American Assets Trust, Inc. (AAT): نموذج الأعمال التجارية

تبرز شركة American Assets Trust, Inc. (AAT) كقوة ديناميكية للاستثمار العقاري، حيث تتنقل بشكل استراتيجي في المشهد المعقد لإدارة العقارات والاستثمار. من خلال صياغة نموذج أعمال قوي بدقة يشمل الأسواق التجارية والسكنية والمؤسسية، تقوم AAT بتحويل الاستثمار العقاري التقليدي إلى نهج متطور ومتنوع يعد بعوائد مستقرة وخلق قيمة طويلة الأجل. انغمس في التفاصيل المعقدة لنموذج الأعمال المبتكر الخاص بـ AAT، واكشف عن كيفية استفادة هذه الشركة من الشراكات الإستراتيجية والموارد المتطورة وعرض القيمة الشامل لتقديم أداء استثنائي في مجال الاستثمار العقاري التنافسي.

American Assets Trust, Inc. (AAT) - نموذج الأعمال: الشراكات الرئيسية

شركات الاستثمار العقاري والمطورين

اعتبارًا من عام 2024، تتعاون AAT مع شركات الاستثمار العقاري والمطورين الرئيسيين التاليين:

اسم الشريك	تفاصيل الشراكة	التركيز الجغرافي
هاينز	تطوير العقارات متعددة الاستخدامات	كاليفورنيا، واشنطن
كوشمان & ويكفيلد	استشارات شراء العقارات	أسواق الساحل الغربي

شركات إدارة الممتلكات

تشمل شراكات إدارة الممتلكات الخاصة بـ AAT ما يلي:

• مجموعة سي بي آر إي
• جيه إل إل (جونز لانج لاسال)
• كوليرز انترناشيونال

المؤسسات المالية والبنوك الاستثمارية

الشراكات المالية الرئيسية اعتبارًا من عام 2024:

مؤسسة	نوع الشراكة	مبلغ القرض/التسهيل الائتماني
ويلز فارجو	التسهيلات الائتمانية الدوارة	500 مليون دولار
بنك أوف أمريكا	قرض لأجل	250 مليون دولار

شركاء تأجير العقارات التجارية والسكنية

تركز شراكات التأجير الخاصة بـ AAT على:

• تأجير مكاتب الشركات
• شراكات مساحات البيع بالتجزئة
• تأجير مساكن متعددة الأسر

مقدمي خدمات البناء والصيانة

شراكات الصيانة والبناء الإستراتيجية:

مزود الخدمة	الخدمات	قيمة العقد السنوي
بناء تيرنر	تجديد العقارات التجارية	75 مليون دولار
سوندت البناء	تنمية الأسرة المتعددة	50 مليون دولار

American Assets Trust, Inc. (AAT) - نموذج الأعمال: الأنشطة الرئيسية

شراء العقارات التجارية وتطويرها وإدارتها

اعتبارًا من عام 2024، تدير شركة American Assets Trust, Inc. محفظة عقارية بقيمة 2.1 مليار دولار أمريكي، تتألف من 4.1 مليون قدم مربع من العقارات التجارية في أسواق متعددة.

نوع العقار	إجمالي اللقطات المربعة	معدل الإشغال
خصائص المكتب	2.3 مليون قدم مربع	93.5%
خصائص البيع بالتجزئة	1.2 مليون قدم مربع	89.7%
العقارات السكنية	0.6 مليون قدم مربع	95.2%

تأجير المكاتب والتجزئة والمساحات السكنية

وصلت إيرادات التأجير السنوية لشركة AAT في عام 2023 إلى 187.4 مليون دولار، مع التوزيع التالي:

• تأجير المكاتب: 105.6 مليون دولار
• تأجير التجزئة: 62.8 مليون دولار
• الإيجار السكني: 19 مليون دولار

الاستثمار العقاري وإدارة المحافظ

تفاصيل المحفظة الاستثمارية لعام 2024:

فئة الاستثمار	إجمالي قيمة الاستثمار	العائد السنوي
الاستثمارات العقارية الأساسية	1.6 مليار دولار	6.2%
استثمارات القيمة المضافة	350 مليون دولار	8.7%
الاستثمارات الانتهازية	150 مليون دولار	10.3%

صيانة وتجديد الممتلكات

النفقات السنوية لصيانة وتجديد الممتلكات: 42.3 مليون دولار

• الصيانة الروتينية: 22.5 مليون دولار
• التجديدات الكبرى: 19.8 مليون دولار

التخصيص الاستراتيجي للأصول وتخطيط الاستثمار

استراتيجية توزيع الأصول لعام 2024:

السوق الجغرافي	نسبة المحفظة	التركيز على الاستثمار
كاليفورنيا	65%	الأسواق الحضرية ذات النمو المرتفع
واشنطن	20%	مراكز التكنولوجيا والشركات
هاواي	15%	السياحة والتطورات متعددة الاستخدامات

American Assets Trust، Inc. (AAT) - نموذج الأعمال: الموارد الرئيسية

محفظة متنوعة من الأصول العقارية عالية الجودة

اعتبارًا من الربع الرابع من عام 2023، تمتلك شركة American Assets Trust, Inc. محفظة عقارية إجمالية بقيمة 2.1 مليار دولار أمريكي، تتألف من:

نوع العقار	إجمالي الأقدام المربعة	نسبة المحفظة
خصائص المكتب	1,247,000 قدم مربع	42%
مراكز البيع بالتجزئة	853.000 قدم مربع	29%
سكنية متعددة الأسر	612,000 قدم مربع	21%
خصائص أخرى	235,000 قدم مربع	8%

