American Assets Trust, Inc.

For the period ended Dec 31, 2025. Filed Feb 6, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 6, 2026

AAT$21.55-0.6%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Cash Flows F-

Consolidated Statements of Cash Flows

	Year ended December 31,
	2025	2024	2023
OPERATING ACTIVITIES
Net income	$71,370	$72,819	$64,690
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred rent revenue and amortization of lease intangibles	920	(5,781)	(7,239)
Depreciation and amortization	127,312	125,461	119,500
Amortization of debt issuance costs and debt discounts	2,891	3,652	3,388
Provision for uncollectable rental income	540	1,517	1,439
Gain on sale of real estate	(44,476)	—	—
Stock-based compensation expense	7,397	7,110	8,838
Settlement of treasury locks	—	(1,345)	—
Other noncash interest expense, net	(1,031)	(377)	(1,149)
Other, net	3,233	1,161	266
Changes in operating assets and liabilities
Change in accounts receivable	726	(1,787)	(870)
Change in other assets	(1,225)	(1,266)	(1,141)
Change in accounts payable and accrued expenses	(1,160)	5,577	765
Change in security deposits payable	931	140	181
Change in other liabilities and deferred credits	(313)	225	83
Net cash provided by operating activities	167,115	207,106	188,751
INVESTING ACTIVITIES
Acquisition of real estate, net	(67,879)	—	—
Capital expenditures	(72,255)	(70,205)	(82,980)
Proceeds from sale of real estate, net of selling costs	117,784	—	—
Leasing commissions	(8,165)	(7,202)	(6,907)
Net cash used in investing activities	(30,515)	(77,407)	(89,887)
FINANCING ACTIVITIES
Proceeds from unsecured line of credit	—	100,000	—
Repayment of unsecured line of credit	—	(100,000)	(36,000)
Proceeds from unsecured term loan	—	—	225,000
Repayment of unsecured term loan	(225,000)	—	(150,000)
Proceeds from unsecured notes payable	—	523,273	—
Repayment of unsecured notes payable	(100,000)	(200,000)	—
Debt issuance costs	(250)	(5,388)	(2,145)
Dividends paid to common stock and unitholders	(105,254)	(103,368)	(101,571)
Shares withheld for employee taxes	(2,393)	(1,445)	(831)
Net cash (used in) provided by financing activities	(432,897)	213,072	(65,547)
Net (decrease) increase in cash, cash equivalents	(296,297)	342,771	33,317
Cash and cash equivalents, beginning of year	425,659	82,888	49,571
Cash and cash equivalents, end of year	$129,362	$425,659	$82,888

Consolidated Balance Sheets

(In Thousands, Except Unit Data)

	December 31,	December 31,
	2025	2024
ASSETS
Real estate, at cost
Operating real estate	$3,694,203	$3,449,009
Construction in progress	68,937	176,868
Held for development	487	487
	3,763,627	3,626,364
Accumulated depreciation	(1,144,259)	(1,038,878)
Net real estate	2,619,368	2,587,486
Cash and cash equivalents	129,362	425,659
Accounts receivable, net	7,407	6,905
Deferred rent receivables, net	84,642	88,059
Other assets, net	80,497	87,737
Real estate assets held for sale	—	77,519
TOTAL ASSETS	$2,921,276	$3,273,365
LIABILITIES AND CAPITAL
LIABILITIES:
Secured notes payable, net	$74,849	$74,759
Unsecured notes payable, net	1,612,761	1,935,756
Accounts payable and accrued expenses	71,094	63,693
Security deposits payable	10,063	8,896
Other liabilities and deferred credits	61,304	62,588
Liabilities related to real estate assets held for sale	—	3,352
Total liabilities	1,830,071	2,149,044
Commitments and contingencies (Note 12)
CAPITAL:
Limited partners' capital, 16,181,537 and 16,181,537 units issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	(60,522)	(53,385)
General partner's capital, 61,390,936 and 61,138,238 units issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	1,149,398	1,171,141
Accumulated other comprehensive income	2,329	6,565
Total capital	1,091,205	1,124,321
TOTAL LIABILITIES AND CAPITAL	$2,921,276	$3,273,365

Consolidated Statements of Comprehensive Income

(In Thousands, Except Units and Per Unit Data)

	Year Ended December 31,
	2025	2024	2023
REVENUE:
Rental income	$410,493	$423,611	$419,373
Other property income	25,711	34,244	21,791
Total revenue	436,204	457,855	441,164
EXPENSES:
Rental expenses	124,601	123,503	118,801
Real estate taxes	44,994	44,224	45,156
General and administrative	37,841	35,468	35,960
Depreciation and amortization	127,312	125,461	119,500
Total operating expenses	334,748	328,656	319,417
Gain on sale of real estate	44,476	—	—
OPERATING INCOME	145,932	129,199	121,747
Interest expense, net	(78,120)	(74,527)	(64,706)
Other income, net	3,558	18,147	7,649
NET INCOME	71,370	72,819	64,690
Net income attributable to restricted shares	(852)	(787)	(761)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, L.P.	$70,518	$72,032	$63,929
EARNINGS PER UNIT - BASIC
Earnings per unit, basic	$0.92	$0.94	$0.84
Weighted average units outstanding, basic	76,736,547	76,514,592	76,340,513
EARNINGS PER UNIT - DILUTED
Earnings per unit, diluted	$0.92	$0.94	$0.84
Weighted average units outstanding, diluted	76,736,547	76,514,592	76,340,513
DISTRIBUTIONS PER UNIT	$1.36	$1.34	$1.32
COMPREHENSIVE INCOME
Net income	$71,370	$72,819	$64,690
Other comprehensive loss - unrealized loss on swap derivatives during the period	(3,205)	(2,748)	(1,827)
Other comprehensive loss - unrealized loss on treasury locks during the period	—	(1,345)	—
Reclassification of amortization of forward starting swaps included in interest expense, net	(1,031)	(377)	(1,149)
Comprehensive income	67,134	68,349	61,714
Comprehensive income attributable to Limited Partners	(13,975)	(14,286)	(12,917)
Comprehensive income attributable to General Partner	$53,159	$54,063	$48,797

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