American Assets Trust, Inc. Q1 FY2026 earnings call

• Started 2026 in line with expectations, generating 51 cents of FFO per diluted share. - Completed recast and upsize of unsecured credit facility, increasing revolving line of credit to $500 million and extending term loan maturity to 2030, providing $600 million of total unsecured borrowing capacity. - AI impact on office demand constructive, office portfolio competing on location, amenities, etc. - Retail portfolio 98% leased, strong tenant health. - Multifamily in Hawaii saw 3% y-o-y same-store cash increase. - Board approved quarterly dividend of $0.34 per share payable on June 18th.

Office: Ended the quarter 84.5% leased, same-store office portfolio 86% leased, same-store office cash NOI essentially flat year over year. Executed ~237,000 sq ft of office leases with comparable cash leasing spreads of 4.8% and straight-line leasing spreads of 10.6%. Targeting lower end of 85%-88% leased range by year-end. Retail: Ended the quarter 98% leased, executed ~39,000 sq ft of leasing with average base rents at new portfolio record of $30 per sq ft. Same-store cash NOI modestly below prior year due to temporary vacancies. Multifamily: Same-store cash in Hawaii increased 3% year-over-year. Excluding RV park, multifamily portfolio 96% leased. San Diego apartments 98% leased, net effective rents up ~1% y-o-y. Portland Haslo on 8th 93% leased, net effective rents essentially flat. Waikiki Beachwalk: Retail component performed well, overall mixed-use cash NOI modestly down y-o-y.

• Reaffirming full-year FFO guidance range of $1.96 to $2.10 per share, midpoint $2.03. - Factors that could push toward upper end of range: retail tenants paying rents, office lease commencements ahead of expectations, multifamily outperforming on occupancy/rent growth, tourism demand improving. - Guidance excludes impact of future acquisitions, dispositions, etc.

Q: Sean Glass from KeyBank asked about tenant decisions in office portfolio and year-end lease rate for office portfolio.

A: Genentech vacating in Q4, 20,000 sq ft of move-outs in lease documentation at City Center Bellevue, targeting mid-80% full portfolio occupancy by year-end.

Q: Robbie Baby from Mizuho asked about signed and not occupied pipeline in office and retail.

A: About 244,000 sq ft of office leases signed, not commenced, ~$0.07 per share reflected in 2026 guidance, ~100,000 sq ft won't hit meaningfully until next year; no significant retail numbers.

Q: Robbie Baby asked about hotel in Hawaii demand.

A: Occupancy up but offset by rate, still outperform competitive set, impacted by rainstorms and Japanese yen issues, recovery slower than anticipated with affordability pressures