EX-99.2 3 a1q24supplementalng.htm EX-99.2 Document

FIRST QUARTER 2024
Supplemental Information



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



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American Assets Trust, Inc.'s Portfolio is concentrated in high-barrier-to-entry markets
with favorable supply/demand characteristics
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OfficeRetailMultifamilyMixed-Use
Market Square Feet Square Feet Units Square FeetSuites
San Diego1,590,552 1,322,200 1,453 (1)— — 
Bellevue1,032,683 — — — — 
Portland912,592 44,236 657 — — 
Monterey— 673,155 — — — 
San Antonio— 588,148 — — — 
San Francisco522,696 35,159 — — — 
Oahu— 429,718 — 93,925 369 
Total4,058,523 3,092,616 2,110 93,925 369 
Square Feet%
NOI % (2)
Note: Circled areas represent all markets in which American Assets Trust, Inc. currently owns and operates its real estate properties. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.Office4.1 million57%53%
Retail (3)
3.1 million43%25%
Data is as of March 31, 2024.Totals7.2 million
(1) Includes 120 RV spaces.
(2) Percentage of Net Operating Income (NOI) calculated for the three months ended March 31, 2024. Reconciliation of NOI to net income is included in the Glossary of Terms.
(3) Does not include mixed-use retail.

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INDEX
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FIRST QUARTER 2024 SUPPLEMENTAL INFORMATION
1.FINANCIAL HIGHLIGHTS
Consolidated Balance Sheets
Consolidated Statements of Operations
Funds From Operations (FFO), FFO As Adjusted & Funds Available for Distribution
Corporate Guidance
Same-Store Net Operating Income (NOI)
Same-Store Cash NOI Comparison excluding Redevelopment
Same-Store Cash NOI Comparison with Redevelopment
Cash NOI By Region
Cash NOI Breakdown
Property Revenue and Operating Expenses
Segment Capital Expenditures
Summary of Outstanding Debt
Market Capitalization
Summary of Development Opportunities
2.PORTFOLIO DATA
Property Report
Office Leasing Summary
Retail Leasing Summary
Multifamily Leasing Summary
Mixed-Use Leasing Summary
Lease Expirations
Portfolio Leased Statistics
Top Tenants - Office
Top Tenants - Retail
3.APPENDIX
Glossary of Terms
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; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; decreased rental rates or increased vacancy rates; our failure to generate sufficient cash flows to service our outstanding indebtedness; fluctuations in interest rates and increased operating costs; our failure to obtain necessary outside financing; our inability to develop or redevelop our properties due to market conditions; investment returns from our developed properties may be less than anticipated; general economic conditions; financial market fluctuations; risks that affect the general office, retail, multifamily and mixed-use environment; the competitive environment in which we operate; system failures or security incidents through cyber attacks; the impact of epidemics, pandemics, or other outbreaks of illness, disease or virus (such as the outbreak of COVID-19 and its variants) and the actions taken by government authorities and others related thereto, including the ability of our company, our properties and our tenants to operate; difficulties in identifying properties to acquire and completing acquisitions; our failure to successfully operate acquired properties and operations; risks related to joint venture arrangements; on-going and/or potential litigation; difficulties in completing dispositions; 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 American Assets Trust, Inc. 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.
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FINANCIAL HIGHLIGHTS




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CONSOLIDATED BALANCE SHEETS
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(Amounts in thousands, except shares and per share data)March 31, 2024December 31, 2023
ASSETS(unaudited)
Real estate, at cost
Operating real estate$3,516,354 $3,502,251 
Construction in progress235,719 239,030 
Held for development487 487 
3,752,560 3,741,768 
Accumulated depreciation(1,061,670)(1,036,453)
Net real estate2,690,890 2,705,315 
Cash and cash equivalents98,553 82,888 
Accounts receivable, net7,606 7,624 
Deferred rent receivable, net90,884 89,210 
Other assets, net100,266 99,644 
TOTAL ASSETS$2,988,199 $2,984,681 
LIABILITIES AND EQUITY
LIABILITIES:
Secured notes payable, net$74,691 $74,669 
Unsecured notes payable, net1,615,608 1,614,958 
Accounts payable and accrued expenses65,292 61,312 
Security deposits payable8,862 8,880 
Other liabilities and deferred credits, net68,358 71,187 
Total liabilities1,832,811 1,831,006 
Commitments and contingencies
EQUITY:
American Assets Trust, Inc. stockholders' equity
Common stock, $0.01 par value, 490,000,000 shares authorized, 60,894,491 and 60,895,786 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively609 609 
Additional paid in capital1,470,823 1,469,206 
Accumulated dividends in excess of net income(281,183)(280,239)
Accumulated other comprehensive income 9,304 8,282 
Total American Assets Trust, Inc. stockholders' equity1,199,553 1,197,858 
Noncontrolling interests(44,165)(44,183)
Total equity1,155,388 1,153,675 
TOTAL LIABILITIES AND EQUITY$2,988,199 $2,984,681 

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CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited, amounts in thousands, except shares and per share data)Three Months Ended
March 31,
 20242023
REVENUE:
Rental income$105,021 $102,710 
Other property income5,674 5,044 
Total revenue110,695 107,754 
EXPENSES:
Rental expenses29,841 27,506 
Real estate taxes11,246 11,632 
General and administrative8,842 8,999 
Depreciation and amortization30,217 29,901 
Total operating expenses80,146 78,038 
OPERATING INCOME30,549 29,716 
Interest expense, net(16,255)(15,729)
Other income (expense), net10,329 6,679 
NET INCOME24,623 20,666 
Net income attributable to restricted shares(196)(189)
Net income attributable to unitholders in the Operating Partnership(5,167)(4,341)
NET INCOME ATTRIBUTABLE TO AMERICAN ASSETS TRUST, INC. STOCKHOLDERS$19,260 $16,136 
EARNINGS PER COMMON SHARE
Basic income from operations attributable to common stockholders per share$0.32 $0.27 
Weighted average shares of common stock outstanding - basic60,309,921 60,144,609 
Diluted income from continuing operations attributable to common stockholders per share$0.32 $0.27 
Weighted average shares of common stock outstanding - diluted76,491,458 76,326,146 

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FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION
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(Unaudited, amounts in thousands, except shares and per share data)Three Months Ended
March 31,
20242023
Funds from Operations (FFO) (1)
Net income$24,623 $20,666 
Depreciation and amortization of real estate assets 30,217 29,901 
FFO, as defined by NAREIT54,840 50,567 
Less: Nonforfeitable dividends on restricted stock awards(192)(187)
FFO attributable to common stock and common units$54,648 $50,380 
FFO per diluted share/unit$0.71 $0.66 
Weighted average number of common shares and common units, diluted (2)
76,500,185 76,330,711 
Funds Available for Distribution (FAD) (1)
$44,155 $37,232 
Dividends
Dividends declared and paid$25,821 $25,377 
Dividends declared and paid per share/unit$0.335 $0.330 

FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance.
        
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FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION (CONTINUED)
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(Unaudited, amounts in thousands, except shares and per share data)Three Months Ended
March 31,
20242023
Funds Available for Distribution (FAD) (1)
FFO$54,840 $50,567 
Adjustments:
Tenant improvements, leasing commissions and maintenance capital expenditures (9,951)(13,118)
Net effect of straight-line rents (3)
(2,299)(2,219)
Amortization of net above (below) market rents (4)
(743)(784)
Net effect of other lease assets (5)
48 54 
Amortization of debt issuance costs and debt fair value adjustment835 884 
Non-cash compensation expense1,617 2,035 
Nonforfeitable dividends on restricted stock awards(192)(187)
FAD$44,155 $37,232 
Summary of Capital Expenditures
Tenant improvements and leasing commissions $5,384 $6,004 
Maintenance capital expenditures4,567 7,114 
$9,951 $13,118 

Notes:
(1)    See Glossary of Terms.
(2)    For the three months ended March 31, 2024 and 2023, 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, and straight-line rent expense for our leases at the Annex at The Landmark at One Market.

FFO and FAD are non-GAAP supplemental earnings measures which we consider meaningful in measuring our operating performance.


