American Assets Trust 8K Reports Second Quarter 2011 Financial Results | AAT 9 Aug 11

SECOND QUARTER 2011

Supplemental Information

Investor and Media Contact:

American Assets Trust

Robert F. Barton

Executive Vice President and Chief Financial Officer

858-350-2607

Exhibit 99.2

Second Quarter 2011 Supplemental Information

Page 2

AAT’s portfolio is concentrated in high-barrier-to-entry markets

with favorable supply/demand characteristics

Market

Property

Type

No. of

Properties

Square

Feet/Units

San

Diego

Retail

Office

Multifamily

1,217,634

668,772

922 units

(1)

San

Francisco

Office

589,920

Oahu

Retail

Mixed-Use

549,695

96,569

(retail)/369

suites

Monterey

Retail

674,224

Los

Angeles

Office

194,268

San

Antonio

Retail

589,479

Portland

Office

363,763

(2)

Note:

Circled

areas

represent

all

markets

which

the

Company

currently

owns

and

operates

its

real

estate

assets.

Circle

size

denotes

square

feet

units.

Square Feet

Retail

3.0 million

63%

Office

1.8 million

37%

Totals

4.8 million

(1)

Includes 122 RV spaces.

(2)

On July 1, 2011, the Company completed the acquisition of the Lloyd District Portfolio, which added an

additional office property consisting of approximately 600,000 rentable square feet in Portland, Oregon.

Such acquisition is not reflected in the map above.

Second Quarter 2011 Supplemental Information

Page 3

PAGE

SECOND QUARTER 2011 EARNINGS PRESS RELEASE

FINANCIAL HIGHLIGHTS

Consolidated Balance Sheets

Consolidated Statements of Operations

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

Same-Store Portfolio Net Operating Income (NOI)

Same-Store Portfolio NOI Comparison

NOI By Region

NOI Breakdown

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

APPENDIX

Glossary of Terms

INDEX

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 or directors; 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, or 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 and other risks described in documents subsequently filed by us from time to time with the Securities and Exchange Commission.

Second Quarter 2011 Supplemental Information

FINANCIAL HIGHLIGHTS

Page 5

CONSOLIDATED BALANCE SHEETS

Assets

Real estate, at cost

Operating real estate

1,633,287

1,156,091

Construction in progress

1,144

925

Held for development

8,756

8,081

1,643,187

1,165,097

Accumulated depreciation

(240,603)

(221,997)

Net real estate

1,402,584

943,100

Cash and cash equivalents

92,535

41,953

Restricted cash

8,077

4,729

Marketable securities

31,445

Accounts receivable, net

4,944

1,573

Deferred rent receivables, net

21,665

20,051

Notes receivable from affiliate

21,769

Investment in real estate joint ventures

39,816

Prepaid expenses and other assets

69,915

44,366

Purchase deposit

91,600

Total assets

1,722,765

1,117,357

June 30,

December 31,

2011

2010

(Amounts in thousands, except share data)

Second Quarter 2011 Supplemental Information

Second Quarter 2011 Supplemental Information

Page 6

Liabilities and equity

Liabilities:

Secured notes payable

944,279

851,547

Unsecured notes payable

38,013

Notes payable to affiliates

5,266

Accounts payable and accrued expenses

20,007

11,644

Security deposits payable

4,302

2,648

Other liabilities and deferred credits

56,922

39,058

Distributions in excess of earnings on real estate joint ventures

14,060

Total liabilities

1,025,510

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, 39,281,839 outstanding at June 30,

2011

393

Additional paid-in capital

652,220

Accumulated deficit

(15,168)

Total American Assets Trust, Inc. stockholders' equity

637,445

Noncontrolling interests

Owners in consolidated real estate entities

33,247

Unitholders in the Operating Partnership

59,810

33,247

Total equity

697,255

155,121

Total liabilities and equity

1,722,765

1,117,357

June 30,

December 31,

2011

2010

CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands, except share data)

Second Quarter 2011 Supplemental Information

Page 7

CONSOLIDATED STATEMENTS OF OPERATIONS

June 30,

Revenue:

Rental income

49,794

28,414

95,913

56,509

Other property income

2,485

873

4,402

1,710

Total revenue

52,279

29,287

100,315

58,219

Expenses:

Rental expenses

14,572

4,870

27,039

9,864

Real estate taxes

5,617

2,992

9,666

5,948

General and administrative

3,825

1,821

7,064

3,408

Depreciation and amortization

14,277

7,509

26,767

14,739

Total operating expenses

38,291

17,192

70,536

33,959

Operating income

13,988

12,095

29,779

24,260

Interest expense

(14,063)

(10,624)

(27,142)

(21,278)

Early extinguishment of debt

(25,867)

Loan transfer and consent fees

(9,019)

Gain on acquisition

4,297

46,371

4,297

Other income (expense), net

530

(71)

