American Assets Trust 8K Reports First Quarter 2011 Financial Results | AAT 10 May 11

FIRST QUARTER 2011

Supplemental Information

Exhibit 99.2

Investor and Media Contact:

American Assets Trust

Robert F. Barton

Executive Vice President and Chief Financial Officer

858-350-2607

First Quarter 2011 Supplemental Information

Page 2

INDEX

PAGE

FIRST QUARTER 2011 EARNINGS PRESS RELEASE

FINANCIAL HIGHLIGHTS

Consolidated Statements of Operations

Consolidated Balance Sheets

Funds From Operations , FFO As Adjusted & Funds Available For Distribution

Same-Store Portfolio Net Operating Income (NOI)

Same-Store Portfolio NOI Comparison

Property Revenue and Operating Expenses

Segment Capital Expenditures

Summary of Outstanding Debt

Market Capitalization

Summary of Redevelopment Opportunities

PORTFOLIO DATA

Property Report

Retail Leasing Summary

Office Leasing Summary

Lease Expirations

Portfolio Leased Statistics

Top Tenants –

Retail

Top Tenants –

Office

4.APPENDIX

Glossary of Terms

This Supplemental Information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended,

or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act). Forward-looking statements involve numerous risks and uncertainties and you should not rely

on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods which may be incorrect or imprecise and we may not be able to realize them. We do not

guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ

materially from those set forth or contemplated in the forward-looking statements: adverse economic or real estate developments in our markets; our failure to generate sufficient cash flows to service our

outstanding indebtedness; defaults on, early terminations of or non-renewal of leases by tenants, including significant tenants; difficulties in identifying properties to acquire and completing acquisitions; our

failure to successfully operate acquired properties and operations; fluctuations in interest rates and increased operating costs; risks related to joint venture arrangements; our failure to obtain necessary outside

financing; on-going litigation; general economic conditions; financial market fluctuations; risks that affect the general retail environment; the competitive environment in which we operate; decreased rental rates

or increased vacancy rates; conflicts of interests with our officers; lack or insufficient amounts of insurance; environmental uncertainties and risks related to adverse weather conditions and natural disasters;

other factors affecting the real estate industry generally; limitations imposed on our business and our ability to satisfy complex rules in order for us to continue to qualify as a REIT for U.S. federal income tax

purposes; and changes in governmental regulations or interpretations thereof, such as real estate and zoning laws and increases in real property tax rates and taxation of REITs.

While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect

changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could impact our future results, refer

to our Annual Report on Form 10-K filed with the Securities and Exchange Commission.

FINANCIAL HIGHLIGHTS

First Quarter 2011 Supplemental Information

First Quarter 2011 Supplemental Information

Page 4

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except shares and per share data)

Three Months Ended

March 31,

2011

2010

Revenue:

Rental income

$ 46,119

$ 28,095

Other property income

1,653

837

Total revenue

47,772

28,932

Expenses:

Rental expenses

11,832

4,994

Real estate taxes

4,049

2,956

General and administrative

3,610

1,587

Depreciation and amortization

12,490

7,230

Total operating expenses

31,981

16,767

Operating income

15,791

12,165

Interest expense

(13,079)

(10,654)

Early extinguishment of debt

(25,867)

Loan transfer and consent fees

(9,019)

Gain on acquisition

46,371

Other income (expense), net

(601)

(987)

Net income

13,596

524

Net income attributable to restricted shares

(86)

Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities

2,458

430

Net income attributable to Predecessor's controlled owners' equity

(16,995)

(954)

Net loss attributable to unitholders in the Operating Partnership

329

Net loss attributable to American Assets Trust, Inc. stockholders

$ (698)

$ -

Net loss attributable to common stockholders per share -

basic and diluted

$ (0.02)

Weighted average shares of common stock outstanding basic and diluted

30,924,067

First Quarter 2011 Supplemental Information

Page 5

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

March 31,

2011

December 31,

2010

Assets

Real estate, at cost

Operating real estate

1,631,703

1,156,091

Construction in progress

1,472

925

Held for development

8,678

8,081

1,641,853

1,165,097

Accumulated depreciation

(230,377)

(221,997)

Net real estate

1,411,476

943,100

Cash and cash equivalents

100,396

41,953

Restricted cash

6,271

4,729

Marketable securities

32,838

Accounts receivable, net

4,913

1,573

Deferred rent receivables, net

20,631

20,051

Notes receivable from affiliate

21,769

Investment in real estate joint ventures

39,816

Prepaid expenses and other assets

75,957

44,366

Total assets

$1,652,482

$1,117,357

First Quarter 2011 Supplemental Information

Page 6

CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands, except share data)

March 31,

2011

December 31,

2010

Liabilities and equity

Liabilities:

Secured notes payable

860,127

851,547

Unsecured notes payable

38,013

Notes payable to affiliates

5,266

Accounts payable and accrued expenses

20,444

11,644

Security deposits payable

4,187

2,648

Other liabilities and deferred credits

59,509

39,058

Distributions in excess of earnings on real estate joint ventures

14,060

Total liabilities

944,267

962,236

Commitments and contingencies

Equity:

Owners' equity

121,874

American Assets Trust, Inc. stockholders' equity

Common stock $0.01 par value, 490,000,000 authorized, 39,283,790

outstanding at March 31, 2011

393

Additional paid-in capital

644,864

Accumulated deficit

(612)

Total American Assets Trust, Inc. stockholders' equity

644,645

Noncontrolling interests

Owners in consolidated real estate entities

33,247

Unitholders in the Operating Partnership

63,570

33,247

Total equity

708,215

155,121

Total liabilities and equity

1,652,482

1,117,357

First Quarter 2011 Supplemental Information

Page 7

FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR

DISTRIBUTION

(Amounts in thousands, except per share and share data)

Three Months Ended

March 31, 2011

Funds

from

Operations

(FFO)

(1)

Net income

Depreciation and amortization of real estate assets

Depreciation and amortization on unconsolidated real estate joint ventures (pro rata)

FFO

Less: FFO attributable to Predecessor’s controlled and noncontrolled owners' equity

Less: Nonforfeitable dividends on incentive stock awards

FFO

attributable

common

stock

and

units

FFO per diluted share/unit

Weighted

average

number

common

and

units,

diluted

(2)

FFO

Adjusted

(1)

FFO

Early extinguishment of debt

Loan transfer and consent fees

Gain

acquisition

controlling

interests

(3)

FFO as adjusted

Less: FFO as adjusted attributable to Predecessor’s controlled and noncontrolled owners' equity

Less: Nonforfeitable dividends on incentive stock awards

FFO as adjusted attributable to common stock and units

FFO as adjusted per diluted share/unit

Weighted

average

number

common

and

units,

diluted

(2)

Dividends and Payout Ratios

Dividends declared and paid

Dividend declared and paid per share/unit

$ 26,774

25,867

9,019

(46,371)

15,289

(2,462)

(50)

$ 12,777

$ 0.28

45,734,618

$ 9,784

$ 0.17

$ 13,596

12,490

688

26,774

(16,973)

(50)

$ 9,751

$ 0.21

45,734,618

First Quarter 2011 Supplemental Information

Page 8

Tenant improvements, leasing commissions and maintenance capital expenditures

FUNDS

FROM

OPERATIONS,

FFO

ADJUSTED

FUNDS

AVAILABLE

FOR

DISTRIBUTION

(CONTINUED)

(Amounts in thousands)

Notes:

(1)

See Glossary of Terms

(2)

(3)

(4)

(5)

Represents the adjustment related to the acquisition of buildings with above (below) market rents.

