American Assets Trust, Inc.

Good morning and welcome to the American Assets Trust first quarter 2026 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touch-tone phone. To withdraw your questions, please press star then two. Please note this event is being recorded. I would now like to turn the call over to Meliana Leverton, Associate General Counsel of American Assets Trust. Please go ahead.

Thank you and good morning. The statements made on this earnings call include forward-looking statements based on current expectations, which statements are subject to risks and uncertainties discussed in the company's filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements as actual events could cause the company's results to differ materially from these forward-looking statements. Yesterday afternoon, American Assets Trust earnings release and supplemental information were furnished to the SEC on Form 8-K. Both are now available on the investor section of its website, AmericanAssetsTrust.com. It is now my pleasure to turn the call over to Adam Weil, President and CEO of American Assets Trust.

Good morning, everyone, and thank you for joining us today. At American Assets Trust, we continue to approach this market with the same mindset that has guided us across cycles, patient, disciplined, and with a long-term focus. That mindset, combined with the quality of our assets and our platform, guides how we allocate capital, manage risk, and run our business. We started 2026 in line with our expectations, generating 51 cents of FFO per diluted share, and continuing to make progress against the priorities we laid out last quarter. Across the portfolio, we saw encouraging activity, most notably in office leasing, while our retail assets remained highly leased and consistent, our multifamily teams operated well through a competitive supply environment, and Waikiki Beachwalk delivered steady results against a still-mixed tourism backdrop. Before turning to the portfolio, I want to highlight a significant balance sheet accomplishment. On April 1st, we successfully completed the recast and upsize of our unsecured credit facility. We increased our revolving line of credit from $400 million to $500 million and extended the maturity of the revolver in our $100 million term loan to April 1st, 2030. Altogether, this facility provides us with $600 million of total unsecured borrowing capacity. This outcome reflects the quality of our portfolio, the strength of our banking relationships, and the confidence of our lender group has in our credits. Importantly, it gives us enhanced financial flexibility and runway as we execute our leasing and operating objectives now with no debt maturities until 2027. That added capacity is particularly valuable in the current market. While the macro backdrop remains uneven, our tenants are generally well capitalized, and the markets where we operate continue to benefit from diversified economies, strong demographics, and meaningful barriers to new supply. Those structural advantages matter, particularly during periods when the broader landscape is less predictable. One topic that has generated considerable discussion in our office segment is artificial intelligence. AI is driving investment, business formation, and growth across technology, infrastructure, and innovation-oriented companies, along with the professional and advisory ecosystem that supports them. While its impact on office demand will vary by industry, we believe the net effect in our markets has been constructive. At the same time, the bar for office space keeps rising. When companies make office commitments today, they are focused on location, amenities, flexibility, ownership quality, and the ability to attract talent, attributes that define our coastal office portfolio. On our own platform, we are investing in technology to improve how we operate, from work order management and preventative maintenance analytics to tenant communication tools, while also building the data foundation for future AI capabilities. We are early in this effort, but we believe it can become a differentiator as we improve the tenant experience and our operating margins. In office, the momentum we flagged last quarter carried forward. Demand concentrates at the top of the market in well-located, well-amenitized buildings with strong ownership. That is where we compete. Our office portfolio ended the quarter 84.5% leased, and our same-store office portfolio ended the quarter 86% leased. Same-store office cash NOI came in essentially flat year over year, modestly ahead of our internal expectations, reflecting the known move-outs we've previously discussed. During the quarter, we executed approximately 237,000 square feet of office leases, with comparable cash leasing spreads of 4.8% and straight-line leasing spreads of 10.6%. Meanwhile, of our 14 non-comparable leases in Q1, which are now separately disclosed in our supplemental, Twelve were new tenants, nine of which were in our spec suite program, underscoring the role that program is playing in converting demand into executed leases. We entered the second quarter on solid footing, including approximately 244,000 square feet of previously signed leases not yet commenced, another 122,000 square feet in lease documentation, and a proposal pipeline of over 200,000 square feet. At La Jolla Commons Tower 3, the building is currently 49% leased