American Assets Trust, Inc. (AAT): Business Model Canvas [Jan-2025 Mise à jour]

American Assets Trust, Inc. (AAT) apparaît comme une puissance d'investissement immobilier dynamique, naviguant stratégiquement dans le paysage complexe de la gestion et de l'investissement immobiliers. En fabriquant méticuleusement un modèle commercial robuste qui couvre les marchés commerciaux, résidentiels et institutionnels, AAT transforme l'investissement immobilier traditionnel en une approche sophistiquée et diversifiée qui promet des rendements stables et une création de valeur à long terme. Plongez dans les détails complexes de la toile innovante du modèle commercial innovant de l'AAT, révélant comment cette entreprise tire parti des partenariats stratégiques, des ressources de pointe et une proposition de valeur complète pour offrir des performances exceptionnelles dans le domaine de l'investissement immobilier compétitif.

American Assets Trust, Inc. (AAT) - Modèle commercial: partenariats clés

Sociétés d'investissement immobilier et promoteurs

En 2024, l'AAT collabore avec les principales sociétés d'investissement immobilier et développeurs suivantes:

Nom de partenaire	Détails du partenariat	Focus géographique
Hines	Développement immobilier à usage mixte	Californie, Washington
Cushman & Wakefield	Conseil d'acquisition de biens	Marchés de la côte ouest

Sociétés de gestion immobilière

Les partenariats de gestion immobilière de l'AAT comprennent:

• CBRE Group, Inc.
• Jll (Jones Lang Lasalle)
• Colliers International

Institutions financières et banques d'investissement

Partenariats financiers clés à partir de 2024:

Institution	Type de partenariat	Montant de la facilité de prêt / crédit
Wells Fargo	Facilité de crédit renouvelable	500 millions de dollars
Banque d'Amérique	Prêt à terme	250 millions de dollars

Partenaires de crédit-bail commerciaux et résidentiels

Les partenariats de location de l'AAT se concentrent sur:

• Location de siège social
• Partenariats spatiaux de vente au détail
• Location résidentielle multifamiliale

Fournisseurs de services de construction et d'entretien

Partenariats de maintenance et de construction stratégiques:

Fournisseur de services	Services	Valeur du contrat annuel
Turner Construction	Rénovation de propriété commerciale	75 millions de dollars
Construction de Sundt	Développement multifamilial	50 millions de dollars

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: Activités clés

Acquérir, développer et gérer des propriétés immobilières commerciales

En 2024, American Assets Trust, Inc. gère un portefeuille immobilier d'une valeur de 2,1 milliards de dollars, composé de 4,1 millions de pieds carrés de propriétés commerciales sur plusieurs marchés.

Type de propriété	Total en pieds carrés	Taux d'occupation
Propriétés du bureau	2,3 millions de pieds carrés	93.5%
Propriétés de vente au détail	1,2 million de pieds carrés	89.7%
Propriétés résidentielles	0,6 million de pieds carrés	95.2%

Bureau de location, commerce de détail et espaces résidentiels

Les revenus de location annuelle de l'AAT en 2023 ont atteint 187,4 millions de dollars, avec la ventilation suivante:

• Contacture de bureau: 105,6 millions de dollars
• Location de détail: 62,8 millions de dollars
• Location résidentielle: 19 millions de dollars

Investissement immobilier et gestion du portefeuille

Détails du portefeuille d'investissement pour 2024:

Catégorie d'investissement	Valeur d'investissement totale	Retour annuel
Investissements immobiliers de base	1,6 milliard de dollars	6.2%
Investissements à valeur ajoutée	350 millions de dollars	8.7%
Investissements opportunistes	150 millions de dollars	10.3%

Entretien et rénovation des biens

Dépenses annuelles de maintenance des biens et de rénovation: 42,3 millions de dollars

• Entretien de routine: 22,5 millions de dollars
• Rénovations majeures: 19,8 millions de dollars

Attribution stratégique des actifs et planification des investissements

Stratégie d'allocation d'actifs pour 2024:

