8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

_________________________

FORM 8-K_________________________

CURRENT REPORTPursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):

April 26, 2016

_________________________

American Assets Trust, Inc.

(Exact name of registrant as specified in its charter)

_________________________

Maryland (State or other jurisdiction of incorporation)	001-35030 (Commission File No.)		27-3338708 (I.R.S. Employer Identification No.)
11455 El Camino Real, Suite 200 San Diego, California 92130 (Address of principal executive offices)		92130  (Zip Code)
(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:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 26, 2016, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter endingMarch 31, 2016. Also on April 26, 2016, the Company made available on its website at www.americanassetstrust.com certain supplemental information concerning the Company’s financial results and operations for the quarter endingMarch 31, 2016. 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.

Item 7.01 Regulation FD Disclosure.

As discussed in Item 2.02 above, the Company issued a press release regarding its financial results for the quarter endingMarch 31, 2016 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.

Item 9.01 Financial Statements and Exhibits.

(d)    Exhibits:

The following exhibits are filed herewith:

ExhibitNumber	Exhibit Description
99.1**	Press release issued by American Assets Trust, Inc. on April 26, 2016.
99.2**	American Assets Trust, Inc. Supplemental Information for the quarter ended March 31, 2016.

_____________________

** Furnished herewith

2

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.

	American Assets Trust, Inc.
	By:	/s/ Robert F. Barton
	Robert F. Barton Executive Vice President, CFO
April 26, 2016

3

EXHIBIT INDEX

Exhibit Number	Exhibit Description
99.1	Press release issued by American Assets Trust, Inc. on April 26, 2016.
99.2	American Assets Trust, Inc. Supplemental Information for the quarter ended March 31, 2016.

4

EX-99.1

American Assets Trust, Inc. Reports First Quarter 2016 Financial Results

FFO per share increases 5% year-over-year for the three months ended March 31, 2016

Same-Store Cash NOI increases 7% year-over-year for the three months ended March 31, 2016

SAN DIEGO, California - 4/26/2016 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its first quarter ended March 31, 2016.

Financial Results and Recent Developments

• Funds From Operations increased 5% year-over-year to $0.45 per diluted share for the three months ended March 31, 2016 compared to the same period in 2015

• Net income available to common stockholders of $7.7 million for the three months ended March 31, 2016, or $0.17 per diluted share

• Same-store cash and GAAP NOI increased 7% and 5%, respectively, for the three months ended March 31, 2016 compared to the same period in 2015

• Entered into a new $100 million seven-year unsecured term loan with an interest rate fixed at approximately 3.15% (subject to adjustments based on our consolidated leverage ratio) as a result of an interest rate swap

• Leased approximately 52,100 comparable office square feet at an average cash-basis and GAAP-basis contractual rent increase of 9% and 18%, respectively, during the three months ended March 31, 2016

• Leased approximately 81,100 comparable retail square feet at an average cash-basis and GAAP-basis contractual rent increase of 2% and 9%, respectively, during the three months ended March 31, 2016

During the first quarter of 2016, the company generated funds from operations (“FFO”) for common stockholders of $28.1 million, or $0.45 per diluted share, compared to $26.4 million, or $0.43 per diluted share, for the quarter ended March 31, 2015. The increase in FFO from the corresponding period in 2015 was primarily due to additional operating income from Hassalo on Eighth and growth in same-store net operating income from our existing portfolio.

Net income attributable to common stockholders was $7.7 million, or $0.17 per basic and diluted share for the three months ended March 31, 2016 compared to $8.0 million, or $0.18 per basic and diluted share for the three months ended March 31, 2015. The decrease in net income attributable to common stockholders from the corresponding period in 2015 was primarily due to an increase in depreciation and amortization expense and interest expense during the three months ended March 31, 2016 attributed to the completion of Hassalo on Eighth, which was completed during the third and fourth quarters of 2015.

FFO is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of FFO to net income is attached to this press release.

1

Portfolio Results

The portfolio leased status as of the end of the indicated quarter was as follows:

	March 31, 2016	December 31, 2015	March 31, 2015
Total Portfolio
Retail	98.6%	98.6%	98.5%
Office	91.3%	92.4%	92.7%
Multifamily (1)	79.4%	73.4%	96.4%
Mixed-Use:
Retail	97.8%	100.0%	100.0%
Hotel	87.0%	89.6%	89.0%
Same-Store Portfolio
Retail	98.6%	98.6%	98.5%
Office	98.1%	98.1%	96.0%
Multifamily (1)	96.4%	95.6%	96.4%
Mixed-Use:
Retail	97.8%	100.0%	100.0%
Hotel	87.0%	89.6%	89.0%

(1) Total multifamily leased percentage at March 31, 2016 and December 31, 2015 includes Hassalo on Eighth, which became available for occupancy in July and October of 2015. Same-store multifamily leased percentages exclude Hassalo on Eighth.

During the first quarter of 2016, the company signed 44 leases for approximately 172,000 square feet of retail and office space, as well as 305 multifamily apartment leases. Renewals accounted for 100.0% of the comparable retail leases, 73.7% of the comparable office leases and 24.3% of the residential leases.

Retail and Office

On a comparable space basis (i.e. leases for which there was a former tenant) during the first quarter of 2016 and trailing four quarters ending March 31, 2016, our retail and office leasing spreads are shown below:

		Number of Leases Signed	Comparable Leased Sq. Ft.	Average Cash Basis % Change Over Prior Rent	Average Cash Contractual Rent Per Sq. Ft.	Prior Average Cash Contractual Rent Per Sq. Ft.	GAAP Straight-Line Basis % Change Over Prior Rent
Retail	Q1 2016	16	81,100	2.1%	$34.54	$33.82	9.1%
	Last 4 Quarters	65	286,200	10.7%	$31.01	$28.02	17.5%
Office	Q1 2016	19	52,100	9.3%	$41.38	$37.87	17.6%
	Last 4 Quarters	65	328,500	21.2%	$46.44	$38.33	29.7%

Multifamily

As of March 31, 2016, Hassalo on Eighth was approximately 55% leased with average monthly base rent per leased unit of $1,405.

To date, we have leased 163 of the Velomor building's 177 units, or approximately 92%; 201 of Aster Tower's 337 units, or approximately 60%; and 90 of the Elwood building's 143 units, or approximately 63%. In total, to date, we have leased 454 units of 657 units at Hassalo on Eighth, or approximately 69%. We expect stabilization of all three multifamily buildings to be achieved during the second half of 2016.

At March 31, 2016, the average monthly base rent per leased unit for same-store properties was $1,695 compared to an average monthly base rent per leased unit of $1,515 at March 31, 2015, an increase of approximately 12%.

2

Same-Store Operating Income

For the three months ended March 31, 2016, same-store property operating income increased 7.1% on a cash basis compared to the corresponding period in 2015. For the three months ended March 31, 2016, same-store property operating income increased 5.0% on a GAAP basis compared to the corresponding period in 2015. The same-store property operating income by segment was as follows (in thousands):

	Three Months Ended (1)
	March 31,
	2016		2015		Change
Cash Basis:
Retail	$	18,183	$	17,595	3.3	%
Office	12,573		11,247		11.8
Multifamily	3,119		2,826		10.4
Mixed-Use	6,242		5,797		7.7
	$	40,117	$	37,465	7.1	%
GAAP Basis:
Retail	$	18,344	$	17,876	2.6	%
Office	13,020		12,371		5.2
Multifamily	3,119		2,826		10.4
Mixed-Use	6,262		5,747		9.0
	$	40,745	$	38,820	5.0	%

(1) Same-store portfolio excludes (i) Torrey Reserve Campus and Lloyd District Portfolio due to significant redevelopment activity during the period; (ii) Rancho Carmel Plaza as it was sold on August 6, 2015; (iii) Hassalo on Eighth, which became available for occupancy in July and October of 2015; and (iv) land held for development.

On a same-store basis, retail property operating income increased for the three months ended March 31, 2016 compared to the same period in 2015 primarily due to higher annualized base rents, specifically at Waikele Center and Alamo Quarry Market.

On a same-store basis, office property operating income increased for the three months ended March 31, 2016 compared to the same period in 2015 primarily due to higher annualized base rents, specifically at The Landmark at One Market and First & Main, partially offset by an increase in rental expenses and real estate taxes during the period.

On a same-store basis, multifamily property operating income increased for the three months ended March 31, 2016 compared to the corresponding period in 2015 primarily due to an increase in average monthly base rent during 2016.

On a same-store basis, mixed-use property operating income increased for the three months ended March 31, 2016 compared to the corresponding period in 2015 primarily due to higher revenue per available room at the hotel portion of our mixed-use property and higher annualized base rents at the retail portion of our mixed-use property.

Development

Our development efforts at Torrey Point are ongoing with plans including two Class A office buildings of approximately 90,000 square feet in the aggregate, with panoramic unobstructed views of the Torrey Pines State Park Beach, Torrey Reserve and the Pacific Ocean. Projected costs of the development at Torrey Point are approximately $53 million, of which approximately $17 million has been incurred to date. We expect to incur the remaining costs for development of Torrey Point in 2016 and 2017. We expect the Torrey Point development to be stabilized in 2018 with an estimated stabilized cash yield of approximately 7.5% to 8.6%.

Our development opportunities are subject to market conditions and actual results may vary.

3

Term Loan

On March 1, 2016, we entered into a Term Loan Agreement which provides for a new seven-year unsecured term loan of $100 million that matures March 1, 2023.

Prior to entry into the Term Loan Agreement, the company entered into an interest rate swap agreement that is intended to fix the interest rate associated with the Term Loan at approximately 3.15% through its maturity date, subject to adjustments based on the company’s consolidated leverage ratio.

