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THIRD QUARTER 2026 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% 53% Retail (3) 2.4 million 36% 26% Data is as of September 30, 2026. Totals 6.7 million (1) Includes 120 RV spaces. (2) Percentage of Net Operating Income (NOI) calculated for the three months ended September 30, 2026. 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. Third Quarter 2026 Supplemental Information Page 2
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THIRD QUARTER 2026 SUPPLEMENTAL INFORMATION 1. FINANCIAL HIGHLIGHTS Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Funds From Operations (FFO) & Funds Available for Distribution 7 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 Third Quarter 2026 Supplemental Information Page 3
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FINANCIAL HIGHLIGHTS Third Quarter 2026 Supplemental Information Page 4
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(Amounts in thousands, except shares and per share data) September 30, 2026 December 31, 2025 ASSETS (unaudited) Real estate, at cost Operating real estate $ 3,724,574 $ 3,694,203 Construction in progress 92,656 68,937 Held for development 487 487 3,817,717 3,763,627 Accumulated depreciation (1,213,965) (1,144,259) Net real estate 2,603,752 2,619,368 Cash and cash equivalents 89,613 129,362 Accounts receivable, net 6,920 7,407 Deferred rent receivable, net 84,771 84,642 Other assets, net 81,110 80,497 TOTAL ASSETS $ 2,866,166 $ 2,921,276 LIABILITIES AND EQUITY LIABILITIES: Secured notes payable, net $ 74,917 $ 74,849 Unsecured notes payable, net 1,613,618 1,612,761 Accounts payable and accrued expenses 70,767 71,094 Security deposits payable 11,366 10,063 Other liabilities and deferred credits, net 56,914 61,304 Total liabilities 1,827,582 1,830,071 Commitments and contingencies EQUITY: American Assets Trust, Inc. stockholders' equity Common stock, $0.01 par value, 490,000,000 shares authorized, 61,402,515 and 61,390,936 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively 614 614 Additional paid in capital 1,484,916 1,479,870 Accumulated dividends in excess of net income (374,975) (331,086) Accumulated other comprehensive (loss) income (223) 1,419 Total American Assets Trust, Inc. stockholders' equity 1,110,332 1,150,817 Noncontrolling interests (71,748) (59,612) Total equity 1,038,584 1,091,205 TOTAL LIABILITIES AND EQUITY $ 2,866,166 $ 2,921,276 CONSOLIDATED BALANCE SHEETS Third Quarter 2026 Supplemental Information Page 5
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(Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 REVENUE: Rental income $ 107,837 $ 102,222 $ 315,374 $ 306,243 Other property income 6,447 7,356 18,985 19,875 Total revenue 114,284 109,578 334,359 326,118 EXPENSES: Rental expenses 33,605 31,768 97,094 91,746 Real estate taxes 9,545 11,529 31,282 33,179 General and administrative 8,659 9,500 26,354 27,662 Depreciation and amortization 33,029 32,014 98,052 95,290 Total operating expenses 84,838 84,811 252,782 247,877 Gain on sale of real estate — — — 44,476 OPERATING INCOME 29,446 24,767 81,577 122,717 Interest expense, net (19,971) (19,773) (59,609) (58,337) Other income, net 543 927 1,579 2,769 NET INCOME 10,018 5,921 23,547 67,149 Net income attributable to restricted shares (233) (207) (704) (616) Net income attributable to unitholders in the Operating Partnership (2,059) (1,205) (4,808) (14,033) NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS $ 7,726 $ 4,509 $ 18,035 $ 52,500 EARNINGS PER COMMON SHARE Basic income from operations attributable to common stockholders per share $ 0.13 $ 0.07 $ 0.30 $ 0.87 Weighted average shares of common stock outstanding - basic 60,715,491 60,546,480 60,705,574 60,541,335 Diluted income from operations attributable to common stockholders per share $ 0.13 $ 0.07 $ 0.30 $ 0.87 Weighted average shares of common stock outstanding - diluted 76,897,028 76,728,017 76,887,111 76,722,872 CONSOLIDATED STATEMENTS OF OPERATIONS Third Quarter 2026 Supplemental Information Page 6
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(Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Funds from Operations (FFO) (1) Net income $ 10,018 $ 5,921 $ 23,547 $ 67,149 Depreciation and amortization of real estate assets 33,029 32,014 98,052 95,290 Gain on sale of real estate — — — (44,476) FFO, as defined by NAREIT 43,047 37,935 121,599 117,963 Less: Nonforfeitable dividends on incentive restricted stock awards (215) (181) (647) (541) FFO attributable to common stock and common units $ 42,832 $ 37,754 $ 120,952 $ 117,422 FFO per diluted share/unit $ 0.56 $ 0.49 $ 1.57 $ 1.53 Weighted average number of common shares and common units, diluted (2) 76,912,958 76,732,590 76,899,707 76,729,280 Funds Available for Distribution (FAD) (1) $ 25,380 $ 25,960 $ 78,776 $ 82,618 Dividends Dividends declared and paid $ 26,378 $ 26,294 $ 79,133 $ 78,876 Dividends declared and paid per share/unit $ 0.34 $ 0.34 $ 1.02 $ 1.02 FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION Third Quarter 2026 Supplemental Information Page 7
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(Unaudited, amounts in thousands, except shares and per share data) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Funds Available for Distribution (FAD) (1) FFO $ 43,047 $ 37,935 $ 121,599 $ 117,963 Adjustments: Tenant improvements, leasing commissions and capital expenditures (18,701) (14,669) (46,985) (41,788) Net effect of straight-line rents (3) (926) 861 (1,517) 1,351 Amortization of net above (below) market rents (4) (427) (491) (1,304) (1,732) Net effect of other lease assets (5) 88 (29) 238 36 Amortization of debt issuance costs 832 731 2,346 2,173 Non-cash compensation expense 1,682 1,803 5,046 5,156 Nonforfeitable dividends on restricted stock awards (215) (181) (647) (541) FAD $ 25,380 $ 25,960 $ 78,776 $ 82,618 Summary of Capital Expenditures Tenant improvements and leasing commissions $ 11,493 $ 7,453 $ 27,100 $ 25,114 Capital expenditures 7,208 7,216 19,885 16,674 $ 18,701 $ 14,669 $ 46,985 $ 41,788 Notes: (1) See Glossary of Terms. (2) For the three and nine months ended September 30, 2026 and 2025, 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. (3) 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. (4) Represents the adjustment related to the acquisition of buildings with above (below) market rents. (5) 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 & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED) Third Quarter 2026 Supplemental Information Page 8
