American Assets Trust, Inc.

Good morning and welcome to the American Assets Trust, Inc.'s second quarter 2026 earnings call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. 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 released a supplemental are furnished to the SEC on Form 8K. Both are now available on the Investors section of its website, AmericanAssetsTrust.com. It is now my pleasure to turn the call over to Adam Wyll, President and CEO of American Assets Trust.

Good morning, everyone, and thank you for joining us today. At American Assets Trust, we manage our business with patience, discipline, and a long-term focus, regardless of where we are in the economic cycle, letting the quality of our assets and our activities platform do the heavy lifting. That consistency has served us well through the first half of 2026, even as economic conditions and capital markets are still uneven. For the second quarter, we generated 51 cents of FFO per diluted share ahead of our internal expectations. Portfolio-wide, same-store cash in Hawaii increased 0.3% or 1.3%, excluding a one-time reserve for an office tenant receivable. At mid-year, our current outlook supports the midpoint of our full-year FFO guidance range, with potential to move into the upper half if several operating variables develop favorably. Bob will discuss those factors and the key moving pieces shortly. The broader economy presents a mixed but generally resilient picture. Growth is solid and unemployment remains low, while hiring has moderated and inflation, although still above target, eased in the latest reading. For commercial real estate, that backdrop supports tenant demand, while transaction activity has become more constructive. Retail and multifamily assets are commanding strong pricing, a favorable read-through to the value of what we own, and office transaction activity is picking up, providing greater visibility into the value of our office portfolio. Public real estate markets have strengthened as well, with listed REITs outperforming the broader equity market this year, on growing investor recognition of durable cash flows, limited new supply, and high replacement costs. Still, performance is highly differentiated and our job is to keep executing, translating leasing progress into commenced rent, cash flow growth, and ultimately a valuation that better reflects the quality of our portfolio. Our balance sheet supports that execution with ample liquidity and no debt maturities until March 2027, which we have multiple avenues to address. We are deploying capital where the returns are strongest, and today that is leasing-related investment at our newer and repositioned office assets. At the same time, we continue to evaluate external opportunities selectively and have no need to force activity. Turning to portfolio updates. In office, the flight to quality continues to define the market. Nationally, trophy leasing is running above pre-pandemic averages. and the supply side is quietly repairing itself with availability down for eight consecutive quarters, sublease space burning off in our markets, obsolete buildings being converted or demolished and new construction at generational lows. Tenants are concentrating demand in well-located, amenitized buildings backed by well-capitalized owners. San Diego's headline absorption remains soft but masks meaningful sub-market dispersion. UTC and Delmar Heights remain among the region's most desirable office submarkets, capturing the majority of leasing activity this quarter with no new speculative office construction underway. San Francisco leasing has approached pre-pandemic levels supported by strong demand from AI and other technology companies. And the east side of Seattle just posted one of its strongest quarters of the post-COVID era with availability falling meaningfully year over year, led by downtown Bellevue, while demand in the surrounding submarkets is building more gradually. Portland remains a challenged market, but activity is consolidating into the best buildings. We are capturing an outsized share of it, and new office construction has largely stopped. Our office portfolio ended the quarter 84.4% leased. During the quarter, we executed approximately 110,000 square feet of office leases, with comparable cash spreads of 9% and straight-line spreads of 10%. Year-to-date, we've signed 14 spec suite leases totaling approximately 76,000 square feet. The program is helping shorten downtime, attract new tenants, and steadily build occupancy. We entered the third quarter with approximately 200,000 square feet of signed office leases that have not yet commenced paying cash rent, representing more than $10 million of annualized based rent. We have another 73,000 square feet in lease documentation and proposals outstanding on nearly 150,000 square feet of new and expansion space. Activity is healthy, although timing can be uneven and larger leases require patience. At La Jolla Commons Tower 3, the building is currently 49% leased with proposals representing