v3.25.4
EQUITY OF AMERICAN ASSETS TRUST, INC. (Tables)
 12 Months Ended
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:
PeriodAmount per Share/UnitPeriod CoveredDividend Paid Date
First Quarter 2023$0.330 January 1, 2023 to March 31, 2023March 23, 2023
Second Quarter 2023$0.330 April 1, 2023 to June 30, 2023June 22, 2023
Third Quarter 2023$0.330 July 1, 2023 to September 30, 2023September 21, 2023
Fourth Quarter 2023$0.330 October 1, 2023 to December 31, 2023December 21, 2023
First Quarter 2024$0.335 January 1, 2024 to March 31, 2024March 21, 2024
Second Quarter 2024$0.335 April 1, 2024 to June 30, 2024June 20, 2024
Third Quarter 2024$0.335 July 1, 2024 to September 30, 2024September 19, 2024
Fourth Quarter 2024$0.335 October 1, 2024 to December 31, 2024December 19, 2024
First Quarter 2025$0.340 January 1, 2025 to March 31, 2025March 20, 2025
Second Quarter 2025$0.340 April 1, 2025 to June 30, 2025June 18, 2025
Third Quarter 2025$0.340 July 1, 2025 to September 30, 2025September 18, 2025
Fourth Quarter 2025$0.340 October 1, 2025 to December 31, 2025December 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,
202520242023
Per Share%Per Share%Per Share%
Ordinary income$0.56 41.3 %$1.09 81.5 %$1.20 90.6 %
Capital gain0.24 17.6 %— — %— — %
Return of capital0.56 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:
GrantFair Value at Grant DateNumber
June 5, 2023 (1)
19.3310,348 
December 7, 2023 (2)
14.65 - 15.54
290,541 
June 3, 2024 (1)
21.799,180 
December 4, 2024 (3)
19.83 - 20.79
236,052 
December 4, 2024 (4)
28.4758,416 
June 2, 2025 (1)
20.2117,812 
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
UnitsWeighted Average Grant Date Fair Value
Balance at beginning of year600,938 $19.40 
Granted402,735 14.13 
Vested(283,155)22.60 
Forfeited(27,261)18.42 
Balance at end of year693,257 $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,
202520242023
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