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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The

Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

May 10, 2011

American Assets Trust, Inc.

(Exact name of registrant as specified in its charter)

(858) 350-2600

Registrant’s telephone number, including area code:

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

On May 10, 2011, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the period ended March 31, 2011. Also on May 10, 2011, the Company made available on its website at www.americanassetstrust.com certain supplemental information concerning the Company’s financial results and operations for the period ended March 31, 2011. Copies of the press release and supplemental information are attached hereto as Exhibits 99.1 and 99.2, respectively.

Exhibits 99.1 and 99.2, are being furnished pursuant to Item 2.02 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the period ended March 31, 2011 and made available on its website certain supplement information relating thereto.

The information being furnished pursuant to Item 7.01 and shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

The following exhibits are furnished with this Current Report on Form 8-K:

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

May 10, 2011

EXHIBIT INDEX

Exhibit 99.1

American Assets Trust, Inc. Reports First Quarter 2011 Financial Results

Company Release – 5/10/11

SAN DIEGO –American Assets Trust, Inc. (NYSE: AAT) (the “Company”) today reported financial results for its first quarter ended March 31, 2011.

Financial Results

During the first quarter 2011, following the Company’s initial public offering (“IPO”) on January 19, 2011, American Assets generated funds from operations as adjusted (“FFO as adjusted”) for common stockholders and unitholders of $12.8 million or $0.28 per diluted share/unit. FFO as adjusted includes adjustments to FFO for both nonoperational items and items directly related to the IPO.

Net loss attributable to common stockholders was $(0.7) million or $(0.02) per basic and diluted share for the quarter ended March 31, 2011. FFO for common stockholders was $9.8 million or $0.21 per diluted share/unit for the period January 19, 2011 to March 31, 2011.

FFO and FFO as adjusted are non-GAAP supplemental earnings measures which the Company considers meaningful in measuring its operating performance. Reconciliations of FFO and FFO as adjusted to net income are attached to this press release.

Acquisitions

On March 11, 2011, the Company completed the acquisition of “First & Main,” a newly constructed, approximately 364,000 square foot, 16-story, LEED Platinum office building located in downtown Portland, Oregon at 100 SW Main Street. The purchase price was approximately $129 million, which was paid with proceeds from the Company’s IPO. The property is located along the Willamette River, less than one block from the Hawthorne Bridge entrance, and within walking distance to downtown Portland’s retail core, including Pioneer Place mall. Approximately 96% of the building’s rentable square feet are leased, and approximately 74% of the building’s rentable square feet are leased to federal government agencies. The transaction was structured to accommodate a possible tax deferred exchange pursuant to the provisions of Section 1031 of the Internal Revenue Code of 1986 and applicable state revenue and taxation code sections.

Balance Sheet and Liquidity

At March 31, 2011, the Company had gross real estate assets of $1.6 billion, and liquidity of $383.2 million comprised of cash and cash equivalents of $100.4 million, marketable securities of $32.8 million, and $250 million of availability on its line of credit. Additional liquidity is expected from both the recycling of one or more assets identified for a potential reverse tax deferred exchange in connection with the First & Main acquisition and the proceeds from placing a mortgage on First & Main. The Company has entered into negotiations for an $84.5 million five-year non-recourse interest only mortgage loan at a fixed rate of 3.965% to be secured by First & Main that it expects to close during the second quarter of 2011. The Company can offer no assurances that it will be able to obtain the mortgage loan on the terms described, or at all.

Portfolio Results

For the first quarter 2011, same-store property operating income increased approximately 2% on a GAAP basis compared to the first quarter 2010. The same-store property operating income by segment was as follows (in thousands):

Same-store property operating income does not include income from First & Main, which was acquired during the quarter, or from The Landmark at One Market, Solana Beach Town Centre, Solana Beach Corporate and Waikiki Beach Walk as these properties represented noncontrolled properties that were not consolidated at March 31, 2010. The increase in same-store property operating income is due to increases in the average percentage leased for the office and retail portfolios. This was offset by decreased property operating income for the multifamily portfolio due to lower average occupancy during the first quarter of 2011 compared to average occupancy during the first quarter of 2010.

The overall portfolio (including the non-same store properties) leased status as of the end of the indicated quarter was as follows:

During the first quarter of 2011, the Company signed 26 leases for approximately 75,000 square feet of retail and office space, and 223 multifamily apartment leases. Renewals accounted for 91% of the comparable retail leases, 80% of the comparable office leases and 43% of the residential leases.

Retail

On a comparable space basis (i.e. leases for which there was a former tenant), the Company leased 29,165 square feet of retail space at an average cash-basis contractual rent decrease of 3%. The average contractual rent on this comparable space for the first year of the new leases is $26.14 per square foot, compared to an average contractual rent of $27.04 per square foot for the last year of the prior leases. On a GAAP basis (including the impact of straight-line rents), average rent per square foot for the comparable retail space increased 9% for the first quarter 2011.

Office

On a comparable space basis, the Company leased 31,298 square feet of office space at an average cash-basis contractual rent decrease of 12%. The average contractual rent on this comparable space for the first year of the new leases is $32.88 per square foot, compared to an average contractual rent of $37.54 per square foot for the last year of the prior leases. On a GAAP basis, average rent per square foot for the comparable office space decreased 2% for the first quarter 2011.

Multifamily

At March 31, 2011, the average monthly base rent per leased unit was $1,318 compared to an average monthly base rent per leased unit of $1,366 at December 31, 2010.

Dividends

During the first quarter of 2011, the Company declared dividends on its shares of common stock of $0.17 per share for the period from and including January 19, 2011 to March 31, 2011. The dividends were declared on March 4, 2011 to holders of record on March 15, 2011, and were paid on March 31, 2011.

Conference Call

The Company will hold a conference call to discuss the results for the first quarter 2011 on Wednesday, May 11, 2011 at 10:00 a.m. Pacific Daylight Time (“PDT”). To participate in the event by telephone, please dial 1-888-680-0879 and use the pass code 23907171. A telephonic replay of the conference call will be available beginning at 1:00 p.m. PDT on Wednesday, May 11, 2011 through Wednesday, May 25, 2011. To access the replay, dial 1-888-286-8010 and use the pass code 48213639. A live on-demand audio webcast of the conference call will be available on the Company’s website at www.americanassetstrust.com. A replay of the call will also be available on the Company’s website.

Supplemental Information

Supplemental financial information regarding the Company’s first quarter 2011 results may be found in the “Investor Relations” section of the Company’s website at www.americanassetstrust.com. This supplemental information provides additional detail on items such as property occupancy, financial performance by property and debt maturity schedules.

Financial Information

American Assets Trust, Inc.

Consolidated Balance Sheets

(In Thousands, Except Share Data)

American Assets Trust, Inc.

Consolidated Statements of Operations

(Unaudited)

(In Thousands, Except Shares and Per Share Data)

Reconciliation of Net Income to Funds From Operations and Funds From Operations As Adjusted

The Company’s FFO attributable to common stockholders and operating partnership unitholders, FFO as adjusted available to common stockholders and operating partnership unitholders and a reconciliation of both to net income is as follows (in thousands except shares and per share data):

Reported results are preliminary and not final until the filing of our Form 10-Q with the SEC and, therefore, remain subject to adjustment.

Use of Non-GAAP Information

We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts, or NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. We also present FFO as adjusted, which represents FFO adjusted for certain identified items.

