American Assets Trust (AAT) Investor Presentation summary

Company overview and strategy

• Over 58 years of operating history with a long-tenured executive team and a track record of growth in FFO, NOI, and revenue since IPO in 2011.

• Executive succession plan implemented in 2024, with Adam Wyll named CEO.

• Focus on high-quality, diversified real estate portfolio across office, retail, multifamily, mixed-use, and hotel sectors.

Portfolio composition and performance

• Portfolio includes 31 properties across major West Coast and Hawaii markets, with 4.1M SF office, 2.5M SF retail, 2,302 multifamily units, and 369 hotel suites.

• Cash NOI by sector: 52% office, 26% retail, 14% multifamily, 8% mixed-use.

• Regional cash NOI: 47% Southern California, 13% Northern California, 13% Hawaii, 12% Washington, 9% Oregon, 6% Texas.

• Key assets include Landmark @ One Market (98.5% leased), Pacific Ridge Apartments (94.7% leased), and Embassy Suites Waikiki Beach (84.6% occupancy).

Financial performance and growth

• FFO per share CAGR of 6.7% and total revenue CAGR of 6.2% from IPO to 2024.

• 2025 forecasted total cash NOI (excluding termination fees) of $261.6M, down 4% from 2024; NOI with bad debt reserves forecasted at $259.2M, down 11%.

• Multifamily segment expected to grow, with Genesee Park Apartments acquired in 2025.

• Dividends have grown at a 4.0% CAGR since 2011.