the covenants themselves are detailed, in the documents governing the 3.375% Senior Notes and the 6.150% Senior Notes. Adjusted EBITDA is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of Adjusted EBITDA to net income are in the Glossary of Terms. MARKET CAPITALIZATION Fourth Quarter 2025 Supplemental Information Page 20
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Our portfolio has numerous potential opportunities to create future shareholder value. These opportunities could be subject to government approvals, lender consents, tenant consents, market conditions, availability of debt and/or equity financing, etc. Many of these opportunities are in their preliminary stages and may not ultimately come to fruition. This schedule will update as we modify various assumptions and markets conditions change. Square footages and units set forth below are estimates only and ultimately may differ materially from actual square footages and units. Development/Redevelopment Pipeline Property Property Type Location Estimated Rentable Square Feet Multifamily Units Opportunity Waikele Center Retail Honolulu, HI 120,000 N/A Development of 120,000 square foot retail building (former KMart space) Lomas Santa Fe Plaza Retail Solana Beach, CA TBD Development of multifamily units Genesee Park Multifamily San Diego, CA TBD Development of multifamily units Solana Beach Towne Centre Retail Solana Beach, CA TBD Development of multifamily units Carmel Mountain Plaza Retail San Diego, CA TBD Development of multifamily units Lloyd Portfolio - multiple phases (1) Mixed Use Portland, OR Phase 2B - Oregon Square 385,000 N/A Development of high density, transit oriented, mixed-use urban village Notes: (1) The Lloyd Portfolio was acquired in 2011, consisting of approximately 600,000 rentable square feet on more than 16 acres located in the Lloyd District of Portland, Oregon. The portion of the property that has been designated for additional development is expected to include a high density, transit oriented, mixed-use urban village, with the potential to be in excess of approximately three million square feet. The zoning for such development opportunity allows a 12:1 Floor Area Ratio with a 250 foot height limit and provides for retail, office and/or multifamily development. Additional development plans are in the early stages and will continue to progress as demand and economic conditions allow. SUMMARY OF DEVELOPMENT OPPORTUNITIES Fourth Quarter 2025 Supplemental Information Page 21
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PORTFOLIO DATA Fourth Quarter 2025 Supplemental Information Page 22
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As of December 31, 2025 Office and Retail Portfolios Net Annualized Rentable Base Rent per Year Built/ Square Percentage Annualized Leased Retail Property Location Most Recent Renovation Feet (1) Leased (2) Base Rent (3) Square Foot (4) Anchor Tenant(s) (5) Other Principal Retail Tenants (6) Office Properties La Jolla Commons I & II San Diego, CA 2008 725,439 98.5% $ 48,403,723 $67.74 La Jolla Commons III San Diego, CA 2025 206,231 34.7 2,643,758 36.94 Coastal Collection at Torrey Reserve (7) San Diego, CA 1996/2022 552,276 82.2 25,033,359 55.14 Torrey Point San Diego, CA 2017 94,854 99.6 6,119,373 64.77 Solana Crossing Solana Beach, CA 1982/2022 224,009 81.3 8,833,711 48.51 The Landmark at One Market (8) San Francisco, CA 1917/2000 422,426 98.3 41,830,682 100.74 One Beach Street San Francisco, CA 1924/2024 89,067 14.5 — — First & Main Portland, OR 2010 362,633 74.9 8,937,842 32.91 Lloyd Portfolio Portland, OR 1940/2022 568,270 84.1 16,051,144 33.59 City Center Bellevue Bellevue, WA 1987/2023 498,606 92.0 27,649,275 60.28 14Acres Bellevue, WA 1985/2024 276,060 63.5 5,962,845 34.02 Timber Ridge Bellevue, WA 1986 160,509 97.5 7,280,357 46.52 Timber Springs Bellevue, WA 1983 93,295 73.0 2,589,179 38.02 Subtotal/Weighted Average Office Portfolio (9) 4,273,675 83.1% $ 201,335,248 $56.69 Retail Properties Carmel Country Plaza San Diego, CA 1991 78,098 98.0% $ 4,316,334 $56.40 Sharp Healthcare, San Diego County Credit Union Carmel Mountain Plaza (10) San Diego, CA 1994/2020 528,416 99.8 14,602,922 27.69 At Home Stores Dick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine & More, Marshalls, Angelika Film Center South Bay Marketplace (10) San Diego, CA 1997/2018 132,877 97.8 2,535,608 19.51 Ross Dress for Less, Grocery Outlet, Old Navy Gateway Marketplace (10) San Diego, CA 1997/2016 127,861 98.9 2,473,675 19.56 Hobby Lobby Smart & Final, Aldi Lomas Santa Fe Plaza Solana Beach, CA 1972/1997 208,297 96.6 6,613,353 32.87 Vons, Home Goods Solana Beach Towne Centre Solana Beach, CA 1973/2004 246,651 97.5 7,423,168 30.87 Dixieline Probuild, Marshalls, CVS Pharmacy Geary Marketplace Walnut Creek, CA 2012 35,097 100.0 1,299,574 37.03 Sprouts Farmers Market The Shops at Kalakaua Honolulu, HI 1971/2006 11,893 100.0 1,206,000 101.40 Hawaii Beachware & Fashion, Diesel U.S.A. Waikele Center Waipahu, HI 1993/2008 418,395 97.2 12,637,563 31.07 Lowe's, Safeway, Inspire Church UFC Gym, Office Max, Old Navy Alamo Quarry Market (10) San Antonio, TX 1997/1999 588,148 99.2 16,311,778 27.96 Regal Cinemas Whole Foods Market, Nordstrom Rack, Home Goods, Gold's Gym Hassalo on Eighth - Retail Portland, OR 2015 44,236 57.5 857,552 33.71 Providence Health & Services, Sola Salon Subtotal/Weighted Average Retail Portfolio (9) 2,419,969 97.7% $ 70,277,527 $29.72 Total/Weighted Average Office and Retail Portfolio (9) 6,693,644 88.4% $ 271,612,775 $45.90 PROPERTY REPORT Fourth Quarter 2025 Supplemental Information Page 23
