美国资产信托公司2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGEACT OF 1934 For the quarterly period endedSeptember30, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGEACT OF 1934 For the transition period fromto AMERICAN ASSETS TRUST, INC. (Exact Name of Registrant as Specified in its Charter)Commission file number:001-35030 AMERICAN ASSETS TRUST, L.P.(Exact Name of Registrant as Specified in its Charter)Commission file number:333-202342-01 Maryland(American Assets Trust, Inc.)Maryland(American Assets Trust, L.P.)(State or other jurisdiction of incorporation or organization) 27-3338708(American Assets Trust, Inc.)27-3338894(American Assets Trust, L.P.)(IRS Employer Identification No.) 3420 Carmel Mountain Road,Suite 100San Diego,California92121(Address of Principal Executive Offices and Zip Code) (858)350-2600(Registrant’s Telephone Number, Including Area Code) Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and(2)has been subject to such filing requirements for the past 90 days. American Assets Trust, Inc.☒Yes☐NoAmerican Assets Trust, L.P.☒Yes☐No (American Assets Trust, L.P. became subject to filing requirements under Section 13 of the Securities Exchange Act of 1934, asamended, upon effectiveness of its Registration Statement on Form S-3 on February 6, 2015 and has filed all required reportssubsequent to that date.) Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required tosubmit such files). American Assets Trust, Inc.☒Yes☐No American Assets Trust, L.P.☒Yes☐No Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and“emerging growth company” in Rule 12b-2 of the Exchange Act. American Assets Trust, Inc. Large Accelerated Filer☒AcceleratedFiler☐Non-Accelerated Filer☐(Do not check if a smaller reporting company)Smallerreportingcompany☐Emerging growth company☐ American Assets Trust, L.P. LargeAcceleratedFiler☐AcceleratedFiler☐Non-Accelerated Filer☒(Do not check if a smaller reporting company)Smallerreportingcompany☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). American Assets Trust, Inc.☐Yes☒NoAmerican Assets Trust, L.P.☐Yes☒No Securities registered pursuant to Section 12(b) of the Act: American Assets Trust, Inc. had61,152,542shares of common stock, par value $0.01 per share, outstanding as of October31, 2025. EXPLANATORY NOTE This report combines thequarterlyreports on Form10-Qfor thequarterendedSeptember30, 2025of American Assets Trust, Inc., aMaryland corporation, and American Assets Trust, L.P., a Maryland limited partnership, of which American Assets Trust, Inc. is the parentcompany and sole general partner. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,”“us,” “our” or “the company” refer to American Assets Trust, Inc. together with its consolidated subsidiaries, including American AssetsTrust, L.P. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “our Operating Partnership” or“the Operating Partnership” refer to American Assets Trust, L.P. together with its consolidated subsidiaries. American Assets Trust, Inc. operates as a real estate investment trust, or REIT, and is the sole general partner of the OperatingPartnership. As ofSeptember30, 2025, American Assets Trust, Inc. owned an approximate78.9%partnership interest in the OperatingPartnership. The remaining approximately 21.1% partnership interests are owned by non-affiliated investors and certain of our directors andexecutive officers. As the sole general partner of the Operating Partnership, American Assets Trust, Inc. has full, exclusive and completeauthority and control over the Operating Partnership’s day-to-day management and business, can cause it to enter into certain majortransactions, including acquisitions, dispositions and debt refinancings, and can cause changes in its line of business, capital structure anddistribution policies. American Assets Trust, Inc. believes th