0001500217-26-000046 | 10-Q | XBRL Viewer | American Assets Trust INC

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SEGMENT REPORTING - Summary of Reconciliation of Segment Profit to Net Income Attributable to Stockholders (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Abstract]
Total segments’ profit	$ 67,923		$ 67,610		$ 134,849	$ 134,912
General and administrative	(8,912)		(8,850)		(17,695)	(18,162)
Depreciation and amortization	(32,712)		(32,782)		(65,023)	(63,276)
Interest expense, net	(19,931)		(19,784)		(39,638)	(38,564)
Gain on sale of real estate	0		0		0	44,476
Other income, net	422		927		1,036	1,842
NET INCOME	6,790	$ 6,739	7,121	$ 54,107	13,529	61,228
Net income attributable to restricted shares	(235)		(206)		(471)	(409)
Net income attributable to unitholders in the Operating Partnership	(1,380)		(1,459)		(2,749)	(12,828)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 5,175		$ 5,456		$ 10,309	$ 47,991

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Carrying Amount and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Secured notes payable, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	$ 74,895	$ 74,849
Secured notes payable, net \| Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	74,873	74,728
Unsecured term loan, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	99,167	99,869
Unsecured term loan, net \| Carrying Value \| Senior notes, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	1,014,331	1,013,455
Unsecured term loan, net \| Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	100,000	100,000
Unsecured term loan, net \| Fair Value \| Level 2 \| Senior notes, net
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	987,317	989,549
Unsecured senior guaranteed notes, net \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	499,563	499,437
Unsecured senior guaranteed notes, net \| Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes and loans, net	$ 484,920	$ 483,339

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Consolidated Statements of Comprehensive Income - LP - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

REVENUE:

Rental income

$ 103,115

$ 101,070

$ 207,537

$ 204,021

Other property income

6,368

6,863

12,538

12,519

Total revenue

109,483

107,933

220,075

216,540

EXPENSES:

Rental expenses

31,769

29,678

63,489

59,978

Real estate taxes

9,791

10,645

21,737

21,650

General and administrative

8,912

8,850

17,695

18,162

Depreciation and amortization

32,712

32,782

65,023

63,276

Total operating expenses

83,184

81,955

167,944

163,066

Gain on sale of real estate

44,476

OPERATING INCOME

26,299

25,978

52,131

97,950

Interest expense, net

(19,931)

(19,784)

(39,638)

(38,564)

Other income, net

422

927

1,036

1,842

NET INCOME

6,790

7,121

13,529

61,228

Net income attributable to restricted shares

(235)

(206)

(471)

(409)

NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS

$ 5,175

$ 5,456

$ 10,309

$ 47,991

EARNINGS PER UNIT - BASIC

Earnings per unit, basic (in dollars per share)

$ 0.09

$ 0.17

$ 0.79

Weighted average units outstanding - basic (in shares)

60,703,355

60,540,125

60,700,533

60,538,720

EARNINGS PER UNIT - DILUTED

Earnings per unit, diluted (in dollars per share)

$ 0.09

$ 0.17

$ 0.79

Weighted average units outstanding - diluted (in shares)

76,884,892

76,721,662

76,882,070

76,720,257

COMPREHENSIVE INCOME

Net income

$ 6,790

$ 7,121

$ 13,529

$ 61,228

Other comprehensive loss - change in value of interest rate swaps

(470)

(768)

(746)

(1,960)

Reclassification of amortization of forward-starting swap included in interest expense

(257)

(258)

(515)

(516)

Comprehensive income

6,063

6,095

12,268

58,752

Comprehensive income attributable to American Assets Trust, Inc.

4,836

4,854

9,785

46,449

American Assets Trust, L.P.

REVENUE:

Rental income

103,115

101,070

207,537

204,021

Other property income

6,368

6,863

12,538

12,519

Total revenue

109,483

107,933

220,075

216,540

EXPENSES:

Rental expenses

31,769

29,678

63,489

59,978

Real estate taxes

9,791

10,645

21,737

21,650

General and administrative

8,912

8,850

17,695

18,162

Depreciation and amortization

32,712

32,782

65,023

63,276

Total operating expenses

83,184

81,955

167,944

163,066

Gain on sale of real estate

44,476

OPERATING INCOME

26,299

25,978

52,131

97,950

Interest expense, net

(19,931)

(19,784)

(39,638)

(38,564)

Other income, net

422

927

1,036

1,842

NET INCOME

6,790

7,121

13,529

61,228

Net income attributable to restricted shares

(235)

(206)

(471)

(409)

NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS

$ 6,555

$ 6,915

$ 13,058

$ 60,819

EARNINGS PER UNIT - BASIC

Earnings per unit, basic (in dollars per share)

$ 0.09

$ 0.17

$ 0.79

Weighted average units outstanding - basic (in shares)

76,884,892

76,721,662

76,882,070

76,720,257

EARNINGS PER UNIT - DILUTED

Earnings per unit, diluted (in dollars per share)

$ 0.09

$ 0.17

$ 0.79

Weighted average units outstanding - diluted (in shares)

76,884,892

76,721,662

76,882,070

76,720,257

DISTRIBUTIONS PER UNIT (in dollars per share)

$ 0.340

$ 0.680

COMPREHENSIVE INCOME

Net income

$ 6,790

$ 7,121

$ 13,529

$ 61,228

Other comprehensive loss - change in value of interest rate swaps

(470)

(768)

Reclassification of amortization of forward-starting swap included in interest expense

(257)

(258)

(515)

(516)

Comprehensive income

6,063

6,095

12,268

58,752

American Assets Trust, L.P. | Interest Rate Swap

COMPREHENSIVE INCOME

Other comprehensive loss - change in value of interest rate swaps

(470)

(768)

(746)

(1,960)

American Assets Trust, L.P. | Limited Partners

EXPENSES:

NET INCOME

^[1]

1,380

1,459

COMPREHENSIVE INCOME

Net income

^[1]

1,380

1,459

Comprehensive income attributable to American Assets Trust, Inc.

(1,227)

(1,241)

(2,483)

(12,303)

American Assets Trust, L.P. | General Partners

EXPENSES:

NET INCOME

^[2]

5,410

5,662

COMPREHENSIVE INCOME

Net income

^[2]

5,410

5,662

Comprehensive income attributable to American Assets Trust, Inc.

$ 4,836

$ 4,854

$ 9,785

$ 46,449

[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

Consolidated Balance Sheets - LP (Parenthetical) - American Assets Trust, L.P. - shares	Jun. 30, 2026	Dec. 31, 2025
Statement [Line Items]
Limited partners' capital, units issued (in shares)	16,181,537	16,181,537
Limited partners' capital, units outstanding (in shares)	16,181,537	16,181,537
General partners' capital, units issued (in shares)	61,404,213	61,390,936
General partners' capital, units outstanding (in shares)	61,404,213	61,390,936

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

LEASES - Summary of Current Annual Payment Under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
2026 (six months ending December 31, 2026)	$ 1,792
2027	3,637
2028	3,746
2029	3,859
2030	3,975
Thereafter	2,017
Total lease payments	19,026
Imputed interest	(1,710)
Present value of lease liability	$ 17,316	$ 18,774

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Related Party Transaction [Line Items]
Rental income	$ 103,115	$ 101,070	$ 207,537	$ 204,021
Rental expenses	$ 31,769	$ 29,678	$ 63,489	59,978
American Assets, Inc. \| Related Party
Related Party Transaction [Line Items]
Term of lease	10 years		10 years
Average annual rent	$ 200		$ 200
Rental income			$ 100	100
WBW CHP LLC \| Related Party
Related Party Transaction [Line Items]
Investment in WBW CHP LLC, in percentage			47.70%
Rental expenses			$ 500	$ 600

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

DERIVATIVE AND HEDGING ACTIVITIES - Summary of Interest Rate Swap Terms (Details) - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value	$ 1,265,000	$ 2,011,000
Bank of America, N.A. \| Interest Rate Swap, 1/5/2027 \| Cash Flow Hedging \| Designated as Hedging Instrument \| American Assets Trust, L.P.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	50,000,000
Fair Value	632,000
Wells Fargo Bank, N.A. \| Interest Rate Swap, 1/5/2027 \| Cash Flow Hedging \| Designated as Hedging Instrument \| American Assets Trust, L.P.
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	50,000,000
Fair Value	$ 633,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows:

1.Level 1 Inputs—quoted prices in active markets for identical assets or liabilities

2.Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities

3.Level 3 Inputs—unobservable inputs

The carrying values of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of fair value, using Level 1 inputs, because of the short-term nature of these instruments. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

We measure the fair value of our deferred compensation liability, which is included in other liabilities and deferred credits on the consolidated balance sheet, on a recurring basis using Level 2 inputs. We measure the fair value of this liability based on prices provided by independent market participants that are based on observable inputs using market-based valuation techniques.

The fair value of the interest rate swap agreements are based on the estimated amounts we would receive or pay to terminate the contract at the reporting date and are determined using interest rate pricing models and interest rate related observable inputs. The changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income (loss) and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings.

We incorporate credit valuation adjustments to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of non-performance risk, we considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2026 we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative position and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivative. As a result, we have determined that our derivative valuation in its entirety is classified in Level 2 of the fair value hierarchy.

A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands):


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	3,541	$	—	$	3,541	$	—	$	3,380	$	—	$	3,380
Interest rate swap asset	$	—	$	1,265	$	—	$	1,265	$	—	$	2,011	$	—	$	2,011

The fair value of our secured notes payable and unsecured senior guaranteed notes are sensitive to fluctuations in interest rates. Discounted cash flow analysis using observable market interest rates (Level 2) is generally used to estimate the fair value of our secured notes payable, using rates ranging from 5.8% to 7.7%.

Considerable judgment is necessary to estimate the fair value of financial instruments. The estimates of fair value presented herein are not necessarily indicative of the amounts that could be realized upon disposition of the financial instruments. The carrying value of our term loan set forth below is deemed to be at fair value since the outstanding debt is directly tied to the monthly Secured Overnight Financing Rate (“SOFR”). The fair values of our senior notes are generally estimated based on quoted market prices for these instruments. A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable, net	$	74,895	$	74,873	$	74,849	$	74,728
Unsecured term loan, net	$	99,167	$	100,000	$	99,869	$	100,000
Unsecured senior guaranteed notes, net	$	499,563	$	484,920	$	499,437	$	483,339
Senior notes, net	$	1,014,331	$	987,317	$	1,013,455	$	989,549

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

OTHER INCOME

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

OTHER INCOME

The principal components of other income, net are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest and investment income	$	540	$	1,045	$	1,255	$	2,377
Income tax expense	(118)		(118)		(219)		(535)

Total other income	$	422	$	927	$	1,036	$	1,842

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Summary of Properties Owned

A summary of the properties owned by us is as follows:


Office
La Jolla Commons	First & Main	Timber Springs
Torrey Point	Lloyd Portfolio	Coastal Collection at Torrey Reserve
Solana Crossing	City Center Bellevue
The Landmark at One Market	14Acres
One Beach Street	Timber Ridge

Retail
Carmel Country Plaza	Gateway Marketplace	Hassalo on Eighth - Retail
Carmel Mountain Plaza	Geary Marketplace
South Bay Marketplace	The Shops at Kalakaua
Lomas Santa Fe Plaza	Waikele Center
Solana Beach Towne Centre	Alamo Quarry Market

Multifamily
Loma Palisades	Hassalo on Eighth - Multifamily
Imperial Beach Gardens	Genesee Park
Mariner's Point
Santa Fe Park RV Resort
Pacific Ridge Apartments

Mixed-Use
Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and/or Construction in Progress
Solana Crossing – Land
Lloyd Portfolio – Construction in Progress

Summary of Supplement Disclosures Related to Consolidated Statements of Cash Flows

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):


	Six Months Ended June 30,
	2026		2025
Supplemental cash flow information
Total interest costs incurred	$	39,638	$	39,994
Interest capitalized	$	—	$	1,430
Interest expense, net	$	39,638	$	38,564
Cash paid for interest, net of amounts capitalized	$	38,643	$	40,652
Cash paid for income taxes	$	534	$	511
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	25,706	$	12,469







Accrued leasing commissions	$	4,396	$	4,057

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Supplement Disclosures Related to Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Accounting Policies [Abstract]
Total interest costs incurred			$ 39,638	$ 39,994
Interest capitalized			0	1,430
Interest expense, net	$ 19,931	$ 19,784	39,638	38,564
Cash paid for interest, net of amounts capitalized			38,643	40,652
Cash paid for income taxes			534	511
Accounts payable and accrued liabilities for construction in progress			25,706	12,469
Accrued leasing commissions			$ 4,396	$ 4,057

OTHER LIABILITIES AND DEFERRED CREDITS (Tables)

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

Summary of Other Liabilities and Deferred Credits

Other liabilities and deferred credits consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Acquired below market leases, net	$	10,043	$	10,923
Prepaid rent and deferred revenue	21,052		20,670


Deferred compensation	3,541		3,380
Deferred tax liability	638		638
Straight-line rent liability	6,161		6,880
Lease liability	17,316		18,774
Other liabilities	28		39
Total other liabilities and deferred credits, net	$	58,779	$	61,304

OTHER INCOME (Tables)

6 Months Ended

Jun. 30, 2026

Other Income and Expenses [Abstract]

Summary of Principal Components of Other Income, Net

The principal components of other income, net are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Interest and investment income	$	540	$	1,045	$	1,255	$	2,377
Income tax expense	(118)		(118)		(219)		(535)

Total other income	$	422	$	927	$	1,036	$	1,842

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Summary of Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units

The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the six months ended June 30, 2026:

Period

Amount per
Share/Unit

Period Covered

Dividend Paid Date

First Quarter 2026

0.340

January 1, 2026 to March 31, 2026

March 19, 2026

Second Quarter 2026

0.340

April 1, 2026 to June 30, 2026

June 18, 2026

Summary of Activity of Restricted Stock Awards

The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2026:


	Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2026	693,257	$	16.58
Granted	15,372	23.42
Vested	(17,812)	20.21
Forfeited	(2,095)	15.92
Nonvested at June 30, 2026	688,722	$	16.64

Summary of Computation of Basic and Diluted EPS

The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
NUMERATOR
Net income	$	6,790	$	7,121	$	13,529	$	61,228
Less: Net income attributable to restricted shares	(235)		(206)		(471)		(409)
Less: Income from operations attributable to unitholders in the Operating Partnership	(1,380)		(1,459)		(2,749)		(12,828)

Net income attributable to common stockholders—basic	$	5,175	$	5,456	$	10,309	$	47,991
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	5,175	$	5,456	$	10,309	$	47,991
Plus: Income from operations attributable to unitholders in the Operating Partnership	1,380		1,459		2,749		12,828

Net income attributable to common stockholders—diluted	$	6,555	$	6,915	$	13,058	$	60,819
DENOMINATOR
Weighted average common shares outstanding—basic	60,703,355		60,540,125		60,700,533		60,538,720
Effect of dilutive securities—conversion of Operating Partnership units	16,181,537		16,181,537		16,181,537		16,181,537
Weighted average common shares outstanding—diluted	76,884,892		76,721,662		76,882,070		76,720,257

Earnings per common share, basic	$	0.09	$	0.09	$	0.17	$	0.79
Earnings per common share, diluted	$	0.09	$	0.09	$	0.17	$	0.79

DEBT (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Summary of Notes Payable Outstanding

The following table is a summary of our total secured notes payable outstanding as of June 30, 2026 and December 31, 2025 (in thousands):


	Principal Balance as of				Stated Interest Rate		Stated Maturity Date
Description of Debt	June 30, 2026		December 31, 2025		as of June 30, 2026
City Center Bellevue (1)	$	75,000	$	75,000	5.08	%	October 1, 2027
	75,000		75,000
Debt issuance costs, net of accumulated amortization of $768 and $723, respectively	(105)		(151)
Total Secured Notes Payable Outstanding	$	74,895	$	74,849

(1)Interest only.