(6)

Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded

for deferred rent receivable balances.

For the three months ended March 31, 2011, the weighted average common shares and units used to compute FFO per diluted share/unit includes operating

partnership units and unvested restricted stock awards that are subject to time vesting. The weighted average shares and units outstanding have been

weighted for the full quarter, not the date of our initial public offering.

Represents adjustments related to amortization of lease incentives paid to tenants and amortization of lease intangibles and straight-line rent expense for

our leases of the Annex at The Landmark at One Market and retail space at Waikiki Beach Walk - Retail.

Represents the gain recognized upon acquisition of the outside ownership interests in the Solana Beach entities and the Waikiki Beach Walk entities on

January 19, 2011, in which we previously held a noncontrolling interest.

Three Months Ended

March 31, 2011

Funds Available for Distribution (FAD)

(1)

FFO as adjusted

$15,289

Adjustments:

Net effect of straight-line rents

(4)

(354)

Amortization of net above (below) market rents

(5)

395

Net effect of other lease intangibles

(6)

270

Amortization of debt issuance costs and debt fair value adjustment

865

Non-cash compensation expense

491

Unrealized losses on marketable securities

265

FAD

$15,776

Summary of Capital Expenditures

Tenant improvements and leasing commissions

$ 1,148

(1,445)

Maintenance capital expenditures

297

$ 1,445

First Quarter 2011 Supplemental Information

Page 9

SAME-STORE PORTFOLIO NET OPERATING INCOME (NOI)

(Amounts in thousands)

Three Months Ended March 31, 2011

Office

Retail

Multifamily

Mixed-Use

Total

Real estate rental revenue

Same-store portfolio

6,453

$ 19,779

$3,293

$29,525

Non-same

store portfolio

7,963

1,573

8,711

18,247

Total

14,416

21,352

3,293

8,711

47,772

Real estate expenses

Same-store portfolio

1,703

5,204

1,161

8,068

Non-same

store

portfolio

2,353

242

5,218

7,813

Total

4,056

5,446

1,161

5,218

15,881

Net Operating Income (NOI), GAAP basis

Same-store portfolio

4,750

14,575

2,132

21,457

Non-same

store

portfolio

5,610

1,331

3,493

10,434

Total

$15,906

$10,360

$2,132

$3,493

$31,891

Same-store portfolio NOI, GAAP basis

4,750

$14,575

$2,132

$21,457

Net effect of straight-line rents

(2)

(177)

146

(31)

Amortization of net above (below) market rents

(3)

343

(182)

161

Net effect of other lease intangibles

(4)

Same-store portfolio NOI, cash basis

5,009

$14,539

$2,132

$21,680

Notes:

(1)

(2)

(3)

Represents the adjustment related to the acquisition of buildings with above (below) market rents.

(4)

Same-store portfolio and non-same store portfolio are determined based on properties held on March 31, 2011 and 2010. See Glossary of terms.

Represents adjustments related to amortization of lease incentives paid to tenants.

(1)

Represents the straight-line rent income recognized during the period offset by cash received during the period and the provision for bad debts recorded for deferred rent receivable balances.

(1)

First Quarter 2011 Supplemental Information

Page 10

SAME-STORE PORTFOLIO NOI COMPARISON

(Amounts in thousands)

Three Months Ended March 31,

2011

2010

Change

Cash Basis:

Retail

$14,539

$13,976

4.0%

Office

5,009

4,649

7.7

Multifamily

2,132

2,480

(14.0)

Mixed-Use

$21,680

$21,105

2.7%

GAAP Basis:

Retail

$14,575

$14,096

3.4%

Office

4,750

4,406

7.8

Multifamily

2,132

2,480

(14.0)

Mixed-Use

$21,457

$20,982

2.3%

First Quarter 2011 Supplemental Information

Page 11

PROPERTY REVENUE AND OPERATING EXPENSES

(Amounts in thousands)

Three Months Ended March 31, 2011

Additional

Property

Billed Expense

Operating

Base Rent

(1)

Income

(2)

Reimbursements

(3)

Expenses

(4)

Retail Portfolio

Carmel Country Plaza

868

167

(139)

Carmel Mountain Plaza

2,229

636

(671)

South Bay Marketplace

509

141

(187)

Rancho Carmel Plaza

182

(59)

Lomas Santa Fe Plaza

1,297

203

(282)

Solana

Beach

Towne

Centre

(5)

1,330

348

(279)

Del Monte Center

2,079

171

809

(1,002)

The Shops at Kalakaua

384

(65)

Waikele Center

4,205

327

1,050

(1,375)

Alamo Quarry Market

2,990

1,277

(1,479)

Subtotal Retail Portfolio

$16,073

$726

$4,718

$(5,538)

Office Portfolio

Torrey Reserve

3,614

(7)

$ 87

121

(802)

Solana

Beach

Corporate

Centre

(5)

1,540

(359)

Valencia Corporate Center

1,113

(341)

160 King Street

1,360

252

261

(534)

The Landmark at One Market

5,812

107

(8)

298

(1,776)

First

Main

(6)

595

(90)

Subtotal Office Portfolio

$14,034

$464

713

$(3,902)

Multifamily Portfolio

Loma Palisades

2,274

$170

$ -

$ (773)

Imperial Beach Gardens

575

(173)

Mariner's Point

276

(101)

Santa Fe Park RV Resort

176

(114)

Subtotal Multifamily Portfolio

$ 3,301

$255

$ -

$ (1,161)

Property

First Quarter 2011 Supplemental Information

Page 12

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(Amounts in thousands)

Three Months Ended March 31, 2011

Additional

Property

Billed Expense

Operating

Base Rent

(1)

Income

(2)

Reimbursements

(3)

Expenses

(4)

Mixed-Use Portfolio

Waikiki Beach Walk -

Retail

(5)

$2,332

$732

$871

$(1,562)

Waikiki Beach Walk -

Embassy Suites™

(5)

6,824

162

(4,870)

Subtotal Mixed-Use Portfolio

$9,156

$894

$871

$(6,432)

Total

$42,564

$2,339

$6,302

$(17,033)

Notes:

(1)

(2)

(3)

(4)

(5)

(6)

Represents property revenue and operating expenses from March 11, 2011 (acquisition) through March 31, 2011.

(7)

(8)

Includes approximately $88 of lease termination fees.

Property

Base rent shown includes amounts related to American Assets Trust, Inc.'s lease at ICW Plaza. This intercompany rent is eliminated in the consolidated statement of

operations. The base rent was $43 and abatements were $43 for the three months ended March 31, 2011.