Balance Sheet and Liquidity

At March 31, 2016, the company had gross real estate assets of $2.3 billion and liquidity of $274.0 million, comprised of cash and cash equivalents of $44.0 million and $230.0 million of availability on its line of credit.

Dividends

The company declared dividends on its shares of common stock of $0.25 per share for the first quarter of 2016. The dividends were paid on March 25, 2016.

In addition, the company has declared a dividend on its common stock of $0.25 per share for the quarter ending June 30, 2016. The dividend will be paid on June 24, 2016 to stockholders of record on June 10, 2016.

Guidance

The company reaffirms its guidance for full year 2016 FFO per diluted share of a range of $1.82 to $1.88 per share. The company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, future debt financings or repayments.

The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, including certain assumptions with respect to leasing activity, rental rates, occupancy levels, interest rates and the amount and timing of acquisition and development activities. The company's actual results may differ materially from these estimates.

Conference Call

The company will hold a conference call to discuss the results for the first quarter of 2016 on Wednesday, April 27, 2016 at 8:00 a.m. Pacific Time (“PT”). To participate in the event by telephone, please dial 1-877-868-5513 and use the pass code 85931744. A telephonic replay of the conference call will be available beginning at 12:00 p.m. PT on Wednesday, April 27, 2016 through Wednesday, May 4, 2016. To access the replay, dial 1-800-585-8367 and use the pass code 85931744. 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 2016 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.

4

Financial Information

American Assets Trust, Inc.

Consolidated Balance Sheets

(In Thousands, Except Share Data)

	March 31, 2016			December 31, 2015
Assets		(unaudited)
Real estate, at cost
Operating real estate	$	2,167,426		$	2,163,444
Construction in progress		86,189			73,121
Held for development		9,461			9,463
		2,263,076			2,246,028
Accumulated depreciation		(426,076	)		(411,166	)
Net real estate		1,837,000			1,834,862
Cash and cash equivalents		44,007			39,925
Restricted cash		9,295			11,623
Accounts receivable, net		7,586			7,518
Deferred rent receivables, net		38,633			38,422
Other assets, net		41,305			41,939
Total assets	$	1,977,826		$	1,974,289
Liabilities and equity
Liabilities:
Secured notes payable, net	$	494,883		$	579,000
Unsecured notes payable, net		545,883			446,613
Unsecured line of credit		20,000			30,000
Accounts payable and accrued expenses		37,014			31,821
Security deposits payable		6,065			5,956
Other liabilities and deferred credits, net		53,580			51,972
Total liabilities		1,157,425			1,145,362
Commitments and contingencies
Equity:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 45,407,402 and 45,407,719 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively		454			454
Additional paid-in capital		864,038			863,432
Accumulated dividends in excess of net income		(67,724	)		(64,066	)
Accumulated other comprehensive (loss) income		(3,143	)		(258	)
Total American Assets Trust, Inc. stockholders' equity		793,625			799,562
Noncontrolling interests		26,776			29,365
Total equity		820,401			828,927
Total liabilities and equity	$	1,977,826		$	1,974,289

5

American Assets Trust, Inc.

Unaudited Consolidated Statements of Income

(In Thousands, Except Shares and Per Share Data)

	Three Months Ended March 31,
	2016			2015
Revenue:
Rental income	$	67,245		$	62,753
Other property income	3,486			3,282
Total revenue	70,731			66,035
Expenses:
Rental expenses	18,453			16,620
Real estate taxes	6,633			6,048
General and administrative	4,549			5,016
Depreciation and amortization	17,453			15,107
Total operating expenses	47,088			42,791
Operating income	23,643			23,244
Interest expense	(12,946		)	(11,795		)
Other income (expense), net	24			(70		)
Net income	10,721			11,379
Net income attributable to restricted shares	(43		)	(43		)
Net income attributable to unitholders in the Operating Partnership	(3,027		)	(3,309		)
Net income attributable to American Assets Trust, Inc. stockholders	$	7,651		$	8,027
Net income per share
Basic income attributable to common stockholders per share	$	0.17		$	0.18
Weighted average shares of common stock outstanding - basic	45,233,873			43,419,762
Diluted income attributable to common stockholders per share	$	0.17		$	0.18
Weighted average shares of common stock outstanding - diluted	63,133,389			61,321,447
Dividends declared per common share	$	0.25		$	0.2325

6

Reconciliation of Net Income to Funds From Operations

The company's FFO attributable to common stockholders and operating partnership unitholders and reconciliation to net income is as follows (in thousands except shares and per share data):

	Three Months Ended
	March 31, 2016
Funds From Operations (FFO)
Net income	$	10,721
Depreciation and amortization of real estate assets		17,453
FFO, as defined by NAREIT	$	28,174
Less: Nonforfeitable dividends on incentive stock awards		(42	)
FFO attributable to common stock and units	$	28,132
FFO per diluted share/unit	$	0.45
Weighted average number of common shares and units, diluted		63,136,341

Reported results are preliminary and not final until the filing of the company's Form 10-K with the Securities and Exchange Commission and, therefore, remain subject to adjustment.

Use of Non-GAAP Information

The company calculates 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, impairment losses, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

FFO is a supplemental non-GAAP financial measure. Management uses FFO as a supplemental performance measure because it believes that FFO is beneficial to investors as a starting point in measuring the company's 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. The company also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare the company's operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of the company's properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the company's properties, all of which have real economic effects and could materially impact the company's results from operations, the utility of FFO as a measure of the company's performance is limited. In addition, other equity REITs may not calculate FFO in accordance with the NAREIT definition as the company does, and, accordingly, the company's FFO may not be comparable to such other REITs' FFO. Accordingly, FFO should be considered only as a supplement to net income as a measure of the company's performance. FFO should not be used as a measure of the company's liquidity, nor is it indicative of funds available to fund the company's cash needs, including the company's 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.

7

About American Assets Trust, Inc.

American Assets Trust, Inc. (the “company”) is a full service, vertically integrated and self-administered real estate investment trust, or REIT, headquartered in San Diego, California. The company is celebrating its 50th year of acquiring, improving, developing and managing premier retail, office and residential properties throughout the United States in some of the nation’s most dynamic, high-barrier-to-entry markets primarily in Southern California, Northern California, Oregon, Washington and Hawaii.  The company's retail portfolio comprises approximately 3.0 million rentable square feet, and its office portfolio comprises approximately 2.7 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 1,579 multifamily units. In 2011, 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. For additional information, please 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 most recent annual report on Form 10-K, 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

8

EX-99.2

FIRST QUARTER 2016

Supplemental Information

Investor and Media Contact
American Assets Trust
Robert F. Barton
Executive Vice President and Chief Financial Officer
858-350-2607

American Assets Trust, Inc.'s Portfolio is concentrated in high-barrier-to-entry markets

with favorable supply/demand characteristics

		Retail	Office	Multifamily		Mixed-Use
	Market	Square Feet	Square Feet	Units		Square Feet	Suites
	San Diego	1,195,690	705,650	922	(1)	—	—
	San Francisco	35,156	516,985	—		—	—
	Oahu	549,308	—	—		96,707	369
	Monterey	675,678	—	—		—	—
	San Antonio	589,362	—	—		—	—
	Portland	—	941,186	657		—	—
	Seattle	—	494,753	—		—	—
	Total	3,045,194	2,658,574	1,579		96,707	369

		Square Feet		%
Note: Circled areas represent all markets in which American Assets Trust, Inc. (the "Company") currently owns and operates its real estate assets. Size of circle denotes approximation of square feet / units. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.	Retail	3.0	million	53%
	Office	2.7	million	47%
Data is as of March 31, 2016.	Totals	5.7	million
(1) Includes 122 RV spaces.

First Quarter 2016 Supplemental Information                                Page 2

INDEX

	FIRST QUARTER 2016 SUPPLEMENTAL INFORMATION
1.	FINANCIAL HIGHLIGHTS
	Consolidated Balance Sheets	5
	Consolidated Statements of Income	6
	Funds From Operations (FFO), FFO As Adjusted & Funds Available for Distribution	7
	Same-Store Portfolio Net Operating Income (NOI)	9
	Same-Store Portfolio NOI Comparison excluding Redevelopment	10
	Same-Store Portfolio NOI Comparison with Redevelopment	11
	NOI By Region	12
	NOI Breakdown	13
	Property Revenue and Operating Expenses	14
	Segment Capital Expenditures	16
	Summary of Outstanding Debt	17
	Market Capitalization	18
	Summary of Development Opportunities	19
2.	PORTFOLIO DATA
	Property Report	21
	Retail Leasing Summary	23
	Office Leasing Summary	24
	Multifamily Leasing Summary	25
	Mixed-Use Leasing Summary	27
	Lease Expirations	28
	Portfolio Leased Statistics	30
	Top Tenants - Retail	31
	Top Tenants - Office	32
3.	APPENDIX
	Glossary of Terms	34

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; difficulties in completing dispositions; our failure to successfully operate acquired properties and operations; our inability to develop or redevelop our properties due to market conditions; 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, office, multifamily and mixed-use environment; the competitive environment in which we operate; decreased rental rates or increased vacancy rates; conflicts of interests with our officers or directors; 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, or 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 most recent Annual Report on Form 10-K and other risks described in documents subsequently filed by us from time to time with the Securities and Exchange Commission.