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(Amounts in thousands, except share and per share data) Prior 2026 Guidance Range (1) (2) Revised 2026 Guidance Range (2) Funds from Operations (FFO): Net income $ 32,668 $ 43,450 $ 30,871 $ 35,486 Depreciation and amortization of real estate assets 119,110 119,110 126,925 126,925 FFO, as defined by NAREIT 151,778 162,560 157,796 162,411 Less: Nonforfeitable dividends on restricted stock awards (834) (834) (870) (870) FFO attributable to common stock and units $ 150,944 $ 161,726 $ 156,926 $ 161,541 Weighted average number of common shares and units, diluted 77,012,633 77,012,633 76,924,492 76,924,492 FFO per diluted share, updated $ 1.96 $ 2.10 $ 2.04 $ 2.10 Notes: (1) The Prior 2026 Guidance Range as reported in the company's Fourth Quarter 2025 Supplemental Information. (2) 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 Third Quarter 2026 Supplemental Information Page 9
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(Unaudited, amounts in thousands) Three Months Ended September 30, 2026 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 55,277 $ 22,957 $ 17,909 $ 18,130 $ 114,273 Non-same-store 11 — — — 11 Total 55,288 22,957 17,909 18,130 114,284 Real estate expenses Same-store 17,685 4,785 8,271 12,311 43,052 Non-same-store 98 — — — 98 Total 17,783 4,785 8,271 12,311 43,150 Net Operating Income (NOI) Same-store 37,592 18,172 9,638 5,819 71,221 Non-same-store (87) — — — (87) Total $ 37,505 $ 18,172 $ 9,638 $ 5,819 $ 71,134 Same-store NOI $ 37,592 $ 18,172 $ 9,638 $ 5,819 $ 71,221 Net effect of straight-line rents (2) (271) (136) (594) 75 (926) Amortization of net above (below) market rents (3) (323) (104) — — (427) Net effect of other lease assets (4) 77 11 — — 88 Lease termination fees and tenant improvement reimbursements (5) (192) (5) — — (197) Same-store cash NOI (5) $ 36,883 $ 17,938 $ 9,044 $ 5,894 $ 69,759 Notes: (1) Same-store and non-same-store classifications are determined based on properties held on September 30, 2026 and 2025. 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) Third Quarter 2026 Supplemental Information Page 10
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(Unaudited, amounts in thousands) Nine Months Ended September 30, 2026 (1) Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store $ 153,702 $ 69,807 $ 49,892 $ 52,338 $ 325,739 Non-same-store 4,668 18 3,934 — 8,620 Total 158,370 69,825 53,826 52,338 334,359 Real estate expenses Same-store 46,912 18,139 22,229 35,600 122,880 Non-same-store 3,157 20 2,319 — 5,496 Total 50,069 18,159 24,548 35,600 128,376 Net Operating Income (NOI) Same-store 106,790 51,668 27,663 16,738 202,859 Non-same-store 1,511 (2) 1,615 — 3,124 Total $ 108,301 $ 51,666 $ 29,278 $ 16,738 $ 205,983 Same-store NOI $ 106,790 $ 51,668 $ 27,663 $ 16,738 $ 202,859 Net effect of straight-line rents (2) 2,422 (346) (515) 93 1,654 Amortization of net above (below) market rents (3) (987) (317) — — (1,304) Net effect of other lease assets (4) 170 34 — — 204 Lease termination fees and tenant improvement reimbursements (5) (1,065) (14) — — (1,079) Same-store cash NOI (5) $ 107,330 $ 51,025 $ 27,148 $ 16,831 $ 202,334 Notes: (1) Same-store and non-same-store classifications are determined based on properties held on September 30, 2026 and 2025. 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) Third Quarter 2026 Supplemental Information Page 11
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(Unaudited, amounts in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 Change 2026 2025 Change Cash Basis: Office $ 36,883 $ 34,196 7.9 % $ 107,330 $ 105,368 1.9 % Retail 17,938 16,362 9.6 51,025 49,636 2.8 Multifamily 9,044 8,210 10.2 27,148 26,046 4.2 Mixed-Use 5,894 5,673 3.9 16,831 16,718 0.7 Same-store Cash NOI (1)(2) $ 69,759 $ 64,441 8.3 % $ 202,334 $ 197,768 2.3 % Notes: (1) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance. (2) 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 Third Quarter 2026 Supplemental Information Page 12
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(Unaudited, amounts in thousands) Three Months Ended September 30, 2026 Office Retail Multifamily Mixed-Use Total Cash Basis: Southern California $ 16,303 $ 9,366 $ 7,457 $ — $ 33,126 Northern California 7,579 291 — — 7,870 Hawaii — 4,006 — 5,894 9,900 Oregon 4,787 177 1,587 — 6,551 Texas — 4,098 — — 4,098 Washington 8,126 — — — 8,126 Total Cash NOI $ 36,795 $ 17,938 $ 9,044 $ 5,894 $ 69,671 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 Third Quarter 2026 Supplemental Information Page 13
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Three Months Ended September 30, 2026 Cash NOI Breakdown Portfolio Diversification by Geographic Region Portfolio Diversification by Segment Southern California 48% Northern California 11% Hawaii 14% Oregon 9% Washington 12% Texas 6% Retail 26% Office 53% Multifamily 13% Mixed-Use 8% 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 Third Quarter 2026 Supplemental Information Page 14