Base rent for our retail and office portfolio and the retail portion of our mixed-use portfolio represents base rent for the three months ended March 31, 2011 (before

abatements) and excludes impact of straight line rent and FAS 141 adjustments. Total abatements for our retail and office portfolio were $22 and $320, respectively, for the

three

months

ended

March

31,

2011.

There

were

abatements

for

the

retail

portion

our

mixed-use

portfolio

for

the

three

months

ended

March

31,

2011.

the

case

triple net or modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses.

Multifamily

portfolio

base

rent

represents

base

rent

(including

parking,

before

abatements)

less

vacancy

allowance

and

employee

rent

credits

and

includes

additional

rents

(additional rents include insufficient notice penalties, month-to-month charges and pet rent). Total abatements for our multifamily portfolio were $263 for the three months

ended

March

31,

2011.

For

Waikiki

Beach

Walk

Embassy

Suites

base

rent

equal

the

actual

room

revenue

for

the

three

months

ended

March

31,

2011.

Represents

billed

tenant

expense

reimbursements

relating

the

three

months

ended

March

31,

2011.

Includes

accrued

amount

billed

approximately

$475

for

Macy's

cost reimbursements at Del Monte Center.

Represents additional property-related income for the three months ended March 31, 2011, which includes (i) percentage rent, (ii) other rent (such as storage rent, license

fees, license fees and association fees) and (iii) other property income (such as late fees, default fees, lease termination fees, parking revenue, the reimbursement of general

excise taxes, laundry income and food and beverage sales).

Although we did not obtain a controlling interest in Solana Beach Towne Centre, Solana Beach Corporate Centre and Waikiki Beach Walk until January 19, 2011, property

revenue and operating expenses have been shown for the full three month period ending March 31, 2011.

Represents property operating expenses for the three months ended March 31, 2011. Property operating expenses includes all rental expenses, except non-cash rent

expense and the provision for bad debt recoreded for deferred rent receivables.

First Quarter 2011 Supplemental Information

Page 13

SEGMENT CAPITAL EXPENDITURES

(Amounts in thousands)

Three Months Ended March 31, 2011

Retail Portfolio

$ 378

Office Portfolio

770

Multifamily Portfolio

Mixed-Use Portfolio

Total

$ 1,148

Tenant

Improvements and

Leasing

Commissions

Segment

$ 74

$ 452

939

$ 297

$ 1,540

Maintenance

Capital

Expenditures

Total Capital

Expenditures

$ -

Redevelopment

and

Expansions

New

Development

$ -

$ 95

First Quarter 2011 Supplemental Information

Page 14

SUMMARY OF OUTSTANDING DEBT

(Amounts in thousands)

Amount

Outstanding at

Annual Debt

Balance at

March 31, 2011

Interest Rate

Service

Maturity Date

Maturity

Alamo Quarry Market

(1)(2)

$ 97,507

5.67%

$7,567

January 8, 2014

$91,717

160 King Street

(3)

32,560

5.68%

3,350

May 1, 2014

27,513

Waikele Center

(4)

140,700

5.15%

7,360

November 1, 2014

140,700

The Shops at Kalakaua

(4)

19,000

5.45%

1,053

May 1, 2015

19,000

The Landmark at One Market

(2)(4)

133,000

5.61%

7,558

July 5, 2015

133,000

Del Monte Center

(4)

82,300

4.93%

4,121

July 8, 2015

82,300

Imperial Beach Gardens

(4)

20,000

6.16%

1,250

September 1, 2016

20,000

Mariner's Point

(4)

7,700

6.09%

476

September 1, 2016

7,700

South Bay Marketplace

(4)

23,000

5.48%

1,281

February 10, 2017

23,000

Waikiki Beach Walk -

Retail

(4)

130,310

5.39%

7,020

July 1, 2017

130,310

Solana Beach Corporate Centre III-IV

(5)

37,330

6.39%

2,418

August 1, 2017

35,136

Loma Palisades

(4)

73,744

6.09%

4,553

July 1, 2018

73,744

Torrey Reserve -

North Court

(1)

22,106

7.22%

1,836

June 1, 2019

19,443

Torrey Reserve -

VCI, VCII, VCIII

(1)

7,440

6.36%

560

June 1, 2020

6,439

Solana Beach Corporate Centre I-II

(1)

11,894

5.91%

855

June 1, 2020

10,169

Solana Beach Towne Centre

(1)

39,648

5.91%

2,849

June 1, 2020

33,898

Total / Weighted Average

$878,239

5.59%

$54,107

$854,069

Unamortized fair value adjustment

(18,112)

Debt Balance

$860,127

Fixed Rate Debt Ratio

Fixed rate debt

100%

Variable rate debt

Notes:

(1)

Principal payments based on a 30-year amortization schedule.

(2)

Maturity

date

the

earlier

the

loan

maturity

date

under

the

loan

agreement,

the

“Anticipated

Repayment

Date”

specifically

defined

the

loan

agreement,

which

the

date

after

which

substantial

economic penalties apply if the loan has not been paid off.

(3)

Principal payments based on a 20-year amortization schedule.

(4)

Interest only.

(5)

Loan is interest only through August 2012. Beginning in September 2012, principal payments are based on a 30-year amortization schedule.

Debt

First Quarter 2011 Supplemental Information

Page 15

MARKET CAPITALIZATION

(Amounts in thousands, except per share data)

March 31, 2011

Market data

Common shares outstanding

39,284

Units outstanding

18,396

Common shares and units outstanding

57,680

Market price per common share

$21.27

Market capitalization

$1,226,851

Total debt

$878,239

Total capitalization

$2,105,090

Less: Cash on hand

$(133,234)

(1)

Total enterprise value

$1,971,856

Total debt/Total capitalization

41.7%

Total debt/Total enterprise value

44.5%

Net debt/Total enterprise value

37.8%

Total

debt/Adjusted

EBITDA

(2)

7.9x

Net

debt/

Adjusted

EBITDA

6.7x

Fixed charge coverage ratio

2.3x

$260

(6)

$234

$28

$188

$74

$19

$51

$50

$100

$150

$200

$250

$300

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Weighted Average Interest Rate

5.39% 5.36% 6.14% 5.59% 6.09% 7.22% 5.97%

Debt Maturity Schedule

(1) The cash balance includes marketable trading securities of $32.8 million.

(3) See Glossary of Terms for discussion of Adjusted EBITDA.

(4) As used here, adjusted EBITDA represents the actual for the three months ended March 31, 2011 annualized.

(5)

Calculated

Adjusted

EBITDA

divided

interest

expense,

excluding

amortization

debt

issuance

costs

and

debt

fair

value

adjustments.

(6) The revolving line of credit, which has a capacity of $250 million, matures in 2014, but at March 31, 2011, it has no outstanding balance and is not included herein.

(2) Net debt is equal to total debt less cash on hand.