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CORPORATE GUIDANCE
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(Amounts in thousands, except share and per share data)
Prior 2024 Guidance Range (1)(2)
Revised 2024 Guidance Range (2)
Funds from Operations (FFO):
Net income$54,633 $65,330 $57,667 $65,320 
Depreciation and amortization of real estate assets113,470 113,470 114,520 114,520 
FFO, as defined by NAREIT168,103 178,800 172,187 179,840 
Less: Nonforfeitable dividends on restricted stock awards(772)(772)(770)(770)
FFO attributable to common stock and units$167,331 $178,028 $171,417 $179,070 
Weighted average number of common shares and units, diluted76,406,801 76,406,801 76,525,480 76,525,480 
FFO per diluted share, updated$2.19 $2.33 $2.24 $2.34 

Notes:
(1)    The Prior 2024 Guidance Range as reported in the company's Fourth Quarter 2023 Supplemental Information.
(2)    Management will discuss the company's revised guidance in more detail during tomorrow's earnings call. Except as discussed during the call, the company's revised guidance excludes any impact from future acquisitions, dispositions, equity issuances or repurchases, debt financing or repayments.


FFO is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance.

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.

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SAME-STORE NET OPERATING INCOME (NOI)
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(Unaudited, amounts in thousands)
Three Months Ended March 31, 2024 (1)
OfficeRetailMultifamilyMixed-UseTotal
Real estate rental revenue
Same-store$51,675 $26,026 $16,299 $16,688 $110,688 
Non-same store — — — 
Total51,682 26,026 16,299 16,688 110,695 
Real estate expenses
Same-store14,690 8,301 6,981 10,813 40,785 
Non-same store302 — — — 302 
Total14,992 8,301 6,981 10,813 41,087 
Net Operating Income (NOI)
Same-store36,985 17,725 9,318 5,875 69,903 
Non-same store(295)— — — (295)
Total$36,690 $17,725 $9,318 $5,875 $69,608 
Same-store NOI$36,985 $17,725 $9,318 $5,875 $69,903 
Net effect of straight-line rents (2)
(2,889)204 195 191 (2,299)
Amortization of net above (below) market rents (3)
(483)(260)— — (743)
Net effect of other lease assets (4)
36 13 — — 49 
Tenant improvement reimbursements (5)
(134)(1)— — (135)
Same-store cash NOI (5)
$33,515 $17,681 $9,513 $6,066 $66,775 
Same-store cash NOI - Excluding Construction in Progress Write-off (6)
$33,515 $18,204 $9,513 $6,066 $67,298 

Notes:
(1)    Same-store and non-same store classifications are determined based on properties held on March 31, 2024 and 2023. 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.
(6)    The company wrote off $0.5 million in non-recurring costs incurred in prior periods relating to construction in progress for then-prospective construction within our retail segment.

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.

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SAME-STORE CASH NOI COMPARISON EXCLUDING REDEVELOPMENT
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(Unaudited, amounts in thousands)Three Months Ended
March 31,
20242023Change
Cash Basis:
Office$33,515 $33,515 — %
Retail17,681 17,699 (0.1)
Multifamily9,513 9,055 5.1 
Mixed-Use6,066 5,495 10.4 
Same-store Cash NOI (1)
$66,775 $65,764 1.5 %


In the first quarter, the company wrote off $0.5 million in non-recurring costs incurred in prior periods relating to construction in progress for then-prospective construction within our retail segment. Excluding such non-recurring costs, same-store cash NOI by segment was as follows:

(Unaudited, amounts in thousands)Three Months Ended
March 31,
20242023Change
Cash Basis:
Office$33,515 $33,515 — %
Retail18,204 17,699 2.9 
Multifamily9,513 9,055 5.1 
Mixed-Use6,066 5,495 10.4 
Same-store Cash NOI - Excluding Construction in Progress Write-off$67,298 $65,764 2.3 %

Notes:
(1)    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.
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SAME-STORE CASH NOI COMPARISON WITH REDEVELOPMENT
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(Unaudited, amounts in thousands)Three Months Ended
March 31,
20242023Change
Cash Basis:
Office$33,415 $33,401 — %
Retail17,681 17,699 (0.1)
Multifamily9,513 9,055 5.1 
Mixed-Use6,066 5,495 10.4 
Same-store Cash NOI with Redevelopment (1)
$66,675 $65,650 1.6 %


In the first quarter, the company wrote off $0.5 million in non-recurring costs incurred in prior periods relating to construction in progress for then-prospective construction within our retail segment. Excluding such non-recurring costs, same-store cash NOI with redevelopment by segment was as follows:


(Unaudited, amounts in thousands)Three Months Ended
March 31,
20242023Change
Cash Basis:
Office$33,415 $33,401 — %
Retail18,204 17,699 2.9 
Multifamily9,513 9,055 5.1 
Mixed-Use6,066 5,495 10.4 
Same-store Cash NOI with Redevelopment - Excluding Construction in Progress Write-off$67,198 $65,650 2.4 %

Notes:
(1)    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.




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CASH NOI BY REGION
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(Unaudited, amounts in thousands)Three Months Ended March 31, 2024
OfficeRetailMultifamilyMixed-UseTotal
Cash Basis:
Southern California$15,106 $8,959 $8,182 $— $32,247 
Northern California5,088 2,415 — — 7,503 
Hawaii— 2,532 — 6,066 8,598 
Oregon5,476 200 1,331 — 7,007 
Texas— 3,576 — — 3,576 
Washington7,683 — — — 7,683 
Total Cash NOI$33,353 $17,682 $9,513 $6,066 $66,614 


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.


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CASH NOI BREAKDOWN
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Three Months Ended March 31, 2024
Cash NOI Breakdown
Portfolio Diversification by Geographic RegionPortfolio Diversification by Segment
    

chart-6a96b04d76b249dfa44a.jpg    chart-a3a4def500cc492e85ca.jpg




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.
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PROPERTY REVENUE AND OPERATING EXPENSES
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(Unaudited, amounts in thousands)Three Months Ended March 31, 2024
AdditionalProperty
PropertyBilled ExpenseOperatingRentalCash
Property
Base Rent (1)
   Income (2)
Reimbursements (3)
    Expenses (4)
  Adjustments (5)
    NOI (6)
Office Portfolio
La Jolla Commons$8,544 $199 $2,238 $(2,945)$— $8,036 
Torrey Reserve Campus (7)
6,501 486 366 (1,775)(529)5,049 
Torrey Point1,454 108 10 (398)(321)853 
Solana Crossing2,088 15 95 (586)(360)1,252 
The Landmark at One Market10,357 80 305 (3,391)(2,164)5,187 
One Beach Street — — — (99)— (99)
First & Main2,752 212 748 (823)85 2,974 
Lloyd Portfolio (7)
3,664 338 169 (1,526)(31)2,614 
City Center Bellevue 6,311 506 288 (1,782)(280)5,043 
Eastgate Office Park1,174 24 571 (756)(43)970 
Corporate Campus East III1,130 60 456 (465)(7)1,174 
Bel-Spring 520515 11 225 (255)— 496 
Subtotal Office Portfolio$44,490 $2,039 $5,471 $(14,801)$(3,650)$33,549 
Retail Portfolio
Carmel Country Plaza$974 $31 $220 $(244)$$983 
Carmel Mountain Plaza3,592 116 944 (1,003)(77)3,572 
South Bay Marketplace614 35 227 (232)— 644 
Gateway Marketplace648 — 223 (259)(24)588 
Lomas Santa Fe Plaza1,667 16 293 (465)1,514 
Solana Beach Towne Centre1,699 17 539 (597)— 1,658 
Del Monte Center 2,324 215 904 (1,312)— 2,131 
Geary Marketplace289 — 135 (140)— 284 
The Shops at Kalakaua272 15 51 (94)— 244 
Waikele Center3,213 212 977 (2,119)2,288 
Alamo Quarry Market3,729 177 1,391 (1,724)3,576 
Hassalo on Eighth - Retail 255 25 41 (111)(10)200 
Subtotal Retail Portfolio$19,276 $859 $5,945 $(8,300)$(98)$17,682 