(916)

Net income

455

5,839

14,051

6,363

Net income attributable to restricted shares

(132)

(218)

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

estate entities

469

2,458

899

Net income attributable to Predecessor's controlled owners' equity

(6,308)

(16,995)

(7,262)

Net (income) loss attributable to unitholders in the Operating Partnership

(104)

225

Net income (loss) attributable to American Assets Trust, Inc. stockholders

219

(479)

Net income (loss) attributable to common stockholders per share - basic

0.01

(0.01)

Net income (loss) attributable to common stockholders per share - diluted

0.01

(0.01)

Weighted average shares of common stock outstanding - basic

Weighted average shares of common stock outstanding - diluted

Dividends declared per common share

0.21

0.38

38,655,084

34,810,932

57,051,173

34,810,932

Three Months Ended

Six Months Ended

2011

2010

2011

2010

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

Second Quarter 2011 Supplemental Information

Page 8

FUNDS FROM OPERATIONS, FFO AS ADJUSTED & FUNDS AVAILABLE FOR DISTRIBUTION

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

Page 9

FUNDS FROM OPERATIONS & FUNDS AVAILABLE FOR DISTRIBUTION

(CONTINUED)

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

(1)

(4)

(5)

(6)

Second Quarter 2011 Supplemental Information

FFO as adjusted

14,732

30,021

Adjustments:

Tenant

improvements,

leasing

commissions

and

maintenance

capital

expenditures

(2,046)

(3,491)

Net effect of straight-line rents

(1,111)

(1,465)

Amortization of net above (below) market rents

386

781

Net effect of other lease intangibles

266

536

Amortization of debt issuance costs and debt fair value adjustment

1,030

1,895

Non-cash compensation expense

699

1,190

Unrealized gains on marketable securities

(318)

(53)

Nonforfeitable dividends on incentive stock awards

(89)

(139)

FAD

13,549

29,275

Summary of Capital Expenditures

Tenant improvements and leasing commissions

1,684

2,832

Maintenance capital expenditures

362

659

2,046

3,491

June 30, 2011

Three Months Ended

Six Months Ended

Notes:

(1)

See Glossary of Terms.

(2)

For the three and six months ended June 30, 2011, the weighted average common shares and units used to compute FFO and FFO as adjusted per diluted share/unit include operating

partnership units and unvested restricted stock awards that are subject to time vesting. The shares/units used to compute FFO and FFO as adjusted per diluted share/unit include

additional shares/units which were excluded from the computation of diluted EPS, as they were anti-dilutive for the periods presented. For the six months ended June 30, 2011,

the weighted average shares and units outstanding have been weighted for the full six months, not the date of our initial public offering.

(3)

Represents the gain recognized upon acquisition of the outside ownership interests in the Solana Beach Centre entities and the Waikiki Beach Walk entities on January 19, 2011, in

which we previously held a noncontrolling interest.

(4)

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.

(5)

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

(6)

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.

(7)

Computations of per share amounts are made independently for the three and six months ended June 30, 2011. Therefore, the sum of per share amounts from the three months ended

June 30 and March 31, 2011 may not agree with the per share amounts for the six months ended June 30, 2011.

Funds Available for Distribution (FAD)

Second Quarter 2011 Supplemental Information

Page 10

SAME-STORE PORTFOLIO NET OPERATING INCOME (NOI)

Notes:

(1) Same-store portfolio and non-same store portfolio are determined based on properties held on June 30, 2011 and 2010. See Glossary of Terms.

(2) Represents

the

straight-line

rent

income

recognized

during

the

period

offset

cash

received

during

the

period

and

the

provision

for

bad

debts

recorded

for

deferred

rent

receivable

balances.

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

(4) Represents adjustments related to amortization of lease incentives paid to tenants.

Second Quarter 2011 Supplemental Information

Page 11

SAME-STORE PORTFOLIO NET OPERATING INCOME (NOI)

Real estate rental revenue

Same-store portfolio

39,865

13,203

6,785

59,853

Non-same store portfolio

3,564

16,561

20,337

40,462

Total

43,429

29,764

6,785

20,337

100,315

Real estate expenses

Same-store portfolio

10,781

3,933

2,587

17,301

Non-same store portfolio

671

5,649

13,084

19,404

Total

11,452

9,582

2,587

13,084

36,705

Net Operating Income (NOI), GAAP basis

Same-store portfolio

29,084

9,270

4,198

42,552

Non-same store portfolio

2,893

10,912

7,253

21,058

Total

31,977

20,182

4,198

7,253

63,610

Same-store portfolio NOI, GAAP basis

29,084

9,270

4,198

42,552

Net effect of straight-line rents

311

(148)

163

Amortization of net above (below) market rents

(357)

686

329

Net effect of other lease intangibles

185

Same-store portfolio NOI, cash basis

29,038

9,993

4,198

43,229

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 June 30, 2011 and 2010. See Glossary of Terms.

