v3.25.4

REAL ESTATE | 12 Months Ended
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Dec. 31, 2025
Real Estate [Abstract] |
REAL ESTATE | REAL ESTATE A summary of our real estate investments is as follows (in thousands):
| Retail |  | Office |  | Multifamily |  | Mixed-Use |  | Total
December 31, 2025 |  |  |  |  |  |  |  |  |
Land | $ | 226,899 |  |  | $ | 297,947 |  |  | $ | 99,793 |  |  | $ | 76,635 |  |  | $ | 701,274 |
Buildings | 449,400 |  |  | 1,525,289 |  |  | 446,092 |  |  | 131,884 |  |  | 2,552,665 |
Land improvements | 44,162 |  |  | 19,526 |  |  | 9,947 |  |  | 2,606 |  |  | 76,241 |
Tenant improvements | 82,203 |  |  | 263,064 |  |  | — |  |  | 2,729 |  |  | 347,996 |
Furniture, fixtures, and equipment | 789 |  |  | 7,693 |  |  | 12,972 |  |  | 13,142 |  |  | 34,596 |
Construction in progress (1) | 3,449 |  |  | 42,382 |  |  | 4,272 |  |  | 752 |  |  | 50,855 |
| 806,902 |  |  | 2,155,901 |  |  | 573,076 |  |  | 227,748 |  |  | 3,763,627 |
Accumulated depreciation | (337,169) |  |  | (568,585) |  |  | (166,913) |  |  | (71,592) |  |  | (1,144,259) |
Net real estate | $ | 469,733 |  |  | $ | 1,587,316 |  |  | $ | 406,163 |  |  | $ | 156,156 |  |  | $ | 2,619,368 |
December 31, 2024 |  |  |  |  |  |  |  |  |
Land | $ | 226,899 |  |  | $ | 297,947 |  |  | $ | 72,668 |  |  | $ | 76,635 |  |  | $ | 674,149 |
Buildings | 446,775 |  |  | 1,407,244 |  |  | 407,297 |  |  | 130,594 |  |  | 2,391,910 |
Land improvements | 40,658 |  |  | 16,779 |  |  | 8,515 |  |  | 2,606 |  |  | 68,558 |
Tenant improvements | 78,126 |  |  | 240,099 |  |  | — |  |  | 3,020 |  |  | 321,245 |
Furniture, fixtures, and equipment | 629 |  |  | 6,241 |  |  | 12,273 |  |  | 13,019 |  |  | 32,162 |
Construction in progress (1) | 3,302 |  |  | 132,742 |  |  | 1,685 |  |  | 611 |  |  | 138,340 |
| 796,389 |  |  | 2,101,052 |  |  | 502,438 |  |  | 226,485 |  |  | 3,626,364 |
Accumulated depreciation | (318,352) |  |  | (503,594) |  |  | (151,422) |  |  | (65,510) |  |  | (1,038,878) |
Net real estate (2) | $ | 478,037 |  |  | $ | 1,597,458 |  |  | $ | 351,016 |  |  | $ | 160,975 |  |  | $ | 2,587,486 |
(1) Land related to held for development and construction in progress is included in the Held for Development and Construction in Progress classifications on the consolidated balance sheets. (2) Excludes net real estate assets held for sale 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 using 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 year ended December 31, 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 value allocated to lease intangibles is amortized over six-months as depreciation and amortization expense in the statement of comprehensive income, which is fully amortized as of December 31, 2025. 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 December 31, 2025 (in thousands):
| Genesee Park
Revenues | $ | 3,909 |
Operating expenses | 5,021 |
Operating loss | (1,112) |
Other income, net | 2 |
Net income attributable to American Assets Trust, Inc. | $ | (1,110) |
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 year ended December 31, 2025.

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