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PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
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(Unaudited, amounts in thousands)Three Months Ended March 31, 2024
AdditionalProperty
PropertyBilled ExpenseOperatingRentalCash
Property
Base Rent (1)
Income (2)
Reimbursements (3)
Expenses (4)
Adjustments (5)
NOI (6)
Multifamily Portfolio
Loma Palisades$4,387 $259 $— $(1,705)$(59)$2,882 
Imperial Beach Gardens1,191 68 — (480)— 779 
Mariner's Point528 42 — (263)(1)306 
Santa Fe Park RV Resort443 47 — (279)— 211 
Pacific Ridge Apartments6,102 211 — (2,303)(6)4,004 
Hassalo on Eighth - Multifamily2,934 394 — (1,953)(44)1,331 
Subtotal Multifamily Portfolio$15,585 $1,021 $ $(6,983)$(110)$9,513 
Mixed-Use Portfolio
Waikiki Beach Walk - Retail$2,270 $1,161 $916 $(1,706)$(12)$2,629 
Waikiki Beach Walk - Embassy Suites™10,730 1,814 — (9,107)— 3,437 
Subtotal Mixed-Use Portfolio$13,000 $2,975 $916 $(10,813)$(12)$6,066 
Subtotal Development Properties$ $7 $ $(203)$ $(196)
Total$92,351 $6,901 $12,332 $(41,100)$(3,870)$66,614 
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 office and retail portfolio and the retail portion of our mixed-use portfolio represents base rent for the three months ended March 31, 2024 (before deferrals, abatements, and tenant improvement reimbursements) and excludes the impact of straight-line rent and above (below) market rent adjustments. Total abatements for our office portfolio were approximately $3.8 million for the three months ended March 31, 2024. Total abatements for our retail portfolio were $0.1 million for the three months ended March 31, 2024. The abatements for our mixed-use portfolio were minimal for the three months ended March 31, 2024. 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 $0.1 million of abatements for our multifamily portfolio for the three months ended March 31, 2024. For Waikiki Beach Walk - Embassy SuitesTM, base rent is equal to the actual room revenue for the three months ended March 31, 2024. Total tenant improvement reimbursements for our office portfolio, retail portfolio and the retail portion of our mixed-use portfolio were approximately $0.1 million in the aggregate for the three months ended March 31, 2024. A reconciliation of base rent to rental income is shown below:
Base Rent$92,351 
Billed Expense Reimbursement12,332 
Percentage Rent548 
Straight-line rent components2,299 
Other Rental Income*(2,509)
Rental Income$105,021 
Other rental income includes rent abatement, rent deferral, above market rent, below market rent, lease incentives, tenant improvement reimbursement, storage rent and other miscellaneous rental income.
(2)    Represents additional property-related income for the three months ended March 31, 2024, 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).
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PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)
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(3)    Represents billed tenant expense reimbursements for the three months ended March 31, 2024.
(4)    Represents property operating expenses for the three months ended March 31, 2024. Property operating expenses includes all rental expenses, except non cash rent expense.
(5)    Represents various rental adjustments related to base rent (deferrals, 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 Point and Lloyd Portfolio. This intercompany rent is eliminated in the consolidated statement of operations. The base rent and abatement were both $0.4 million for the three months ended March 31, 2024.


First Quarter 2024 Supplemental InformationPage
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SEGMENT CAPITAL EXPENDITURES
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(Unaudited, amounts in thousands)Three Months Ended March 31, 2024
SegmentTenant Improvements and Leasing CommissionsMaintenance Capital ExpendituresTotal Tenant Improvements, Leasing Commissions and Maintenance Capital ExpendituresRedevelopment and ExpansionsNew DevelopmentTotal Capital Expenditures
Office Portfolio$3,740 $1,905 $5,645 $903 $2,438 $8,986 
Retail Portfolio1,474 1,305 2,779 — — 2,779 
Multifamily Portfolio— 1,200 1,200 — — 1,200 
Mixed-Use Portfolio170 157 327 — — 327 
Total$5,384 $4,567 $9,951 $903 $2,438 $13,292 

First Quarter 2024 Supplemental InformationPage
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SUMMARY OF OUTSTANDING DEBT
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(Unaudited, amounts in thousands)Amount
Outstanding atAnnual Debt
DebtMarch 31, 2024Interest Rate
Service (1)
Maturity Date
City Center Bellevue75,000 5.08 %3,863 October 1, 2027
Secured Notes Payable / Weighted Average (2)
$75,000 5.08 %$3,863 
Term Loan A (3)
$100,000 2.70 %$2,700 January 5, 2027
Term Loan B (4)
150,000 5.57 %157,004 January 5, 2025
Term Loan C (5)
75,000 5.57 %78,502 January 5, 2025
Series F Notes (6)
100,000 3.85 %101,764 July 19, 2024
Series B Notes 100,000 4.45 %104,462 February 2, 2025
Series C Notes 100,000 4.50 %4,500 April 1, 2025
Series D Notes (7)
250,000 3.87 %10,725 March 1, 2027
Series E Notes (8)
100,000 4.18 %4,240 May 23, 2029
Series G Notes (9)
150,000 3.88 %5,865 July 30, 2030
3.375% Senior Notes (10)
500,000 3.38 %16,875 February 1, 2031
Unsecured Notes Payable / Weighted Average (11)
$1,625,000 3.97 %$486,637 
Unsecured Line of Credit (12)
$ 
Notes:
(1)    Includes interest and principal payments due over the next twelve months.
(2)    The Secured Notes Payable total does not include debt issuance costs, net of $0.3 million.
(3)    Term Loan A has a stated maturity of January 5, 2027, with no further extension options. 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 2.70%, subject to adjustments based on our consolidated leverage ratio.
(4)    On January 5, 2023, the fully-drawn borrowings on Term Loan B were increased from $100 million to $150 million and the maturity date was extended from March 1, 2023 to January 5, 2025, with one, twelve-month extension option. Prior thereto, we entered into forward starting interest rate swaps that are intended to fix the interest rate on the $150 million Term Loan B at approximately 5.47% for the first year of the extended term loan and 5.57% for the second year of the extended term loan, subject to adjustments based on our consolidated leverage ratio.
(5)    On January 5, 2023, the fully-drawn borrowings on Term Loan C were increased from $50 million to $75 million and the maturity date was extended from March 1, 2023 to January 5, 2025, with one, twelve-month extension option. Prior thereto, we entered into forward starting interest rate swaps that are intended to fix the interest rate on the $75 million Term Loan C at approximately 5.47% for the first year of the extended term loan and 5.57% for the second year of the extended term loan, subject to adjustments based on our consolidated leverage ratio.
(6)    $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.
(7)    $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.
(8)    $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.
(9)    $150 million of 3.91% Senior Guaranteed Notes, Series G, due July 30, 2030. Net of the settlement of the treasury lock contract, the effective interest rate for the Series G Notes is approximately 3.88% through maturity.
(10)    $500 million of 3.375% Senior Notes due February 1, 2031. Net of debt issuance discount, the effective interest rate for the 3.375% Notes is approximately 3.502% through maturity.
(11)    The Unsecured Notes Payable total does not include debt issuance costs and discounts, net of $9.4 million.
(12)    The unsecured revolving line of credit (the "Revolver Loan") has a capacity of $400 million plus an accordion feature that may allow us to increase the availability thereunder up to an additional $400 million, subject to meeting specified requirements and obtaining additional commitments from lenders. The Revolver Loan matures on January 5, 2026, 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 SOFR, plus the applicable SOFR adjustment and 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 $1.1 million.
First Quarter 2024 Supplemental InformationPage
19

MARKET CAPITALIZATION
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(Unaudited, amounts in thousands, except per share data)
Market dataMarch 31, 2024
Common shares outstanding60,894 
Common units outstanding16,182 
Common shares and common units outstanding77,076 
Market price per common share$21.91 
Equity market capitalization$1,688,735 
Total debt$1,700,000 
Total market capitalization$3,388,735 
Less: Cash on hand$(98,553)
Total enterprise value$3,290,182 
Total unencumbered assets, gross$3,761,666 
Total debt/Total capitalization50.2 %
Total debt/Total enterprise value51.7 %
Net debt/Total enterprise value (1)
48.7 %
Total unencumbered assets, gross/Unsecured debt231.5 %
Quarter AnnualizedTrailing 12 Months
Total debt/Adjusted EBITDA (2)(3)
6.0 x6.7 x
Net debt/Adjusted EBITDA (1)(2)(3)
5.7 x6.3 x
Interest coverage ratio (4)
4.1 x3.6 x
Fixed charge coverage ratio (4)
4.1 x3.6 x
Debt Covenants (3.375% Senior Notes) (5)
CovenantMarch 31, 2024
Aggregate Debt Test< 60%44.1%
Debt Service Test> 1.5x3.8x
Secured Debt Test< 40%1.9%
Maintenance of Total Unencumbered Assets> 150%220.3%
chart-b2e7832ee6c74daca58a.jpg
Weighted Average Fixed Interest Rate20242025202620272028202920302031
3.8 %5.1 %— %3.8 %— %4.2 %3.9 %3.4 %
Total Weighed Average Fixed Interest Rate:4.0%
Weighted Average Term to Maturity (in years):3.8
Credit Ratings
Rating AgencyRatingOutlook
FitchBBBStable
Moody'sBaa3Stable
Standard & PoorsBBB-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 March 31, 2024, 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)    The debt covenant headings set forth in this table are utilized, and the covenants themselves are detailed, in the documents governing the 3.375% Senior Notes.
Adjusted EBITDA is a non-GAAP supplemental earnings measure which we consider meaningful in measuring our operating performance. Reconciliations of Adjusted EBITDA to net income are in the Glossary of Terms.
First Quarter 2024 Supplemental InformationPage
20