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.

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

Six Months Ended June 30, 2011

Retail

Office

Multifamily

Mixed-Use

Total

(Amounts in thousands)

(1)

(2)

(4)

(3)

Second Quarter 2011 Supplemental Information

Page 12

SAME-STORE PORTFOLIO NOI COMPARISON

Cash Basis:

Retail

14,499

14,189

2.2

Office

4,984

5,095

(2.2)

Multifamily

2,066

2,410

(14.3)

Mixed-Use

21,549

21,694

(0.7)

GAAP Basis:

Retail

14,509

14,146

2.6

Office

4,520

4,822

(6.3)

Multifamily

2,066

2,411

(14.3)

Mixed-Use

21,095

21,379

(1.3)

Cash Basis:

Retail

29,038

28,165

3.1

Office

9,993

9,708

2.9

Multifamily

4,198

4,891

(14.2)

Mixed-Use

43,229

42,764

1.1

GAAP Basis:

Retail

29,084

28,242

3.0

Office

9,270

9,192

0.8

Multifamily

4,198

4,891

(14.2)

Mixed-Use

42,552

42,325

0.5

Six Months Ended June 30,

2011

2010

Change

2011

2010

Change

Three Months Ended June 30,

(Amounts in thousands)

Second Quarter 2011 Supplemental Information

Page 13

NOI BY REGION

Southern California

NOI, GAAP basis

(1)

6,517

4,521

2,066

13,104

Net effect of straight-line rents

(2)

(85)

(71)

(156)

Amortization of net above (below) market rents

(3)

(140)

122

(18)

Net effect of other lease intangibles

(4)

NOI, cash basis

6,292

4,664

2,066

13,022

Northern California

NOI, GAAP basis

(1)

2,210

3,457

5,667

Net effect of straight-line rents

(2)

(50)

(652)

(702)

Amortization of net above (below) market rents

(3)

(67)

399

332

Net effect of other lease intangibles

(4)

184

NOI, cash basis

2,093

3,388

5,481

Hawaii

NOI, GAAP basis

(1)

4,462

4,131

8,593

Net effect of straight-line rents

(2)

126

(114)

Amortization of net above (below) market rents

(3)

(68)

220

152

Net effect of other lease intangibles

(4)

(10)

NOI, cash basis

4,520

4,227

8,747

Oregon

NOI, GAAP basis

(1)

1,845

Net effect of straight-line rents

(2)

(344)

Amortization of net above (below) market rents

(3)

(22)

Net effect of other lease intangibles

(4)

NOI, cash basis

1,479

Texas

NOI, GAAP basis

(1)

2,881

Net effect of straight-line rents

(2)

Amortization of net above (below) market rents

(3)

(58)

Net effect of other lease intangibles

(4)

NOI, cash basis

2,902

Total

NOI, GAAP basis

(1)

16,070

9,823

2,066

4,131

32,090

Net effect of straight-line rents

(2)

(1,067)

(114)

(1,111)

Amortization of net above (below) market rents

(3)

(333)

499

220

386

Net effect of other lease intangibles

(4)

276

(10)

266

NOI, cash basis

15,807

9,531

2,066

4,227

31,631

Notes:

Three Months Ended June 30, 2011

Retail

Office

Multifamily

Mixed-Use

Total

(Amounts in thousands)

(1) See Glossary of Terms.

(2) Represents

the

straight-line

rent

income

recognized

during

the

period

offset

cash

received

during

the

period

and

the

provision

for

bad

debts

recorded

for

deferred

rent

receivable

balances.

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

(4) Represents

adjustments

amortization

lease

incentives

paid

tenants

and

amortization

lease

intangibles

and

straight-line

rent

expense

for

our

leases

the

Annex

The

Landmark

One

Market

and

retail

space

Waikiki

Beach

Walk

Retail.

Second Quarter 2011 Supplemental Information

Page 14

NOI BREAKDOWN

Portfolio Cash NOI Breakdown

Portfolio GAAP NOI Breakdown

Portfolio Diversification by Geographic Region

Portfolio Diversification by Segment

Portfolio Diversification by Geographic Region

Portfolio Diversification by Segment

Southern

California

41%

Northern

California

17%

Hawaii

28%

Oregon

Texas

Retail

50%

Office

30%

Multifamily

Mixed-Use

13%

Southern

California

41%

Northern

California

17%

Hawaii

27%

Oregon

Texas

Retail

50%

Office

31%

Multifamily

Mixed-Use

13%

Second Quarter 2011 Supplemental Information

Page 15

PROPERTY REVENUE AND OPERATING EXPENSES

Retail Portfolio

Carmel Country Plaza

1,744

384

(361)

Carmel Mountain Plaza

4,429

113

1,278

(1,433)