First Quarter 2016 Supplemental Information                                Page 3

FINANCIAL HIGHLIGHTS

First Quarter 2016 Supplemental Information                                Page 4

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except shares and per share data)	March 31, 2016			December 31, 2015
	(unaudited)			(audited)
ASSETS
Real estate, at cost
Operating real estate	$	2,167,426		$	2,163,444
Construction in progress	86,189			73,121
Held for development	9,461			9,463
	2,263,076			2,246,028
Accumulated depreciation	(426,076		)	(411,166		)
Net real estate	1,837,000			1,834,862
Cash and cash equivalents	44,007			39,925
Restricted cash	9,295			11,623
Accounts receivable, net	7,586			7,518
Deferred rent receivable, net	38,633			38,422
Other assets, net	41,305			41,939
TOTAL ASSETS	$	1,977,826		$	1,974,289
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net	$	494,883		$	579,000
Unsecured notes payable, net	545,883			446,613
Unsecured line of credit	20,000			30,000
Accounts payable and accrued expenses	37,014			31,821
Security deposits payable	6,065			5,956
Other liabilities and deferred credits, net	53,580			51,972
Total liabilities	1,157,425			1,145,362
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 45,407,402 and 45,407,719 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively	454			454
Additional paid in capital	864,038			863,432
Accumulated dividends in excess of net income	(67,724		)	(64,066		)
Accumulated other comprehensive income	(3,143		)	(258		)
Total American Assets Trust, Inc. stockholders' equity	793,625			799,562
Noncontrolling interests	26,776			29,365
Total equity	820,401			828,927
TOTAL LIABILITIES AND EQUITY	$	1,977,826		$	1,974,289

First Quarter 2016 Supplemental Information                                Page 5

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended
	March 31,
	2016			2015
REVENUE:
Rental income	$	67,245		$	62,753
Other property income	3,486			3,282
Total revenue	70,731			66,035
EXPENSES:
Rental expenses	18,453			16,620
Real estate taxes	6,633			6,048
General and administrative	4,549			5,016
Depreciation and amortization	17,453			15,107
Total operating expenses	47,088			42,791
OPERATING INCOME	23,643			23,244
Interest expense	(12,946		)	(11,795		)
Other income (expense), net	24			(70		)
NET INCOME	10,721			11,379
Net income attributable to restricted shares	(43		)	(43		)
Net income attributable to unitholders in the Operating Partnership	(3,027		)	(3,309		)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$	7,651		$	8,027
EARNINGS PER COMMON SHARE
Basic income attributable to common stockholders per share	$	0.17		$	0.18
Weighted average shares of common stock outstanding - basic	45,233,873			43,419,762
Diluted income attributable to common stockholders per share	$	0.17		$	0.18
Weighted average shares of common stock outstanding - diluted	63,133,389			61,321,447

First Quarter 2016 Supplemental Information                                Page 6

FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION

(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended
	March 31,
	2016			2015
Funds from Operations (FFO)(1)
Net income	$	10,721		$	11,379
Depreciation and amortization of real estate assets	17,453			15,107
FFO, as defined by NAREIT	28,174			26,486
Less: Nonforfeitable dividends on incentive stock awards	(42		)	(40		)
FFO attributable to common stock and common units	$	28,132		$	26,446
FFO per diluted share/unit	$	0.45		$	0.43
Weighted average number of common shares and common units, diluted (2)	63,136,341			61,329,952
Funds Available for Distribution (FAD)(1)	$	21,381		$	20,244
Dividends
Dividends declared and paid	$	15,827		$	14,350
Dividends declared and paid per share/unit	$	0.2500		$	0.2325

First Quarter 2016 Supplemental Information                                Page 7

FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)

(Unaudited, amounts in thousands, except shares and per share data)	Three Months Ended
	March 31,
	2016			2015
Funds Available for Distribution (FAD)(1)
FFO	$	28,174		$	26,486
Adjustments:
Tenant improvements, leasing commissions and maintenance capital expenditures	(7,549		)	(6,722		)
Net effect of straight-line rents (3)	(250		)	(707		)
Amortization of net above (below) market rents (4)	(830		)	(728		)
Net effect of other lease intangibles (5)	135			20
Amortization of debt issuance costs and debt fair value adjustment	1,125			1,045
Non-cash compensation expense	618			890
Nonforfeitable dividends on incentive stock awards	(42		)	(40		)
FAD	$	21,381		$	20,244
Summary of Capital Expenditures
Tenant improvements and leasing commissions	$	2,716		$	4,436
Maintenance capital expenditures	4,833			2,286
	$	7,549		$	6,722

Notes:

(1) See Glossary of Terms.

(2) For the three months ended March 31, 2016 and 2015, the weighted average common shares and common units used to compute FFO per diluted share/unit include operating partnership common units and unvested restricted stock awards that are subject to time vesting. The shares/units used to compute FFO per diluted share/unit include additional shares/units which were excluded from the computation of diluted EPS, as they were anti-dilutive for the periods presented.

(3) 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.

(4) Represents the adjustment related to the acquisition of buildings with above (below) market rents.

(5) 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.

First Quarter 2016 Supplemental Information                                Page 8

SAME-STORE PORTFOLIO NET OPERATING INCOME (NOI)

(Unaudited, amounts in thousands)	Three Months Ended March 31, 2016
	Retail			Office			Multifamily		Mixed-Use			Total
Real estate rental revenue
Same-store portfolio	$	24,364		$	18,133		$	4,706	$	14,746		$	61,949
Non-same store portfolio (1)	7			7,187			1,588		—			8,782
Total	24,371			25,320			6,294		14,746			70,731
Real estate expenses
Same-store portfolio	6,020			5,113			1,587		8,484			21,204
Non-same store portfolio (1)	60			2,589			1,233		—			3,882
Total	6,080			7,702			2,820		8,484			25,086
Net Operating Income (NOI), GAAP basis
Same-store portfolio	18,344			13,020			3,119		6,262			40,745
Non-same store portfolio (1)	(53		)	4,598			355		—			4,900
Total	$	18,291		$	17,618		$	3,474	$	6,262		$	45,645
Same-store portfolio NOI, GAAP basis	$	18,344		$	13,020		$	3,119	$	6,262		$	40,745
Net effect of straight-line rents (2)	157			65			—		(33		)	189
Amortization of net above (below) market rents (3)	(318		)	(588		)	—		50			(856		)
Net effect of other lease intangibles (4)	—			76			—		(37		)	39
Same-store portfolio NOI, cash basis	$	18,183		$	12,573		$	3,119	$	6,242		$	40,117

Notes:

(1) Same-store portfolio and non-same store portfolio are determined based on properties held on March 31, 2016 and 2015. See Glossary of Terms.

(2) 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.

(3) Represents the adjustment related to the acquisition of buildings with above (below) market rents.

(4) Represents adjustments related to amortization of lease incentives paid to tenants and amortization of lease intangibles and straight-line rent expense for our lease of the Annex at The Landmark at One Market and retail space at Waikiki Beach Walk - Retail.

First Quarter 2016 Supplemental Information                                Page 9

SAME-STORE PORTFOLIO NOI COMPARISON EXCLUDING REDEVELOPMENT

(Unaudited, amounts in thousands)	Three Months Ended
	March 31,
	2016		2015		Change
Cash Basis:
Retail	$	18,183	$	17,595	3.3	%
Office	12,573		11,247		11.8
Multifamily	3,119		2,826		10.4
Mixed-Use	6,242		5,797		7.7
	$	40,117	$	37,465	7.1	%
GAAP Basis:
Retail	$	18,344	$	17,876	2.6	%
Office	13,020		12,371		5.2
Multifamily	3,119		2,826		10.4
Mixed-Use	6,262		5,747		9.0
	$	40,745	$	38,820	5.0	%

First Quarter 2016 Supplemental Information                                Page 10

SAME-STORE PORTFOLIO NOI COMPARISON WITH REDEVELOPMENT

(Unaudited, amounts in thousands)	Three Months Ended
	March 31,
	2016		2015		Change
Cash Basis:
Retail	$	18,183	$	17,595	3.3	%
Office	16,917		15,573		8.6
Multifamily	3,119		2,826		10.4
Mixed-Use	6,242		5,797		7.7
	$	44,461	$	41,791	6.4	%
GAAP Basis:
Retail	$	18,344	$	17,876	2.6	%
Office	17,616		16,758		5.1
Multifamily	3,119		2,826		10.4
Mixed-Use	6,262		5,747		9.0
	$	45,341	$	43,207	4.9	%

First Quarter 2016 Supplemental Information                                Page 11

NOI BY REGION

(Unaudited, amounts in thousands)	Three Months Ended March 31, 2016
	Retail			Office			Multifamily			Mixed-Use			Total
Southern California
NOI, GAAP basis (1)	$	7,623		$	4,277		$	3,118		$	—		$	15,018
Net effect of straight-line rents (2)	25			(310		)	—			—			(285		)
Amortization of net above (below) market rents (3)	(198		)	—			—			—			(198		)
Net effect of other lease intangibles (4)	—			93			—			—			93
NOI, cash basis	7,450			4,060			3,118			—			14,628
Northern California
NOI, GAAP basis (1)	2,700			4,925			—			—			7,625
Net effect of straight-line rents (2)	27			224			—			—			251
Amortization of net above (below) market rents (3)	(97		)	(194		)	—			—			(291		)
Net effect of other lease intangibles (4)	—			74			—			—			74
NOI, cash basis	2,630			5,029			—			—			7,659
Hawaii
NOI, GAAP basis (1)	4,559			—			—			6,262			10,821
Net effect of straight-line rents (2)	144			—			—			(33		)	111
Amortization of net above (below) market rents (3)	53			—			—			50			103
Net effect of other lease intangibles (4)	—			—			—			(37		)	(37		)
NOI, cash basis	4,756			—			—			6,242			10,998
Oregon
NOI, GAAP basis (1)	—			4,142			356			—			4,498
Net effect of straight-line rents (2)	—			(240		)	(67		)	—			(307		)
Amortization of net above (below) market rents (3)	—			(70		)	—			—			(70		)
Net effect of other lease intangibles (4)	—			5			—			—			5
NOI, cash basis	—			3,837			289			—			4,126
Texas
NOI, GAAP basis (1)	3,409			—			—			—			3,409
Net effect of straight-line rents (2)	(39		)	—			—			—			(39		)
Amortization of net above (below) market rents (3)	(76		)	—			—			—			(76		)
NOI, cash basis	3,294			—			—			—			3,294
Washington
NOI, GAAP basis (1)	—			4,274			—			—			4,274
Net effect of straight-line rents (2)	—			19			—			—			19
Amortization of net above (below) market rents (3)	—			(298		)	—			—			(298		)
NOI, cash basis	—			3,995			—			—			3,995
Total
NOI, GAAP basis (1)	18,291			17,618			3,474			6,262			45,645
Net effect of straight-line rents (2)	157			(307		)	(67		)	(33		)	(250		)
Amortization of net above (below) market rents (3)	(318		)	(562		)	—			50			(830		)
Net effect of other lease intangibles (4)	—			172			—			(37		)	135
NOI, cash basis	$	18,130		$	16,921		$	3,407		$	6,242		$	44,700

Notes:

(1) See Glossary of Terms.

