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REAL ESTATE

9 Months Ended

Sep. 30, 2025

Acquisitions

On February 28, 2025, we acquired Genesee Park in San Diego, California, consisting of a 192-unit apartment community. The purchase price was $67.9 million, excluding closing costs of approximately $0.1 million.

The property was acquired with cash on hand, primarily from the proceeds received on the sale of Del Monte Center on February 25, 2025.

The financial information set forth below summarizes the company’s purchase price allocation for Genesee Park during the nine months ended September 30, 2025 (in thousands):


	Genesee Park
Land	$	27,125
Building	38,101
Land improvements	1,156
Furniture, fixtures, and equipment	274
Total real estate	66,656
Lease intangibles	1,373
Prepaid expenses and other assets	114
Assets acquired	$	68,143
Security deposits payable	(236)
Other liabilities and deferred credits	(28)
Liabilities assumed	$	(264)

The following table summarizes the operating results for Genesee Park included in the company's historical consolidated statement of operations for the period of acquisition through September 30, 2025 (in thousands):


	Genesee Park
Revenues	$	2,695
Operating expenses	3,669
Operating income	(974)
Other income, net	2
Net income attributable to American Assets Trust, Inc.	$	(972)

Dispositions

On February 25, 2025, we sold Del Monte Center, which is located in Monterey, California and was previously included in our retail segment. The sale price of this property was $123.5 million, less closing costs and prorations, resulting in net proceeds of approximately $117.8 million. Accordingly, we recorded a gain on sale of approximately $44.5 million for the nine months ended September 30, 2025.