The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of June 30, 2026 and December 31, 2025 (in thousands):


Description of Debt	Principal Balance as of				Stated Interest Rate			Stated Maturity Date
	June 30, 2026		December 31, 2025		as of June 30, 2026
Term Loan A	$	100,000	$	100,000	Variable		(1)	April 1, 2030	(2)
Senior Guaranteed Notes, Series D	250,000		250,000		4.29	%	(3)	March 1, 2027
Senior Guaranteed Notes, Series E	100,000		100,000		4.24	%	(4)	May 23, 2029
Senior Guaranteed Notes, Series G	150,000		150,000		3.91	%	(5)	July 30, 2030
3.375% Senior Notes	500,000		500,000		3.38	%		February 1, 2031
6.150% Senior Notes	525,000		525,000		6.15	%	(6)	October 1, 2034
	1,625,000		1,625,000
Debt discount and issuance costs, net of accumulated amortization of $9,810 and $8,720, respectively	(11,939)		(12,239)
Total Unsecured Notes Payable	$	1,613,061	$	1,612,761

(1)The Operating Partnership entered into two interest rate swap agreements that are intended to fix the interest rate associated with Term Loan A at approximately 2.65% through January 5, 2027, subject to adjustments based on our consolidated leverage ratio.

(2)On April 1, 2026, we extended the maturity date of Term Loan A to April 1, 2030, subject to one, twelve-month extension option.

(3)The Operating Partnership entered into forward-starting interest rate swap contracts on March 29, 2016 and April 7, 2016, which were settled on January 18, 2017 at a gain of approximately $10.4 million. The forward-starting interest swap rate contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 3.87% per annum.

(4)The Operating Partnership entered into a treasury lock contract on April 25, 2017, which was settled on May 11, 2017 at a gain of approximately $0.7 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 4.18% per annum.

(5)The Operating Partnership entered into a treasury lock contract on June 20, 2019, which was settled on July 17, 2019 at a gain of approximately $0.5 million. The treasury lock contract was deemed to be a highly effective cash flow hedge, accordingly, the effective interest rate is approximately 3.88% per annum.

(6)The Operating Partnership entered into treasury lock contracts on September 9, 2024 for $150 million and September 10, 2024 for an additional $150 million, which were both settled on September 10, 2024 at a combined loss of approximately $1.3 million. The treasury lock contracts were deemed to be highly effective cash flow hedges, accordingly, the effective interest rate is approximately 6.21% per annum.

Consolidated Statement of Partners' Capital - LP - USD ($)
$ in Thousands

Total

American Assets Trust, L.P.

Accumulated Other Comprehensive Income (Loss)

American Assets Trust, L.P.

Limited Partners' Capital

^[1]

American Assets Trust, L.P.

General Partner's Capital

Beginning partners' capital account (in shares) at Dec. 31, 2024

16,181,537

61,138,238

^[2]

Beginning partners' capital account at Dec. 31, 2024

$ 1,124,321

$ 6,565

$ (53,385)

$ 1,171,141

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

$ 54,107

54,107

11,369

$ 42,738

^[2]

Forfeiture of restricted units (in shares)

^[2]

(3,508)

Distributions

(26,288)

$ (5,502)

$ (20,786)

^[2]

Stock-based compensation

1,670

$ 1,670

^[2]

Other comprehensive loss - change in value of interest rate swaps

(1,192)

Reclassification of amortization of forward-starting swaps included in interest expense

(258)

Ending partners' capital account (in shares) at Mar. 31, 2025

16,181,537

61,134,730

^[2]

Ending partners' capital account at Mar. 31, 2025

1,152,360

5,115

$ (47,518)

$ 1,194,763

^[2]

Beginning partners' capital account (in shares) at Dec. 31, 2024

16,181,537

61,138,238

^[2]

Beginning partners' capital account at Dec. 31, 2024

1,124,321

6,565

$ (53,385)

$ 1,171,141

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

61,228

Other comprehensive loss - change in value of interest rate swaps

(1,960)

Reclassification of amortization of forward-starting swaps included in interest expense

(516)

Ending partners' capital account (in shares) at Jun. 30, 2025

16,181,537

61,152,542

^[2]

Ending partners' capital account at Jun. 30, 2025

1,133,845

4,089

$ (51,560)

$ 1,181,316

^[2]

Beginning partners' capital account (in shares) at Mar. 31, 2025

16,181,537

61,134,730

^[2]

Beginning partners' capital account at Mar. 31, 2025

1,152,360

5,115

$ (47,518)

$ 1,194,763

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

7,121

1,459

$ 5,662

^[2]

Issuance of restricted stock (in shares)

^[2]

17,812

Issuance of restricted stock

$ 1

^[2]

Distributions

(26,294)

$ (5,501)

(20,793)

^[2]

Stock-based compensation

1,683

$ 1,683

^[2]

Other comprehensive loss - change in value of interest rate swaps

(768)

Reclassification of amortization of forward-starting swaps included in interest expense

(258)

Ending partners' capital account (in shares) at Jun. 30, 2025

16,181,537

61,152,542

^[2]

Ending partners' capital account at Jun. 30, 2025

1,133,845

4,089

$ (51,560)

$ 1,181,316

^[2]

Beginning partners' capital account (in shares) at Dec. 31, 2025

16,181,537

61,390,936

^[2]

Beginning partners' capital account at Dec. 31, 2025

1,091,205

2,329

$ (60,522)

$ 1,149,398

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

6,739

1,369

5,370

^[2]

Distributions

(26,375)

$ (5,502)

(20,873)

^[2]

Stock-based compensation

1,682

$ 1,682

^[2]

Other comprehensive loss - change in value of interest rate swaps

(276)

Reclassification of amortization of forward-starting swaps included in interest expense

(258)

Ending partners' capital account (in shares) at Mar. 31, 2026

16,181,537

61,390,936

^[2]

Ending partners' capital account at Mar. 31, 2026

1,072,717

1,795

$ (64,655)

$ 1,135,577

^[2]

Beginning partners' capital account (in shares) at Dec. 31, 2025

16,181,537

61,390,936

^[2]

Beginning partners' capital account at Dec. 31, 2025

1,091,205

2,329

$ (60,522)

$ 1,149,398

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

13,529

Other comprehensive loss - change in value of interest rate swaps

(746)

Reclassification of amortization of forward-starting swaps included in interest expense

(515)

Ending partners' capital account (in shares) at Jun. 30, 2026

16,181,537

61,404,213

^[2]

Ending partners' capital account at Jun. 30, 2026

1,054,082

1,068

$ (68,776)

$ 1,121,790

^[2]

Beginning partners' capital account (in shares) at Mar. 31, 2026

16,181,537

61,390,936

^[2]

Beginning partners' capital account at Mar. 31, 2026

1,072,717

1,795

$ (64,655)

$ 1,135,577

^[2]

Increase (Decrease) in Partners' Capital [Roll Forward]

Net income

6,790

1,380

$ 5,410

^[2]

Issuance of restricted stock (in shares)

^[2]

15,372

Forfeiture of restricted units (in shares)

^[2]

(2,095)

Distributions

(26,380)

$ (5,501)

$ (20,879)

^[2]

Stock-based compensation

1,682

$ 1,682

^[2]

Other comprehensive loss - change in value of interest rate swaps

(470)

Reclassification of amortization of forward-starting swaps included in interest expense

$ (257)

(257)

Ending partners' capital account (in shares) at Jun. 30, 2026

16,181,537

61,404,213

^[2]

Ending partners' capital account at Jun. 30, 2026

$ 1,054,082

$ 1,068

$ (68,776)

$ 1,121,790

^[2]

[1]	Consists of limited partnership interests held by third parties.
[2]	Consists of general partnership interests held by American Assets Trust, Inc.

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Summary of Financial Liabilities Measured at Fair Value on Recurring Basis

A summary of our financial liabilities that are measured at fair value on a recurring basis, by level within the fair value hierarchy is as follows (in thousands):


	June 30, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Deferred compensation liability	$	—	$	3,541	$	—	$	3,541	$	—	$	3,380	$	—	$	3,380
Interest rate swap asset	$	—	$	1,265	$	—	$	1,265	$	—	$	2,011	$	—	$	2,011

Summary of Carrying Amount and Fair Value of Financial Instruments

A summary of the carrying amount and fair value of our financial instruments, all of which are based on Level 2 inputs, is as follows (in thousands):


	June 30, 2026				December 31, 2025
	Carrying Value		Fair Value		Carrying Value		Fair Value
Secured notes payable, net	$	74,895	$	74,873	$	74,849	$	74,728
Unsecured term loan, net	$	99,167	$	100,000	$	99,869	$	100,000
Unsecured senior guaranteed notes, net	$	499,563	$	484,920	$	499,437	$	483,339
Senior notes, net	$	1,014,331	$	987,317	$	1,013,455	$	989,549

SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Summary of Segment Activity

The following table represents the significant segment expenses and operating activity within our reportable segments (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total Office
Property revenue	$	50,725	$	50,818	$	103,082	$	101,699
Rental expenses	11,687		10,404		23,434		21,278
Real estate taxes	3,579		5,209		8,851		10,035
Property expense	15,266		15,613		32,285		31,313
Segment profit	35,459		35,205		70,797		70,386
Total Retail
Property revenue	23,524		23,008		46,868		47,656
Rental expenses	3,382		3,356		6,996		7,542
Real estate taxes	2,992		2,568		6,379		5,797
Property expense	6,374		5,924		13,375		13,339
Segment profit	17,150		17,084		33,493		34,317
Total Multifamily
Property revenue	17,721		17,428		35,917		34,259
Rental expenses	5,956		5,902		11,902		11,251
Real estate taxes	2,153		1,825		4,375		3,733
Property expense	8,109		7,727		16,277		14,984
Segment profit	9,612		9,701		19,640		19,275
Total Mixed-Use
Property revenue	17,513		16,679		34,208		32,926
Rental expenses	10,744		10,016		21,157		19,907
Real estate taxes	1,067		1,043		2,132		2,085
Property expense	11,811		11,059		23,289		21,992
Segment profit	5,702		5,620		10,919		10,934
Total segments’ profit	$	67,923	$	67,610	$	134,849	$	134,912

Summary of Reconciliation of Segment Profit to Net Income Attributable to Stockholders

The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total segments’ profit	$	67,923	$	67,610	$	134,849	$	134,912
General and administrative	(8,912)		(8,850)		(17,695)		(18,162)
Depreciation and amortization	(32,712)		(32,782)		(65,023)		(63,276)
Interest expense, net	(19,931)		(19,784)		(39,638)		(38,564)
Gain on sale of real estate	—		—		—		44,476

Other income, net	422		927		1,036		1,842





Net income	6,790		7,121		13,529		61,228
Net income attributable to restricted shares	(235)		(206)		(471)		(409)
Net income attributable to unitholders in the Operating Partnership	(1,380)		(1,459)		(2,749)		(12,828)
Net income attributable to American Assets Trust, Inc. stockholders	$	5,175	$	5,456	$	10,309	$	47,991

Summary of Net Real Estate and Secured Note Payable Balances by Segments

The following table shows net real estate and secured note payable balances for each of the reportable segments (in thousands):


	June 30, 2026		December 31, 2025
Net Real Estate
Office	$	1,593,520	$	1,587,316
Retail	461,446		469,733
Multifamily	402,596		406,163
Mixed-Use	153,678		156,156
	$	2,611,240	$	2,619,368
Secured Notes Payable (1)
Office	$	75,000	$	75,000



	$	75,000	$	75,000

(1)Excludes unamortized debt issuance costs of $0.1 million and $0.2 million for each of the periods ended June 30, 2026 and December 31, 2025, respectively.

Capital expenditures for each segment for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Capital Expenditures (1)
Office	$	22,637	$	19,858	$	42,438	$	34,169
Retail	1,043		1,197		2,039		2,646
Multifamily	2,395		1,471		4,435		1,962
Mixed-Use	361		530		764		1,509
	$	26,436	$	23,056	$	49,676	$	40,286

(1)Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - Level 2	Jun. 30, 2026
Minimum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.058
Maximum
Fair Value Inputs Disclosures
Fair value assumptions, interest rate	0.077

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Business and Organization

American Assets Trust, Inc. (which may be referred to in these financial statements as the “company,” “we,” “us,” or “our”) is a Maryland corporation formed on July 16, 2010 that did not have any operating activity until the consummation of our initial public offering on January 19, 2011. The company is the sole general partner of American Assets Trust, L.P., a Maryland limited partnership formed on July 16, 2010 (the “Operating Partnership”). The company’s operations are carried on through our Operating Partnership and its subsidiaries, including our taxable real estate investment trust (“REIT”) subsidiary (“TRS”). Since the formation of our Operating Partnership, the company has controlled our Operating Partnership as its general partner and has consolidated its assets, liabilities and results of operations.

We are a full service, vertically integrated, and self-administered REIT with approximately 232 employees providing substantial in-house expertise in asset management, property management, property development, leasing, tenant improvement construction, acquisitions, repositioning, redevelopment and financing.

As of June 30, 2026, we owned or had a controlling interest in 31 office, retail, multifamily and mixed-use operating properties, the operations of which we consolidate. Additionally, as of June 30, 2026, we owned land at two of our properties that we classify as held for development and/or construction in progress. A summary of the properties owned by us is as follows:


Office
La Jolla Commons	First & Main	Timber Springs
Torrey Point	Lloyd Portfolio	Coastal Collection at Torrey Reserve
Solana Crossing	City Center Bellevue
The Landmark at One Market	14Acres
One Beach Street	Timber Ridge

Retail
Carmel Country Plaza	Gateway Marketplace	Hassalo on Eighth - Retail
Carmel Mountain Plaza	Geary Marketplace
South Bay Marketplace	The Shops at Kalakaua
Lomas Santa Fe Plaza	Waikele Center
Solana Beach Towne Centre	Alamo Quarry Market

Multifamily
Loma Palisades	Hassalo on Eighth - Multifamily
Imperial Beach Gardens	Genesee Park
Mariner's Point
Santa Fe Park RV Resort
Pacific Ridge Apartments

Mixed-Use
Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and/or Construction in Progress
Solana Crossing – Land
Lloyd Portfolio – Construction in Progress

Basis of Presentation

Our consolidated financial statements include the accounts of the company, our Operating Partnership and our subsidiaries. The equity interests of other investors in our Operating Partnership are reflected as noncontrolling interests.