(2) 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.

(3) Represents the adjustment related to the acquisition of buildings with above (below) market rents.

(4) 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.

First Quarter 2016 Supplemental Information                                Page 12

NOI BREAKDOWN

Three Months Ended March 31, 2016

Portfolio NOI, Cash Basis Breakdown

Portfolio Diversification by Geographic Region

Portfolio NOI, GAAP Basis Breakdown

Portfolio Diversification by Geographic Region

Portfolio Diversification by Segment

Portfolio Diversification by Segment

First Quarter 2016 Supplemental Information                                Page 13

PROPERTY REVENUE AND OPERATING EXPENSES

(Unaudited, amounts in thousands)	Three Months Ended March 31, 2016
			Additional				Property
			Property		Billed Expense		Operating
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)
Retail Portfolio
Carmel Country Plaza	$	911	$	18	$	201	$	(172	)
Carmel Mountain Plaza	3,077		41		733		(749		)
South Bay Marketplace	566		31		163		(153		)
Lomas Santa Fe Plaza	1,318		12		298		(327		)
Solana Beach Towne Centre	1,508		15		468		(442		)
Del Monte Center	2,399		188		833		(1,088		)
Geary Marketplace	299		1		145		(147		)
The Shops at Kalakaua	469		24		35		(65		)
Waikele Center	4,295		339		994		(1,335		)
Alamo Quarry Market	3,403		39		1,397		(1,545		)
Subtotal Retail Portfolio	$	18,245	$	708	$	5,267	$	(6,023	)
Office Portfolio
Torrey Reserve Campus (5)	$	4,214	$	39	$	161	$	(1,209	)
Solana Beach Corporate Centre	1,886		3		68		(511		)
The Landmark at One Market	5,923		26		118		(1,919		)
One Beach Street	982		—		70		(171		)
First & Main	2,561		165		602		(1,067		)
Lloyd District Portfolio (5)	2,545		460		35		(1,383		)
City Center Bellevue	4,259		706		399		(1,369		)
Subtotal Office Portfolio	$	22,370	$	1,399	$	1,453	$	(7,629	)
Multifamily Portfolio
Loma Palisades	$	2,961	$	179	$	—	$	(1,019	)
Imperial Beach Gardens	783		66		—		(291		)
Mariner's Point	370		29		—		(129		)
Santa Fe Park RV Resort	292		25		—		(148		)
Hassalo on Eighth (6)	1,537		155		—		(1,232		)
Subtotal Multifamily Portfolio	$	5,943	$	454	$	—	$	(2,819	)

First Quarter 2016 Supplemental Information                                Page 14

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(Unaudited, amounts in thousands)	Three Months Ended March 31, 2016
			Additional				Property
			Property		Billed Expense		Operating
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)
Mixed-Use Portfolio
Waikiki Beach Walk - Retail	$	2,689	$	1,079	$	921	$	(1,530	)
Waikiki Beach Walk - Embassy Suites™	9,419		673		—		(7,009		)
Subtotal Mixed-Use Portfolio	$	12,108	$	1,752	$	921	$	(8,539	)
Total	$	58,666	$	4,313	$	7,641	$	(25,009	)

Notes:

(1) 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, 2016 (before abatements) and excludes the impact of straight-line rent and above (below) market rent adjustments. Total abatements for our retail and office portfolio were approximately $14 and $674, respectively, for the three months ended March 31, 2016. There were no abatements for the retail portion of our mixed-use portfolio for the three months ended March 31, 2016. 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). There were $171 of abatements for our multifamily portfolio for the three months ended March 31, 2016. For Waikiki Beach Walk - Embassy Suites^TM, base rent is equal to the actual room revenue for the three months ended March 31, 2016.

(2) Represents additional property-related income for the three months ended March 31, 2016, which includes: (i) percentage rent, (ii) other rent (such as storage rent, 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).

(3) Represents billed tenant expense reimbursements for the three months ended March 31, 2016.

(4) Represents property operating expenses for the three months ended March 31, 2016. Property operating expenses includes all rental expenses, except non cash rent expense and the provision for bad debt recorded for deferred rent receivables.

(5) Base rent shown includes amounts related to American Assets Trust, L.P.'s leases at Torrey Reserve Campus and Lloyd District Portfolio. This intercompany rent is eliminated in the consolidated statement of operations. The base rent and abatements were both $238 for the three months ended March 31, 2016.

(6) The Hassalo on Eighth property is comprised of three multifamily buildings: Velomor, Aster Tower and Elwood.

First Quarter 2016 Supplemental Information                                Page 15

SEGMENT CAPITAL EXPENDITURES

(Unaudited, amounts in thousands)	Three Months Ended March 31, 2016
Segment	Tenant Improvements and Leasing Commissions		Maintenance Capital Expenditures		Total Tenant Improvements, Leasing Commissions and Maintenance Capital Expenditures		Redevelopment and Expansions		New Development		Total Capital Expenditures
Retail Portfolio	$	902	$	570	$	1,472	$	—	$	3,942	$	5,414
Office Portfolio	1,756		3,624		5,380		211		5,338		10,929
Multifamily Portfolio	—		632		632		—		712		1,344
Mixed-Use Portfolio	58		7		65		—		—		65
Total	$	2,716	$	4,833	$	7,549	$	211	$	9,992	$	17,752

First Quarter 2016 Supplemental Information                                Page 16

SUMMARY OF OUTSTANDING DEBT

(Unaudited, amounts in thousands)	Amount
	Outstanding at				Annual Debt			Balance at
Debt	March 31, 2016		Interest Rate		Service		Maturity Date	Maturity
Imperial Beach Gardens (1)	20,000		6.16	%	20,630		September 1, 2016	20,000
Mariner's Point (1)	7,700		6.09	%	7,940		September 1, 2016	7,700
South Bay Marketplace (1)	23,000		5.48	%	24,176		February 10, 2017	23,000
Waikiki Beach Walk - Retail (1)	130,310		5.39	%	7,117		July 1, 2017	130,310
Solana Beach Corporate Centre III-IV (2)	35,800		6.39	%	2,798		August 1, 2017	35,136
Loma Palisades (1)	73,744		6.09	%	4,553		July 1, 2018	73,744
One Beach Street (1)	21,900		3.94	%	875		April 1, 2019	21,900
Torrey Reserve - North Court (2)	20,664		7.22	%	1,836		June 1, 2019	19,443
Torrey Reserve - VCI, VCII, VCIII (2)	6,968		6.36	%	560		June 1, 2020	6,439
Solana Beach Corporate Centre I-II (2)	11,072		5.91	%	855		June 1, 2020	10,169
Solana Beach Towne Centre (2)	36,905		5.91	%	2,849		June 1, 2020	33,898
City Center Bellevue (1)	111,000		3.98	%	4,479		November 1, 2022	111,000
Secured Notes Payable / Weighted Average (3)	$	499,063	5.37	%	$	78,668		$	492,739
Series A Notes (4)	$	150,000	3.88	%	$	6,060	October 31, 2021	$	150,000
Series B Notes	100,000		4.45	%	4,450		February 2, 2025	100,000
Series C Notes	100,000		4.50	%	4,500		April 1, 2025	100,000
Term Loan A (5)	100,000		3.08	%	3,125		January 9, 2019	100,000
Term Loan B (6)	100,000		3.15	%	2,641		March 1, 2023	100,000
Unsecured Notes Payable / Weighted Average (7)	$	550,000	3.82	%	$	20,776		$	550,000
Unsecured Line of Credit (8)	$	20,000	1.75	%

Notes:

(1) Interest only.

(2) Principal payments based on a 30-year amortization schedule.

(3) The Secured Notes Payable total does not include the unamortized fair value adjustment of $3.5 million and debt issuance costs, net of $0.7 million.

(4) $150 million of 4.04% Senior Guaranteed Notes, Series A, due October 31, 2021. Net of the settlement of the forward-starting interest rate swap, the fixed interest rate in accordance with GAAP for the Series A Notes is approximately 3.88% per annum, through maturity.

(5) Term Loan A matures on January 9, 2017 and we have two 12-month options remaining to extend its maturity to 2019. Term Loan A accrues interest at a variable rate, which we fixed as part of an interest rate swap for an all-in interest rate of 3.08%, subject to adjustments based on our consolidated leverage ratio.

(6) Term Loan B matures on March 1, 2023. Term Loan B accrues interest at a variable rate, which we fixed as part of an interest rate swap for an all-in interest rate of 3.15%, subject to adjustments based on our consolidated leverage ratio.