Interest coverage ratio

(5)

2.3x

Net real estate assets

Total assets, gross

$1,411,476

$1,882,859

Total debt/Total assets, gross

46.6%

(3)(4)

(5)

(3)(4)

First Quarter 2011 Supplemental Information

Page 16

SUMMARY OF REDEVELOPMENT OPPORTUNITIES

(Dollar amounts in thousands)

Potential Future Development/Redevelopment Pipeline

Estimated

Cost

Property

Location

Opportunity

Construction Cost

to Date

Solana Beach Corporate Centre (Building 5)

Solana Beach, CA

5,800

Lomas Santa Fe Plaza Expansion

Solana Beach, CA

17,000

Torrey Reserve Phase III

San Diego, CA

17,200

Torrey Reserve Phase IV

San Diego, CA

17,000

Sorrento Pointe

San Diego, CA

30,300

Solana Beach Towne Centre II

Solana Beach, CA

2,000

Total

89,300

Expansion of 30,700 square feet and the renovation

of 14,787 square feet for a combined project of

45,487 square feet, plus structured parking.

Construction of three additional commercial

buildings (retail, restaurant, office and medical) for

a total of 41,692 square feet, and a 34,603 square

foot underground parking structure.

Completion

facade

improvements

the

Solana

Beach Towne Centre.

Construction of two class "A" office buildings for a

total of 79,053 square feet with subterranean

parking.

Construction of two 20,000 square foot commercial

buildings (restaurant and office) for a total of 40,000

square feet atop subterranean parking.

Construction of a new 10,300 square foot building

and structured parking for retail/restaurant use

oriented toward the Solana Beach Towne Centre.

First Quarter 2011 Supplemental Information

PORTFOLIO DATA

First Quarter 2011 Supplemental Information

Page 18

PROPERTY REPORT

As of March 31, 2011

Net

Annualized

Number

Rentable

Base Rent

Year Built/

Square

Percentage

Annualized

per Leased

Location

Renovated

Buildings

Feet

(1)

Leased

(2)

Base Rent

(3)

Square Foot

(4)

Retail Properties

Carmel Country Plaza

San Diego, CA

1991

77,813

100.0%

$3,473,151

$44.63

Sharp Healthcare, Frazee Industries Inc.

Carmel Mountain

(7)

San Diego, CA

1994

520,228

82.6

8,915,956

20.75

Sears

Sports Authority, Reading Cinemas

South Bay Marketplace

(7)

San Diego, CA

1997

132,873

100.0

2,036,884

15.33

Office Depot Inc., Ross Dress for Less

Rancho Carmel Plaza

San Diego, CA

1993

30,421

74.5

733,521

32.37

Oggi's Pizza & Brewing Co., Sprint PCS Assets

Lomas Santa Fe Plaza

Solana Beach, CA

1972/1997

209,569

96.6

5,115,486

25.27

Vons, Ross Dress for Less

Del Monte Center

(7)

Monterey, CA

1967/1984/2006

674,224

97.3

8,804,402

13.42

Macy's

Century Theatres, Macy's Furniture Gallery

The Shops at Kalakaua

Honolulu, HI

1971/2006

11,671

100.0

1,535,028

131.52

Whalers General Store, Diesel U.S.A. Inc.

Waikele Center

Waipahu, HI

1993/2008

538,024

94.8

16,930,680

33.19

Lowe's, Kmart, Sports Authority,

Foodland Super Market

Old Navy, Officemax

Alamo Quarry Market

(7)

San Antonio, TX

1997/1999

589,479

97.5

11,959,469

20.81

Regal Cinemas

Bed Bath & Beyond, Whole Foods Market

Subtotal/Weighted Average Retail Portfolio

2,784,302

94.3%

$59,504,577

$22.66

Office Properties

Torrey Reserve Campus

San Diego, CA

1996-2000

456,801

92.7%

$14,773,127

$34.89

Valencia Corporate Center

Santa Clarita, CA

1999-2007

194,268

80.9

4,493,081

28.59

160 King Street

San Francisco, CA

2002

167,986

95.2

5,463,637

34.16

Subtotal/Weighted Average Office Portfolio

819,055

90.4%

$24,729,845

$33.40

Total/Weighted Average Retail and Office Portfolio

100

3,603,357

93.2%

$84,234,422

$25.08

Average

Number

Monthly

Year Built/

Percentage

Annualized

Base Rent per

Location

Renovated

Buildings

Units

Leased

(2)

Base Rent

(3)

Leased Unit

(4)

Loma Palisades

San Diego, CA

1958/2001-2008

548

94.7%

$9,285,516

$1,491

Imperial Beach Gardens

Imperial Beach, CA

1959/2008-present

160

88.8

2,255,172

1,323

Mariner's Point

Imperial Beach, CA

1986

97.7

1,087,104

1,054

Santa Fe Park RV Resort

(8)

San Diego, CA

1971/2007-2008

126

81.0

801,120

654

Total/Weighted Average Multifamily Portfolio

115

922

92.1%

$13,428,912

$1,318

Net

Annualized

Number

Rentable

Base Rent

Year Built/

Square

Percentage

Annualized

per Leased

Location

Renovated

Buildings

Feet

(1)

Leased

(2)

Base Rent

(3)

Square Foot

(4)

Retail Property

Solana Beach Towne Centre

Solana Beach, CA

1973/2000/2004

246,730

97.7%

$5,300,689

$21.99

Dixieline Probuild, Marshalls

Office Properties

Solana Beach Corporate Centre

Solana Beach, CA

1982/2005

211,971

87.6%

$5,829,266

$31.39

The Landmark at One Market

(9)

San Francisco, CA

1917/2000

421,934

100.0

23,442,652

55.56

First & Main

Portland, OR

2010

363,701

95.9

10,548,509

30.24

Subtotal/Weighted Average Office Portfolio

997,606

95.9%

$39,820,427

$41.62

Total/Weighted Average Retail and Office Portfolio

1,244,336

96.2%

$45,121,116

$37.69

Other Principal Retail Tenant(s)

(6)

Same-Store Retail and Office Portfolios

Property

Same-Store Multifamily Portfolio

Retail Anchor Tenant(s)

(5)

Non-Same Store Retail and Office Portfolios

Retail Anchor Tenant(s)

(5)

Other Principal Retail Tenant(s)

(6)

Property

First Quarter 2011 Supplemental Information

Page 19

PROPERTY REPORT (CONTINUED)

As of March 31, 2011

Net

Annualized

Number

Rentable

Base Rent

Year Built/

Square

Percentage

Annualized

per Leased

Location

Renovated

Buildings

Feet

(1)

Leased

(2)

Base Rent

(3)

Square Foot

(4)

Waikiki Beach Walk - Retail

Honolulu, HI

2006

96,569

97.8%

$9,400,582

$99.54

Yardhouse, Ruths Chris

Annualized

Number

Revenue per

Year Built/

Average

Available

Location

Renovated

Buildings

Units

Occupancy

(10)

Daily Rate

(10)

Room

(10)

Waikiki Beach Walk - Embassy Suites™

Honolulu, HI

2008

369

87.6%

$234.40

$205.45

Notes:

(1)

(2)

(3)

(4)

(5)

Retail anchor tenants are defined as retail tenants leasing 50,000 square feet or more.

(6)

Other principal retail tenants are defined as the two tenants leasing the most square footage, excluding anchor tenants.