The company follows the Financial Accounting Standards Board (the “FASB”) guidance for determining whether an entity is a variable interest entity (“VIE”), which requires the performance of a qualitative rather than a quantitative analysis to determine the primary beneficiary of a VIE. Under this guidance, an entity would be required to consolidate a VIE if it has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. American Assets Trust, Inc. has concluded that the Operating Partnership is a VIE, and because American Assets Trust, Inc. has both the power and the rights to control the Operating Partnership, American Assets Trust, Inc. is the primary beneficiary and is required to continue to consolidate the Operating Partnership. Substantially all of the assets and liabilities of the company are related to the Operating Partnership VIE.

All intercompany transactions and balances are eliminated in consolidation.

Basis of Accounting

The accompanying consolidated financial statements of the company and the Operating Partnership have been prepared in accordance with the rules applicable to Form 10-Q and include all information and footnotes required for interim financial statement presentation, but do not include all disclosures required under accounting principles generally accepted in the United States (“GAAP”) for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments, except as otherwise noted) considered necessary for a fair presentation have been included. These financial statements should be read in conjunction with the audited consolidated financial statements and notes therein included in the company's and Operating Partnership's annual report on Form 10-K for the year ended December 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that in certain circumstances affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using our best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates.

Segment Information

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We operate in four reportable segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.

Revenue Recognition and Accounts Receivable

Our leases with tenants are classified as operating leases. Substantially all such leases contain fixed rent escalations which occur at specified times during the term of the lease. Base rents are recognized on a straight-line basis from when the tenant controls the space through the term of the related lease, net of valuation adjustments, based on management's assessment of credit, collection and other business risks.

We make estimates of the collectability of our current accounts receivable and straight-line rents receivable which require significant judgment by management. The collectability of receivables is affected by numerous different factors including current economic conditions, the impact of tenant bankruptcies, the status of collectability of current cash rents receivable, tenants' recent and historical financial and operating results, changes in our tenants' credit ratings, communications between our operating personnel and tenants, the extent of security deposits and letters of credit held with respect to tenants, and the ability of tenants to perform under the terms of their lease agreement. The allowance for doubtful accounts at June 30, 2026 and December 31, 2025 was approximately $1.5 million and $1.3 million, respectively.

Hotel revenue recognized at Waikiki Beach Walk Embassy Suites™ Hotel is in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers,” and is included within rental income on the statement of comprehensive income.

When we enter into a transaction to sell a property or a portion of a property, we evaluate the recognition of the sale under ASC 610-20, “Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets,” to determine whether and when control transfers and how to measure the associated gain or loss. We determine the transaction price based on the consideration we expect to receive. Variable consideration is included in the transaction price to the extent it is probable that a significant reversal of a gain recognized will not occur. We analyze the risk of a significant gain reversal and if necessary limit the amount of variable consideration recognized in order to mitigate this risk. The estimation of variable consideration may require us to make assumptions and apply significant judgment.

Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures. This pronouncement requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, and should be applied either prospectively or retrospectively, with early adoption permitted. The company is currently evaluating the impact of adopting ASU 2024-03.

Fair Value Measurement

A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability. The hierarchy for inputs used in measuring fair value is as follows:

1.Level 1 Inputs—quoted prices in active markets for identical assets or liabilities

2.Level 2 Inputs—observable inputs other than quoted prices in active markets for identical assets and liabilities

3.Level 3 Inputs—unobservable inputs

- Definition

Disclosure of accounting policy for segment reporting.

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

LEASES - Summary of Minimum Future Rentals from Noncancelable Operating Leases (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
2026 (six months ending December 31, 2026)	$ 125,256
2027	258,107
2028	225,237
2029	168,235
2030	107,314
Thereafter	287,198
Total	$ 1,171,347

COMPONENTS OF RENTAL INCOME AND EXPENSE - Summary of Principal Components of Rental Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Rental Income [Line Items]
Percentage rent	$ 512	$ 369	$ 977	$ (16)
Hotel revenue	10,344	10,248	20,464	20,156
Other	674	625	1,347	1,274
Total rental income	103,115	101,070	207,537	204,021
Office
Rental Income [Line Items]
Lease rental income	48,538	48,119	98,728	96,980
Retail
Rental Income [Line Items]
Lease rental income	22,836	22,148	45,538	46,890
Multifamily
Rental Income [Line Items]
Lease rental income	16,559	16,355	33,464	32,175
Mixed-use
Rental Income [Line Items]
Lease rental income	$ 3,652	$ 3,206	$ 7,019	$ 6,562

COMPONENTS OF RENTAL INCOME AND EXPENSE

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

COMPONENTS OF RENTAL INCOME AND EXPENSE

The principal components of rental income are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease rental income
Office	$	48,538	$	48,119	$	98,728	$	96,980
Retail	22,836		22,148		45,538		46,890
Multifamily	16,559		16,355		33,464		32,175
Mixed-use	3,652		3,206		7,019		6,562
Percentage rent	512		369		977		(16)
Hotel revenue	10,344		10,248		20,464		20,156
Other	674		625		1,347		1,274
Total rental income	$	103,115	$	101,070	$	207,537	$	204,021

Minimum rents include $0.2 million and $0.2 million for the three months ended June 30, 2026 and 2025, respectively, and $0.4 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively, to recognize lease rental income on a straight-line basis. In addition, net amortization of above and below market leases included in lease rental income was $0.5 million and $0.7 million for the three months ended June 30, 2026 and 2025, respectively, and $0.9 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively.

The principal components of rental expenses are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Rental operating	$	14,446	$	13,726	$	29,341	$	28,343
Hotel operating	8,123		7,486		15,972		14,834
Repairs and maintenance	6,069		5,624		11,875		10,893
Marketing	556		533		1,157		1,106
Rent	906		662		1,857		1,571
Hawaii excise tax	1,059		1,049		2,086		2,054
Management fees	610		598		1,201		1,177
Total rental expenses	$	31,769	$	29,678	$	63,489	$	59,978

COMPONENTS OF RENTAL INCOME AND EXPENSE (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Summary of Principal Components of Rental Income

The principal components of rental income are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease rental income
Office	$	48,538	$	48,119	$	98,728	$	96,980
Retail	22,836		22,148		45,538		46,890
Multifamily	16,559		16,355		33,464		32,175
Mixed-use	3,652		3,206		7,019		6,562
Percentage rent	512		369		977		(16)
Hotel revenue	10,344		10,248		20,464		20,156
Other	674		625		1,347		1,274
Total rental income	$	103,115	$	101,070	$	207,537	$	204,021

Summary of Principal Components of Rental Expenses

The principal components of rental expenses are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Rental operating	$	14,446	$	13,726	$	29,341	$	28,343
Hotel operating	8,123		7,486		15,972		14,834
Repairs and maintenance	6,069		5,624		11,875		10,893
Marketing	556		533		1,157		1,106
Rent	906		662		1,857		1,571
Hawaii excise tax	1,059		1,049		2,086		2,054
Management fees	610		598		1,201		1,177
Total rental expenses	$	31,769	$	29,678	$	63,489	$	59,978

LEASES - Summary of Lease Costs Under Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease cost	$ 907	$ 910	$ 1,845	$ 1,819
Sublease income	(874)	(858)	(1,916)	(1,718)
Total lease cost (income)	$ 33	$ 52	$ (71)	$ 101
Weighted-average remaining lease term - operating leases (in years)	5 years		5 years
Weighted-average discount rate - operating leases	3.68%		3.68%

OTHER ASSETS, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]
Leasing commissions, net of accumulated amortization of $57,973 and $56,094, respectively	$ 36,778	$ 36,223
Interest rate swap asset	$ 1,265	$ 2,011
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets, net	Total other assets, net
Acquired lease intangible assets, net	$ 8,486	$ 10,212
Lease incentives, net of accumulated amortization of $1,389 and $1,239, respectively	2,355	2,110
Other intangible assets, net of accumulated amortization of $2,510 and $2,361, respectively	1,320	1,489
Debt issuance costs on line of credit, net of accumulated amortization of $2,970 and $2,591, respectively	3,799	250
Right-of-use lease asset, net	$ 15,827	$ 17,246
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets, net	Total other assets, net
Prepaid expenses and other	$ 11,737	$ 10,956
Total other assets, net	81,567	80,497
Leasing commissions accumulative amortization	57,973	56,094
Accumulated amortization	1,389	1,239
Other intangible assets, accumulated amortization	2,510	2,361
Accumulated amortization	2,970	2,591
Above market leases
Intangible Asset, Finite-Lived [Line Items]
Acquired lease intangible assets, net	0	3
Other intangible assets, accumulated amortization	432	429
In-place leases
Intangible Asset, Finite-Lived [Line Items]
Acquired lease intangible assets, net	8,486	10,209
Other intangible assets, accumulated amortization	$ 39,600	$ 38,280

OTHER LIABILITIES AND DEFERRED CREDITS

6 Months Ended

Jun. 30, 2026

Other Liabilities Disclosure [Abstract]

OTHER LIABILITIES AND DEFERRED CREDITS

Other liabilities and deferred credits consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Acquired below market leases, net	$	10,043	$	10,923
Prepaid rent and deferred revenue	21,052		20,670


Deferred compensation	3,541		3,380
Deferred tax liability	638		638
Straight-line rent liability	6,161		6,880
Lease liability	17,316		18,774
Other liabilities	28		39
Total other liabilities and deferred credits, net	$	58,779	$	61,304

Straight-line rent liability relates to leases which have rental payments that decrease over time or one-time upfront payments for which the rental revenue is deferred and recognized on a straight-line basis.

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Intangible Asset, Finite-Lived, Acquired [Line Items]
Accumulated amortization	$ (2,510)	$ (2,361)
Acquired lease intangible assets, net	8,486	10,212
Below market leases	38,428	38,446
Accumulated accretion	(28,385)	(27,523)
Acquired lease intangible liabilities, net	10,043	10,923
In-place leases
Intangible Asset, Finite-Lived, Acquired [Line Items]
Acquired lease intangible assets	48,086	48,489
Accumulated amortization	(39,600)	(38,280)
Acquired lease intangible assets, net	8,486	10,209
Above market leases
Intangible Asset, Finite-Lived, Acquired [Line Items]
Acquired lease intangible assets	432	432
Accumulated amortization	(432)	(429)
Acquired lease intangible assets, net	$ 0	$ 3

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Deferred tax asset	$ 1,000		$ 1,000		$ 1,000
Deferred tax liability	638		638		$ 638
Income tax expense	$ 118	$ 118	$ 219	$ 535

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

DEBT - Summary of Total Unsecured Notes Payable Outstanding (Details) $ in Thousands	Apr. 01, 2026 extension	Sep. 10, 2024 USD ($)	Jul. 17, 2019 USD ($)	May 11, 2017 USD ($)	Jan. 18, 2017 USD ($)	Jun. 30, 2026 USD ($) interest_rate_swap_agreement	Dec. 31, 2025 USD ($)	Sep. 17, 2024	Sep. 09, 2024 USD ($)	Jan. 26, 2021	Jul. 30, 2019	May 23, 2017	Mar. 01, 2017
Debt Instrument [Line Items]
Accumulated amortization						$ 2,970	$ 2,591
Debt discount and issuance costs, net of accumulated amortization of $9,810 and $8,720, respectively						(3,799)	(250)
American Assets Trust, L.P. \| 3.375% Senior Notes
Debt Instrument [Line Items]
Stated Interest Rate										3.375%
American Assets Trust, L.P. \| 6.150% Senior Notes
Debt Instrument [Line Items]
Stated Interest Rate								6.15%
American Assets Trust, L.P. \| Unsecured term loan, net
Debt Instrument [Line Items]
Accumulated amortization						9,810	8,720
Principal balance						1,625,000	1,625,000
Debt discount and issuance costs, net of accumulated amortization of $9,810 and $8,720, respectively						(11,939)	(12,239)
Total Secured Notes Payable Outstanding						1,613,061	1,612,761
American Assets Trust, L.P. \| Unsecured term loan, net \| Term Loan A
Debt Instrument [Line Items]
Principal balance						$ 100,000	100,000
Number of extensions available \| extension	1
Extension term	12 months
American Assets Trust, L.P. \| Unsecured term loan, net \| Term Loan A \| Interest Rate Swap
Debt Instrument [Line Items]
Number of interest rate agreements \| interest_rate_swap_agreement						2
Fixed interest rate on derivative						2.65%
American Assets Trust, L.P. \| Unsecured term loan, net \| Senior Guaranteed Notes, Series D
Debt Instrument [Line Items]
Stated Interest Rate						4.29%							4.29%
Principal balance						$ 250,000	250,000
American Assets Trust, L.P. \| Unsecured term loan, net \| Senior Guaranteed Notes, Series D \| Treasury Lock
Debt Instrument [Line Items]
Gain on derivatives					$ 10,400
Effective interest rate						3.87%
American Assets Trust, L.P. \| Unsecured term loan, net \| Senior Guaranteed Notes, Series E
Debt Instrument [Line Items]
Stated Interest Rate						4.24%						4.24%
Principal balance						$ 100,000	100,000
American Assets Trust, L.P. \| Unsecured term loan, net \| Senior Guaranteed Notes, Series E \| Treasury Lock
Debt Instrument [Line Items]
Gain on derivatives				$ 700
Effective interest rate						4.18%
American Assets Trust, L.P. \| Unsecured term loan, net \| Senior Guaranteed Notes, Series G
Debt Instrument [Line Items]
Stated Interest Rate						3.91%					3.91%
Principal balance						$ 150,000	150,000
American Assets Trust, L.P. \| Unsecured term loan, net \| Senior Guaranteed Notes, Series G \| Treasury Lock
Debt Instrument [Line Items]
Gain on derivatives			$ 500
Effective interest rate						3.88%
American Assets Trust, L.P. \| Unsecured term loan, net \| 3.375% Senior Notes
Debt Instrument [Line Items]
Stated Interest Rate						3.375%				3.375%
Principal balance						$ 500,000	500,000
Effective interest rate										3.502%
American Assets Trust, L.P. \| Unsecured term loan, net \| 6.150% Senior Notes
Debt Instrument [Line Items]
Stated Interest Rate						6.15%		6.15%
Principal balance						$ 525,000	$ 525,000
Effective interest rate								6.194%
American Assets Trust, L.P. \| Unsecured term loan, net \| 6.150% Senior Notes \| Treasury Lock
Debt Instrument [Line Items]
Effective interest rate						6.21%
Notional amount		$ 150,000							$ 150,000
Loss on derivatives		$ 1,300