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As of December 31, 2025 Average Monthly Year Built/ Percentage Percentage Annualized Base Rent per Property Location Most Recent Renovation Units Leased (2) Occupied (2) Base Rent (3) Occupied Unit (4) Loma Palisades San Diego, CA 1958/2022 548 96.7% 94.9% $ 18,131,064 $ 2,905 Imperial Beach Gardens Imperial Beach, CA 1959/2023 160 95.0 91.3 4,754,016 $ 2,712 Mariner's Point Imperial Beach, CA 1986 88 93.2 92.1 1,928,100 $ 1,982 Pacific Ridge Apartments San Diego, CA 2013 533 99.1 98.1 24,977,172 $ 3,981 Genesee Park San Diego, CA 1985 192 98.4 96.9 4,878,144 $ 2,185 Hassalo on Eighth - Multifamily (12) Portland, OR 2015 657 91.2 89.0 11,814,288 $ 1,684 Total/Weighted Average Multifamily Portfolio 2,178 95.5% 93.7% $ 66,482,784 $ 2,715 Santa Fe Park RV Resort (11) San Diego, CA 1971/2008 124 45.2 45.2 1,064,856 $ 1,583 Total/Weighted Average Multifamily Portfolio (including Santa Fe Park RV Resort) 2,302 92.8% 91.1% $ 67,547,640 $ 2,684 Mixed-Use Portfolio Net Rentable Annualized Base Year Built/ Square Percentage Annualized Rent per Leased Retail Retail Portion Location Most Recent Renovation Feet (1) Leased (2) Base Rent (3) Square Foot (4) Anchor Tenant(s) (5) Other Principal Retail Tenants (6) Waikiki Beach Walk - Retail Honolulu, HI 2006 93,925 96.2 % $ 9,628,291 $ 106.56 Yardhouse, Roy's Year Built/ Average Average Revenue per Hotel Portion Location Most Recent Renovation Units Occupancy (13) Daily Rate (13) Available Room (13) Waikiki Beach Walk - Embassy Suites™ Honolulu, HI 2008/2020 369 80.7 % $ 352 $ 284 Notes: (1) The net rentable square feet for each of our retail properties and the retail portion of our mixed-use property is the sum of (1) the square footages of existing leases, plus (2) for available space, the field-verified square footage. The net rentable square feet for each of our office properties is the sum of (1) the square footages of existing leases, plus (2) for available space, management’s estimate of net rentable square feet based, in part, on past leases. The net rentable square feet included in such office leases is generally determined consistently with the Building Owners and Managers Association, 2017 measurement guidelines. Net rentable square footage may be adjusted from the prior periods to reflect re- measurement of leased space at the properties. (2) Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property includes square footage under leases as of December 31, 2025, including leases which may not have commenced as of December 31, 2025. Percentage occupied for our multifamily properties includes total units rented and occupied as of December 31, 2025. Percentage leased for our multifamily properties includes units leased but not occupied as of December 31, 2025. (3) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended December 31, 2025 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. The foregoing notwithstanding: • The annualized base rent for La Jolla Commons I & II has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $37,801,285 to our estimate of annual triple net operating expenses of $10,602,439 for an estimated annualized base rent on a modified gross lease basis of $48,403,724 for La Jolla Commons I & II. • The annualized base rent for 14Acres has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,081,195 to our estimate of annual triple net operating expenses of $1,881,650 for an estimated annualized base rent on a modified gross lease basis of $5,962,845 for 14Acres. • The annualized base rent for Timber Ridge has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $5,297,966 to our estimate of annual triple net operating expenses of $1,982,391 for an estimated annualized base rent on a modified gross lease basis of $7,280,357 for Timber Ridge. • The annualized base rent for Timber Springs has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $1,822,289 to our estimate of annual triple net operating expenses of $766,890 for an estimated annualized base rent on a modified gross lease basis of $2,589,179 for Timber Springs. PROPERTY REPORT (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 24
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(4) Annualized base rent per leased square foot for our retail and office properties and the retail portion of the mixed-use property is calculated by dividing annualized base rent, by square footage under lease as of December 31, 2025. Annualized base rent per occupied unit for our multifamily properties is calculated by dividing annualized base rent by units occupied as of December 31, 2025. The foregoing notwithstanding, the annualized base rent per leased square foot for La Jolla Commons, 14Acres, Timber Ridge and Timber Springs has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases. See footnote 3 for further explanation. (5) Retail anchor tenants are defined as retail tenants leasing 50,000 square feet or more. (6) Other principal retail tenants, excluding anchor tenants. (7) Coastal Collection at Torrey Reserve was formerly known as Torrey Reserve Campus. (8) This property contains 422,426 net rentable square feet consisting of The Landmark at One Market (378,206 net rentable square feet) as well as a separate long-term leasehold interest in approximately 44,220 net rentable square feet of space located in an adjacent six-story leasehold known as the Annex. We currently lease the Annex from an affiliate of the Paramount Group pursuant to a long-term master lease effective through June 30, 2031. (9) Lease data for signed but not commenced leases as of December 31, 2025 is in the following table: Leased Square Feet Annualized Base Pro Forma Annualized Under Signed But Annualized Rent per Base Rent per Not Commenced Leases (a) Base Rent (b) Leased Square Foot (b) Leased Square Foot (c) Office Portfolio 139,722 $ 7,204,628 $ 51.56 $ 58.71 Retail Portfolio 11,300 $ 570,430 $ 50.48 $ 29.97 Total Retail and Office Portfolio 151,022 $ 7,775,058 $ 51.48 $ 47.23 (a) Office portfolio leases signed but not commenced of 84,009, 35,861, 15,194, and 4,658 square feet are expected to commence during each quarter of 2026, respectively. Retail portfolio leases signed but not commenced of 1,700, 1,627, 5,255, and 2,718 square feet are expected to commence during each quarter of 2026, respectively. (b) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements) for signed but not commenced leases as of December 31, 2025 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. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage for signed by not commenced leases. (c) Pro forma annualized base rent is calculated by dividing annualized base rent for commenced leases and for signed but not commenced leases as of December 31, 2025, by square footage under lease as of December 31, 2025. (10) Net rentable square feet at certain of our retail properties includes pad sites leased pursuant to the ground leases in the following table: Property Number of Ground Leases Square Footage Leased Pursuant to Ground Leases Aggregate Annualized Base Rent Carmel Mountain Plaza 5 17,607 $ 1,051,461 South Bay Marketplace 1 2,824 $ 114,552 Alamo Quarry Market 4 31,994 $ 723,455 Gateway Marketplace 1 18,903 $ 226,800 (11) The Santa Fe Park RV Resort is subject to seasonal variation, with higher rates of occupancy occurring during the summer months. During the 12 months ended December 31, 2025, the highest average monthly occupancy rate for this property was 84.7%, occurring in August 2025. The number of units at the Santa Fe Park RV Resort includes 120 RV spaces and four apartments. The Santa Fe Park RV resort is excluded from the multifamily presentation above to accurately reflect true multifamily performance. (12) Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood. (13) Average occupancy represents the percentage of available units that were sold during the three months ended December 31, 2025, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the three months ended December 31, 2025 by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the three months ended December 31, 2025 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services. PROPERTY REPORT (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 25
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As of December 31, 2025 Total Lease Summary - Comparable (1) Number of Leases Signed % of Comparable Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Prior Rent Per Sq. Ft. (3) Annual Change in Rent Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 13 100% 135,024 $74.14 $69.54 $ 621,549 6.6 % 11.5 % 4.3 $ 4,092,472 $30.31 3rd Quarter 2025 11 100% 121,810 $59.09 $54.05 $ 614,455 9.3 % 18.6 % 4.2 $ 1,350,521 $11.09 2nd Quarter 2025 13 100% 69,363 $40.93 $41.74 $ (56,699) (2.0) % 9.6 % 6.8 $ 2,661,151 $38.37 1st Quarter 2025 9 100% 44,422 $36.83 $34.16 $ 118,407 7.8 % 15.2 % 7.0 $ 668,939 $15.06 Total 12 months 46 100% 370,619 $58.51 $55.01 $ 1,297,712 6.4 % 13.8 % 5.1 $ 8,773,083 $23.67 New Lease Summary - Comparable (1) Number of Leases Signed % of Comparable Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Prior Rent Per Sq. Ft. (3) Annual Change in Rent Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 1 8% 3,747 $40.32 $35.73 $ 17,167 12.8 % 21.9 % 6.1 $ 22,482 $6.00 3rd Quarter 2025 3 27% 62,781 $67.95 $63.16 $ 300,742 7.6 % 20.1 % 2.7 $ 909,502 $14.49 2nd Quarter 2025 4 31% 50,765 $38.87 $41.01 $ (108,988) (5.2) % 9.2 % 7.9 $ 2,444,097 $48.15 1st Quarter 2025 1 11% 1,913 $35.50 $34.01 $ 2,843 4.4 % 0.6 % 1.1 $ — — Total 12 months 9 20% 119,206 $54.18 $52.40 $ 211,764 3.4 % 16.3 % 5.0 $ 3,376,081 $28.33 Renewal Lease Summary - Comparable (1)(5) Number of Leases Signed % of Comparable Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Prior Rent Per Sq. Ft. (3) Annual Change in Rent Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 12 92% 131,277 $75.10 $70.50 $ 604,382 6.5 % 11.4 % 4.3 $ 4,069,990 $31.00 3rd Quarter 2025 8 73% 59,029 $49.68 $44.36 $ 313,713 12.0 % 16.5 % 5.8 $ 441,019 $7.47 2nd Quarter 2025 9 69% 18,598 $46.55 $43.74 $ 52,289 6.4 % 10.7 % 4.0 $ 217,054 $11.67 1st Quarter 2025 8 89% 42,509 $36.89 $34.17 $ 115,564 8.0 % 16.0 % 7.2 $ 668,939 $15.74 Total 12 months 37 80% 251,413 $60.56 $56.24 $ 1,085,948 7.7 % 12.8 % 5.1 $ 5,397,002 $21.47 Total Lease Summary - Comparable and Non-Comparable Number of Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 23 193,319 $70.16 4.7 $ 6,398,358 $33.10 3rd Quarter 2025 20 181,455 $56.01 4.9 $ 5,659,281 $31.19 2nd Quarter 2025 20 102,290 $37.39 6.7 $ 4,057,470 $39.67 1st Quarter 2025 19 139,616 $47.79 8.2 $ 12,173,819 $87.20 Total 12 months 82 616,680 $55.50 5.9 $ 28,288,928 $45.88 Notes: (1) Comparable leases represent those leases signed on spaces for which there was a previous lease. (2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term. (3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term. (4) Weighted average is calculated on the basis of square footage. (5) Includes renewals at fixed contractual rates specified in the lease. OFFICE LEASING SUMMARY Fourth Quarter 2025 Supplemental Information Page 26
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As of December 31, 2025 Total Lease Summary - Comparable (1)(7) Number of Leases Signed % of Comparable Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Prior Rent Per Sq. Ft. (3) Annual Change in Rent Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 12 100% 29,004 $56.85 $56.65 $ 5,658 0.3 % 24.3 % 5.2 $ 190,770 $6.58 3rd Quarter 2025 23 100% 111,903 $38.72 $37.08 $ 183,733 4.4 % 21.0 % 4.9 $ 774,250 $6.92 2nd Quarter 2025 30 100% 213,073 $31.59 $29.41 $ 465,410 7.4 % 21.9 % 5.8 $ 911,860 $4.28 1st Quarter 2025 15 100% 155,944 $22.89 $20.21 $ 417,748 13.3 % 21.0 % 4.6 $ 2,010,000 $12.89 Total 12 months 80 100% 509,924 $31.93 $29.83 $ 1,072,549 7.1 % 21.8 % 5.2 $ 3,886,880 $7.62 New Lease Summary - Comparable (1) Number of Leases Signed % of Comparable Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Prior Rent Per Sq. Ft. (3) Annual Change in Rent Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 1 8% 2,718 $28.15 $13.25 $ 40,500 112.5 % — % 10.0 $ 160,770 $59.15 3rd Quarter 2025 1 4% 2,000 $60.00 $64.51 $ (9,016) (7.0) % — % 10.0 $ 235,000 $117.50 2nd Quarter 2025 3 10% 20,654 $25.83 $24.17 $ 34,392 6.9 % 263.2 % (6) 10.5 $ 691,500 $33.48 1st Quarter 2025 — —% — — — $ — — % — % — $ — — Total 12 months 5 6% 25,372 $28.77 $26.18 $ 65,876 9.9 % 436.8 % (6) 10.4 $ 1,087,270 $42.85 Renewal Lease Summary - Comparable (1)(5)(7) Number of Leases Signed % of Comparable Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Prior Rent Per Sq. Ft. (3) Annual Change in Rent Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 11 92% 26,286 $59.81 $61.14 $ (34,842) (2.2) % 13.7 % 4.7 $ 30,000 $1.14 3rd Quarter 2025 22 96% 109,903 $38.33 $36.58 $ 192,749 4.8 % 15.4 % 4.8 $ 539,250 $4.91 2nd Quarter 2025 27 90% 192,419 $32.21 $29.97 $ 431,018 7.5 % 13.7 % 5.3 $ 220,360 $1.15 1st Quarter 2025 