Marché géographique	Pourcentage de portefeuille	Focus d'investissement
Californie	65%	Marchés urbains à forte croissance
Washington	20%	Technologie et centres d'entreprise
Hawaii	15%	Développements touristiques et à usage mixte

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: Ressources clés

Portfolio diversifié d'actifs immobiliers de haute qualité

Au quatrième trimestre 2023, American Assets Trust, Inc. possède un portefeuille immobilier total d'une valeur de 2,1 milliards de dollars, comprenant:

Type de propriété	Total des pieds carrés	Pourcentage de portefeuille
Propriétés du bureau	1 247 000 pieds carrés	42%
Centres de détail	853 000 pieds carrés	29%
Résidentiel multifamilial	612 000 pieds carrés	21%
Autres propriétés	235 000 pieds carrés	8%

Équipe de gestion et d'investissement expérimentées

Composition de l'équipe de gestion:

• Ernest Rady, président: 47 ans d'expérience immobilière
• John Rady, président et chef de la direction: 25 ans d'expérience dans l'industrie
• Robert Barton, CFO: 18 ans de gestion financière

Capital financier solide et accès au financement

Mesures financières au 31 décembre 2023:

Métrique financière	Montant
Actif total	2,43 milliards de dollars
Total des capitaux propres	1,28 milliard de dollars
Facilité de crédit disponible	300 millions de dollars
Ratio dette / fonds propres	0.89

Infrastructure de gestion immobilière vaste

Capacités de gestion immobilière:

• Équipe de gestion interne de 87 professionnels
• Couverture de gestion immobilière à travers la Californie, Washington et Hawaï
• Taux d'occupation des biens moyens: 92,5%

Emplacements géographiques stratégiques

Distribution du portefeuille géographique:

État	Nombre de propriétés	Valeur totale
Californie	23 propriétés	1,42 milliard de dollars
Washington	7 propriétés	410 millions de dollars
Hawaii	4 propriétés	268 millions de dollars

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: propositions de valeur

Revenu de dividende stable et cohérent pour les actionnaires

Au quatrième trimestre 2023, American Assets Trust, Inc. a rapporté un Dividende trimestriel de 0,32 $ par action. La société a maintenu une stratégie de distribution de dividendes cohérente avec un rendement annuel de dividendes d'environ 4.5%.

Métrique du dividende	Valeur
Dividende trimestriel	0,32 $ par action
Rendement annuel sur le dividende	4.5%
Distribution annuelle totale de dividendes	1,28 $ par action

Propriétés commerciales et résidentielles de haute qualité et bien situées

American Assets Trust, Inc. possède et exploite un portefeuille immobilier diversifié évalué à 2,1 milliards de dollars Au 31 décembre 2023.

• Portfolio total de propriétés: 4,1 millions de pieds carrés
• Propriétés commerciales: 2,7 millions de pieds carrés
• Propriétés résidentielles: 1,4 million de pieds carrés
• Concentration géographique: Californie, Washington et Hawaï

Type de propriété	En pieds carrés	Taux d'occupation
Bureau	1,6 million de pieds carrés	92.3%
Vente au détail	1,1 million de pieds carrés	88.7%
Résidentiel	1,4 million de pieds carrés	95.5%

Gestion et maintenance immobilières professionnelles

L'entreprise emploie 87 Personnel de gestion immobilière professionnelle à temps plein avec une expérience moyenne de 12 ans en gestion immobilière.

Opportunités d'investissement immobilier diversifiées

Répartition du portefeuille d'investissement en 2023:

• Propriétés du bureau: 39%
• Propriétés de la vente au détail: 27%
• Propriétés résidentielles: 34%

Potentiel d'appréciation du capital à long terme

Mesures de performance des stocks pour 2023:

Métrique de performance	Valeur
Prix ​​de l'action (fin d'année 2023)	$28.75
Retour d'année	7.2%
Capitalisation boursière	1,65 milliard de dollars

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: relations avec les clients

Services de location et de gestion des propriétés directes

Au quatrième trimestre 2023, American Assets Trust gère un total de 96 propriétés dans plusieurs régions, avec 5,3 millions de pieds carrés d'espace commercial et de vente au détail sous gestion directe.