FFO and FFO as adjusted are supplemental non-GAAP financial measures. Management uses FFO and FFO as adjusted as supplemental performance measures because it believes that FFO and FFO as adjusted are beneficial to investors as a starting point in measuring our operational performance. Specifically, in excluding real estate related depreciation and

amortization and gains and losses from property dispositions, which do not relate to or are not indicative of operating performance, FFO provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO as adjusted reflects certain additional adjustments for items that management believes do not reflect the operational performance of our properties. Accordingly, FFO and FFO as adjusted should be considered only as supplements to net income as measures of our performance. FFO and FFO as adjusted should not be used as measures of our liquidity, nor are they indicative of funds available to fund our cash needs, including our ability to pay dividends or service indebtedness. FFO also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

About American Assets Trust, Inc.

American Assets Trust, Inc. is a full service, vertically integrated and self-administered real estate investment trust, or REIT, that owns, operates, acquires and develops high quality retail and office properties in attractive, high-barrier-to-entry markets primarily in Southern California, Northern California, Hawaii and Oregon. The Company was formed to succeed to the real estate business of American Assets, Inc., a privately held corporation founded in 1967 and, as such, has significant experience, long-standing relationships and extensive knowledge of its core markets, submarkets and asset classes. The Company’s retail portfolio comprises approximately 3.0 million rentable square feet, and its office portfolio comprises approximately 1.8 million square feet. In addition the company owns one mixed-use property (including approximately 97,000 rentable square feet of retail space and a 369-room all-suite hotel) and over 900 multifamily units. The Company intends to elect to be treated as a real estate investment trust, or REIT, for U.S. federal income tax purposes, commencing with the taxable year ending December 31, 2011. For additional information, visit www.americanassetstrust.com.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s annual report on Form 10-K filed on March 30, 2011, and other risks described in documents subsequently filed by the Company from time to time with

the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Source: American Assets Trust, Inc.

Investor and Media Contact:

American Assets Trust

Robert F. Barton

Executive Vice President and Chief Financial Officer

858-350-2607

FIRST QUARTER 2011 Supplemental Information Exhibit 99.2 Investor and Media Contact: American Assets Trust Robert F. Barton Executive Vice President and Chief Financial Officer 858-350-2607

First Quarter 2011 Supplemental Information Page 2 INDEX PAGE 1. FIRST QUARTER 2011 EARNINGS PRESS RELEASE 2. FINANCIAL HIGHLIGHTS Consolidated Statements of Operations 4 Consolidated Balance Sheets 5 Funds From Operations , FFO As Adjusted & Funds Available For Distribution 7 Same-Store Portfolio Net Operating Income (NOI) 9 Same-Store Portfolio NOI Comparison 10 Property Revenue and Operating Expenses 11 Segment Capital Expenditures 13 Summary of Outstanding Debt 14 Market Capitalization 15 Summary of Redevelopment Opportunities 16 3. PORTFOLIO DATA Property Report 18 Retail Leasing Summary 20 Office Leasing Summary 21    Lease Expirations 22 Portfolio Leased Statistics 24 Top Tenants – Retail 25 Top Tenants – Office 26 4.APPENDIX Glossary of Terms 28 This Supplemental Information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in our markets; our failure to generate sufficient cash flows to service our outstanding indebtedness; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; fluctuations in interest rates and increased operating costs; risks related to joint venture arrangements; our failure to obtain necessary outside financing; on-going litigation; general economic conditions; financial market fluctuations; risks that affect the general retail environment; the competitive environment in which we operate; decreased rental rates or increased vacancy rates; conflicts of interests with our officers; lack or insufficient amounts of insurance; environmental uncertainties and risks related to adverse weather conditions and natural disasters; other factors affecting the real estate industry generally; limitations imposed on our business and our ability to satisfy complex rules in order for us to continue to qualify as a REIT for U.S. federal income tax purposes; and changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, refer to our Annual Report on Form 10-K filed with the Securities and Exchange Commission.

FINANCIAL HIGHLIGHTS First Quarter 2011 Supplemental Information

First Quarter 2011 Supplemental Information Page 4 CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except shares and per share data) Three Months Ended March 31, 2011 2010 Revenue: Rental income $  46,119 $  28,095 Other property income 1,653 837 Total revenue 47,772 28,932 Expenses: Rental expenses 11,832 4,994 Real estate taxes 4,049 2,956 General and administrative 3,610 1,587 Depreciation and amortization 12,490 7,230 Total operating expenses 31,981 16,767 Operating income 15,791 12,165 Interest expense (13,079) (10,654) Early extinguishment of debt (25,867) - Loan transfer and consent fees (9,019) - Gain on acquisition 46,371 - Other income (expense), net (601) (987) Net income 13,596 524 Net income attributable to restricted shares (86) - Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities 2,458 430 Net income attributable to Predecessor's controlled owners' equity (16,995) (954) Net loss attributable to unitholders in the Operating Partnership 329 - Net loss attributable to American Assets Trust, Inc. stockholders $      (698) $        - Net loss attributable to common stockholders per share - basic and diluted $     (0.02) Weighted average shares of common stock outstanding basic and diluted 30,924,067

First Quarter 2011 Supplemental Information Page 5 CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except share data) March 31, 2011 December 31, 2010 Assets Real estate, at cost Operating real estate 1,631,703 $   1,156,091 $   Construction in progress 1,472 925 Held for development 8,678 8,081 1,641,853 1,165,097 Accumulated depreciation (230,377) (221,997) Net real estate 1,411,476 943,100 Cash and cash equivalents 100,396 41,953 Restricted cash 6,271 4,729 Marketable securities 32,838 - Accounts receivable, net 4,913 1,573 Deferred rent receivables, net 20,631 20,051 Notes receivable from affiliate - 21,769 Investment in real estate joint ventures - 39,816 Prepaid expenses and other assets 75,957 44,366 Total assets $1,652,482 $1,117,357

First Quarter 2011 Supplemental Information Page 6 CONSOLIDATED BALANCE SHEETS (CONTINUED) (Amounts in thousands, except share data) March 31, 2011 December 31, 2010 Liabilities and equity Liabilities: Secured notes payable 860,127 $     851,547 $     Unsecured notes payable - 38,013 Notes payable to affiliates - 5,266 Accounts payable and accrued expenses 20,444 11,644 Security deposits payable 4,187 2,648 Other liabilities and deferred credits 59,509 39,058 Distributions in excess of earnings on real estate joint ventures - 14,060 Total liabilities 944,267 962,236 Commitments and contingencies Equity: Owners' equity - 121,874 American Assets Trust, Inc. stockholders' equity Common stock $0.01 par value, 490,000,000 authorized, 39,283,790 outstanding at March 31, 2011 393 - Additional paid-in capital 644,864 - Accumulated deficit (612) - Total American Assets Trust, Inc. stockholders' equity 644,645 - Noncontrolling interests Owners in consolidated real estate entities - 33,247 Unitholders in the Operating Partnership 63,570 - 63,570 33,247 Total equity 708,215 155,121 Total liabilities and equity 1,652,482 $   1,117,357 $

First Quarter 2011 Supplemental Information Page 7 FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (Amounts in thousands, except per share and share data) Three Months Ended March 31, 2011 Funds from Operations (FFO) (1) Net income Depreciation and amortization of real estate assets Depreciation and amortization on unconsolidated real estate joint ventures (pro rata) FFO Less: FFO attributable to Predecessor’s controlled and noncontrolled owners' equity Less: Nonforfeitable dividends on incentive stock awards FFO attributable to common stock and units FFO per diluted share/unit Weighted average number of common shares and units, diluted (2) FFO As Adjusted (1) FFO Early extinguishment of debt Loan transfer and consent fees Gain on acquisition of controlling interests (3) FFO as adjusted Less: FFO as adjusted attributable to Predecessor’s controlled and noncontrolled owners' equity Less: Nonforfeitable dividends on incentive stock awards FFO as adjusted attributable to common stock and  units FFO as adjusted per diluted share/unit Weighted average number of common shares and units, diluted (2) Dividends and Payout Ratios Dividends declared and paid Dividend declared and paid per share/unit $          26,774 25,867 9,019 (46,371) 15,289 (2,462) (50) $          12,777 $              0.28 45,734,618 $            9,784 $              0.17 $           13,596 12,490 688 26,774 (16,973) (50) $            9,751 $              0.21 45,734,618