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(Unaudited, amounts in thousands) Three Months Ended September 30, 2026 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 $ 10,682 $ 570 $ 2,654 $ (4,665) $ (566) $ 8,675 Coastal Collection at Torrey Reserve (7) 7,256 244 434 (2,021) (410) 5,503 Torrey Point (8) 1,517 94 33 (443) (477) 724 Solana Crossing 2,216 12 162 (728) (257) 1,405 The Landmark at One Market 10,701 86 737 (3,866) — 7,658 One Beach Street 302 — — (381) — (79) First & Main 2,273 271 355 (1,015) (123) 1,761 Lloyd Portfolio (8) 3,974 458 199 (1,461) (60) 3,110 City Center Bellevue 7,227 638 228 (1,700) (205) 6,188 14Acres 920 31 307 (669) (320) 269 Timber Ridge 1,419 117 486 (465) (192) 1,365 Timber Springs 509 11 187 (292) (111) 304 Subtotal Office Portfolio $ 48,996 $ 2,532 $ 5,782 $ (17,706) $ (2,721) $ 36,883 Retail Portfolio Carmel Country Plaza $ 1,059 $ 17 $ 242 $ (286) $ (34) $ 998 Carmel Mountain Plaza 3,616 126 1,062 (1,058) 20 3,766 South Bay Marketplace 636 24 222 (221) — 661 Gateway Marketplace 653 — 231 (270) — 614 Lomas Santa Fe Plaza 1,670 19 318 (486) (15) 1,506 Solana Beach Towne Centre 1,868 14 570 (631) — 1,821 Geary Marketplace 323 — 116 (148) — 291 The Shops at Kalakaua 305 20 51 (95) — 281 Waikele Center 3,255 385 (203) 288 — 3,725 Alamo Quarry Market 4,118 173 1,587 (1,780) — 4,098 Hassalo on Eighth - Retail 218 26 31 (98) — 177 Subtotal Retail Portfolio $ 17,721 $ 804 $ 4,227 $ (4,785) $ (29) $ 17,938 PROPERTY REVENUE AND OPERATING EXPENSES Third Quarter 2026 Supplemental Information Page 15
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(Unaudited, amounts in thousands) Three Months Ended September 30, 2026 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 $ 4,560 $ 292 $ — $ (1,938) $ (3) $ 2,911 Imperial Beach Gardens 1,207 92 — (549) (18) 732 Mariner's Point 548 41 — (246) (8) 335 Santa Fe Park RV Resort 473 50 — (298) — 225 Pacific Ridge Apartments 6,292 296 — (2,838) (1,062) 2,688 Genesee Park 1,332 17 — (783) — 566 Hassalo on Eighth - Multifamily 2,912 438 — (1,618) (145) 1,587 Subtotal Multifamily Portfolio $ 17,324 $ 1,226 $ — $ (8,270) $ (1,236) $ 9,044 Mixed-Use Portfolio Waikiki Beach Walk - Retail $ 2,346 $ 1,441 $ 1,034 $ (2,056) $ — $ 2,765 Waikiki Beach Walk - Embassy Suites™ 11,453 1,932 — (10,256) — 3,129 Subtotal Mixed-Use Portfolio $ 13,799 $ 3,373 $ 1,034 $ (12,312) $ — $ 5,894 Subtotal Development Properties $ — $ 10 $ — $ (98) $ — $ (88) Total $ 97,840 $ 7,945 $ 11,043 $ (43,171) $ (3,986) $ 69,671 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 September 30, 2026 (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 $2.7 million and $0.1 million, respectively, for the three months ended September 30, 2026. There were no abatements for our mixed-use portfolio for the three months ended September 30, 2026. 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 $1.2 million of abatements for our multifamily portfolio for the three months ended September 30, 2026. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended September 30, 2026. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.2 million in the aggregate for the three months ended September 30, 2026. A reconciliation of base rent to rental income is shown below: Base Rent $ 97,840 Billed Expense Reimbursement 11,043 Percentage Rent 793 Straight-line rent components 926 Other Rental Income* (2,765) Rental Income $ 107,837 * 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) Third Quarter 2026 Supplemental Information Page 16
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(2) Represents additional property-related income for the three months ended September 30, 2026, 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 September 30, 2026. (4) Represents property operating expenses for the three months ended September 30, 2026. 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 September 30, 2026. PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) Third Quarter 2026 Supplemental Information Page 17
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(Unaudited, amounts in thousands) Three Months Ended September 30, 2026 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 $ 10,279 $ 6,016 $ 16,295 $ 10,752 $ 3,777 $ 30,824 Retail Portfolio 1,142 425 1,567 878 — 2,445 Multifamily Portfolio — 457 457 1,921 — 2,378 Mixed-Use Portfolio 72 310 382 — — 382 Total $ 11,493 $ 7,208 $ 18,701 $ 13,551 $ 3,777 $ 36,029 Nine Months Ended September 30, 2026 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 $ 24,264 $ 16,498 $ 40,762 $ 25,246 $ 7,254 $ 73,262 Retail Portfolio 2,535 1,071 3,606 878 — 4,484 Multifamily Portfolio — 1,471 1,471 5,342 — 6,813 Mixed-Use Portfolio 301 845 1,146 — — 1,146 Total $ 27,100 $ 19,885 $ 46,985 $ 31,466 $ 7,254 $ 85,705 (1) This capital expenditures category includes spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. These amounts are excluded from recurring capital expenditures for purposes of computing FAD. SEGMENT CAPITAL EXPENDITURES Third Quarter 2026 Supplemental Information Page 18
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(Unaudited, amounts in thousands) Amount Outstanding at Annual Debt Debt September 30, 2026 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 2.65 % $ 4,310 April 1, 2030 Series D Notes (4) 250,000 3.87 % 256,286 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 % $ 319,864 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 $0.1 million. (3) 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 2.65% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio. After January 5, 2027, interest will be accrued at a variable rate based on the applicable Secured Overnight Financing Rate ("SOFR"), plus a spread which ranges from 1.20%-1.70% based on our consolidated leverage ratio. For the purpose of the annual debt service calculation, the SOFR rate of 3.65% as of April 1, 2026 (the effective date of the Fourth Amended and Restated Credit Agreement) and spread of 1.25% is utilized. (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 $11.4 million. (10) On April 1, 2026, the Unsecured Line of Credit (the "Revolver Loan") capacity was increased to $500 million, with a maturity date of April 1, 2030, subject to two, six-month extension options. 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 $3.5 million. SUMMARY OF OUTSTANDING DEBT Third Quarter 2026 Supplemental Information Page 19