فريق إدارة واستثمار ذو خبرة

تكوين فريق الإدارة:

• إرنست راضي، رئيس مجلس الإدارة: 47 عامًا من الخبرة في مجال العقارات
• جون راضي، الرئيس والمدير التنفيذي: 25 عامًا من الخبرة في هذا المجال
• روبرت بارتون، المدير المالي: 18 عامًا في الإدارة المالية

رأس مال مالي قوي وإمكانية الوصول إلى التمويل

المقاييس المالية اعتبارًا من 31 ديسمبر 2023:

المقياس المالي	المبلغ
إجمالي الأصول	2.43 مليار دولار
إجمالي حقوق الملكية	1.28 مليار دولار
التسهيلات الائتمانية المتاحة	300 مليون دولار
نسبة الدين إلى حقوق الملكية	0.89

بنية تحتية واسعة النطاق لإدارة الممتلكات

قدرات إدارة الممتلكات:

• فريق إدارة داخلي مكون من 87 محترفًا
• تغطية إدارة الممتلكات في جميع أنحاء كاليفورنيا وواشنطن وهاواي
• متوسط نسبة إشغال العقارات: 92.5%

المواقع الجغرافية الإستراتيجية

التوزيع الجغرافي للمحفظة:

الدولة	عدد العقارات	القيمة الإجمالية
كاليفورنيا	23 عقار	1.42 مليار دولار
واشنطن	7 خصائص	410 مليون دولار
هاواي	4 خصائص	268 مليون دولار

American Assets Trust, Inc. (AAT) - نموذج الأعمال: عروض القيمة

دخل أرباح مستقر ومتسق للمساهمين

اعتبارًا من الربع الرابع من عام 2023، أعلنت شركة American Assets Trust, Inc توزيع أرباح ربع سنوية بواقع 0.32 دولار للسهم الواحد. وقد حافظت الشركة على استراتيجية توزيع أرباح ثابتة مع عائد توزيعات أرباح سنوية تقريبًا 4.5%.

مقياس الأرباح	القيمة
أرباح ربع سنوية	0.32 دولار للسهم الواحد
عائد الأرباح السنوية	4.5%
إجمالي توزيع الأرباح السنوية	1.28 دولار للسهم الواحد

عقارات تجارية وسكنية عالية الجودة وموقع جيد

تمتلك شركة American Assets Trust، Inc. وتدير محفظة عقارية متنوعة تقدر قيمتها بـ 2.1 مليار دولار اعتبارًا من 31 ديسمبر 2023.

• إجمالي محفظة العقارات: 4.1 مليون قدم مربع
• العقارات التجارية: 2.7 مليون قدم مربع
• العقارات السكنية: 1.4 مليون قدم مربع
• التركيز الجغرافي: كاليفورنيا وواشنطن وهاواي

نوع العقار	لقطات مربعة	معدل الإشغال
مكتب	1.6 مليون قدم مربع	92.3%
البيع بالتجزئة	1.1 مليون قدم مربع	88.7%
سكني	1.4 مليون قدم مربع	95.5%

إدارة الممتلكات وصيانتها بشكل احترافي

توظف الشركة 87 موظفًا متخصصًا في إدارة الممتلكات بدوام كامل بخبرة متوسطة 12 عاماً في إدارة العقارات.

فرص استثمارية عقارية متنوعة

توزيع المحفظة الاستثمارية اعتبارًا من عام 2023:

• عقارات المكاتب: 39%
• عقارات التجزئة: 27%
• العقارات السكنية: 34%

إمكانية زيادة رأس المال على المدى الطويل

مقاييس أداء السهم لعام 2023:

مقياس الأداء	القيمة
سعر السهم (نهاية العام 2023)	$28.75
العودة من العام حتى تاريخه	7.2%
القيمة السوقية	1.65 مليار دولار

American Assets Trust, Inc. (AAT) - نموذج الأعمال: العلاقات مع العملاء

خدمات تأجير وإدارة العقارات المباشرة

اعتبارًا من الربع الرابع من عام 2023، تدير شركة American Assets Trust إجمالي 96 عقارًا في مناطق متعددة، مع 5.3 مليون قدم مربع من المساحات التجارية ومساحات التجزئة الخاضعة للإدارة المباشرة.

نوع العقار	إجمالي الخصائص	معدل الإشغال
مكتب	43	92.5%
البيع بالتجزئة	38	89.7%
سكني	15	94.2%

علاقات المستثمرين والاتصالات

تحتفظ شركة American Assets Trust بقنوات اتصال مباشرة مع المستثمرين مع 3200 مستثمر من المؤسسات والأفراد.

• مكالمات جماعية للأرباح ربع السنوية
• اجتماعات المساهمين السنوية
• العروض التفصيلية للمستثمرين
• اتصالات مباشرة عبر البريد الإلكتروني لعلاقات المستثمرين

دعم المستأجر والمشاركة الشخصية

توفر الشركة دعمًا مخصصًا للمستأجرين من خلال أ فريق خدمة العملاء 24/7 التعامل مع ما متوسطه 1,275 استفسارًا للمستأجر شهريًا.

قناة الدعم	التفاعلات الشهرية	متوسط وقت الاستجابة
الدعم عبر الهاتف	675	17 دقيقة
دعم البريد الإلكتروني	425	4 ساعات
البوابة الإلكترونية	175	فورية

المنصات الرقمية لمعلومات الملكية وإدارة الإيجار

تدير AAT منصة رقمية شاملة تضم 2850 حساب مستخدم مستأجر نشط، وتوفر خدمات إدارة العقارات والإيجارات في الوقت الفعلي.

