v3.25.4

EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables) | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Summary of Dividends Declared and Paid on Shares of Common Stock and Noncontrolling Common Units | The following table lists the dividends declared and paid on our shares of common stock and Noncontrolling Common Units for the years ended December 31, 2025, 2024 and 2023:
Period |  | Amount per Share/Unit |  | Period Covered |  | Dividend Paid Date
First Quarter 2023 |  | $ | 0.330 |  |  | January 1, 2023 to March 31, 2023 |  | March 23, 2023
Second Quarter 2023 |  | $ | 0.330 |  |  | April 1, 2023 to June 30, 2023 |  | June 22, 2023
Third Quarter 2023 |  | $ | 0.330 |  |  | July 1, 2023 to September 30, 2023 |  | September 21, 2023
Fourth Quarter 2023 |  | $ | 0.330 |  |  | October 1, 2023 to December 31, 2023 |  | December 21, 2023
First Quarter 2024 |  | $ | 0.335 |  |  | January 1, 2024 to March 31, 2024 |  | March 21, 2024
Second Quarter 2024 |  | $ | 0.335 |  |  | April 1, 2024 to June 30, 2024 |  | June 20, 2024
Third Quarter 2024 |  | $ | 0.335 |  |  | July 1, 2024 to September 30, 2024 |  | September 19, 2024
Fourth Quarter 2024 |  | $ | 0.335 |  |  | October 1, 2024 to December 31, 2024 |  | December 19, 2024
First Quarter 2025 |  | $ | 0.340 |  |  | January 1, 2025 to March 31, 2025 |  | March 20, 2025
Second Quarter 2025 |  | $ | 0.340 |  |  | April 1, 2025 to June 30, 2025 |  | June 18, 2025
Third Quarter 2025 |  | $ | 0.340 |  |  | July 1, 2025 to September 30, 2025 |  | September 18, 2025
Fourth Quarter 2025 |  | $ | 0.340 |  |  | October 1, 2025 to December 31, 2025 |  | December 18, 2025
Summary of Income Tax Status of Dividends Per Share Paid | A summary of the income tax status of dividends per share paid is as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | Per Share |  | % |  | Per Share |  | % |  | Per Share |  | %
Ordinary income |  | $ | 0.56 |  |  | 41.3 | % |  | $ | 1.09 |  |  | 81.5 | % |  | $ | 1.20 |  |  | 90.6 | %
Capital gain |  | 0.24 |  |  | 17.6 | % |  | — |  |  | — | % |  | — |  |  | — | %
Return of capital |  | 0.56 |  |  | 41.1 | % |  | 0.25 |  |  | 18.5 | % |  | 0.12 |  |  | 9.4 | %
Total |  | $ | 1.36 |  |  | 100.0 | % |  | $ | 1.34 |  |  | 100.0 | % |  | $ | 1.32 |  |  | 100.0 | %
Summary of Restricted Common Stock | The following shares of restricted common stock have been issued as of December 31, 2025:
Grant | Fair Value at Grant Date | Number
June 5, 2023 (1) | 19.33 | 10,348 |
December 7, 2023 (2) | 14.65 - 15.54 | 290,541 |
June 3, 2024 (1) | 21.79 | 9,180 |
December 4, 2024 (3) | 19.83 - 20.79 | 236,052 |
December 4, 2024 (4) | 28.47 | 58,416 |
June 2, 2025 (1) | 20.21 | 17,812 |
December 3, 2025 (5) | 13.36 - 14.32 | 384,923 |
(1) Restricted common stock issued to members of the company's non-employee directors. These awards of restricted stock will vest subject to the director's continued service on the Board of Directors on the earlier of (i) the one year anniversary of the date of grant or (ii) the date of the next annual meeting of our stockholders, if such non-employee director continues his or her service on the Board of Directors until the next annual meeting of stockholders, but not thereafter, pursuant to our independent director compensation policy. (2) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2024, 2025 and 2026, subject to the employee's continued employment on those dates. (3) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2025, 2026 and 2027, subject to the employee's continued employment on those dates. (4) Time-based restricted common stock issued to Mr. Wyll related to his transition to Chief Executive Officer, which are eligible to vest in substantially equal one-third tranches on December 4, 2025, December 4, 2026 and December 4, 2027, subject to Mr. Wyll's continued employment on those dates. (5) Restricted common stock issued to certain of the company's senior management and other employees, which are subject to quantitative and qualitative performance criteria based vesting. Up to one-third of the shares of restricted stock may vest based on such performance criteria determined as of November 30, 2026, 2027 and 2028, subject to the employee's continued employment on those dates.
Summary of Activity of Restricted Stock Awards | The following table summarizes the activity of non-vested restricted stock awards during the year ended December 31, 2025:
| 2025
| Units |  | Weighted Average Grant Date Fair Value
Balance at beginning of year | 600,938 |  |  | $ | 19.40 |
Granted | 402,735 |  |  | 14.13 |
Vested | (283,155) |  |  | 22.60 |
Forfeited | (27,261) |  |  | 18.42 |
Balance at end of year | 693,257 |  |  | $ | 16.58 |
Summary of Computation of Basic and Diluted EPS | The computation of basic and diluted EPS for American Assets Trust, Inc. is presented below (dollars in thousands, except share and per share amounts):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
NUMERATOR |  |  |  |  |
Net income | $ | 71,370 |  |  | $ | 72,819 |  |  | $ | 64,690 |
Less: Net income attributable to restricted shares | (852) |  |  | (787) |  |  | (761) |
Less: Income attributable to unitholders in the Operating Partnership | (14,870) |  |  | (15,234) |  |  | (13,551) |
Net income attributable to common stockholders—basic | $ | 55,648 |  |  | $ | 56,798 |  |  | $ | 50,378 |
Income attributable to American Assets Trust, Inc. common stockholders—basic | $ | 55,648 |  |  | $ | 56,798 |  |  | $ | 50,378 |
Plus: Income attributable to unitholders in the Operating Partnership | 14,870 |  |  | 15,234 |  |  | 13,551 |
Net income attributable to common stockholders—diluted | $ | 70,518 |  |  | $ | 72,032 |  |  | $ | 63,929 |
DENOMINATOR |  |  |  |  |
Weighted average common shares outstanding—basic | 60,555,010 |  |  | 60,333,055 |  |  | 60,158,976 |
Effect of dilutive securities—conversion of Operating Partnership units | 16,181,537 |  |  | 16,181,537 |  |  | 16,181,537 |
Weighted average common shares outstanding—diluted | 76,736,547 |  |  | 76,514,592 |  |  | 76,340,513 |
Earnings per common share, basic | $ | 0.92 |  |  | $ | 0.94 |  |  | $ | 0.84 |
Earnings per common share, diluted | $ | 0.92 |  |  | $ | 0.94 |  |  | $ | 0.84 |

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