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(Unaudited, amounts in thousands, except per share data) Market data September 30, 2026 Common shares outstanding 61,403 Common units outstanding 16,182 Common shares and common units outstanding 77,585 Market price per common share $ 21.26 Equity market capitalization $ 1,649,457 Total debt $ 1,700,000 Total market capitalization $ 3,349,457 Less: Cash on hand $ (89,613) Total enterprise value $ 3,259,844 Total unencumbered assets, gross $ 3,790,930 Total debt/Total capitalization 50.8 % Total debt/Total enterprise value 52.1 % Net debt/Total enterprise value (1) 49.4 % Total unencumbered assets, gross/Unsecured debt 233.3% Quarter Annualized Trailing 12 Months Total debt/Adjusted EBITDA (2)(3) 6.8x 7.2x Net debt/Adjusted EBITDA (1)(2)(3) 6.4x 6.9x Interest coverage ratio (4) 3.3x 3.1x Fixed charge coverage ratio (4) 3.3x 3.1x Debt Covenants (3.375% Senior Notes & 6.150% Senior Notes) (5) Covenant September 30, 2026 Aggregate Debt Test < 60% 43.5% Debt Service Test > 1.5x 3.2 Secured Debt Test < 40% 1.9% Maintenance of Total Unencumbered Assets > 150% 223.6% Principal Repayment (in millions) Debt Maturity Schedule as of September 30, 2026 $75 $— $250 $— $100 $250 $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 —% 4.2% —% 4.2% 3.4% 3.5% —% —% 6.2% Total Weighted Average Fixed Interest Rate: 4.5% Weighted Average Term to Maturity (in years): 4.6 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 September 30, 2026, 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 Third Quarter 2026 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 Third Quarter 2026 Supplemental Information Page 21
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PORTFOLIO DATA PROPERTY REPORT Third Quarter 2026 Supplemental Information Page 22
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As of September 30, 2026 Office and Retail Portfolios Net Annualized Year Built/ Rentable Base Rent Most Square Percentage Percentage Annualized per Occupied Retail Property Location Recent Renovation Feet (1) Leased (2) Occupied 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 97.2% 97.2% $ 49,387,853 $ 70.04 La Jolla Commons III San Diego, CA 2025 206,231 50.7 34.4 3,859,692 54.41 Coastal Collection at Torrey Reserve (7) San Diego, CA 1996/2022 552,276 87.5 78.2 26,065,204 60.35 Torrey Point San Diego, CA 2017 94,854 96.3 96.3 6,066,499 66.41 Solana Crossing Solana Beach, CA 1982/2022 224,009 77.5 74.6 8,883,519 53.16 The Landmark at One Market (8) San Francisco, CA 1917/2000 422,426 100.0 98.4 42,804,454 102.98 One Beach Street San Francisco, CA 1924/2024 89,067 50.9 14.5 1,206,026 93.38 First & Main Portland, OR 2010 362,633 83.9 74.0 9,152,335 34.11 Lloyd Portfolio Portland, OR 1940/2022 568,270 85.0 81.1 15,914,345 34.53 City Center Bellevue Bellevue, WA 1987/2023 498,606 95.1 93.4 30,202,101 64.85 14Acres Bellevue, WA 1985/2024 276,060 57.1 52.8 6,283,576 43.11 Timber Ridge Bellevue, WA 1986 160,509 97.5 97.5 8,334,970 53.26 Timber Springs Bellevue, WA 1983 93,295 72.7 72.7 3,197,083 47.14 Subtotal/Weighted Average Office Portfolio (9) 4,273,675 85.8% 80.9% $ 211,357,657 $ 61.13 Retail Properties Carmel Country Plaza San Diego, CA 1991 78,098 100.0% 96.8% $ 4,259,780 $ 56.35 Sharp Healthcare, San Diego County Credit Union Carmel Mountain Plaza (10) San Diego, CA 1994/2020 528,416 99.8 99.8 14,935,615 28.32 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 97.8 2,545,294 19.59 Ross Dress for Less, Grocery Outlet, Old Navy Gateway Marketplace (10) San Diego, CA 1997/2016 127,861 100.0 98.9 2,733,204 21.61 Hobby Lobby Smart & Final, Aldi Lomas Santa Fe Plaza Solana Beach, CA 1972/1997 208,297 96.0 93.0 6,664,696 34.40 Vons, Home Goods Solana Beach Towne Centre Solana Beach, CA 1973/2004 246,651 99.5 98.8 7,585,874 31.13 Dixieline Probuild, Marshalls, CVS Pharmacy Geary Marketplace Walnut Creek, CA 2012 35,097 98.3 90.2 1,171,688 37.01 Sprouts Farmers Market The Shops at Kalakaua Honolulu, HI 1971/2006 11,893 100.0 100.0 1,220,880 102.66 Hawaii Beachware & Fashion, Diesel U.S.A. Waikele Center Waipahu, HI 1993/2008 418,395 98.2 98.2 13,296,818 32.36 Lowe's, Safeway, Inspire Church UFC Gym, Office Max, Old Navy Alamo Quarry Market (10) San Antonio, TX 1997/1999 588,148 99.8 99.5 16,788,067 28.69 Regal Cinemas Whole Foods Market, Nordstrom Rack, Home Goods, Gold's Gym Hassalo on Eighth - Retail Portland, OR 2015 44,236 57.5 57.5 871,973 34.28 Providence Health & Services, Sola Salons Subtotal/Weighted Average Retail Portfolio (9) 2,419,969 98.3% 97.6% $ 72,073,889 $ 30.52 Total/Weighted Average Office and Retail Portfolio (9) 6,693,644 90.3% 87.0% $ 283,431,546 $ 48.67 PROPERTY REPORT Third Quarter 2026 Supplemental Information Page 23
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As of September 30, 2026 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 96.4% 93.6% $ 18,234,300 $ 2,962 Imperial Beach Gardens Imperial Beach, CA 1959/2023 160 96.9 96.9 5,037,660 $ 2,708 Mariner's Point Imperial Beach, CA 1986 88 95.5 95.5 2,314,008 $ 2,295 Pacific Ridge Apartments San Diego, CA 2013 533 99.3 96.6 27,482,316 $ 4,448 Genesee Park San Diego, CA 1985 192 97.9 96.9 5,354,472 $ 2,398 Hassalo on Eighth - Multifamily (12) Portland, OR 2015 657 91.8 91.0 11,927,160 $ 1,662 Total/Weighted Average Multifamily Portfolio 2,178 95.8% 94.2% $ 70,349,916 $ 2,857 Santa Fe Park RV Resort (11) San Diego, CA 1971/2008 124 62.1 62.1 1,522,140 $ 1,647 Total/Weighted Average Multifamily Portfolio (including Santa Fe Park RV Resort) 2,302 94.0% 92.4% $ 71,872,056 $ 2,816 Mixed-Use Portfolio Net Rentable Annualized Base Year Built/ Square Percentage Percentage Annualized Rent per Occupied Retail Portion Location Most Recent Renovation Feet (1) Leased (2) Occupied Base Rent (3) Square Foot (4) Other Principal Retail Tenants (6) Waikiki Beach Walk - Retail Honolulu, HI 2006 93,925 93.7 % 92.7 % $ 9,502,756 $ 109.14 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 88.5 % $ 381 $ 337 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 September 30, 2026, including leases which may not have commenced as of September 30, 2026. Percentage occupied for our multifamily properties includes total units rented and occupied as of September 30, 2026. Percentage leased for our multifamily properties includes units leased but not occupied as of September 30, 2026. (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 September 30, 2026 