(7) The Unsecured Notes Payable total does not include debt issuance costs, net of $4.1 million.

(8) The unsecured revolving line of credit (the "Revolver Loan") has a capacity of $250 million plus an accordion feature that may allow us to increase the availability thereunder up to an additional $250 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The Revolver Loan initially matures on January 9, 2018 and we have two six-month options to extend its maturity to January 9, 2019. The Revolver Loan currently accrues interest at LIBOR, plus a spread which ranges from 1.35%-1.95%, based on our consolidated leverage ratio.

First Quarter 2016 Supplemental Information                                Page 17

MARKET CAPITALIZATION

(Unaudited, amounts in thousands, except per share data)
Market data	March 31, 2016
Common shares outstanding	45,407
Common units outstanding	17,900
Common shares and common units outstanding	63,307
Market price per common share	$	39.92
Equity market capitalization	$	2,527,215
Total debt	$	1,069,063
Total market capitalization	$	3,596,278
Less: Cash on hand	$	(44,007	)
Total enterprise value	$	3,552,271
Total assets, gross	$	2,403,902
Total unencumbered assets, gross	$	1,621,339
Total debt/Total capitalization	29.7		%
Total debt/Total enterprise value	30.1		%
Net debt/Total enterprise value (1)	28.9		%
Total debt/Total assets, gross	44.5		%
Net debt/Total assets, gross (1)	42.6		%
Total unencumbered assets, gross/Unsecured debt	284.4		%
Total debt/EBITDA (2)(3)	6.5		x
Net debt/EBITDA (1)(2)(3)	6.2		x
Interest coverage ratio (4)	3.4		x
Fixed charge coverage ratio (4)	3.4		x

Weighted Average Fixed Interest Rate	2016		2017		2018		2019		2020		2021		2022		2023		2024		2025
	6.1	%	5.6	%	6.1	%	3.8	%	6.0	%	3.9	%	4.0	%	3.2	%	—	%	4.5	%

Total Weighed Average Fixed Interest Rate:	4.6%
Weighted Average Term to Maturity:	4.9 years

Credit Ratings
Rating Agency	Rating	Outlook
Fitch	BBB	Stable
Moody's	Baa3	Stable
Standard & Poors	BBB-	Stable

Notes:

(1) Net debt is equal to total debt less cash on hand.

(2) See Glossary of Terms for discussion of EBITDA.

(3) As used here, EBITDA represents the actual for the three months ended March 31, 2016 annualized.

(4) Calculated as EBITDA divided by interest on borrowed funds, including capitalized interest and excluding debt fair value adjustments and loan fee amortization.

(5) Assumes the exercise of the two 12-month options remaining to extend the maturity of the unsecured term loan.

First Quarter 2016 Supplemental Information                                Page 18

SUMMARY OF DEVELOPMENT OPPORTUNITIES

Our portfolio has numerous potential opportunities to create future shareholder value. These opportunities could be subject to government approvals, lender consents, tenant consents, market conditions, availability of debt and/or equity financing, etc. Many of these opportunities are in their preliminary stages and may not ultimately come to fruition. This schedule will update as we modify various assumptions and markets conditions change. Square footages and units set forth below are estimates only and ultimately may differ materially from actual square footages and units.
In-Process Development Projects
						Project Costs (in thousands) (2)
		Start Date	Estimated Completion Date	Estimated Stabilization Date (1)	Estimated Rentable Square Feet	Three Months	Cost Incurred to Date	Total Estimated Investment	Estimated Stabilized Yield (3)
						Ended
Property	Location					March 31, 2016
Office Property:
Torrey Point (previously Sorrento Pointe)	San Diego, CA	2015	2017	2018	88,000	$4,888	$16,947	$52,500	7.5% - 8.6%

Development/Redevelopment Pipeline
Property	Property Type	Location	Estimated Rentable Square Feet	Multifamily Units
Solana Beach Corporate Centre (Building 5)	Retail	Solana Beach, CA	10,000	N/A
Lomas Santa Fe Plaza	Retail	Solana Beach, CA	45,000	N/A
Solana Beach - Highway 101 (4)	Mixed Use	Solana Beach, CA	48,000	36
Lloyd District Portfolio - multiple phases (5)	Mixed Use	Portland, OR	TBD	TBD

Notes:

(1) Based on management's estimation of stabilized occupancy (90%).

(2) For all properties, project costs exclude capitalized interest cost which is calculated in accordance with Accounting Standards Codification 835-20-50-1.

(3) The estimated stabilized yield is calculated based on total estimated project costs, as defined above, when the project has reached stabilized occupancy.

(4) Represents commercial portion of development opportunity for Solana Beach - Highway 101.

(5) The Lloyd District Portfolio was acquired in 2011 consisting of approximately 600,000 rentable square feet on more than 16 acres located in the Lloyd District of Portland, Oregon. The portion of the property that has been designated for additional development to include a high density, transit oriented, mixed-use urban village, with the potential to be in excess of approximately three million square feet. The entitlement for such development opportunity allows a 12:1 Floor Area Ratio with a 250 foot height limit and provides for retail, office and/or multifamily development.  Additional development plans are in the early stages and will continue to progress as demand and economic conditions allow.

First Quarter 2016 Supplemental Information                                Page 19

PORTFOLIO DATA

First Quarter 2016 Supplemental Information                                Page 20

PROPERTY REPORT

As of March 31, 2016				Retail and Office Portfolios
				Net				Annualized
			Number	Rentable				Base Rent
		Year Built/	of	Square	Percentage	Annualized		per Leased
Property	Location	Renovated	Buildings	Feet (1)	Leased (2)	Base Rent (3)		Square Foot (4)	Retail Anchor Tenant(s) (5)	Other Principal Retail Tenants (6)
Retail Properties
Carmel Country Plaza	San Diego, CA	1991	9	78,098	96.2%	$	3,643,622	$48.50		Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza (7)	San Diego, CA	1994/2014	15	528,416	98.6	12,376,567		23.75	Sears	Sports Authority, Saks Fifth Avenue Off 5th
South Bay Marketplace (7)	San Diego, CA	1997	9	132,877	100.0	2,265,539		17.05		Ross Dress for Less, Grocery Outlet
Lomas Santa Fe Plaza	Solana Beach, CA	1972/1997	9	209,569	94.1	5,287,219		26.81		Vons, Home Goods
Solana Beach Towne Centre	Solana Beach, CA	1973/2000/2004	12	246,730	97.5	6,033,489		25.08		Dixieline Probuild, Marshalls
Del Monte Center (7)	Monterey, CA	1967/1984/2006	16	675,678	98.1	10,170,658		15.34	Macy's, KLA Monterrey	Century Theatres, Macy's Furniture Gallery
Geary Marketplace	Walnut Creek, CA	2012	3	35,156	100.0	1,196,322		34.03		Sprouts Farmer Market, Freebirds Wild Burrito
The Shops at Kalakaua	Honolulu, HI	1971/2006	3	11,671	100.0	1,886,844		161.67		Hawaii Beachware & Fashion, Diesel U.S.A. Inc.
Waikele Center	Waipahu, HI	1993/2008	9	537,637	100.0	17,209,804		32.01	Lowe's, Kmart, Sports Authority	UFC Gym, Old Navy
Alamo Quarry Market (7)	San Antonio, TX	1997/1999	16	589,362	99.9	13,782,314		23.41	Regal Cinemas	Bed Bath & Beyond, Whole Foods Market
Subtotal/Weighted Average Retail Portfolio			101	3,045,194	98.6%	$	73,852,378	$24.60
Office Properties
Torrey Reserve Campus	San Diego, CA	1996-2000/2014-present	12	493,435	89.5%	$	16,931,969	$38.34
Solana Beach Corporate Centre	Solana Beach, CA	1982/2005	4	212,215	96.4	7,192,663		35.16
The Landmark at One Market (8)	San Francisco, CA	1917/2000	1	419,371	100.0	23,691,934		56.49
One Beach Street	San Francisco, CA	1924/1972/1987/1992	1	97,614	100.0	3,931,890		40.28
First & Main	Portland, OR	2010	1	360,641	98.7	10,260,109		28.82
Lloyd District Portfolio	Portland, OR	1940-2011/present	6	580,545	74.5	9,926,294		22.95
City Center Bellevue	Bellevue, WA	1987	1	494,753	96.3	17,137,461		35.97
Subtotal/Weighted Average Office Portfolio			26	2,658,574	91.3%	$	89,072,320	$36.70
Total/Weighted Average Retail and Office Portfolio			127	5,703,768	95.2%	$	162,924,698	$30.00

First Quarter 2016 Supplemental Information                                Page 21

PROPERTY REPORT (CONTINUED)

As of March 31, 2016
			Number						Average Monthly
		Year Built/	of		Percentage		Annualized		Base Rent per
Property	Location	Renovated	Buildings	Units	Leased (2)		Base Rent (3)		Leased Unit (4)
Loma Palisades	San Diego, CA	1958/2001-2008	80	548	98.2%		$	12,025,824	$	1,862
Imperial Beach Gardens	Imperial Beach, CA	1959/2008	26	160	96.3		3,247,692		$	1,756
Mariner's Point	Imperial Beach, CA	1986	8	88	96.6		1,505,940		$	1,476
Santa Fe Park RV Resort (9)	San Diego, CA	1971/2007-2008	1	126	89.0		1,300,452		$	966
Hassalo on Eighth - Velomor	Portland, OR	2015	1	177	85.3		2,717,028		$	1,500
Hassalo on Eighth - Aster Tower	Portland, OR	2015	1	337	44.8		2,450,700		$	1,353
Hassalo on Eighth - Elwood	Portland, OR	2015	1	143	43.4		969,336		$	1,302
Total/Weighted Average Multifamily Portfolio			118	1,579	79.4%		$	24,216,972	$	1,610
Mixed-Use Portfolio
			Number	Net Rentable					Annualized Base
		Year Built/	of	Square	Percentage		Annualized		Rent per Leased		Retail
Retail Portion	Location	Renovated	Buildings	Feet (1)	Leased (2)		Base Rent (3)		Square Foot (4)		Anchor Tenant(s) (5)	Other Principal Retail Tenants (6)
Waikiki Beach Walk - Retail	Honolulu, HI	2006	3	96,707	97.8	%	$	12,255,562	$	129.58		Yard House, Roy's
			Number						Annualized
		Year Built/	of		Average		Average		Revenue per
Hotel Portion	Location	Renovated	Buildings	Units	Occupancy (10)		Daily Rate(10)		Available Room (10)
Waikiki Beach Walk - Embassy Suites™	Honolulu, HI	2008/2014	2	369	87.0	%	$	322.49	$	280.49

Notes:

(1) 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. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.