• نظام دفع الإيجار عبر الإنترنت
• تتبع طلبات الصيانة
• تخزين الوثائق والوصول إليها
• لوحة معلومات الملكية في الوقت الحقيقي

التقارير المالية المنتظمة والشفافية

تقدم الشركة تقارير مالية شاملة مع إفصاحات مالية ربع سنوية وسنوية.

نوع التقرير المالي	التردد	قنوات التوزيع
تقرير الأرباح ربع السنوية	كل 3 أشهر	ملف SEC، موقع المستثمر، البريد الإلكتروني
التقرير السنوي	سنويا	ملف SEC، وثيقة مطبوعة، PDF عبر الإنترنت
عرض المستثمر	ربع سنوية	البث عبر الإنترنت، موقع المستثمر

American Assets Trust, Inc. (AAT) - نموذج الأعمال: القنوات

فرق التأجير المباشر

اعتبارًا من الربع الرابع من عام 2023، تحتفظ شركة American Assets Trust بـ 27 متخصصًا في التأجير المباشر عبر محفظتها العقارية. متوسط ​​دورة التفاوض على عقد الإيجار: 45 يومًا. إجمالي المساحة التجارية المؤجرة: 2.7 مليون قدم مربع.

نوع القناة	عدد الموظفين	متوسط حجم الصفقة
التأجير التجاري	18	3.2 مليون دولار لكل معاملة
تأجير التجزئة	9	1.6 مليون دولار لكل معاملة

منصات إدراج العقارات على الإنترنت

وصول القناة الرقمية: 6 منصات أساسية عبر الإنترنت. مرات ظهور الملكية الرقمية الشهرية: 127,500.

• منصة مجموعة كوستار
• سوق العقارات التجارية LoopNet
• الموقع الإلكتروني الخاص بالشركة
• القوائم التجارية Zillow

مواقع الاستثمار العقاري

مقاييس التفاعل مع موقع الاستثمار: 42000 زائر شهريًا فريدًا. متوسط ​​الوقت في الموقع: 4.7 دقيقة.

منصة	الزوار شهريا	معدل تفاعل المستثمر
موقع علاقات المستثمرين بالشركة	42,000	3.2%
مواقع استثمار الطرف الثالث	18,500	1.9%

المستشارون الماليون والوسطاء

شبكة الوسطاء النشطة: 215 متخصصًا ماليًا مسجلاً. التواصل مع الوسيط ربع السنوي: 4 دورات اتصال مخصصة.

مؤتمرات المستثمرين والحملات الترويجية

مشاركة المستثمرين لعام 2023: 12 مؤتمرًا و47 اجتماعًا فرديًا للمستثمرين. إجمالي التغطية للمستثمرين المؤسسيين: 89 شركة.

نوع المؤتمر	عدد الأحداث	إجمالي تفاعلات المستثمرين
المؤتمرات الوطنية لصناديق الاستثمار العقارية	7	312
منتديات الاستثمار الإقليمية	5	178

American Assets Trust, Inc. (AAT) - نموذج الأعمال: شرائح العملاء

مستأجري المكاتب التجارية

اعتبارًا من الربع الرابع من عام 2023، تدير شركة American Assets Trust, Inc. 2,685,000 قدم مربع من المساحات المكتبية في أسواق متعددة.

نوع المستأجر	معدل الإشغال	متوسط مدة الإيجار
شركات التكنولوجيا	68.3%	7.2 سنة
الخدمات المهنية	22.5%	5.6 سنة
الخدمات المالية	9.2%	6.8 سنة

مستأجري مساحات البيع بالتجزئة

تمتد محفظة التجزئة على مساحة 820 ألف قدم مربع مع مزيج متنوع من المستأجرين.

• مراكز البقالة الراسية: 45.6%
• التجزئة المتخصصة: 32.4%
• المطاعم والخدمات: 22%

مستأجري العقارات السكنية

تمتلك AAT 1,347 وحدة سكنية متعددة الأسر بمتوسط إشغال 94.2%.

نوع الوحدة	النسبة المئوية	متوسط الإيجار
استوديو	22%	1,875 دولارًا شهريًا
غرفة نوم واحدة	48%	2,450 دولارًا شهريًا
غرفتي نوم	30%	3,200 دولار شهرياً

المستثمرون المؤسسيون

وتمثل الملكية المؤسسية 72.6% من إجمالي الأسهم حتى ديسمبر 2023.

• صناديق التقاعد: 28.3%
• شركات إدارة الاستثمار: 24.5%
• صناديق الاستثمار: 19.8%

المستثمرين العقاريين الأفراد

ويشكل المساهمون الأفراد 27.4% من إجمالي الملكية.

فئة المستثمر	نسبة الملكية
مستثمرو التجزئة	18.6%
الأفراد ذوي الثروات العالية	8.8%

American Assets Trust, Inc. (AAT) - نموذج الأعمال: هيكل التكلفة

مصاريف شراء العقارات وتطويرها

اعتبارًا من السنة المالية 2023، أبلغت شركة American Assets Trust, Inc. عن إجمالي تكاليف شراء العقارات بقيمة 58.4 مليون دولار. وبلغت مصاريف التطوير العقاري للشركة لنفس الفترة 42.7 مليون دولار.

فئة النفقات	المبلغ (بالملايين)
عمليات الاستحواذ على العقارات	$58.4
التطوير العقاري	$42.7

تكاليف صيانة وتجديد العقارات

بلغ إجمالي نفقات صيانة الممتلكات السنوية لشركة AAT في عام 2023 22.3 مليون دولار. وبلغت تكاليف التجديد لنفس الفترة 17.6 مليون دولار.