(7)

Net rentable square feet at certain of our retail properties includes pad sites leased pursuant to the ground leases in the following table:

Square Footage

Aggregate

Number of Ground

Leased Pursuant

Annualized

Property

Leases

to Ground Leases

Base Rent

Carmel Mountain Plaza

127,112

1,020,900

South Bay Marketplace

2,824

81,540

Del Monte Center

295,100

201,291

Alamo Quarry Market

31,994

428,250

(8)

(9)

(10)

This property contains 421,934 net rentable square feet consisting of The Landmark at One Market (377,714 net rentable square feet) as well as a separate long-term leasehold interest in

approximately 44,220 net rentable square feet of space located in an adjacent six-story leasehold known as the Annex. We currently lease the Annex from Paramount Group pursuant to a long-term

master lease effective through June 30, 2016, which we have the option to extend until 2031 pursuant to three five-year extension options.

The net rentable square feet for each of our retail properties and the retail portion of our mixed-use property is the sum of (1) the square footages of existing leases, plus (2) for available space, the

field-verified square footage. The net rentable square feet for each of our office properties is the sum of (1) the square footages of existing leases, plus (2) for available space, management’s

estimate of net rentable square feet based, in part, on past leases. The net rentable square feet included in such office leases is generally determined consistently with the Building Owners and

Managers Association, or BOMA, 1996 measurement guidelines.

Percentage leased for each of our retail and office properties and the retail portion of the mixed-use property includes square footage under leases as of March 31, 2011, including leases which may

not have commenced as of March 31, 2011. Percentage leased for our multifamily properties includes total units rented as of March 31, 2011.

Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended March 31, 2011, by 12. In the case of triple net or

modified gross leases, annualized base rent does not include tenant reimbursements for real estate taxes, insurance, common area or other operating expenses.

Annualized base rent per leased square foot is calculated by dividing annualized base rent, by square footage under lease as of March 31, 2011. Annualized base rent per leased unit is calculated by

dividing annualized base rent, by units under lease as of March 31, 2011.

Non-Same Store Mixed-Use Portfolio

Retail Portion

Retail Anchor Tenant(s)

(5)

Average occupancy represents the percentage of available units that were sold during the 3-month period ended March 31, 2011, and is calculated by dividing the number of units sold by the product

of the total number of units and the total number of days in the period. Average daily rate represents the average rate paid for the units sold and is calculated by dividing the total room revenue (i.e.,

excluding food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services) for the 3-month period ended March 31, 2011, by the number of units

sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the 3-month period ended March 31, 2011 and is calculated by multiplying average

occupancy by the average daily rate. RevPAR does not include food and beverage revenues or other hotel operations revenues such as telephone, parking and other guest services.

Other Principal Retail Tenant(s)

(6)

The Santa Fe Park RV Resort is subject to seasonal variation, with higher rates of occupancy occurring during the summer months. During the 12 months ended March 31, 2011, the highest average

monthly occupancy rate for this property was 98.0%, occurring in July 2010, and the lowest average monthly occupancy rate for this property was 60.0%, occurring in November 2010. The number

of units at the Santa Fe Park RV Resort includes 122 RV spaces and four apartments.

Hotel Portion

First Quarter 2011 Supplemental Information

Page 20

RETAIL LEASING SUMMARY

As of March 31, 2011

Total

Lease

Summary

Comparable

(1)

Tenant

Net Rentable

Contractual

Cash Basis

Straight-Line

Tenant

Improvements

Number of

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Basis % Change

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

Over Prior Rent

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

100%

29,165

$26.14

$27.04

$(26,428)

(3.4)%

8.9%

2.7

$16,800

$0.58

New

Lease

Summary

Comparable

(1)

Tenant

Net Rentable

Contractual

Cash Basis

Straight-Line

Tenant

Improvements

Number of

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Basis % Change

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

Over Prior Rent

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

1,200

$48.00

$51.92

2.2%

5.0

Renewal

Lease

Summary

Comparable

(1)(5)

Tenant

Net Rentable

Contractual

Cash Basis

Straight-Line

Tenant

Improvements

Number of

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Basis % Change

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

Over Prior Rent

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

91%

27,965

$25.20

$25.98

$(21,728)

(3.0)%

9.5%

2.6

$16,800

$0.60

Total

Lease

Summary

Comparable

and

Non-Comparable

Tenant

Net Rentable

Contractual

Tenant

Improvements

Number of

Square Feet

Rent

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

31,389

$26.20

2.7

$36,800

$1.17

(1) Comparable leases represent those leases signed on spaces for which there was a previous lease.

(2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.

(3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term.

(4) Weighted average is calculated on the basis of square footage.

(5) Excludes renewals at fixed contractual rates specified in the lease.

Weighted

Average

Annual

Change

Annual

Change

Annual

Change

Weighted

Average

Weighted

Average

Weighted

Average

(7.5)%

$(4,700)

First Quarter 2011 Supplemental Information

Page 21

OFFICE LEASING SUMMARY

As of March 31, 2011

Total

Lease

Summary

Comparable

(1)

Tenant

Net Rentable

Contractual

Cash Basis

Straight-Line

Tenant

Improvements

Number of

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Basis % Change

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

Over Prior Rent

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

100%

31,298

$32.88

$37.54

$(145,946)

(12.4)%

(2.3)%

2.5

$57,520

$1.84

New

Lease

Summary

Comparable

(1)(6)

Tenant

Net Rentable

Contractual

Cash Basis

Straight-Line

Tenant

Improvements

Number of

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Basis % Change

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

Over Prior Rent

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

20%

5,066

$33.90

$42.78

$ (44,982)

(20.8)%

(14.0)%

4.2

$5,938

$1.17

Renewal

Lease

Summary

Comparable

(1)(5)

Tenant

Net Rentable

Contractual

Cash Basis

Straight-Line

Tenant

Improvements

Number of

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Basis % Change

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

Over Prior Rent

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

80%

26,232

$32.68

$36.53

$(100,964)

(10.5)%

0.5%

2.2

$51,582

$1.97

Total

Lease

Summary

Comparable

and

Non-Comparable

Tenant

Net Rentable

Contractual

Tenant

Improvements

Number of

Square Feet

Rent

Improvements

& Incentives

Quarter

Leases Signed

Signed

Per Sq. Ft.

(2)

Lease Term

(4)

& Incentives

Per Sq. Ft.

1st Quarter 2011

43,502

$32.44

2.7

$141,420

$3.25

(1) Comparable leases represent those leases signed on spaces for which there was a previous lease.

(2) Contractual rent represents contractual minimum rent under the new lease for the first twelve months of the term.

(3) Prior rent represents the minimum rent paid under the previous lease in the final twelve months of the term.

(4) Weighted average is calculated on the basis of square footage.

(5) Excludes renewals at fixed contractual rates specified in the lease.

(6) Excludes 4,922 square feet of temporary space agreements (for typically less than 120 days) for potential permanent tenants.