South Bay Marketplace

1,024

316

(374)

Rancho Carmel Plaza

360

(120)

Lomas Santa Fe Plaza

2,592

514

(650)

Solana Beach Towne Centre

2,656

732

(698)

Del Monte Center

4,088

423

1,695

(2,059)

The Shops at Kalakaua

769

(134)

Waikele Center

8,401

628

2,075

(2,756)

Alamo Quarry Market

5,944

124

2,565

(2,891)

Subtotal Retail Portfolio

32,007

1,541

9,735

(11,476)

Office Portfolio

Torrey Reserve Campus

7,378

295

252

(1,814)

Solana Beach Corporate Centre

3,043

(756)

Valencia Corporate Center

2,239

(755)

160 King Street

2,722

663

522

(1,205)

The Landmark at One Market

9,820

123

449

(3,566)

First & Main

3,233

(984)

Subtotal Office Portfolio

28,435

1,151

1,303

(9,080)

Multifamily Portfolio

Loma Palisades

4,784

334

(1,763)

Imperial Beach Gardens

1,189

(402)

Mariner's Point

551

(208)

Santa Fe Park RV Resort

372

(214)

Subtotal Multifamily Portfolio

6,896

497

(2,587)

Expenses

Property

Base Rent

Income

Reimbursements

Six Months Ended June 30, 2011

Additional

Property

Billed Expense

Operating

(Amounts in thousands)

(5)

(6)

(7)

(8)

(9)

(10)

(1)

(2)

(3)

(4)

Second Quarter 2011 Supplemental Information

Page 16

PROPERTY REVENUE AND OPERATING EXPENSES (CONTINUED)

(Amounts in thousands)

Second Quarter 2011 Supplemental Information

Page 17

SEGMENT CAPITAL EXPENDITURES

Retail Portfolio

280

203

483

495

Office Portfolio

1,404

1,445

1,532

Multifamily Portfolio

Mixed-Use Portfolio

Total

1,684

362

2,046

2,145

Retail Portfolio

658

277

935

947

Office Portfolio

2,174

115

2,289

182

2,471

Multifamily Portfolio

137

Mixed-Use Portfolio

130

Total

2,832

659

3,491

182

3,685

Total Capital

Expenditures

Segment

Tenant

Improvements

and Leasing

Commissions

Maintenance

Capital

Expenditures

Total Capital

Expenditures

Segment

Tenant

Improvements

and Leasing

Commissions

Maintenance

Capital

Expenditures

Redevelopment

and Expansions

New

Development

Redevelopment

and Expansions

New

Development

Total Tenant

Improvements,

Leasing

Commissions and

Maintenance

Expenditures

Total Tenant

Improvements,

Leasing

Commissions and

Maintenance

Expenditures

Three Months Ended June 30, 2011

Six Months Ended June 30, 2011

(Amounts in thousands)

Second Quarter 2011 Supplemental Information

Page 18

Maturity Date

Alamo Quarry Market

(1)(2)

97,026

5.67

7,567

January 8, 2014

91,717

160 King Street

(3)

32,182

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

First & Main

(4)

84,500

3.97

3,397

July 1, 2016

84,500

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)

22,046

7.22

1,836

June 1, 2019

19,443

Torrey Reserve - VCI, VCII, VCIII

(1)

7,421

6.36

560

June 1, 2020

6,439

Solana Beach Corporate Centre I-II

(1)

11,860

5.91

855

June 1, 2020

10,169

Solana Beach Towne Centre

(1)

39,533

5.91

2,849

June 1, 2020

33,898

Total / Weighted Average

961,652

5.45

57,504

938,569

Unamortized fair value adjustment

(17,373)

Debt Balance

944,279

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 is the earlier of the loan maturity date under the loan agreement, or the "Anticipated Repayment Date" as specifically defined in the loan agreement, which is 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.

Balance at

Debt

June 30, 2011

Interest Rate

Service

Maturity

Amount

Outstanding at

Annual Debt

SUMMARY OF OUTSTANDING DEBT

(Amounts in thousands)

Second Quarter 2011 Supplemental Information

Page 19

MARKET CAPITALIZATION

Second Quarter 2011 Supplemental Information

Page 20

SUMMARY OF REDEVELOPMENT OPPORTUNITIES

Potential Future Development/Redevelopment Pipeline

Property

Location

Opportunity

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

1,000

Total

88,300

Complete the facade improvements to the Solana

Beach Towne Centre.

to Date

Construction of a new 10,300 square foot building

and structured parking for retail/restaurant use

oriented toward the Solana Beach Towne Centre.

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.

Estimated

Cost

Construction Cost

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 two class "A" office buildings for a

total of 79,053 square feet with subterranean

parking.

(Dollar amounts in thousands)

Note: The Lloyd District Portfolio development pipeline is not included as the property was not acquired until July 1, 2011.