• الصيانة الروتينية: 12.5 مليون دولار
• الإصلاحات الكبرى: 9.8 مليون دولار
• التحسينات الرأسمالية: 17.6 مليون دولار

الإدارة والنفقات التشغيلية

بلغت النفقات الإدارية والتشغيلية لشركة American Assets Trust، Inc. في عام 2023 36.2 مليون دولار.

مكون علوي	المبلغ (بالملايين)
المصاريف العمومية والإدارية	$24.6
تعويض الموظف	$11.6

مصاريف التسويق والتأجير

بلغت نفقات التسويق والتأجير لشركة AAT في عام 2023 8.7 مليون دولار.

• الحملات التسويقية: 3.2 مليون دولار
• عمولات التأجير: 5.5 مليون دولار

مدفوعات الفائدة على تمويل الديون

وبلغ إجمالي مصاريف الفوائد لتمويل الديون في عام 2023 45.3 مليون دولار.

نوع تمويل الديون	مصاريف الفوائد (بالملايين)
الديون طويلة الأجل	$38.9
الديون قصيرة الأجل	$6.4

American Assets Trust, Inc. (AAT) - نموذج الأعمال: تدفقات الإيرادات

دخل إيجار العقارات التجارية

اعتبارًا من 31 ديسمبر 2023، أعلنت شركة American Assets Trust, Inc. عن إجمالي إيرادات إيجار العقارات التجارية بقيمة 167.3 مليون دولار أمريكي. تتضمن المحفظة ما يلي:

نوع العقار	دخل الإيجار	معدل الإشغال
خصائص المكتب	98.4 مليون دولار	93.2%
خصائص البيع بالتجزئة	45.6 مليون دولار	88.7%
عقارات متعددة الاستخدامات	23.3 مليون دولار	91.5%

إيرادات الإيجار السكني

بلغ إجمالي إيرادات الإيجار السكني لعام 2023 42.6 مليون دولار، مع التوزيع التالي:

• العقارات السكنية متعددة الأسر: 35.2 مليون دولار
• الإيجارات السكنية لأسرة واحدة: 7.4 مليون دولار

تقدير الأصول العقارية

اعتبارًا من التقرير السنوي لعام 2023، تم تقدير إجمالي قيمة المحفظة بنسبة 76.5 مليون دولارمما يمثل زيادة بنسبة 4.3% في إجمالي قيمة الأصول.

رسوم إدارة الممتلكات

بلغت إيرادات رسوم إدارة الممتلكات لعام 2023 5.2 مليون دولار أمريكي، ناتجة عن خدمات إدارة الممتلكات التابعة لجهات خارجية.

توزيعات الأرباح على المساهمين

سنة	إجمالي توزيعات الأرباح	توزيعات الأرباح لكل سهم
2023	89.7 مليون دولار	$2.44
2022	86.3 مليون دولار	$2.36

American Assets Trust, Inc. (AAT) - Canvas Business Model: Value Propositions

You're looking for the core value American Assets Trust, Inc. (AAT) delivers across its portfolio, and it boils down to two things: high-quality real estate in supply-constrained, high-growth markets and a stable, income-generating structure for investors. This strategy allows them to command premium rents and maintain high occupancy, even when some segments face market headwinds.

The company is a full-service, vertically integrated Real Estate Investment Trust (REIT), meaning they handle everything from acquisition to day-to-day management. This control is a defintely a key value proposition in itself, ensuring responsive, full-service property operations across all assets.

For Office Tenants: Amenitized, well-located space in primary urban/suburban hubs (e.g., La Jolla Commons)

Office tenants get a flight-to-quality proposition: Class-A space in strategic, amenity-rich locations. Take the La Jolla Commons campus in San Diego's University Town Center submarket. This is a LEED Gold & Platinum certified environment, which is a major draw for modern corporate tenants focused on sustainability and employee wellness. The campus's value is tied to its location near major tech and biotech industries, plus immediate access to I-805 and I-5.

The market is tough, but AAT's quality assets are performing. As of Q3 2025, the total office portfolio was 82.0% leased, with the same-store portfolio slightly higher at 87.0% leased. This high-quality focus is translating into higher rents, with cash rent spreads on new and renewal leases increasing by 9% in Q3 2025. That's a strong signal of tenant demand for their specific product. Following the quarter, La Jolla Commons Tower 3 had leases or leases in documentation for another 8% of its space, showing continued leasing momentum.

For Retail Tenants: High-occupancy locations with strong consumer traffic

For retail, the value proposition is simple: location, location, location, and proven foot traffic. AAT focuses on dominant, necessity-based retail centers in high-density, affluent markets. This strategy has resulted in exceptional stability; the retail portfolio was 98% leased as of Q3 2025.

This high occupancy is a powerful draw for new tenants, assuring them of strong consumer flow. Plus, the company is capturing value from renewals, completing over 125,000 square feet of new and renewal leases in Q3 2025 with cash rent spreads rising by over 4%. This segment is a rock of stability for the overall portfolio.

For Multifamily Residents: Quality residential units in high-demand, supply-constrained markets

Multifamily residents are offered quality apartment units in high-barrier-to-entry markets like San Diego, where new supply is typically limited. The portfolio includes 2,302 multifamily units that cater to a high-income demographic. The value is in the stable, high-quality living experience in desirable metro areas.

While the San Diego market faced some new supply headwinds in Q3 2025, leading to higher concessions, the segment still maintained a solid 94% leased occupancy. Management is still capturing rent growth, with a blended rent increase of 4% on new and renewal leases in Q3 2025, driven by a 5% increase on renewals and a 2% increase on new leases.

