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):

February 12, 2019

_________________________

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))
	Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o
	If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On February 12, 2019, American Assets Trust, Inc. (the “Company”) issued a press release regarding its financial results for the quarter and fiscal year endingDecember 31, 2018. Also on February 12, 2019, 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 and fiscal year endingDecember 31, 2018. 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 and fiscal year endingDecember 31, 2018 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 February 12, 2019.
99.2**	American Assets Trust, Inc. Supplemental Information for the quarter ended December 31, 2018.

_____________________

** Furnished herewith

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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
February 12, 2019

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EX-99.1

American Assets Trust, Inc. Reports Fourth Quarter and Year-End 2018 Financial Results

Net income available to common stockholders of $6.7 million and $19.7 million for the three months and year ended December 31, 2018, respectively, or $0.14 and $0.42 per diluted share, respectively

Funds From Operations per diluted share increased2% and 9% year-over-year for the three months and year ended December 31, 2018, respectively

Same-store cash NOI increased 5% and 4% year-over-year for the three months and year ended December 31, 2018, respectively

SAN DIEGO, California - 2/12/19 - American Assets Trust, Inc. (NYSE: AAT) (the “company”) today reported financial results for its fourth quarter and year ended December 31, 2018.

Fourth Quarter Highlights and Recent Developments

• Net income available to common stockholders of $6.7 million and $19.7 million for the three months and year ended December 31, 2018, respectively, or $0.14 and $0.42 per diluted share, respectively

• Funds From Operations increased 2% and 9% year-over-year to $0.47 and $2.09 per diluted share for the three months and year ended December 31, 2018, respectively, compared to the same periods in 2017

• Recognized approximately $4.5 million of lease termination fees in January 2019 in connection with the termination of ground lease for, and ground lessee’s surrender of, the former Sears building at Carmel Mountain Plaza in San Diego

• Increased 2019 FFO annual guidance by $0.06 at the midpoint to a range of $2.18 to $2.26 per diluted share

• Same-store cash NOI increased 5% and 4% year-over-year for the three months and year ended December 31, 2018, respectively, compared to the same periods in 2017

• Leased approximately 298,000 comparable office square feet at an average straight-line basis and cash-basis contractual rent increase of 96% and 64%, respectively, during the three months ended December 31, 2018

• Entered into a lease with Google LLC for approximately 253,000 square feet at The Landmark at One Market in San Francisco on November 2, 2018

• Leased approximately 65,000 comparable retail square feet at an average straight-line basis and cash-basis contractual rent increase of 7% and 3%, respectively, during the three months ended December 31, 2018

• Credit agreement amended to extend maturity date and decrease credit spreads on $100 million term loan, effective January 9, 2019

Financial Results

Net income attributable to common stockholders was $6.7 million, or $0.14 per basic and diluted share for the three months ended December 31, 2018 compared to net income of $7.1 million, or $0.15 per basic and diluted share for the three months ended December 31, 2017. For the year ended December 31, 2018, net income attributable to common stockholders was $19.7 million, or $0.42 per basic and diluted share compared to $29.1 million, or $0.62 per basic and diluted share for the year ended December 31, 2017. The quarter-over-quarter and year-over-year decrease is primarily due to an increase in depreciation expense and demolition costs at Waikele Center attributed to the redevelopment of the Kmart space.

During the fourth quarter of 2018, the company generated funds from operations (“FFO”) for common stockholders of $30.2 million, or $0.47 per diluted share, compared to $29.6 million, or $0.46 per diluted share, for the fourth quarter of 2017. For the year ended December 31, 2018, the company generated FFO for common stockholders of

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$134.0 million, or $2.09 per diluted share, compared to $123.2 million, or $1.92 per diluted share, for the year ended December 31, 2017. The increase in FFO from the corresponding periods in 2017 was primarily due to the acquisitions of the Pacific Ridge Apartments on April 28, 2017, the acquisition of Gateway Marketplace on July 6, 2017, and increase in lease termination fees at Lloyd District Portfolio and Torrey Point.

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.

Leasing

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

	December 31, 2018	September 30, 2018	December 31, 2017
Total Portfolio
Retail	93.9%	98.5%	96.8%
Office	90.9%	91.4%	88.4%
Multifamily	93.6%	92.3%	91.8%
Mixed-Use:
Retail	96.1%	95.9%	96.9%
Hotel	93.0%	93.6%	92.5%
Same-Store Portfolio
Retail (1)	92.9%	98.3%	98.1%
Office (2)	93.0%	93.5%	88.4%
Multifamily	93.6%	92.3%	91.8%
Mixed-Use:
Retail	96.1%	95.9%	96.9%
Hotel	93.0%	93.6%	92.5%

(1) Same-store retail leased percentages includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store retail leased percentages exclude Waikele Center, due to significant redevelopment activity.

(2) Same-store office leased percentages exclude Torrey Point, which was placed into operations and became available for occupancy in August 2018 and will therefore be included in same-store office leased percentages commencing in the fourth quarter of 2019.

During the fourth quarter of 2018, the company signed 36 leases for approximately 384,700 square feet of retail and office space, as well as 469 multifamily apartment leases. Renewals accounted for 84% of the comparable retail leases, 27% of the comparable office leases and 55% of the residential leases.

Retail and Office

On a comparable space basis (i.e. leases for which there was a former tenant) during the fourth quarter 2018 and trailing four quarters ended December 31, 2018, 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.	Straight-Line Basis % Change Over Prior Rent
Retail	Q4 2018	19	65,000		3.0%	$46.90	$45.52		7.3%
	Last 4 Quarters	63	239,000		3.6%	$40.73	$39.31		11.8%
Office	Q4 2018	11	298,000		63.5%	$88.41	$54.08		95.5%
	Last 4 Quarters	51	714,000		35.7%	$67.55	$49.78		56.9%

Multifamily

The average monthly base rent per leased unit for same-store properties for the three months ended December 31, 2018 was $2,048 compared to an average monthly base rent per leased unit of $1,974 for the three months ended December 31, 2017, an increase of approximately 4.0%.

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Same-Store Cash Net Operating Income

For the three months and year ended December 31, 2018, same-store cash NOI increased 4.7% and 3.9%, respectively, compared to the three months and year ended December 31, 2017. The same-store cash NOI by segment was as follows (in thousands):

	Three Months Ended (1)						Year Ended (2)
	December 31,						December 31,
	2018		2017		Change		2018		2017		Change
Cash Basis:
Retail	$	15,897	$	15,315	3.8	%	$	60,138	$	57,462	4.7	%
Office	17,636		16,810		4.9		73,707		70,474		4.6
Multifamily	7,388		6,773		9.1		19,828		19,405		2.2
Mixed-Use	6,149		6,039		1.8		24,787		24,366		1.7
Same-store Cash NOI (3)	$	47,070	$	44,937	4.7	%	$	178,460	$	171,707	3.9	%

(1) Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land.  Same-store portfolio excludes (i) Waikele Center due to significant redevelopment activity; (ii) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (iii) land held for development.

(2) Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land.  Same-store portfolio excludes (i) the Pacific Ridge Apartments, which was acquired on April 28, 2017; (ii) Gateway Marketplace, which was acquired on July 6, 2017; (iii) Waikele Center due to significant redevelopment activity; (iv) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (v) land held for development.

(3) Excluding lease termination fees for the three and twelve months ended December 31, 2018, same-store cash NOI would be 4.6% and 2.1%, respectively.

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

Balance Sheet and Liquidity

At December 31, 2018, the company had gross real estate assets of $2.6 billion and liquidity of $334.0 million, comprised of cash and cash equivalents of $48.0 million and $286.0 million of availability on its line of credit.

Dividends

The company declared dividends on its shares of common stock of $0.28 per share for the fourth quarter of 2018. The dividends were paid on December 27, 2018.

In addition, the company has declared a dividend on its common stock of $0.28 per share for the first quarter of 2019. The dividend will be paid on March 28, 2019 to stockholders of record on March 14, 2019.

Guidance

The company increased its guidance range for full year 2019 FFO per diluted share of $2.18 to $2.26 per share from the prior guidance range of $2.12 to $2.20 per share. The company's guidance excludes

any impact from future acquisitions, dispositions, equity issuances or repurchases, future debt financings or

repayments, except that our guidance assumes the payoff of the mortgage debt on Torrey Reserve - North Court, without penalty or premium.

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, credit spreads 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 fourth quarter and year end of 2018 on Wednesday, February 13, 2019 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 6088626. A telephonic replay of the conference call will be available beginning at 2:00 p.m. PT on Wednesday, February 13, 2019 through Wednesday, February 20, 2019. To access the replay, dial 1-855-859-2056 and use the pass code 6088626. 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.

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Supplemental Information

Supplemental financial information regarding the company's fourth quarter and year end 2018 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.

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Financial Information

American Assets Trust, Inc.

Consolidated Balance Sheets

(In Thousands, Except Share Data)

	December 31, 2018			December 31, 2017
Assets
Real estate, at cost
Operating real estate	$	2,549,571		$	2,536,474
Construction in progress		71,228			68,272
Held for development		9,392			9,392
		2,630,191			2,614,138
Accumulated depreciation		(590,338	)		(537,431	)
Net real estate		2,039,853			2,076,707
Cash and cash equivalents		47,956			82,610
Restricted cash		9,316			9,344
Accounts receivable, net		9,289			9,869
Deferred rent receivables, net		39,815			38,973
Other assets, net		52,021			42,361
Total assets	$	2,198,250		$	2,259,864
Liabilities and equity
Liabilities:
Secured notes payable, net	$	182,572		$	279,550
Unsecured notes payable, net		1,045,863			1,045,470
Unsecured line of credit, net		62,337			—
Accounts payable and accrued expenses		46,616			38,069
Security deposits payable		8,844			6,570
Other liabilities and deferred credits, net		49,547			46,061
Total liabilities		1,395,779			1,415,720
Commitments and contingencies
Equity:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 47,335,409 and 47,204,588 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively		474			473
Additional paid-in capital		920,661			919,066
Accumulated dividends in excess of net income		(128,778	)		(97,280	)
Accumulated other comprehensive income		10,620			11,451
Total American Assets Trust, Inc. stockholders' equity		802,977			833,710
Noncontrolling interests		(506	)		10,434
Total equity		802,471			844,144
Total liabilities and equity	$	2,198,250		$	2,259,864

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American Assets Trust, Inc.