(2) 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, 2016, including leases which may not have commenced as of March 31, 2016. Percentage leased for our multifamily properties includes total units rented as of March 31, 2016.

(3) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2016 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.

(4) Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of March 31, 2016. Annualized base rent per leased unit is calculated by dividing annualized base rent by units under lease as of March 31, 2016.

(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:

Property	Number of Ground Leases	Square Footage Leased Pursuant to Ground Leases	Aggregate Annualized Base Rent
Carmel Mountain Plaza	6	125,477	$	1,193,816
South Bay Marketplace	1	2,824	$	91,320
Del Monte Center	2	295,100	$	201,291
Alamo Quarry Market	4	31,994	$	470,075

(8) This property contains 419,371 net rentable square feet consisting of The Landmark at One Market (375,151 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 an affiliate of the Paramount Group pursuant to a long-term master lease effective through June 30, 2021, which we have the option to extend until 2031 pursuant to two five-year extension options.

(9) 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, 2016, the highest average monthly occupancy rate for this property was 98%, occurring in July 2015. The number of units at the Santa Fe Park RV Resort includes 122 RV spaces and four apartments.

(10) Average occupancy represents the percentage of available units that were sold during the three months ended March 31, 2016, 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 three months ended March 31, 2016 by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the three months ended March 31, 2016 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.

First Quarter 2016 Supplemental Information                                Page 22

RETAIL LEASING SUMMARY

As of March 31, 2016
Total Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	16	100%	81,056	$34.54	$33.82		$	58,295	2.1	%	9.1	%	4.9	$	7,000	$0.09
4th Quarter 2015	13	100%	78,994	$23.57	$22.69		$	69,119	3.9	%	20.2	%	7.9	$	370,000	$4.68
3rd Quarter 2015	18	100%	57,546	$32.46	$26.55		$	340,390	22.3	%	29.2	%	6.8	$	143,000	$2.48
2nd Quarter 2015	18	100%	68,629	$34.19	$28.55		$	387,154	19.8	%	17.5	%	4.3	$	154,612	$2.25
Total 12 months	65	100%	286,225	$31.01	$28.02		$	854,958	10.7	%	17.5	%	6.0	$	674,612	$2.36
New Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	—	—%	—	$0.00	$0.00		$	—	—	%	—	%	—	$	—	$0.00
4th Quarter 2015	1	8%	12,256	$14.25	$11.75		$	30,666	21.3	%	57.7	%	10.4	$	85,792	$7.00
3rd Quarter 2015	2	11%	2,400	$48.00	$43.56		$	10,660	10.2	%	29.1	%	3.7	$	122,000	$50.83
2nd Quarter 2015	6	33%	6,801	$50.06	$40.71		$	63,586	23.0	%	33.6	%	4.4	$	90,612	$13.32
Total 12 months	9	14%	21,457	$29.38	$24.49		$	104,912	20.0	%	39.6	%	7.7	$	298,404	$13.91
Renewal Lease Summary - Comparable (1)(5)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	16	100%	81,056	$34.54	$33.82		$	58,295	2.1	%	9.1	%	4.9	$	7,000	$0.09
4th Quarter 2015	12	92%	66,738	$25.28	$24.70		$	38,453	2.3	%	16.8	%	7.4	$	284,208	$4.26
3rd Quarter 2015	16	89%	55,146	$31.78	$25.81		$	329,730	23.2	%	29.2	%	7.0	$	21,000	$0.38
2nd Quarter 2015	12	67%	61,828	$32.44	$27.21		$	323,568	19.2	%	14.9	%	4.3	$	64,000	$1.04
Total 12 months	56	86%	264,768	$31.14	$28.31		$	750,046	10.0	%	16.0	%	5.8	$	376,208	$1.42
Total Lease Summary - Comparable and Non-Comparable (1)
	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	19	99,198	$33.95	5.8	$	1,563,910	$15.77
4th Quarter 2015	21	90,943	$24.65	7.7	$	2,078,755	$22.86
3rd Quarter 2015	22	69,835	$29.89	6.1	$	2,518,200	$36.06
2nd Quarter 2015	20	72,715	$33.50	4.3	$	156,612	$2.15
Total 12 months	82	332,691	$30.46	6.1	$	6,317,477	$18.99

Notes:

(1) Comparable leases represent those leases signed on spaces for which there was a previous lease, including leases signed for the retail portion of our mixed-use property.

(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.

First Quarter 2016 Supplemental Information                                Page 23

OFFICE LEASING SUMMARY

As of March 31, 2016
Total Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	19	100%	52,050	$41.38	$37.87		$	182,885	9.3	%	17.6	%	4.3	$	677,219	$13.01
4th Quarter 2015	15	100%	92,002	$36.91	$35.37		$	141,780	4.4	%	10.6	%	3.7	$	974,621	$10.59
3rd Quarter 2015	15	100%	55,312	$35.10	$32.97		$	117,556	6.4	%	16.2	%	3.8	$	917,808	$16.59
2nd Quarter 2015	16	100%	129,173	$60.13	$42.93		$	2,222,587	40.1	%	50.0	%	3.7	$	1,263,855	$9.78
Total 12 months	65	100%	328,537	$46.44	$38.33		$	2,664,808	21.2	%	29.7	%	3.8	$	3,833,503	$11.67
New Lease Summary - Comparable (1)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	5	26%	14,680	$40.22	$37.29		$	43,038	7.9	%	19.8	%	5.5	$	388,840	$26.49
4th Quarter 2015	5	33%	15,647	$40.09	$32.27		$	122,337	24.2	%	31.0	%	4.1	$	345,044	$22.05
3rd Quarter 2015	4	27%	16,491	$32.70	$29.47		$	53,271	11.0	%	34.4	%	4.5	$	735,133	$44.58
2nd Quarter 2015	6	38%	35,716	$40.87	$39.87		$	35,791	2.5	%	21.1	%	6.0	$	636,997	$17.84
Total 12 months	20	31%	82,534	$38.97	$35.89		$	254,437	8.6	%	24.8	%	5.3	$	2,106,014	$25.52
Renewal Lease Summary - Comparable (1)(5)
	Number of Leases Signed	% of Comparable Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Prior Rent Per Sq. Ft. (3)		Annual Change in Rent		Cash Basis % Change Over Prior Rent		Straight-Line Basis % Change Over Prior Rent		Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	14	74%	37,370	$41.84	$38.10		$	139,847	9.8	%	16.8	%	3.8	$	288,379	$7.72
4th Quarter 2015	10	67%	76,355	$36.26	$36.01		$	19,443	0.7	%	6.6	%	3.6	$	629,577	$8.25
3rd Quarter 2015	11	73%	38,821	$36.11	$34.46		$	64,285	4.8	%	10.1	%	3.5	$	182,675	$4.71
2nd Quarter 2015	10	63%	93,457	$67.49	$44.09		$	2,186,796	53.1	%	59.5	%	2.8	$	626,858	$6.71
Total 12 months	45	69%	246,003	$48.95	$39.15		$	2,410,371	25.0	%	31.2	%	3.3	$	1,727,489	$7.03
Total Lease Summary - Comparable and Non-Comparable
	Number of Leases Signed	Net Rentable Square Feet Signed	Contractual Rent Per Sq. Ft. (2)	Weighted Average Lease Term (4)	Tenant Improvements & Incentives		Tenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 2016	25	72,802	$41.06	4.9	$	1,484,597	$20.39
4th Quarter 2015	19	103,220	$36.83	3.8	$	1,265,802	$12.26
3rd Quarter 2015	23	84,573	$34.65	5.5	$	2,126,512	$25.14
2nd Quarter 2015	22	153,839	$55.93	4.0	$	2,321,713	$15.09
Total 12 months	89	414,434	$44.22	4.4	$	7,198,624	$17.37

Notes:

(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.