Second Quarter 2011 Supplemental Information

PORTFOLIO DATA

Second Quarter 2011 Supplemental Information

Page 22

PROPERTY REPORT

As of June 30, 2011

Net

Number

Rentable

Year Built/

Square

Location

Renovated

Buildings

Feet

(1)

Retail Properties

Carmel Country Plaza

San Diego, CA

1991

77,813

100.0

3,515,846

45.18

Sharp Healthcare, Frazee Industries Inc.

Carmel Mountain Plaza

(7)

San Diego, CA

1994

520,228

82.9

8,686,016

20.14

Sears

Sports Authority, Reading Cinemas

South Bay Marketplace

(7)

San Diego, CA

1997

132,873

100.0

2,067,796

15.56

Office Depot Inc., Ross Dress for Less

Rancho Carmel Plaza

San Diego, CA

1993

30,421

74.5

713,589

31.47

Oggi's

Pizza & Brewing Co., Sprint PCS Assets

Lomas Santa Fe Plaza

Solana Beach, CA

1972/1997

209,569

97.6

5,257,257

25.71

Vons, Ross Dress for Less

Del Monte Center

(7)

Monterey, CA

1967/1984/2006

674,224

97.2

8,789,864

13.41

Macy's, KLA Monterey

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

90.9

17,014,540

34.81

Old Navy, Officemax

Alamo Quarry Market

(7)

San Antonio, TX

1997/1999

589,479

98.9

11,808,839

20.26

Regal Cinemas

Bed Bath & Beyond, Whole Foods Market

Subtotal/Weighted Average Retail Portfolio

2,784,302

93.7

59,388,775

22.77

Office Properties

Torrey Reserve Campus

San Diego, CA

1996-2000

456,801

93.1

14,795,889

34.78

Valencia Corporate Center

Santa Clarita, CA

1999-2007

194,268

80.9

4,493,083

28.58

160 King Street

San Francisco, CA

2002

167,986

95.2

5,467,207

34.18

Subtotal/Weighted Average Office Portfolio

819,055

90.7

24,756,179

33.34

Total/Weighted Average Retail and Office Portfolio

100

3,603,357

93.0

84,144,954

25.11

Number

Year Built/

Location

Renovated

Buildings

Units

Loma Palisades

San Diego, CA

1958/2001-2008

548

100.0

10,392,072

1,580

Imperial Beach Gardens

Imperial Beach, CA

1959/2008-present

160

96.9

2,674,296

1,437

Mariner's Point

Imperial Beach, CA

1986

98.9

1,173,900

1,124

Santa Fe Park RV Resort

(8)

San Diego, CA

1971/2007-2008

126

88.0

968,388

728

Total/Weighted Average Multifamily Portfolio

115

922

97.7

15,208,656

1,407

Net

Number

Rentable

Year Built/

Square

Location

Renovated

Buildings

Feet

(1)

Retail Property

Solana Beach Towne Centre

Solana Beach, CA

1973/2000/2004

246,730

97.7

5,306,176

22.01

Dixieline Probuild, Marshalls

Office Properties

Solana Beach Corporate Centre

Solana Beach, CA

1982/2005

211,971

84.1

5,691,424

31.94

The Landmark at One Market

(9)

San Francisco, CA

1917/2000

421,934

100.0

18,289,232

43.35

First & Main

Portland, OR

2010

363,763

96.5

10,548,509

30.04

Subtotal/Weighted Average Office Portfolio

997,668

95.4

34,529,165

36.30

Total/Weighted Average Retail and Office Portfolio

1,244,398

95.8

39,835,341

33.41

Lowe's, Kmart, Sports Authority,

Foodland Super Martket

Square Foot

(4)

Property

Leased

(2)

Base Rent

(3)

Leased Unit

(4)

Non -

Same Store Retail and Office Portfolios

Same -

Store Multifamily Portfolio

Average

Monthly

Percentage

Annualized

Base Rent per

Same -

Store Retail and Office Portfolios

Annualized

Base Rent

Retail Anchor Tenant(s)

(5)

Other Principal Retail Tenants

(6)

Percentage

Annualized

per Leased

Property

Leased

(2)

Base Rent

(3)

Square Foot

(4)

Annualized

Base Rent

Property

Retail Anchor Tenant(s)

(5)

Other Principal Retail Tenants

(6)

Percentage

Annualized

per Leased

Leased

(2)

Base Rent

(3)

Second Quarter 2011 Supplemental Information

Page 23

PROPERTY REPORT (CONTINUED)

Net

Number

Rentable

Year Built/

Square

Location

Renovated

Buildings

Feet

(1)

Waikiki Beach Walk - Retail

Honolulu, HI

2006

96,569

97.6

9,388,624

99.57

Yardhouse, Ruths Chris

Number

Year Built/

Location

Renovated

Buildings

Units

Waikiki Beach Walk - Embassy Suites™

Honolulu, HI

2008

369

87.3

233.94

204.23

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

Leased Pursuant

Annualized

Property

Ground 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)

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 June 30, 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.