Unaudited Consolidated Statements of Operations

(In Thousands, Except Shares and Per Share Data)

	Three Months Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017
Revenue:
Rental income	$	78,365		$	77,703		$	309,537		$	298,803
Other property income	4,240			4,043			21,330			16,180
Total revenue	82,605			81,746			330,867			314,983
Expenses:
Rental expenses	23,797			23,129			86,482			84,006
Real estate taxes	9,012			8,696			34,973			32,671
General and administrative	6,645			6,211			22,784			21,382
Depreciation and amortization	21,060			19,918			107,093			83,278
Total operating expenses	60,514			57,954			251,332			221,337
Operating income	22,091			23,792			79,535			93,646
Interest expense	(12,861		)	(13,992		)	(52,248		)	(53,848		)
Other income (expense), net	(21		)	(69		)	(85		)	334
Net income	9,209			9,731			27,202			40,132
Net income attributable to restricted shares	(96		)	(60		)	(311		)	(241		)
Net income attributable to unitholders in the Operating Partnership	(2,440		)	(2,594		)	(7,205		)	(10,814		)
Net income attributable to American Assets Trust, Inc. stockholders	$	6,673		$	7,077		$	19,686		$	29,077
Net income per share
Basic income attributable to common stockholders per share	$	0.14		$	0.15		$	0.42		$	0.62
Weighted average shares of common stock outstanding - basic	46,967,778			46,908,745			46,950,812			46,715,520
Diluted income attributable to common stockholders per share	$	0.14		$	0.15		$	0.42		$	0.62
Weighted average shares of common stock outstanding - diluted	64,145,386			64,103,725			64,136,559			64,087,250
Dividends declared per common share	$	0.28		$	0.27		$	1.09		$	1.05

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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, unaudited):

	Three Months Ended			Year Ended
	December 31, 2018			December 31, 2018
Funds From Operations (FFO)
Net income	$	9,209		$	27,202
Depreciation and amortization of real estate assets		21,060			107,093
FFO, as defined by NAREIT	$	30,269		$	134,295
Less: Nonforfeitable dividends on restricted stock awards		(94	)		(305	)
FFO attributable to common stock and units	$	30,175		$	133,990
FFO per diluted share/unit	$	0.47		$	2.09
Weighted average number of common shares and units, diluted		64,148,261			64,139,437

Reconciliation of Same-Store Cash NOI to Net Income

The company's reconciliation of Same-Store Cash NOI to Net Income is as follows (in thousands, unaudited):

	Three Months Ended (1)						Year Ended (2)
	December 31,						December 31,
	2018			2017			2018			2017
Same-store cash NOI	$	47,070		$	44,937		$	178,460		$	171,707
Non-same-store cash NOI	1,403			3,881			25,210			22,298
Tenant improvement reimbursements (3)	54			1,101			4,275			1,840
Cash NOI	$	48,527		$	49,919		$	207,945		$	195,845
Non-cash revenue and other operating expenses (4)	1,269			2			1,467			2,461
General and administrative	(6,645		)	(6,211		)	(22,784		)	(21,382		)
Depreciation and amortization	(21,060		)	(19,918		)	(107,093		)	(83,278		)
Interest expense	(12,861		)	(13,992		)	(52,248		)	(53,848		)
Other income (expense), net	(21		)	(69		)	(85		)	334
Net income	$	9,209		$	9,731		$	27,202		$	40,132
Number of properties included in same-store analysis	25			22			23			21

(1) Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store portfolio excludes (i) Waikele Center, due to significant redevelopment activity; (ii) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (iii) land held for development.

(2) Same-store portfolio includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store portfolio excludes (i) the Pacific Ridge Apartments, which was acquired on April 28, 2017; (ii) Gateway Marketplace, which was acquired on July 6 2017; (iii) Waikele Center, due to significant redevelopment activity; (iv) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (v) land held for development.

(3) Tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.

(4) Represents adjustments related to 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; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, lease termination fees at City Center Bellevue, 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.

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.

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Use of Non-GAAP Information

Funds from Operations

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 (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.

Cash Net Operating Income

The company uses cash net operating income ("NOI") internally to evaluate and compare the operating performance of the company's properties. The company believes cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner. The company believes the exclusion of these items from net income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is a measure of the operating performance of the company's properties but does not measure the company's performance as a whole. Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP.

Cash NOI, is a non-GAAP financial measure of performance. The company defines cash 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), adjusted for non-cash revenue and operating expense items such as straight-line rent, amortization of lease intangibles, amortization of lease incentives and other adjustments. Cash NOI also excludes general and administrative expenses, depreciation and amortization, interest expense, other nonproperty income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, the company's cash NOI may not be comparable to the cash NOIs of other REITs.

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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 has over 50 years of experience in 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, Texas and Hawaii.  The company's retail portfolio comprises approximately 3.1 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 2,112 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

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EX-99.2

FOURTH QUARTER 2018

Supplemental Information

Investor and Media Contact
American Assets Trust, Inc.
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	1,322,012	821,785	1,455	(1)	—	—
	San Francisco	35,156	516,985	—		—	—
	Oahu	429,718	—	—		96,707	369
	Monterey	673,572	—	—		—	—
	San Antonio	588,970	—	—		—	—
	Portland	44,153	820,244	657		—	—
	Seattle	—	497,472	—		—	—
	Total	3,093,581	2,656,486	2,112		96,707	369

		Square Feet		%
Note: Circled areas represent all markets in which American Assets Trust, Inc. currently owns and operates its real estate properties. 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	3.1	million	53%
	Office	2.7	million	47%
Data is as of December 31, 2018.	Totals	5.8	million
(1) Includes 122 RV spaces.

Fourth Quarter 2018 Supplemental Information                                Page 2

INDEX

	FOURTH QUARTER 2018 SUPPLEMENTAL INFORMATION
1.	FINANCIAL HIGHLIGHTS
	Consolidated Balance Sheets	5
	Consolidated Statements of Operations	6
	Funds From Operations (FFO), FFO As Adjusted & Funds Available for Distribution	7
	Corporate Guidance	9
	Same-Store Net Operating Income (NOI)	10
	Same-Store Cash NOI Comparison excluding Redevelopment	12
	Same-Store Cash NOI Comparison with Redevelopment	13
	Cash NOI By Region	14
	Cash NOI Breakdown	15
	Property Revenue and Operating Expenses	16
	Segment Capital Expenditures	18
	Summary of Outstanding Debt	19
	Market Capitalization	20
	Summary of Development Opportunities	21
2.	PORTFOLIO DATA
	Property Report	23
	Retail Leasing Summary	25
	Office Leasing Summary	26
	Multifamily Leasing Summary	27
	Mixed-Use Leasing Summary	29
	Lease Expirations	30
	Portfolio Leased Statistics	32
	Top Tenants - Retail	33
	Top Tenants - Office	34
3.	APPENDIX
	Glossary of Terms	36

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.

Fourth Quarter 2018 Supplemental Information                                Page 3

FINANCIAL HIGHLIGHTS

Fourth Quarter 2018 Supplemental Information                                Page 4

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except shares and per share data)	December 31, 2018			December 31, 2017
ASSETS
Real estate, at cost
Operating real estate	$	2,549,571		$	2,536,474
Construction in progress	71,228			68,272
Held for development	9,392			9,392
	2,630,191			2,614,138
Accumulated depreciation	(590,338		)	(537,431		)
Net real estate	2,039,853			2,076,707
Cash and cash equivalents	47,956			82,610
Restricted cash	9,316			9,344
Accounts receivable, net	9,289			9,869
Deferred rent receivable, net	39,815			38,973
Other assets, net	52,021			42,361
TOTAL ASSETS	$	2,198,250		$	2,259,864
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net	$	182,572		$	279,550
Unsecured notes payable, net	1,045,863			1,045,470
Unsecured line of credit, net	62,337			—
Accounts payable and accrued expenses	46,616			38,069
Security deposits payable	8,844			6,570
Other liabilities and deferred credits, net	49,547			46,061
Total liabilities	1,395,779			1,415,720
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 47,335,409 and 47,204,588 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	474			473
Additional paid in capital	920,661			919,066
Accumulated dividends in excess of net income	(128,778		)	(97,280		)
Accumulated other comprehensive income	10,620			11,451
Total American Assets Trust, Inc. stockholders' equity	802,977			833,710
Noncontrolling interests	(506		)	10,434
Total equity	802,471			844,144
TOTAL LIABILITIES AND EQUITY	$	2,198,250		$	2,259,864

Fourth Quarter 2018 Supplemental Information                                Page 5

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except shares and per share data)	Three Months Ended						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
REVENUE:
Rental income	$	78,365		$	77,703		$	309,537		$	298,803
Other property income	4,240			4,043			21,330			16,180
Total revenue	82,605			81,746			330,867			314,983
EXPENSES:
Rental expenses	23,797			23,129			86,482			84,006
Real estate taxes	9,012			8,696			34,973			32,671
General and administrative	6,645			6,211			22,784			21,382
Depreciation and amortization	21,060			19,918			107,093			83,278
Total operating expenses	60,514			57,954			251,332			221,337
OPERATING INCOME	22,091			23,792			79,535			93,646
Interest expense	(12,861		)	(13,992		)	(52,248		)	(53,848		)
Other (expense) income, net	(21		)	(69		)	(85		)	334
NET INCOME	9,209			9,731			27,202			40,132
Net income attributable to restricted shares	(96		)	(60		)	(311		)	(241		)
Net income attributable to unitholders in the Operating Partnership	(2,440		)	(2,594		)	(7,205		)	(10,814		)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS	$	6,673		$	7,077		$	19,686		$	29,077
EARNINGS PER COMMON SHARE
Basic income from operations attributable to common stockholders per share	$	0.14		$	0.15		$	0.42		$	0.62
Weighted average shares of common stock outstanding - basic	46,967,778			46,908,745			46,950,812			46,715,520
Diluted income from continuing operations attributable to common stockholders per share	$	0.14		$	0.15		$	0.42		$	0.62
Weighted average shares of common stock outstanding - diluted	64,145,386			64,103,725			64,136,559			64,087,250

Fourth Quarter 2018 Supplemental Information                                Page 6

