American Assets Trust Inc 2025年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025 orTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto (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: 33-202342-01 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, California 92121(Address of Principal Executive Offices and Zip Code) (858) 350-2600(Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. American Assets Trust, Inc.American Assets Trust, L.P. Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.☐☒ American Assets Trust, Inc.YesNoAmerican Assets Trust, L.P.☐Yes☒No 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 Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Website, if any, everyInteractive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or forsuch shorter period that the Registrant was required to submit and post such files). American Assets Trust, Inc.☒Yes☐NoAmerican Assets Trust, L.P.☒Yes☐No Indicate by check mark if disclosure of delinquent filers pursuant to Item405 of Regulation S-K is not contained herein, and will not becontained, to the best of Registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of thisForm 10-K or any amendment to this Form 10-K.☒ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smallerreporting company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growthcompany" in Rule 12b-2 of the Exchange Act. (Check one): American Assets Trust, Inc. Large Accelerated Filer☒Non-Accelerated Filer☐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. American Assets Trust, L.P. LargeAcceleratedFilerNon-Accelerated FilerEmerging 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 has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7562(b)) by the registered publicaccounting firm that prepared or issued its audit report.☒ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ 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.☐☒ YesNoAmerican Assets Trust, L.P.☐Yes☒No The aggregate market value of American Assets Trust, Inc.'s common shares held by non-affiliates of the Registrant, based upon theclosing sales price of the Registrant's common shares on June30, 2025 was $1.042 billion. The number of American Assets Trust, Inc.’s common shares outstanding on February6, 2026 was 61,390,936. DOCUMENTS INCORPORATED BY REFERENCE Portions of American Assets Trust, Inc.'s Proxy Statement with respect to its 2026 Annual