with proposals out on another 30% of the building. The UTC submarket has limited large block availabilities outside of Tower 3, and with no meaningful new supply on the horizon, we believe we are in a strong position to capture large tenant requirements in the submarket, including several active requirements we are tracking today. At 1 Beach Street, the building is currently 36% leased. While one larger opportunity we referenced last quarter did not move forward, our leasing focus has shifted toward building a broader pipeline of smaller and mid-sized tenants. We already have permits in hand and work underway to advance our spec suite build-out, positioning us to capture tenants seeking high-quality, move-in-ready space. Prospect activity has improved, and the execution across the portfolio has been strong. We remain confident that the trajectory of our office portfolio, including our progress toward stabilizing Tower 3 and and One Beach will translate into increased cash flow as these leases convert to revenue. Last quarter, I mentioned our goal of ending the year between 85% and 88% leased across our office portfolio. Since then, we learned that Genentech at Lloyd District, approximately 67,000 square feet, reversed course on a short-term renewal and will be vacating in Q4. The space itself has turned key and modern, and we believe it will show well on the market. However, the vacancy was not in our assumptions last quarter, and as a result, we are now targeting the lower end of that range. We have some work to do, but reaching that level would still represent a meaningful step forward. Retail remains a source of consistent, reliable performance. Our retail portfolio ended the quarter 98% leased, and we executed approximately 39,000 square feet of leasing during the period, with average base rents reaching a new portfolio record of $30 per square foot. Same-store cash NOI was modestly below the prior year period, primarily due to the temporary impact of vacancies from two former party city spaces and a former discount tire space. The discount tire space and one of the two party city spaces are already released, with cash rents expected to commence later this year. Tenant health across the retail portfolio is strong. Leasing demand is solid, and our centers benefit from affluent, supply-constrained trade areas with limited new competition. Less than 3% of our retail square footage expires this year, and we are actively engaged on upcoming rollover. While we are closely monitoring the consumer in an uncertain economic climate, we believe the demographics surrounding our retail assets support a resilient spending base and a steady cash flow profile. In multifamily, same-store cash in Hawaii increased 3% year-over-year, a solid result given the competitive supply landscape in San Diego and Portland. Excluding the RV park, Our multifamily portfolio ended the quarter 96% leased. In San Diego, our apartment communities ended the quarter 98% leased. And excluding our newest acquisition, Genesee Park, net effective rents in San Diego were up just over 1% compared to the prior year period. In Portland, Haslo on 8th ended the quarter at 93% leased, up an additional 4% from a year ago. Net effective rents were essentially flat, which we view as a reasonable outcome in the current Portland market. The recovery remains gradual, and our focus right now is on protecting occupancy while positioning for better growth as supply moderates. As we have noted, 2026 is more of a stabilization year for multifamily than a recovery year, and we are focused on optimizing pricing, maintaining occupancy, and tightly managing controllable expenses. At Waikiki Beachwalk, our retail component continued to perform well year over year, partially offsetting softness on the hotel side, with overall mixed-use cash NOI down modestly versus the prior year period. We believe in the long-term value of this irreplaceable fee simple asset and are focused on driving performance across both the hotel and retail components. Finally, I'm pleased to share that our board has approved a quarterly dividend of $0.34 per share payable on June 18th to shareholders of record as of June 4th. While our payout ratio remained elevated in the quarter, much of that reflects leasing-related capital tied to signed leases and our spec suite program, both of which are intended to drive occupancy and future NOI growth. We continue to have conviction in the long-term cash flow profile of the portfolio and are comfortable maintaining the current dividend at this point in time. Bob will provide more detail on the payout ratio and its expected moderation in just a moment. In closing, we are pleased with how we have begun 2026. We are converting leasing activity into future revenue, strengthening our balance sheet and executing against the plan we laid out entering 2026. Our priorities for the year are unchanged. Advanced office leasing, protect the steady cash flow from our retail and multifamily platforms and remain disciplined in how we allocate capital. At our core, we own irreplaceable coastal real estate. We operate through a vertically integrated platform and we manage this business with a long-term perspective. We are in a good position, and our focus is on converting that position into earnings growth. With that, I will turn the call over to Bob, who will walk through the financial report in more detail.