First Quarter 2016 Supplemental Information                                Page 24

MULTIFAMILY LEASING SUMMARY

As of March 31, 2016
Lease Summary - Loma Palisades
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	538	98.2%	$12,025,824	$1,862
4th Quarter 2015	523	95.4%	$11,778,588	$1,878
3rd Quarter 2015	526	96.0%	$11,654,256	$1,846
2nd Quarter 2015	530	96.7%	$11,236,224	$1,767
Lease Summary - Imperial Beach Gardens
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	154	96.3%	$3,247,692	$1,756
4th Quarter 2015	151	94.4%	$2,994,060	$1,652
3rd Quarter 2015	157	98.1%	$3,050,376	$1,620
2nd Quarter 2015	152	95.0%	$2,957,808	$1,622
Lease Summary - Mariner's Point
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	85	96.6%	$1,505,940	$1,476
4th Quarter 2015	86	97.7%	$1,426,332	$1,382
3rd Quarter 2015	87	98.9%	$1,420,908	$1,361
2nd Quarter 2015	85	96.6%	$1,403,760	$1,376
Lease Summary - Santa Fe Park RV Resort
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	112	89.0%	$1,300,452	$966
4th Quarter 2015	121	96.0%	$1,111,080	$765
3rd Quarter 2015	93	74.0%	$966,720	$864
2nd Quarter 2015	115	91.0%	$1,312,308	$954

First Quarter 2016 Supplemental Information                                Page 25

MULTIFAMILY LEASING SUMMARY (CONTINUED)

As of March 31, 2016
Lease Summary - Hassalo on Eighth - Velomor (4)
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	151	85.3%	$2,717,028	$1,500
4th Quarter 2015	145	81.9%	$2,755,404	$1,584
3rd Quarter 2015	141	79.7%	$2,427,804	$1,434
Lease Summary - Hassalo on Eighth - Aster Tower (5)
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	151	44.8%	$2,450,700	$1,353
4th Quarter 2015	98	29.1%	$1,702,260	$1,447
Lease Summary - Hassalo on Eighth - Elwood (5)
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	62	43.4%	$969,336	$1,302
4th Quarter 2015	35	24.5%	$550,452	$1,309
Total Multifamily Lease Summary
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 2016	1,253	79.4%	$24,216,972	$1,610
4th Quarter 2015	1,159	73.4%	$22,318,176	$1,605
3rd Quarter 2015	1,004	91.4%	$19,520,064	$1,619
2nd Quarter 2015	882	95.7%	$16,910,100	$1,597

Notes:

(1) Percentage leased for our multifamily properties includes total units rented as of each respective quarter end date.

(2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) as of each respective quarter end date.

(3) Annualized base rent per leased unit is calculated by dividing annualized base rent, by units under lease as of each respective quarter end date.

(4) The Velomor building at Hassalo on Eighth was placed into operations and available for occupancy in July 2015.

(5) The Aster Tower and Elwood buildings were placed into operations and available for occupancy in October 2015.

First Quarter 2016 Supplemental Information                                Page 26

MIXED-USE LEASING SUMMARY

As of March 31, 2016
Lease Summary - Retail Portion
	Number of Leased Square Feet	Percentage leased (1)	Annualized Base Rent (2)	Annualized base Rent per Leased Square Foot (3)
Quarter
1st Quarter 2016	94,601	97.8%	$12,255,562	$130
4th Quarter 2015	96,707	100.0%	$10,902,402	$113
3rd Quarter 2015	96,707	100.0%	$10,877,523	$112
2nd Quarter 2015	96,707	100.0%	$10,837,220	$112
Lease Summary - Hotel Portion
	Number of Leased Units	Average Occupancy (4)	Average Daily Rate (4)	Annualized Revenue per Available Room (4)
Quarter
1st Quarter 2016	321	87.0%	$322	$280
4th Quarter 2015	330	89.5%	$318	$285
3rd Quarter 2015	339	91.8%	$346	$318
2nd Quarter 2015	324	87.8%	$296	$260

Notes:

(1) Percentage leased for mixed-use property includes square footage under leases as of March 31, 2016, including leases which may not have commenced as of March 31, 2016.

(2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2016 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.

(3) Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of March 31, 2016.

(4) Average occupancy represents the percentage of available units that were sold during the three months ended March 31, 2016, 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 each respective quarter period by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for each respective quarter period 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.

First Quarter 2016 Supplemental Information                                Page 27

LEASE EXPIRATIONS

As of March 31, 2016
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
Year	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)
Month to Month	14,180		0.5	%	0.2	%	$3.06	11,401	0.4	%	0.2	%	$31.38	1,690	1.7	%	—	%	—	27,271	0.5	%	$14.71
2016	190,170		7.2		3.3		$31.66	89,902	3.0		1.5		$34.67	9,237	9.6		0.2		$136.10	289,309	5.0		$35.93
2017	379,290		14.3		6.5		$38.01	339,466	11.1		5.9		$26.35	9,967	10.3		0.2		$167.07	728,723	12.6		$34.34
2018	292,423		11.0		5.0		$48.70	1,029,244	33.8		17.7		$20.26	12,739	13.2		0.2		$133.37	1,334,406	23.0		$27.57
2019	300,504		11.3		5.2		$41.67	348,461	11.4		6.0		$28.29	19,801	20.5		0.3		$113.72	668,766	11.5		$36.83
2020	348,500		13.1		6.0		$40.26	265,687	8.7		4.6		$21.21	19,337	20.0		0.3		$75.81	633,524	10.9		$33.36
2021	250,912		9.4		4.3		$41.79	126,565	4.2		2.2		$42.00	10,366	10.7		0.2		$292.98	387,843	6.7		$48.57
2022	26,231		1.0		0.5		$31.69	174,454	5.7		3.0		$32.45	11,464	11.9		0.2		$76.72	212,149	3.7		$34.75
2023	131,684		5.0		2.3		$31.38	63,827	2.1		1.1		$23.77	—	—		—		—	195,511	3.4		$28.90
2024	136,841		5.1		2.4		$32.88	241,687	7.9		4.2		$24.20	—	—		—		—	378,528	6.5		$27.34
2025	210,280		7.9		3.6		$29.09	162,586	5.3		2.8		$22.94	—	—		—		—	372,866	6.4		$26.41
Thereafter	67,009	(2)	2.5		1.2		$25.84	137,376	4.5		2.4		$21.94	—	—		—		—	204,385	3.5		$23.22
Signed Leases Not Commenced	80,156		3.0		1.4		—	11,747	0.4		0.2		—	—	—		—		—	91,903	1.6		—
Available	230,394		8.7		4.0		—	42,791	1.4		0.7		—	2,106	2.2		—		—	275,291	4.7		—
Total (3)	2,658,574		100.0	%	45.8	%	$33.50	3,045,194	100.0	%	52.5	%	$24.25	96,707	100.0	%	1.7	%	$126.73	5,800,475	100.0	%	$30.20
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
Year	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)
Month to Month	14,180		0.5	%	0.2	%	$3.06	11,401	0.4	%	0.2	%	$31.38	1,690	1.7	%	—	%	—	27,271	0.5	%	$14.71
2016	166,599		6.3		2.9		$31.75	66,900	2.2		1.2		$34.38	5,209	5.4		0.1		$137.26	238,708	4.1		$34.79
2017	112,505		4.2		1.9		$39.22	92,181	3.0		1.6		$34.35	8,927	9.2		0.2		$162.74	213,613	3.7		$42.28
2018	68,058		2.6		1.2		$38.00	68,424	2.2		1.2		$36.55	12,739	13.2		0.2		$133.37	149,221	2.6		$45.48
2019	49,877		1.9		0.9		$43.28	86,207	2.8		1.5		$36.51	8,111	8.4		0.1		$156.99	144,195	2.5		$45.63
2020	152,805		5.7		2.6		$36.57	83,259	2.7		1.4		$28.15	3,015	3.1		0.1		$284.95	239,079	4.1		$36.77
2021	137,541		5.2		2.4		$34.19	83,953	2.8		1.4		$44.06	14,394	14.9		0.2		$248.65	235,888	4.1		$50.79
2022	244,062		9.2		4.2		$35.79	92,980	3.1		1.6		$36.81	11,894	12.3		0.2		$80.46	348,936	6.0		$37.58
2023	169,682		6.4		2.9		$44.58	143,410	4.7		2.5		$32.92	—	—		—		—	313,092	5.4		$39.24
2024	120,228		4.5		2.1		$34.03	212,539	7.0		3.7		$28.62	—	—		—		—	332,767	5.7		$30.57
2025	154,827		5.8		2.7		$34.96	99,529	3.3		1.7		$29.74	—	—		—		—	254,356	4.4		$32.92
Thereafter	957,660	(2)	36.0		16.5		$40.19	1,949,873	64.0		33.6		$20.08	28,622	29.6		0.5		$60.10	2,936,155	50.6		$27.03
Signed Leases Not Commenced	80,156		3.0		1.4		—	11,747	0.4		0.2		—	—	—		—		—	91,903	1.6		—
Available	230,394		8.7		4.0		—	42,791	1.4		0.7		—	2,106	2.2		—		—	275,291	4.7		—
Total (3)	2,658,574		100.0	%	45.8	%	$33.50	3,045,194	100.0	%	52.5	%	$24.25	96,707	100.0	%	1.7	%	$126.73	5,800,475	100.0	%	$30.20

First Quarter 2016 Supplemental Information                                Page 28

LEASE EXPIRATIONS (CONTINUED)

As of March 31, 2016

Notes:

(1) 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, 2016 for the leases expiring during the applicable period by (ii) 12 months.

(2) The expirations include 35,638 square feet currently leased by multiple tenants at Lloyd District Portfolio through various expiration dates, for which The State of Oregon, by and through its Department of Environmental Quality has signed an agreement to lease such space beginning November 1, 2016 through October 31, 2031 with options to extend the lease through October 31, 2041.

(3) Individual items may not add up to total due to rounding.