Weighted

Average

Annual

Change

Weighted

Average

Annual

Change

Weighted

Average

Annual

Change

Weighted

Average

First Quarter 2011 Supplemental Information

Page 22

LEASE EXPIRATIONS

As of March 31, 2011

Assumes no exercise of lease options

Office

Retail

Mixed-Use (Retail Portion Only)

Total

% of

Annualized

% of

Annualized

% of

Annualized

% of

Annualized

Expiring

Office

Total

Base Rent

Expiring

Retail

Total

Base Rent

Expiring

Mixed-Use

Total

Base Rent

Expiring

Total

Base Rent

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

25,950

1.4%

0.5%

$12.18

12,053

0.4%

0.2%

$18.60

7,818

8.1%

0.2%

$43.91

45,821

0.9%

$19.28

33,032

1.8

0.7

38.95

71,785

2.4

1.5

35.60

360

0.4

194.80

105,177

2.1

37.20

213,263

11.7

4.3

37.24

358,413

11.8

7.2

23.76

6,184

6.4

0.1

163.76

577,860

11.7

30.23

188,542

10.4

3.8

31.60

519,515

17.1

10.5

24.07

7,065

7.3

0.1

143.73

715,122

14.5

27.24

86,175

4.7

1.7

34.88

401,889

13.3

8.1

27.91

1,959

2.0

114.16

490,023

9.9

29.48

207,619

11.4

4.2

37.26

222,332

7.3

4.5

25.37

12,697

13.1

0.3

153.03

442,648

9.0

34.61

161,296

(2)

8.9

3.3

30.29

115,067

(6)

3.8

2.3

38.03

10,191

10.6

0.2

171.11

286,554

5.8

38.41

120,901

(3)

6.7

2.4

38.74

111,249

3.7

2.3

25.00

4,628

4.8

0.1

134.78

236,778

4.8

34.16

36,226

2.0

0.7

45.39

737,758

24.3

14.9

15.40

4,673

4.8

0.1

139.02

778,657

15.7

17.54

168,716

9.3

3.4

48.98

70,197

2.3

1.4

26.80

11,690

12.1

0.2

51.73

250,603

5.1

42.90

225,108

(4)

12.4

4.6

40.19

118,506

3.9

2.4

8.79

17,843

18.5

0.4

41.30

361,457

7.3

29.95

Thereafter

208,215

(5)

11.5

4.2

46.97

110,251

(7)

3.7

2.2

24.54

9,382

9.7

0.2

46.20

327,848

6.6

39.41

Signed Leases

22,112

1.2

0.4

9,573

0.3

0.2

31,685

0.6

Not Commenced

Available

119,506

6.6

2.4

172,444

5.7

3.5

2,079

2.2

294,029

5.9

Total

1,816,661

100.0%

36.7%

$35.53

3,031,032

100.0%

61.3%

$21.38

96,569

100.0%

1.9%

$97.35

4,944,262

100.0%

$28.06

Assumes all lease options are exercised

Office

Retail

Mixed-Use (Retail Portion Only)

Total

% of

Annualized

% of

Annualized

% of

Annualized

% of

Annualized

Expiring

Office

Total

Base Rent

Expiring

Retail

Total

Base Rent

Expiring

Mixed-Use

Total

Base Rent

Expiring

Total

Base Rent

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

25,950

1.4%

0.5%

$12.18

12,053

0.4%

0.2%

$18.60

7,818

8.1%

0.2%

$43.91

45,821

0.9%

$19.28

22,294

1.2

0.5

38.97

55,874

1.8

1.1

34.57

360

0.4

194.88

78,528

1.6

36.55

71,964

4.0

1.5

35.42

112,657

3.7

2.3

29.62

4,093

4.3

0.1

135.53

188,714

3.8

34.13

87,648

4.8

1.8

36.06

100,737

3.3

2.0

36.80

7,065

7.3

0.1

143.73

195,450

4.0

40.33

14,845

0.8

0.3

35.16

203,529

6.7

4.1

30.23

1,959

2.0

114.16

220,333

4.5

31.31

107,157

5.9

2.2

36.59

46,264

1.5

0.9

37.20

12,697

13.1

0.3

153.03

166,118

3.4

45.66

143,548

7.9

2.9

29.82

62,321

(6)

2.1

1.3

28.18

7,227

7.5

0.1

211.53

213,096

4.3

35.50

122,065

6.7

2.5

41.37

77,858

2.6

1.6

30.52

4,615

4.8

0.1

144.47

204,538

4.1

39.57

96,210

5.3

1.9

27.48

187,802

6.2

3.8

23.26

4,673

4.8

0.1

139.02

288,685

5.8

26.54

55,454

3.1

1.1

35.32

145,460

4.8

2.9

24.39

200,914

4.1

27.41

88,652

4.9

1.8

33.24

304,072

10.0

6.1

16.16

1,951

2.0

123.56

394,675

8.0

20.53

Thereafter

839,256

(2)(3)(4)(5)

46.2

17.0

43.29

1,540,388

(7)

50.9

31.2

19.97

42,032

43.5

0.9

51.49

2,421,676

49.0

28.60

Signed Leases

22,112

1.2

0.4

9,573

0.3

0.2

31,685

0.6

Not Commenced

Available

119,506

6.6

2.4

172,444

5.7

3.5

2,079

2.2

294,029

5.9

Total

1,816,661

100.0%

36.7%

$35.53

3,031,032

100.0%

61.3%

$21.38

96,569

100.0%

1.8%

$97.35

4,944,262

100.0%

$28.06

2014

2015

2016

2017

2013

2014

2020

Month to Month

Year

2011

2012

2013

Month to Month

2012

Year

2018

2019

2011

2019

2020

2015

2016

2017

2018

First Quarter 2011 Supplemental Information

Page 23

LEASE EXPIRATIONS (CONTINUED)

Notes:

(1)

(2)

(3)

(4)

(5)

(6)

(7)

Annualized base rent per leased square foot is calculated by dividing (i) annualized base rent for leases expiring during the applicable period, by (ii) square footage under such expiring leases. Annualized base rent is calculated by multiplying (i)

base

rental

payments

(defined

cash

base

rents

(before

abatements))

for

the

month

ended

March

31,

2011

for

the

leases

expiring

during

the

applicable

period,

(ii)

12.

The expirations include 84,298 square feet leased by the Del Monte Corporation at The Landmark at One Market through March 31, 2011, for which salesforce.com has signed an agreement to lease the space from June 1, 2011 through May 31,

2021 with options to extend the lease through May 31, 2031.

The

expirations

include

5,000

square

feet

leased

Sleep

Train

Mattress

through

April

30,

2011

Carmel

Mountain

Plaza,

for

which

Chick-Fil-A

has

signed

agreement

lease

the

space

from

August

2011

through

August

31,

2026.

The expirations include 3,346 square feet leased by Wella Corporation through March 31, 2011 at The Landmark at One Market, for which Pigment Cosmetics, Inc. has signed an agreement to lease the space from April 1, 2011 through March 31,

2016 with an option to extend the lease through March 31, 2021.

The expirations include 45,795 square feet currently leased by Microsoft at The Landmark at One Market, for which Autodesk has signed an agreement to lease the space upon Microsoft's lease termination on December 31, 2012 through

December 31, 2017 with an option to extend the lease through December 31, 2024.