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

(Amounts in thousands, except shares and per share data)	Three Months Ended						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Funds from Operations (FFO)(1)
Net income	$	9,209		$	9,731		$	27,202		$	40,132
Depreciation and amortization of real estate assets	21,060			19,918			107,093			83,278
FFO, as defined by NAREIT	30,269			29,649			134,295			123,410
Less: Nonforfeitable dividends on restricted stock awards	(94		)	(59		)	(305		)	(236		)
FFO attributable to common stock and common units	$	30,175		$	29,590		$	133,990		$	123,174
FFO per diluted share/unit	$	0.47		$	0.46		$	2.09		$	1.92
Weighted average number of common shares and common units, diluted (2)	64,148,261			64,106,314			64,139,437			64,089,921
Funds Available for Distribution (FAD)(1)	$	8,136		$	20,742		$	83,437		$	90,450
Dividends
Dividends declared and paid	$	18,064		$	17,365		$	70,228		$	67,537
Dividends declared and paid per share/unit	$	0.28		$	0.27		$	1.09		$	1.05

Fourth Quarter 2018 Supplemental Information                                Page 7

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

(Amounts in thousands, except shares and per share data)	Three Months Ended						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Funds Available for Distribution (FAD)(1)
FFO	$	30,269		$	29,649		$	134,295		$	123,410
Adjustments:
Tenant improvements, leasing commissions and maintenance capital expenditures	(21,994		)	(12,097		)	(53,655		)	(39,054		)
Net effect of straight-line rents (3)	89			760			2,123			879
Amortization of net above (below) market rents (4)	(1,349		)	(760		)	(3,570		)	(3,305		)
Net effect of other lease assets (5)	(9		)	(2		)	(20		)	963
Amortization of debt issuance costs and debt fair value adjustment	365			433			1,530			3,058
Non-cash compensation expense	859			2,818			3,039			4,735
Nonforfeitable dividends on restricted stock awards	(94		)	(59		)	(305		)	(236		)
FAD	$	8,136		$	20,742		$	83,437		$	90,450
Summary of Capital Expenditures
Tenant improvements and leasing commissions	$	14,979		$	6,976		$	33,118		$	21,600
Maintenance capital expenditures	7,015			5,121			20,537			17,454
	$	21,994		$	12,097		$	53,655		$	39,054

Notes:

(1) See Glossary of Terms.

(2) For the three months and year ended December 31, 2018 and 2017, 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, amortization of lease intangibles, lease termination fees at City Center Bellevue and straight-line rent expense for our leases at the Annex at the Landmark at One Market and retail space at Waikiki Beach Walk - Retail.

Fourth Quarter 2018 Supplemental Information                                Page 8

CORPORATE GUIDANCE

(Amounts in thousands, except share and per share data)
	Prior 2019 Guidance Range (1) (2)						Revised 2019 Guidance Range (2)
Funds from Operations (FFO):
Net income	$	52,474		$	57,620		$	52,151		$	57,287
Depreciation and amortization of real estate assets	84,191			84,191			88,191			88,191
FFO, as defined by NAREIT	136,665			141,811			140,342			145,478
Less: Nonforfeitable dividends on restricted stock awards	(286		)	(286		)	(377		)	(377		)
FFO attributable to common stock and units	$	136,379		$	141,525		$	139,965		$	145,101
Weighted average number of common shares and units, diluted	64,329,768			64,329,768			64,203,832			64,203,832
FFO per diluted share, updated	$	2.12		$	2.20		$	2.18		$	2.26

Notes:

(1) Prior 2019 Guidance Range as reported in the company's Third Quarter 2018 Supplemental Information.

(2) The company's guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, future debt financings or repayments.

These 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. Our actual results may differ materially from these estimates.

Fourth Quarter 2018 Supplemental Information                                Page 9

SAME-STORE NET OPERATING INCOME (NOI)

(Amounts in thousands)	Three Months Ended December 31, 2018
	Retail			Office			Multifamily			Mixed-Use			Total
Real estate rental revenue
Same-store	$	23,173		$	26,857		$	12,733		$	15,528		$	78,291
Non-same store (1)	3,882			432			—			—			4,314
Total	27,055			27,289			12,733			15,528			82,605
Real estate expenses
Same-store	6,866			8,864			5,267			9,213			30,210
Non-same store (1)	2,201			398			—			—			2,599
Total	9,067			9,262			5,267			9,213			32,809
Net Operating Income (NOI)
Same-store	16,307			17,993			7,466			6,315			48,081
Non-same store (1)	1,681			34			—			—			1,715
Total	$	17,988		$	18,027		$	7,466		$	6,315		$	49,796
Same-store NOI	$	16,307		$	17,993		$	7,466		$	6,315		$	48,081
Net effect of straight-line rents (2)	(27		)	633			(78		)	(136		)	392
Amortization of net above (below) market rents (3)	(383		)	(920		)	—			(30		)	(1,333		)
Net effect of other lease intangibles (4)	—			(16		)	—			—			(16		)
Tenant improvement reimbursements (5)	—			(54		)	—			—			(54		)
Same-store cash NOI (5)	$	15,897		$	17,636		$	7,388		$	6,149		$	47,070

Notes:

(1) Same-store and non-same store classifications are determined based on properties held on December 31, 2018 and 2017. 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, amortization of lease intangibles and straight-line rent expense for our leases at the Annex at the Landmark at One Market.

(5) Tenant improvement reimbursements are excluded from same-store cash NOI to provide a more accurate measure of operating performance.

NOI and same-store cash NOI are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. Reconciliations of NOI and same-store cash NOI to net income are included in the Glossary of Terms.

Fourth Quarter 2018 Supplemental Information                                Page 10

SAME-STORE NET OPERATING INCOME (NOI) (CONTINUED)

(Amounts in thousands)	Year Ended December 31, 2018
	Retail			Office			Multifamily			Mixed-Use			Total
Real estate rental revenue
Same-store	$	84,734		$	110,371		$	33,786		$	62,326		$	291,217
Non-same store (1)	20,818			1,991			16,841			—			39,650
Total	105,552			112,362			50,627			62,326			330,867
Real estate expenses
Same-store	23,025			32,958			13,955			37,076			107,014
Non-same store (1)	7,053			902			6,486			—			14,441
Total	30,078			33,860			20,441			37,076			121,455
Net Operating Income (NOI)
Same-store	61,709			77,413			19,831			25,250			184,203
Non-same store (1)	13,765			1,089			10,355			—			25,209
Total	$	75,474		$	78,502		$	30,186		$	25,250		$	209,412
Same-store NOI	$	61,709		$	77,413		$	19,831		$	25,250		$	184,203
Net effect of straight-line rents (2)	(174		)	2,656			(3		)	(343		)	2,136
Amortization of net above (below) market rents (3)	(1,367		)	(2,070		)	—			(120		)	(3,557		)
Net effect of other lease assets (4)	—			(47		)	—			—			(47		)
Tenant improvement reimbursements (5)	(30		)	(4,245		)	—			—			(4,275		)
Same-store cash NOI (5)	$	60,138		$	73,707		$	19,828		$	24,787		$	178,460

Notes:

(1) Same-store and non-same store are determined based on properties held on December 31, 2018 and 2017. 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, amortization of lease intangibles and straight-line rent expense for our leases at the Annex at The Landmark at One Market.

(5) Tenant improvement reimbursements are excluded from Same-store Cash NOI to provide a more accurate measure of operating performance.

NOI and same-store cash NOI are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance. Reconciliations of NOI and same-store cash NOI to net income are included in the Glossary of Terms.

Fourth Quarter 2018 Supplemental Information                                Page 11

SAME-STORE CASH NOI COMPARISON EXCLUDING REDEVELOPMENT

(Amounts in thousands)	Three Months Ended						Year Ended
	December 31,						December 31,
	2018		2017		Change		2018		2017		Change
Cash Basis:
Retail	$	15,897	$	15,315	3.8	%	$	60,138	$	57,462	4.7	%
Office	17,636		16,810		4.9		73,707		70,474		4.6
Multifamily	7,388		6,773		9.1		19,828		19,405		2.2
Mixed-Use	6,149		6,039		1.8		24,787		24,366		1.7
Same-store Cash NOI (1)(2)	$	47,070	$	44,937	4.7	%	$	178,460	$	171,707	3.9	%

Notes:

(1) Excluding lease termination fees, for the three months and year ended December 31, 2018, same-store cash NOI would be 4.6% and 2.1%, respectively.

(2) See Glossary of Terms.

Same-store cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of same-store cash NOI to net income is included in the Glossary of Terms.

Fourth Quarter 2018 Supplemental Information                                Page 12

SAME-STORE CASH NOI COMPARISON WITH REDEVELOPMENT⁽¹⁾

(Amounts in thousands)	Three Months Ended						Year Ended
	December 31,						December 31,
	2018		2017		Change		2018		2017		Change
Cash Basis:
Retail	$	17,551	$	19,405	(9.6	)%	$	71,782	$	73,345	(2.1	)%
Office	17,498		16,627		5.2		73,190		69,794		4.9
Multifamily	7,388		6,773		9.1		19,828		19,405		2.2
Mixed-Use	6,149		6,039		1.8		24,787		24,366		1.7
Same-store Cash NOI with Redevelopment (1)(2)	$	48,586	$	48,844	(0.5	)%	$	189,587	$	186,910	1.4	%

Notes:

(1) Excluding lease termination fees, for the three months and year ended December 31, 2018, same-store cash NOI with redevelopment would be (0.7)% and (0.2)%, respectively.

(2) See Glossary of Terms.

Same-store cash NOI with redevelopment is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of same-store cash NOI with redevelopment to net income is included in the Glossary of Terms.

Fourth Quarter 2018 Supplemental Information                                Page 13

CASH NOI BY REGION

(Amounts in thousands)	Three Months Ended December 31, 2018
	Retail		Office		Multifamily		Mixed-Use		Total
Cash Basis:
Southern California	8,480		4,043		5,823		—		18,346
Northern California	3,112		5,683		—		—		8,795
Hawaii	2,141		—		—		6,149		8,290
Oregon	235		4,181		1,565		—		5,981
Texas	3,570		—		—		—		3,570
Washington	—		3,545		—		—		3,545
Total Cash NOI	$	17,538	$	17,452	$	7,388	$	6,149	$	48,527

Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms.

Fourth Quarter 2018 Supplemental Information                                Page 14

CASH NOI BREAKDOWN

Three Months Ended December 31, 2018

Cash NOI Breakdown

Portfolio Diversification by Geographic Region

Portfolio Diversification by Segment

Cash NOI is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. A reconciliation of cash NOI to net income is included in the Glossary of Terms.

