Core Points - American Assets Trust, Inc. will announce its fourth quarter and year-end 2024 earnings on February 4, 2025, after market close [1] - A conference call for the earnings announcement is scheduled for February 5, 2025, at 8:00 a.m. Pacific Time [1] - The company is a vertically integrated and self-administered real estate investment trust (REIT) with over 55 years of experience in the real estate sector [3] Company Overview - American Assets Trust, Inc. is headquartered in San Diego, California, and specializes in acquiring, improving, developing, and managing office, retail, and residential properties [3] - The company's office portfolio comprises approximately 4.1 million rentable square feet, while its retail portfolio includes about 3.1 million rentable square feet [3] - The company also owns a mixed-use property with approximately 94,000 rentable square feet of retail space and a 369-room all-suite hotel, along with 2,110 multifamily units [3]

Core Insights - Keefe, Bruyette & Woods, Inc. announces the upcoming index rebalancing for the fourth quarter of 2024, effective prior to the opening of business on December 23, 2024 [1][3] Index Changes - Four indexes will undergo constituent changes: - KBW Nasdaq Capital Markets Index (KSX) - KBW Nasdaq Financial Technology Index (KFTX) - KBW Nasdaq Financial Sector Dividend Yield Index (KDX) - KBW Nasdaq Premium Yield Equity REIT Index (KYX) [2] Component-Level Changes - **KBW Nasdaq Capital Markets Index (KSX)** - **Additions (7)**: Euronet Worldwide, Guidewire Software, Paymentus Holdings, Payoneer Global, Q2 Holdings, Remitly Global, Upstart Holdings [4] - **Deletions (6)**: Equifax, Fair Isaac Corp, Moody's Corp, SEI Investments, TransUnion, Virtu Financial [4] - **KBW Nasdaq Financial Technology Index (KFTX)** - **Additions (6)**: Apollo Global Management, Ares Management, Blue Owl Capital, Interactive Brokers, Robinhood Markets, Tradeweb Markets [6] - **Deletions (5)**: Brookfield Corp, Janus Henderson Group, SEI Investments, State Street Corp, Virtu Financial [5] - **KBW Nasdaq Financial Sector Dividend Yield Index (KDX)** - **Additions (15)**: AllianceBernstein, Arbor Realty Trust, Capitol Federal Financial, Carlyle Secured Lending, CION Investment, Flushing Financial, Franklin Resources, Invesco Mortgage Capital, Kearny Financial, Main Street Capital, New Mountain Finance, Oaktree Specialty Lending, Orchid Island Capital, PennantPark Floating Rate Capital, PennyMac Mortgage Investment Trust [7] - **Deletions (14)**: Apollo Commercial Real Estate Finance, Ares Commercial Real Estate, Capital Southwest, Eagle Bancorp, Flagstar Financial, Jackson Financial, Janus Henderson Group, KeyCorp, KKR Real Estate Finance, Lazard, Prospect Capital, Runway Growth Finance, TPG RE Finance Trust, TriplePoint Venture Growth BDC [7] - **KBW Nasdaq Premium Yield Equity REIT Index (KYX)** - **Additions (10)**: Brandywine Realty Trust, Clipper Realty, Community Healthcare Trust, CTO Realty Growth, Kilroy Realty, NexPoint Diversified Real Estate Trust, Park Hotels & Resorts, Peakstone Realty Trust, RLJ Lodging Trust [8] - **Deletions (8)**: American Assets Trust, Kimco Realty, LTC Properties, Office Properties, Piedmont Office Realty Trust, Service Properties Trust, SL Green Realty, WP Carey [8] Additional Information - Several KBW Nasdaq indexes have tradable exchange-traded funds licensed, including the KBW Nasdaq Bank Index, KBW Nasdaq Capital Markets Index, KBW Nasdaq Insurance Index, and others [8]

Group 1 - iREIT® offers in-depth research on various investment vehicles including REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, Builders, and Asset Managers, with a tracker covering over 250 tickers [1] - The investing group iREIT®+HOYA Capital, led by Brad and HOYA Capital, focuses on income-oriented alternatives and has a team with over 100 years of combined experience [2] - Brad Thomas has extensive experience in real estate investing, having been involved in over $1 billion in commercial real estate transactions and is a published author [3]