For Investors: Stable dividend from diversified assets

The core value for investors is a consistent, reliable income stream backed by a diversified portfolio of premier assets. The company has maintained a strong commitment to its dividend, declaring a Q4 2025 common stock dividend of $0.340 per share, payable on December 18, 2025. The total annual dividend for 2025 is $1.36 per share.

This payout is supported by management's cautious optimism, as evidenced by the raised full-year 2025 Funds From Operations (FFO) guidance to a midpoint of $1.97 per diluted share, with a range of $1.93-$2.01. The diversification across office, retail, multifamily, and mixed-use properties in six distinct, high-growth US regions helps mitigate segment-specific risks.

Customer/Investor Segment	Key Value Proposition	2025 Operational Metric (Q3/Q4)
Office Tenants	Class-A, LEED-certified, amenity-rich space in tech/urban hubs (e.g., La Jolla Commons)	Same-Store Leased Occupancy: 87.0% (Q3 2025)
Retail Tenants	High-traffic, necessity-based locations in affluent, dense markets	Leased Occupancy: 98% (Q3 2025)
Multifamily Residents	Quality residential units in supply-constrained, desirable metro areas	Leased Occupancy: 94% (Q3 2025)
Investors	Stable, diversified income stream from premier, high-barrier-to-entry assets	Q4 2025 Dividend Declared: $0.340 per share

American Assets Trust, Inc. (AAT) - Canvas Business Model: Customer Relationships

Direct, in-house property management and leasing teams for all segments

American Assets Trust operates as a vertically integrated and self-administered real estate investment trust (REIT), which is crucial for its customer relationships. This structure means the company uses its own, in-house teams for property management and leasing across its office, retail, and multifamily segments, rather than outsourcing to third parties. This hands-on approach allows for a defintely faster response time and a deeper understanding of tenant needs, especially in its high-barrier-to-entry markets like Southern California and Hawaii.

Having a direct relationship with the tenant (the customer) is a significant competitive advantage. It ensures that the company's operational excellence and responsive service-fundamentals for winning leases in the current market-are consistently delivered. This focus on the tenant experience is a core part of their strategy to drive occupancy and position the portfolio well.

Long-term contractual leases with rent escalators

The primary customer relationship for American Assets Trust is structured around long-term, contractual leases, which provide predictable revenue streams (Value Propositions). These leases are designed with built-in rent escalators (scheduled rent increases) that secure future income growth, independent of short-term market fluctuations.

In the third quarter of 2025, the company executed significant leases demonstrating this model's strength. For comparable office leases, the average contractual rent increase on a straight-line basis was a strong 19%, with a cash-basis increase of 9%. This shows the long-term value embedded in the contracts, even as the office sector faces headwinds. For retail, the Q3 2025 comparable leases saw an average straight-line rent increase of 21%. That's a clear demonstration of locking in future revenue.

Here's the quick math on the contractual rent spreads for new and renewal leases signed in 2025:

Segment	Period	Comparable Leased Square Footage	Average Straight-Line Rent Increase	Average Cash-Basis Rent Increase
Office	Q3 2025	approx. 122,000 sq ft	19%	9%
Retail	Q3 2025	approx. 112,000 sq ft	21%	4%
Retail	Q2 2025	approx. 213,000 sq ft	22%	7%

Investor Relations (IR) for transparent communication

While tenants are the direct customers, investors are the financial customers, and the relationship here is built on transparency and accessibility. American Assets Trust maintains a robust Investor Relations (IR) program to communicate its strategy and performance clearly to stockholders, potential investors, and financial analysts.

This relationship is maintained through a standard set of channels and events:

• Quarterly earnings calls with senior management.
• Timely release of SEC filings and supplemental reports.
• Live and on-demand audio webcasts of all earnings conference calls.

For example, the company announced its Q3 2025 earnings on October 28, 2025, and held the conference call the following day, ensuring all stakeholders received the information promptly. This consistent, formal communication helps manage market expectations, especially when discussing a slight decrease in Q3 2025 same-store cash Net Operating Income (NOI) of 0.8% year-over-year.

Proactive tenant engagement to drive high renewal rates

Proactive tenant engagement is a core operational strategy, directly translating into high renewal rates and stable occupancy, which are key performance indicators (KPIs) for a REIT. The focus is on providing high-quality, amenitized environments that support talent retention for office tenants and healthy consumer demand for retail tenants.

This strategy is paying off in their most recent operating periods. The retail segment, in particular, shows exceptional customer retention, ending Q3 2025 at 98% leased. The high renewal rates across the portfolio demonstrate that tenants are choosing to stay, even in a mixed operating environment.

The renewal rates for comparable leases in the second half of 2025 were:

• Q3 2025 Comparable Retail Leases: Renewals accounted for 96%.
• Q2 2025 Comparable Retail Leases: Renewals accounted for 90%.
• Q3 2025 Comparable Office Leases: Renewals accounted for 73%.

What this estimate hides is the lower Q3 2025 office occupancy of 82% overall, which means the company is successfully retaining existing tenants but still working hard to fill vacant space.

American Assets Trust, Inc. (AAT) - Canvas Business Model: Channels

You need to know exactly how American Assets Trust, Inc. reaches its customers-the tenants and the capital markets-because the channel mix drives their operating costs and revenue stability. The company relies on a vertically integrated (in-house) approach for leasing and management, supplementing this direct control with key third-party platforms for maximum visibility and capital access.

This dual strategy is what allows them to maintain a strong retail occupancy rate of 98% as of late Q3 2025, even while navigating a more challenging office market.

Direct leasing teams and in-house brokerage for commercial properties

American Assets Trust, Inc. uses its own in-house leasing and property management teams to handle commercial property transactions directly. This vertical integration cuts out third-party commissions and gives them tighter control over tenant selection and lease terms. It's a classic real estate investment trust (REIT) move to maximize net operating income (NOI).