The expirations include 8,812 square feet leased by the Del Monte Corporation at The Landmark at One Market through March 31, 2011, for which salesforce.com has signed an agreement to lease the space from June 1, 2011 through April 30,

2020 with options to extend the lease through April 30, 2030.

The expirations include 1,200 square feet leased by San Diego Wireless through October 31, 2011 at Carmel Mountain Plaza, for which T-Mobile has signed an agreement to lease the space from November 1, 2011 through October 31, 2016.

First Quarter 2011 Supplemental Information

Page 24

PORTFOLIO LEASED STATISTICS

Size

Leased

(1)

Leased %

Size

Leased

(1)

Leased %

Overall Portfolio Statistics

Retail Properties (square feet)

3,031,032

2,858,588

94.3%

2,784,243

2,622,433

94.2%

Office Properties (square feet)

1,816,661

1,697,155

93.4%

1,240,989

1,160,729

93.5%

Mixed-Used Properties (square feet)

96,569

94,490

97.8%

Mixed-Used Properties (units)

369

323

(6)

87.6%

Multifamily Properties (units)

922

849

92.1%

922

806

87.4%

Same-Store Statistics

Retail Properties (square feet)

2,784,302

(3)

2,617,523

94.0%

2,784,243

2,622,433

94.2%

Office Properties (square feet)

1,240,989

(4)

1,162,503

93.7%

1,240,989

1,160,729

93.5%

Mixed-Used Properties (square feet)

(5)

Mixed-Used Properties (units)

(5)

Multifamily Properties (units)

922

849

92.1%

922

806

87.4%

Notes:

(3) Excludes Solana Beach Towne Centre as the controlling interest in this entity was acquired on January 19, 2011.

(4) Excludes

Solana

Beach

Corporate

Centre

the

controlling

interest

this

entity

was

acquired

January

19,

2011.

First

Main

excluded

was

acquired

March

11,

2011.

(5) Excludes the Waikiki Beach Walk property as the controlling interest in this entity was acquired on January 19, 2011.

(6) Represents average occupancy for the quarter.

(1) Leased square feet includes square feet under lease as of each date, including leases which may not have commenced as of that date. Leased units for our multifamily properties include total units

rented as of that date.

At March 31, 2011

At December 31, 2010

Type

(2) See Glossary of Terms.

(2)

First Quarter 2011 Supplemental Information

Page 25

TOP TENANTS -

RETAIL

As of March 31, 2011

Tenant

Property(ies)

Lease

Expiration

Total

Leased

Square

Feet

Rentable Square

Feet as a

Percentage of

Retail

Rentable Square

Feet as a

Percentage of

Total Retail and

Office

Annualized

Base Rent

Annualized

Base Rent as a

Percentage of

Retail

Annualized

Base Rent as a

Percentage of

Total

Lowe's

Waikele Center

5/31/18

155,000

5.4%

3.4%

$3,992,647

6.2%

3.1%

Kmart

Waikele Center

6/30/18

119,590

4.2

2.6

3,826,880

5.9

3.0

Foodland Super Market

Waikele Center

1/25/14

50,000

1.8

1.1

2,337,481

3.6

1.8

Sports Authority

Carmel Mountain Plaza, Waikele Center

11/30/13

7/18/13

90,722

3.2

2.0

2,076,602

3.2

1.6

Ross Dress for Less

South Bay Marketplace, Lomas Santa Fe Plaza,

Carmel Mountain Plaza

1/31/13

1/31/14

81,125

2.8

1.8

1,595,826

2.5

1.2

Borders

Alamo Quarry Market, Del Monte Center, Waikele

Center

11/30/12

1/31/13

1/31/14

(1)

59,615

2.1

1.3

1,324,500

2.0

1.0

Officemax

Alamo Quarry Market, Waikele Center

11/30/12

1/31/2014

47,962

1.7

1.1

1,164,761

1.8

0.9

Old Navy

Waikele Center, Alamo Quarry Market, South Bay

Marketplace

7/31/12

9/30/12

4/30/13

59,780

2.1

Marshalls

Solana Beach Towne Centre, Carmel Mountain Plaza

1/13/15

1/31/19

68,055

2.4

1.5

1,106,146

1.7

0.9

Vons

Lomas Santa Fe Plaza

12/31/17

49,895

1.8

1.1

1,058,000

1.6

0.8

Top 10 Retail Tenants Total

781,744

27.5%

15.9%

$18,482,843

28.5%

14.3%

Data withheld at tenant's request.

(1)

The

Borders

lease

Waikele

Center

expires

January

31,

2014.

However,

Borders

will

the

store

May

15,

2011

which

time,

they

will

likely

terminate

the

lease.

First Quarter 2011 Supplemental Information

Page 26

TOP TENANTS -

OFFICE

As of March 31, 2011

Tenant

Property(ies)

Lease

Expiration

Total

Leased

Square

Feet

Rentable Square

Feet as a

Percentage of

Office

Rentable Square

Feet as a

Percentage of

Total Retail and

Office

Annualized

Base Rent

Annualized

Base Rent as a

Percentage of

Office

Annualized

Base Rent as a

Percentage of

Total

salesforce.com

The Landmark at One Market

6/30/19

4/30/20

133,782

8.0%

3.0%

$7,801,308

12.1%

6.0%

Del Monte Corporation

The Landmark at One Market

3/31/11

93,110

5.6

2.1

7,521,086

11.7

5.8

Insurance Company Of The West

Torrey Reserve, Valencia Corporate Center

12/31/16

6/30/19

147,196

8.8

3.3

4,426,695

6.9

3.4

DLA Piper Rudnick Gray Cary

160 King Street

2/28/12

69,656

4.2

1.5

3,247,852

5.0

2.5

Veterans Benefits Administrations

First & Main

8/31/20

93,572

5.6

2.1

3,006,453

4.7

2.3

Microsoft

The Landmark at One Market

12/31/12

45,795

2.7

1.0

2,930,880

4.5

2.3

Autodesk

The Landmark at One Market

12/31/15

12/31/17

68,869

4.1

1.5

2,847,100

4.4

2.2

Treasury Tax Administration

First & Main

8/31/15

70,660

4.2

1.6

2,583,330

4.0

2.0

Treasury Call Center

First & Main

8/31/20

63,648

3.8

1.4

2,184,302

3.4

1.7

California Bank & Trust

Torrey Reserve

5/31/2019

10/31/2019

29,985

1.8

0.7

1,323,222

2.0

1.0

Top 10 Office Tenants Total

816,273

48.8%

18.2%

$37,872,228

58.7%

29.2%

First Quarter 2011 Supplemental Information

APPENDIX

First Quarter 2011 Supplemental Information

Page 28

EBITDA:

Adjusted EBITDA:

GLOSSARY OF TERMS

Three Months Ended

March 31, 2011

Net income

13,596

Depreciation and amortization

12,490

Interest expense

13,079

Income tax expense

251

EBITDA

39,416

Three Months Ended

March 31, 2011

EBITDA

39,416

Early extinguishment of debt

25,867

Loan transfer and consent fees

9,019

Gain on acquisition

(46,371)

Adjusted EBITDA

27,931

EBITDA is a non-GAAP measure that means net income or loss plus depreciation and amortization, net interest expense, income taxes, gain or loss on sale of

real estate and impairments of real estate, if any. EBITDA is presented because it approximates a key performance measure in our debt covenants, but it should not be

considered an alternative measure of operating results or cash flow from operations as determined in accordance with GAAP. The reconciliation of net income to

EBITDA for the three months ended March 31, 2011 is as follows:

Adjusted EBITDA is a non-GAAP measure that begins with EBITDA and includes adjustments for certain items that we believe are not

representative of ongoing operating performance. We use Adjusted EBITDA as a supplemental performance measure because losses from early extinguishment of

debt, loan transfer and consent fees and gains on acquisitions of controlling interests create significant earnings volatility which in turn results in less comparability

between reporting periods and less predictability regarding future earnings potential. The adjustments noted resulted from our initial public offering and formation

transactions.

