American Assets Trust, Inc.

Overview

American Assets Trust, Inc. is a Maryland-based real estate investment trust (REIT) that owns, operates, acquires and develops office, retail, multifamily and mixed-use properties in select West Coast and Hawaii markets. The company also manages development in progress at two sites and operates a 369-room hotel as part of a mixed-use property.

Key facts (as of December 31, 2025)

Portfolio

• Total operating portfolio: 31 properties (office, retail, multifamily, and mixed-use) plus two land parcels held for development/construction in progress.
• Major markets: San Diego, San Francisco Bay Area, Bellevue (WA), Portland (OR), and Oahu (HI); additional exposure in Texas.

Space and units

• Office and retail rentable space: 6.8 million square feet (including mixed-use retail).
• Residential units: 2,302 units (including 120 RV spaces at Santa Fe Park RV Resort).
• Hotel: 369-room Waikiki Beach Walk—Embassy Suites.

Geographic breakdown (by property count, net rentable square feet, and share of portfolio)

• Southern California: 10 properties, 3,125,009 NRFS (46.0%)
• Northern California: 3 properties, 546,590 NRFS (8.1%)
• Washington: 4 properties, 1,028,470 NRFS (15.2%)
• Oregon: 3 properties, 975,139 NRFS (14.4%)
• Texas: 1 property, 588,148 NRFS (8.7%)
• Hawaii: 3 properties, 524,213 NRFS (7.7%)

Notable properties

• Office: La Jolla Commons (I–III), The Landmark at One Market, City Center Bellevue, among others.
• Retail: Carmel Mountain Plaza, South Bay Marketplace, Gateway Marketplace, Alamo Quarry Market.
• Mixed-use: Waikiki Beach Walk (retail) and the Waikiki Beach Walk—Embassy Suites hotel.

Development and hotels

• Two properties with land held for development and construction in progress.
• Operates a hotel via a taxable REIT subsidiary (TRS) and manages a third-party hotel operator.

People

• Employees: 232 (as of December 31, 2025).
• Workforce focus includes professional development, health and wellness programs, and competitive compensation and benefits. No union representation among employees.

Revenue and income (2025)

• Total property operating income (year ended December 31, 2025): $266,609,000
  • Office: $139,139,000 (52.2%)
  • Retail: $68,338,000 (25.6%)
  • Multifamily: $37,010,000 (13.9%)
  • Mixed-Use: $22,122,000 (8.3%)

Annualized base rent (ABR) and portfolio metrics (selected)

• Office portfolio
  • ABR: $201,335,249
  • NRFS: 4,273,675
  • ABR per SF: $56.69
• Retail portfolio
  • ABR: $70,277,527
  • NRFS: 2,419,969
  • ABR per SF: $29.72
• Combined office + retail
  • ABR: $271,612,776
  • NRFS: 6,693,644
  • ABR per SF: $45.90
• Mixed-use (retail portion)
  • ABR: $9,628,291
  • Retail NRFS: 93,925
  • Waikiki Beach Walk—Embassy Suites: 369 rooms; hotel occupancy 82.3%; daily rate $296.35
• Multifamily (including Santa Fe Park RV Resort)
  • Units: 2,178
  • ABR: $66,482,784
  • Occupancy: 95.5% leased, 93.7% occupied
  • Average monthly base rent per occupied unit: $2,715
• Santa Fe Park RV Resort
  • Units: 124
  • ABR: $1,064,856
  • Occupancy: 45.2%
  • Average monthly rent per occupied unit: $1,583
• Total multifamily (including Santa Fe Park RV Resort)
  • Units: 2,302
  • ABR: $67,547,640
  • Occupancy: 92.8% leased, 91.1% occupied
  • Average monthly rent per occupied unit: $2,684

Leases and tenants

• Office and retail portfolio: approximately 735 leases.
• Residential portfolio: 2,041 leases (excluding Santa Fe Park RV Resort).
• Retail portion of mixed-use: approximately 66 leases.
• Tenants with material impact:
  • Google LLC (The Landmark at One Market): 13.3% of total office ABR; 253,198 SF; 3.7% of total office ABR
  • LPL Holdings, Inc. (La Jolla Commons): 6.2% of total office ABR; 421,001 SF
  • Autodesk, Inc. (The Landmark at One Market): 4.9% of total office ABR
• As of December 31, 2025, no single tenant accounted for more than 13% of total office ABR.

Land and development

• Two properties with land held for development and construction in progress.

Summary

American Assets Trust, Inc. is a vertically integrated REIT with a diversified portfolio of office, retail, multifamily, and mixed-use properties across several West Coast markets and Hawaii, plus a hotel asset. The company employed 232 people and generated approximately $266.6 million in property operating income for 2025, with office as the largest segment followed by retail, multifamily, and mixed-use. The portfolio combines income-producing assets and development opportunities and includes both owned hotel operations and managed hotel arrangements.