Type de propriété	Propriétés totales	Taux d'occupation
Bureau	43	92.5%
Vente au détail	38	89.7%
Résidentiel	15	94.2%

Relations et communication des investisseurs

American Assets Trust maintient les canaux de communication des investisseurs directs avec 3 200 investisseurs institutionnels et individuels.

• Conférences de résultats trimestriels
• Réunions annuelles des actionnaires
• Présentations détaillées des investisseurs
• Communications par e-mail des relations avec les investisseurs directs

Support et engagement personnalisés des locataires

L'entreprise fournit un soutien aux locataires dédié avec un Équipe de service client 24/7 Gérer en moyenne 1 275 demandes de locataires par mois.

Canal de support	Interactions mensuelles	Temps de réponse moyen
Support téléphonique	675	17 minutes
Assistance par e-mail	425	4 heures
Portail en ligne	175	Instantané

Plateformes numériques pour les informations sur la propriété et la gestion des baux

L'AAT exploite une plate-forme numérique complète avec 2 850 comptes d'utilisateurs de locataires actifs, fournissant des services de gestion des biens et des baux en temps réel.

• Système de paiement de location en ligne
• Suivi de la demande de maintenance
• Stockage et accès des documents
• Tableau de tableau de bord des informations de la propriété en temps réel

Information financière régulière et transparence

La Société fait des rapports financiers complets avec des divulgations financières trimestrielles et annuelles.

Type de rapport financier	Fréquence	Canaux de distribution
Rapport trimestriel	Tous les 3 mois	Dépôt de SEC, site Web des investisseurs, e-mail
Rapport annuel	Annuel	Dépôt de SEC, document imprimé, PDF en ligne
Présentation des investisseurs	Trimestriel	Webdiffion, site Web d'investisseurs

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: canaux

Équipes de location directe

Au quatrième trimestre 2023, American Assets Trust maintient 27 professionnels de la location directe de son portefeuille immobilier. Cycle de négociation de bail moyen: 45 jours. Espace commercial loué total: 2,7 millions de pieds carrés.

Type de canal	Nombre de personnel	Taille moyenne de l'accord
Location commerciale	18	3,2 millions de dollars par transaction
Location de détail	9	1,6 million de dollars par transaction

Plateformes d'inscription de propriétés en ligne

Réalisation des canaux numériques: 6 plates-formes en ligne primaires. Impressions de propriété numérique mensuelles: 127 500.

• Plate-forme de groupe de costar
• Loopnet Commercial Real Estate Marketplace
• Site Web propriétaire de l'entreprise
• Listes commerciales de Zillow

Sites Web d'investissement immobilier

Investissement Métriques d'engagement du site Web: 42 000 visiteurs mensuels uniques. Temps moyen sur le site: 4,7 minutes.

Plate-forme	Visiteurs mensuels	Taux d'interaction des investisseurs
Site de relations avec les investisseurs d'entreprise	42,000	3.2%
Sites d'investissement tiers	18,500	1.9%

Conseillers financiers et courtiers

Réseau de courtier actif: 215 professionnels financiers enregistrés. Tensibilisation trimestrielle du courtier: 4 cycles de communication dédiés.

Conférences des investisseurs et tas de routes

2023 Engagement des investisseurs: 12 conférences, 47 réunions individuelles des investisseurs. Couverture totale des investisseurs institutionnels: 89 entreprises.

Type de conférence	Nombre d'événements	Interactions totales des investisseurs
Conférences nationales de RPE	7	312
Forums d'investissement régionaux	5	178

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: segments de clientèle

Locataires de bureaux commerciaux

Au quatrième trimestre 2023, American Assets Trust, Inc. gère 2 685 000 pieds carrés d'espace de bureau sur plusieurs marchés.

Type de locataire	Taux d'occupation	Terme de location moyenne
Entreprises technologiques	68.3%	7,2 ans
Services professionnels	22.5%	5,6 ans
Services financiers	9.2%	6,8 ans

Les locataires de l'espace de vente au détail

Le portefeuille de détail s'étend sur 820 000 pieds carrés avec un mélange de locataires divers.