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 $39,197,419 to our estimate of annual triple net operating expenses of $10,190,434 for an estimated annualized base rent on a modified gross lease basis of $49,387,853 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 $4,464,306 to our estimate of annual triple net operating expenses of $1,819,271 for an estimated annualized base rent on a modified gross lease basis of $6,283,577 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 $6,139,287 to our estimate of annual triple net operating expenses of $2,195,683 for an estimated annualized base rent on a modified gross lease basis of $8,334,970 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 $2,311,571 to our estimate of annual triple net operating expenses of $885,511 for an estimated annualized base rent on a modified gross lease basis of $3,197,082 for Timber Springs. PROPERTY REPORT (CONTINUED) Third Quarter 2026 Supplemental Information Page 24
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(4) Annualized base rent per occupied square foot for our retail and office properties and the retail portion of the mixed-use property is calculated by dividing annualized base rent from commenced leases as of September 30, 2026, by occupied square footage. Annualized base rent per occupied unit for our multifamily properties is calculated by dividing annualized base rent by units occupied as of September 30, 2026. The foregoing notwithstanding, the annualized base rent per occupied 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 September 30, 2026 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 209,357 $ 11,954,193 $ 57.10 $ 60.87 Retail Portfolio 16,257 $ 878,296 $ 54.03 $ 30.68 Total Retail and Office Portfolio 225,614 $ 12,832,489 $ 56.88 $ 49.00 (a) Office portfolio leases signed but not commenced of 71,613, 72,966, 26,942, 30,982 and 6,854 square feet are expected to commence during the fourth quarter of 2026, and first, second, third and fourth quarters of 2027, respectively. Retail portfolio leases signed but not commenced of 3,188, 1,587, 3,786, 1,400 and 6,296 square feet are expected to commence during the fourth quarter of 2026 and first, second, third and fourth quarters of 2027, 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 September 30, 2026 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 but 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 September 30, 2026, by square footage under lease as of September 30, 2026. (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 $ 1,055,634 South Bay Marketplace 1 2,824 $ 114,552 Alamo Quarry Market 4 31,994 $ 723,455 Gateway Marketplace 1 18,903 $ 244,944 (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 September 30, 2026, the highest average monthly occupancy rate for this property was 84.7%, occurring in July 2026. 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 September 30, 2026, 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 September 30, 2026 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 September 30, 2026 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) Third Quarter 2026 Supplemental Information Page 25
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Three Months Ended September 30, 2026 Lease Type Number of Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (3) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft. Total Leases 20 123,517 $ 60.62 — — 6.3 $ 6,292,165 $ 50.94 New Non-Comparable 12 76,334 $ 55.98 — — 7.2 $ 5,777,565 $ 75.69 Total Comparable (1) 8 47,183 $ 68.11 2.1 % 8.2 % 4.9 $ 514,600 $ 10.91 New Comparable 1 3,196 $ 73.00 0.9 % 2.4 % 3.3 $ — $ — Renewal Comparable (4) 7 43,987 $ 67.76 2.2 % 8.7 % 5.0 $ 514,600 $ 11.70 Nine Months Ended September 30, 2026 Number of Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (3) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Lease Type Total Leases 63 469,902 $ 58.77 — — 5.7 $ 21,239,076 $ 45.20 New Non-Comparable 28 238,847 $ 56.03 — — 7.1 $ 18,392,301 $ 77.00 Total Comparable (1) 35 231,055 $ 61.60 5.5 % 9.9 % 4.3 $ 2,846,776 $ 12.32 New Comparable 9 61,600 $ 57.99 8.8 % 10.4 % 4.6 $ 1,431,488 $ 23.24 Renewal Comparable (4) 26 169,455 $ 62.91 4.5 % 9.8 % 4.2 $ 1,415,288 $ 8.35 Notes: (1) Comparable leases represent those leases signed on spaces for which there was a previous lease in the past six months. (2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term. (3) Weighted average is calculated on the basis of square footage. (4) Includes renewals at fixed contractual rates specified in the lease. OFFICE LEASING SUMMARY Third Quarter 2026 Supplemental Information Page 26
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Three Months Ended September 30, 2026 Number of Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (3) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Lease Type Total Leases 23 108,344 $ 37.50 — — 5.0 $ 1,169,815 $ 10.80 New Non-Comparable 9 14,186 $ 51.41 — — 4.9 $ 663,035 $ 46.74 Total Comparable (1) 14 94,158 $ 35.40 7.4 % 16.8 % 5.0 $ 506,780 $ 5.38 New Comparable 2 9,152 $ 53.75 7.2 % 57.5 % 8.4 $ 494,680 $ 54.05 Renewal Comparable (4) 12 85,006 $ 33.43 7.4 % 9.7 % 4.7 $ 12,100 $ 0.14 Nine Months Ended September 30, 2026 Number of Leases Signed Net Rentable Square Feet Signed Contractual Rent Per Sq. Ft. (2) Cash Basis % Change Over Prior Rent Straight-Line Basis % Change Over Prior Rent Weighted Average Lease Term (3) Tenant Improvements & Incentives Tenant Improvements & Incentives Per Sq. Ft.Lease Type Total Leases 57 285,918 $ 39.62 — — 7.2 $ 1,988,015 $ 6.95 New Non-Comparable 11 20,339 $ 50.74 — — 6.2 $ 1,126,235 $ 55.37 Total Comparable (1) 46 265,579 $ 38.76 3.5 % 15.7 % 7.3 $ 861,780 $ 3.24 New Comparable 3 19,152 $ 45.73 (5.4) % 11.0 % 6.6 $ 719,680 $ 37.58 Renewal Comparable (4) 43 246,427 $ 38.22 4.4 % 16.3 % 7.3 $ 142,100 $ 0.58 Notes: (1) Comparable leases represent those leases signed on spaces for which there was a previous lease in the past six months, 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) Weighted average is calculated on the basis of square footage. (4) Includes renewals at fixed contractual rates specified in the lease. RETAIL LEASING SUMMARY Third Quarter 2026 Supplemental Information Page 27