SUMMARY OF DEVELOPMENT OPPORTUNITIES
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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/Redevelopment Projects
Project Costs (in thousands) (3)
Start
Date
Completion Date
Estimated Stabilized
Yield (1)
Rentable Square FeetPercent
Leased
Estimated Stabilization Date (2)
Cost Incurred to DateTotal Estimated Investment
PropertyLocation
Office Property:
La Jolla CommonsUniversity Town Center, San Diego, CAApril 2021March 20246.5% - 7.5%213,0006.8%2025/2026$121,026$175,000
One Beach StreetSan Francisco, CAFebruary 2021July 2023TBD102,000—%2025/2026$33,968$42,800
Development/Redevelopment Pipeline
PropertyProperty TypeLocationEstimated Rentable
Square Feet
Multifamily UnitsOpportunity
Waikele CenterRetailHonolulu, HI90,000N/ADevelopment of 90,000 square feet retail building (former KMart Space)
Lomas Santa Fe PlazaRetailSolana Beach, CATBDDevelopment of multifamily units
Lloyd Portfolio - multiple phases (4)
Mixed UsePortland, OR
Phase 2B - Oregon Square
385,000N/ADevelopment of high density, transit oriented, mixed-use urban village

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)    Based on management's estimation of stabilized occupancy (90%).
(3)    Project costs exclude capitalized interest cost which is calculated in accordance with Accounting Standards Codification 835-20-50-1.
(4)    The Lloyd 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 is expected 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 zoning for such development opportunity allows a 12:1 Floor Area Ratio with a 250 foot height limit and provides for retail, office and/or multifamily development.  Additional development plans are in the early stages and will continue to progress as demand and economic conditions allow.
First Quarter 2024 Supplemental InformationPage
21

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PORTFOLIO DATA




First Quarter 2024 Supplemental InformationPage
22

PROPERTY REPORT
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As of March 31, 2024Office and Retail Portfolios
NetAnnualized
NumberRentableBase Rent per
Year Built/ofSquarePercentageAnnualizedLeasedRetail
PropertyLocationRenovatedBuildings
Feet (1)
Leased (2)
Base Rent (3)
Square Foot (4)
Anchor Tenant(s) (5)
Other Principal Retail Tenants (6)
Office Properties
La Jolla Commons (7)
San Diego, CA2008/2014724,654 99.0%$46,361,096 $64.62
Torrey Reserve CampusSan Diego, CA1996-2000/2014-2016/202114 547,035 89.025,535,217 52.45
Torrey PointSan Diego, CA2017 94,854 100.05,852,014 61.69
Solana CrossingSolana Beach, CA1982/2005224,009 84.29,033,089 47.89
The Landmark at One Market (8)
San Francisco, CA1917/2000422,426 100.041,429,941 98.08
One Beach StreetSan Francisco, CA1924/1972/1987/1992100,270 
First & MainPortland, OR2010 362,633 90.711,043,213 33.58
Lloyd PortfolioPortland, OR1940-2015549,959 86.014,617,840 30.91
City Center BellevueBellevue, WA1987498,606 87.925,360,362 57.86
Eastgate Office ParkBellevue, WA1985281,204 55.56,682,301 42.82
Corporate Campus East IIIBellevue, WA1986159,578 85.06,529,642 48.14
Bel-Spring 520Bellevue, WA198393,295 71.12,952,170 44.51
Subtotal/Weighted Average Office Portfolio (9)
39 4,058,523 86.4%$195,396,885 $55.72
Retail Properties
Carmel Country PlazaSan Diego, CA199178,098 91.8%$3,975,623 $55.45Sharp Healthcare, San Diego County Credit Union
Carmel Mountain Plaza (10)
San Diego, CA1994/201415 528,416 98.814,414,619 27.61At Home StoresDick's Sporting Goods, Sprouts Farmers Market, Nordstrom Rack, Total Wine
South Bay Marketplace (10)
San Diego, CA1997132,877 97.82,457,391 18.91Ross Dress for Less, Grocery Outlet
Gateway MarketplaceSan Diego, CA1997/2016127,861 100.02,601,488 20.35Hobby LobbySmart & Final, Aldi
Lomas Santa Fe PlazaSolana Beach, CA1972/1997208,297 97.76,654,116 32.70Vons, Home Goods
Solana Beach Towne CentreSolana Beach, CA1973/2000/200412 246,651 97.26,874,363 28.67Dixieline Probuild, Marshalls
Del Monte Center (10)
Monterey, CA1967/1984/200616 673,155 82.49,834,888 17.73Macy'sCentury Theatres, Whole Foods Market, H&M, Apple, Sephora, Williams-Sonoma
Geary MarketplaceWalnut Creek, CA201235,159 96.71,231,014 36.21Sprouts Farmers Market
The Shops at KalakauaHonolulu, HI1971/200611,671 77.7990,000 109.17Hawaii Beachware & Fashion, Diesel U.S.A. Inc.
Waikele CenterWaipahu, HI1993/2008418,047 99.712,825,042 30.77Lowe's, SafewayUFC Gym, OfficeMax, Old Navy
Alamo Quarry Market (10)
San Antonio, TX1997/199916 588,148 98.814,962,791 25.75Regal CinemasWhole Foods Market, Nordstrom Rack, Williams-Sonoma, Sephora, Home Goods
Hassalo on EighthPortland, OR201544,236 65.5971,592 33.53Providence Health & Services, Sola Salons
Subtotal/Weighted Average Retail Portfolio (9)
107 3,092,616 94.4%$77,792,927 $26.65
Total/Weighted Average Office and Retail Portfolio (9)
146 7,151,139 89.9%$273,189,812 $42.49

First Quarter 2024 Supplemental InformationPage
23

PROPERTY REPORT (CONTINUED)
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As of March 31, 2024
NumberAverage Monthly
Year Built/of
Percentage
AnnualizedBase Rent per
PropertyLocationRenovatedBuildingsUnits
Leased (2)
Base Rent (3)
Leased Unit (4)
Loma PalisadesSan Diego, CA1958/2001 - 2008/202180 548 95.1%$17,678,568 $2,827 
Imperial Beach GardensImperial Beach, CA1959/200826 160 93.84,698,120 $2,609 
Mariner's PointImperial Beach, CA198688 90.92,300,556 $2,397 
Santa Fe Park RV Resort (11)
San Diego, CA1971/2007-2008124 77.41,895,376 $1,646 
Pacific Ridge ApartmentsSan Diego, CA2013533 95.524,624,852 $4,031 
Hassalo on Eighth - Velomor Portland, OR2015177 94.93,229,860 $1,602 
Hassalo on Eighth - Aster Tower Portland, OR2015337 89.66,185,772 $1,707 
Hassalo on Eighth - Elwood Portland, OR2015143 93.02,485,632 $1,558 
Total/Weighted Average Multifamily Portfolio 121 2,110 92.8%$63,098,736 $2,685 
Mixed-Use Portfolio
NumberNet RentableAnnualized Base
Year Built/ofSquare
Percentage
AnnualizedRent per LeasedRetail
Retail PortionLocationRenovatedBuildings
Feet (1)
Leased (2)
Base Rent (3)
Square Foot (4)
Anchor Tenant(s) (5)
Other Principal Retail Tenants (6)
Waikiki Beach Walk - RetailHonolulu, HI200693,925 95.4 %$9,645,825 $108 Yard House, Roy's
Number
Year Built/ofAverageAverageRevenue per
Hotel PortionLocationRenovatedBuildingsUnits
Occupancy (12)
Daily Rate (12)
 Available Room (12)
Waikiki Beach Walk - Embassy Suites™Honolulu, HI2008/2014/2020369 89.8 %$356 $320 
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, 2010 measurement guidelines. Net rentable square footage may be adjusted from the prior periods to reflect re-measurement of leased space at the properties.
(2)    Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property includes square footage under leases as of March 31, 2024, including leases which may not have commenced as of March 31, 2024. Percentage leased for our multifamily properties includes total units rented and occupied as of March 31, 2024.
(3)     Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) under commenced leases for the month ended March 31, 2024 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. The foregoing notwithstanding:
The annualized base rent for La Jolla Commons has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $35,688,370 to our estimate of annual triple net operating expenses of $10,672,726 for an estimated annualized base rent on a modified gross lease basis of $46,361,096 for La Jolla Commons.
The annualized base rent for Eastgate Office Park has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,692,807 to our estimate of annual triple net operating expenses of $1,989,495 for an estimated annualized base rent on a modified gross lease basis of $6,682,302 for Eastgate Office Park.
The annualized base rent for Corporate Campus East III has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $4,521,042 to our estimate of annual triple net operating expenses of $2,008,600 for an estimated annualized base rent on a modified gross lease basis of $6,529,642 for Corporate Campus East III.
The annualized base rent for Bel-Spring 520 has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases, by adding the contractual annualized triple net base rent of $2,019,982 to our estimate of annual triple net operating expenses of $932,188 for an estimated annualized base rent on a modified gross lease basis of $2,952,170 for Bel-Spring 520.
(4)    Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of March 31, 2024. Annualized base rent per leased unit is calculated by dividing annualized base rent by units under lease as of March 31, 2024. The foregoing notwithstanding, the annualized base rent per leased square foot for La Jolla Commons, Eastgate Office Park, Corporate Campus East III and Bel-Spring 520 has been adjusted for this presentation to reflect that the contractual triple net leases were instead structured as modified gross leases. See footnote 3 for further explanation.
First Quarter 2024 Supplemental InformationPage
24