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Activity of Restricted Stock Awards (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Units
Nonvested, beginning balance (in shares) \| shares	693,257
Granted (in shares) \| shares	15,372
Vested (in shares) \| shares	(17,812)
Forfeited (in shares) \| shares	(2,095)
Nonvested, ending balance (in shares) \| shares	688,722
Weighted Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) \| $ / shares	$ 16.58
Granted (in dollars per share) \| $ / shares	23.42
Vested (in dollars per share) \| $ / shares	20.21
Forfeited (in dollars per share) \| $ / shares	15.92
Nonvested, ending balance (in dollars per share) \| $ / shares	$ 16.64

DEBT - Narrative (Details)						6 Months Ended
DEBT - Narrative (Details)	Apr. 01, 2026 USD ($) extension	Feb. 03, 2025 USD ($)	Dec. 02, 2024 USD ($)	Sep. 17, 2024 USD ($)	Jan. 26, 2021 USD ($)	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Sep. 10, 2024 USD ($)	Sep. 09, 2024 USD ($)	Jul. 30, 2019 USD ($)	May 23, 2017 USD ($)	Mar. 01, 2017 USD ($)
Debt Instrument [Line Items]
Repayment of unsecured term loan						$ 0	$ 225,000,000
American Assets Trust, L.P.
Debt Instrument [Line Items]
Repayment of unsecured term loan						$ 0	$ 225,000,000
American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Maximum aggregate debt ratio						60.00%
Minimum debt service ratio						1.5
Maximum secured debt ratio						40.00%
Minimum maintenance of total unencumbered assets						150.00%
Partial debt repayment, minimum percentage of principal						5.00%
Full debt repayment percentage of principal plus a make-whole amount						100.00%
3.375% Senior Notes \| American Assets Trust, L.P.
Debt Instrument [Line Items]
Stated interest rate					3.375%
3.375% Senior Notes \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Stated interest rate					3.375%	3.375%
Face amount of debt					$ 500,000,000
Note offering percent					0.98935
Effective interest rate					3.502%
Proceeds from debt, net of issuance costs					$ 489,700,000
6.150% Senior Notes \| American Assets Trust, L.P.
Debt Instrument [Line Items]
Stated interest rate				6.15%
6.150% Senior Notes \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Stated interest rate				6.15%		6.15%
Face amount of debt				$ 525,000,000
Note offering percent				0.99671
Effective interest rate				6.194%
Proceeds from debt, net of issuance costs				$ 518,200,000
6.150% Senior Notes \| American Assets Trust, L.P. \| Unsecured Notes Payable \| Treasury Lock
Debt Instrument [Line Items]
Effective interest rate						6.21%
Notional Amount								$ 150,000,000	$ 150,000,000
Senior Guaranteed Notes, Series A \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Repayment of unsecured term loan					150,000,000
Make-whole payment					3,900,000
Second Amended and Restated Credit Facility \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Repayment of unsecured line of credit					$ 100,000,000
Revolver Loan \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Repayment of unsecured term loan				$ 100,000,000
Series B Notes \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Repayment of unsecured term loan			$ 100,000,000
Senior Guaranteed Notes, Series C \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Repayment of unsecured term loan		$ 100,000,000
Senior Guaranteed Notes, Series D \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Stated interest rate						4.29%						4.29%
Face amount of debt												$ 250,000,000
Senior Guaranteed Notes, Series D \| American Assets Trust, L.P. \| Unsecured Notes Payable \| Treasury Lock
Debt Instrument [Line Items]
Effective interest rate						3.87%
Senior Guaranteed Notes, Series E \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Stated interest rate						4.24%					4.24%
Face amount of debt											$ 100,000,000
Senior Guaranteed Notes, Series E \| American Assets Trust, L.P. \| Unsecured Notes Payable \| Treasury Lock
Debt Instrument [Line Items]
Effective interest rate						4.18%
Senior Guaranteed Notes, Series G \| American Assets Trust, L.P. \| Unsecured Notes Payable
Debt Instrument [Line Items]
Stated interest rate						3.91%				3.91%
Face amount of debt										$ 150,000,000
Senior Guaranteed Notes, Series G \| American Assets Trust, L.P. \| Unsecured Notes Payable \| Treasury Lock
Debt Instrument [Line Items]
Effective interest rate						3.88%
Amended and Restated Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Revolving credit facility borrowing limit	$ 600,000,000
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable
Debt Instrument [Line Items]
Revolving credit facility borrowing limit	$ 100,000,000
Number of extensions available \| extension	1
Extension term	12 months
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable \| Federal Funds Rate
Debt Instrument [Line Items]
Variable rate	0.50%
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable \| Term SOFR Screen Rate
Debt Instrument [Line Items]
Variable rate	1.00%
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable \| Base Rate
Debt Instrument [Line Items]
Variable rate	1.00%
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable \| Minimum \| SOFR
Debt Instrument [Line Items]
Variable rate	1.20%
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable \| Minimum \| Base Rate
Debt Instrument [Line Items]
Variable rate	0.20%
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable \| Maximum \| SOFR
Debt Instrument [Line Items]
Variable rate	1.70%
Amended and Restated Credit Facility \| Credit Facility \| Unsecured Notes Payable \| Maximum \| Base Rate
Debt Instrument [Line Items]
Variable rate	0.70%
Amended and Restated Credit Facility \| Credit Facility \| Revolving Loan
Debt Instrument [Line Items]
Revolving credit facility borrowing limit	$ 500,000,000
Number of extensions available \| extension	2
Extension term	6 months
Amended and Restated Credit Facility \| Credit Facility \| Revolving Loan \| Minimum \| SOFR
Debt Instrument [Line Items]
Variable rate	1.05%
Amended and Restated Credit Facility \| Credit Facility \| Revolving Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Variable rate	0.05%
Amended and Restated Credit Facility \| Credit Facility \| Revolving Loan \| Maximum \| SOFR
Debt Instrument [Line Items]
Variable rate	1.50%
Amended and Restated Credit Facility \| Credit Facility \| Revolving Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Variable rate	0.50%
Amended and Restated Credit Facility \| American Assets Trust, L.P. \| Credit Facility
Debt Instrument [Line Items]
Debt issuance costs, net, revolving credit facility						$ 3,800,000
Maximum leverage ratio of revolving credit facility	60.00%
Maximum secured leverage ratio on revolving credit facility	40.00%
Minimum fixed charge coverage ratio covenant threshold	1.50
Minimum interest coverage ratio covenant threshold	1.75
Maximum unsecured leverage ratio	60.00%
Maximum recourse indebtedness of total asset value	15.00%
Amended and Restated Credit Facility \| American Assets Trust, L.P. \| Credit Facility \| Revolving Loan
Debt Instrument [Line Items]
Outstanding						$ 0
Weighted average interest rate						4.78%

OTHER ASSETS, NET

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER ASSETS, NET

Other assets consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Leasing commissions, net of accumulated amortization of $57,973 and $56,094, respectively	$	36,778	$	36,223
Interest rate swap asset	1,265		2,011
Acquired above market leases, net	—		3
Acquired in-place leases, net	8,486		10,209
Lease incentives, net of accumulated amortization of $1,389 and $1,239, respectively	2,355		2,110
Other intangible assets, net of accumulated amortization of $2,510 and $2,361, respectively	1,320		1,489
Debt issuance costs on line of credit, net of accumulated amortization of $2,970 and $2,591, respectively	3,799		250

Right-of-use lease asset, net	15,827		17,246
Prepaid expenses and other	11,737		10,956
Total other assets, net	$	81,567	$	80,497

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2026	Jul. 31, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity Registrant Name	AMERICAN ASSETS TRUST, INC.
Entity File Number	001-35030
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338708
Entity Address, Address Line One	3420 Carmel Mountain Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	350-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	AAT
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		61,404,213
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001500217
Current Fiscal Year End Date	--12-31
American Assets Trust, L.P.
Entity Information [Line Items]
Entity Registrant Name	AMERICAN ASSETS TRUST, L.P.
Entity File Number	333-202342-01
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	27-3338894
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001509570

DERIVATIVE AND HEDGING ACTIVITIES - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Reclassified within twelve months	$ 0.7

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	6 Months Ended
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	Jun. 30, 2026
Equity [Abstract]
PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P.	PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. Noncontrolling interests in our Operating Partnership are interests in the Operating Partnership that are not owned by us. Noncontrolling interests consisted of 16,181,537 common units (the “noncontrolling common units”), and represented approximately 21.04% of the ownership interests in our Operating Partnership at June 30, 2026. Common units and shares of our common stock have essentially the same economic characteristics in that common units and shares of our common stock share equally in the total net income or loss distributions of our Operating Partnership. Investors who own common units have the right to cause our Operating Partnership to redeem any or all of their common units for cash equal to the then-current market value of one share of our common stock, or, at our election, shares of our common stock on a one-for-one basis. During the six months ended June 30, 2026, no common units were converted into shares of our common stock. Earnings Per Unit of the Operating Partnership Basic earnings per unit (“EPU”) of the Operating Partnership is computed by dividing income applicable to unitholders by the weighted average Operating Partnership units outstanding, as adjusted for the effect of participating securities. Operating Partnership units granted in equity-based payment transactions that have non-forfeitable dividend equivalent rights are considered participating securities prior to vesting. The impact of unvested Operating Partnership unit awards on EPU has been calculated using the two-class method whereby earnings are allocated to the unvested Operating Partnership unit awards based on distributions and the unvested Operating Partnership units’ participation rights in undistributed earnings. The calculation of diluted EPU for the three months ended June 30, 2026 and 2025 does not include the weighted average of 692,211 and 600,282 unvested outstanding Operating Partnership units, respectively, and for the six months ended June 30, 2026 and 2025 does not include the weighted average of 692,731 and 600,076 unvested outstanding Operating Partnership units, respectively, as these equity securities are either considered contingently issuable, or for which applicable performance conditions had not been achieved, or the effect of including these equity securities was anti-dilutive to income from continuing operations and net income attributable to the unitholders.

OTHER LIABILITIES AND DEFERRED CREDITS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Other Liabilities Disclosure [Abstract]
Acquired below market leases, net	$ 10,043	$ 10,923
Prepaid rent and deferred revenue	21,052	20,670
Deferred compensation	3,541	3,380
Deferred tax liability	638	638
Straight-line rent liability	6,161	6,880
Lease liability	17,316	18,774
Other liabilities	28	39
Total other liabilities and deferred credits, net	$ 58,779	$ 61,304

- Definition

Amount of liabilities classified as other.

+ References

+ Details

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

Lessor Operating Leases

We determine if an arrangement is a lease at inception. Our lease agreements are generally for real estate, and the determination of whether such agreements contain leases generally does not require significant estimates or judgments. We lease real estate under operating leases.

Our leases with office, retail, mixed-use and residential tenants are classified as operating leases. Leases at our office and retail properties and the retail portion of our mixed-use property generally range from three years to ten years (certain leases with anchor tenants may be longer), and in addition to minimum rents, usually provide for cost recoveries for the tenant’s share of certain operating costs. Our leases may also include variable lease payments in the form of percentage rents based on the tenant’s level of sales achieved in excess of a breakpoint threshold. Leases on apartments generally range from seven months to fifteen months, with a majority having 12-month lease terms. Rooms at the hotel portion of our mixed-use property are rented on a nightly basis.

Leases at our office and retail properties and the retail portion of our mixed-use property may contain lease extension options, at our lessee's discretion. The extension options are generally for three years to ten years and contain primarily rent at fixed rates or the prevailing market rent. The extension options are generally exercisable six months to twelve months prior to the expiration of the lease and require the lessee to not be in default of the lease terms.

We attempt to maximize the amount we expect to derive from the underlying real estate property following the end of a lease, to the extent it is not extended. We maintain a proactive leasing and capital improvement program that, combined with the quality and locations of our properties, has made our properties attractive to tenants. However, the residual value of a real estate property is still subject to various market-specific, asset-specific, and tenant-specific risks and characteristics.

As of June 30, 2026, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands):


2026 (six months ending December 31, 2026)	$	125,256
2027	258,107
2028	225,237
2029	168,235
2030	107,314
Thereafter	287,198
Total	$	1,171,347

The above future minimum rentals exclude residential leases, which typically range from seven months to fifteen months, and exclude the hotel, as rooms are rented on a nightly basis.

Lessee Operating Leases

At The Landmark at One Market, we lease, as lessee, a building adjacent to The Landmark at One Market under an operating lease effective through June 30, 2031 (the “Annex Lease”). In June 2025, we exercised the final five-year extension option to extend the Annex Lease through June 30, 2031, which was memorialized in a lease amendment executed in August 2025.

Our lease agreements do not contain any residual value guarantees or material restrictive covenants. As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments.

As of June 30, 2026, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands):


2026 (six months ending December 31, 2026)	$	1,792
2027	3,637
2028	3,746
2029	3,859
2030	3,975
Thereafter	2,017
Total lease payments	19,026
Imputed interest	(1,710)
Present value of lease liability	$	17,316

Lease costs under the operating leases are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
Operating lease cost	$	907	$	910	$	1,845		$	1,819
Sublease income	(874)		(858)		(1,916)			(1,718)
Total lease cost (income)	$	33	$	52	$	(71)		$	101

Weighted-average remaining lease term - operating leases (in years)					5.0
Weighted-average discount rate - operating leases					3.68		%

Supplemental cash flow information related to our operating leases are as follow (in thousands):


	Six Months Ended June 30,
	2026		2025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,792	$	1,740

Subleases

At The Landmark at One Market, we (as sublandlord) sublease the Annex Lease building under operating leases effective through June 30, 2031. The subleases contain extension options, subject to our ability to extend the Annex Lease, that can extend the subleases through December 31, 2039 at the fair rental value at the time the extension option is exercised.

LEASES

Lessor Operating Leases


2026 (six months ending December 31, 2026)	$	125,256
2027	258,107
2028	225,237
2029	168,235
2030	107,314
Thereafter	287,198
Total	$	1,171,347

The above future minimum rentals exclude residential leases, which typically range from seven months to fifteen months, and exclude the hotel, as rooms are rented on a nightly basis.