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 an affiliate of the 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.

Average occupancy represents the percentage of available units that were sold during the 6-month period ended June 30, 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 6-month period ended June 30, 2011, by the number of units sold. Revenue per available room, or RevPAR, represents the total unit revenue per total available units for the 6-month period ended June 30, 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.

Hotel Portion

Occupancy

(10)

Daily Rate

(10)

Room

(10)

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 June 30, 2011, including leases which may not have commenced as of June 30, 2011. Percentage leased for our

multifamily properties includes total units rented as of June 30, 2011.

Annualized base rent is calculated by multiplying base rental payments (defined as cash base rents (before abatements)) for the month ended June 30, 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 June 30, 2011. Annualized base rent per leased unit is calculated by dividing annualized base rent, by units under lease as of June 30,

2011.

Non - Same Store Mixed-Use Portfolio

Annualized

Base Rent

Retail Anchor

Tenant(s)

(5)

Other Principal Retail

Tenants

(6)

Percentage

Annualized

per Leased

Retail Portion

Leased

(2)

Base Rent

(3)

Square Foot

(4)

Annualized

Revenue per

Average

Available

As of June 30, 2011

Second Quarter 2011 Supplemental Information

Page 24

RETAIL LEASING SUMMARY

As of June 30, 2011

Second Quarter 2011 Supplemental Information

Page 25

OFFICE LEASING SUMMARY

As of June 30, 2011

Total Lease Summary -

Comparable

(1)

Number of

Quarter

Leases Signed

Lease Term

(4)

2nd Quarter 2011

100

81,360

39.25

45.54

(512,187)

(13.8)

(0.9)

5.8

231,839

2.85

1st Quarter 2011

100

31,298

32.88

37.54

(145,946)

(12.4)

(2.3)

2.5

57,520

1.84

Total 6 months

100

112,658

37.48

43.32

(658,133)

(13.5)

(1.2)

4.9

289,359

2.57

New

Lease

Summary

Comparable

(1)

Number of

Quarter

Leases Signed

Lease Term

(4)

2nd Quarter 2011

68,085

40.69

46.47

(393,958)

(12.5)

1.1

6.5

212,691

3.12

1st Quarter 2011

5,066

33.90

42.78

(44,982)

(20.8)

(14.0)

4.2

5,938

1.17

Total 6 months

73,151

40.22

46.22

(438,940)

(13.0)

0.1

6.4

218,629

2.99

Renewal

Lease

Summary

Comparable

(1)(5)

Number of

Quarter

Leases Signed

Lease Term

(4)

2nd Quarter 2011

13,275

31.86

40.76

(118,229)

(21.8)

(12.8)

1.7

19,149

1.44

1st Quarter 2011

26,232

32.68

36.53

(100,964)

(10.5)

0.5

2.2

51,582

1.97

Total 6 months

39,507

32.40

37.95

(219,193)

(14.6)

(4.3)

2.0

70,731

1.79

Total Lease Summary -

Comparable and Non-Comparable

Number of

Quarter

Leases Signed

Signed

2nd Quarter 2011

94,851

38.25

5.8

711,785

7.50

1st Quarter 2011

43,502

32.44

2.7

141,420

3.25

Total 6 months

138,353

36.42

4.8

853,205

6.17

(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.

Tenant

Net Rentable

Contractual

Annual

Change

Cash Basis

Straight-Line

Weighted

Average

Tenant

Improvements

& Incentives

Basis % Change

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Rent

Over Prior Rent

& Incentives

Per Sq. Ft.

in Rent

Tenant

Net Rentable

Contractual

Annual

Change

Cash Basis

Straight-Line

Weighted

Average

Tenant

Improvements

& Incentives

Basis % Change

% of Comparable

Square Feet

Prior Rent

% Change

Per Sq. Ft.

Tenant

Net Rentable

Contractual

Annual

Change

Cash Basis

Straight-Line

Weighted

Average

Tenant

Improvements

& Incentives

Over Prior Rent

& Incentives

Basis % Change

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

in Rent

% of Comparable

Square Feet

Rent

Prior Rent

% Change

Leases Signed

Signed

Per Sq. Ft.

(2)

Per Sq. Ft.

(3)

Net Rentable

Contractual

Weighted

Average

Tenant

Improvements

Square Feet

Rent

Improvements

& Incentives

Per Sq. Ft.

(2)

Lease Term

(4)

& Incentives

Per Sq. Ft.

Tenant

Over Prior Rent

& Incentives

Second Quarter 2011 Supplemental Information

Page 26

LEASE EXPIRATIONS

Assumes no exercise of lease options

Office

Retail

Mixed-Use (Retail Portion Only)

Total

Expiring

Sq. Ft.