Fourth Quarter 2018 Supplemental Information                                Page 15

PROPERTY REVENUE AND OPERATING EXPENSES

(Amounts in thousands)	Three Months Ended December 31, 2018
			Additional				Property
			Property		Billed Expense		Operating			Rental			Cash
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)			Adjustments (5)			NOI (6)
Retail Portfolio
Carmel Country Plaza	$	960	$	26	$	233	$	(212	)	$	—		$	1,007
Carmel Mountain Plaza	3,203		234		875		(1,027		)	—			3,285
South Bay Marketplace	605		80		208		(215		)	—			678
Gateway Marketplace	604		2		262		(229		)	(18		)	621
Lomas Santa Fe Plaza	1,498		27		341		(446		)	—			1,420
Solana Beach Towne Centre	1,497		21		546		(564		)	(18		)	1,482
Del Monte Center	2,695		585		972		(1,554		)	—			2,698
Geary Marketplace	302		106		176		(170		)	—			414
The Shops at Kalakaua	495		26		50		(85		)	—			486
Waikele Center	2,696		364		773		(2,179		)	—			1,654
Alamo Quarry Market	3,688		337		1,781		(2,235		)	—			3,571
Hassalo on Eighth - Retail	276		51		54		(146		)	—			235
Subtotal Retail Portfolio	$	18,519	$	1,859	$	6,271	$	(9,062	)	$	(36	)	$	17,551
Office Portfolio													—
Torrey Reserve Campus (7)	$	4,495	$	53	$	330	$	(1,630	)	$	(394	)	$	2,854
Torrey Point	246		69		—		(215		)	(245		)	(145		)
Solana Beach Corporate Centre	1,798		3		81		(518		)	(77		)	1,287
The Landmark at One Market	6,731		28		382		(2,352		)	—			4,789
One Beach Street	1,082		1		188		(377		)	—			894
First & Main	2,797		183		506		(969		)	—			2,517
Lloyd District Portfolio (7)	2,476		515		160		(1,272		)	(77		)	1,802
City Center Bellevue	4,400		718		403		(1,677		)	(299		)	3,545
Subtotal Office Portfolio	$	24,025	$	1,570	$	2,050	$	(9,010	)	$	(1,092	)	$	17,543

Fourth Quarter 2018 Supplemental Information                                Page 16

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(Amounts in thousands)	Three Months Ended December 31, 2018
			Additional				Property
			Property		Billed Expense		Operating			Rental			Cash
Property	Base Rent (1)		Income (2)		Reimbursements (3)		Expenses (4)			Adjustments (5)			NOI (6)
Multifamily Portfolio
Loma Palisades	$	3,277	$	217	$	—	$	(1,260	)	$	(103	)	$	2,131
Imperial Beach Gardens	878		67		—		(340		)	(2		)	603
Mariner's Point	431		27		—		(171		)	(1		)	286
Santa Fe Park RV Resort	290		22		—		(149		)	—			163
Pacific Ridge Apartments	4,184		211		—		(1,723		)	(32		)	2,640
Hassalo on Eighth - Multifamily	3,006		364		—		(1,623		)	(182		)	1,565
Subtotal Multifamily Portfolio	$	12,066	$	908	$	—	$	(5,266	)	$	(320	)	$	7,388
Mixed-Use Portfolio
Waikiki Beach Walk - Retail	$	2,588	$	1,269	$	1,022	$	(1,849	)	$	—		$	3,030
Waikiki Beach Walk - Embassy Suites™	9,777		710		—		(7,368		)	—			3,119
Subtotal Mixed-Use Portfolio	$	12,365	$	1,979	$	1,022	$	(9,217	)	$	—		$	6,149
Subtotal Development Properties	$	1	$	108	$	—	$	(213	)	$	—		$	(104	)
Total	$	66,976	$	6,424	$	9,343	$	(32,768	)	$	(1,448	)	$	48,527

Cash NOI is a non-GAAP supplemental earnings measure which the company considers meaningful in measuring its operating performance. A reconciliation of total cash NOI to net income is included in the Glossary of Terms.

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 December 31, 2018 (before abatements and tenant improvement reimbursements) and excludes the impact of straight-line rent and above (below) market rent adjustments. Total abatements for our retail and office portfolio were approximately $36 and $1,146, respectively, for the three months ended December 31, 2018. There were no abatements for the retail portion of our mixed-use portfolio for the three months ended December 31, 2018. 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 $320 of abatements for our multifamily portfolio for the three months ended December 31, 2018. For Waikiki Beach Walk - Embassy Suites^TM, base rent is equal to the actual room revenue for the three months ended December 31, 2018. Total tenant improvement reimbursements for our retail and office portfolio were approximately $0 and $54, respectively, for the three months ended December 31, 2018. There were no tenant improvement reimbursements for the retail portion of our mixed-use portfolio for the three months ended December 31, 2018.

(2) Represents additional property-related income for the three months ended December 31, 2018, 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 December 31, 2018.

(4) Represents property operating expenses for the three months ended December 31, 2018. Property operating expenses includes all rental expenses, except non cash rent expense and the provision for bad debt recorded for deferred rent receivables.

(5) Represents various rental adjustments related to base rent (abatements and tenant improvement reimbursements).

(6) See Glossary of Terms.

(7) Base rent shown includes amounts related to American Assets Trust, L.P.'s corporate 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 $304 for the three months ended December 31, 2018.

Fourth Quarter 2018 Supplemental Information                                Page 17

SEGMENT CAPITAL EXPENDITURES

(Amounts in thousands)	Three Months Ended December 31, 2018
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	$	1,163	$	3,042	$	4,205	$	1,336	$	—	$	5,541
Office Portfolio	13,701		2,974		16,675		4,224		—		20,899
Multifamily Portfolio	—		639		639		—		—		639
Mixed-Use Portfolio	115		360		475		—		—		475
Total	$	14,979	$	7,015	$	21,994	$	5,560	$	—	$	27,554
	Year Ended December 31, 2018
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	$	4,137	$	7,498	$	11,635	$	2,584	$	—	$	14,219
Office Portfolio	28,645		8,439		37,084		6,730		1,378		45,192
Multifamily Portfolio	—		3,659		3,659		—		—		3,659
Mixed-Use Portfolio	336		941		1,277		—		—		1,277
Total	$	33,118	$	20,537	$	53,655	$	9,314	$	1,378	$	64,347

Fourth Quarter 2018 Supplemental Information                                Page 18

SUMMARY OF OUTSTANDING DEBT

(Amounts in thousands)	Amount
	Outstanding at				Annual Debt			Balance at
Debt	December 31, 2018		Interest Rate		Service (1)		Maturity Date	Maturity
Torrey Reserve - North Court	19,620		7.22	%	20,325		June 1, 2019	19,443
Torrey Reserve - VCI, VCII, VCIII	6,635		6.36	%	560		June 1, 2020	6,439
Solana Beach Corporate Centre I-II	10,502		5.91	%	855		June 1, 2020	10,169
Solana Beach Towne Centre	35,008		5.91	%	2,849		June 1, 2020	33,898
City Center Bellevue (2)	111,000		3.98	%	4,479		November 1, 2022	111,000
Secured Notes Payable / Weighted Average (3)	$	182,765	4.89	%	$	29,068		$	180,949
Term Loan A (4)	$	100,000	3.08	%	$	100,334	January 9, 2019	$	100,000
Series A Notes (5)	150,000		3.88	%	6,060		October 31, 2021	150,000
Term Loan B (6)	100,000		2.75	%	2,749		March 1, 2023	100,000
Term Loan C (7)	50,000		2.74	%	1,371		March 1, 2023	50,000
Series F Notes (8)	100,000		3.85	%	3,780		July 19, 2024	100,000
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
Series D Notes (9)	250,000		3.87	%	10,725		March 1, 2027	250,000
Series E Notes (10)	100,000		4.18	%	4,240		May 23, 2029	100,000
Unsecured Notes Payable / Weighted Average (11)	$	1,050,000	3.78	%	$	138,209		$	1,050,000
Unsecured Line of Credit (12)	$	64,000	3.44	%

Notes:

(1) Includes interest and principal payments due over the next twelve months.

(2) Interest only.

(3) The Secured Notes Payable total does not include debt issuance costs, net of $0.2 million.

(4) On January 9, 2019, the Term Loan A maturity was extended to January 9, 2021, subject to our option to extend Term Loan A up to three times with each such extension for a one-year period. Effective January 9, 2019, Term Loan A accrues interest at a variable rate, which we fixed as part of an interest rate swap for an effective interest rate of 4.13%, subject to adjustments based on our consolidated leverage ratio.

(5) $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 effective interest rate for the Series A Notes is approximately 3.88% per annum, through maturity.

(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 2.75%, subject to adjustments based on our consolidated leverage ratio.

(7) Term Loan C matures on March 1, 2023. Term Loan C accrues interest at a variable rate, which we fixed as part of an interest rate swap for an all-in interest rate of 2.74%, subject to adjustments based on our consolidated leverage ratio.

(8) $100 million of 3.78% Senior Guaranteed Notes, Series F, due July 19, 2024. Net of the settlement of the treasury lock contract, the effective interest rate for the Series F Notes is approximately 3.85%, through maturity.

(9) $250 million of 4.29% Senior Guaranteed Notes, Series D, due March 1, 2027. Net of the settlement of the forward-starting interest rate swap, the effective interest rate for the Series D Notes is approximately 3.87% per annum, through maturity.

(10) $100 million of 4.24% Senior Guaranteed Notes, Series E, due May 23, 2029. Net of the settlement of the treasury lock contract, the effective interest rate for the Series E Notes is approximately 4.18%, through maturity.

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

(12) The unsecured revolving line of credit (the "Revolver Loan") has a capacity of $350 million plus an accordion feature that may allow us to increase the availability thereunder up to an additional $350 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The Revolver Loan matures on January 9, 2022, subject to our option to extend the Revolver Loan up to two times, with each such extension for a six-month period. The Revolver Loan currently accrues interest at LIBOR, plus a spread which ranges from 1.05%-1.50%, based on our consolidated leverage ratio. The Revolver Loan total does not include debt issuance costs, net of $1.7 million.

