American Assets Trust (AAT) Proxy Filing summary

Executive summary

• Annual Meeting scheduled for June 2, 2025, with voting on director elections, auditor ratification, and executive compensation approval.

• Proxy materials are available online, and shareholders can vote by mail, phone, or internet.

• 2024 marked record financial performance, including highest net income, FFO, and dividends since IPO.

• Leadership transition: Ernest Rady became Executive Chairman, Adam Wyll appointed President and CEO effective January 2025.

Voting matters and shareholder proposals

• Shareholders will vote on: (1) election of five directors, (2) ratification of Ernst & Young LLP as auditor for 2025, (3) advisory vote on executive compensation, and (4) other business as properly introduced.

• Board recommends voting FOR all proposals.

• No other shareholder proposals or nominations were received for this meeting.

Board of directors and corporate governance

• Board consists of five members, four of whom are independent; all directors are elected annually (no staggered terms).

• Board committees: Audit, Compensation, and Nominating/Governance, all comprised of independent directors.

• Board diversity: 40% female, average tenure 11 years, average age 69.

• Board and committee meetings had 100% attendance in 2024.

• Stock ownership guidelines and anti-hedging policies in place for directors and executives.