American Assets Trust, Inc. (NYSE: AAT)

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust that owns, operates, acquires and develops high quality office, retail, multifamily and mixed-use properties. The company focuses on attractive, high-barrier-to-entry markets in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. As of December 31, 2025, its portfolio consisted of twelve office properties, eleven retail shopping centers, a mixed-use property comprising a 369-room all-suite hotel and a retail shopping center, and seven multifamily properties.

American Assets Trust, Inc. generates revenue primarily through the leasing of its office, retail, multifamily and mixed-use properties to tenants. The company earns rental income from long-term and short-term leases across its diversified real estate portfolio. Revenue is derived from base rent, expense recoveries, and other property-related income streams collected from commercial and residential occupants.

The company operates through the following segments: office, retail, multifamily and mixed-use.

• Office: This segment involves the ownership, operation, acquisition and development of office properties in key urban and suburban markets. The segment provides professional workspaces to businesses across various industries. Notable tenants include LPL Holdings, Inc. at La Jolla Commons and Google LLC at The Landmark at One Market.

• Retail: This segment encompasses the ownership, operation, acquisition and development of retail shopping centers. The segment offers retail space to national and local retailers, restaurants and service providers. Properties in this segment are located in high-traffic, affluent neighborhoods with strong consumer demand.

• Multifamily: This segment focuses on the ownership, operation, acquisition and development of apartment communities. The segment provides rental housing units to individuals and families seeking residential living in desirable locations. Amenities and unit types vary across properties to meet diverse resident needs.

• Mixed-use: This segment includes properties that combine multiple uses such as hotel, retail and residential components within a single development. The mixed-use property consists of a 369-room all-suite hotel integrated with a retail shopping center. This segment allows the company to diversify revenue streams through hospitality, retail and potentially residential operations on one site.

American Assets Trust, Inc. competes with other owners, operators and developers of office, retail, multifamily and mixed-use properties in its core markets. The company differentiates itself through its irreplaceable portfolio of high-quality assets located in in-fill locations with significant development constraints. Its experienced senior management team, extensive market knowledge and long-standing industry relationships provide competitive advantages in identifying acquisition and leasing opportunities.

American Assets Trust, Inc. serves a diverse customer base including businesses leasing office space, retailers operating in its shopping centers, residents living in its multifamily communities and guests staying at its hotel property. Specific tenants include LPL Holdings, Inc. and Google LLC in the office segment, while retail and multifamily properties host numerous national and regional retailers and residential occupants respectively.