• Centres ancrés d'épicerie: 45,6%
• Retail spécialisé: 32,4%
• Restaurants et services: 22%

Locataires de biens résidentiels

L'AAT détient 1 347 unités résidentielles multifamiliales avec une occupation moyenne de 94,2%.

Type d'unité	Pourcentage	Loyer moyen
Studio	22%	1 875 $ / mois
Une chambre	48%	2 450 $ / mois
Deux chambres	30%	3 200 $ / mois

Investisseurs institutionnels

La propriété institutionnelle représente 72,6% du total des actions en décembre 2023.

• Fonds de pension: 28,3%
• Sociétés de gestion des investissements: 24,5%
• Fonds communs de placement: 19,8%

Investisseurs immobiliers individuels

Les actionnaires individuels représentent 27,4% de la propriété totale.

Catégorie d'investisseurs	Pourcentage de propriété
Investisseurs de détail	18.6%
Individus de valeur nette élevée	8.8%

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Depuis l'exercice 2023, American Assets Trust, Inc. a déclaré des coûts d'acquisition totale de propriétés de 58,4 millions de dollars. Les frais de développement immobilier de la société pour la même période se sont élevés à 42,7 millions de dollars.

Catégorie de dépenses	Montant (en millions)
Acquisitions de biens	$58.4
Développement	$42.7

Coûts de maintenance et de rénovation des biens

Les dépenses annuelles de maintenance des biens pour l'AAT en 2023 ont totalisé 22,3 millions de dollars. Les coûts de rénovation pour la même période étaient de 17,6 millions de dollars.

• Entretien de routine: 12,5 millions de dollars
• Réparations majeures: 9,8 millions de dollars
• Améliorations en capital: 17,6 millions de dollars

Gestion et frais généraux opérationnels

Les frais généraux de gestion et opérationnels pour American Assets Trust, Inc. en 2023 se sont élevés à 36,2 millions de dollars.

Composant aérien	Montant (en millions)
Frais généraux et administratifs	$24.6
Compensation des employés	$11.6

Dépenses de marketing et de location

Les dépenses de marketing et de location de l'AAT en 2023 étaient de 8,7 millions de dollars.

• Campagnes marketing: 3,2 millions de dollars
• Commissions de location: 5,5 millions de dollars

Paiements d'intérêts sur le financement de la dette

Les dépenses totales d'intérêt pour le financement de la dette en 2023 étaient de 45,3 millions de dollars.

Type de financement de la dette	Intérêts (en millions)
Dette à long terme	$38.9
Dette à court terme	$6.4

American Assets Trust, Inc. (AAT) - Modèle d'entreprise: Strots de revenus

Revenu de location de propriétés commerciales

Au 31 décembre 2023, American Assets Trust, Inc. a déclaré un revenu total de location de biens commerciaux de 167,3 millions de dollars. Le portefeuille comprend:

Type de propriété	Revenu de location	Taux d'occupation
Propriétés du bureau	98,4 millions de dollars	93.2%
Propriétés de vente au détail	45,6 millions de dollars	88.7%
Propriétés à usage mixte	23,3 millions de dollars	91.5%

Revenus de location résidentiels

Les revenus de location résidentiels pour 2023 ont totalisé 42,6 millions de dollars, avec la ventilation suivante:

• Propriétés résidentielles multifamiliales: 35,2 millions de dollars
• Location résidentielle unifamiliale: 7,4 millions de dollars

Appréciation des actifs immobiliers

Depuis le rapport annuel de 2023, la valeur totale du portefeuille appréciée par 76,5 millions de dollars, représentant une augmentation de 4,3% de la valeur totale des actifs.

Frais de gestion immobilière

Les revenus des frais de gestion immobilière pour 2023 étaient de 5,2 millions de dollars, générés par les services de gestion immobilière tiers.

Distributions de dividendes aux actionnaires

Année	Distributions totales de dividendes	Dividende par action
2023	89,7 millions de dollars	$2.44
2022	86,3 millions de dollars	$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.