Lessee Operating Leases

As of June 30, 2026, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands):


2026 (six months ending December 31, 2026)	$	1,792
2027	3,637
2028	3,746
2029	3,859
2030	3,975
Thereafter	2,017
Total lease payments	19,026
Imputed interest	(1,710)
Present value of lease liability	$	17,316

Lease costs under the operating leases are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
Operating lease cost	$	907	$	910	$	1,845		$	1,819
Sublease income	(874)		(858)		(1,916)			(1,718)
Total lease cost (income)	$	33	$	52	$	(71)		$	101

Weighted-average remaining lease term - operating leases (in years)					5.0
Weighted-average discount rate - operating leases					3.68		%

Supplemental cash flow information related to our operating leases are as follow (in thousands):


	Six Months Ended June 30,
	2026		2025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,792	$	1,740

Subleases

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) employee property segment room	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
Number of employees \| employee	232
Office, retail, multifamily, and mixed-use operating properties \| property	31
Properties held for development \| property	2
Number of operating segments \| segment	4
Number of reportable segments \| segment	4
Room in mixed-use segment all-suite hotel \| room	369
Provision for doubtful accounts \| $	$ 1.5	$ 1.3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Summary of Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	$ 3,541	$ 3,380
Interest rate swap asset	1,265	2,011
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	3,541	3,380
Interest rate swap asset	1,265	2,011
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation liability	0	0
Interest rate swap asset	$ 0	$ 0

EQUITY OF AMERICAN ASSETS TRUST, INC.

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

EQUITY OF AMERICAN ASSETS TRUST, INC.

Stockholders' Equity

On December 3, 2021, we entered into an at-the-market (“ATM”) equity program with five sales agents pursuant to which we may, from time to time, offer and sell shares of our common stock having an aggregate offering price of up to $250 million. The sales of shares of our common stock made through the ATM equity program, as amended, are made in “at-the-market” offerings as defined in Rule 415 of the Securities Act of 1933, as amended. For the six months ended June 30, 2026, no shares of common stock were sold through the ATM equity program.

We intend to use the net proceeds from the ATM equity program to fund our development or redevelopment activities, repay amounts outstanding from time to time under our revolving line of credit or other debt financing obligations, fund potential acquisition opportunities and/or for general corporate purposes. As of June 30, 2026, we had the capacity to issue up to $250 million in shares of our common stock under our current ATM equity program. Actual future sales will depend on a variety of factors including, but not limited to, market conditions, the trading price of our common stock and our capital needs. As of June 30, 2026, we have no obligation to sell the remaining shares available for sale under the ATM equity program.

Dividends

The following table lists the dividends declared and paid on our shares of common stock and noncontrolling common units during the six months ended June 30, 2026:

Period

Amount per
Share/Unit

Period Covered

Dividend Paid Date

First Quarter 2026

0.340

January 1, 2026 to March 31, 2026

March 19, 2026

Second Quarter 2026

0.340

April 1, 2026 to June 30, 2026

June 18, 2026

Taxability of Dividends

Earnings and profits, which determine the taxability of distributions to stockholders and holders of common units, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation.

Stock-Based Compensation

We follow the FASB guidance related to stock-based compensation which establishes financial accounting and reporting standards for stock-based employee compensation plans, including all arrangements by which employees receive shares of stock or other equity instruments of the employer. The guidance also defines a fair value-based method of accounting for an employee stock award or similar equity instrument.

The following table summarizes the activity of restricted stock awards during the six months ended June 30, 2026:


	Units	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2026	693,257	$	16.58
Granted	15,372	23.42
Vested	(17,812)	20.21
Forfeited	(2,095)	15.92
Nonvested at June 30, 2026	688,722	$	16.64

We recognize noncash compensation expense ratably over the vesting period, and accordingly, we recognized $1.7 million and $1.7 million for the three months ended June 30, 2026 and 2025, respectively, and $3.4 million and $3.4 million for the six months ended June 30, 2026 and 2025, respectively, which is included in general and administrative expenses on the consolidated statements of comprehensive income. Unrecognized compensation expense was $6.5 million at June 30, 2026.

Earnings Per Share

We have calculated earnings per share (“EPS”) under the two-class method. The two-class method is an earnings allocation methodology whereby EPS for each class of common stock and participating security is calculated according to dividends declared and participation rights in undistributed earnings. The weighted average unvested shares outstanding, which are considered participating securities, were 692,211 and 600,282 for the three months ended June 30, 2026 and 2025, respectively, and 692,731 and 600,076 for the six months ended June 30, 2026 and 2025, respectively. Therefore, we have allocated our earnings for basic and diluted EPS between common shares and unvested shares as these unvested shares have nonforfeitable dividend equivalent rights.

Diluted EPS is calculated by dividing the net income applicable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the treasury stock method. For the three and six months ended June 30, 2026 and 2025, diluted shares exclude incentive restricted stock awards that are considered contingently issuable and were either anti-dilutive or for which applicable performance conditions had not been achieved. Additionally, the unvested restricted stock awards subject to time vesting are anti-dilutive for all periods presented, and accordingly, have been excluded from the weighted average common shares used to compute diluted EPS.

The computation of basic and diluted EPS is presented below (dollars in thousands, except share and per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
NUMERATOR
Net income	$	6,790	$	7,121	$	13,529	$	61,228
Less: Net income attributable to restricted shares	(235)		(206)		(471)		(409)
Less: Income from operations attributable to unitholders in the Operating Partnership	(1,380)		(1,459)		(2,749)		(12,828)

Net income attributable to common stockholders—basic	$	5,175	$	5,456	$	10,309	$	47,991
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	$	5,175	$	5,456	$	10,309	$	47,991
Plus: Income from operations attributable to unitholders in the Operating Partnership	1,380		1,459		2,749		12,828

Net income attributable to common stockholders—diluted	$	6,555	$	6,915	$	13,058	$	60,819
DENOMINATOR
Weighted average common shares outstanding—basic	60,703,355		60,540,125		60,700,533		60,538,720
Effect of dilutive securities—conversion of Operating Partnership units	16,181,537		16,181,537		16,181,537		16,181,537
Weighted average common shares outstanding—diluted	76,884,892		76,721,662		76,882,070		76,720,257

Earnings per common share, basic	$	0.09	$	0.09	$	0.17	$	0.79
Earnings per common share, diluted	$	0.09	$	0.09	$	0.17	$	0.79

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Summary of Acquired Lease Intangibles and Leasing Costs Included in Other Assets and Other Liabilities and Deferred Credits

The following summarizes our acquired lease intangibles and leasing costs, which are included in other assets and other liabilities and deferred credits, as of June 30, 2026 and December 31, 2025 (in thousands):


	June 30, 2026		December 31, 2025
In-place leases	$	48,086	$	48,489
Accumulated amortization	(39,600)		(38,280)
Above market leases	432		432
Accumulated amortization	(432)		(429)
Acquired lease intangible assets, net	$	8,486	$	10,212
Below market leases	$	38,428	$	38,446
Accumulated accretion	(28,385)		(27,523)
Acquired lease intangible liabilities, net	$	10,043	$	10,923

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Business and Organization


Office
La Jolla Commons	First & Main	Timber Springs
Torrey Point	Lloyd Portfolio	Coastal Collection at Torrey Reserve
Solana Crossing	City Center Bellevue
The Landmark at One Market	14Acres
One Beach Street	Timber Ridge

Retail
Carmel Country Plaza	Gateway Marketplace	Hassalo on Eighth - Retail
Carmel Mountain Plaza	Geary Marketplace
South Bay Marketplace	The Shops at Kalakaua
Lomas Santa Fe Plaza	Waikele Center
Solana Beach Towne Centre	Alamo Quarry Market

Multifamily
Loma Palisades	Hassalo on Eighth - Multifamily
Imperial Beach Gardens	Genesee Park
Mariner's Point
Santa Fe Park RV Resort
Pacific Ridge Apartments

Mixed-Use
Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and/or Construction in Progress
Solana Crossing – Land
Lloyd Portfolio – Construction in Progress

Basis of Presentation

All intercompany transactions and balances are eliminated in consolidation.

Any reference to the number of properties, number of units, square footage, employee numbers or percentages of beneficial ownership of our shares are unaudited.

Consolidated Statements of Cash Flows—Supplemental Disclosures

The following table provides supplemental disclosures related to the Consolidated Statements of Cash Flows (in thousands):


	Six Months Ended June 30,
	2026		2025
Supplemental cash flow information
Total interest costs incurred	$	39,638	$	39,994
Interest capitalized	$	—	$	1,430
Interest expense, net	$	39,638	$	38,564
Cash paid for interest, net of amounts capitalized	$	38,643	$	40,652
Cash paid for income taxes	$	534	$	511
Supplemental schedule of noncash investing and financing activities
Accounts payable and accrued liabilities for construction in progress	$	25,706	$	12,469







Accrued leasing commissions	$	4,396	$	4,057

Significant Accounting Policies

We describe our significant accounting policies in Note 1 to the consolidated financial statements in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no changes to our significant accounting policies during the six months ended June 30, 2026.

Segment Information

Revenue Recognition and Accounts Receivable

Recent Accounting Pronouncements

LEASES - Summary of Supplemental Cash Flow Information of Leases (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$ 1,792	$ 1,740

DEBT - Summary of Total Secured Notes Payable Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Debt issuance costs, net of accumulated amortization of $768 and $723, respectively	$ (3,799)	$ (250)
Accumulated amortization	2,970	2,591
Secured notes payable, net \| American Assets Trust, L.P.
Debt Instrument [Line Items]
Principal balance	75,000	75,000
Debt issuance costs, net of accumulated amortization of $768 and $723, respectively	(105)	(151)
Total Secured Notes Payable Outstanding	74,895	74,849
Accumulated amortization	768	723
5.08% City Center Bellevue, October 2027 \| Secured notes payable, net \| American Assets Trust, L.P.
Debt Instrument [Line Items]
Principal balance	$ 75,000	$ 75,000
Stated Interest Rate	5.08%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

+ Details

COMPONENTS OF RENTAL INCOME AND EXPENSE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Recognition of straight-line rents	$ 0.2	$ 0.2	$ 0.4	$ 0.6
Recognition of amortization of above and below market leases	$ 0.5	$ 0.7	$ 0.9	$ 1.2

PARTNERS' CAPITAL OF AMERICAN ASSETS TRUST, L.P. (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2026 shares	Jun. 30, 2025 shares	Jun. 30, 2026 shares	Jun. 30, 2025 shares
American Assets Trust, L.P.
Capital Unit [Line Items]
Percentage of ownership interests classified as noncontrolling	21.04%		21.04%
American Assets Trust, L.P.
Capital Unit [Line Items]
Noncontrolling common units (in shares)	16,181,537		16,181,537
American Assets Trust, L.P. \| Operating Partnership Units
Capital Unit [Line Items]
Antidilutive securities excluded from computation of EPS (in shares)	692,211	600,282	692,731	600,076
American Assets Trust, L.P. \| Common Shares
Capital Unit [Line Items]
Conversion of operating partnership units (in shares)			0
American Assets Trust, L.P. \| Limited Partners
Capital Unit [Line Items]
Common unit conversion ratio			1

EQUITY OF AMERICAN ASSETS TRUST, INC. - Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
	Dec. 03, 2021 USD ($) sales_agent	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares	Jun. 30, 2026 USD ($) shares	Jun. 30, 2025 USD ($) shares
Equity [Line Items]
Noncash compensation expense		$ 1.7	$ 1.7	$ 3.4	$ 3.4
Unrecognized compensation expense		$ 6.5		$ 6.5
Operating Partnership Units \| American Assets Trust, L.P.
Equity [Line Items]
Weighted average unvested shares outstanding (in shares) \| shares		692,211	600,282	692,731	600,076
At The Market Equity Program
Equity [Line Items]
Number of sales agents \| sales_agent	5
Aggregate offering price of common share	$ 250.0
Common shares issued (in shares) \| shares				0
Remaining capacity available for issuance		$ 250.0		$ 250.0

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate, at cost
Operating real estate	$ 3,718,569	$ 3,694,203
Construction in progress	88,156	68,937
Held for development	487	487
Total real estate, at cost	3,807,212	3,763,627
Accumulated depreciation	(1,195,972)	(1,144,259)
Net real estate	2,611,240	2,619,368
Cash and cash equivalents	109,697	129,362
Accounts receivable, net	5,502	7,407
Deferred rent receivables, net	84,527	84,642
Other assets, net	81,567	80,497
TOTAL ASSETS	2,892,533	2,921,276
LIABILITIES:
Secured notes payable, net	74,895	74,849
Unsecured notes payable, net	1,613,061	1,612,761
Accounts payable and accrued expenses	81,216	71,094
Security deposits payable	10,500	10,063
Other liabilities and deferred credits	58,779	61,304
Total liabilities	1,838,451	1,830,071
Commitments and contingencies (Note 11)
American Assets Trust, Inc. stockholders’ equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 61,404,213 and 61,390,936 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	614	614
Additional paid-in capital	1,483,234	1,479,870
Accumulated dividends in excess of net income	(362,058)	(331,086)
Accumulated other comprehensive income	424	1,419
Total American Assets Trust, Inc. stockholders’ equity	1,122,214	1,150,817
Noncontrolling interests	(68,132)	(59,612)
Total equity	1,054,082	1,091,205
TOTAL LIABILITIES AND EQUITY	$ 2,892,533	$ 2,921,276

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
NUMERATOR
Net income	$ 6,790	$ 6,739	$ 7,121	$ 54,107	$ 13,529	$ 61,228
Less: Net income attributable to restricted shares	(235)		(206)		(471)	(409)
Less: Income from operations attributable to unitholders in the Operating Partnership	(1,380)		(1,459)		(2,749)	(12,828)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	5,175		5,456		10,309	47,991
Income from operations attributable to American Assets Trust, Inc. common stockholders—basic	5,175		5,456		10,309	47,991
Plus: Income from operations attributable to unitholders in the Operating Partnership	1,380		1,459		2,749	12,828
Net income attributable to common stockholders—diluted	$ 6,555		$ 6,915		$ 13,058	$ 60,819
DENOMINATOR
Weighted average common shares outstanding—basic (in shares)	60,703,355		60,540,125		60,700,533	60,538,720
Effect of dilutive securities-conversion of Operating Partnership units (in shares)	16,181,537		16,181,537		16,181,537	16,181,537
Weighted average common shares outstanding - diluted (in shares)	76,884,892		76,721,662		76,882,070	76,720,257
Earnings per common share, basic (in dollars per share)	$ 0.09		$ 0.09		$ 0.17	$ 0.79
Earnings per common share, diluted (in dollars per share)	$ 0.09		$ 0.09		$ 0.17	$ 0.79

OTHER INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OTHER INCOME (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Other Income and Expenses [Abstract]
Interest and investment income	$ 540	$ 1,045	$ 1,255	$ 2,377
Income tax expense	(118)	(118)	(219)	(535)
Total other income	$ 422	$ 927	$ 1,036	$ 1,842

