American Assets Trust, Inc.: directors' dealings · United States · SEC (Form 4)

About American Assets Trust, Inc.

American Assets Trust, Inc. (NYSE: AAT) is a U.S.-listed real estate investment trust headquartered in San Diego, California. The company was formed in July 2010 to consolidate and grow a portfolio of high-quality commercial real estate assets. For European investors, AAT is best understood as a U.S. income-oriented REIT with exposure to several property types: office, retail, multifamily residential, and one mixed-use asset that also includes a hotel component. ([ir.americanassetstrust.com](https://ir.americanassetstrust.com/static-files/d1d013ae-238e-40e7-ad49-4e3eb6c619e4)) Its portfolio is concentrated in coastal, high-income, supply-constrained markets. The company identifies its core markets as San Diego, the San Francisco Bay Area, Bellevue, Portland, and Oahu. As of December 31, 2025, the portfolio comprised 31 properties: 12 office properties, 11 retail properties, 7 multifamily properties, and 1 mixed-use property. Office remained the largest contributor to segment operating income in 2025, followed by retail, multifamily, and mixed-use. That mix gives AAT a relatively balanced earnings profile compared with pure-play office or retail REITs. ([ir.americanassetstrust.com](https://ir.americanassetstrust.com/static-files/d1d013ae-238e-40e7-ad49-4e3eb6c619e4)) From a competitive standpoint, American Assets Trust positions itself as an owner-operator of above-average quality assets in attractive submarkets rather than as a high-growth developer. Its key strengths are location quality, a diversified property mix, and the ability to create incremental value through leasing, redevelopment, and selective development activity. The company also highlighted meaningful financial flexibility, including $529.4 million of liquidity at year-end 2025 and $3.8 billion of gross real estate assets, which supports capital allocation and portfolio management. ([ir.americanassetstrust.com](https://ir.americanassetstrust.com/static-files/a4443dc0-aca7-455c-93d3-a942b07dac9f)) Its core products and services are straightforward: leasing office space, retail space, apartment homes, and, through Waikiki Beach Walk, operating the hotel portion of the mixed-use asset. Office and retail leases are generally multi-year, while apartment leases are shorter term, which can support faster rent reset potential but also introduces more frequent turnover and market repricing. The hotel rooms are rented on a nightly basis, adding a hospitality-like cash flow stream within the mixed-use platform. ([ir.americanassetstrust.com](https://ir.americanassetstrust.com/static-files/d1d013ae-238e-40e7-ad49-4e3eb6c619e4)) Recent developments show a portfolio in active repositioning rather than static operation. The company released full-year 2025 results on February 3, 2026 and filed its 2025 Form 10-K on February 6, 2026. It then reported first-quarter 2026 results on April 28, 2026, with diluted FFO of $0.51 per share, broadly stable versus the prior-year quarter. The 2025 reporting also referenced the sale of Del Monte Center and continued leasing activity across the portfolio. Overall, AAT remains a U.S. listed, yield-focused real estate platform whose investment case depends on premium locations, disciplined leasing execution, and sensitivity to interest rates and real estate valuation cycles. ([ir.americanassetstrust.com](https://ir.americanassetstrust.com/static-files/9f00bde1-1d4c-4402-926c-b47b670464f2))