Fourth Quarter 2018 Supplemental Information                                Page 19

MARKET CAPITALIZATION

(Amounts in thousands, except per share data)
Market data	December 31, 2018
Common shares outstanding	47,335
Common units outstanding	17,178
Common shares and common units outstanding	64,513
Market price per common share	$	40.17
Equity market capitalization	$	2,591,487
Total debt	$	1,296,765
Total market capitalization	$	3,888,252
Less: Cash on hand	$	(47,956	)
Total enterprise value	$	3,840,296
Total unencumbered assets, gross	$	2,356,383
Total debt/Total capitalization	33.4		%
Total debt/Total enterprise value	33.8		%
Net debt/Total enterprise value (1)	32.5		%
Total unencumbered assets, gross/Unsecured debt	211.8		%
Total debt/Adjusted EBITDA (2)(3)	7.5		x
Net debt/Adjusted EBITDA (1)(2)(3)	7.2		x
Interest coverage ratio (4)	3.4		x
Fixed charge coverage ratio (4)	3.4		x

Weighted Average Fixed Interest Rate	2019		2020		2021		2022		2023		2024		2025		2026		2027		2028		2029
	3.8	%	6.0	%	3.9	%	4.0	%	2.7	%	3.8	%	4.5	%	—	%	3.9	%	—	%	4.2	%

Total Weighed Average Fixed Interest Rate:	3.9%
Weighted Average Term to Maturity:	5.2 years

Credit Ratings
Rating Agency	Rating	Outlook
Fitch	BBB	Negative
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 and Adjusted EBITDA.

(3) As used here, Adjusted EBITDA represents the actual for the three months ended December 31, 2018 annualized.

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

(5) On January 9, 2019, the maturity date of Term Loan A was extended to January 9, 2021, with three one-year extension options.

Fourth Quarter 2018 Supplemental Information                                Page 20

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.
Development Projects
								Project Costs (in thousands) (4)
		Start Date	Completion Date	Estimated Stabilized Yield (1)	Rentable Square Feet	Percent Leased (2)	Estimated Stabilization Date (3)	Cost Incurred to Date	Total Estimated Investment
Property	Location
Office Property:
Torrey Point	San Diego, CA	2015	July 31, 2017	6.75% - 7.75%	90,000	40.1%	2019	$41,247	$55,800

Development/Redevelopment Pipeline
Property	Property Type	Location	Estimated Rentable Square Feet	Multifamily Units	Opportunity
Solana Beach Corporate Centre (Building 5)	Retail	Solana Beach, CA	10,000	N/A	Development of 10,000 square foot retail building
Lomas Santa Fe Plaza	Retail	Solana Beach, CA	45,000	N/A	Development of 45,000 square foot retail building
Solana Beach - Highway 101 (5)	Mixed Use	Solana Beach, CA	48,000	36	Development of mixed-use project
Lloyd District Portfolio - multiple phases (6)	Mixed Use	Portland, OR	TBD	TBD
Phase 2A - Oregon Square			55,000 33,000	N/A N/A	Remodel and repurpose of two 33,000 square feet office buildings into flexible creative office space that unlock 22,000 square feet of leasable space that was previously used for basement storage
Phase 2B - Oregon Square			TBD	TBD	Development of mixed-use residential tower and build-to-suit office tower

Notes:

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

(2) Percentage leased include square footage under leases as of January 31, 2019, including leases which may not have commenced as of January 31, 2019.

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

(4) Project costs exclude capitalized interest cost which is calculated in accordance with Accounting Standards Codification 835-20-50-1.

(5) Represents commercial portion of development opportunity for Solana Beach - Highway 101. A third party has been granted an option to acquire this property exercisable on or prior to December 22, 2019 for $9.43 million in consideration for a non-refundable $1.4 million option payment.

(6) 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.

Fourth Quarter 2018 Supplemental Information                                Page 21

PORTFOLIO DATA

Fourth Quarter 2018 Supplemental Information                                Page 22

PROPERTY REPORT

As of December 31, 2018				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	94.6%	$	3,841,618	$52.00		Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza (7)	San Diego, CA	1994/2014	15	528,416	77.4	12,234,245		29.91		Dick's Sporting Goods, Saks Fifth Avenue Off 5th
South Bay Marketplace (7)	San Diego, CA	1997	9	132,877	88.7	2,222,421		18.86		Ross Dress for Less, Grocery Outlet
Gateway Marketplace	San Diego, CA	1997/2016	3	127,861	98.7	2,403,614		19.05	Hobby Lobby	Smart & Final, Aldi
Lomas Santa Fe Plaza	Solana Beach, CA	1972/1997	9	208,030	97.0	5,971,638		29.59		Vons, Home Goods
Solana Beach Towne Centre	Solana Beach, CA	1973/2000/2004	12	246,730	93.5	5,929,000		25.70		Dixieline Probuild, Marshalls
Del Monte Center (7)	Monterey, CA	1967/1984/2006	16	673,572	98.3	11,680,190		17.64	Macy's, KLA Monterrey	Century Theatres, Macy's Furniture Gallery
Geary Marketplace	Walnut Creek, CA	2012	3	35,156	95.6	1,156,036		34.40		Sprouts Farmer Market, Freebirds Wild Burrito
The Shops at Kalakaua	Honolulu, HI	1971/2006	3	11,671	100.0	1,981,378		169.77		Hawaii Beachware & Fashion, Diesel U.S.A. Inc.
Waikele Center	Waipahu, HI	1993/2008	9	418,047	100.0	10,798,380		25.83	Lowe's	UFC Gym, Old Navy
Alamo Quarry Market (7)	San Antonio, TX	1997/1999	16	588,970	99.5	14,745,038		25.16	Regal Cinemas	Bed Bath & Beyond, Whole Foods Market
Hassalo on Eighth	Portland, OR	2015	3	44,153	76.6	1,079,577		31.92		Providence Health & Services, Green Zebra Grocery
Subtotal/Weighted Average Retail Portfolio			107	3,093,581	93.9%	$	74,043,135	$25.49
Office Properties
Torrey Reserve Campus	San Diego, CA	1996-2000/2014-2016	14	516,676	84.1%	$	18,162,561	$41.80
Torrey Point	San Diego, CA	2017	2	92,614	32.2	983,599		32.98
Solana Beach Corporate Centre	Solana Beach, CA	1982/2005	4	212,495	87.8	7,172,493		38.44
The Landmark at One Market (8)	San Francisco, CA	1917/2000	1	419,371	100.0	26,940,554		64.24
One Beach Street	San Francisco, CA	1924/1972/1987/1992	1	97,614	100.0	4,358,102		44.65
First & Main	Portland, OR	2010	1	360,641	98.7	11,182,650		31.42
Lloyd District Portfolio	Portland, OR	1940-2015	2	459,603	87.6	10,065,764		25.00
City Center Bellevue	Bellevue, WA	1987	1	497,472	98.2	18,719,712		38.32
Subtotal/Weighted Average Office Portfolio			26	2,656,486	90.9%	$	97,585,435	$40.41
Total/Weighted Average Retail and Office Portfolio			133	5,750,067	92.5%	$	171,628,570	$32.27

Fourth Quarter 2018 Supplemental Information                                Page 23

PROPERTY REPORT (CONTINUED)

As of December 31, 2018
			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	94.3%		$	13,393,860	$	2,160
Imperial Beach Gardens	Imperial Beach, CA	1959/2008	26	160	90.6		3,507,960		$	2,017
Mariner's Point	Imperial Beach, CA	1986	8	88	90.9		1,707,156		$	1,778
Santa Fe Park RV Resort (9)	San Diego, CA	1971/2007-2008	1	126	88.1		1,230,864		$	924
Pacific Ridge Apartments	San Diego, CA	2013	3	533	96.1		16,747,488		$	2,725
Hassalo on Eighth - Velomor	Portland, OR	2015	1	177	93.2		3,202,927		$	1,618
Hassalo on Eighth - Aster Tower	Portland, OR	2015	1	337	94.7		6,295,668		$	1,644
Hassalo on Eighth - Elwood	Portland, OR	2015	1	143	89.5		2,443,752		$	1,591
Total/Weighted Average Multifamily Portfolio			121	2,112	93.6%		$	48,529,675	$	2,046
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	96.1	%	$	10,752,372	$	115.70		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	91.3	%	$	315.39	$	287.99

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 December 31, 2018, including leases which may not have commenced as of December 31, 2018. Percentage leased for our multifamily properties includes total units rented as of December 31, 2018.

(3) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended December 31, 2018 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 December 31, 2018. Annualized base rent per leased unit is calculated by dividing annualized base rent by units under lease as of December 31, 2018.

(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	5	17,607	$	709,740
South Bay Marketplace	1	2,824	$	102,276
Del Monte Center	1	212,500	$	96,000
Alamo Quarry Market	4	31,994	$	509,880

(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 December 31, 2018, the highest average monthly occupancy rate for this property was 88%, occurring in December 2018. 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 December 31, 2018, 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 December 31, 2018 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 December 31, 2018 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.

Fourth Quarter 2018 Supplemental Information                                Page 24

RETAIL LEASING SUMMARY

As of December 31, 2018
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
4th Quarter 2018	19	100%	65,046	$46.90	$45.52		$	89,535		3.0	%	7.3	%	4.0	$	471,790	$7.25
3rd Quarter 2018	10	100%	64,585	$30.44	$25.63		$	310,549		18.8	%	21.7	%	4.8	$	166,077	$2.57
2nd Quarter 2018	15	100%	66,415	$39.54	$39.05		$	32,852		1.3	%	14.1	%	8.1	$	660,600	$9.95
1st Quarter 2018	19	100%	43,241	$48.67	$50.78		$	(91,403	)	(4.2	)%	7.7	%	5.8	$	454,375	$10.51
Total 12 months	63	100%	239,287	$40.73	$39.31		$	341,533		3.6	%	11.8	%	5.7	$	1,752,842	$7.33
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
4th Quarter 2018	3	16%	2,956	$139.03	$123.55		$	45,742		12.5	%	18.3	%	5.2	$	20,840	$7.05
3rd Quarter 2018	1	10%	959	$192.00	$144.00		$	46,032		33.3	%	40.0	%	3.0	$	—	$0.00
2nd Quarter 2018	4	27%	7,986	$67.30	$74.97		$	(61,197	)	(10.2	)%	(4.1	)%	8.4	$	660,600	$82.72
1st Quarter 2018	3	16%	8,077	$53.15	$67.94		$	(119,469	)	(21.8	)%	(14.8	)%	9.3	$	377,000	$46.68
Total 12 months	11	17%	19,978	$78.18	$82.63		$	(88,892	)	(5.4	)%	1.2	%	8.0	$	1,058,440	$52.98
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
4th Quarter 2018	16	84%	62,090	$42.51	$41.81		$	43,793		1.7	%	5.8	%	4.0	$	450,950	$7.26
3rd Quarter 2018	9	90%	63,626	$28.00	$23.84		$	264,517		17.4	%	20.0	%	4.8	$	166,077	$2.61
2nd Quarter 2018	11	73%	58,429	$35.75	$34.14		$	94,049		4.7	%	19.9	%	8.1	$	—	$0.00
1st Quarter 2018	16	84%	35,164	$47.64	$46.84		$	28,066		1.7	%	15.5	%	5.0	$	77,375	$2.20
Total 12 months	52	83%	219,309	$37.32	$35.36		$	430,425		5.6	%	14.1	%	5.5	$	694,402	$3.17
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
4th Quarter 2018	21	72,031	$45.89	4.6	$	925,440	$12.85
3rd Quarter 2018	16	122,381	$28.81	11.2	$	11,775,947	$96.22
2nd Quarter 2018	19	74,650	$37.94	7.8	$	849,831	$11.38
1st Quarter 2018	22	47,468	$49.78	5.7	$	614,375	$12.94
Total 12 months	78	316,530	$37.99	8.1	$	14,165,593	$44.75

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.