First Quarter 2011 Supplemental Information Page 8 Tenant improvements, leasing commissions and maintenance capital expenditures FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED) (Amounts in thousands) Notes: (1) See Glossary of Terms (2) (3) (4) (5) Represents the adjustment related to the acquisition of buildings with above (below) market rents. (6) Represents the straight-line rent income recognized during the period offset by cash received during the period  and the provision for bad debts recorded for deferred rent receivable balances. For the three months ended March 31, 2011, the weighted average common shares and units used to compute FFO per diluted share/unit includes operating partnership units and unvested restricted stock awards that are subject to time vesting.  The weighted average shares and units outstanding have been weighted for the full quarter, not the date of our initial public offering. Represents adjustments related to amortization of lease incentives paid to tenants and amortization of lease intangibles and straight-line rent expense for our leases of the Annex at The Landmark at One Market and retail space at Waikiki Beach Walk - Retail. Represents the gain recognized upon acquisition of the outside ownership interests in the Solana Beach entities and the Waikiki Beach Walk entities on January 19, 2011, in which we previously held a noncontrolling interest. Three Months Ended March 31, 2011 Funds Available for Distribution (FAD) (1) FFO as adjusted $15,289 Adjustments: Net effect of straight-line rents (4) (354) Amortization of net above (below) market rents (5) 395 Net effect of other lease intangibles (6) 270 Amortization of debt issuance costs and debt fair value adjustment 865 Non-cash compensation expense 491 Unrealized losses on marketable securities 265 FAD $15,776 Summary of Capital Expenditures Tenant improvements and leasing commissions $   1,148 (1,445) Maintenance capital expenditures 297 $   1,445

First Quarter 2011 Supplemental Information Page 9 SAME-STORE PORTFOLIO NET OPERATING INCOME (NOI) (Amounts in thousands) Three Months Ended March 31, 2011 Office Retail Multifamily Mixed-Use Total Real estate rental revenue Same-store portfolio $ 6,453 $ 19,779 $3,293 - $29,525 Non-same store portfolio 7,963 1,573 - 8,711 18,247 Total 14,416 21,352 3,293 8,711 47,772 Real estate expenses Same-store portfolio 1,703 5,204 1,161 - 8,068 Non-same store portfolio 2,353 242 - 5,218 7,813 Total 4,056 5,446 1,161 5,218 15,881 Net Operating Income (NOI), GAAP basis Same-store portfolio 4,750 14,575 2,132 - 21,457 Non-same store portfolio 5,610 1,331 - 3,493 10,434 Total $15,906 $10,360 $2,132 $3,493 $31,891 Same-store portfolio NOI, GAAP basis $ 4,750 $14,575 $2,132 - $21,457 Net effect of straight-line rents (2) (177) 146 - - (31) Amortization of net above (below) market rents (3) 343 (182) - - 161 Net effect of other lease intangibles (4) 93 - - - 93 Same-store portfolio NOI, cash basis $ 5,009 $14,539 $2,132 - $21,680 Notes: (1) (2) (3) Represents the adjustment related to the acquisition of buildings with above (below) market rents. (4) Same-store portfolio and non-same store portfolio are determined based on properties held on March 31, 2011 and 2010. See Glossary of terms. Represents adjustments related to amortization of lease incentives paid to tenants. (1) Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances. (1)

First Quarter 2011 Supplemental Information Page 10 SAME-STORE PORTFOLIO NOI COMPARISON (Amounts in thousands) Three Months Ended March 31, 2011 2010 Change Cash Basis: Retail $14,539 $13,976 4.0% Office 5,009 4,649 7.7 Multifamily 2,132 2,480 (14.0) Mixed-Use - - - $21,680 $21,105 2.7% GAAP Basis: Retail $14,575 $14,096 3.4% Office 4,750 4,406 7.8 Multifamily 2,132 2,480 (14.0) Mixed-Use - - - $21,457 $20,982 2.3%

First Quarter 2011 Supplemental Information Page 11 PROPERTY REVENUE AND OPERATING EXPENSES (Amounts in thousands) Three Months Ended March 31, 2011 Additional Property Property Billed Expense Operating Base Rent (1) Income (2) Reimbursements (3) Expenses (4) Retail Portfolio Carmel Country Plaza $ 868 $ 21 $ 167 $ (139) Carmel Mountain Plaza 2,229 50 636 (671) South Bay Marketplace 509 1 141 (187) Rancho Carmel Plaza 182 12 47 (59) Lomas Santa Fe Plaza 1,297 55 203 (282) Solana Beach Towne Centre (5) 1,330 18 348 (279) Del Monte Center 2,079 171 809 (1,002) The Shops at Kalakaua 384 20 40 (65) Waikele Center 4,205 327 1,050 (1,375) Alamo Quarry Market 2,990 51 1,277 (1,479) Subtotal Retail Portfolio $16,073 $726 $4,718 $(5,538) Office Portfolio Torrey Reserve $ 3,614 (7) $  87 $ 121 $ (802) Solana Beach Corporate Centre (5) 1,540 15 31 (359) Valencia Corporate Center 1,113 - 2 (341) 160 King Street 1,360 252 261 (534) The Landmark at One Market 5,812 107 (8) 298 (1,776) First & Main (6) 595 3 - (90) Subtotal Office Portfolio $14,034 $464 $ 713 $(3,902) Multifamily Portfolio Loma Palisades $ 2,274 $170 $   - $   (773) Imperial Beach Gardens 575 43 - (173) Mariner's Point 276 26 - (101) Santa Fe Park RV Resort 176 16 - (114) Subtotal Multifamily Portfolio $  3,301 $255 $   - $ (1,161) Property

First Quarter 2011 Supplemental Information Page 12 PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED) (Amounts in thousands) Three Months Ended March 31, 2011 Additional Property Property Billed Expense Operating Base Rent (1) Income (2) Reimbursements (3) Expenses (4) Mixed-Use Portfolio Waikiki Beach Walk - Retail (5) $2,332 $732 $871 $(1,562) Waikiki Beach Walk - Embassy Suites™ (5) 6,824 162 - (4,870) Subtotal Mixed-Use Portfolio $9,156 $894 $871 $(6,432) Total $42,564 $2,339 $6,302 $(17,033) Notes: (1) (2) (3) (4) (5) (6) Represents property revenue and operating expenses from March 11, 2011 (acquisition) through March 31, 2011. (7) (8) Includes approximately $88 of lease termination fees. Property Base rent shown includes amounts related to American Assets Trust, Inc.'s lease at ICW Plaza.  This intercompany rent is eliminated in the consolidated statement of operations.  The base rent was $43 and abatements were $43 for the three months ended March 31, 2011. Base rent for our retail and office portfolio and the retail portion of our mixed-use portfolio represents base rent for the three months ended March 31, 2011 (before abatements) and excludes impact of straight line rent and FAS 141 adjustments. Total abatements for our retail and office portfolio were $22 and $320, respectively, for the three months ended March 31, 2011. There were no abatements for the retail portion of our mixed-use portfolio for the three months ended March 31, 2011. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses.  Multifamily portfolio base rent represents base rent (including parking, before abatements) less vacancy allowance and employee rent credits and includes additional rents (additional rents include insufficient notice penalties, month-to-month charges and pet rent).  Total abatements for our multifamily portfolio were $263 for the three months ended March 31, 2011. For Waikiki Beach Walk - Embassy Suites , base rent is equal to the actual room revenue for the three months ended March 31, 2011. Represents billed tenant expense reimbursements relating to the three months ended March 31, 2011. Includes accrued amount to be billed of approximately $475 for Macy's cost reimbursements at Del Monte Center. Represents additional property-related income for the three months ended March 31, 2011, which includes (i) percentage rent, (ii) other rent (such as storage rent, license fees, license fees and association fees) and (iii) other property income (such as late fees, default fees, lease termination fees, parking revenue, the reimbursement of general excise taxes, laundry income and food and beverage sales). Although we did not obtain a controlling interest in Solana Beach Towne Centre, Solana Beach Corporate Centre and Waikiki Beach Walk until January 19, 2011, property revenue and operating expenses have been shown for the full three month period ending March 31, 2011. Represents property operating expenses for the three months ended March 31, 2011. Property operating expenses includes all rental expenses, except non-cash rent expense and the provision for bad debt recoreded for deferred rent receivables. TM