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

+ Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE:
Rental income	$ 103,115	$ 101,070	$ 207,537	$ 204,021
Other property income	6,368	6,863	12,538	12,519
Total revenue	109,483	107,933	220,075	216,540
EXPENSES:
Rental expenses	31,769	29,678	63,489	59,978
Real estate taxes	9,791	10,645	21,737	21,650
General and administrative	8,912	8,850	17,695	18,162
Depreciation and amortization	32,712	32,782	65,023	63,276
Total operating expenses	83,184	81,955	167,944	163,066
Gain on sale of real estate	0	0	0	44,476
OPERATING INCOME	26,299	25,978	52,131	97,950
Interest expense, net	(19,931)	(19,784)	(39,638)	(38,564)
Other income, net	422	927	1,036	1,842
NET INCOME	6,790	7,121	13,529	61,228
Net income attributable to restricted shares	(235)	(206)	(471)	(409)
Net income attributable to unitholders in the Operating Partnership	(1,380)	(1,459)	(2,749)	(12,828)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$ 5,175	$ 5,456	$ 10,309	$ 47,991
EARNINGS PER COMMON SHARE
Earnings per common share, basic (in dollars per share)	$ 0.09	$ 0.09	$ 0.17	$ 0.79
Weighted average shares of common stock outstanding - basic (in shares)	60,703,355	60,540,125	60,700,533	60,538,720
Earnings per common share, diluted (in dollars per share)	$ 0.09	$ 0.09	$ 0.17	$ 0.79
Weighted average shares of common stock outstanding - diluted (in shares)	76,884,892	76,721,662	76,882,070	76,720,257
DIVIDENDS DECLARED PER COMMON SHARE (in USD per share)	$ 0.340	$ 0.340	$ 0.680	$ 0.680
COMPREHENSIVE INCOME
Net income	$ 6,790	$ 7,121	$ 13,529	$ 61,228
Other comprehensive loss - change in value of interest rate swaps	(470)	(768)	(746)	(1,960)
Reclassification of amortization of forward-starting swaps included in interest expense	(257)	(258)	(515)	(516)
Comprehensive income	6,063	6,095	12,268	58,752
Comprehensive income attributable to non-controlling interests	(1,227)	(1,241)	(2,483)	(12,303)
Comprehensive income attributable to American Assets Trust, Inc.	$ 4,836	$ 4,854	$ 9,785	$ 46,449

DERIVATIVE AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE AND HEDGING ACTIVITIES

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

The following is a summary of the terms of our outstanding interest rate swaps as of June 30, 2026 (dollars in thousands):


Swap Counterparty	Notional Amount		Effective Date	Maturity Date	Fair Value
Bank of America, N.A.	$	50,000	1/14/2022	1/5/2027	$	632
Wells Fargo Bank, N.A.	$	50,000	1/14/2022	1/5/2027	$	633

The effective portion of changes in the fair value of the derivatives that are designated as cash flow hedges are being recorded in accumulated other comprehensive income and will be subsequently reclassified into earnings during the period in which the hedged forecasted transaction affects earnings for as long as hedged cash flows remain probable. During the next twelve months, we estimate the cash flow hedges in place will reduce interest expense by approximately $0.7 million.

The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivative, including the period to maturity, and counterparty credit risk and uses observable market-based inputs, including interest rate curves, and implied volatilities. The fair value of the interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

SEGMENT REPORTING - Summary of Net Real Estate and Secured Note Payable Balances for Each Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Segment Reporting [Line Items]
Net Real Estate	$ 2,611,240		$ 2,611,240		$ 2,619,368
Secured Notes Payable	75,000		75,000		75,000
Debt issuance costs	3,799		3,799		250
Capital Expenditures	26,436	$ 23,056	49,676	$ 40,286
Office
Segment Reporting [Line Items]
Net Real Estate	1,593,520		1,593,520		1,587,316
Secured Notes Payable	75,000		75,000		75,000
Capital Expenditures	22,637	19,858	42,438	34,169
Retail
Segment Reporting [Line Items]
Net Real Estate	461,446		461,446		469,733
Capital Expenditures	1,043	1,197	2,039	2,646
Multifamily
Segment Reporting [Line Items]
Net Real Estate	402,596		402,596		406,163
Capital Expenditures	2,395	1,471	4,435	1,962
Mixed-use
Segment Reporting [Line Items]
Net Real Estate	153,678		153,678		156,156
Capital Expenditures	361	$ 530	764	$ 1,509
American Assets Trust, L.P.
Segment Reporting [Line Items]
Net Real Estate	2,611,240		2,611,240		2,619,368
Secured notes payable, net \| American Assets Trust, L.P.
Segment Reporting [Line Items]
Debt issuance costs	$ 105		$ 105		$ 151

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

ACQUIRED IN-PLACE LEASES AND ABOVE/BELOW MARKET LEASES


	June 30, 2026		December 31, 2025
In-place leases	$	48,086	$	48,489
Accumulated amortization	(39,600)		(38,280)
Above market leases	432		432
Accumulated amortization	(432)		(429)
Acquired lease intangible assets, net	$	8,486	$	10,212
Below market leases	$	38,428	$	38,446
Accumulated accretion	(28,385)		(27,523)
Acquired lease intangible liabilities, net	$	10,043	$	10,923

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal We are sometimes involved in various disputes, lawsuits, warranty claims, environmental considerations, and other matters arising in the ordinary course of business. Management makes assumptions and estimates concerning the likelihood and amount of any potential loss relating to these matters. We are currently a party to various legal proceedings. We accrue a liability for litigation if an unfavorable outcome is probable and the amount of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, we accrue the best estimate within the range; however, if no amount within the range is a better estimate than any other amount, the minimum amount within the range is accrued. Legal fees related to litigation are expensed as incurred. We do not believe that the ultimate outcome of these matters, either individually or in the aggregate, could have a material adverse effect on our financial position or overall trends in results of operations; however, litigation is subject to inherent uncertainties. Also, under our leases, tenants are typically obligated to indemnify us from and against all liabilities, costs and expenses imposed upon or asserted against us as owner of the properties due to certain matters relating to the operation of the properties by the tenant. Commitments See Note 12, Leases for description of our leases, as a lessee. We have management agreements with Outrigger Hotels & Resorts or an affiliate thereof (“Outrigger”) pursuant to which Outrigger manages each of the retail and hotel portions of the Waikiki Beach Walk property. Under the management agreement with Outrigger relating to the retail portion of Waikiki Beach Walk (the “retail management agreement”), we pay Outrigger a monthly management fee of 3.0% of net revenues from the retail portion of Waikiki Beach Walk. Pursuant to the terms of the retail management agreement, if the agreement is terminated in certain instances, including our election not to repair damage or destruction at the property, a condemnation or our failure to make required working capital infusions, we would be obligated to pay Outrigger a termination fee equal to the sum of the management fees paid for the two months immediately preceding the termination date. The retail management agreement may not be terminated by us or by Outrigger without cause. Under our management agreement with Outrigger relating to the hotel portion of Waikiki Beach Walk (the “hotel management agreement”), we pay Outrigger a monthly management fee of 6.0% of the hotel's gross operating profit, as well as 3.0% of the hotel's gross revenues; provided that the aggregate management fee payable to Outrigger for any year shall not exceed 3.5% of the hotel's gross revenues for such fiscal year. The hotel management agreement may not be terminated by us or by Outrigger without cause. Additionally, we have a management agreement with Outrigger pursuant to which Outrigger manages our Waikele Center and Shops at Kalakaua. In connection with such management agreement, we pay Outrigger a fixed management fee of $12,000 per month in the aggregate plus additional amounts for any lease renewal services provided by Outrigger at our request. This management agreement can be terminated by us at any time and for any reason on 30 days' notice without any cancellation or termination fees. A wholly owned subsidiary of our Operating Partnership, WBW Hotel Lessee LLC, entered into a franchise license agreement with Embassy Suites Franchise LLC, the franchisor of the brand “Embassy Suites™,” to obtain the non-exclusive right to operate the hotel under the Embassy SuitesTM brand for 20 years. The franchise license agreement provides that WBW Hotel Lessee LLC must comply with certain management, operational, record keeping, accounting, reporting and marketing standards and procedures. In connection with this agreement, we are also subject to the terms of a product improvement plan pursuant to which we expect to undertake certain actions to ensure that our hotel's infrastructure is maintained in compliance with the franchisor's brand standards. In addition, we must pay to Embassy Suites Franchise LLC a monthly franchise royalty fee equal to 5.0% of the hotel's gross room revenue, as well as a monthly program fee equal to 4.0% of the hotel's gross room revenue. If the franchise license is terminated due to our failure to make required improvements or to otherwise comply with its terms, we may be liable to the franchisor for a termination payment, which could be as high as $7.8 million based on operating performance through June 30, 2026. Concentrations of Credit Risk Our properties are located in Southern California, Northern California, Washington, Oregon, Texas and Hawaii. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory, social, and health factors affecting the markets in which the tenants operate. Sixteen of our consolidated properties are located in Southern California, which exposes us to greater economic risks than if we owned a more geographically diverse portfolio. Tenants in the office industry accounted for 46.8% of total revenues for the six months ended June 30, 2026. This makes us susceptible to demand for office rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the office industry. Furthermore, tenants in the retail industry accounted for 21.3% of total revenues for the six months ended June 30, 2026. This makes us susceptible to demand for retail rental space and subject to the risks associated with an investment in real estate with a concentration of tenants in the retail industry. For the six months ended June 30, 2026 and 2025, no tenant accounted for more than 10% of our total rental revenue.

LEASES - Narrative (Details)	6 Months Ended
LEASES - Narrative (Details)	Jun. 30, 2026	Jun. 30, 2025
Lessor, Lease, Description [Line Items]
Extension option		5 years
Apartment Building
Lessor, Lease, Description [Line Items]
Term of lease	12 months
Minimum
Lessor, Lease, Description [Line Items]
Term of lease	3 years
Lease extension options exercise period	6 months
Minimum \| Apartment Building
Lessor, Lease, Description [Line Items]
Term of lease	7 months
Maximum
Lessor, Lease, Description [Line Items]
Term of lease	10 years
Lease extension options exercise period	12 months
Maximum \| Apartment Building
Lessor, Lease, Description [Line Items]
Term of lease	15 months

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Summary of Minimum Future Rentals from Noncancelable Operating Leases


2026 (six months ending December 31, 2026)	$	125,256
2027	258,107
2028	225,237
2029	168,235
2030	107,314
Thereafter	287,198
Total	$	1,171,347

Summary of Current Annual Payment Under Operating Leases

As of June 30, 2026, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands):


2026 (six months ending December 31, 2026)	$	1,792
2027	3,637
2028	3,746
2029	3,859
2030	3,975
Thereafter	2,017
Total lease payments	19,026
Imputed interest	(1,710)
Present value of lease liability	$	17,316

Summary of Lease Costs Under Operating Leases and Supplemental Cash Flow Information of Leases

Lease costs under the operating leases are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
Operating lease cost	$	907	$	910	$	1,845		$	1,819
Sublease income	(874)		(858)		(1,916)			(1,718)
Total lease cost (income)	$	33	$	52	$	(71)		$	101

Weighted-average remaining lease term - operating leases (in years)					5.0
Weighted-average discount rate - operating leases					3.68		%

Supplemental cash flow information related to our operating leases are as follow (in thousands):


	Six Months Ended June 30,
	2026		2025
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,792	$	1,740

OTHER ASSETS, NET (Tables)

6 Months Ended

Jun. 30, 2026

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of Components of Other Assets

Other assets consist of the following (in thousands):


	June 30, 2026		December 31, 2025
Leasing commissions, net of accumulated amortization of $57,973 and $56,094, respectively	$	36,778	$	36,223
Interest rate swap asset	1,265		2,011
Acquired above market leases, net	—		3
Acquired in-place leases, net	8,486		10,209
Lease incentives, net of accumulated amortization of $1,389 and $1,239, respectively	2,355		2,110
Other intangible assets, net of accumulated amortization of $2,510 and $2,361, respectively	1,320		1,489
Debt issuance costs on line of credit, net of accumulated amortization of $2,970 and $2,591, respectively	3,799		250

Right-of-use lease asset, net	15,827		17,246
Prepaid expenses and other	11,737		10,956
Total other assets, net	$	81,567	$	80,497

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2026 USD ($) property
Commitment And Contingencies [Line Items]
Termination payment	$ 7,800
Revenues \| Customer Concentration Risk \| Retail Tenant
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants	21.30%
Southern California
Commitment And Contingencies [Line Items]
Number of consolidated properties \| property	16
Southern California \| Revenues \| Geographic Concentration Risk
Commitment And Contingencies [Line Items]
Proportion of total revenue provided by retail or office tenants	46.80%
Waikiki Beach Walk - Retail
Commitment And Contingencies [Line Items]
Property management fee	3.00%
Outrigger Hotels
Commitment And Contingencies [Line Items]
Property management fee	6.00%
Number of calendar months termination fee is based	2 months
Maximum proportion of hotel's fiscal year gross revenues paid for aggregate yearly management fee	3.50%
Payment for management fee	$ 12
Termination notice period	30 days
Outrigger Hotels \| Maximum
Commitment And Contingencies [Line Items]
Property management fee	3.00%
Wbw Hotel Lessee Llc
Commitment And Contingencies [Line Items]
Years of contract	20 years
Proportion of hotel occupancy gross revenue paid for franchise royalty fee	5.00%
Proportion of hotel occupancy gross revenue paid for program fee	4.00%