Fourth Quarter 2018 Supplemental Information                                Page 25

OFFICE LEASING SUMMARY

As of December 31, 2018
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
4th Quarter 2018	11	100%	298,303	$88.41	$54.08		$	10,241,129	63.5	%	95.5	%	9.8	$	29,601,802	$99.23
3rd Quarter 2018	9	100%	95,279	$38.40	$34.59		$	363,065	11.0	%	12.6	%	6.3	$	6,191,785	$64.99
2nd Quarter 2018	15	100%	113,182	$43.18	$37.06		$	692,640	16.5	%	28.8	%	6.9	$	4,839,775	$42.76
1st Quarter 2018	16	100%	207,056	$64.22	$57.52		$	1,386,716	11.6	%	29.8	%	7.5	$	11,165,819	$53.93
Total 12 months	51	100%	713,820	$67.55	$49.78		$	12,683,550	35.7	%	56.9	%	8.2	$	51,799,181	$72.57
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
4th Quarter 2018	8	73%	284,679	$90.10	$54.66		$	10,089,839	64.8	%	97.8	%	10.0	$	28,993,536	$101.85
3rd Quarter 2018	4	44%	83,147	$37.88	$34.15		$	310,566	10.9	%	11.7	%	6.8	$	5,987,498	$72.01
2nd Quarter 2018	2	13%	38,599	$47.58	$42.15		$	209,915	12.9	%	30.5	%	9.8	$	3,225,852	$83.57
1st Quarter 2018	9	56%	120,813	$54.81	$44.95		$	1,190,208	21.9	%	46.6	%	9.5	$	9,514,872	$78.76
Total 12 months	23	45%	527,238	$70.67	$48.28		$	11,800,528	46.4	%	71.9	%	9.4	$	47,721,758	$90.51
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
4th Quarter 2018	3	27%	13,624	$53.05	$41.94		$	151,290	26.5	%	39.6	%	5.6	$	608,266	$44.65
3rd Quarter 2018	5	56%	12,132	$41.96	$37.63		$	52,499	11.5	%	18.3	%	2.8	$	204,287	$16.84
2nd Quarter 2018	13	87%	74,583	$40.89	$34.42		$	482,725	18.8	%	27.9	%	5.5	$	1,613,923	$21.64
1st Quarter 2018	7	44%	86,243	$77.40	$75.13		$	196,508	3.0	%	16.1	%	4.7	$	1,650,947	$19.14
Total 12 months	28	55%	186,582	$58.72	$54.00		$	883,022	8.8	%	20.6	%	5.0	$	4,077,423	$21.85
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
4th Quarter 2018	15	312,673	$86.55	9.5	$	30,333,733	$97.01
3rd Quarter 2018	13	114,367	$40.84	6.4	$	7,584,960	$66.32
2nd Quarter 2018	24	156,521	$41.70	6.7	$	6,900,810	$44.09
1st Quarter 2018	23	245,081	$61.39	7.4	$	14,009,667	$57.16
Total 12 months	75	828,642	$64.33	7.9	$	58,829,170	$70.99

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.

Fourth Quarter 2018 Supplemental Information                                Page 26

MULTIFAMILY LEASING SUMMARY

As of December 31, 2018
Lease Summary - Loma Palisades
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2018	517	94.3%	$13,393,860	$2,160
3rd Quarter 2018	511	93.3%	$13,313,736	$2,170
2nd Quarter 2018	544	99.3%	$13,423,164	$2,056
1st Quarter 2018	512	93.4%	$12,558,516	$2,045
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
4th Quarter 2018	145	90.6%	$3,507,960	$2,017
3rd Quarter 2018	151	94.4%	$3,625,728	$2,000
2nd Quarter 2018	157	98.1%	$3,663,048	$1,945
1st Quarter 2018	149	93.1%	$3,521,508	$1,970
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
4th Quarter 2018	80	90.9%	$1,707,156	$1,778
3rd Quarter 2018	82	93.2%	$1,711,752	$1,739
2nd Quarter 2018	86	97.7%	$1,773,576	$1,719
1st Quarter 2018	81	92.1%	$1,610,880	$1,656
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
4th Quarter 2018	111	88.1%	$1,230,864	$924
3rd Quarter 2018	98	77.8%	$1,399,620	$1,190
2nd Quarter 2018	104	82.8%	$1,825,680	$1,458
1st Quarter 2018	106	84.4%	$1,275,120	$999
Lease Summary - Pacific Ridge Apartments
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2018	512	96.1%	$16,747,488	$2,725
3rd Quarter 2018	513	96.2%	$16,928,340	$2,751
2nd Quarter 2018	470	88.2%	$15,842,244	$2,808
1st Quarter 2018	493	92.5%	$16,052,556	$2,713

Fourth Quarter 2018 Supplemental Information                                Page 27

MULTIFAMILY LEASING SUMMARY (CONTINUED)

As of December 31, 2018
Lease Summary - Hassalo on Eighth - Velomor
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2018	165	93.2%	$3,202,927	$1,618
3rd Quarter 2018	157	88.7%	$3,090,732	$1,641
2nd Quarter 2018	168	94.9%	$3,268,236	$1,621
1st Quarter 2018	157	88.7%	$3,159,180	$1,677
Lease Summary - Hassalo on Eighth - Aster Tower
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2018	319	94.7%	$6,295,668	$1,644
3rd Quarter 2018	312	92.6%	$6,185,088	$1,652
2nd Quarter 2018	322	95.6%	$6,449,628	$1,668
1st Quarter 2018	324	96.1%	$6,400,212	$1,647
Lease Summary - Hassalo on Eighth - Elwood
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2018	128	89.5%	$2,443,752	$1,591
3rd Quarter 2018	126	88.1%	$2,435,748	$1,611
2nd Quarter 2018	133	93.0%	$2,500,788	$1,567
1st Quarter 2018	135	94.4%	$2,496,744	$1,541
Total Multifamily Lease Summary
	Number of Leased Units	Percentage leased (1)	Annualized Base Rent (2)	Average Monthly Base Rent per Leased Unit (3)
Quarter
4th Quarter 2018	1,977	93.6%	$48,529,675	$2,046
3rd Quarter 2018	1,950	92.3%	$48,690,744	$2,081
2nd Quarter 2018	1,984	93.9%	$48,746,364	$2,048
1st Quarter 2018	1,957	92.7%	$47,074,716	$2,004

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.

Fourth Quarter 2018 Supplemental Information                                Page 28

MIXED-USE LEASING SUMMARY

As of December 31, 2018
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
4th Quarter 2018	92,890	96.1%	$10,752,372	$116
3rd Quarter 2018	92,767	95.9%	$10,573,741	$114
2nd Quarter 2018	92,777	95.9%	$10,610,601	$114
1st Quarter 2018	93,709	96.9%	$11,099,045	$118
Lease Summary - Hotel Portion
	Number of Leased Units	Average Occupancy (4)	Average Daily Rate (4)	Annualized Revenue per Available Room (4)
Quarter
4th Quarter 2018	337	91.3%	$315	$288
3rd Quarter 2018	342	92.8%	$348	$323
2nd Quarter 2018	346	93.7%	$303	$284
1st Quarter 2018	348	94.3%	$312	$295

Notes:

(1) Percentage leased for mixed-use property includes square footage under leases as of December 31, 2018, including leases which may not have commenced as of December 31, 2018.

(2) Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended December 31, 2018 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 December 31, 2018.

(4) Average occupancy represents the percentage of available units that were sold during the three months ended December 31, 2018, 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.

Fourth Quarter 2018 Supplemental Information                                Page 29