First Quarter 2011 Supplemental Information Page 13 SEGMENT CAPITAL EXPENDITURES (Amounts in thousands) Three Months Ended March 31, 2011 Retail Portfolio $      378 Office Portfolio 770 Multifamily Portfolio - Mixed-Use Portfolio - Total $   1,148 Tenant Improvements and Leasing Commissions Segment $     74 $     452 74 939 54 54 95 95 $   297 $   1,540 Maintenance Capital Expenditures Total Capital Expenditures $     - - 95 - $     - Redevelopment and Expansions New Development - $     - - - $     95

First Quarter 2011 Supplemental Information Page 14 SUMMARY OF OUTSTANDING DEBT (Amounts in thousands) Amount Outstanding at Annual Debt Balance at March 31, 2011 Interest Rate Service Maturity Date Maturity Alamo Quarry Market (1)(2) $  97,507 5.67% $7,567 January 8, 2014 $91,717 160 King Street (3) 32,560 5.68% 3,350 May 1, 2014 27,513 Waikele Center (4) 140,700 5.15% 7,360 November 1, 2014 140,700 The Shops at Kalakaua (4) 19,000 5.45% 1,053 May 1, 2015 19,000 The Landmark at One Market (2)(4) 133,000 5.61% 7,558 July 5, 2015 133,000 Del Monte Center (4) 82,300 4.93% 4,121 July 8, 2015 82,300 Imperial Beach Gardens (4) 20,000 6.16% 1,250 September 1, 2016 20,000 Mariner's Point (4) 7,700 6.09% 476 September 1, 2016 7,700 South Bay Marketplace (4) 23,000 5.48% 1,281 February 10, 2017 23,000 Waikiki Beach Walk - Retail (4) 130,310 5.39% 7,020 July 1, 2017 130,310 Solana Beach Corporate Centre III-IV (5) 37,330 6.39% 2,418 August 1, 2017 35,136 Loma Palisades (4) 73,744 6.09% 4,553 July 1, 2018 73,744 Torrey Reserve - North Court (1) 22,106 7.22% 1,836 June 1, 2019 19,443 Torrey Reserve - VCI, VCII, VCIII (1) 7,440 6.36% 560 June 1, 2020 6,439 Solana Beach Corporate Centre I-II (1) 11,894 5.91% 855 June 1, 2020 10,169 Solana  Beach Towne Centre (1) 39,648 5.91% 2,849 June 1, 2020 33,898 Total / Weighted Average $878,239 5.59% $54,107 $854,069 Unamortized fair value adjustment (18,112) Debt Balance $860,127 Fixed Rate Debt Ratio Fixed rate debt 100% Variable rate debt - Notes: (1) Principal payments based on a 30-year amortization schedule. (2) Maturity date is the earlier of the loan maturity date under the loan agreement, or the “Anticipated Repayment Date” as specifically defined in the loan agreement, which is the date after which substantial economic penalties apply if the loan has not been paid off. (3) Principal payments based on a 20-year amortization schedule. (4) Interest only. (5) Loan is interest only through August 2012.  Beginning in September 2012, principal payments are based on a 30-year amortization schedule. Debt

First Quarter 2011 Supplemental Information Page 15 MARKET CAPITALIZATION (Amounts in thousands, except per share data) March 31, 2011 Market data Common shares outstanding 39,284 Units outstanding 18,396 Common shares and units outstanding 57,680 Market price per common share $21.27 Market capitalization $1,226,851 Total debt $878,239 Total capitalization $2,105,090 Less: Cash on hand $(133,234) (1) Total enterprise value $1,971,856 Total debt/Total capitalization 41.7% Total debt/Total enterprise value 44.5% Net debt/Total enterprise value 37.8% Total debt/Adjusted EBITDA (2) 7.9x Net debt/ Adjusted EBITDA 6.7x Fixed charge coverage ratio 2.3x $0 $0 $0 $260 (6) $234 $28 $188 $74 $19 $51 $0 $50 $100 $150 $200 $250 $300 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Weighted Average Interest Rate 5.39%    5.36%   6.14%   5.59%   6.09%   7.22%   5.97% Debt Maturity Schedule (1) The cash balance includes marketable trading securities of $32.8 million. (3) See Glossary of Terms for discussion of Adjusted EBITDA. (4) As used here, adjusted EBITDA represents the actual for the three months ended March 31, 2011 annualized. (5) Calculated as Adjusted EBITDA divided by interest expense, excluding amortization of debt issuance costs and debt fair value adjustments. (6) The revolving line of credit, which has a capacity of $250 million, matures in 2014, but at March 31, 2011, it has no outstanding balance and is not included herein. (2) Net debt is equal to total debt less cash on hand. Interest coverage ratio (5) 2.3x Net real estate assets Total assets, gross $1,411,476 $1,882,859 Total debt/Total assets, gross 46.6% (3)(4) (5) (3)(4)

First Quarter 2011 Supplemental Information Page 16 SUMMARY OF REDEVELOPMENT OPPORTUNITIES (Dollar amounts in thousands) Potential Future Development/Redevelopment Pipeline Estimated Cost Property Location Opportunity Construction Cost to Date Solana Beach Corporate Centre (Building 5) Solana Beach, CA 5,800 $                   - Lomas Santa Fe Plaza Expansion Solana Beach, CA 17,000 $                 - Torrey Reserve Phase III San Diego, CA 17,200 $                 - Torrey Reserve Phase IV San Diego, CA 17,000 $                 - Sorrento Pointe San Diego, CA 30,300 $                 - Solana Beach Towne Centre II Solana Beach, CA 2,000 $                   - Total 89,300 $                 - $                      Expansion of 30,700 square feet and the renovation of 14,787 square feet for a combined project of 45,487 square feet, plus structured parking. Construction of three additional commercial buildings (retail, restaurant, office and medical) for a total of 41,692 square feet, and a 34,603 square foot underground parking structure. Completion of facade improvements to the Solana Beach Towne Centre. Construction of two class "A" office buildings for a total of 79,053 square feet with subterranean parking. Construction of two 20,000 square foot commercial buildings (restaurant and office) for a total of 40,000 square feet atop subterranean parking. Construction of a new 10,300 square foot building and structured parking for retail/restaurant use oriented toward the Solana Beach Towne Centre.

