American Assets Trust, Inc. (NYSE: AAT)

American Assets Trust, Inc. operates as a full-service, vertically integrated, and self-administered real estate investment trust (REIT). The company specializes in the acquisition, development, ownership, and operation of high-quality office, retail, multifamily, and mixed-use properties. These properties are strategically located in high-barrier-to-entry markets across Southern California, Northern California, Washington, Oregon, Texas, and Hawaii. As of December 31, 2025, the company's portfolio includes twelve office properties, eleven retail shopping centers, a mixed-use property featuring a 369-room all-suite hotel and a retail shopping center, and seven multifamily properties. Additionally, the company owns land at two of its properties classified as held for development and construction in progress. The core markets served by American Assets Trust, Inc. include San Diego, California; the San Francisco Bay Area, California; Bellevue, Washington; Portland, Oregon; and Oahu, Hawaii.

The company generates revenue through the leasing and management of its diverse portfolio of properties. Key revenue drivers include rental income from office tenants, retail tenants, and multifamily residents. The primary customer base consists of businesses and individuals seeking high-quality real estate spaces for office use, retail operations, and residential living. The company's revenue model is further bolstered by its strategic focus on properties located in affluent neighborhoods and sought-after business centers, which command premium rental rates and attract high-quality tenants.

• Office Segment: This segment comprises twelve office properties located in prime business centers. The office properties cater to a diverse range of tenants, including professional services firms, technology companies, and financial institutions. The strategic locations of these properties in high-demand markets enable the company to command competitive rental rates and maintain high occupancy levels.

• Retail Segment: The retail segment includes eleven retail shopping centers. These centers serve as hubs for various retail tenants, including national retailers, regional chains, and local businesses. The shopping centers are strategically located in affluent neighborhoods, ensuring a steady flow of customers and robust rental income.

• Multifamily Segment: This segment consists of seven multifamily properties, providing residential living spaces for individuals and families. The properties are situated in desirable locations, offering convenient access to amenities and employment centers, which attracts a steady demand for rental units.

• Mixed-Use Segment: The mixed-use segment features a property that combines a 369-room all-suite hotel with a retail shopping center. This integrated approach maximizes the utilization of space and attracts a diverse customer base, including business travelers, tourists, and local shoppers.

American Assets Trust, Inc. holds a strong position within the real estate industry, distinguished by its irreplaceable portfolio of high-quality properties located in markets with strong real estate fundamentals. The company's competitive advantages include an experienced and committed senior management team with extensive industry expertise, properties situated in high-barrier-to-entry markets, and a deep market knowledge that facilitates access to a pipeline of acquisition and leasing opportunities. Additionally, the company's internal growth prospects through development, redevelopment, and repositioning of properties further enhance its competitive edge. The broad real estate expertise of the management team across office, retail, and multifamily asset classes provides flexibility in pursuing attractive acquisition, development, and repositioning opportunities.

The company's tenant base is diverse, with no single tenant accounting for more than 10% of total revenues in any of the years ended December 31, 2025, 2024, or 2023. Notable tenants include LPL Holdings, Inc. at La Jolla Commons and Google LLC at The Landmark at One Market, which have accounted for significant portions of the office segment revenues. The general customer base includes a mix of businesses and individuals seeking high-quality real estate spaces for various purposes, ensuring a stable and diversified revenue stream for American Assets Trust, Inc.