LEASE EXPIRATIONS

As of December 31, 2018
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	14,512		0.5	%	0.2	%	$1.88	26,323	0.9	%	0.5	%	$28.72	1,214	1.3	%	—	%	$—	42,049	0.7	%	$18.63
2019	167,814		6.3		2.9		$42.50	142,204	4.6		2.4		$37.75	15,984	16.5		0.3		$115.73	326,002	5.6		$44.02
2020	278,898		10.5		4.8		$37.14	293,117	9.5		5.0		$27.41	19,930	20.6		0.3		$58.94	591,945	10.1		$33.06
2021	239,099		9.0		4.1		$40.33	187,210	6.1		3.2		$44.03	19,712	20.4		0.3		$178.59	446,021	7.6		$47.99
2022	244,232		9.2		4.2		$48.08	447,386	14.5		7.7		$30.28	5,481	5.7		0.1		$210.95	697,099	11.9		$37.94
2023	361,694	(2)	13.6		6.2		$47.31	302,362	9.8		5.2		$24.57	7,436	7.7		0.1		$92.20	671,492	11.5		$37.57
2024	108,804		4.1		1.9		$46.60	378,864	12.2		6.5		$25.18	2,091	2.2		—		$112.75	489,759	8.4		$30.31
2025	234,906		8.8		4.0		$33.14	185,620	6.0		3.2		$23.00	1,010	1.0		—		$251.61	421,536	7.2		$29.20
2026	127,359	(3)(4)	4.8		2.2		$37.51	105,739	3.4		1.8		$26.15	—	—		—		$—	233,098	4.0		$32.36
2027	15,459		0.6		0.3		$51.18	120,100	3.9		2.1		$27.36	13,118	13.6		0.2		74.38	148,677	2.5		$33.99
2028	67,363		2.5		1.2		$38.69	481,296	15.6		8.2		$14.56	6,914	7.1		0.1		$130.17	555,573	9.5		$18.92
Thereafter	396,682	(5)(6)	14.9		6.8		$51.78	174,575	5.6		3.0		$21.77	—	—		—		$—	571,257	9.8		$42.61
Signed Leases Not Commenced	158,071		6.0		2.7		—	59,535	1.9		1.0		—	—	—		—		—	217,606	3.7		—
Available	241,593		9.1		4.1		—	189,250	6.1		3.2		—	3,817	3.9		0.1		—	434,660	7.4		—
Total (7)	2,656,486		100.0	%	45.4	%	$36.73	3,093,581	100.0	%	52.9	%	$23.93	96,707	100.0	%	1.7	%	$111.19	5,846,774	100.0	%	$31.19
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	14,512		0.5	%	0.2	%	$1.88	26,323	0.9	%	0.5	%	$28.72	1,214	1.3	%	—	%	$—	42,049	0.7	%	$18.63
2019	146,860		5.5		2.5		$41.30	74,495	2.4		1.3		$37.80	15,984	16.5		0.3		$115.73	237,339	4.1		$45.21
2020	132,095		5.0		2.3		$38.42	166,579	5.4		2.8		$23.30	2,998	3.1		0.1		$120.63	301,672	5.2		$30.89
2021	74,275		2.8		1.3		$41.52	106,127	3.4		1.8		$46.23	19,712	20.4		0.3		$178.59	200,114	3.4		$57.52
2022	53,128		2.0		0.9		$43.70	110,830	3.6		1.9		$36.60	5,481	5.7		0.1		$210.95	169,439	2.9		$44.47
2023	127,602		4.8		2.2		$38.80	56,896	1.8		1.0		$36.76	7,436	7.7		0.1		$92.20	191,934	3.3		$40.26
2024	52,254		2.0		0.9		$43.96	191,731	6.2		3.3		$31.57	2,091	2.2		—		$112.75	246,076	4.2		$34.89
2025	173,052		6.5		3.0		$36.16	110,591	3.6		1.9		$28.53	1,010	1.0		—		$251.61	284,653	4.9		$33.96
2026	158,392		6.0		2.7		$37.08	94,960	3.1		1.6		$29.07	—	—		—		$—	253,352	4.3		$34.08
2027	79,850		3.0		1.4		$38.86	174,035	5.6		3.0		$29.70	13,118	13.6		0.2		74.38	267,003	4.6		$34.63
2028	151,777		5.7		2.6		$39.86	219,874	7.1		3.8		$22.61	—	—		—		$—	371,651	6.4		$29.65
Thereafter	1,093,025	(2)(3)(4)(5)(6)	41.1		18.7		$48.01	1,512,355	48.9		25.9		$22.10	23,846	24.7		0.4		$71.84	2,629,226	45.0		$33.32
Signed Leases Not Commenced	158,071		6.0		2.7		—	59,535	1.9		1.0		—	—	—		—		—	217,606	3.7		—
Available	241,593		9.1		4.1		—	189,250	6.1		3.2		—	3,817	3.9		0.1		—	434,660	7.4		—
Total (7)	2,656,486		100.0	%	45.4	%	$36.73	3,093,581	100.0	%	52.9	%	$23.93	96,707	100.0	%	1.7	%	$111.19	5,846,774	100.0	%	$31.19

Fourth Quarter 2018 Supplemental Information                                Page 30

LEASE EXPIRATIONS (CONTINUED)

As of December 31, 2018

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 December 31, 2018 for the leases expiring during the applicable period by (ii) 12 months.

(2) The expirations include 23,101 square feet leased by Salesforce.com at The Landmark at One Market through June 30, 2019, for which Autodesk, Inc. has signed an agreement to lease such space beginning July 1, 2019 through December 31, 2023 with options to extend the lease through December 31, 2033.

(3) The expirations include 19,697 square feet leased by Wargaming (USA), Inc. at City Center Bellevue through May 31, 2019, for which Smartsheet, Inc. has signed an agreement to lease such space beginning June 1, 2019 through December 31, 2026 with options to extend the lease through December 31, 2031.

(4) The expirations include 10,796 square feet leased by Information Tools, Inc. and Homestreet Bank at City Center Bellevue through February 28, 2019 and April 30, 2019, respectively, for which Wargaming (USA), Inc. has signed an agreement to lease such space beginning June 1, 2019 through May 31, 2026 with options to extend the lease through May 31, 2029.

(5) The expirations include 47,988 square feet leased by Salesforce.com at The Landmark at One Market through December 31, 2018, for which Google LLC has signed an agreement to lease such space beginning January 1, 2019 through December 31, 2029 with options to extend the lease through December 31, 2039.

(6) The expirations include 183,029 square feet leased by Salesforce.com at The Landmark at One Market through June 30, 2019, for which Google LLC has signed an agreement to lease such space beginning January 1, 2019 through December 31, 2029 with options to extend the lease through December 31, 2039.

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

Fourth Quarter 2018 Supplemental Information                                Page 31

PORTFOLIO LEASED STATISTICS

	At December 31, 2018					At December 31, 2017
Type	Size	Leased (1)		Leased %		Size	Leased (1)		Leased %
Overall Portfolio(2) Statistics
Retail Properties (square feet)	3,093,581	2,904,331		93.9	%	3,214,710	3,113,102		96.8	%
Office Properties (square feet)	2,656,486	2,414,893		90.9	%	2,684,477	2,374,349		88.4	%
Multifamily Properties (units)	2,112	1,977		93.6	%	2,112	1,938		91.8	%
Mixed-Use Properties (square feet)	96,707	92,890		96.1	%	96,707	93,684		96.9	%
Mixed-Use Properties (units)	369	343	(3)	93.0	%	369	341	(3)	92.5	%
Same-Store(2) Statistics
Retail Properties (square feet)(4)	2,675,534	2,486,284		92.9	%	2,677,073	2,625,515		98.1	%
Office Properties (square feet)	2,563,872	2,385,040		93.0	%	2,684,477	2,374,349		88.4	%
Multifamily Properties (units)	2,112	1,977		93.6	%	2,112	1,938		91.8	%
Mixed-Use Properties (square feet)	96,707	92,890		96.1	%	96,707	93,684		96.9	%
Mixed-Use Properties (units)	369	343	(3)	93.0	%	369	341	(3)	92.5	%

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) Represents average occupancy for the year ended December 31, 2018 and 2017.

(4) The same-store portfolio excludes Waikele Center due to significant redevelopment activity.

Fourth Quarter 2018 Supplemental Information                                Page 32

TOP TENANTS - RETAIL

As of December 31, 2018
	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	Lowe's	Waikele Center	5/31/2028	155,000	5.0	%	2.7	%	$	3,720,000	5.0	%	2.0	%
2	Nordstrom Rack	Carmel Mountain Plaza, Alamo Quarry Market	9/30/2022 10/31/2022	69,047	2.2		1.2		2,189,648		3.0		1.2
3	Sprouts Farmers Market	Solana Beach Towne Centre, Carmel Mountain Plaza, Geary Marketplace	6/30/2024 3/31/2025 9/30/2032	71,431	2.3		1.2		1,919,436		2.6		1.1
4	Vons	Lomas Santa Fe Plaza	12/31/2022	49,895	1.6		0.9		1,399,205		1.9		0.8
5	Old Navy	Waikele Center, South Bay Marketplace, Alamo Quarry Market	7/31/2020 4/30/2021 9/30/2022	59,780	1.9		1.0		*		*		*
6	Marshalls	Solana Beach Towne Centre, Carmel Mountain Plaza,	1/31/2025 1/31/2029	68,055	2.2		1.2		1,335,447		1.8		0.7
7	Regal Cinemas	Alamo Quarry Market	3/31/2023	72,447	2.3		1.2		1,231,599		1.7		0.7
8	Michaels	Carmel Mountain Plaza, Alamo Quarry Plaza	1/31/2024 2/29/2028	46,850	1.5		0.8		1,022,103		1.4		0.6
9	Angelika Film Center	Carmel Mountain Plaza	1/31/2024	34,561	1.1		0.6		1,006,589		1.3		0.6
10	Whole Foods Market	Alamo Quarry Market Del Monte Center	10/31/2022 7/31/2023	63,471	2.1		1.1		956,412		1.3		0.5
	Top 10 Retail Tenants Total			690,537	22.2	%	11.9	%	$	14,780,439	20.0	%	8.2	%

* Data withheld at tenant's request.

Fourth Quarter 2018 Supplemental Information                                Page 33

TOP TENANTS - OFFICE

As of December 31, 2018
	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	12/31/2018 6/30/2019	254,118	9.6	%	4.3	%	$	15,002,748	15.4	%	8.2	%
2	Autodesk, Inc.	The Landmark at One Market	12/31/2022 12/31/2023	114,664	4.3		2.0		9,547,099		9.8		5.2
3	Veterans Benefits Administration	First & Main	8/31/2020	93,572	3.5		1.6		3,006,453		3.1		1.6
4	Clearesult Operating, LLC	First & Main	4/30/2025	101,848	3.8		1.7		2,735,895		2.8		1.5
5	State of Oregon: Department of Environmental Quality	Lloyd District Portfolio	10/31/2031	87,787	3.3		1.5		2,607,730		2.7		1.4
6	Alliant International University	One Beach Street	10/31/2019	64,161	2.4		1.1		2,510,982		2.6		1.4
7	VMWare, Inc.	City Center Bellevue	11/30/2022 3/31/2025	72,883	2.7		1.2		2,404,668		2.5		1.3
8	Treasury Call Center	First & Main	8/31/2020	63,648	2.4		1.1		2,184,302		2.2		1.2
9	California Bank & Trust	Torrey Reserve Campus	2/29/2024	34,731	1.3		0.6		1,807,609		1.9		1.0
10	Industrious	City Center Bellevue	11/30/2033	37,166	1.4		0.6		1,728,219		1.8		0.9
	Top 10 Office Tenants Total			924,578	34.7	%	15.7	%	$	43,535,705	44.8	%	23.7	%

Fourth Quarter 2018 Supplemental Information                                Page 34

APPENDIX

Fourth Quarter 2018 Supplemental Information                                Page 35

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 and year ended December 31, 2018 and 2017 is as follows:

	Three Months Ended						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Net income	$	9,209		$	9,731		$	27,202		$	40,132
Depreciation and amortization	21,060			19,918			107,093			83,278
Interest expense	12,861			13,992			52,248			53,848
Interest income	(29		)	(177		)	(238		)	(548		)
Income tax expense/(benefit)	50			246			327			214
EBITDA	$	43,151		$	43,710		$	186,632		$	176,924

Adjusted EBITDA: Adjusted EBITDA is a non-GAAP measure that begins with EBITDA and includes adjustments for certain items that we believe are not representative of ongoing operating performance. Specifically, we include a pro forma adjustment to reflect a full period of NOI on the operating properties we acquire during the quarter, to assume all transactions occurred at the beginning of the quarter. We use Adjusted EBITDA as a supplemental performance measure because we believe these items create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future earnings potential.