First Quarter 2011 Supplemental Information PORTFOLIO DATA

First Quarter 2011 Supplemental Information Page 18 PROPERTY REPORT As of March 31, 2011 Net Annualized Number Rentable Base Rent Year Built/ of Square Percentage Annualized per Leased Location Renovated Buildings Feet (1) Leased (2) Base Rent (3) Square Foot (4) Retail Properties Carmel Country Plaza San Diego, CA 1991 9 77,813 100.0% $3,473,151 $44.63 Sharp Healthcare, Frazee Industries Inc. Carmel Mountain (7) San Diego, CA 1994 13 520,228 82.6 8,915,956 20.75 Sears Sports Authority, Reading Cinemas South Bay Marketplace (7) San Diego, CA 1997 9 132,873 100.0 2,036,884 15.33 Office Depot Inc., Ross Dress for Less Rancho Carmel Plaza San Diego, CA 1993 3 30,421 74.5 733,521 32.37 Oggi's Pizza & Brewing Co., Sprint PCS Assets Lomas Santa Fe Plaza Solana Beach, CA 1972/1997 9 209,569 96.6 5,115,486 25.27 Vons, Ross Dress for Less Del Monte Center (7) Monterey, CA 1967/1984/2006 16 674,224 97.3 8,804,402 13.42 Macy's Century Theatres, Macy's Furniture Gallery The Shops at Kalakaua Honolulu, HI 1971/2006 3 11,671 100.0 1,535,028 131.52 Whalers General Store, Diesel U.S.A. Inc. Waikele Center Waipahu, HI 1993/2008 9 538,024 94.8 16,930,680 33.19 Lowe's, Kmart, Sports Authority, Foodland Super Market Old Navy, Officemax Alamo Quarry Market (7) San Antonio, TX 1997/1999 16 589,479 97.5 11,959,469 20.81 Regal Cinemas Bed Bath & Beyond, Whole Foods Market Subtotal/Weighted Average Retail Portfolio 87 2,784,302 94.3% $59,504,577 $22.66 Office Properties Torrey Reserve Campus San Diego, CA 1996-2000 9 456,801 92.7% $14,773,127 $34.89 Valencia Corporate Center Santa Clarita, CA 1999-2007 3 194,268 80.9 4,493,081 28.59 160 King Street San Francisco, CA 2002 1 167,986 95.2 5,463,637 34.16 Subtotal/Weighted Average Office Portfolio 13 819,055 90.4% $24,729,845 $33.40 Total/Weighted Average Retail and Office Portfolio 100 3,603,357 93.2% $84,234,422 $25.08 Average Number Monthly Year Built/ of Percentage Annualized Base Rent per Location Renovated Buildings Units Leased (2) Base Rent (3) Leased Unit (4) Loma Palisades San Diego, CA 1958/2001-2008 80 548 94.7% $9,285,516 $1,491 Imperial Beach Gardens Imperial Beach, CA 1959/2008-present 26 160 88.8 2,255,172 1,323 Mariner's Point Imperial Beach, CA 1986 8 88 97.7 1,087,104 1,054 Santa Fe Park RV Resort (8) San Diego, CA 1971/2007-2008 1 126 81.0 801,120 654 Total/Weighted Average Multifamily Portfolio 115 922 92.1% $13,428,912 $1,318 Net Annualized Number Rentable Base Rent Year Built/ of Square Percentage Annualized per Leased Location Renovated Buildings Feet (1) Leased (2) Base Rent (3) Square Foot (4) Retail Property Solana Beach Towne Centre Solana Beach, CA 1973/2000/2004 12 246,730 97.7% $5,300,689 $21.99 Dixieline Probuild, Marshalls Office Properties Solana Beach Corporate Centre Solana Beach, CA 1982/2005 4 211,971 87.6% $5,829,266 $31.39 The Landmark at One Market (9) San Francisco, CA 1917/2000 1 421,934 100.0 23,442,652 55.56 First & Main Portland, OR 2010 1 363,701 95.9 10,548,509 30.24 Subtotal/Weighted Average Office Portfolio 6 997,606 95.9% $39,820,427 $41.62 Total/Weighted Average Retail and Office Portfolio 18 1,244,336 96.2% $45,121,116 $37.69 Other Principal Retail Tenant(s) (6) Same-Store Retail and Office Portfolios Property Same-Store Multifamily Portfolio Retail Anchor Tenant(s) (5) Non-Same Store Retail and Office Portfolios Retail Anchor Tenant(s) (5) Other Principal Retail Tenant(s) (6) Property Property

First Quarter 2011 Supplemental Information Page 19 PROPERTY REPORT (CONTINUED) As of March 31, 2011 Net Annualized Number Rentable Base Rent Year Built/ of Square Percentage Annualized per Leased Location Renovated Buildings Feet (1) Leased (2) Base Rent (3) Square Foot (4) Waikiki Beach Walk - Retail Honolulu, HI 2006 3 96,569 97.8% $9,400,582 $99.54 Yardhouse, Ruths Chris Annualized Number Revenue per Year Built/ of Average Average Available Location Renovated Buildings Units Occupancy (10) Daily Rate (10) Room (10) Waikiki Beach Walk - Embassy Suites™ Honolulu, HI 2008 2 369 87.6% $234.40 $205.45 Notes: (1) (2) (3) (4) (5) Retail anchor tenants are defined as retail tenants leasing 50,000 square feet or more. (6) Other principal retail tenants are defined as the two tenants leasing the most square footage, excluding anchor tenants. (7) Net rentable square feet at certain of our retail properties includes pad sites leased pursuant to the ground leases in the following table: Square Footage Aggregate Number of Ground Leased Pursuant Annualized Property Leases to Ground Leases Base Rent Carmel Mountain Plaza 6 127,112                        1,020,900 $       South Bay Marketplace 1 2,824                            81,540 $            Del Monte Center 2 295,100                        201,291 $          Alamo Quarry Market 4 31,994                          428,250 $          (8) (9) (10) This property contains 421,934 net rentable square feet consisting of The Landmark at One Market (377,714 net rentable square feet) as well as a separate long-term leasehold interest in approximately 44,220 net rentable square feet of space located in an adjacent six-story leasehold known as the Annex. We currently lease the Annex from Paramount Group pursuant to a long-term master lease effective through June 30, 2016, which we have the option to extend until 2031 pursuant to three five-year extension options. The net rentable square feet for each of our retail properties and the retail portion of our mixed-use property is the sum of (1) the square footages of existing leases, plus (2) for available space, the field-verified square footage. The net rentable square feet for each of our office properties is the sum of (1) the square footages of existing leases, plus (2) for available space, management’s estimate of net rentable square feet based, in part, on past leases. The net rentable square feet included in such office leases is generally determined consistently with the Building Owners and Managers Association, or BOMA, 1996 measurement guidelines. Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property includes square footage under leases as of March 31, 2011, including leases which may not have commenced as of March 31, 2011. Percentage leased for our multifamily properties includes total units rented as of March 31, 2011. Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2011, by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of March 31, 2011. Annualized base rent per leased unit is calculated by dividing annualized base rent, by units under lease as of March 31, 2011. Non-Same Store Mixed-Use Portfolio Retail Portion Retail Anchor Tenant(s) (5) Average occupancy represents the percentage of available units that were sold during the 3-month period ended March 31, 2011, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the 3-month period ended March 31, 2011, by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the 3-month period ended March 31, 2011 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services. Other Principal Retail Tenant(s) (6) The Santa Fe Park RV Resort is subject to seasonal variation, with higher rates of occupancy occurring during the summer months. During the 12 months ended March 31, 2011, the highest average monthly occupancy rate for this property was 98.0%, occurring in July 2010, and the lowest average monthly occupancy rate for this property was 60.0%, occurring in November 2010. The number of units at the Santa Fe Park RV Resort includes 122 RV spaces and four apartments. Hotel Portion

