v3.25.4

SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Activity | The following table represents the significant segment expenses and operating activity within our reportable segments (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Total Office |  |  |  |  |
Property revenue | $ | 206,037 |  |  | $ | 215,778 |  |  | $ | 207,856 |
Rental expenses | 46,223 |  |  | 43,181 |  |  | 40,627 |
Real estate taxes | 20,675 |  |  | 19,053 |  |  | 20,712 |
Property expense | 66,898 |  |  | 62,234 |  |  | 61,339 |
Segment profit | 139,139 |  |  | 153,544 |  |  | 146,517 |
Total Retail |  |  |  |  |
Property revenue | 95,122 |  |  | 109,040 |  |  | 104,767 |
Rental expenses | 14,823 |  |  | 18,578 |  |  | 18,008 |
Real estate taxes | 11,961 |  |  | 13,930 |  |  | 13,432 |
Property expense | 26,784 |  |  | 32,508 |  |  | 31,440 |
Segment profit | 68,338 |  |  | 76,532 |  |  | 73,327 |
Total Multifamily |  |  |  |  |
Property revenue | 68,961 |  |  | 65,372 |  |  | 61,830 |
Rental expenses | 23,810 |  |  | 21,603 |  |  | 20,788 |
Real estate taxes | 8,141 |  |  | 7,186 |  |  | 7,237 |
Property expense | 31,951 |  |  | 28,789 |  |  | 28,025 |
Segment profit | 37,010 |  |  | 36,583 |  |  | 33,805 |
Total Mixed-Use |  |  |  |  |
Property revenue | 66,084 |  |  | 67,665 |  |  | 66,711 |
Rental expenses | 39,745 |  |  | 40,141 |  |  | 39,378 |
Real estate taxes | 4,217 |  |  | 4,055 |  |  | 3,775 |
Property expense | 43,962 |  |  | 44,196 |  |  | 43,153 |
Segment profit | 22,122 |  |  | 23,469 |  |  | 23,558 |
Total segments’ profit | $ | 266,609 |  |  | $ | 290,128 |  |  | $ | 277,207 |
Schedule of Reconciliation of Segment Profit to Net Income Attributable to Stockholders | The following table is a reconciliation of segment profit to net income attributable to stockholders (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Total segments' profit | $ | 266,609 |  |  | $ | 290,128 |  |  | $ | 277,207 |
General and administrative | (37,841) |  |  | (35,468) |  |  | (35,960) |
Depreciation and amortization | (127,312) |  |  | (125,461) |  |  | (119,500) |
Interest expense, net | (78,120) |  |  | (74,527) |  |  | (64,706) |
Gain on sale of real estate | 44,476 |  |  | — |  |  | — |
Other income, net | 3,558 |  |  | 18,147 |  |  | 7,649 |
Net income | 71,370 |  |  | 72,819 |  |  | 64,690 |
Net income attributable to restricted shares | (852) |  |  | (787) |  |  | (761) |
Net income attributable to unitholders in the Operating Partnership | (14,870) |  |  | (15,234) |  |  | (13,551) |
Net income attributable to American Assets Trust, Inc. stockholders | $ | 55,648 |  |  | $ | 56,798 |  |  | $ | 50,378 |
Schedule of Net Real Estate and Secured Note Payable Balances by Segments | The following table shows net real estate and secured note payable balances for each of the reportable segments, along with their capital expenditures for each year (in thousands):
| December 31, 2025 |  | December 31, 2024
Net real estate |  |  |
Office | $ | 1,587,316 |  |  | $ | 1,597,458 |
Retail (1) | 469,733 |  |  | 478,037 |
Multifamily | 406,163 |  |  | 351,016 |
Mixed-Use | 156,156 |  |  | 160,975 |
| $ | 2,619,368 |  |  | $ | 2,587,486 |
Secured Notes Payable (2) |  |  |
Office | $ | 75,000 |  |  | $ | 75,000 |
Retail | — |  |  | — |
| $ | 75,000 |  |  | $ | 75,000 |
Capital Expenditures (3) |  |  |
Office | $ | 61,510 |  |  | $ | 56,720 |
Retail | 11,510 |  |  | 13,568 |
Multifamily | 5,094 |  |  | 5,637 |
Mixed-Use | 2,306 |  |  | 1,482 |
| $ | 80,420 |  |  | $ | 77,407 |
(1)Excludes the real estate assets held for sale as of December 31, 2024. (2)Excludes unamortized debt issuance costs of $0.2 million and $0.2 million as of December 31, 2025 and 2024, respectively. (3)Capital expenditures represent cash paid for capital expenditures during the year and includes leasing commissions paid.

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