	Three Months Ended				Year Ended
	December 31,				December 31,
	2018		2017		2018		2017
EBITDA	$	43,151	$	43,710	$	186,632	$	176,924
Pro forma adjustments	—		—		—		3,026
Adjusted EBITDA	$	43,151	$	43,710	$	186,632	$	179,950

Earnings Before Interest, Taxes, Depreciation, and Amortization for Real Estate (EBITDAre): EBITDAre is a supplemental non-GAAP measure of real estate companies' operating performances. The National Association of Real Estate Investment Trusts (NAREIT) defines EBITDAre as follows: net income or loss, computed in accordance with GAAP plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate including gain or loss on change of control, impairments of real estate, and adjustments to reflect the entity's share of EBITDAre of unconsolidated affiliates, if any. EBITDAre 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 EBITDAre for the three months and year ended December 31, 2018 and 2017 is as follows:

	Three Months Ended						Year Ended
	December 31,						December 31,
	2018			2017			2018			2017
Net income	$	9,209		$	9,731		$	27,202		$	40,132
Depreciation and amortization	21,060			19,918			107,093			83,278
Interest expense	12,861			13,992			52,248			53,848
Interest income	(29		)	(177		)	(238		)	(548		)
Income tax expense/(benefit)	50			246			327			214
EBITDAre	$	43,151		$	43,710		$	186,632		$	176,924

Fourth Quarter 2018 Supplemental Information                                Page 36

GLOSSARY OF TERMS (CONTINUED)

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.

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						Year Ended
	December 31,						December 31,
Reconciliation of NOI to net income	2018			2017			2018			2017
Total NOI	$	49,796		$	49,921		$	209,412		$	198,306
General and administrative	(6,645		)	(6,211		)	(22,784		)	(21,382		)
Depreciation and amortization	(21,060		)	(19,918		)	(107,093		)	(83,278		)
Operating Income	$	22,091		$	23,792		$	79,535		$	93,646
Interest expense	(12,861		)	(13,992		)	(52,248		)	(53,848		)
Other income, net	(21		)	(69		)	(85		)	334
Net income	$	9,209		$	9,731		$	27,202		$	40,132
Net income attributable to restricted shares	(96		)	(60		)	(311		)	(241		)
Net income attributable to unitholders in the Operating Partnership	(2,440		)	(2,594		)	(7,205		)	(10,814		)
Net income attributable to American Assets Trust, Inc. stockholders	$	6,673		$	7,077		$	19,686		$	29,077

Overall Portfolio: Includes all operating properties owned by us as of December 31, 2018.

Cash NOI: We define cash 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), adjusted for non-cash revenue and operating expense items such as straight-line rent, amortization of lease intangibles, amortization of lease incentives and other adjustments. Cash NOI also excludes general and administrative expenses, depreciation and amortization, interest expense, other non-property income and losses, acquisition-related expense, gains and losses from property dispositions, extraordinary items, tenant improvements, and leasing commissions. Other REITs may use different methodologies for calculating cash NOI, and accordingly, our cash NOI may not be comparable to the cash NOIs of other REITs. We believe cash NOI provides useful information to investors regarding the company's financial condition and results of operations because it reflects only those income and expense items that are incurred at the property level, and when compared across periods, can be used to determine trends in earnings of the company's properties as this measure is not affected by (1) the non-cash revenue and expense recognition items, (2) the cost of funds of the property owner, (3) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP or (4) general and administrative expenses and other gains and losses that are specific to the property owner. We believe the exclusion of these items from net (loss) income is useful because the resulting measure captures the actual revenue generated and actual expenses incurred in operating the company's properties as well as trends in occupancy rates, rental rates and operating costs. Cash NOI is

Fourth Quarter 2018 Supplemental Information                                Page 37

GLOSSARY OF TERMS (CONTINUED)

a measure of the operating performance of the company's properties but does not measure the company's performance as a whole. Cash NOI is therefore not a substitute for net income as computed in accordance with GAAP. A Reconciliation of Total Cash NOI to Operating Income is presented below:

	Three Months Ended						Year Ended
	December 31,						December 31,
Reconciliation of Total Cash NOI to Net Income	2018			2017			2018			2017
Total Cash NOI	$	48,527		$	49,919		$	207,945		$	195,845
Non-cash revenue and other operating expenses (1)	1,269			2			1,467			2,461
General and administrative	(6,645		)	(6,211		)	(22,784		)	(21,382		)
Depreciation and amortization	(21,060		)	(19,918		)	(107,093		)	(83,278		)
Operating income	$	22,091		$	23,792		$	79,535		$	93,646
Interest expense	(12,861		)	(13,992		)	(52,248		)	(53,848		)
Other income, net	(21		)	(69		)	(85		)	334
Net income	$	9,209		$	9,731		$	27,202		$	40,132

(1) Represents adjustments related to 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; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, lease termination fees at City Center Bellevue, 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.

Same-Store Cash NOI Comparison with Redevelopment: As noted below in the definition of Same-Store, Non-Same Store and Redevelopment Same-Store, 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. Redevelopment same-store is considered by management to be an important measure because it assists in eliminating disparities due to the redevelopment of properties during the particular period presented, and thus provides a more consistent performance measure for the comparison of the company's stabilized and redevelopment properties, as applicable. Additionally, redevelopment same-store is considered by management to be an important measure because it assists in evaluating the timing of the start and stabilization of our redevelopment opportunities and the impact that these redevelopments have in enhancing our operating performance. We present Same-Store Cash NOI Comparison with Redevelopment using cash NOI to evaluate and compare the operating performance of the company's properties, as defined above. A reconciliation of Same-Store Cash NOI Comparison with Redevelopment on a cash basis to operating income is presented below:

	Three Months Ended (1)						Year Ended (2)
	December 31,						December 31,
Reconciliation of Same-Store Cash NOI Comparison with Redevelopment to Operating Income	2018			2017			2018			2017
Same-Store Cash NOI	$	47,070		$	44,937		$	178,460		$	171,707
Redevelopment Cash NOI (3)	1,516			3,907			11,127			15,203
Same-Store Cash NOI with Redevelopment	48,586			48,844			189,587			186,910
Tenant improvement reimbursements	54			1,101			4,275			1,840
Total Same-Store Cash NOI with Redevelopment	$	48,640		$	49,945		$	193,862		$	188,750
Non-Same Store Cash NOI	(113		)	(26		)	14,083			7,095
Total Cash NOI	$	48,527		$	49,919		$	207,945		$	195,845
Non-cash revenue and other operating expenses (4)	1,269			2			1,467			2,461
General and administrative	(6,645		)	(6,211		)	(22,784		)	(21,382		)
Depreciation and amortization	(21,060		)	(19,918		)	(107,093		)	(83,278		)
Operating income	$	22,091		$	23,792		$	79,535		$	93,646
Interest expense	(12,861		)	(13,992		)	(52,248		)	(53,848		)
Other income, net	(21		)	(69		)	(85		)	334
Net income	$	9,209		$	9,731		$	27,202		$	40,132

(1) Same-store includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store excludes (i) Waikele Center, due to significant redevelopment activity; (ii) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (iii) land held for development.

Fourth Quarter 2018 Supplemental Information                                Page 38

GLOSSARY OF TERMS (CONTINUED)

(2) Same-store includes the Forever 21 building at Del Monte Center which we acquired on September 1, 2017 after previously owning the underlying land. Same-store excludes (i) the Pacific Ridge Apartments, which was acquired on April 28, 2017; (ii) Gateway Marketplace, which was acquired on July 6, 2017; (iii) Waikele Center, due to significant redevelopment activity; (iv) Torrey Point, which was placed into operations and became available for occupancy in August 2018; and (v) land held for development.

(3) Redevelopment property refers to Waikele Center and Lloyd District Portfolio - Land.

(4) Represents adjustments related to 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; the amortization of above (below) market rents, the amortization of lease incentives paid to tenants, the amortization of other lease intangibles, lease termination fees at City Center Bellevue, 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.

Fourth Quarter 2018 Supplemental Information                                Page 39

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			Comparison of Year Ended
	December 31, 2018 to 2017			December 31, 2018 to 2017
	Same-Store	Non Same-Store	Redevelopment Same-Store	Same-Store	Non Same-Store	Redevelopment Same-Store
Retail Properties
Carmel Country Plaza	X		X	X		X
Carmel Mountain Plaza	X		X	X		X
South Bay Marketplace	X		X	X		X
Gateway Marketplace	X		X		X
Lomas Santa Fe Plaza	X		X	X		X
Solana Beach Towne Centre	X		X	X		X
Del Monte Center (1)	X		X	X		X
Geary Marketplace	X		X	X		X
The Shops at Kalakaua	X		X	X		X
Waikele Center		X	X		X	X
Alamo Quarry Market	X		X	X		X
Hassalo on Eighth - Retail	X		X	X		X
Office Properties
Torrey Reserve Campus	X		X	X		X
Torrey Point		X			X
Solana Beach Corporate Centre	X		X	X		X
The Landmark at One Market	X		X	X		X
One Beach Street	X		X	X		X
First & Main	X		X	X		X
Lloyd District Portfolio	X		X	X		X
City Center Bellevue	X		X	X		X
Multifamily Properties
Loma Palisades	X		X	X		X
Imperial Beach Gardens	X		X	X		X
Mariner's Point	X		X	X		X
Santa Fe Park RV Resort	X		X	X		X
Pacific Ridge Apartments	X		X		X
Hassalo on Eighth	X		X	X		X
Mixed-Use Properties
Waikiki Beach Walk - Retail	X		X	X		X
Waikiki Beach Walk - Embassy Suites™	X		X	X		X
Development Properties
Solana Beach Corporate Centre - Land		X			X
Solana Beach - Highway 101 - Land		X			X
Lloyd District Portfolio - Land		X	X		X	X

(1) Del Monte Center includes the Forever 21 building which we acquired on September 1, 2017 after previously owning the underlying land.

Fourth Quarter 2018 Supplemental Information                                Page 40

GLOSSARY OF TERMS (CONTINUED)

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.

Fourth Quarter 2018 Supplemental Information                                Page 41