First Quarter 2011 Supplemental Information Page 20 RETAIL LEASING SUMMARY As of March 31, 2011 Total Lease Summary - Comparable (1) Tenant Net Rentable Contractual Cash Basis Straight-Line Tenant Improvements Number of % of Comparable Square Feet Rent Prior Rent % Change Basis % Change Improvements & Incentives Quarter Leases Signed Leases Signed Signed Per Sq. Ft. (2) Per Sq. Ft. (3) in Rent Over Prior Rent Over Prior Rent Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 11 100% 29,165 $26.14 $27.04 $(26,428) (3.4)% 8.9% 2.7 $16,800 $0.58 New Lease Summary - Comparable (1) Tenant Net Rentable Contractual Cash Basis Straight-Line Tenant Improvements Number of % of Comparable Square Feet Rent Prior Rent % Change Basis % Change Improvements & Incentives Quarter Leases Signed Leases Signed Signed Per Sq. Ft. (2) Per Sq. Ft. (3) in Rent Over Prior Rent Over Prior Rent Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 1 9% 1,200 $48.00 $51.92 2.2% 5.0 - - Renewal Lease Summary - Comparable (1)(5) Tenant Net Rentable Contractual Cash Basis Straight-Line Tenant Improvements Number of % of Comparable Square Feet Rent Prior Rent % Change Basis % Change Improvements & Incentives Quarter Leases Signed Leases Signed Signed Per Sq. Ft. (2) Per Sq. Ft. (3) in Rent Over Prior Rent Over Prior Rent Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 10 91% 27,965 $25.20 $25.98 $(21,728) (3.0)% 9.5% 2.6 $16,800 $0.60 Total Lease Summary - Comparable and Non-Comparable Tenant Net Rentable Contractual Tenant Improvements Number of Square Feet Rent Improvements & Incentives Quarter Leases Signed Signed Per Sq. Ft. (2) Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 12 31,389 $26.20 2.7 $36,800 $1.17 (1) Comparable leases represent those leases signed on spaces for which there was a previous lease. (2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term. (3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term. (4) Weighted average is calculated on the basis of square footage. (5) Excludes renewals at fixed contractual rates specified in the lease. Weighted Average Annual Change Annual Change Annual Change Weighted Average Weighted Average Weighted Average (7.5)% $(4,700)

First Quarter 2011 Supplemental Information Page 21 OFFICE LEASING SUMMARY As of March 31, 2011 Total Lease Summary - Comparable (1) Tenant Net Rentable Contractual Cash Basis Straight-Line Tenant Improvements Number of % of Comparable Square Feet Rent Prior Rent % Change Basis % Change Improvements & Incentives Quarter Leases Signed Leases Signed Signed Per Sq. Ft. (2) Per Sq. Ft. (3) in Rent Over Prior Rent Over Prior Rent Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 10 100% 31,298 $32.88 $37.54 $(145,946) (12.4)% (2.3)% 2.5 $57,520 $1.84 New Lease Summary - Comparable (1)(6) Tenant Net Rentable Contractual Cash Basis Straight-Line Tenant Improvements Number of % of Comparable Square Feet Rent Prior Rent % Change Basis % Change Improvements & Incentives Quarter Leases Signed Leases Signed Signed Per Sq. Ft. (2) Per Sq. Ft. (3) in Rent Over Prior Rent Over Prior Rent Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 2 20% 5,066 $33.90 $42.78 $ (44,982) (20.8)% (14.0)% 4.2 $5,938 $1.17 Renewal Lease Summary - Comparable (1)(5) Tenant Net Rentable Contractual Cash Basis Straight-Line Tenant Improvements Number of % of Comparable Square Feet Rent Prior Rent % Change Basis % Change Improvements & Incentives Quarter Leases Signed Leases Signed Signed Per Sq. Ft. (2) Per Sq. Ft. (3) in Rent Over Prior Rent Over Prior Rent Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 8 80% 26,232 $32.68 $36.53 $(100,964) (10.5)% 0.5% 2.2 $51,582 $1.97 Total Lease Summary - Comparable and Non-Comparable Tenant Net Rentable Contractual Tenant Improvements Number of Square Feet Rent Improvements & Incentives Quarter Leases Signed Signed Per Sq. Ft. (2) Lease Term (4) & Incentives Per Sq. Ft. 1st Quarter 2011 14 43,502 $32.44 2.7 $141,420 $3.25 (1) Comparable leases represent those leases signed on spaces for which there was a previous lease. (2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term. (3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term. (4) Weighted average is calculated on the basis of square footage. (5) Excludes renewals at fixed contractual rates specified in the lease. (6) Excludes 4,922 square feet of temporary space agreements (for typically less than 120 days) for potential permanent tenants. Weighted Average Annual Change Weighted Average Annual Change Weighted Average Annual Change Weighted Average

First Quarter 2011 Supplemental Information Page 22 LEASE EXPIRATIONS As of March 31, 2011 Assumes no exercise of lease options Office Retail Mixed-Use (Retail Portion Only) Total % of % of Annualized % of % of Annualized % of % of Annualized % of Annualized Expiring Office Total Base Rent Expiring Retail Total Base Rent Expiring Mixed-Use Total Base Rent Expiring Total Base Rent Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft. (1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft. (1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft. (1) Sq. Ft. Sq. Ft. Per Sq. Ft. (1) 25,950 1.4% 0.5% $12.18 12,053 0.4% 0.2% $18.60 7,818 8.1% 0.2% $43.91 45,821 0.9% $19.28 33,032 1.8 0.7 38.95 71,785 2.4 1.5 35.60 360 0.4 - 194.80 105,177 2.1 37.20 213,263 11.7 4.3 37.24 358,413 11.8 7.2 23.76 6,184 6.4 0.1 163.76 577,860 11.7 30.23 188,542 10.4 3.8 31.60 519,515 17.1 10.5 24.07 7,065 7.3 0.1 143.73 715,122 14.5 27.24 86,175 4.7 1.7 34.88 401,889 13.3 8.1 27.91 1,959 2.0 - 114.16 490,023 9.9 29.48 207,619 11.4 4.2 37.26 222,332 7.3 4.5 25.37 12,697 13.1 0.3 153.03 442,648 9.0 34.61 161,296 (2) 8.9 3.3 30.29 115,067 (6) 3.8 2.3 38.03 10,191 10.6 0.2 171.11 286,554 5.8 38.41 120,901 (3) 6.7 2.4 38.74 111,249 3.7 2.3 25.00 4,628 4.8 0.1 134.78 236,778 4.8 34.16 36,226 2.0 0.7 45.39 737,758 24.3 14.9 15.40 4,673 4.8 0.1 139.02 778,657 15.7 17.54 168,716 9.3 3.4 48.98 70,197 2.3 1.4 26.80 11,690 12.1 0.2 51.73 250,603 5.1 42.90 225,108 (4) 12.4 4.6 40.19 118,506 3.9 2.4 8.79 17,843 18.5 0.4 41.30 361,457 7.3 29.95 Thereafter 208,215 (5) 11.5 4.2 46.97 110,251 (7) 3.7 2.2 24.54 9,382 9.7 0.2 46.20 327,848 6.6 39.41 Signed Leases 22,112 1.2 0.4 - 9,573 0.3 0.2 - - - - - 31,685 0.6 - Not Commenced - Available 119,506 6.6 2.4 - 172,444 5.7 3.5 - 2,079 2.2 - - 294,029 5.9 - Total 1,816,661 100.0% 36.7% $35.53 3,031,032 100.0% 61.3% $21.38 96,569 100.0% 1.9% $97.35 4,944,262 100.0% $28.06 Assumes all lease options are exercised Office Retail Mixed-Use (Retail Portion Only) Total % of % of Annualized % of % of Annualized % of % of Annualized % of Annualized Expiring Office Total Base Rent Expiring Retail Total Base Rent Expiring Mixed-Use Total Base Rent Expiring Total Base Rent Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft. (1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft. (1) Sq. Ft. Sq. Ft. Sq. Ft. Per Sq. Ft. (1) Sq. Ft. Sq. Ft. Per Sq. Ft. (1) 25,950 1.4% 0.5% $12.18 12,053 0.4% 0.2% $18.60 7,818 8.1% 0.2% $43.91 45,821 0.9% $19.28 22,294 1.2 0.5 38.97 55,874 1.8 1.1 34.57 360 0.4 - 194.88 78,528 1.6 36.55 71,964 4.0 1.5 35.42 112,657 3.7 2.3 29.62 4,093 4.3 0.1 135.53 188,714 3.8 34.13 87,648 4.8 1.8 36.06 100,737 3.3 2.0 36.80 7,065 7.3 0.1 143.73 195,450 4.0 40.33 14,845 0.8 0.3 35.16 203,529 6.7 4.1 30.23 1,959 2.0 - 114.16 220,333 4.5 31.31 107,157 5.9 2.2 36.59 46,264 1.5 0.9 37.20 12,697 13.1 0.3 153.03 166,118 3.4 45.66 143,548 7.9 2.9 29.82 62,321 (6) 2.1 1.3 28.18 7,227 7.5 0.1 211.53 213,096 4.3 35.50 122,065 6.7 2.5 41.37 77,858 2.6 1.6 30.52 4,615 4.8 0.1 144.47 204,538 4.1 39.57 96,210 5.3 1.9 27.48 187,802 6.2 3.8 23.26 4,673 4.8 0.1 139.02 288,685 5.8 26.54 55,454 3.1 1.1 35.32 145,460 4.8 2.9 24.39 - - - - 200,914 4.1 27.41 88,652 4.9 1.8 33.24 304,072 10.0 6.1 16.16 1,951 2.0 - 123.56 394,675 8.0 20.53 Thereafter 839,256 (2)(3)(4)(5) 46.2 17.0 43.29 1,540,388 (7) 50.9 31.2 19.97 42,032 43.5 0.9 51.49 2,421,676 49.0 28.60 Signed Leases 22,112 1.2 0.4 - 9,573 0.3 0.2 - - - - - 31,685 0.6 - Not Commenced Available 119,506 6.6 2.4 - 172,444 5.7 3.5 - 2,079 2.2 - - 294,029 5.9 - Total 1,816,661 100.0% 36.7% $35.53 3,031,032 100.0% 61.3% $21.38 96,569 100.0% 1.8% $97.35 4,944,262 100.0% $28.06 2014 2015 2016 2017 2013 2014 2020 Month to Month Year 2011 2012 2013 Month to Month 2012 Year 2018 2019 2011 2019 2020 2015 2016 2017 2018