15 100% 155,944 $22.89 $20.21 $ 417,748 13.3 % 21.0 % 4.6 $ 2,010,000 $12.89 Total 12 months 75 94% 484,552 $32.10 $30.02 $ 1,006,673 6.9 % 15.6 % 4.9 $ 2,799,610 $5.78 Total Lease Summary - Comparable and Non-Comparable (1)(7) Number of Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Weighted Average Lease Term (4) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Quarter 4th Quarter 2025 14 43,493 $45.01 4.2 $ 190,770 $4.39 3rd Quarter 2025 29 125,022 $40.40 4.9 $ 1,466,951 $11.73 2nd Quarter 2025 32 220,247 $32.40 5.9 $ 1,443,860 $6.56 1st Quarter 2025 16 157,644 $23.24 4.6 $ 2,095,000 $13.29 Total 12 months 91 546,406 $32.59 5.2 $ 5,196,581 $9.51 Notes: (1) Comparable leases represent those leases signed on spaces for which there was a previous lease, including leases signed for the retail portion of our mixed-use property. (2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term. (3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term. (4) Weighted average is calculated on the basis of square footage. (5) Includes renewals at fixed contractual rates specified in the lease. (6) Prior tenants' rent was modified to cash-basis, therefore there is no straight-line rent for comparison. (7) Comparable renewal leases for the first quarter of 2025 excludes approximately 7,000 square feet of leases renewed at Del Monte Center, which was sold on February 25, 2025. RETAIL LEASING SUMMARY Fourth Quarter 2025 Supplemental Information Page 27
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As of December 31, 2025 Lease Summary - Loma Palisades Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 520 94.9% $18,131,064 $2,905 3rd Quarter 2025 500 91.2% $17,579,544 $2,931 2nd Quarter 2025 505 92.2% $17,530,764 $2,891 1st Quarter 2025 505 92.2% $17,809,548 $2,937 Lease Summary - Imperial Beach Gardens Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 146 91.3% $4,754,016 $2,712 3rd Quarter 2025 143 89.4% $4,698,804 $2,737 2nd Quarter 2025 142 88.8% $4,841,556 $2,840 1st Quarter 2025 149 93.1% $4,931,352 $2,759 Lease Summary - Mariner's Point Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 81 92.1% $1,928,100 $1,982 3rd Quarter 2025 81 92.1% $2,320,500 $2,386 2nd Quarter 2025 78 88.6% $2,439,192 $2,607 1st Quarter 2025 79 89.8% $2,291,508 $2,416 Lease Summary - Santa Fe Park RV Resort Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 56 45.2% $1,064,856 $1,583 3rd Quarter 2025 72 58.1% $1,586,304 $1,835 2nd Quarter 2025 95 76.6% $2,229,156 $1,956 1st Quarter 2025 80 64.5% $1,507,464 $1,571 Lease Summary - Pacific Ridge Apartments Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 523 98.1% $24,977,172 $3,981 3rd Quarter 2025 491 92.1% $24,734,688 $4,199 2nd Quarter 2025 443 83.1% $22,982,460 $4,324 1st Quarter 2025 505 94.7% $24,984,036 $4,125 Lease Summary - Genesee Park Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 186 96.9% $4,878,144 $2,185 3rd Quarter 2025 187 97.4% $4,899,912 $2,183 2nd Quarter 2025 183 95.3% $4,753,440 $2,165 1st Quarter 2025 178 92.7% $4,132,356 $1,935 MULTIFAMILY LEASING SUMMARY Fourth Quarter 2025 Supplemental Information Page 28
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As of December 31, 2025 Lease Summary - Hassalo on Eighth - Multifamily (4) Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 585 89.0% $11,814,288 $1,684 3rd Quarter 2025 590 89.8% $11,823,060 $1,670 2nd Quarter 2025 582 88.6% $11,706,456 $1,676 1st Quarter 2025 575 87.5% $11,444,760 $1,659 Total Multifamily Lease Summary Number of Occupied Units (1) Percentage occupied (1) Annualized Base Rent (2) Average Monthly Base Rent per Occupied Unit (3)Quarter 4th Quarter 2025 2,097 91.1% $67,547,640 $2,684 3rd Quarter 2025 2,064 89.7% $67,642,812 $2,730 2nd Quarter 2025 2,028 88.1% $66,483,024 $2,732 1st Quarter 2025 2,071 90.0% $67,101,024 $2,699 Notes: (1) Number of occupied units and percentage occupancy for our multifamily properties includes total units rented and occupied as of each respective quarter end date. (2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) as of each respective quarter end date. (3) Annualized base rent per occupied unit is calculated by dividing annualized base rent, by units occupied as of each respective quarter end date. (4) Hassalo on Eighth - Multifamily includes three residential buildings: Velomor, Aster Tower, and Elwood. MULTIFAMILY LEASING SUMMARY (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 29
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As of December 31, 2025 Lease Summary - Retail Portion Number of Leased Square Feet Percentage leased (1) Annualized Base Rent (2) Annualized Base Rent per Leased Square Foot (3)Quarter 4th Quarter 2025 90,346 96.2% $9,628,291 $107 3rd Quarter 2025 89,204 95.0% $9,882,053 $111 2nd Quarter 2025 89,204 95.0% $9,807,163 $110 1st Quarter 2025 83,911 89.3% $9,771,216 $116 Lease Summary - Hotel Portion Number of Leased Units Average Occupancy (4) Average Daily Rate (4) Annualized Revenue per Available Room (4)Quarter 4th Quarter 2025 298 80.7% $352 $284 3rd Quarter 2025 289 78.3% $381 $298 2nd Quarter 2025 317 86.0% $355 $305 1st Quarter 2025 312 84.6% $353 $298 Notes: (1) Percentage leased for mixed-use property includes square footage under leases as of December 31, 2025, including leases which may not have commenced as of December 31, 2025. (2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended December 31, 2025 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. (3) Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of December 31, 2025. (4) Average occupancy represents the percentage of available units that were sold during the three months ended December 31, 2025, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for each respective quarter period by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for each respective quarter period and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services. MIXED-USE LEASING SUMMARY Fourth Quarter 2025 Supplemental Information Page 30