REIT Performance Overview - The REIT sector experienced a decline in October with an average total return of -3.42%, underperforming the broader market indices such as NASDAQ (-0.5%), S&P 500 (-0.9%), and Dow Jones Industrial Average (-1.3%) [1][2] - Year-to-date, the Vanguard Real Estate ETF (VNQ) has outperformed the average REIT, returning +9.72% compared to +6.48% for the average REIT [1] - The spread between the 2024 FFO multiples of large cap REITs (19.5x) and small cap REITs (13.7x) indicates that investors are paying 42.3% more for each dollar of FFO from large cap REITs [1][11] Market Capitalization Performance - Micro cap REITs led in October with a return of -2.04%, while large caps averaged -3.89% and small caps -4.62% [4][5] - Over the first ten months of 2024, large cap REITs outperformed small caps by 770 basis points [4] Property Type Performance - Only 22.2% of REIT property types had a positive total return in October, with a 14.60% spread between the best (Data Centers +5.52%) and worst performing property types (Self Storage -9.08%) [7][8] - Data Centers were the top performers in October, with Digital Realty Trust (DLR) leading at +10.13% [7] - Self Storage REITs saw the largest decline, with National Storage Affiliates Trust (NSA) experiencing a -12.55% drop [8] Year-to-Date Performance by Property Type - Data Centers (+43.62%) and Advertising (+31.78%) have been the best performing property types year-to-date, while Hotels (-9.80%) and Timber (-8.33%) were the worst [10] FFO Multiples and Valuation - The average P/FFO for the REIT sector decreased from 15.5x to 14.9x in October, with 83.3% of property types experiencing multiple contraction [11] - Data Centers currently trade at the highest average multiples among REIT property types at 33.8x [11] Individual Security Performance - Power REIT (PW) outperformed all other equity REITs in October with a return of +45.95% and a year-to-date return of +69.31% [13] - Service Properties Trust (SVC) was the worst performer in October, with a decline of -29.62% following plans to sell half of its hotel portfolio [14] Overall Sector Performance - Only 27.10% of REITs had a positive total return in October, contrasting with a negative average return of -10.46% for the first ten months of 2023 [15] - The REIT sector has shown improved performance in 2024 with an average total return of +6.48% [15] Dividend Yield Insights - High dividend yields are a significant attraction for investors in the REIT sector, with many REITs trading below their NAV [18] - Creative Media & Community Trust has the highest dividend yield at 35.8%, followed by Global Net Lease at 14.1% [19]

Company Overview - American Assets Trust (AAT) is part of the Finance sector, which includes 871 individual stocks and ranks 1 in the Zacks Sector Rank [2] - AAT is categorized under the REIT and Equity Trust - Retail industry, which consists of 20 companies and currently ranks 75 in the Zacks Industry Rank [6] Performance Metrics - AAT has gained approximately 23.7% year-to-date, outperforming the average return of 23.5% for Finance companies [4] - Over the past 90 days, the Zacks Consensus Estimate for AAT's full-year earnings has increased by 9.1%, indicating improved analyst sentiment [4] - In comparison, another Finance sector stock, Applied Digital Corporation (APLD), has achieved a year-to-date return of 35.9% with a consensus EPS estimate increase of 65.9% over the past three months [5] Industry Context - Stocks in the REIT and Equity Trust - Retail industry have gained about 10.2% year-to-date, showing that AAT is performing better than its industry peers [6] - The Financial - Miscellaneous Services industry, which includes APLD, has seen a year-to-date increase of 17.6% and consists of 84 stocks ranked 59 [7]

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment Group 1: Company Earnings Estimates - American Assets Trust, Inc. (AAT) has seen a 10% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Quad/Graphics, Inc. (QUAD) has experienced a 10.5% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Corcept Therapeutics Incorporated (CORT) has seen a 13.6% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Comerica Incorporated (CMA) has experienced a 6.3% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - ADT Inc. (ADT) has seen a 12.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3]

Group 1: Stock Recommendations - Quad/Graphics, Inc. (QUAD) has a Zacks Rank 1 and a 10.5% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days, with a P/E ratio of 7.57 compared to the industry average of 15.10, and a Value Score of A [1] - ADT Inc. (ADT) also holds a Zacks Rank 1, with a 12.1% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days, a P/E ratio of 9.80 versus the industry average of 14.70, and a Value Score of A [2] - American Assets Trust, Inc. (AAT) carries a Zacks Rank 1, with a 10% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days, a P/E ratio of 10.53 compared to the industry average of 14.70, and a Value Score of B [3]

Core Viewpoint - Three stocks are highlighted for investors to consider, all with strong income characteristics and a buy rank as of November 5th Group 1: American Assets Trust, Inc. (AAT) - AAT is a self-administered real estate investment trust with a Zacks Rank 1 [1] - The Zacks Consensus Estimate for its current year earnings has increased by 10% over the last 60 days [1] - AAT offers a dividend yield of 5%, which is higher than the industry average of 3.9% [1] Group 2: Comerica Incorporated (CMA) - CMA provides financial products and services and holds a Zacks Rank 1 [2] - The Zacks Consensus Estimate for its current year earnings has risen by 6.3% over the last 60 days [2] - CMA has a dividend yield of 4.5%, surpassing the industry average of 3.4% [2] Group 3: Provident Financial Holdings, Inc. (PROV) - PROV is a bank holding company for Provident Savings Bank, F.S.B. and has a Zacks Rank 1 [3] - The Zacks Consensus Estimate for its current year earnings has increased by 5% over the last 60 days [3] - PROV offers a dividend yield of 3.6%, which is above the industry average of 3% [3]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to AMERICAN ASSETS TRUST, INC. (Exact Name of Registrant as Specified in its Charter) Commission file number: 001-35030 AMERICAN ASSETS TRUST, L.P. ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, November 1st:American Assets Trust (AAT) : This real estate investment trust, or REIT, that owns, operates, acquires and develops retail and office properties primarily in Southern California, Northern California and Hawaii, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 10.0% over the last 60 days.This Zacks Rank #1 (Strong Buy) company has a dividend yield of 5%, comp ...