21,028

1.2

0.4

12.17

11,129

0.4

0.2

23.76

7,615

7.9

0.2

40.76

39,772

0.8

20.89

39,287

2.2

0.8

28.90

55,920

1.8

1.1

31.69

360

0.4

0.0

194.88

95,567

1.9

31.16

154,530

8.5

3.1

33.10

329,256

10.9

6.7

24.05

6,184

6.4

0.1

163.76

489,970

9.9

28.67

188,542

10.4

3.8

33.55

519,415

17.1

10.5

24.17

7,065

7.3

0.1

145.95

715,022

14.5

27.84

90,514

5.0

1.8

34.69

427,246

14.1

8.6

26.03

1,959

2.0

0.0

116.83

519,719

10.5

27.88

207,619

11.4

4.2

37.39

221,132

7.3

4.5

25.37

12,697

13.1

0.3

153.03

441,448

8.9

34.70

151,668

8.3

3.1

29.72

122,640

(4)(5)

4.0

2.5

37.21

10,191

10.6

0.2

171.11

284,499

5.8

38.01

120,901

(2)

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

45.50

737,758

24.3

14.9

15.51

4,673

4.8

0.1

139.02

778,657

15.7

17.64

225,679

(3)

12.4

4.6

44.25

70,197

2.3

1.4

26.80

11,690

12.1

0.2

51.73

307,566

6.2

40.55

225,108

12.4

4.6

35.12

118,506

3.9

2.4

8.79

17,843

18.5

0.4

41.30

361,457

7.3

26.79

Thereafter

208,215

11.4

4.2

32.74

120,381

4.1

2.4

25.71

9,382

9.7

0.2

46.20

337,978

6.9

30.61

Signed Leases

38,437

2.1

0.8

19,537

0.6

0.4

57,974

1.2

Not Commenced

Available

108,969

6.0

2.2

166,666

5.5

3.4

2,282

2.4

0.0

277,917

5.6

Total

1,816,723

100.0

36.7

32.63

3,031,032

100.0

61.3

21.13

96,569

100.0

1.9

97.22

4,944,324

100.0

26.84

��

Assumes all lease options are exercised

Office

Retail

Mixed-Use (Retail Portion Only)

Total

Expiring

Sq. Ft.

21,028

1.2

0.4

12.17

11,129

0.4

0.2

23.76

7,615

7.9

0.2

40.76

39,772

0.8

20.89

28,549

1.6

0.6

25.14

47,522

1.6

1.0

30.59

360

0.4

0.0

194.88

76,431

1.5

29.33

87,482

4.8

1.8

35.87

111,839

3.7

2.3

29.77

6,184

6.4

0.1

163.76

205,505

4.2

36.40

87,648

4.8

1.8

36.00

104,912

3.5

2.1

36.19

7,065

7.3

0.1

145.95

199,625

4.0

39.99

19,184

1.1

0.4

32.81

179,978

5.9

3.6

35.58

1,959

2.0

0.0

116.83

201,121

4.1

36.11

107,157

5.9

2.2

36.64

44,830

1.5

0.9

39.24

12,697

13.1

0.3

153.03

164,684

3.3

46.32

133,920

7.4

2.7

29.50

66,344

(4)

2.2

1.3

33.32

10,191

10.6

0.2

171.11

210,455

4.3

37.56

74,500

4.1

1.5

29.71

84,432

2.8

1.7

30.71

4,628

4.8

0.1

134.78

163,560

3.3

33.20

96,210

5.3

1.9

31.49

186,879

6.2

3.8

23.38

4,673

4.8

0.1

139.02

287,762

5.8

27.97

55,454

3.1

1.1

35.58

142,792

4.7

2.9

22.08

11,690

12.1

0.2

51.73

209,936

4.2

27.29

88,652

4.9

1.8

33.24

299,889

9.9

6.1

15.58

17,843

18.5

0.4

41.30

406,384

8.2

20.56

Thereafter

869,533

(2)(3)

47.7

17.6

38.35

1,564,283

(5)

51.5

31.6

19.20

9,382

9.7

0.2

46.20

2,443,198

49.5

26.12

Signed Leases

38,437

2.1

0.8

19,537

0.6

0.4

57,974

1.2

Not Commenced

Available

108,969

6.0

2.2

166,666

5.5

3.4

2,282

2.4

0.0

277,917

5.6

Total

1,816,723

100.0

36.8

32.63

3,031,032

100.0

61.3

21.13

96,569

100.0

1.9

97.22

4,944,324

100.0

26.84

Per Sq. Ft.

(1)

2017

2018

2019

2020

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Annualized

Office

Total

Base Rent

Retail

Total

Base Rent

Mixed-Use

Total

Base Rent

Total

Base Rent

Annualized

% of

Annualized

% of

Annualized

% of

Per Sq. Ft.