The direct approach is defintely working in their core retail segment, which saw a cash-basis contractual rent increase of 4% on comparable leases signed during the third quarter of 2025. Here's the quick math on recent leasing activity, which highlights the volume these internal teams manage:

• Office Leasing Volume (Q3 2025): 181,000 square feet leased.
• Retail Leasing Volume (Q3 2025): 125,000 square feet leased.
• Office Cash Rent Spread (Q3 2025): Comparable rent spreads increased by 9% on a cash basis.

Online and on-site property management portals for multifamily residents

For their residential segment, which includes 2,302 multifamily units, the channel is a blend of physical on-site management offices and a dedicated digital platform. They use the latter for both new resident acquisition and ongoing service, which is crucial for managing the high volume of leases-they signed 593 apartment leases in Q3 2025 alone.

The primary digital channel for residents is their property management ecosystem, which is built on the MRI Residential Suite platform. This system facilitates the entire resident lifecycle:

• Leasing inquiries and applications.
• The TENANT CLICKPAY portal for online rent payments.
• Maintenance requests and general resident communication.

Investor Relations website and SEC filings for capital markets access

The channel to the capital markets-investors, analysts, and financial professionals-is strictly regulated and highly transparent. The Investor Relations website serves as the central hub for all mandated and voluntary disclosures, ensuring stakeholders have the data to make informed decisions.

This channel is the primary delivery mechanism for their financial performance metrics:

Document/Event	Purpose/Metric	2025 Fiscal Year Data (Q3 2025)
SEC Filings (e.g., 10-Q, 8-K)	Mandated Financial Disclosure	Filed Q3 2025 8-K on October 28, 2025.
Investor Relations Website	Earnings Webcasts & Presentations	Hosted Q3 2025 Earnings Call on October 29, 2025.
FFO Guidance	Full-Year Profitability Outlook	Raised 2025 FFO guidance midpoint to $1.97 per diluted share.

Third-party listing services (CoStar, LoopNet) for property visibility

While American Assets Trust, Inc. has its own leasing teams, they still use major commercial real estate listing services to ensure maximum reach for their office and retail vacancies. These platforms act as an essential funnel, especially in competitive markets like San Diego and Bellevue.

The company actively lists its available commercial space on platforms like LoopNet, which is owned by CoStar Group. This is a critical indirect channel, putting their inventory in front of millions of commercial brokers and tenants globally. For example, their San Diego, California office maintains broker contacts directly listed on the LoopNet platform to field inquiries, bridging the third-party listing channel with their in-house team.

Direct marketing and local community engagement for retail properties

The channel for retail properties is highly localized and focused on driving foot traffic, which is a key performance indicator for their tenants. This goes beyond a simple lease sign; it's about creating an attractive, amenitized environment that draws the local community.

A concrete example of this is the strategic enhancement of properties like La Jolla Commons Tower 3, where the channel is the physical space itself. The planned opening of the new Travis Swickard restaurant at the campus is a direct investment in the amenity package, which acts as a marketing channel to attract high-quality office tenants and boost retail sales.

This localized effort is a major factor in the retail portfolio's resilience, which was 98% leased at the end of Q3 2025.

American Assets Trust, Inc. (AAT) - Canvas Business Model: Customer Segments

You need to know exactly who American Assets Trust, Inc. (AAT) serves because your investment thesis or business strategy hinges on the stability and growth of these customer groups. AAT's model is deliberately diversified across four primary segments, shielding it somewhat from a single-sector downturn, but also exposing it to localized market pressures, particularly in the competitive coastal US markets.

The core of AAT's revenue comes from high-quality, high-barrier-to-entry properties along the West Coast and in Hawaii. This focus means their customer base is generally affluent or large, established organizations, which is a key factor in their relatively stable financial performance, even as the market faces headwinds. For the third quarter of 2025, the company's total revenue was $110 million, demonstrating the scale of their customer relationships.

Office Tenants: Mid-to-large corporate users seeking Class A space, particularly in San Diego and Bellevue.

This is AAT's largest customer segment, driving 53% of the company's Net Operating Income (NOI) as of Q3 2025, so their health is defintely critical. These tenants are predominantly mid-to-large corporations pursuing a 'flight to quality,' meaning they are willing to pay a premium for modern, well-located, amenitized Class A office space, even in a soft office market.

The total office portfolio comprises approximately 4.3 million square feet. While the total portfolio was 82% leased in Q3 2025, the same-store office portfolio was slightly stronger at 87% leased, reflecting the quality of their core assets. New leasing activity shows these customers are still paying up for prime space: comparable rent spreads on a cash basis increased by 9% in Q3 2025.

Here's the quick math on their geographic concentration:

Core Office Market	Net Rentable Square Feet (Q3 2025)
San Diego, California	1.8 million
Bellevue, Washington	1.0 million
Portland, Oregon	930,903
San Francisco, California	522,696

The average annualized base rent for the office portfolio was $56.49 per leased square foot as of Q1 2025. What this estimate hides is the significant vacancy rate in the San Diego office market, which was 21.1% at the end of October 2025, a real headwind for future leasing.

Retail Tenants: National and regional anchor tenants, including grocery and necessity-based retailers.

This segment is a bedrock of stability for AAT, representing 25% of NOI in Q3 2025 and maintaining a robust leased percentage of 98% across the portfolio. These customers are necessity-based retailers, often grocery stores or regional anchors, which are less susceptible to e-commerce disruption and benefit from the high-income demographics of AAT's coastal locations.