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As of December 31, 2025 Assumes no exercise of lease options Office Retail Mixed-Use (Retail Portion Only) Total % of % of Annualized % of % of Annualized % of % of Annualized % of Annualized Expiring Office Total Base Rent Expiring Retail Total Base Rent Expiring Mixed- Use Total Base Rent Expiring Total Base Rent Year Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Month to Month 82,422 1.9 % 1.2 % $0.67 10,459 0.4 % 0.2 % $30.57 2,770 2.9 % — % $10.05 95,651 1.4 % $4.21 2026 346,949 8.1 5.1 44.70 99,516 4.1 1.5 49.55 7,893 8.4 0.1 164.61 454,358 6.7 47.85 2027 369,345 8.6 5.4 51.30 315,748 13.0 4.7 33.22 5,528 5.9 0.1 136.29 690,621 10.2 43.71 2028 576,450 13.5 8.5 58.55 537,819 22.2 7.9 24.48 20,401 21.7 0.3 109.21 1,134,670 16.7 43.31 2029 891,650 20.9 13.1 66.93 324,213 13.4 4.8 31.91 13,199 14.1 0.2 144.41 1,229,062 18.1 58.52 2030 323,511 7.6 4.8 43.37 181,928 7.5 2.7 37.58 17,384 18.5 0.3 82.19 522,823 7.7 42.65 2031 273,763 6.4 4.0 57.45 222,984 9.2 3.3 31.59 14,965 15.9 0.2 118.98 511,712 7.5 47.98 2032 116,015 2.7 1.7 55.00 130,509 5.4 1.9 29.95 — — — — 246,524 3.6 41.74 2033 88,576 2.1 1.3 52.61 159,643 6.6 2.4 24.22 — — — — 248,219 3.7 34.35 2034 133,279 3.1 2.0 62.42 119,699 4.9 1.8 27.16 973 1.0 — 210.12 253,951 3.7 46.37 2035 88,446 2.1 1.3 44.65 112,833 4.7 1.7 26.35 — — — — 201,279 3.0 34.39 Thereafter 123,187 2.9 1.8 41.36 137,295 5.7 2.0 22.94 — — — — 260,482 3.8 31.65 Signed Leases Not Commenced 139,722 3.3 2.1 — 11,300 0.5 0.2 — 7,233 7.7 0.1 — 158,255 2.3 — Available 720,360 16.9 10.6 — 56,023 2.3 0.8 — 3,579 3.8 0.1 — 779,962 11.5 — Total (2) 4,273,675 100.0 % 63.0 % $43.55 2,419,969 100.0 % 35.7 % $29.04 93,925 100.0 % 1.4 % $102.51 6,787,569 100.0 % $39.19 Assumes all lease options are exercised Office Retail Mixed-Use (Retail Portion Only) Total % of % of Annualized % of % of Annualized % of % of Annualized % of Annualized Expiring Office Total Base Rent Expiring Retail Total Base Rent Expiring Mixed- Use Total Base Rent Expiring Total Base Rent Year Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Sq. Ft. Sq. Ft. Per Sq. Ft.(1) Month to Month 82,422 1.9 % 1.2 % $0.67 10,459 0.4 % 0.2 % $30.57 2,770 2.9 % — % $10.05 95,651 1.4 % $4.21 2026 180,772 4.2 2.7 42.16 47,437 2.0 0.7 56.85 4,852 5.2 0.1 158.12 233,061 3.4 47.56 2027 103,832 2.4 1.5 48.65 72,379 3.0 1.1 42.77 4,267 4.5 0.1 138.39 180,478 2.7 48.41 2028 126,036 2.9 1.9 51.65 130,705 5.4 1.9 26.80 13,487 14.4 0.2 83.12 270,228 4.0 41.20 2029 110,046 2.6 1.6 53.66 119,819 5.0 1.8 33.33 7,797 8.3 0.1 179.02 237,662 3.5 47.52 2030 224,407 5.3 3.3 36.27 132,620 5.5 2.0 34.75 3,646 3.9 0.1 102.88 360,673 5.3 36.38 2031 145,660 3.4 2.1 56.36 59,145 2.4 0.9 52.63 18,006 19.2 0.3 128.44 222,811 3.3 61.19 2032 316,443 7.4 4.7 54.52 163,275 6.7 2.4 31.95 911 1.0 — 98.88 480,629 7.1 46.94 2033 326,344 7.6 4.8 63.68 102,190 4.2 1.5 31.61 6,914 7.4 0.1 160.09 435,448 6.4 57.68 2034 119,154 2.8 1.8 52.56 224,771 9.3 3.3 30.20 5,402 5.8 0.1 94.45 349,327 5.1 38.82 2035 92,658 2.2 1.4 51.88 37,875 1.6 0.6 41.50 14,088 15.0 0.2 79.96 144,621 2.1 51.90 Thereafter 1,585,819 37.1 23.4 60.23 1,251,971 51.7 18.4 25.67 973 1.0 — 210.12 2,838,763 41.8 45.04 Signed Leases Not Commenced 139,722 3.3 2.1 — 11,300 0.5 0.2 — 7,233 7.7 0.1 — 158,255 2.3 — Available 720,360 16.9 10.6 — 56,023 2.3 0.8 — 3,579 3.8 0.1 — 779,962 11.5 — Total (2) 4,273,675 100.0 % 63.0 % $43.55 2,419,969 100.0 % 35.7 % $29.04 93,925 100.0 % 1.4 % $102.51 6,787,569 100.0 % $39.19 LEASE EXPIRATIONS Fourth Quarter 2025 Supplemental Information Page 31
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Notes: (1) Annualized base rent per occupied square foot is calculated by dividing (i) annualized base rent for leases expiring during the applicable period, by (ii) square footage under such expiring leases. Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended December 31, 2025 for the leases expiring during the applicable period by (ii) 12 months. (2) Individual items may not add up to total due to rounding. LEASE EXPIRATIONS (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 32
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At December 31, 2025 At December 31, 2024 Type Size Leased (1) Leased % Size Leased (1) Leased % Overall Portfolio(2) Statistics Office Properties (square feet) 4,273,675 3,553,315 83.1 % 4,077,376 3,464,551 85.0 % Retail Properties (square feet) 2,419,969 (5) 2,363,946 97.7 % 3,093,402 2,922,865 94.5 % Multifamily Properties (units) (3) 2,178 2,041 93.7 % 1,986 1,849 93.1 % Mixed-Use Properties (square feet) 93,925 90,346 96.2 % 93,925 85,024 90.5 % Mixed-Use Properties (units) (4) 369 304 82.3 % 369 317 85.9 % Same-Store(2) (6) Statistics Office Properties (square feet) 4,067,444 3,481,838 85.6 % 4,077,376 3,464,551 85.0 % Retail Properties (square feet) 2,419,969 2,363,946 97.7 % 2,420,247 2,365,723 97.7 % Multifamily Properties (units) (3) 1,986 1,855 93.4 % 1,986 1,849 93.1 % Mixed-Use Properties (square feet) 93,925 90,346 96.2 % 93,925 85,024 90.5 % Mixed-Use Properties (units) (4) 369 304 82.3 % 369 317 85.9 % Notes: (1) Leased square feet includes square feet under lease as of each date, including leases which may not have commenced as of that date. Leased units for our multifamily properties include total units leased and occupied as of that date. (2) See Glossary of Terms. (3) Santa Fe Park RV Resort is excluded from the multifamily presentation above to reflect traditional multifamily performance as of each of the applicable dates. (4) Represents average occupancy for the years ended December 31, 2025 and 2024. (5) Excludes Del Monte Center, which was sold on February 25, 2025. (6) Same-store portfolio includes: One Beach Street (office), which was placed into operations on August 1, 2024. Same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025; (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into operations on April 1, 2025 and (iv) land held for development. PORTFOLIO LEASED STATISTICS Fourth Quarter 2025 Supplemental Information Page 33