Consolidated Statements of Cash Flows - LP - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 13,529	$ 61,228
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(1,816)	(363)
Depreciation and amortization	65,023	63,276
Amortization of debt issuance costs and debt discounts	1,514	1,442
Provision for uncollectible rental income	1,333	183
Gain on sale of real estate	0	(44,476)
Stock-based compensation expense	3,364	3,353
Lease termination income	0	814
Other noncash interest expense, net	(515)	(515)
Other, net	57	(179)
Changes in operating assets and liabilities
Change in accounts receivable	1,140	1,160
Change in other assets	(1,259)	(1,570)
Change in accounts payable and accrued expenses	3,920	1,316
Change in security deposits payable	437	74
Change in other liabilities and deferred credits	757	297
Net cash provided by operating activities	87,484	86,040
INVESTING ACTIVITIES
Acquisition of real estate	0	(67,879)
Capital expenditures	(44,909)	(37,259)
Proceeds from sale of real estate, net of selling costs	0	117,784
Leasing commissions	(4,767)	(3,027)
Net cash (used in) provided by investing activities	(49,676)	9,619
FINANCING ACTIVITIES
Repayment of unsecured term loan	0	(225,000)
Repayment of unsecured notes payable	0	(100,000)
Debt issuance costs	(4,718)	0
Distributions	(52,755)	(52,582)
Net cash used in financing activities	(57,473)	(377,582)
Net decrease in cash and cash equivalents	(19,665)	(281,923)
Cash and cash equivalents, beginning of period	129,362	425,659
Cash and cash equivalents, end of period	109,697	143,736
American Assets Trust, L.P.
OPERATING ACTIVITIES
Net income	13,529	61,228
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(1,816)	(363)
Depreciation and amortization	65,023	63,276
Amortization of debt issuance costs and debt discounts	1,514	1,442
Provision for uncollectible rental income	1,333	183
Gain on sale of real estate	0	(44,476)
Stock-based compensation expense	3,364	3,353
Lease termination income	0	814
Other noncash interest expense, net	(515)	(515)
Other, net	57	(179)
Changes in operating assets and liabilities
Change in accounts receivable	1,140	1,160
Change in other assets	(1,259)	(1,570)
Change in accounts payable and accrued expenses	3,920	1,316
Change in security deposits payable	437	74
Change in other liabilities and deferred credits	757	297
Net cash provided by operating activities	87,484	86,040
INVESTING ACTIVITIES
Acquisition of real estate	0	(67,879)
Capital expenditures	(44,909)	(37,259)
Proceeds from sale of real estate, net of selling costs	0	117,784
Leasing commissions	(4,767)	(3,027)
Net cash (used in) provided by investing activities	(49,676)	9,619
FINANCING ACTIVITIES
Repayment of unsecured term loan	0	(225,000)
Repayment of unsecured notes payable	0	(100,000)
Debt issuance costs	(4,718)	0
Distributions	(52,755)	(52,582)
Net cash used in financing activities	(57,473)	(377,582)
Net decrease in cash and cash equivalents	(19,665)	(281,923)
Cash and cash equivalents, beginning of period	129,362	425,659
Cash and cash equivalents, end of period	$ 109,697	$ 143,736

Consolidated Balance Sheets - LP - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real estate, at cost
Operating real estate	$ 3,718,569	$ 3,694,203
Construction in progress	88,156	68,937
Held for development	487	487
Total real estate, at cost	3,807,212	3,763,627
Accumulated depreciation	(1,195,972)	(1,144,259)
Net real estate	2,611,240	2,619,368
Cash and cash equivalents	109,697	129,362
Accounts receivable, net	5,502	7,407
Deferred rent receivables, net	84,527	84,642
Other assets, net	81,567	80,497
TOTAL ASSETS	2,892,533	2,921,276
LIABILITIES:
Secured notes payable, net	74,895	74,849
Unsecured notes payable, net	1,613,061	1,612,761
Accounts payable and accrued expenses	81,216	71,094
Security deposits payable	10,500	10,063
Other liabilities and deferred credits	58,779	61,304
Total liabilities	1,838,451	1,830,071
Commitments and contingencies (Note 11)
CAPITAL:
Accumulated other comprehensive income	424	1,419
TOTAL LIABILITIES AND EQUITY	2,892,533	2,921,276
American Assets Trust, L.P.
Real estate, at cost
Operating real estate	3,718,569	3,694,203
Construction in progress	88,156	68,937
Held for development	487	487
Total real estate, at cost	3,807,212	3,763,627
Accumulated depreciation	(1,195,972)	(1,144,259)
Net real estate	2,611,240	2,619,368
Cash and cash equivalents	109,697	129,362
Accounts receivable, net	5,502	7,407
Deferred rent receivables, net	84,527	84,642
Other assets, net	81,567	80,497
TOTAL ASSETS	2,892,533	2,921,276
LIABILITIES:
Secured notes payable, net	74,895	74,849
Unsecured notes payable, net	1,613,061	1,612,761
Accounts payable and accrued expenses	81,216	71,094
Security deposits payable	10,500	10,063
Other liabilities and deferred credits	58,779	61,304
Total liabilities	1,838,451	1,830,071
Commitments and contingencies (Note 11)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	(68,776)	(60,522)
General partner's capital, 61,404,213 and 61,390,936 units issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,121,790	1,149,398
Accumulated other comprehensive income	1,068	2,329
Total capital	1,054,082	1,091,205
TOTAL LIABILITIES AND EQUITY	$ 2,892,533	$ 2,921,276

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
Net income	$ 13,529	$ 61,228
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	(1,816)	(363)
Depreciation and amortization	65,023	63,276
Amortization of debt issuance costs and debt discounts	1,514	1,442
Provision for uncollectible rental income	1,333	183
Gain on sale of real estate	0	(44,476)
Stock-based compensation expense	3,364	3,353
Lease termination income	0	814
Other noncash interest expense, net	(515)	(515)
Other, net	57	(179)
Changes in operating assets and liabilities
Change in accounts receivable	1,140	1,160
Change in other assets	(1,259)	(1,570)
Change in accounts payable and accrued expenses	3,920	1,316
Change in security deposits payable	437	74
Change in other liabilities and deferred credits	757	297
Net cash provided by operating activities	87,484	86,040
INVESTING ACTIVITIES
Acquisition of real estate	0	(67,879)
Capital expenditures	(44,909)	(37,259)
Proceeds from sale of real estate, net of selling costs	0	117,784
Leasing commissions	(4,767)	(3,027)
Net cash (used in) provided by investing activities	(49,676)	9,619
FINANCING ACTIVITIES
Repayment of unsecured term loan	0	(225,000)
Repayment of unsecured notes payable	0	(100,000)
Debt issuance costs	4,718	0
Dividends paid to common stock and unitholders	(52,755)	(52,582)
Net cash used in financing activities	(57,473)	(377,582)
Net decrease in cash and cash equivalents	(19,665)	(281,923)
Cash and cash equivalents, beginning of period	129,362	425,659
Cash and cash equivalents, end of period	$ 109,697	$ 143,736

SEGMENT REPORTING - Summary of Segment Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Rental expenses	$ 31,769	$ 29,678	$ 63,489	$ 59,978
Real estate taxes	9,791	10,645	21,737	21,650
OPERATING INCOME	26,299	25,978	52,131	97,950
Total segments’ profit	67,923	67,610	134,849	134,912
Total Office
Segment Reporting [Line Items]
Property revenue	50,725	50,818	103,082	101,699
Rental expenses	11,687	10,404	23,434	21,278
Real estate taxes	3,579	5,209	8,851	10,035
Property expense	15,266	15,613	32,285	31,313
OPERATING INCOME	35,459	35,205	70,797	70,386
Total Retail
Segment Reporting [Line Items]
Property revenue	23,524	23,008	46,868	47,656
Rental expenses	3,382	3,356	6,996	7,542
Real estate taxes	2,992	2,568	6,379	5,797
Property expense	6,374	5,924	13,375	13,339
OPERATING INCOME	17,150	17,084	33,493	34,317
Total Multifamily
Segment Reporting [Line Items]
Property revenue	17,721	17,428	35,917	34,259
Rental expenses	5,956	5,902	11,902	11,251
Real estate taxes	2,153	1,825	4,375	3,733
Property expense	8,109	7,727	16,277	14,984
OPERATING INCOME	9,612	9,701	19,640	19,275
Total Mixed-Use
Segment Reporting [Line Items]
Property revenue	17,513	16,679	34,208	32,926
Rental expenses	10,744	10,016	21,157	19,907
Real estate taxes	1,067	1,043	2,132	2,085
Property expense	11,811	11,059	23,289	21,992
OPERATING INCOME	$ 5,702	$ 5,620	$ 10,919	$ 10,934

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares outstanding (in shares)	61,404,213	61,390,936
Common stock, shares issued (in shares)	61,404,213	61,390,936

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480100/505-10-S45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(16)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS At Torrey Point, the company leases space to American Assets, Inc. (“AAI”), an entity owned and controlled by Mr. Rady, our Executive Chairman, with an initial lease term of ten years at an average annual rental rate of $0.2 million. Rental revenue recognized on the lease of $0.1 million and $0.1 million for the six months ended June 30, 2026 and 2025, respectively, is included in rental income on the consolidated statements of comprehensive income. The Waikiki Beach Walk entities have a 47.7% investment in WBW CHP LLC, an entity that was formed to, among other things, construct a chilled water plant to provide air conditioning to the property and other adjacent facilities. The operating expenses of WBW CHP LLC are recovered through reimbursements from its members, and reimbursements to WBW CHP LLC of $0.5 million and $0.6 million for the six months ended June 30, 2026 and 2025, respectively, are included in rental expenses on the consolidated statements of comprehensive income.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

+ Details

DEBT

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

DEBT

Debt of American Assets Trust, Inc.

American Assets Trust, Inc. does not hold any indebtedness. All debt is held directly or indirectly by the Operating Partnership; however, American Assets Trust, Inc. has guaranteed the Operating Partnership's obligations under the (i) 3.375% and 6.150% senior notes, (ii) senior guaranteed notes, and (iii) fourth amended and restated credit facility, each discussed below.

Debt of American Assets Trust, L.P.

Secured notes payable

The following table is a summary of our total secured notes payable outstanding as of June 30, 2026 and December 31, 2025 (in thousands):


	Principal Balance as of				Stated Interest Rate		Stated Maturity Date
Description of Debt	June 30, 2026		December 31, 2025		as of June 30, 2026
City Center Bellevue (1)	$	75,000	$	75,000	5.08	%	October 1, 2027
	75,000		75,000
Debt issuance costs, net of accumulated amortization of $768 and $723, respectively	(105)		(151)
Total Secured Notes Payable Outstanding	$	74,895	$	74,849

(1)Interest only.

The Operating Partnership has provided a carve-out guarantee on the mortgage at City Center Bellevue. Certain loans require the Operating Partnership to comply with various financial covenants. As of June 30, 2026, the Operating Partnership was in compliance with these financial covenants.

Unsecured notes payable

The following table is a summary of the Operating Partnership's total unsecured notes payable outstanding as of June 30, 2026 and December 31, 2025 (in thousands):


Description of Debt	Principal Balance as of				Stated Interest Rate			Stated Maturity Date
	June 30, 2026		December 31, 2025		as of June 30, 2026
Term Loan A	$	100,000	$	100,000	Variable		(1)	April 1, 2030	(2)
Senior Guaranteed Notes, Series D	250,000		250,000		4.29	%	(3)	March 1, 2027
Senior Guaranteed Notes, Series E	100,000		100,000		4.24	%	(4)	May 23, 2029
Senior Guaranteed Notes, Series G	150,000		150,000		3.91	%	(5)	July 30, 2030
3.375% Senior Notes	500,000		500,000		3.38	%		February 1, 2031
6.150% Senior Notes	525,000		525,000		6.15	%	(6)	October 1, 2034
	1,625,000		1,625,000
Debt discount and issuance costs, net of accumulated amortization of $9,810 and $8,720, respectively	(11,939)		(12,239)
Total Unsecured Notes Payable	$	1,613,061	$	1,612,761

(2)On April 1, 2026, we extended the maturity date of Term Loan A to April 1, 2030, subject to one, twelve-month extension option.

Senior Notes

On January 26, 2021, the Operating Partnership issued $500 million of senior unsecured notes (the “3.375% Senior Notes”) that mature February 1, 2031 and bear interest at 3.375% per annum. The 3.375% Senior Notes were priced at 98.935% of the principal amount with a yield to maturity of 3.502%. The net proceeds of the 3.375% Senior Notes, after the issuance discount, underwriting fees, and other costs were approximately $489.7 million, which were primarily used (i) to prepay our $150 million Senior Guaranteed Notes, Series A, with a make-whole payment thereon of approximately $3.9 million, on January 26, 2021, (ii) to repay our $100 million then outstanding balance under our then-existing revolver loan on January 26, 2021, (iii) to fund the development of the La Jolla Commons III office building and (iv) for general corporate purposes.

On September 17, 2024, the Operating Partnership issued $525 million of senior unsecured notes (the “6.150% Senior Notes”) that mature October 1, 2034, and bear interest at 6.150% per annum. The 6.150% Senior Notes were priced at 99.671% of the principal amount with a yield to maturity of 6.194%. The net proceeds of the 6.150% Senior Notes, after the issuance discount, underwriting fees, and other costs, were approximately $518.2 million. To date, the net proceeds were used to repay (i) the $100 million then outstanding balance under our Revolver Loan on September 19, 2024, (ii) our Series B Notes in the amount of $100 million on December 2, 2024, and (iii) our Series C Notes in the amount of $100 million on February 3, 2025. The remaining net proceeds are intended to be used for working capital and general corporate purposes.

The 3.375% Senior Notes and the 6.150% Senior Notes include a number of customary financial covenants, including:

•A maximum aggregate debt ratio of 60%,

•A minimum debt service ratio of 1.5x,

•A maximum secured debt ratio of 40%,

•A minimum maintenance of total unencumbered assets of 150%.

As of June 30, 2026, the Operating Partnership was in compliance with all then in-place 3.375% Senior Notes and 6.150% Senior Notes covenants.

Senior Guaranteed Notes

On March 1, 2017, the Operating Partnership entered into a Note Purchase Agreement (the “Series D Note Purchase Agreement”) for the private placement of $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027 (the “Series D Notes”). The Series D Notes were issued on March 1, 2017 and pay interest quarterly on the last day of January, April, July and October until their respective maturities.

On May 23, 2017, the Operating Partnership entered into a Note Purchase Agreement (the “Series E Note Purchase Agreement”) for the private placement of $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029 (the “Series E Notes”). The Series E Notes were issued on May 23, 2017 and pay interest semi-annually on the 23rd of May and November until their respective maturities.

On July 30, 2019, the Operating Partnership entered into a Note Purchase Agreement (collectively with the Series D Note Purchase Agreement and Series E Note Purchase Agreement, the “Note Purchase Agreements”) for the private placement of $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030 (the “Series G Notes” and collectively with the Series D Notes and Series E Notes are referred to herein as, the “Notes”.) The Series G Notes were issued on July 30, 2019 and pay interest semi-annually on the 30th of July and January until their maturity.

The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of any series of the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a make-whole amount.

The Note Purchase Agreements contain a number of customary financial covenants, including, without limitation, tangible net worth thresholds, secured and unsecured leverage ratios and fixed charge coverage ratios. As of June 30, 2026, the Operating Partnership was in compliance with all covenants under the Note Purchase Agreements.

Subject to the terms of the Note Purchase Agreements and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, make-whole amount or interest under the Notes, and (ii) a default in the payment of certain other indebtedness by us or our subsidiaries, the principal, accrued and unpaid interest, and the make-whole amount on the outstanding Notes will become due and payable at the option of the purchasers.

The Operating Partnership's obligations under the Notes are fully and unconditionally guaranteed by the company and certain of the Operating Partnership's subsidiaries.