First Quarter 2011 Supplemental Information Page 23 LEASE EXPIRATIONS (CONTINUED) Notes: (1) (2) (3) (4) (5) (6) (7) Annualized base rent per leased square foot is calculated by dividing (i) annualized base rent for leases expiring during the applicable period, by (ii) square footage under such expiring leases. Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2011 for the leases expiring during the applicable period, by (ii) 12. The expirations include 84,298 square feet leased by the Del Monte Corporation at The Landmark at One Market through March 31, 2011, for which salesforce.com has signed an agreement to lease the space from June 1, 2011 through May 31, 2021 with options to extend the lease through May 31, 2031. The expirations include 5,000 square feet leased by Sleep Train Mattress through April 30, 2011 at Carmel Mountain Plaza, for which Chick-Fil-A has signed an agreement to lease the space from August 2, 2011 through August 31, 2026. The expirations include 3,346 square feet leased by Wella Corporation through March 31, 2011 at The Landmark at One Market, for which Pigment Cosmetics, Inc. has signed an agreement to lease the space from April 1, 2011 through March 31, 2016 with an option to extend the lease through March 31, 2021. The expirations include 45,795 square feet currently leased by Microsoft at The Landmark at One Market, for which Autodesk has signed an agreement to lease the space upon Microsoft's lease termination on December 31, 2012 through December 31, 2017 with an option to extend the lease through December 31, 2024. The expirations include 8,812 square feet leased by the Del Monte Corporation at The Landmark at One Market through March 31, 2011, for which salesforce.com has signed an agreement to lease the space from June 1, 2011 through April 30, 2020 with options to extend the lease through April 30, 2030. The expirations include 1,200 square feet leased by San Diego Wireless through October 31, 2011 at Carmel Mountain Plaza, for which T-Mobile has signed an agreement to lease the space from November 1, 2011 through October 31, 2016.

First Quarter 2011 Supplemental Information Page 24 PORTFOLIO LEASED STATISTICS Size Leased (1) Leased % Size Leased (1) Leased % Overall Portfolio Statistics Retail Properties (square feet) 3,031,032 2,858,588 94.3% 2,784,243 2,622,433 94.2% Office Properties (square feet) 1,816,661 1,697,155 93.4% 1,240,989 1,160,729 93.5% Mixed-Used Properties (square feet) 96,569 94,490 97.8% - - - Mixed-Used Properties (units) 369 323 (6) 87.6% - - - Multifamily Properties (units) 922 849 92.1% 922 806 87.4% Same-Store     Statistics Retail Properties (square feet) 2,784,302 (3) 2,617,523 94.0% 2,784,243 2,622,433 94.2% Office Properties (square feet) 1,240,989 (4) 1,162,503 93.7% 1,240,989 1,160,729 93.5% Mixed-Used Properties (square feet) - (5) - - - - - Mixed-Used Properties (units) - (5) - - - - - Multifamily Properties (units) 922 849 92.1% 922 806 87.4% Notes: (3) Excludes Solana Beach Towne Centre as the controlling interest in this entity was acquired on January 19, 2011. (4) Excludes Solana Beach Corporate Centre as the controlling interest in this entity was acquired on January 19, 2011. First & Main is excluded as it was acquired on March 11, 2011. (5) Excludes the Waikiki Beach Walk property as the controlling interest in this entity was acquired on January 19, 2011. (6) Represents average occupancy for the quarter. (1) Leased square feet includes square feet under lease as of each date, including leases which may not have commenced as of that date. Leased units for our multifamily properties include total units rented as of that date. At March 31, 2011 At December 31, 2010 Type (2) See Glossary of Terms. (2)

First Quarter 2011 Supplemental Information Page 25 TOP TENANTS - RETAIL As of March 31, 2011 Tenant Property(ies) Lease Expiration Total Leased Square Feet Rentable Square Feet as a Percentage of Retail Rentable Square Feet as a Percentage of Total Retail and Office Annualized Base Rent Annualized Base Rent as a Percentage of Retail Annualized Base Rent as a Percentage of Total 1 Lowe's Waikele Center 5/31/18 155,000 5.4% 3.4% $3,992,647 6.2% 3.1% 2 Kmart Waikele Center 6/30/18 119,590 4.2 2.6 3,826,880 5.9 3.0 3 Foodland Super Market Waikele Center 1/25/14 50,000 1.8 1.1 2,337,481 3.6 1.8 4 Sports Authority Carmel Mountain Plaza, Waikele Center 11/30/13 7/18/13 90,722 3.2 2.0 2,076,602 3.2 1.6 5 Ross Dress for Less South Bay Marketplace, Lomas Santa Fe Plaza, Carmel Mountain Plaza 1/31/13 1/31/14 81,125 2.8 1.8 1,595,826 2.5 1.2 6 Borders Alamo Quarry Market, Del Monte Center, Waikele Center 11/30/12 1/31/13 1/31/14 (1) 59,615 2.1 1.3 1,324,500 2.0 1.0 7 Officemax Alamo Quarry Market, Waikele Center 11/30/12 1/31/2014 47,962 1.7 1.1 1,164,761 1.8 0.9 8 Old Navy Waikele Center, Alamo Quarry Market, South Bay Marketplace 7/31/12 9/30/12 4/30/13 59,780 2.1 * * * * 9 Marshalls Solana Beach Towne Centre, Carmel Mountain Plaza 1/13/15 1/31/19 68,055 2.4 1.5 1,106,146 1.7 0.9 10 Vons Lomas Santa Fe Plaza 12/31/17 49,895 1.8 1.1 1,058,000 1.6 0.8 Top 10 Retail Tenants Total 781,744 27.5% 15.9% $18,482,843 28.5% 14.3% * Data withheld at tenant's request. (1) The Borders lease at Waikele Center expires on January 31, 2014. However, Borders will close the store as of May 15, 2011 at which time, they will likely terminate the lease.