First Quarter 2016 Supplemental Information                                Page 29

PORTFOLIO LEASED STATISTICS

	At March 31, 2016						At March 31, 2015
Type	Size		Leased (1)		Leased %		Size		Leased (1)		Leased %
Overall Portfolio (2) Statistics
Retail Properties (square feet)	3,045,194	(3)	3,002,403		98.6	%	3,075,754		3,030,735		98.5	%
Office Properties (square feet)	2,658,574		2,428,180		91.3	%	2,660,260		2,465,299		92.7	%
Multifamily Properties (units)	1,579		1,253		79.4	%	922		889		96.4	%
Mixed-Use Properties (square feet)	96,707		94,601		97.8	%	96,707		96,707		100.0	%
Mixed-Use Properties (units)	369		321	(4)	87.0	%	369		328	(4)	89.0	%
Same-Store(2) Statistics
Retail Properties (square feet)	3,045,194		3,002,403		98.6	%	3,075,754		3,030,735		98.5	%
Office Properties (square feet)	1,584,594	(5)	1,553,991		98.1	%	1,584,622	(5)	1,521,288		96.0	%
Multifamily Properties (units)	922	(6)	889		96.4	%	922	(6)	889		96.4	%
Mixed-Use Properties (square feet)	96,707		94,601		97.8	%	96,707		96,707		100.0	%
Mixed-Use Properties (units)	369		321	(4)	87.0	%	369		328	(4)	89.0	%

Notes:

(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.

(2) See Glossary of Terms.

(3) Excludes Rancho Carmel Plaza, which was sold on August 6, 2015.

(4) Represents average occupancy for the three months ended March 31, 2016 and 2015.

(5) The same-store portfolio excludes Torrey Reserve Campus and Lloyd District Portfolio due to significant redevelopment activity.

(6) The same-store portfolio excludes Hassalo on Eighth; the Velomor building was placed into operations and available for occupancy in July 2015 and the Aster Tower and Elwood buildings were placed into operations and available for occupancy in October 2015.

First Quarter 2016 Supplemental Information                                Page 30

TOP TENANTS - RETAIL

As of March 31, 2016
	Tenant	Property(ies)	Lease Expiration	Total Leased Square Feet	Rentable Square Feet as a Percentage of Total Retail		Rentable Square Feet as a Percentage of Total		Annualized Base Rent		Annualized Base Rent as a Percentage of Total Retail		Annualized Base Rent as a Percentage of Total
1	Kmart	Waikele Center	6/30/2018	119,590	3.9	%	2.1	%	$	4,544,420	6.2	%	2.6	%
2	Lowe's	Waikele Center	5/31/2018	155,000	5.1		2.7		4,460,079		6.0		2.5
3	Sports Authority	Waikele Center, Carmel Mountain Plaza	7/18/2018 11/30/2018	90,722	3.0		1.6		2,133,950		2.9		1.2
4	Nordstrom Rack	Carmel Mountain Plaza, Alamo Quarry Market	9/30/2022 10/31/2022	69,047	2.3		1.2		1,990,316		2.7		1.1
5	Sprouts Farmers Market	Solana Beach Towne Centre, Carmel Mountain Plaza, Geary Marketplace	6/30/2019 3/31/2025 9/30/2032	71,431	2.3		1.2		1,919,436		2.6		1.1
6	Marshalls	Carmel Mountain Plaza, Solana Beach Towne Centre	1/31/2019 1/31/2025	68,055	2.2		1.2		1,258,083		1.7		0.7
7	Old Navy	Waikele Center, Alamo Quarry Market, South Bay Marketplace	7/31/2016 9/30/2017 4/30/2021	59,780	2.0		1.0		*		*		*
8	Vons	Lomas Santa Fe Plaza	12/31/2017	49,895	1.6		0.9		1,216,700		1.6		0.7
9	Regal Cinemas	Alamo Quarry Market	3/31/2018	72,447	2.4		1.2		1,122,929		1.5		0.6
10	Gap	Del Monte Center, Waikele Center, Alamo Quarry Market	9/20/2020 2/28/2022 4/30/2024	36,614	1.2		0.6		982,039		1.3		0.6
	Top 10 Retail Tenants Total			792,581	26.0	%	13.7	%	$	19,627,952	26.5	%	11.1	%

* Data withheld at tenant's request.

First Quarter 2016 Supplemental Information                                Page 31

TOP TENANTS - OFFICE

As of March 31, 2016
	Tenant	Property	Lease Expiration	Total Leased Square Feet	Rentable Square Feet as a Percentage of Total Office		Rentable Square Feet as a Percentage of Total		Annualized Base Rent		Annualized Base Rent as a Percentage of Total Office		Annualized Base Rent as a Percentage of Total
1	salesforce.com	The Landmark at One Market	6/30/2019 4/30/2020 5/31/2021	254,118	9.6	%	4.4	%	$	13,478,140	15.1	%	7.7	%
2	Autodesk, Inc.	The Landmark at One Market	12/31/2017 12/31/2018	114,664	4.3		2.0		7,969,801		8.9		4.5
3	Veterans Benefits Administration	First & Main	8/31/2020	93,572	3.5		1.6		3,006,453		3.4		1.7
4	Insurance Company of the West	Torrey Reserve Campus	12/31/2016	81,040	3.0		1.4		2,757,086		3.1		1.6
5	Clearesult Operating, LLC (as successor to Portland Energy Conservation)	First & Main	4/30/2025	101,848	3.8		1.8		2,555,328		2.9		1.5
6	Alliant International University	One Beach Street	10/31/2019	64,161	2.4		1.1		2,303,851		2.6		1.3
7	Caradigm USA LLC	City Center Bellevue	8/14/2017	68,956	2.6		1.2		2,298,303		2.6		1.3
8	Treasury Call Center	First & Main	8/31/2020	63,648	2.4		1.1		2,184,302		2.5		1.2
9	HDR Engineering, Inc.	City Center Bellevue	12/31/2017	56,024	2.1		1.0		2,100,900		2.4		1.2
10	California Bank & Trust	Torrey Reserve Campus	2/29/2024	34,731	1.3		0.6		1,672,878		1.9		1.0
	Top 10 Office Tenants Total			932,762	35.0	%	16.2	%	$	40,327,042	45.4	%	23.0	%

First Quarter 2016 Supplemental Information                                Page 32

APPENDIX

First Quarter 2016 Supplemental Information                                Page 33

GLOSSARY OF TERMS

Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): 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, 2016 and 2015 is as follows:

	Three Months Ended
	March 31,
	2016			2015
Net income	$	10,721		$	11,379
Depreciation and amortization	17,453			15,107
Interest expense	12,946			11,795
Interest income	(15		)	(14		)
Income tax expense	87			84
EBITDA	$	41,192		$	38,351

Funds From Operations (FFO): 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, gains and losses on sale of real estate and impairment losses. 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 of FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the NAREIT definition used by such REITs.

First Quarter 2016 Supplemental Information                                Page 34

GLOSSARY OF TERMS (CONTINUED)

Funds Available for Distribution (FAD): FAD is a supplemental measure of our liquidity. We compute FAD by subtracting from FFO As Adjusted tenant improvements, 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.

Net Operating Income (NOI): We define NOI as operating revenues (rental income, tenant reimbursements, lease termination fees, ground lease rental income and other property income) less property and related expenses (property expenses, ground lease expense, property marketing costs, real estate taxes and insurance). NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expense, other nonproperty income and losses, gains and losses from property dispositions, extraordinary items, tenant improvements and leasing commissions. 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.

	Three Months Ended
	March 31,
Reconciliation of NOI to net income	2016			2015
Total NOI	$	45,645		$	43,367
General and administrative	(4,549		)	(5,016		)
Depreciation and amortization	(17,453		)	(15,107		)
Interest expense	(12,946		)	(11,795		)
Other income (expense), net	24			(70		)
Net income	10,721			11,379
Net income attributable to restricted shares	(43		)	(43		)
Net loss attributable to unitholders in the Operating Partnership	(3,027		)	(3,309		)
Net income attributable to American Assets Trust, Inc. stockholders	$	7,651		$	8,027

Overall Portfolio: Includes all operating properties owned by us as of March 31, 2016.

First Quarter 2016 Supplemental Information                                Page 35

GLOSSARY OF TERMS (CONTINUED)

Same-Store Portfolio, Non-Same Store Portfolio and Redevelopment Same-Store: Information provided on a same-store basis includes the results of properties that we owned and operated for the entirety of both periods being compared except for properties for which significant redevelopment or expansion occurred during either of the periods being compared, properties under development, properties classified as held for development and properties classified as discontinued operations. Information provided on a redevelopment same-store basis includes the results of properties undergoing significant redevelopment for the entirety or portion of both periods being compared. The following table shows the properties included in the same-store, non-same store and redevelopment same-store portfolio for the comparative periods presented.

	Comparison of Three Months Ended
	March 31, 2016 to 2015
	Same-Store	Non Same-Store	Redevelopment Same-Store
Retail Properties
Carmel Country Plaza	X		X
Carmel Mountain Plaza	X		X
South Bay Marketplace	X		X
Lomas Santa Fe Plaza	X		X
Solana Beach Towne Centre	X		X
Del Monte Center	X		X
Geary Marketplace	X		X
The Shops at Kalakaua	X		X
Waikele Center	X		X
Alamo Quarry Market	X		X
Office Properties
Torrey Reserve Campus		X	X
Solana Beach Corporate Centre	X		X
The Landmark at One Market	X		X
One Beach Street	X		X
First & Main	X		X
Lloyd District Portfolio		X	X
City Center Bellevue	X		X
Multifamily Properties
Loma Palisades	X		X
Imperial Beach Gardens	X		X
Mariner's Point	X		X
Santa Fe Park RV Resort	X		X
Hassalo on Eighth		X
Mixed-Use Properties
Waikiki Beach Walk - Retail	X		X
Waikiki Beach Walk - Embassy Suites™	X		X
Development Properties
Torrey Point (formerly Sorrento Pointe) - Land		X
Torrey Reserve - Land		X
Solana Beach Corporate Centre - Land		X
Solana Beach - Highway 101 - Land		X
Lloyd District Portfolio - Land		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, new entrances, etc.) 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.

First Quarter 2016 Supplemental Information                                Page 36