Credit Facility

On April 1, 2026, the Operating Partnership entered into the fourth amended and restated credit facility (the “Fourth Amended and Restated Credit Facility”), which amended and restated our then-existing credit facility. The Fourth Amended and Restated Credit Facility provides for aggregate, unsecured borrowings of up to $600 million, consisting of a revolving line of credit of $500 million (the “2026 Revolver Loan”) and a term loan of $100 million (the “2026 Term Loan A”). The 2026 Revolver Loan initially matures on April 1, 2030, subject to two, six-month extension options. The 2026 Term Loan A initially matures on April 1, 2030, subject to one, twelve-month extension option. As of June 30, 2026, the entirety of the principal amount of the 2026 Term Loan A was outstanding, there were no amounts outstanding under the 2026 Revolver Loan, and the Operating Partnership had incurred approximately $3.8 million of net debt issuance costs which are recorded in other assets, net on the consolidated balance sheet. For the six months ended June 30, 2026, the weighted average interest rate on the 2026 Revolver Loan was 4.78%.

Borrowings under the Fourth Amended and Restated Credit Agreement bear interest at floating rates equal to, at the Operating Partnership’s option, either (1) the applicable SOFR, plus a spread which ranges from (a) 1.05% to 1.50% (with respect to the 2026 Revolver Loan) and (b) 1.20% to 1.70% (with respect to the 2026 Term Loan A), in each case based on our consolidated leverage ratio, or (2) a base rate equal to the highest of (a) the prime rate, (b) the federal funds rate plus 50 bps, (c) the Term SOFR Screen Rate with a term of one month plus 100 bps and (d) 1.00%, plus a spread which ranges from (i) 0.05% to 0.50% (with respect to the 2026 Revolver Loan) and (ii) 0.20% to 0.70% (with respect to the 2026 Term Loan A), in each case based on our consolidated leverage ratio.

The Fourth Amended and Restated Credit Facility includes a number of customary financial covenants, including:

•A maximum leverage ratio (defined as total indebtedness net of certain cash and cash equivalents to total asset value) of 60%,

•A maximum secured leverage ratio (defined as total secured debt to secured total asset value) of 40%,

•A minimum fixed charge coverage ratio (defined as consolidated earnings before interest, taxes, depreciation and amortization to consolidated fixed charges) of 1.50x,

•A minimum unsecured interest coverage ratio of 1.75x,

•A maximum unsecured leverage ratio of 60%, and

•Recourse indebtedness at any time cannot exceed 15% of total asset value.

The Fourth Amended and Restated Credit Facility contains certain restrictions on distributions. If certain events of default exist or would result from a distribution, our ability to make cash distributions may be limited to amounts necessary to maintain our qualification as a REIT and avoid the payment of federal and state income and excise taxes. Following an acceleration of the obligations under the credit facility following an event of default or the occurrence of certain bankruptcy or insolvency events of default, we may be prohibited from making cash distributions.

As of June 30, 2026, the Operating Partnership was in compliance with all in-place Fourth Amended and Restated Credit Facility covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

SEGMENT REPORTING

For the three and six months ended June 30, 2026, the chief operating decision maker (“CODM”) for the company was comprised of our President and Chief Executive Officer and our Chief Financial Officer.

Segment information is prepared on the same basis that our management reviews information for operational decision-making purposes. We review operating and financial information for each property on an individual basis and therefore, each property represents an individual operating segment. However, we have aggregated our properties into reportable segments as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies.

We operate in four reportable business segments: the acquisition, redevelopment, ownership and management of retail real estate, office real estate, multifamily real estate and mixed-use real estate. The products for our retail segment primarily include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our office segment primarily include rental of office space and other tenant services, including tenant reimbursements, parking and storage space rental. The products for our multifamily segment include rental of apartments and other tenant services. The products of our mixed-use segment include rental of retail space and other tenant services, including tenant reimbursements, parking and storage space rental and operation of a 369-room all-suite hotel.

Regular reportable segment updates are provided directly to the CODM. These updates include the performance of our segments based on segment profit which is defined as property revenue less property expenses, and this serves as the profit or loss measure used by the CODM for performance assessment and resource allocation. We consider segment profit to be an appropriate supplemental measure to net income because it assists both investors and the CODM in understanding the core operations of our properties. Segment profit provides a performance measure that, when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income.

Segment profit is not a measure of operating income or cash flows from operating activities as measured by GAAP, and it is not indicative of cash available to fund cash needs and should not be considered an alternative to cash flows as a measure of liquidity. Not all companies calculate segment profit in the same manner. General and administrative expenses, interest expense, depreciation and amortization expense and other income and expense are not included in segment profit as our internal reporting addresses these items on a corporate level.

A significant segment expense is a category of expenses and amounts regularly provided to the CODM that is included in the calculation of each reported measure of segment profit or loss. Further, the CODM will use this measure to assess segment performance in deciding how to allocate resources. Significant expenses included in the reportable segment profit or loss measure are presented by rental expenses and real estate taxes for each reportable segment. Rental expenses includes facilities service expense, utilities expense, repairs and maintenance expense, insurance expense and other costs.

The following table represents the significant segment expenses and operating activity within our reportable segments (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total Office
Property revenue	$	50,725	$	50,818	$	103,082	$	101,699
Rental expenses	11,687		10,404		23,434		21,278
Real estate taxes	3,579		5,209		8,851		10,035
Property expense	15,266		15,613		32,285		31,313
Segment profit	35,459		35,205		70,797		70,386
Total Retail
Property revenue	23,524		23,008		46,868		47,656
Rental expenses	3,382		3,356		6,996		7,542
Real estate taxes	2,992		2,568		6,379		5,797
Property expense	6,374		5,924		13,375		13,339
Segment profit	17,150		17,084		33,493		34,317
Total Multifamily
Property revenue	17,721		17,428		35,917		34,259
Rental expenses	5,956		5,902		11,902		11,251
Real estate taxes	2,153		1,825		4,375		3,733
Property expense	8,109		7,727		16,277		14,984
Segment profit	9,612		9,701		19,640		19,275
Total Mixed-Use
Property revenue	17,513		16,679		34,208		32,926
Rental expenses	10,744		10,016		21,157		19,907
Real estate taxes	1,067		1,043		2,132		2,085
Property expense	11,811		11,059		23,289		21,992
Segment profit	5,702		5,620		10,919		10,934
Total segments’ profit	$	67,923	$	67,610	$	134,849	$	134,912

The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Total segments’ profit	$	67,923	$	67,610	$	134,849	$	134,912
General and administrative	(8,912)		(8,850)		(17,695)		(18,162)
Depreciation and amortization	(32,712)		(32,782)		(65,023)		(63,276)
Interest expense, net	(19,931)		(19,784)		(39,638)		(38,564)
Gain on sale of real estate	—		—		—		44,476

Other income, net	422		927		1,036		1,842





Net income	6,790		7,121		13,529		61,228
Net income attributable to restricted shares	(235)		(206)		(471)		(409)
Net income attributable to unitholders in the Operating Partnership	(1,380)		(1,459)		(2,749)		(12,828)
Net income attributable to American Assets Trust, Inc. stockholders	$	5,175	$	5,456	$	10,309	$	47,991

The following table shows net real estate and secured note payable balances for each of the reportable segments (in thousands):


	June 30, 2026		December 31, 2025
Net Real Estate
Office	$	1,593,520	$	1,587,316
Retail	461,446		469,733
Multifamily	402,596		406,163
Mixed-Use	153,678		156,156
	$	2,611,240	$	2,619,368
Secured Notes Payable (1)
Office	$	75,000	$	75,000



	$	75,000	$	75,000

(1)Excludes unamortized debt issuance costs of $0.1 million and $0.2 million for each of the periods ended June 30, 2026 and December 31, 2025, respectively.

Capital expenditures for each segment for the three and six months ended June 30, 2026 and 2025 were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Capital Expenditures (1)
Office	$	22,637	$	19,858	$	42,438	$	34,169
Retail	1,043		1,197		2,039		2,646
Multifamily	2,395		1,471		4,435		1,962
Mixed-Use	361		530		764		1,509
	$	26,436	$	23,056	$	49,676	$	40,286

(1)Capital expenditures represent cash paid for capital expenditures during the period and include leasing commissions paid.

- Definition

The entire disclosure for segment reporting.

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+ Details

Consolidated Statement of Equity - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Dividends in Excess of Net Income	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests - Unitholders in the Operating Partnership
Beginning balance (in shares) at Dec. 31, 2024		61,138,238
Beginning balance at Dec. 31, 2024	$ 1,124,321	$ 611	$ 1,474,869	$ (304,339)	$ 4,760	$ (51,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	54,107			42,738		11,369
Forfeiture of restricted stock (in shares)		(3,508)
Dividends declared and paid	(26,288)			(20,786)		(5,502)
Stock-based compensation	1,670		1,670
Other comprehensive loss - change in value of interest rate swaps	(1,192)				(939)	(253)
Reclassification of amortization of forward-starting swaps included in interest expense	(258)				(204)	(54)
Ending balance (in shares) at Mar. 31, 2025		61,134,730
Ending balance at Mar. 31, 2025	1,152,360	$ 611	1,476,539	(282,387)	3,617	(46,020)
Beginning balance (in shares) at Dec. 31, 2024		61,138,238
Beginning balance at Dec. 31, 2024	1,124,321	$ 611	1,474,869	(304,339)	4,760	(51,580)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,228
Other comprehensive loss - change in value of interest rate swaps	(1,960)
Reclassification of amortization of forward-starting swaps included in interest expense	(516)
Ending balance (in shares) at Jun. 30, 2025		61,152,542
Ending balance at Jun. 30, 2025	1,133,845	$ 612	1,478,222	(297,518)	2,809	(50,280)
Beginning balance (in shares) at Mar. 31, 2025		61,134,730
Beginning balance at Mar. 31, 2025	1,152,360	$ 611	1,476,539	(282,387)	3,617	(46,020)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,121			5,662		1,459
Issuance of restricted stock (in shares)		17,812
Issuance of restricted stock	1	$ 1
Dividends declared and paid	(26,294)			(20,793)		(5,501)
Stock-based compensation	1,683		1,683
Other comprehensive loss - change in value of interest rate swaps	(768)				(605)	(163)
Reclassification of amortization of forward-starting swaps included in interest expense	(258)				(203)	(55)
Ending balance (in shares) at Jun. 30, 2025		61,152,542
Ending balance at Jun. 30, 2025	$ 1,133,845	$ 612	1,478,222	(297,518)	2,809	(50,280)
Beginning balance (in shares) at Dec. 31, 2025	61,390,936	61,390,936
Beginning balance at Dec. 31, 2025	$ 1,091,205	$ 614	1,479,870	(331,086)	1,419	(59,612)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,739			5,370		1,369
Dividends declared and paid	(26,375)			(20,873)		(5,502)
Stock-based compensation	1,682		1,682
Other comprehensive loss - change in value of interest rate swaps	(276)				(217)	(59)
Reclassification of amortization of forward-starting swaps included in interest expense	(258)				(204)	(54)
Ending balance (in shares) at Mar. 31, 2026		61,390,936
Ending balance at Mar. 31, 2026	$ 1,072,717	$ 614	1,481,552	(346,589)	998	(63,858)
Beginning balance (in shares) at Dec. 31, 2025	61,390,936	61,390,936
Beginning balance at Dec. 31, 2025	$ 1,091,205	$ 614	1,479,870	(331,086)	1,419	(59,612)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	13,529
Other comprehensive loss - change in value of interest rate swaps	(746)
Reclassification of amortization of forward-starting swaps included in interest expense	$ (515)
Ending balance (in shares) at Jun. 30, 2026	61,404,213	61,404,213
Ending balance at Jun. 30, 2026	$ 1,054,082	$ 614	1,483,234	(362,058)	424	(68,132)
Beginning balance (in shares) at Mar. 31, 2026		61,390,936
Beginning balance at Mar. 31, 2026	1,072,717	$ 614	1,481,552	(346,589)	998	(63,858)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,790			5,410		1,380
Issuance of restricted stock (in shares)		15,372
Forfeiture of restricted stock (in shares)		(2,095)
Dividends declared and paid	(26,380)			(20,879)		(5,501)
Stock-based compensation	1,682		1,682
Other comprehensive loss - change in value of interest rate swaps	(470)				(371)	(99)
Reclassification of amortization of forward-starting swaps included in interest expense	$ (257)				(203)	(54)
Ending balance (in shares) at Jun. 30, 2026	61,404,213	61,404,213
Ending balance at Jun. 30, 2026	$ 1,054,082	$ 614	$ 1,483,234	$ (362,058)	$ 424	$ (68,132)

DERIVATIVE AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Terms

The following is a summary of the terms of our outstanding interest rate swaps as of June 30, 2026 (dollars in thousands):


Swap Counterparty	Notional Amount		Effective Date	Maturity Date	Fair Value
Bank of America, N.A.	$	50,000	1/14/2022	1/5/2027	$	632
Wells Fargo Bank, N.A.	$	50,000	1/14/2022	1/5/2027	$	633

SEGMENT REPORTING - Narrative (Details)	6 Months Ended
SEGMENT REPORTING - Narrative (Details)	Jun. 30, 2026 segment room
Segment Reporting [Abstract]
Number of reportable segments	4
Number of operating segments	4
Room in mixed-use segment all-suite hotel \| room	369

EQUITY OF AMERICAN ASSETS TRUST, INC. - Summary of Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units (Details) - $ / shares	3 Months Ended			6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Equity [Abstract]
Amount per Share/Unit (in dollars per unit)	$ 0.340	$ 0.340	$ 0.340	$ 0.680	$ 0.680

COMPONENTS OF RENTAL INCOME AND EXPENSE - Summary of Principal Components of Rental Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Rental operating	$ 14,446	$ 13,726	$ 29,341	$ 28,343
Hotel operating	8,123	7,486	15,972	14,834
Repairs and maintenance	6,069	5,624	11,875	10,893
Marketing	556	533	1,157	1,106
Rent	906	662	1,857	1,571
Hawaii excise tax	1,059	1,049	2,086	2,054
Management fees	610	598	1,201	1,177
Total rental expenses	$ 31,769	$ 29,678	$ 63,489	$ 59,978

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES We elected to be taxed as a REIT and operate in a manner that allows us to qualify as a REIT for federal income tax purposes commencing with our initial taxable year. As a REIT, we are generally not subject to corporate level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. Taxable income from non-REIT activities managed through our TRS is subject to federal and state income taxes. We lease our hotel property to a wholly owned TRS that is subject to federal and state income taxes. We account for income taxes using the asset and liability method, under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between GAAP carrying amounts and their respective tax bases. Additionally, we classify certain state taxes as income taxes for financial reporting purposes in accordance with ASC Topic 740, Income Taxes. A deferred tax asset is included in our consolidated balance sheets of $1.0 million and $1.0 million, and a deferred tax liability is included in our consolidated balance sheets of $0.6 million and $0.6 million as of June 30, 2026 and December 31, 2025, respectively, in relation to real estate asset basis differences and prepaid expenses for our TRS. Income tax expense is recorded in other income, net on our consolidated statements of comprehensive income. For the three and six months ended June 30, 2026, we recorded income tax expense of $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2025, we recorded income tax expense of $0.1 million and $0.5 million, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details