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As of December 31, 2025 Tenant Property Lease Expiration Total Occupied Square Feet Rentable Square Feet as a Percentage of Total Office Rentable Square Feet as a Percentage of Total Annualized Base Rent Annualized Base Rent as a Percentage of Total Office Annualized Base Rent as a Percentage of Total 1 Google LLC The Landmark at One Market 12/31/2029 253,198 5.9 % 3.7 % $ 27,659,898 13.7 % 9.8 % 2 LPL Holdings, Inc. La Jolla Commons 4/30/2029 421,001 9.9 6.2 21,048,719 10.5 7.5 3 Autodesk, Inc. (1) The Landmark at One Market 12/31/2028 6/30/2031 138,615 3.2 2.0 13,730,889 6.8 4.9 4 Smartsheet, Inc. (2) City Center Bellevue 12/31/2026 4/30/2029 12/31/2032 123,041 2.9 1.8 7,340,059 3.6 2.6 5 Illumina, Inc. La Jolla Commons 10/31/2027 73,176 1.7 1.1 5,110,316 2.5 1.8 6 Databricks, Inc. (3) City Center Bellevue 11/30/2027 1/31/2028 3/31/2028 10/31/2028 69,104 1.6 1.0 4,183,793 2.1 1.5 7 Industrious (4) City Center Bellevue La Jolla Commons 4/30/2033 3/31/2034 7/31/2035 75,749 1.8 1.1 4,015,281 2.0 1.4 8 VMware, Inc. (5) City Center Bellevue 1/31/2026 3/31/2028 55,683 1.3 0.8 3,667,357 1.8 1.3 9 State of Oregon: Department of Environmental Quality Lloyd Portfolio 10/31/2031 87,787 2.1 1.3 3,207,179 1.6 1.1 10 Top technology tenant (6) La Jolla Commons 8/31/2030 40,800 1.0 0.6 2,674,996 1.3 1.0 Top 10 Office Tenants Total 1,338,154 31.4 % 19.6 % $ 92,638,487 45.9 % 32.9 % Notes: (1) For Autodesk, Inc., 92,820 and 45,795 of leased square feet have a lease expiration of December 31, 2028 and June 30, 2031, respectively. (2) For Smartsheet, Inc., 39,394, 49,372, and 34,275 of leased square feet have a lease expiration of December 31, 2026, April 30, 2029, and December 31, 2032, respectively. (3) For Databricks, Inc., 17,623, 27,984, 18,919, and 4,578 of leased square feet have a lease expiration of November 30, 2027, January 31, 2028, March 31, 2028, and October 31, 2028, respectively. Additionally, effective February 1, 2026, Databricks, Inc will lease an additional 18,581 square feet that will have a lease expiration of March 31, 2028 (City Center Bellevue), which VMware, Inc. is vacating on January 31, 2026. (4) For Industrious, 18,090, 37,166, and 20,493 of leased square feet have a lease expiration of April 30, 2033 (City Center Bellevue), March 31, 2034 (City Center Bellevue), and July 31, 2035 (La Jolla Commons), respectively. (5) For VMware, Inc., 18,581 and 37,102 of leased square feet have a lease expiration of January 31, 2026 and March 31, 2028, respectively. (6) Name withheld per tenant's request. TOP TENANTS - OFFICE Fourth Quarter 2025 Supplemental Information Page 34
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As of December 31, 2025 Tenant Property(ies) Lease Expiration Total Occupied Square Feet Rentable Square Feet as a Percentage of Total Retail Rentable Square Feet as a Percentage of Total Annualized Base Rent Annualized Base Rent as a Percentage of Total Retail Annualized Base Rent as a Percentage of Total 1 Lowe's Waikele Center 5/31/2028 155,000 6.4 % 2.3 % $ 4,092,000 5.8 % 1.5 % 2 Sprouts Farmers Market (1) Solana Beach Towne Centre Geary Marketplace Carmel Mountain Plaza 6/30/2029 9/30/2032 3/31/2035 71,431 3.0 1.1 2,248,554 3.2 0.8 3 Marshalls (2) Carmel Mountain Plaza Solana Beach Towne Centre 1/31/2029 1/31/2035 68,055 2.8 1.0 1,901,151 2.7 0.7 4 Nordstrom Rack (3) Carmel Mountain Plaza Alamo Quarry Market 9/30/2027 10/31/2027 69,047 2.9 1.0 1,804,269 2.6 0.6 5 Vons Lomas Santa Fe Plaza 12/31/2027 49,895 2.1 0.7 1,609,086 2.3 0.6 6 Old Navy (4) Alamo Quarry Market Southbay Marketplace Waikele Center 9/30/2027 4/30/2028 7/31/2030 52,936 2.2 0.8 1,308,258 1.9 0.5 7 Sola Salons (5) Solana Beach Towne Centre Hassalo on Eighth - Retail South Bay Marketplace Carmel Mountain Plaza Carmel Country Plaza 11/30/2029 3/31/2031 6/30/2032 8/31/2034 2/29/2036 42,576 1.8 0.6 1,206,927 1.7 0.4 8 Safeway Waikele Center 1/31/2040 50,050 2.1 0.7 1,201,200 1.7 0.4 9 HomeGoods (6) Lomas Santa Fe Plaza Alamo Quarry Market 2/28/2030 8/31/2034 55,837 2.3 0.8 1,200,000 1.7 0.4 10 Hobby Lobby Gateway Marketplace 9/30/2036 64,900 2.7 1.0 1,172,885 1.7 0.4 Top 10 Retail Tenants Total 679,727 28.3 % 10.0 % $ 17,744,330 25.3 % 6.3 % Notes: (1) For Sprouts Farmers Market, 14,986, 25,472, and 30,973 of leased square feet have a lease expiration of June 30, 2029 (Solana Beach Towne Centre), September 30, 2032 (Geary Marketplace), and March 31, 2035 (Carmel Mountain Plaza), respectively. (2) For Marshalls, 28,760 and 39,295 of leased square feet have a lease expiration of January 31, 2029 (Carmel Mountain Plaza) and January 31, 2035 (Solana Beach Towne Centre). (3) For Nordstrom Rack, 39,047 and 30,000 of leased square feet have a lease expiration of September 30, 2027 (Carmel Mountain Plaza) and October 31, 2027 (Alamo Quarry Market), respectively. (4) For Old Navy, 15,021, 20,000 and 17,915 of leased square feet have a lease expiration of September 30, 2027 (Alamo Quarry Market), April 30, 2028 (South Bay Marketplace) and July 31, 2030 (Waikele Center), respectively. (5) For Sola Salons, 6,300, 5,775, 7,500, 14,289, and 8,712 of leased square feet have a lease expiration of November 30, 2029 (Solana Beach Towne Centre), March 31, 2031 (Hassalo on Eighth - Retail), June 30, 2032 (South Bay Marketplace), August 31, 2034 (Carmel Mountain Plaza), and February 29, 2036 (Carmel Country Plaza), respectively. (6) For HomeGoods, 30,000 and 25,837 of leased square feet have a lease expiration of February 28, 2030 (Lomas Sante Fe Plaza) and August 31, 2034 (Alamo Quarry Market), respectively. TOP TENANTS - RETAIL Fourth Quarter 2025 Supplemental Information Page 35
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APPENDIX Fourth Quarter 2025 Supplemental Information Page 36