(1)

2017

2018

2019

2020

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

Per Sq. Ft.

(1)

Sq. Ft.

2016

Annualized

Office

Total

Base Rent

Retail

Total

Base Rent

Mixed-Use

Total

Base Rent

Total

Base Rent

Annualized

% of

Annualized

% of

Annualized

% of

Year

Month to Month

2011

2012

2013

2014

2015

2016

Year

Month to Month

2011

2012

2013

2014

2015

As of June 30, 2011

Second Quarter 2011 Supplemental Information

Page 27

LEASE EXPIRATIONS (CONTINUED)

Notes:

(1)

(2)

(3)

(4)

(5)

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 as cash base rents (before abatements)) for the

month ended June 30, 2011 for the leases expiring during the applicable period, by (ii) 12.

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 from December 31, 2012 through December 31, 2017 with an option to extend the lease through December 31, 2024.

The expirations include 56,963 square feet currently leased by DLA Piper at 160 King Street with a lease termination of February 28, 2012, for which Ancestry.com

has signed an agreement to lease the space upon lease termination from May 1, 2012 through April 30, 2019 with an option to extend the lease through April 30,

2029.

The expirations include 2,024 square feet leased by Ocean Breeze Realty through June 30, 2011 at Lomas Santa Fe Plaza , for which JP Morgan has signed an

agreement to lease the space from July 18, 2011 through September 30, 2016 with an option to extend the lease through September 30, 2026.

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.

Second

Quarter

2011

Supplemental

Information

Page 28

PORTFOLIO LEASED STATISTICS

Size

Leased

(1)

Leased %

Size

Leased

(1)

Leased %

Overall Portfolio Statistics

Retail Properties (square feet)

3,031,032

2,849,270

94.0%

2,704,243

2,605,819

96.4%

Office Properties (square feet)

1,816,723

1,693,833

93.2%

1,240,989

1,159,627

93.4%

Multifamily Properties (units)

922

901

97.7%

922

859

93.2%

Mixed-Used Properties (square feet)

96,569

94,287

97.6%

Mixed-Used Properties (units)

369

322

(6)

87.3%

Same-Store

(2)

Statistics

Retail Properties (square feet)

2,704,302

(3)

2,608,205

96.4%

2,704,243

2,605,819

96.4%

Office Properties (square feet)

1,240,989

(4)

1,164,533

93.8%

1,240,989

(7)

1,159,627

93.4%

Multifamily Properties (units)

922

901

97.7%

922

859

93.2%

Mixed-Used Properties (square feet)

(5)

Mixed-Used Properties (units)

(5)

Notes:

(2) See Glossary of Terms.

(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 six months ended June 30, 2011.

(7) Includes The Landmark at One Market as the controlling interest in this entity was acquired on June 30, 2010.

At June 30, 2011

At June 30, 2010

Type

(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.

(3) Excludes

Solana

Beach

Towne

Centre

the

controlling

interest

this

entity

was

acquired

January

19,

2011.

Also

excludes

80,000

square

building

Carmel

Mountain

Plaza

acquired on November 10, 2010.

Second Quarter 2011 Supplemental Information

Page 29

TOP TENANTS -

RETAIL

As of June 30, 2011

Second Quarter 2011 Supplemental Information

Page 30

TOP TENANTS -

OFFICE

As of June 30, 2011

Second Quarter 2011 Supplemental Information

APPENDIX

Second Quarter 2011 Supplemental Information

Page 32

GLOSSARY OF TERMS

Second Quarter 2011 Supplemental Information

Page 33

GLOSSARY OF TERMS (CONTINUED)

Second Quarter 2011 Supplemental Information

Page 34

GLOSSARY OF TERMS (CONTINUED)

Overall Portfolio:

Includes all operating properties owned by us as of June 30, 2011.

Retail Properties

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

Office Properties

Torrey Reserve

Solana Beach Corporate Centre

Valencia Corporate Center

160 King Street

The Landmark at One Market

First & Main

Multifamily Properties

Loma Palisades

Imperial Beach Gardens

Mariner's Point

Santa Fe Park RV Resort

Mixed-Use Properties

Waikiki Beach Walk -

Retail

Waikiki Beach Walk -

Embassy Suites™

Development Properties

Sorrento Pointe -

Land

Torrey Reserve -

Land

Solana Beach -

Land

Comparison of Q2 2011 to Q2 2010

Same-Store

Non-Same Store

operated for the entirety of both periods being compared and excludes properties that were redeveloped, expanded or under development and properties purchased or

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

comparative periods presented.

Same-Store Portfolio and Non-Same Store Portfolio:

Information provided on a same-store basis is provided for only those properties that were owned and

Tenant

Improvements

and

Incentives:

Represents

not

only

the

total

dollars

committed

for

the

improvement

(fit-out)

space

relates

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.

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