The total retail portfolio is approximately 2.4 million square feet. The strength of this customer base is clear in the leasing spreads, which rose by over 4% on a cash basis for comparable new and renewal leases in Q3 2025. This tells you that demand for well-located retail space is outpacing supply in their markets.

• Total Retail Square Footage: 2.4 million sq ft.
• Q3 2025 Leased Status: 98%.
• Weighted Average Annualized Base Rent (Q1 2025): $29.64 per leased square foot.

Multifamily Residents: High-income renters in coastal urban centers like San Diego and Portland.

AAT's residential customer base consists of renters in 2,302 units, primarily located in high-cost, high-demand coastal markets. These residents seek premium, amenity-rich apartment living, and their willingness to pay for this quality is reflected in the blended rent increase of 4% achieved on new and renewal leases in the San Diego communities during Q3 2025.

Still, this segment is facing challenges. The same-store multifamily NOI declined by 8.3% in Q3 2025 due to new supply hitting the San Diego market, forcing AAT to offer higher concessions. Occupancy in the San Diego communities (excluding the RV park) was 94% at the end of Q3 2025, with Portland's Hassalo on Eight at 91% leased.

• Total Multifamily Units: 2,302.
• San Diego Units: 1,645 (including 120 RV spaces).
• Portland Units (Hassalo on Eight): 657.

Institutional and Individual Investors: Seeking stable, income-producing real estate exposure (REIT shareholders).

This customer segment is the capital base for the entire operation. As a Real Estate Investment Trust (REIT), AAT's investors are looking for a combination of stable income and capital appreciation from a diversified, high-quality real estate portfolio. The company's credibility with this group is tied directly to its Funds From Operations (FFO), which is the REIT equivalent of earnings.

For the full year 2025, AAT raised its FFO guidance to a range of $1.93 to $2.01 per diluted share, with a midpoint of $1.97. This signals management's cautious optimism despite the mixed operational results. Their commitment to this customer is also demonstrated by the consistent quarterly cash dividend of $0.34 per share declared for both Q3 and Q4 2025. As of October 31, 2025, the company's market capitalization stood at approximately $1.17 billion, reflecting the market value assigned by these investors.

American Assets Trust, Inc. (AAT) - Canvas Business Model: Cost Structure

The cost structure for American Assets Trust, Inc. (AAT) is typical of a real estate investment trust (REIT), dominated by property-level expenses and significant financing costs, which are particularly elevated in the current high-interest-rate environment. You need to focus on two main buckets: operating costs (OpEx) at the property level, which are partially recoverable from tenants, and the non-cash and financing costs that heavily impact net income and Funds From Operations (FFO). Disciplined expense management is defintely critical here, especially in the mixed-use and office segments facing occupancy headwinds.

For the third quarter ended September 30, 2025, the total operating expenses for American Assets Trust amounted to $84.811 million (in thousands). This figure captures the run-rate cost to run the portfolio and the corporate overhead required for a vertically integrated REIT structure.

Cost Component (Q3 2025)	Amount (in Millions)	Description
Total Operating Expenses	$84.811	The total cost to operate the portfolio and corporate structure.
Depreciation & Amortization	$32.014	Non-cash expense reflecting the wear and tear on real estate assets.
General & Administrative (G&A)	$9.500	Corporate overhead for management, salaries, and legal/admin.
Net Interest Expense (H1 2025 Increase)	~$6.0	The year-over-year increase in interest costs for the first six months of 2025.
Funds Available for Distribution (FAD)	$25.96	A key metric showing cash available for dividends after capital costs.

Property operating expenses (OpEx) for maintenance, utilities, and taxes

Property operating expenses represent the variable and fixed costs essential to keeping the assets functional, attractive, and compliant. These costs, which include utilities, property taxes, maintenance, and insurance, are partially offset by tenant reimbursements, a core feature of the triple-net lease structures often used in the retail and office segments. The ability to control these costs is a direct driver of same-store Net Operating Income (NOI). For instance, the same-store cash NOI for the mixed-use portfolio, which includes the Embassy Suites Waikiki hotel, declined by 10.1% in Q3 2025, largely due to lower tourism and expense pressure in Hawaii, showing how external factors can quickly inflate property-level operating costs.

High depreciation and amortization expenses, totaling $32.014 million in Q3 2025

Depreciation and amortization (D&A) is a substantial non-cash expense, totaling $32.014 million for the third quarter of 2025. This figure is a major component in the reconciliation from net income to Funds From Operations (FFO), the primary earnings metric for a REIT. While D&A reduces reported net income, it does not represent an immediate cash outflow, which is why FFO is a more meaningful measure for investors. The sheer scale of this expense reflects the large capital base of the real estate portfolio.

General and administrative (G&A) overhead, at $9.5 million for Q3 2025

The General and Administrative (G&A) overhead covers the corporate functions, including executive salaries, corporate legal fees, and administrative support, totaling $9.5 million in Q3 2025. American Assets Trust operates as a vertically integrated and self-administered REIT, meaning it manages its properties and corporate functions internally. This structure allows for better control over property operations and leasing, but it necessitates a higher G&A expense compared to externally managed REITs. Management has consistently emphasized 'disciplined expense management' to keep this overhead in check.

Significant net interest expense, which increased by approximately $6.0 million in H1 2025

Financing costs are a major headwind. The net interest expense saw a significant increase of approximately $6.0 million for the first half of 2025 (H1 2025) compared to the same period in 2024. This rise is primarily attributable to the issuance of $525 million in principal amount of 6.15% senior notes due 2034 and a decrease in capitalized interest following the completion of major development projects like La Jolla Commons III. This rising cost of debt is a critical risk factor, directly reducing the cash flow available for distribution to shareholders.