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As of September 30, 2026 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 3rd Quarter 2026 513 93.6% $18,234,300 $2,962 2nd Quarter 2026 522 95.3% $18,109,548 $2,890 1st Quarter 2026 524 95.6% $18,438,396 $2,933 4th Quarter 2025 520 94.9% $18,131,064 $2,905 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 3rd Quarter 2026 155 96.9% $5,037,660 $2,708 2nd Quarter 2026 151 94.4% $4,759,620 $2,626 1st Quarter 2026 153 95.6% $4,981,524 $2,714 4th Quarter 2025 146 91.3% $4,754,016 $2,712 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 3rd Quarter 2026 84 95.5% $2,314,008 $2,295 2nd Quarter 2026 81 92.1% $2,308,740 $2,374 1st Quarter 2026 81 92.1% $2,317,632 $2,383 4th Quarter 2025 81 92.1% $1,928,100 $1,982 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 3rd Quarter 2026 77 62.1% $1,522,140 $1,647 2nd Quarter 2026 92 74.2% $2,319,192 $2,101 1st Quarter 2026 58 46.8% $1,246,668 $1,790 4th Quarter 2025 56 45.2% $1,064,856 $1,583 MULTIFAMILY LEASING SUMMARY Third Quarter 2026 Supplemental Information Page 28
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As of September 30, 2026 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 3rd Quarter 2026 515 96.6% $27,482,316 $4,448 2nd Quarter 2026 412 77.3% $22,593,552 $4,570 1st Quarter 2026 510 95.7% $26,008,200 $4,249 4th Quarter 2025 523 98.1% $24,977,172 $3,981 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 3rd Quarter 2026 186 96.9% $5,354,472 $2,398 2nd Quarter 2026 187 97.4% $5,351,148 $2,385 1st Quarter 2026 189 98.4% $5,018,676 $2,214 4th Quarter 2025 186 96.9% $4,878,144 $2,185 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 3rd Quarter 2026 598 91.0% $11,927,160 $1,662 2nd Quarter 2026 573 87.2% $11,800,812 $1,717 1st Quarter 2026 605 92.1% $12,109,044 $1,668 4th Quarter 2025 585 89.0% $11,814,288 $1,684 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 3rd Quarter 2026 2,128 92.4% $71,872,056 $2,816 2nd Quarter 2026 2,018 87.7% $67,242,612 $2,776 1st Quarter 2026 2,120 92.1% $70,120,140 $2,756 4th Quarter 2025 2,097 91.1% $67,547,640 $2,684 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) Third Quarter 2026 Supplemental Information Page 29
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As of September 30, 2026 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 3rd Quarter 2026 88,048 93.7% $9,502,756 $108 2nd Quarter 2026 86,626 92.2% $9,424,918 $109 1st Quarter 2026 90,346 96.2% $9,975,837 $110 4th Quarter 2025 90,346 96.2% $9,628,291 $107 Lease Summary - Hotel Portion Number of Leased Units Average Occupancy (4) Average Daily Rate (4) Revenue per Available Room (4)Quarter 3rd Quarter 2026 327 88.5% $381 $337 2nd Quarter 2026 334 90.5% $340 $308 1st Quarter 2026 339 91.9% $332 $305 4th Quarter 2025 298 80.7% $352 $284 Notes: (1) Percentage leased for mixed-use property includes square footage under leases as of September 30, 2026, including leases which may not have commenced as of September 30, 2026. (2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended September 30, 2026 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 September 30, 2026. (4) Average occupancy represents the percentage of available units that were sold during the three months ended September 30, 2026, 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 Third Quarter 2026 Supplemental Information Page 30
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As of September 30, 2026 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 80,279 1.9 % 1.2 % $ 0.69 12,992 0.5 % 0.2 % $ 46.16 7,377 7.9 % 0.1 % $ 46.24 100,648 1.5 % $ 9.90 2026 152,215 3.6 2.2 46.11 5,101 0.2 0.1 33.96 1,064 1.1 — — 158,380 2.3 45.41 2027 320,139 7.5 4.7 54.25 205,543 8.5 3.0 34.36 5,807 6.2 0.1 144.57 531,489 7.8 47.54 2028 542,366 12.7 8.0 61.51 490,465 20.3 7.2 25.82 18,497 19.7 0.3 123.36 1,051,328 15.5 45.95 2029 925,753 21.7 13.6 68.36 338,451 14.0 5.0 33.77 13,199 14.1 0.2 148.13 1,277,403 18.8 60.02 2030 394,935 9.2 5.8 48.38 187,729 7.8 2.8 38.63 17,384 18.5 0.3 82.72 600,048 8.8 46.32 2031 311,000 7.3 4.6 58.41 315,916 13.1 4.7 33.44 17,134 18.2 0.3 122.94 644,050 9.5 47.88 2032 150,621 3.5 2.2 54.75 199,644 8.2 2.9 29.68 — — — — 350,265 5.2 40.46 2033 162,347 3.8 2.4 55.51 162,898 6.7 2.4 25.22 — — — — 325,245 4.8 40.34 2034 169,180 4.0 2.5 55.95 119,699 4.9 1.8 27.33 973 1.0 — 216.48 289,852 4.3 44.67 2035 81,005 1.9 1.2 43.72 112,833 4.7 1.7 26.48 — — — — 193,838 2.9 33.68 Thereafter 169,611 4.0 2.5 45.08 210,349 8.7 3.1 28.67 5,630 6.0 0.1 58.61 385,590 5.7 36.33 Signed Leases Not Commenced 209,357 4.9 3.1 — 16,257 0.7 0.2 — 983 1.0 — — 226,597 3.3 — Available 604,867 14.2 8.9 — 42,092 1.7 0.6 — 5,877 6.3 0.1 — 652,836 9.6 — Total (2) 4,273,675 100.0 % 63.0 % $ 45.92 2,419,969 100.0 % 35.7 % $ 29.78 93,925 100.0 % 1.4 % $ 101.17 6,787,569 100.0 % $ 40.93 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 80,279 1.9 % 1.2 % $ 0.69 12,992 0.5 % 0.2 % $ 46.16 7,377 7.9 % 0.1 % $ 46.24 100,648 1.5 % $ 9.90 2026 50,582 1.2 0.7 48.01 2,466 0.1 — 34.08 1,064 1.1 — — 54,112 0.8 46.43 2027 123,664 2.9 1.8 55.06 77,151 3.2 1.1 40.60 4,546 4.8 0.1 148.51 205,361 3.0 51.70 2028 105,498 2.5 1.6 48.58 82,917 3.4 1.2 35.54 11,583 12.3 0.2 98.57 199,998 2.9 46.07 2029 120,866 2.8 1.8 55.81 126,917 5.2 1.9 35.78 7,797 8.3 0.1 183.34 255,580 3.8 49.75 2030 248,632 5.8 3.7 40.82 138,421 5.7 2.0 35.84 3,646 3.9 0.1 104.27 390,699 5.8 39.65 2031 114,641 2.7 1.7 56.83 116,739 4.8 1.7 37.36 17,134 18.2 0.3 122.94 248,514 3.7 52.24 2032 260,472 6.1 3.8 56.73 98,057 4.1 1.4 38.84 911 1.0 — 98.88 359,440 5.3 51.96 2033 349,503 8.2 5.1 65.54 101,260 4.2 1.5 31.97 6,914 7.4 0.1 164.90 457,677 6.7 59.61 2034 147,205 3.4 2.2 52.72 228,071 9.4 3.4 30.88 5,402 5.8 0.1 97.32 380,678 5.6 40.27 2035 103,996 2.4 1.5 57.73 37,875 1.6 0.6 43.22 14,088 15.0 0.2 80.36 155,959 2.3 56.25 Thereafter 1,754,113 41.0 25.8 60.99 1,338,754 55.3 19.7 26.68 6,603 7.0 0.1 81.88 3,099,470 45.7 46.21 Signed Leases Not Commenced 209,357 4.9 3.1 — 16,257 0.7 0.2 — 983 1.0 — — 226,597 3.3 — Available 604,867 14.2 8.9 — 42,092 1.7 0.6 — 5,877 6.3 0.1 — 652,836 9.6 — Total (2) 4,273,675 100.0 % 63.0 % $ 45.92 2,419,969 100.0 % 35.7 % $ 29.78 93,925 100.0 % 1.4 % $ 101.17 6,787,569 100.0 % $ 40.93 LEASE EXPIRATIONS Third Quarter 2026 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 September 30, 2026 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) Third Quarter 2026 Supplemental Information Page 32