PROPERTY REPORT (CONTINUED)
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(5)    Retail anchor tenants are defined as retail tenants leasing 50,000 square feet or more.
(6)    Other principal retail tenants, excluding anchor tenants.
(7)    Data for La Jolla Commons does not include La Jolla Commons - Tower III, which remains under development. However, as of March 31, 2024, 14,074 out of 206,231 rentable square feet, or 6.8%, of La Jolla Commons - Tower III has been leased.
(8)    This property contains 422,426 net rentable square feet consisting of The Landmark at One Market (378,206 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, 2026, which we have the option to extend until 2031 pursuant to one five-year extension option.
(9)    Lease data for signed but not commenced leases as of March 31, 2024 is in the following table:
    
Leased Square FeetAnnualized Base Pro Forma Annualized
Under Signed ButAnnualizedRent per Base Rent per
Not Commenced Leases (a)Base Rent (b) Leased Square Foot (b) Leased Square Foot (c)
Office Portfolio62,260 $3,081,542 $49.49 $56.47 
Retail Portfolio47,417 $1,044,433 $22.03 $27.00 
Total Retail and Office Portfolio109,677 $4,125,975 $37.62 $43.09 
(a)    Office portfolio leases signed but not commenced of 19,006, 36,007, and 7,247 square feet are expected to commence during the second, third, and fourth quarters of 2024, respectively. Retail portfolio leases signed but not commenced of 33,430, 10,786, and 3,201 square feet are expected to commence during the third and fourth quarters of 2024 and first quarter of 2025, respectively.
(b)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements) for signed but not commenced leases as of March 31, 2024 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses. Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage for signed by not commenced leases.
(c)     Pro forma annualized base rent is calculated by dividing annualized base rent for commenced leases and for signed but not commenced leases as of March 31, 2024, by square footage under lease as of March 31, 2024.
(10)    Net rentable square feet at certain of our retail properties includes pad sites leased pursuant to the ground leases in the following table:
PropertyNumber of Ground LeasesSquare Footage Leased Pursuant to Ground LeasesAggregate Annualized Base Rent
Carmel Mountain Plaza517,607 $974,581 
South Bay Marketplace 12,824 $114,552 
Del Monte Center1212,500 $96,000 
Alamo Quarry Market 320,694 $423,455 
(11)    The Santa Fe Park RV Resort is subject to seasonal variation, with higher rates of occupancy occurring during the summer months. During the 12 months ended March 31, 2024, the highest average monthly occupancy rate for this property was 93.5%, occurring in August 2023. The number of units at the Santa Fe Park RV Resort includes 120 RV spaces and four apartments.
(12)    Average occupancy represents the percentage of available units that were sold during the three months ended March 31, 2024, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the three months ended March 31, 2024 by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the three months ended March 31, 2024 and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.
First Quarter 2024 Supplemental InformationPage
25

OFFICE LEASING SUMMARY
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As of March 31, 2024
Total Lease Summary - Comparable (1)
Number of Leases Signed% of Comparable Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Prior Rent Per Sq. Ft. (3)
Annual Change in RentCash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 202412 100%80,434 $59.57$55.23$349,604 7.9 %10.9 %7.0$3,513,436 $43.68
4th Quarter 2023100%22,837 $55.00$44.93$229,839 22.4 %30.1 %3.8$444,742 $19.47
3rd Quarter 2023100%62,963 $59.45$55.57$244,588 7.0 %13.5 %7.6$4,785,515 $76.01
2nd Quarter 202312 100%119,307 $82.89$85.93$(362,425)(3.5)%4.5 %4.6$5,407,994 $45.33
Total 12 months38 100%285,541 $68.92$67.31$461,606 2.4 %9.1 %5.9$14,151,687 $49.56
New Lease Summary - Comparable (1)
Number of Leases Signed% of Comparable Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Prior Rent Per Sq. Ft. (3)
Annual Change in RentCash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 202425%22,658 $53.80$47.27$148,025 13.8 %19.4 %5.3$866,025 $38.22
4th Quarter 202329%6,664 $62.90$34.13$191,701 84.3 %85.0 %3.9$61,542 $9.23
3rd Quarter 202329%27,388 $61.46$56.00$149,586 9.8 %12.7 %9.3$2,813,360 $102.72
2nd Quarter 202325%6,431 $40.42$32.86$48,626 23.0 %19.6 %3.8$194,677 $30.27
Total 12 months10 26%63,141 $56.72$48.20$537,938 17.7 %21.0 %6.7$3,935,604 $62.33
Renewal Lease Summary - Comparable (1)(5)
Number of Leases Signed% of Comparable Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Prior Rent Per Sq. Ft. (3)
Annual Change in RentCash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 202475%57,776 $61.84$58.35$201,579 6.0 %8.3 %7.7$2,647,411 $45.82
4th Quarter 202371%16,173 $51.75$49.39$38,138 4.8 %13.6 %3.7$383,200 $23.69
3rd Quarter 202371%35,575 $57.90$55.23$95,002 4.8 %14.2 %6.4$1,972,155 $55.44
2nd Quarter 202375%112,876 $85.31$88.95$(411,051)(4.1)%4.2 %4.7$5,213,317 $46.19
Total 12 months28 74%222,400 $72.39$72.73$(76,332)(0.5)%6.7 %5.7$10,216,083 $45.94
Total Lease Summary - Comparable and Non-Comparable
Number of Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 202418 124,605 $55.477.6$8,106,666 $65.06
4th Quarter 202311 35,110 $53.173.8$4,944,742 $140.84
3rd Quarter 202310 87,081 $58.777.9$7,764,240 $89.16
2nd Quarter 202313 120,365 $82.504.6$5,410,110 $44.95
Total 12 months52 367,161 $64.896.3$26,225,758 $71.43
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)    Includes renewals at fixed contractual rates specified in the lease.
First Quarter 2024 Supplemental InformationPage
26