FFO is a supplemental measure of real estate companies' operating performances. The National Association of Real Estate

Investment Trusts (NAREIT) defines FFO as follows: net income, computed in accordance with GAAP plus depreciation and amortization of real estate assets and

excluding extraordinary items and gains and losses on sale of real estate. NAREIT developed FFO as a relative measure of performance and liquidity of an equity

REIT in order to recognize that the value of income-producing real estate historically has not depreciated on the basis determined under GAAP. However, FFO does

not represent cash flows from operating activities in accordance with GAAP (which, unlike FFO, generally reflects all cash effects of transactions and other events in

the determination of net income); should not be considered an alternative to net income as an indication of our performance; and is not necessarily indicative of cash

flow as a measure of liquidity or ability to pay dividends. We consider FFO a meaningful, additional measure of operating performance primarily because it excludes

the assumption that the value of real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure.

Comparison of our presentation FFO to similarly titled measures for other REITs may not necessarily be meaningful due to possible differences in the application of the

NAREIT definition of FFO used by such REITs.

Funds From Operations (FFO):

First Quarter 2011 Supplemental Information

Page 29

FFO As Adjusted as a supplemental performance measure because losses from early extinguishment of debt, loan transfer and consent fees and gains on acquisitions of

controlling interests create significant earnings volatility which in turn results in less comparability between reporting periods and less predictability regarding future

earnings potential. The adjustments noted resulted from our initial public offering and formation transactions. However, other REITs may use different methodologies for

defining adjustments and, accordingly, our FFO As Adjusted may not be comparable to other REITs.

leasing commissions and maintenance capital expenditures, eliminating the net effect of straight-line rents, amortization of above (below) market rents for acquisition

properties, the effects of other lease intangibles, adding noncash amortization of deferred financing costs and debt fair value adjustments, adding noncash compensation

expense, and adding (subtracting) unrealized losses (gains) on marketable securities. FAD provides an additional perspective on our ability to fund cash needs and make

distributions by adjusting FFO for the impact of certain cash and noncash items, as well as adjusting FFO for recurring capital expenditures and leasing costs. However,

other REITs may use different methodologies for calculating FAD and, accordingly, our FAD may not be comparable to other REITs.

expenses (property expenses and real estate taxes). Other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable

to other REITs. Since NOI excludes general and administrative expenses, interest expense, depreciation and amortization, acquisition-related expenses, other

nonproperty income and losses, gains and losses from property dispositions, and extraordinary items, it provides a performance measure that, when compared year over

year, reflects the revenues and expenses directly associated with owning and operating commercial real estate and the impact to operations from trends in occupancy

rates, rental rates, and operating costs, providing a perspective on operations not immediately apparent from net income. However, NOI should not be viewed as an

alternative measure of our financial performance since it does not reflect general and administrative expenses, interest expense, depreciation and amortization costs,

other nonproperty income and losses, the level of capital expenditures and leasing costs necessary to maintain the operating performance of the properties, or trends in

development and construction activities which are significant economic costs and activities that could materially impact our results from operations.

GLOSSARY OF TERMS (CONTINUED)

Reconciliation of NOI to Net Income

2011

2010

Total NOI

$ 31,891

$ 20,982

General and administrative

(3,610)

(1,587)

Depreciation and amortization

(12,490)

(7,230)

Interest expense

(13,079)

(10,654)

Early extinguishment of debt

(25,867)

Loan transfer and consent fees

(9,019)

Gain on acquisition

46,371

Other income (expense), net

(601)

(987)

Net income

13,596

524

Net income attributable to restricted shares

(86)

Net loss attributable to Predecessor's noncontrolling interests in consolidated real estate entities

2,458

430

Net income attributable to Predecessor's controlled owners' equity

(16,995)

(954)

Net loss attributable to unitholders in the Operating Partnership

329

Net loss attributable to American Assets Trust, Inc. stockholders

$ (698)

$ -

Three Months Ended March 31,

FFO As Adjusted is a supplemental measure of real estate companies' operating performances. We use

FAD is a supplemental measure of our liquidity. We compute FAD by subtracting from FFO As Adjusted tenant improvements,

We define NOI as operating revenues (rental income, tenant reimbursements and other property income) less property and related

Funds From Operations As Adjusted (FFO As Adjusted):

Funds Available for Distribution (FAD):

Net Operating Income (NOI):

First Quarter 2011 Supplemental Information

Page 30

GLOSSARY OF TERMS (CONTINUED)

Overall Portfolio:

Includes all operating properties owned by us as of March 31, 2011.

Comparison of Q1 2011 to Q1 2010

Comparison of Q1 2011 to Q4 2010

Same-Store

Non-Same Store

Same-Store

Non-Same Store

Carmel Country Plaza

Carmel Mountain

South Bay Marketplace

Rancho Carmel Plaza

Lomas Santa Fe Plaza

Solana Beach Towne Centre

Del Monte Center

The Shops at Kalakaua

Waikele Center

Alamo Quarry Market

Torrey Reserve

Solana Beach Corporate Centre

Valencia Corporate Center

160 King Street

The Landmark at One Market

First & Main

Waikiki Beach Walk -

Retail

Waikiki Beach Walk -

Embassy Suites™

Loma Palisades

Imperial Beach Gardens

Mariner's Point

Santa Fe Park RV Resort

Sorrento Pointe -

Land

Torrey Reserve -

Land

Solana Beach -

Land

Tenant Improvements and Incentives:

Represents not only the total dollars committed for the improvement (fit-out) of a space as it relates to a specific lease but may

also include base building costs (i.e. expansion, escalators or new entrances) which are required to make the space leasable. Incentives include amounts paid to tenants as

an inducement to sign a lease that do not represent building improvements.

Retail Properties

Office Properties

Mixed-Use Properties

Multifamily Properties

Development Properties

Same-Store

Portfolio

and

Non-Same Store

Portfolio:

Information

provided

same-store

basis

provided

for

only

those

properties

that

were

owned

and

operated

for

the

entirety

both

periods

being

compared

and

excludes

properties

that

were

redeveloped,

expanded

under

development

and

properties purchased

sold

any

time during the periods being compared. The following table shows the properties included in same-store and non-same store portfolio for the comparative periods

presented.

American Assets Trust (AAT) 8-KAmerican Assets Trust, Inc. Reports First Quarter 2011 Financial Results