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At September 30, 2026 At September 30, 2025 Type Size Leased (1) Leased % Size Leased (1) Leased % Overall Portfolio(2) Statistics Office Properties (square feet) 4,273,675 3,668,808 85.8 % 4,283,607 3,506,419 81.9 % Retail Properties (square feet) 2,419,969 2,377,877 98.3 % 2,420,247 2,370,501 97.9 % Multifamily Properties (units) (3) 2,178 2,051 94.2 % 2,178 1,992 91.5 % Mixed-Use Properties (square feet) 93,925 88,048 93.7 % 93,925 89,204 95.0 % Mixed-Use Properties (units) (4) 369 333 90.3 % 369 306 82.9 % Same-Store(2) (5) Statistics Office Properties (square feet) 4,273,675 3,668,808 85.8 % 4,283,607 3,506,419 81.9 % Retail Properties (square feet) 2,419,969 2,377,877 98.3 % 2,420,247 2,370,501 97.9 % Multifamily Properties (units) (3) 2,178 2,051 94.2 % 2,178 1,992 91.5 % Mixed-Use Properties (square feet) 93,925 88,048 93.7 % 93,925 89,204 95.0 % Mixed-Use Properties (units) (4) 369 333 90.3 % 369 306 82.9 % 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 nine months ended September 30, 2026 and 2025. (5) Same-store portfolio excludes land held for development. PORTFOLIO LEASED STATISTICS Third Quarter 2026 Supplemental Information Page 33
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As of September 30, 2026 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 (6) 1 Google LLC The Landmark at One Market 12/31/2029 253,198 5.9 % 3.7 % $ 28,213,097 13.3 % 6.9 % 2 LPL Holdings, Inc. La Jolla Commons 4/30/2029 421,001 9.9 6.2 21,629,701 10.2 5.3 3 Autodesk, Inc. (1) The Landmark at One Market 12/31/2028 6/30/2031 138,615 3.2 2.0 14,142,816 6.7 3.5 4 Smartsheet, Inc. (2) City Center Bellevue 12/31/2026 4/30/2029 12/31/2032 103,344 2.4 1.5 6,333,546 3.0 1.6 5 Databricks, Inc. (3) City Center Bellevue 11/30/2027 1/31/2028 3/31/2028 87,685 2.1 1.3 5,856,683 2.8 1.4 6 Industrious (4) City Center Bellevue La Jolla Commons 3/31/2030 4/30/2033 3/31/2034 7/31/2035 96,375 2.3 1.4 5,333,162 2.5 1.3 7 Illumina, Inc. La Jolla Commons 10/31/2027 73,176 1.7 1.1 5,289,177 2.5 1.3 8 State of Oregon: Department of Environmental Quality Lloyd Portfolio 10/31/2031 87,787 2.1 1.3 3,207,179 1.5 0.8 9 Top technology tenant (5) La Jolla Commons 8/31/2030 40,800 1.0 0.6 2,755,246 1.3 0.7 10 Genentech, Inc. Lloyd Portfolio 10/31/2026 66,852 1.6 1.0 2,631,025 1.2 0.6 Top 10 Office Tenants Total 1,368,833 32.2 % 20.1 % $ 95,391,632 45.0 % 23.4 % 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., 19,697, 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, 32,562, and 37,500 of leased square feet have a lease expiration of November 30, 2027, January 31, 2028, and March 31, 2028, respectively. (4) For Industrious, 20,626, 18,090, 37,166, and 20,493 of leased square feet have a lease expiration of March 31, 2030 (City Center Bellevue), April 30, 2033 (City Center Bellevue), March 31, 2034 (City Center Bellevue), and July 31, 2035 (La Jolla Commons), respectively. (5) Name withheld per tenant's request. (6) Total includes annualized base rent for office, retail (including mixed-use retail) and multifamily portfolios, plus trailing twelve months' room revenue (ended September 30, 2026) for the mixed-use hotel. TOP TENANTS - OFFICE Third Quarter 2026 Supplemental Information Page 34
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As of September 30, 2026 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 (7) 1 Lowe's Waikele Center 5/31/2028 155,000 6.4 % 2.3 % $ 4,092,000 5.7 % 1.0 % 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 3.1 0.6 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 2.6 0.5 4 Nordstrom Rack (3) Alamo Quarry Market Carmel Mountain Plaza 10/31/2027 9/30/2032 69,047 2.9 1.0 1,804,269 2.5 0.4 5 Vons Lomas Santa Fe Plaza 12/31/2047 49,895 2.1 0.7 1,609,086 2.2 0.4 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 1,365,407 1.9 0.3 7 Hobby Lobby Gateway Marketplace 9/30/2036 64,900 2.7 1.0 1,247,500 1.7 0.3 8 Sola Salons (5) Solana Beach Towne Centre Hassalo on Eighth 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 1,225,726 1.7 0.3 9 Safeway Waikele Center 1/31/2040 50,050 2.1 0.7 1,201,200 1.7 0.3 10 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 0.3 Top 10 Retail Tenants Total 679,727 28.3 % 10.0 % $ 17,894,893 24.8 % 4.4 % 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, 30,000 and 39,047 of leased square feet have a lease expiration of October 31, 2027 (Alamo Quarry Market) and September 30, 2032 (Carmel Mountain Plaza), 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 Santa Fe Plaza) and August 31, 2034 (Alamo Quarry Market), respectively. (7) Total includes annualized base rent for office, retail (including mixed-use retail) and multifamily portfolios, plus trailing twelve months' room revenue (ended September 30, 2026) for the mixed-use hotel. TOP TENANTS - RETAIL Third Quarter 2026 Supplemental Information Page 35