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Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate and impairments of real estate, if any. EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDA for the three months and year ended December 31, 2025 and 2024 is as follows: Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net income $ 4,221 $ 11,584 $ 71,370 $ 72,819 Depreciation and amortization 32,022 30,704 127,312 125,461 Interest expense, net 19,783 23,754 78,120 74,527 Interest income (868) (5,480) (4,328) (9,031) Income tax expense 79 190 770 886 Gain on sale of real estate — — (44,476) — EBITDA $ 55,237 $ 60,752 $ 228,768 $ 264,662 Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that begins with EBITDA and includes adjustments for certain items that we believe are not representative of ongoing operating performance. Specifically, we include an early extinguishment of debt adjustment and pro forma adjustment to reflect a full period of NOI on the operating properties we acquire during the quarter, to assume all transactions occurred at the beginning of the quarter. We use Adjusted EBITDA as a supplemental performance measure because we believe these items create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential. However, Adjusted EBITDA should not be considered an alternative measure of operating results or cash flow from operations as determined by GAAP. The reconciliation of EBITDA to Adjusted EBITDA for the three months and year ended December 31, 2025 and 2024 is as follows: Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 EBITDA $ 55,237 $ 60,752 $ 228,768 $ 264,662 Pro forma adjustments — — — — Adjusted EBITDA $ 55,237 $ 60,752 $ 228,768 $ 264,662 Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre): EBITDAre is a supplemental non-GAAP measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts (NAREIT) defines EBITDAre as follows: net income or loss, computed in accordance with GAAP plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate including gain or loss on change of control, impairments of real estate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates, if any. EBITDAre is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDAre for the three months and year ended December 31, 2025 and 2024 is as follows: Three Months Ended Year Ended December 31, December 31, 2025 2024 2025 2024 Net income $ 4,221 $ 11,584 $ 71,370 $ 72,819 Depreciation and amortization 32,022 30,704 127,312 125,461 Interest expense, net 19,783 23,754 78,120 74,527 Interest income (868) (5,480) (4,328) (9,031) Income tax expense 79 190 770 886 Gain on sale of real estate — — (44,476) — EBITDAre $ 55,237 $ 60,752 $ 228,768 $ 264,662 GLOSSARY OF TERMS Fourth Quarter 2025 Supplemental Information Page 37
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Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. NAREIT defines FFO as follows: net income, computed in accordance with GAAP plus depreciation and amortization of real estate assets and excluding extraordinary items, gains and losses on sale of real estate and impairment losses. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs. Funds Available for Distribution (FAD): FAD is a supplemental measure of our liquidity. We compute FAD by subtracting from FFO As Adjusted second generation tenant improvements and leasing commissions and capital expenditures, eliminating the net effect of straight-line rents, amortization of above (below) market rents for acquisition properties, the effects of other lease intangibles, adding noncash amortization of deferred financing costs and debt fair value adjustments, adding noncash compensation expense, and adding (subtracting) unrealized losses (gains) on marketable securities. Capital expenditures do not include capital expenditures incurred in connection with repositioning activities, as well as planned capital expenditures identified at the time of acquisition. FAD provides an additional perspective on our ability to fund cash needs and make distributions by adjusting FFO for the impact of certain cash and noncash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. However, other REITs may use different methodologies for calculating FAD and, accordingly, our FAD may not be comparable to other REITs. Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant reimbursements, lease termination fees, ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance). NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expense, other nonproperty income and losses, gains and losses from property dispositions, extraordinary items, tenant improvements and leasing commissions. Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. Since NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, gains and losses from property dispositions, and extraordinary items, it provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. However, NOI should not be viewed as an alternative measure of our financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. Three Months Ended Year Ended December 31, December 31, Reconciliation of NOI to net income 2025 2024 2025 2024 Total NOI $ 65,416 $ 69,573 $ 266,609 $ 290,128 General and administrative (10,179) (8,821) (37,841) (35,468) Depreciation and amortization (32,022) (30,704) (127,312) (125,461) Gain on sale of real estate — — 44,476 — Operating Income $ 23,215 $ 30,048 $ 145,932 $ 129,199 Interest expense, net (19,783) (23,754) (78,120) (74,527) Other income, net 789 5,290 3,558 18,147 Net income $ 4,221 $ 11,584 $ 71,370 $ 72,819 Net income attributable to restricted shares (236) (202) (852) (787) Net income attributable to unitholders in the Operating Partnership (837) (2,405) (14,870) (15,234) Net income attributable to American Assets Trust, Inc. stockholders $ 3,148 $ 8,977 $ 55,648 $ 56,798 Overall Portfolio: Includes all operating properties owned by us as of December 31, 2025. GLOSSARY OF TERMS (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 38
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Cash NOI: We define cash NOI as operating revenues (rental income, tenant reimbursements (other than tenant improvement reimbursements), ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance), adjusted for non-cash revenue and operating expense items such as straight-line rent, amortization of lease intangibles, amortization of lease incentives and other adjustments. Cash NOI also excludes lease termination fees, tenant improvement reimbursements, general and administrative expenses, depreciation and amortization, interest expense, other non-property income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, our cash NOI may not be comparable to the cash NOIs of other REITs. We believe cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner. We believe the exclusion of these items from net (loss) income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the company's properties but does not measure the company's performance as a whole. Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP. A Reconciliation of Total Cash NOI to Net Income is presented below: Three Months Ended Year Ended December 31, December 31, Reconciliation of Total Cash NOI to Net Income 2025 2024 2025 2024 Total Cash NOI $ 65,334 $ 68,669 $ 262,784 $ 271,797 Lease termination fees and tenant improvement reimbursements 729 172 4,125 12,445 Non-cash revenue and other operating expenses (1) (647) 732 (300) 5,886 General and administrative (10,179) (8,821) (37,841) (35,468) Depreciation and amortization (32,022) (30,704) (127,312) (125,461) Gain on sale of real estate — — 44,476 — Operating income $ 23,215 $ 30,048 $ 145,932 $ 129,199 Interest expense, net (19,783) (23,754) (78,120) (74,527) Other income, net 789 5,290 3,558 18,147 Net income $ 4,221 $ 11,584 $ 71,370 $ 72,819 (1) Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, and straight-line rent expense for our leases of the Annex at The Landmark at One Market. GLOSSARY OF TERMS (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 39
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Same-Store Portfolio and Non-Same Store Portfolio: Information provided on a same-store basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties for which significant redevelopment or expansion occurred during either of the periods being compared, properties under development, properties classified as held for development and properties classified as discontinued operations. The following table shows the properties included in the same-store and non-same store portfolio for the comparative periods presented. A reconciliation of Same-Store Cash NOI to Net Income is presented below: Three Months Ended (1) Year Ended (2) December 31, December 31, Reconciliation of Same-Store Cash NOI Comparison to Operating Income 2025 2024 2025 2024 Same-Store Cash NOI $ 66,104 $ 66,083 $ 264,938 $ 263,718 Non-Same Store Cash NOI (3) (770) 2,586 (2,154) 8,079 Total Cash NOI $ 65,334 $ 68,669 $ 262,784 $ 271,797 Lease termination fees and tenant improvement reimbursements (4) 729 172 4,125 12,445 Non-cash revenue and other operating expenses (5) (647) 732 (300) 5,886 General and administrative (10,179) (8,821) (37,841) (35,468) Depreciation and amortization (32,022) (30,704) (127,312) (125,461) Gain on sale of real estate — — 44,476 — Operating income $ 23,215 $ 30,048 $ 145,932 $ 129,199 Interest expense, net (19,783) (23,754) (78,120) (74,527) Other income, net 789 5,290 3,558 18,147 Net income $ 4,221 $ 11,584 $ 71,370 $ 72,819 (1) For the three months ended December 31, 2025, same-store portfolio includes: One Beach Street (office), which was placed into operations on August 1, 2024. Same-store portfolio excludes: (i) Del Monte Center (retail), which was sold on February 25, 2025; (ii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iii) La Jolla Commons III (office), which was placed into operations on April 1, 2025 and (iv) land held for development. (2) For the year ended December 31, 2025, same-store portfolio excludes: (i) One Beach Street (office), which was placed into operations on August 1, 2024; (ii) Del Monte Center (retail), which was sold on February 25, 2025; (iii) Genesee Park (multifamily), which was acquired on February 28, 2025, (iv) La Jolla Commons III (office), which was placed into operations on April 1, 2025 and (v) land held for development. (3) One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. As noted above, One Beach Street is considered same-store for the three months ended December 31, 2025 and non- same store for the year ended December 31, 2025, since it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such is included within the non- same-store portfolio. (4) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance. (5) Represents adjustments related to the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles and straight-line rent expense for our leases of the Annex at The Landmark at One Market. GLOSSARY OF TERMS (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 40
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Comparison of Three Months Ended Comparison of Year Ended December 31, 2025 to 2024 December 31, 2025 to 2024 Same-Store Non Same-Store Same-Store Non Same-Store Office Properties La Jolla Commons (1) X X X X Coastal Collection at Torrey Reserve (formerly Torrey Reserve Campus) X X Torrey Point X X Solana Crossing X X The Landmark at One Market X X One Beach Street (2) X X First & Main X X Lloyd Portfolio X X City Center Bellevue X X 14Acres X X Timber Ridge X X Timber Springs X X Retail Properties Carmel Country Plaza X X Carmel Mountain Plaza X X South Bay Marketplace X X Gateway Marketplace X X Lomas Santa Fe Plaza X X Solana Beach Towne Centre X X Geary Marketplace X X The Shops at Kalakaua X X Waikele Center X X Alamo Quarry Market X X Hassalo on Eighth - Retail X X Multifamily Properties Loma Palisades X X Imperial Beach Gardens X X Mariner's Point X X Santa Fe Park RV Resort X X Pacific Ridge Apartments X X Genesee Park X X Hassalo on Eighth X X Mixed-Use Properties Waikiki Beach Walk - Retail X X Waikiki Beach Walk - Embassy Suites™ X X Development Properties Solana Crossing - Land X X Lloyd Portfolio - Land (2) X X (1) La Jolla Commons Tower III is considered non same-store, as it was placed into operations on April 1, 2025. GLOSSARY OF TERMS (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 41
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(2) One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. As noted above, One Beach Street is considered same-store for the three months ended December 31, 2025 and non- same store for the year ended December 31, 2025, since it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such is included within the non- same-store portfolio. Tenant Improvements and Incentives: Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may also include base building costs (i.e. expansion, escalators, new entrances, etc.) which are required to make the space leasable. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements. GLOSSARY OF TERMS (CONTINUED) Fourth Quarter 2025 Supplemental Information Page 42