v3.25.4

REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

Summary of Real Estate Investments

A summary of the properties owned by us is as follows:

Retail
Carmel Country Plaza			Gateway Marketplace			Hassalo on Eighth - Retail
Carmel Mountain Plaza			Geary Marketplace
South Bay Marketplace			The Shops at Kalakaua
Lomas Santa Fe Plaza			Waikele Center
Solana Beach Towne Centre			Alamo Quarry Market

Office
La Jolla Commons			First & Main			Timber Springs
Torrey Point			Lloyd Portfolio			Coastal Collection at Torrey Reserve (formerly known as Torrey Reserve Campus)
Solana Crossing			City Center Bellevue
The Landmark at One Market			14Acres
One Beach Street			Timber Ridge

Multifamily
Loma Palisades			Hassalo on Eighth - Multifamily
Imperial Beach Gardens			Genesee Park
Mariner's Point
Santa Fe Park RV Resort
Pacific Ridge Apartments

Mixed-Use

Waikiki Beach Walk Retail and Embassy Suites™ Hotel

Held for Development and Construction in Progress

Solana Crossing – Land

Lloyd Portfolio – Construction in Progress

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

Summary of Purchase Price Allocation

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)

Summary of Acquiree Operating Results Since Acquisition Date

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)

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-Topic 805
-SubTopic 50
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