RETAIL LEASING SUMMARY
image6a.jpg
As of March 31, 2024
Total Lease Summary - Comparable (1)
Number of Leases Signed% of Comparable Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Prior Rent Per Sq. Ft. (3)
Annual Change in RentCash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 202426 100%103,311 $38.03$37.30$75,109 1.9 %22.3 %4.7$358,355 $3.47
4th Quarter 202318 100%108,260 $31.29$29.31$214,362 6.8 %12.8 %5.2$80,000 $0.74
3rd Quarter 202325 100%131,839 $33.70$30.65$329,613 8.2 %18.7 %6.6$2,208,260 $16.75
2nd Quarter 202320 100%96,955 $34.14$33.18$93,178 2.9 %2.1 %4.7$10,000 $0.10
Total 12 months89 100%440,365 $34.22$32.44$712,262 5.0 %16.6 %5.4$2,656,615 $6.03
New Lease Summary - Comparable (1)
Number of Leases Signed% of Comparable Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Prior Rent Per Sq. Ft. (3)
Annual Change in RentCash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 20248%4,783 39.25 28.78 50,073 36.4 %— %
(6)
6.4$196,780 $41.14
4th Quarter 202361,036 174 92.66 84,264 87.8 %— %
(6)
5.0$65,000 $62.74
3rd Quarter 2023— — — — — — %— %
(6)
— — 
2nd Quarter 2023— — — — — — %— %
(6)
$— — 
Total 12 months3%5,819 $63.24$40.15$134,337 57.5 %— %
(6)
6.2$261,780 $44.99
Renewal Lease Summary - Comparable (1)(5)
Number of Leases Signed% of Comparable Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Prior Rent Per Sq. Ft. (3)
Annual Change in RentCash Basis % Change Over Prior RentStraight-Line Basis % Change Over Prior Rent
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 202424 92%98,528 $37.97$37.72$25,036 0.7 %15.7 %4.6$161,575 $1.64
4th Quarter 202317 94%107,224 $29.91$28.70$130,098 4.2 %12.8 %5.2$15,000 $0.14
3rd Quarter 202325 100%131,839 $33.70$30.65$329,613 8.2 %18.7 %6.6$2,208,260 $16.75
2nd Quarter 202320 100%96,955 $34.14$33.18$93,178 2.9 %2.1 %4.7$10,000 $0.10
Total 12 months86 97%434,546 $33.83$32.34$577,925 4.1 %14.3 %5.4$2,394,835 $5.51
Total Lease Summary - Comparable and Non-Comparable (1)
Number of Leases SignedNet Rentable Square Feet Signed
Contractual Rent Per Sq. Ft. (2)
Weighted Average Lease
Term (4)
Tenant Improvements & IncentivesTenant Improvements & Incentives Per Sq. Ft.
Quarter
1st Quarter 202430 109,414 $39.614.8$687,274 $6.28
4th Quarter 202321 112,065 $31.805.1$305,000 $2.72
3rd Quarter 202328 135,535 $34.306.6$2,446,835 $18.05
2nd Quarter 202321 121,955 $30.835.8$3,360,000 $27.55
Total 12 months100 478,969 $34.045.6$6,799,109 $14.19
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)    Includes renewals at fixed contractual rates specified in the lease.
(6)    Prior tenants' rent was modified to cash-basis, therefore there is no straight-line rent for comparison.
First Quarter 2024 Supplemental InformationPage
27

MULTIFAMILY LEASING SUMMARY
image6a.jpg
As of March 31, 2024
Lease Summary - Loma Palisades
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 202452195.1%$17,678,568$2,827
4th Quarter 202351994.7%$17,026,908$2,734
3rd Quarter 202351193.3%$17,009,628$2,772
2nd Quarter 202351093.1%$16,755,024$2,737
Lease Summary - Imperial Beach Gardens
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 202415093.8%$4,698,120$2,609
4th Quarter 202314892.5%$4,703,988$2,649
3rd Quarter 202315295.0%$4,808,556$2,636
2nd Quarter 202315496.3%$4,612,428$2,495
Lease Summary - Mariner's Point
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 20248090.9%$2,300,556$2,397
4th Quarter 20237787.5%$2,288,280$2,476
3rd Quarter 20238394.3%$2,309,616$2,319
2nd Quarter 20238697.7%$2,353,596$2,281
Lease Summary - Santa Fe Park RV Resort
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 20249677.4%$1,895,376$1,646
4th Quarter 202310584.7%$1,521,684$1,207
3rd Quarter 20239677.4%$1,699,872$1,476
2nd Quarter 202310887.1%$2,312,868$1,785
Lease Summary - Pacific Ridge Apartments
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 202450995.5%$24,624,852$4,031
4th Quarter 202350194.0%$23,798,100$3,958
3rd Quarter 202347488.9%$23,238,756$4,087
2nd Quarter 202336768.9%$17,518,836$3,975






First Quarter 2024 Supplemental InformationPage
28

MULTIFAMILY LEASING SUMMARY (CONTINUED)
image6a.jpg

As of March 31, 2024
Lease Summary - Hassalo on Eighth - Velomor
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 202416894.9%$3,229,860$1,602
4th Quarter 202317096.1%$3,329,628$1,631
3rd Quarter 202315487.0%$3,003,696$1,625
2nd Quarter 202315889.3%$3,088,440$1,628
Lease Summary - Hassalo on Eighth - Aster Tower
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 202430289.6%$6,185,772$1,707
4th Quarter 202329888.4%$6,036,279$1,689
3rd Quarter 202329286.7%$5,938,488$1,694
2nd Quarter 202330089.0%$5,894,628$1,638
Lease Summary - Hassalo on Eighth - Elwood
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 202413393.0%$2,485,632$1,558
4th Quarter 202313090.9%$2,507,436$1,607
3rd Quarter 202312688.1%$2,427,120$1,605
2nd Quarter 202313090.9%$2,402,484$1,540
Total Multifamily Lease Summary
Number of Leased Units (1)
Percentage leased (1)
Annualized Base Rent (2)
Average Monthly Base Rent per Leased Unit (3)
Quarter
1st Quarter 20241,95992.8%$63,098,736$2,685
4th Quarter 20231,94892.3%$61,212,303$2,619
3rd Quarter 20231,88889.5%$60,435,732$2,667
2nd Quarter 20231,81385.9%$54,938,304$2,526

Notes:
(1)    Number of leased units and percentage leased for our multifamily properties includes total units rented and occupied 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.

First Quarter 2024 Supplemental InformationPage
29

MIXED-USE LEASING SUMMARY
image6a.jpg
As of March 31, 2024
Lease Summary - Retail Portion
Number of Leased Square Feet
Percentage leased (1)
Annualized Base Rent (2)
Annualized Base Rent per Leased Square Foot (3)
Quarter
1st Quarter 202489,55895.4%$9,645,825$108
4th Quarter 202389,32995.1%$9,545,747$107
3rd Quarter 202389,32995.1%$9,542,378$107
2nd Quarter 202388,85694.6%$9,505,364$107
Lease Summary - Hotel Portion
Number of Leased Units
Average Occupancy (4)
Average Daily Rate (4)
Annualized Revenue per Available Room (4)
Quarter
1st Quarter 202433189.8%$356$320
4th Quarter 202331485.2%$362$309
3rd Quarter 202333089.3%$392$350
2nd Quarter 202331184.4%$370$312
Notes:
(1)    Percentage leased for mixed-use property includes square footage under leases as of March 31, 2024, including leases which may not have commenced as of March 31, 2024.
(2)    Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2024 by 12. In the case of triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses.
(3)    Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of March 31, 2024.
(4)    Average occupancy represents the percentage of available units that were sold during the three months ended March 31, 2024, and is calculated by dividing the number of units sold by the product of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e., excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for each respective quarter period by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for each respective quarter period and is calculated by multiplying average occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.
First Quarter 2024 Supplemental InformationPage
30

LEASE EXPIRATIONS
image6a.jpg
As of March 31, 2024
Assumes no exercise of lease options
OfficeRetailMixed-Use (Retail Portion Only)Total
% of% ofAnnualized% of% ofAnnualized% of% ofAnnualized% ofAnnualized
ExpiringOfficeTotalBase RentExpiringRetailTotalBase RentExpiringMixed-UseTotalBase RentExpiringTotalBase Rent
YearSq. 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 Month59,549 1.5 %0.8 %$0.9312,879 0.4 %0.2 %$44.479,822 10.5 %0.1 %$73.4782,250 1.1 %$16.41
2024234,859 5.8 3.2 $43.0399,770 3.2 1.4 $45.172,395 2.5 — $110.26337,024 4.7 $44.14
2025309,754 7.6 4.3 $39.44302,725 9.8 4.2 $29.6024,856 26.5 0.3 $88.20637,335 8.8 $36.67
2026392,826 9.7 5.4 $44.27294,003 9.5 4.1 $33.986,588 7.0 0.1 $161.00693,417 9.6 $41.02
2027420,840 10.4 5.8 $54.86468,778 15.2 6.5 $30.004,614 4.9 0.1 $140.28894,232 12.3 $42.27
2028464,273 

11.4 6.4 $56.02729,197 23.6 10.1 $18.9514,408 15.3 0.2 $130.261,207,878 16.7 $34.53
2029880,491 21.7 12.2 $65.46404,847 13.1 5.6 $24.305,165 5.5 0.1 $157.791,290,503 17.8 $52.92
2030284,183 