First Quarter 2011 Supplemental Information Page 26 TOP TENANTS - OFFICE As of March 31, 2011 Tenant Property(ies) Lease Expiration Total Leased Square Feet Rentable Square Feet as a Percentage of Office Rentable Square Feet as a Percentage of Total Retail and Office Annualized Base Rent Annualized Base Rent as a Percentage of Office Annualized Base Rent as a Percentage of Total 1 salesforce.com The Landmark at One Market 6/30/19 4/30/20 133,782 8.0% 3.0% $7,801,308 12.1% 6.0% 2 Del Monte Corporation The Landmark at One Market 3/31/11 93,110 5.6 2.1 7,521,086 11.7 5.8 3 Insurance Company Of The West Torrey Reserve, Valencia Corporate Center 12/31/16 6/30/19 147,196 8.8 3.3 4,426,695 6.9 3.4 4 DLA Piper Rudnick Gray Cary 160 King Street 2/28/12 69,656 4.2 1.5 3,247,852 5.0 2.5 5 Veterans Benefits Administrations First & Main 8/31/20 93,572 5.6 2.1 3,006,453 4.7 2.3 6 Microsoft The Landmark at One Market 12/31/12 45,795 2.7 1.0 2,930,880 4.5 2.3 7 Autodesk The Landmark at One Market 12/31/15 12/31/17 68,869 4.1 1.5 2,847,100 4.4 2.2 8 Treasury Tax Administration First & Main 8/31/15 70,660 4.2 1.6 2,583,330 4.0 2.0 9 Treasury Call Center First & Main 8/31/20 63,648 3.8 1.4 2,184,302 3.4 1.7 10 California Bank & Trust Torrey Reserve 5/31/2019 10/31/2019 29,985 1.8 0.7 1,323,222 2.0 1.0 Top 10 Office Tenants Total 816,273 48.8% 18.2% $37,872,228 58.7% 29.2%

First Quarter 2011 Supplemental Information APPENDIX

First Quarter 2011 Supplemental Information Page 28 EBITDA: Adjusted EBITDA: GLOSSARY OF TERMS Three Months Ended March 31, 2011 Net income 13,596 $           Depreciation and amortization 12,490 Interest expense 13,079 Income tax expense 251 EBITDA 39,416 $           Three Months Ended March 31, 2011 EBITDA 39,416 $           Early extinguishment of debt 25,867 Loan transfer and consent fees 9,019 Gain on acquisition (46,371) Adjusted EBITDA 27,931 $                           EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate and impairments of real estate, if any. EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should  not  be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDA for the three months ended March 31, 2011 is as follows:                                  Adjusted EBITDA is a non-GAAP measure that begins with EBITDA and includes adjustments for certain items that we believe are not representative of ongoing operating performance. We use Adjusted EBITDA as a supplemental performance measure because losses from early extinguishment of debt, loan transfer and consent fees and gains on acquisitions of controlling interests create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential. The adjustments noted resulted from our initial public offering and formation transactions.                                                         FFO is a supplemental measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts (NAREIT) defines FFO as follows: net income, computed in accordance with GAAP plus depreciation and amortization of real estate assets and excluding extraordinary items and gains and losses on sale of real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance primarily because it excludes the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. Comparison of our presentation FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition of FFO used by such REITs. Funds From Operations (FFO):

First Quarter 2011 Supplemental Information Page 29 FFO As Adjusted as a supplemental performance measure because losses from early extinguishment of debt, loan transfer and consent fees and gains on acquisitions of controlling interests create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential. The adjustments noted resulted from our initial public offering and formation transactions.  However, other REITs may use different methodologies for defining adjustments and, accordingly, our FFO As Adjusted may not be comparable to other REITs. leasing commissions and maintenance capital expenditures, eliminating the net effect of straight-line rents, amortization of above (below) market rents for acquisition properties, the effects of other lease intangibles, adding noncash amortization of deferred financing costs and debt fair value adjustments, adding noncash compensation expense, and adding (subtracting) unrealized losses (gains) on marketable securities. FAD provides an additional perspective on our ability to fund cash needs and make distributions by adjusting FFO for the impact of certain cash and noncash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. However, other REITs may use different methodologies for calculating FAD and, accordingly, our FAD may not be comparable to other REITs. expenses (property expenses and real estate taxes). Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to other REITs. Since NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other nonproperty income and losses, gains and losses from property dispositions, and extraordinary items, it 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. However, NOI should not be viewed as an alternative measure of our financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs, other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the properties, or trends in development and construction activities which are significant economic costs and activities that could materially impact our results from operations. GLOSSARY OF TERMS (CONTINUED) Reconciliation of NOI to Net Income 2011 2010 Total NOI $ 31,891 $ 20,982 General and administrative (3,610) (1,587) Depreciation and amortization (12,490) (7,230) Interest expense (13,079) (10,654) Early extinguishment of debt (25,867) - Loan transfer and consent fees (9,019) - Gain on acquisition 46,371 - Other income (expense), net (601) (987) Net income 13,596 524 Net income attributable to restricted shares (86) - Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities 2,458 430 Net income attributable to Predecessor's controlled owners' equity (16,995) (954) Net loss attributable to unitholders in the Operating Partnership 329 - Net loss attributable to American Assets Trust, Inc. stockholders $      (698) $        - Three Months Ended March 31, FFO As Adjusted is a supplemental measure of real estate companies' operating performances. We use FAD is a supplemental measure of our liquidity. We compute FAD by subtracting from FFO As Adjusted tenant improvements, We define NOI as operating revenues (rental income, tenant reimbursements and other property income) less property and related Funds From Operations As Adjusted (FFO As Adjusted): Funds Available for Distribution (FAD): Net Operating Income (NOI):

First Quarter 2011 Supplemental Information Page 30 GLOSSARY OF TERMS (CONTINUED) Overall Portfolio: Includes all operating properties owned by us as of March 31, 2011. Comparison of Q1 2011 to Q1 2010 Comparison of Q1 2011 to Q4 2010 Same-Store Non-Same Store Same-Store Non-Same Store Carmel Country Plaza X X Carmel Mountain X X South Bay Marketplace X X Rancho Carmel Plaza X X Lomas Santa Fe Plaza X X Solana Beach Towne Centre X X Del Monte Center X X The Shops at Kalakaua X X Waikele Center X X Alamo Quarry Market X X Torrey Reserve X X Solana Beach Corporate Centre X X Valencia Corporate Center X X 160 King Street X X The Landmark at One Market X X First & Main X X Waikiki Beach Walk - Retail X X Waikiki Beach Walk - Embassy Suites™ X X Loma Palisades X X Imperial Beach Gardens X X Mariner's Point X X Santa Fe Park RV Resort X X Sorrento Pointe - Land X X Torrey Reserve - Land X X Solana Beach - Land X X Tenant Improvements and Incentives: Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may also include base building costs (i.e. expansion, escalators or new entrances) which are required to make the space leasable. Incentives include amounts paid to tenants as an inducement to sign a lease that do not represent building improvements. Retail Properties Office Properties Mixed-Use Properties Multifamily Properties Development Properties Same-Store Portfolio and Non-Same Store Portfolio: Information provided on a same-store basis is provided for only those properties that were owned and operated for the entirety of both periods being compared and excludes properties that were redeveloped, expanded or under development and properties purchased or sold at any time during the periods being compared.  The following  table shows the properties included in same-store and non-same store portfolio for the comparative periods presented.