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APPENDIX Third Quarter 2026 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 and nine months ended September 30, 2026 and 2025 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income $ 10,018 $ 5,921 $ 23,547 $ 67,149 Depreciation and amortization 33,029 32,014 98,052 95,290 Interest expense, net 19,971 19,773 59,609 58,337 Interest income (727) (1,083) (1,982) (3,460) Income tax expense 184 156 403 691 Gain on sale of real estate — — — (44,476) EBITDA $ 62,475 $ 56,781 $ 179,629 $ 173,531 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 and nine months ended September 30, 2026 and 2025 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 EBITDA $ 62,475 $ 56,781 $ 179,629 $ 173,531 Pro forma adjustments — — — — Adjusted EBITDA $ 62,475 $ 56,781 $ 179,629 $ 173,531 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 and nine months ended September 30, 2026 and 2025 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Net income $ 10,018 $ 5,921 $ 23,547 $ 67,149 Depreciation and amortization 33,029 32,014 98,052 95,290 Interest expense, net 19,971 19,773 59,609 58,337 Interest income (727) (1,083) (1,982) (3,460) Income tax expense 184 156 403 691 Gain on sale of real estate — — — (44,476) EBITDAre $ 62,475 $ 56,781 $ 179,629 $ 173,531 GLOSSARY OF TERMS Third Quarter 2026 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 second generation tenant improvements and leasing commissions and recurring 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. Recurring capital expenditures exclude spending related to repositioning initiatives at operating properties, such as building improvements intended to attract tenants and increase revenues and/or occupancy rates at properties designated for such initiatives, as well as planned capital expenditures identified at the time of acquisition, such as building improvements necessary to bring an acquired property to our operational standards, and tenant improvements and leasing commissions incurred prior to an acquired property reaching stabilization. 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 Nine Months Ended September 30, September 30, Reconciliation of NOI to net income 2026 2025 2026 2025 Total NOI $ 71,134 $ 66,281 $ 205,983 $ 201,193 General and administrative (8,659) (9,500) (26,354) (27,662) Depreciation and amortization (33,029) (32,014) (98,052) (95,290) Gain on sale of real estate — — — 44,476 Operating Income $ 29,446 $ 24,767 $ 81,577 $ 122,717 Interest expense, net (19,971) (19,773) (59,609) (58,337) Other income, net 543 927 1,579 2,769 Net income $ 10,018 $ 5,921 $ 23,547 $ 67,149 Net income attributable to restricted shares (233) (207) (704) (616) Net income attributable to unitholders in the Operating Partnership (2,059) (1,205) (4,808) (14,033) Net income attributable to American Assets Trust, Inc. stockholders $ 7,726 $ 4,509 $ 18,035 $ 52,500 Overall Portfolio: Includes all operating properties owned by us as of September 30, 2026. GLOSSARY OF TERMS (CONTINUED) Third Quarter 2026 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 Nine Months Ended September 30, September 30, Reconciliation of Total Cash NOI to Net Income 2026 2025 2026 2025 Total Cash NOI $ 69,671 $ 64,319 $ 202,233 $ 197,452 Lease termination fees and tenant improvement reimbursements 198 2,303 1,167 3,396 Non-cash revenue and other operating expenses (1) 1,265 (341) 2,583 345 General and administrative (8,659) (9,500) (26,354) (27,662) Depreciation and amortization (33,029) (32,014) (98,052) (95,290) Gain on sale of real estate — — — 44,476 Operating income $ 29,446 $ 24,767 $ 81,577 $ 122,717 Interest expense, net (19,971) (19,773) (59,609) (58,337) Other income, net 543 927 1,579 2,769 Net income $ 10,018 $ 5,921 $ 23,547 $ 67,149 (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) Third Quarter 2026 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) Nine Months Ended (2) September 30, September 30, Reconciliation of Same-Store Cash NOI Comparison to Operating Income 2026 2025 2026 2025 Same-Store Cash NOI $ 69,759 $ 64,441 $ 202,334 $ 197,768 Non-Same-Store Cash NOI (88) (122) (101) (316) Total Cash NOI $ 69,671 $ 64,319 $ 202,233 $ 197,452 Lease termination fees and tenant improvement reimbursements (3) 198 2,303 1,167 3,396 Non-cash revenue and other operating expenses (4) 1,265 (341) 2,583 345 General and administrative (8,659) (9,500) (26,354) (27,662) Depreciation and amortization (33,029) (32,014) (98,052) (95,290) Gain on sale of real estate — — — 44,476 Operating income $ 29,446 $ 24,767 $ 81,577 $ 122,717 Interest expense, net (19,971) (19,773) (59,609) (58,337) Other income, net 543 927 1,579 2,769 Net income $ 10,018 $ 5,921 $ 23,547 $ 67,149 (1) For the three months ended September 30, 2026, the same-store portfolio includes: (i) Genesee Park (multifamily), which was acquired on February 28, 2025, and (ii) La Jolla Commons III (office), which was placed into service on April 1, 2025. The same-store portfolio excludes land held for development. (2) For the nine months ended September 30, 2026, the 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 service on April 1, 2025 and (iv) land held for development. (3) Lease termination fees and tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance. (4) 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) Third Quarter 2026 Supplemental Information Page 40
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Comparison of Three Months Ended Comparison of Nine Months Ended September 30, 2026 to 2025 September 30, 2026 to 2025 Same-Store Non-Same-Store Same-Store Non-Same-Store Office Properties La Jolla Commons (1) 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 (3) 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 GLOSSARY OF TERMS (CONTINUED) Third Quarter 2026 Supplemental Information Page 41
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(1) La Jolla Commons Tower III is considered same-store for the three months ended September 30, 2026 and non-same-store for the nine months ended September 30, 2026, as it was placed into service on April 1, 2025. (2) One Beach Street and Lloyd Portfolio - Land were previously included as redevelopment property. One Beach Street is considered same-store for the three and nine months ended September 30, 2026 as it was placed into operations on August 1, 2024. Lloyd Portfolio - Land is not leased and has no active redevelopment activity; as such it is included within the non-same-store portfolio. (3) Genesee Park is considered same-store for the three months ended September 30, 2026 and non-same-store for the nine months ended September 30, 2026, since it was acquired on February 28, 2025. 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) Third Quarter 2026 Supplemental Information Page 42