7.0 3.9 $42.2545,228 1.5 0.6 $38.02— — — 329,411 4.5 $41.67
2031158,800 3.9 2.2 $44.85157,459 5.1 2.2 $26.0014,965 15.9 0.2 116.65331,224 4.6 $39.13
20328,335 0.2 0.1 $64.08146,772 4.7 2.0 $28.94— — — 155,107 2.1 $30.83
203360,445 1.5 0.8 $63.5258,977 1.9 0.8 $37.065,374 5.7 0.1 60.00124,796 1.7 $50.86
Thereafter171,212 4.2 2.4 $57.22151,701 4.9 2.1 $25.05— — — 322,913 4.5 $42.11
Signed Leases Not Commenced62,260 1.5 0.9 47,417 1.5 0.7 1,371 1.5 — 111,048 1.5 
Available550,696 13.6 7.6 172,863 5.6 2.4 4,367 4.6 0.1 727,926 10.2 
Total (2)
4,058,523 100.0 %56.0 %$44.303,092,616 100.0 %42.7 %$25.1593,925 100.0 %1.3 %$102.707,245,064 100.0 %$36.88
Assumes all lease options are exercised
OfficeRetailMixed-Use (Retail Portion Only)Total
% of% ofAnnualized% of% ofAnnualized% of% ofAnnualized% ofAnnualized
ExpiringOfficeTotalBase RentExpiringRetailTotalBase RentExpiringMixed-UseTotalBase RentExpiringTotalBase Rent
YearSq. 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 Month59,549 1.5 %0.8 %$0.9312,879 0.4 %0.2 %$44.479,822 10.5 %0.1 %$73.4782,250 1.1 %$16.41
2024109,265 2.7 1.5 $45.9959,604 1.9 0.8 $46.192,395 2.5 — $110.26171,264 2.4 $46.96
2025115,450 2.8 1.6 $46.64129,887 4.2 1.8 $29.5613,298 14.2 0.2 $127.49258,635 3.6 $42.22
202678,398 1.9 1.1 $38.5282,745 2.7 1.1 $41.763,547 3.8 — $170.43164,690 2.3 $42.99
2027100,583 2.5 1.4 $46.63188,295 6.1 2.6 $31.843,703 3.9 0.1 $152.66292,581 4.0 $38.45
2028105,029 2.6 1.4 $44.15112,368 3.6 1.6 $31.727,494 8.0 0.1 $107.04224,891 3.1 $40.03
2029162,925 4.0 2.2 $49.34115,018 3.7 1.6 $30.244,192 4.5 0.1 $194.41282,135 3.9 $43.71
2030218,453 5.4 3.0 $34.5966,790 2.2 0.9 $35.6611,558 12.3 0.2 $43.00296,801 4.1 $35.16
2031236,920 5.8 3.3 $51.5452,371 1.7 0.7 $56.1518,006 19.2 0.2 $122.28307,297 4.2 $56.47
2032287,353 7.1 4.0 $50.30192,842 6.2 2.7 $27.90911 1.0 — $90.00481,106 6.6 $41.40
2033307,476 7.6 4.2 $60.99200,940 6.5 2.8 $22.876,914 7.4 0.1 $155.43515,330 7.1 $47.39
Thereafter1,664,166 41.0 23.0 $57.671,658,597 53.6 22.9 $23.426,347 6.8 0.1 $50.803,329,110 46.0 $40.59
Signed Leases Not Commenced62,260 1.5 0.9 47,417 1.5 0.7 1,371 1.5 — 111,048 1.5 
Available550,696 13.6 7.6 172,863 5.6 2.4 4,367 4.6 0.1 727,926 10.0 
Total (2)
4,058,523 100.0 %56.0 %$44.303,092,616 100.0 %42.7 %$25.1593,925 100.0 %1.3 %$102.707,245,064 100.0 %$36.88

First Quarter 2024 Supplemental InformationPage
31

LEASE EXPIRATIONS (CONTINUED)
image6a.jpg
As of March 31, 2024
Notes:
(1)    Annualized base rent per leased square foot is calculated by dividing (i) annualized base rent for leases expiring during the applicable period, by (ii) square footage under such expiring leases. Annualized base rent is calculated by multiplying (i) base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2024 for the leases expiring during the applicable period by (ii) 12 months.
(2)    Individual items may not add up to total due to rounding.


First Quarter 2024 Supplemental InformationPage
32

PORTFOLIO LEASED STATISTICS
image6a.jpg
At March 31, 2024At March 31, 2023
TypeSize
Leased (1)
Leased %Size
Leased (1)
Leased %
Overall Portfolio(2) Statistics
Office Properties (square feet)
4,058,523 3,507,827 86.4 %4,050,264 3,566,754 88.1 %
Retail Properties (square feet) 3,092,616 2,919,753 94.4 %3,092,616 2,902,178 93.8 %
Multifamily Properties (units)2,110 1,959 92.8 %2,110 1,936 91.8 %
Mixed-Use Properties (square feet)93,925 89,558 95.4 %93,925 89,206 95.0 %
Mixed-Use Properties (units)369 331 
(3)
89.8 %369 302 
(3)
81.9 %
Same-Store(2) Statistics
Office Properties (square feet)(4)
3,958,253 3,507,827 88.6 %3,949,994 3,566,754 90.3 %
Retail Properties (square feet)3,092,616 2,919,753 94.4 %3,092,616 2,902,178 93.8 %
Multifamily Properties (units)2,110 1,959 92.8 %2,110 1,936 91.8 %
Mixed-Use Properties (square feet)93,925 89,558 95.4 %93,925 89,206 95.0 %
Mixed-Use Properties (units)369 331 
(3)
89.8 %369 302 
(3)
81.9 %

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 and occupied as of that date.
(2)    See Glossary of Terms.
(3)    Represents average occupancy for the three months ended March 31, 2024 and 2023.
(4)    Same-store office leased percentages exclude One Beach Street due to significant redevelopment activity and land held for development.





First Quarter 2024 Supplemental InformationPage
33

TOP TENANTS - OFFICE
image6a.jpg
As of March 31, 2024
TenantPropertyLease ExpirationTotal Leased Square FeetRentable Square Feet as a Percentage of Total OfficeRentable Square Feet as a Percentage of TotalAnnualized Base RentAnnualized Base Rent as a Percentage of Total OfficeAnnualized Base Rent as a Percentage of Total
Google LLCThe Landmark at One Market12/31/2029253,198 6.2 %3.5 %$27,117,548 13.9 %9.6 %
LPL Holdings, Inc.La Jolla Commons4/30/2029421,001 10.4 5.8 19,886,757 10.2 7.0 
Autodesk, Inc. (1)The Landmark at One Market12/31/2027
12/31/2028
138,615 3.4 1.9 13,330,960 6.8 4.7 
Smartsheet, Inc. (2)City Center Bellevue12/31/2026
4/30/2029
123,041 3.0 1.7 7,076,134 3.6 2.5 
Illumina, Inc.La Jolla Commons10/31/202773,176 1.8 1.0 4,770,535 2.4 1.7 
VMware, Inc. City Center Bellevue3/31/202875,000 1.8 1.0 4,587,588 2.3 1.6 
Clearesult Operating, LLCFirst & Main4/30/2025101,848 2.5 1.4 3,558,841 1.8 1.3 
Industrious (3)City Center Bellevue4/30/2033
3/31/2034
55,256 1.4 0.8 3,205,289 1.6 1.1 
State of Oregon: Department of Environmental QualityLloyd Portfolio10/31/203187,787 2.2 1.2 3,023,074 1.5 1.1 
10 Top technology tenant (4)La Jolla Commons8/31/203040,800 1.0 0.6 2,521,440 1.3 0.9 
Top 10 Office Tenants Total1,369,722 33.7 %18.9 %$89,078,166 45.4 %31.5 %

Notes:
(1)     For Autodesk, Inc., 45,795 and 92,820 of leased square feet have a lease expiration of December 31, 2027 and 2028, respectively.
(2)     For Smartsheet, Inc., 73,669 and 49,372 of leased square feet have a lease expiration of December 31, 2026 and April 30, 2029, respectively.
(3)     For Industrious, 18,090 and 37,166 of leased square feet have a lease expiration of April 30, 2033 and March 31, 2034, respectively.
(4)    Name withheld per tenant's request.



