American Assets Trust

Recent actions show discipline and targeted recycling: sold Del Monte Center for 123.5 million with a 44.5 million gain, acquired Genesee Park multifamily for 67.9 million funded largely with sale proceeds, and placed La Jolla Commons III into service.

Capex and TI/LC are focused on high‑yield repositionings, with 2025 recurring TI/LC plus capital expenditures totaling about 57.6 million. No aggressive buybacks given a high dividend payout and balance‑sheet priorities; dilution remains modest with a stable share and unit count.

Overall, capital deployment is rational with a bias to quality coastal hard assets.