Capital expenditures (CapEx) for tenant improvements (TI) and leasing commissions (LC)

Capital expenditures for tenant improvements (TI) and leasing commissions (LC) are necessary, recurring costs to maintain occupancy and secure new leases, especially in the competitive office segment. These costs are subtracted from FFO to calculate Funds Available for Distribution (FAD). In Q3 2025, the resulting FAD was $25.96 million, which barely covered the $26.29 million paid out in common shareholder dividends, resulting in a tight 98.7% FAD coverage. This tight coverage highlights the high capital investment required to secure the 181,000 square feet of office space and 125,000 square feet of retail space leased in Q3 2025. The investment is a necessary cost of doing business to drive future revenue.

• TI and LC costs are a major cash drain on FFO, directly impacting FAD.
• Q3 2025 FAD of $25.96 million was nearly equal to the $26.29 million dividend payout.
• This CapEx is crucial for the office segment, where new leasing activity is strong, with cash rent spreads increasing by 9% in Q3 2025.

American Assets Trust, Inc. (AAT) - Canvas Business Model: Revenue Streams

You're looking for a clear map of where American Assets Trust, Inc. (AAT) generates its cash flow, and honestly, the picture is one of diversified, rent-based stability, even with some segment-specific headwinds. The core of AAT's revenue stream is simple: collecting rent from a high-quality, multi-segment portfolio in high-barrier-to-entry markets.

The firm's revenue model is anchored by four main pillars-Office, Retail, Multifamily, and Mixed-Use-all generating predictable rental and property-related income. This diversification is defintely the key to its resilience in the current volatile market.

Office Rental Income: The Anchor

The office portfolio remains the single largest contributor to AAT's bottom line, despite the broader national noise about office vacancies. As of late 2025, office rental income contributes a significant 53% of the company's Net Operating Income (NOI). This high concentration means the performance of key assets, like those in the high-demand San Diego and Bellevue markets, drives the overall financial health.

We saw some strong leasing momentum in Q3 2025, with approximately 181,000 square feet of office space leased. Here's the quick math: the average cash-basis contractual rent increase on comparable office leases was a robust 9%, showing that tenants are willing to pay a premium for AAT's 'flight-to-quality' properties. The overall office portfolio ended Q3 2025 at 82% leased.

Retail Rental Income: The Steady Performer

The retail segment is your reliable workhorse, characterized by exceptionally high occupancy. The company's retail portfolio is currently a robust 98% leased. This stability comes from focusing on necessity-based and grocery-anchored centers in dense, affluent communities. They executed over 125,000 square feet of new and renewal retail leases in Q3 2025 alone, with cash rent spreads increasing over 4%.

The near-term risk here is limited, but you still have to watch for tenant credit issues, like the modest decline in same-store retail NOI in Q3 2025, partly due to lost rents from a few tenant bankruptcies.

Multifamily Residential Rental Income

The residential segment provides a counter-cyclical revenue stream, primarily from its portfolio of 2,302 multifamily units. While the segment is a smaller piece of the NOI pie, it offers consistent cash flow. The portfolio is concentrated in high-demand coastal markets like San Diego and Portland, Oregon.

To be fair, the multifamily segment faced some headwinds in Q3 2025, with same-store NOI declining by 8.3% year-over-year. This was largely due to new supply hitting the San Diego market, forcing AAT to offer higher concessions to maintain occupancy, which ended the quarter at 94% leased. Still, the blended rent increase on new and renewal leases was a solid 4%.

Mixed-Use Hotel and Retail Revenue

This segment is dominated by the mixed-use property in Waikiki, Hawaii, which includes a 369-room all-suite hotel and approximately 94,000 rentable square feet of retail space. This is the most volatile part of the revenue mix because it's directly exposed to tourism trends, and that's where you see the near-term softness.

The hotel portion saw a noticeable dip in Q3 2025, with paid occupancy down 5.5% and Revenue Per Available Room (RevPAR) down 11.7% compared to the same period last year. The net operating income for the mixed-use segment declined by 10% in Q3 2025, which is a clear action signal to monitor global travel recovery.

2025 FFO Guidance and Revenue Breakdown

For the full year, management has raised the Funds From Operations (FFO) guidance midpoint to $1.97 per diluted share, reflecting confidence that the strength in office leasing and stable retail performance will offset the challenges in multifamily and mixed-use.

Revenue Segment	Primary Revenue Metric (Q3 2025)	Key Financial Metric (Q3 2025)	2025 Outlook
Office Rental Income	% of NOI: 53%	Cash Rent Spreads: Up 9% on comparable leases	Focus on 'flight-to-quality' leasing to drive NOI growth.
Retail Rental Income	Occupancy Rate: 98% leased	Same-Store NOI: Down 2.6% (due to one-time credit losses/timing)	Expect continued stability and strong rent growth from renewals.
Multifamily Residential	Total Units: 2,302	Same-Store NOI: Down 8.3% (due to new supply/concessions)	Anticipate pressure from new supply, offset by high occupancy (94% leased).
Mixed-Use (Hotel/Retail)	Hotel Rooms: 369	RevPAR: Down 11.7% (Embassy Suites Waikiki)	Vulnerable to tourism softness; management expects strengthening travel trends.

• Monitor the $1.97 FFO per diluted share midpoint for the full year 2025.
• Note the $1.1 million lease termination fee recognized in Q3 2025, a non-recurring revenue boost.
• Watch for stabilization of the mixed-use hotel, where paid occupancy was down 5.5% in Q3 2025.

Finance: draft a sensitivity analysis on the FFO impact if the Waikiki hotel RevPAR decline continues into Q4 2025.