First Quarter 2024 Supplemental InformationPage
34

TOP TENANTS - RETAIL
image6a.jpg
As of March 31, 2024
TenantProperty(ies)Lease ExpirationTotal Leased Square FeetRentable Square Feet as a Percentage of Total RetailRentable Square Feet as a Percentage of TotalAnnualized Base RentAnnualized Base Rent as a Percentage of Total RetailAnnualized Base Rent as a Percentage of Total
Lowe'sWaikele Center5/31/2028155,000 5.0 %2.1 %$4,092,000 5.3 %1.4 %
Sprouts Farmers Market (1)Carmel Mountain Plaza,
Solana Beach Towne Centre,
Geary Marketplace
3/31/2025
6/30/2029
9/30/2032
71,431 2.3 1.0 2,121,187 2.7 0.7 
Marshalls (2)Solana Beach Towne Centre,
Carmel Mountain Plaza
1/31/2025
1/31/2029
68,055 2.2 0.9 1,822,561 2.3 0.6 
Nordstrom Rack (3)Carmel Mountain Plaza,
Alamo Quarry Market
9/30/2027
10/31/2027
69,047 2.2 1.0 1,804,269 2.3 0.6 
VonsLomas Santa Fe Plaza12/31/202749,895 1.6 0.7 1,609,086 2.1 0.6 
At Home StoresCarmel Mountain Plaza7/31/2029107,870 3.5 1.5 1,384,552 1.8 0.5 
Old Navy (4)Alamo Quarry Market
Southbay Marketplace
Waikele Center
9/30/2027
4/30/2028
7/31/2030
52,936 1.7 0.7 1,274,461 1.6 0.5 
SafewayWaikele Center1/31/204050,050 1.6 0.7 1,201,200 1.5 0.4 
Michaels (5)Alamo Quarry Market
Carmel Mountain Plaza
2/29/2028
1/31/2029
46,850 1.5 0.6 1,124,218 1.4 0.4 
10 RossSouthbay Marketplace
Carmel Mountain Plaza
1/31/2028
1/31/2029
51,125 1.7 0.7 1,115,244 1.4 0.4 
Top 10 Retail Tenants Total722,259 23.3 %9.9 %$17,548,778 22.4 %6.1 %


Notes:
(1)    For Sprouts Farmers Market, 30,973, 14,986 and 25,472 of leased square feet have a lease expiration of March 31, 2025 (Carmel Mountain Plaza), June 30, 2029 (Solana Beach Towne Centre) and September 30, 2032 (Geary Marketplace), respectively.
(2)    For Marshalls, 39,295 and 28,760 of leased square feet have a lease expiration of January 31, 2025 (Solana Beach Towne Centre) and January 31, 2029 (Carmel Mountain Plaza), respectively.
(3)     For Nordstrom Rack, 39,047 and 30,000 of leased square feet have a lease expiration of September 30, 2027 (Carmel Mountain Plaza) and October 31, 2027 (Alamo Quarry Market), respectively.
(4)     For Old Navy, 15,021, 20,000 and 17,915 of leased square feet have a lease expiration of September 30, 2027 (Alamo Quarry Market), April 30, 2028 (Southbay Marketplace) and July 31, 2030 (Waikele Center), respectively.
(5)    For Michaels, 23,881 and 22,969 of leased square feet have a lease expiration of February 29, 2028 (Alamo Quarry Market) and January 31, 2029 (Carmel Mountain Plaza), respectively.


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APPENDIX




First Quarter 2024 Supplemental InformationPage
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GLOSSARY OF TERMS
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Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA): EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of real estate and impairments of real estate, if any. EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to EBITDA for the three months ended March 31, 2024 and 2023 is as follows:
    
Three Months Ended
March 31,
20242023
Net income$24,623 $20,666 
Depreciation and amortization 30,217 29,901 
Interest expense, net 16,255 15,729 
Interest income(589)(434)
Income tax expense260 270 
EBITDA$70,766 $66,132 

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 an early extinguishment of debt adjustment and 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
March 31,
20242023
EBITDA$70,766 $66,132 
Pro forma adjustments— — 
Adjusted EBITDA$70,766 $66,132 

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 ended March 31, 2024 and 2023 is as follows:
Three Months Ended
March 31,
20242023
Net income$24,623 $20,666 
Depreciation and amortization 30,217 29,901 
Interest expense, net 16,255 15,729 
Interest income(589)(434)
Income tax expense260 270 
EBITDAre
$70,766 $66,132 

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GLOSSARY OF TERMS (CONTINUED)
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Funds From Operations (FFO): FFO is a supplemental measure of real estate companies' operating performances. 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
March 31,
Reconciliation of NOI to net income20242023
Total NOI$69,608 $68,616 
General and administrative(8,842)(8,999)
Depreciation and amortization(30,217)(29,901)
Operating Income$30,549 $29,716 
Interest expense, net(16,255)(15,729)
Other income, net10,329 6,679 
Net income$24,623 $20,666 
Net income attributable to restricted shares(196)(189)
Net income attributable to unitholders in the Operating Partnership(5,167)(4,341)
Net income attributable to American Assets Trust, Inc. stockholders$19,260 $16,136 

Overall Portfolio: Includes all operating properties owned by us as of March 31, 2024.


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GLOSSARY OF TERMS (CONTINUED)
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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 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
March 31,
Reconciliation of Total Cash NOI to Net Income20242023
Total Cash NOI$66,614 $65,668 
Non-cash revenue and other operating expenses (1)
2,994 2,948 
General and administrative(8,842)(8,999)
Depreciation and amortization(30,217)(29,901)
Operating income$30,549 $29,716 
Interest expense, net(16,255)(15,729)
Other income, net10,329 6,679 
Net income$24,623 $20,666 
(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, and straight-line rent expense for our leases of the Annex at The Landmark at One Market.



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GLOSSARY OF TERMS (CONTINUED)
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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)
March 31,
Reconciliation of Same-Store Cash NOI Comparison with Redevelopment to Operating Income20242023
Same-store cash NOI - Excluding construction in progress write-off$67,298 $65,764 
Construction in progress write-off (2)
(523)— 
Same-Store Cash NOI$66,775 $65,764 
Redevelopment Cash NOI (3)
(100)(114)
Same-Store Cash NOI with Redevelopment66,675 65,650 
Tenant improvement reimbursements135 141 
Total Same-Store Cash NOI with Redevelopment$66,810 $65,791 
Non-Same Store Cash NOI(196)(123)
Total Cash NOI$66,614 $65,668 
Non-cash revenue and other operating expenses (4)
2,994 2,948 
General and administrative(8,842)(8,999)
Depreciation and amortization(30,217)(29,901)
Operating income$30,549 $29,716 
Interest expense, net(16,255)(15,729)
Other income, net10,329 6,679 
Net income$24,623 $20,666 
(1)    Same-store portfolio excludes One Beach Street due to significant redevelopment activity and land held for development.
(2)    The company wrote off $0.5 million in non-recurring costs incurred in prior periods relating to construction in progress for then-prospective construction within our retail segment.    
(3)     Redevelopment property refers to One Beach Street and Lloyd 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 and straight-line rent expense for our leases of the Annex at The Landmark at One Market.
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GLOSSARY OF TERMS (CONTINUED)
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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.
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GLOSSARY OF TERMS (CONTINUED)
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Comparison of Three Months Ended
March 31, 2024 to 2023
Same-StoreNon Same-StoreRedevelopment Same-Store
Office Properties
La Jolla CommonsXX
Torrey Reserve CampusXX
Torrey PointXX
Solana Crossing (formerly Solana Beach Corporate Centre)XX
The Landmark at One MarketXX
One Beach StreetXX
First & MainXX
Lloyd PortfolioXX
City Center BellevueXX
Eastgate Office ParkXX
Corporate Campus East IIIXX
Bel-Spring 520XX
Retail Properties
Carmel Country PlazaXX
Carmel Mountain PlazaXX
South Bay MarketplaceXX
Gateway MarketplaceXX
Lomas Santa Fe PlazaXX
Solana Beach Towne CentreXX
Del Monte CenterXX
Geary MarketplaceXX
The Shops at KalakauaXX
Waikele CenterXX
Alamo Quarry MarketXX
Hassalo on Eighth - RetailXX
Multifamily Properties
Loma PalisadesXX
Imperial Beach GardensXX
Mariner's PointXX
Santa Fe Park RV ResortXX
Pacific Ridge ApartmentsXX
Hassalo on EighthXX
Mixed-Use Properties
Waikiki Beach Walk - RetailXX
Waikiki Beach Walk - Embassy Suites™XX
Development Properties
La Jolla Commons - LandX
Solana Crossing - LandX
Lloyd Portfolio - LandXX
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GLOSSARY OF TERMS (CONTINUED)
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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.


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