another 33% of the building. With large blocks of quality space scarce in UTC and the campus amenity offering now complete, Tower 3 increasingly stands apart. We are actively engaged with several large prospective tenants. These decisions take time and nothing is certain until leases are signed, but the quality of the activity is encouraging. At 1 Beach Street, the building is currently 35% leased. Its waterfront location and distinctive character continue to resonate with the AI and technology companies driving San Francisco leasing activity. All remaining available space on the first and second floors is now under construction of spec suites, with completion expected over the next few months. Tour activity remains strong and multiple prospects have shortlisted our second floor vacancies. as the suites near completion and prospects can evaluate finished move-in ready space, we expect that interest to translate into more proposal activity. Retail remains one of the tightest real estate sectors with national availability near historic lows, limited new construction, and growing asking rents. Consumer spending is holding up, although higher prices and software confidence are making shoppers more selective. Our centers serve affluent, Supply constrained trade areas with productive tenants that view these locations as strategically important. Our retail portfolio ended the quarter 98% leased. During the quarter, we executed approximately 139,000 square feet of leases with comparable cash spreads of 3% and straight line spreads of 20%. Tenant health across the portfolio is strong and our watch list is short. While we monitor consumer health and retailer profitability carefully, the fundamental backdrop for our portfolio is favorable. In multifamily, 2026 is shaping up as a stabilization year rather than a meaningful rent growth year. In San Diego, the recent wave of deliveries has elevated market vacancy to levels not seen in many years, even as the market continues to absorb a meaningful amount of new product. Portland is also continuing to absorb its recent deliveries, while rent growth across both markets has remained modest. Encouragingly, new development activity has slowed materially in both markets, which should gradually improve the supply-demand balance over the next few years. In the meantime, our teams are concentrating on occupancy, measured concessions, resident retention, and expense control. Excluding the RV part, the portfolio ended the quarter over 94% leased. In San Diego, our communities ended the quarter 96% leased. and renewal rents grew 5% while new lease rents declined 2%, resulting in blended growth of 3%. Consistent with prior years, occupancy at Pacific Ridge dipped seasonally at the start of the summer due to student turnover, and we expect it to rebound above 90% as we move through the peak leasing season and into the fall semester. In Portland, Haslow on 8th ended the quarter 88% leased and renewal rents grew 2% while new lease rents grew 1%, resulting in blended growth of 2%. The urban Portland market is competitive, but absorption has improved and new deliveries are moderating. Our near-term priority is occupancy and retention as conditions normalize. Of note, during the quarter, each of our office, retail, and multifamily portfolios achieved record average base rents, underscoring the underlying strength of our assets. At Waikiki Beachwalk, retail strength and bad debt collections offset rate pressure at the hotel. The Hawaii tourism backdrop was mixed. Oahu visitor arrivals were lower year over year in the spring, and rate competition persisted, particularly for value-conscious domestic travelers. Even so, our embassy suites again led its competitive set in both occupancy and rep art, and summer booking paces running ahead of last year aided in part by demand associated with the Rim of the Pacific or RIMPAC military exercise conducted on Oahu. Our team remains focused on rate integrity, cost control, and performance across both components of this irreplaceable fee simple asset. Our board has declared a quarterly dividend of 34 cents per share payable on September 17th to shareholders of record as of September 3rd. As we have discussed, we expect dividend coverage to improve over time as signed office leases commence and our leasing and redevelopment investments, including the office spec suite program, contribute more meaningfully to cash flow. As always, we will continue to evaluate the dividend and all capital allocation decisions prudently. We also recently published our 2025 sustainability report entitled Committed to What Matters, now available on our website. Our approach to sustainability mirrors how we run the business. We pursue initiatives that strengthen resilience, support our stakeholders and make economic sense over the long term. Thank you to the many team members whose work made this report possible. In closing, at the midpoint of 2026, we are executing the plan we laid out entering the year, advancing office leasing and converting it into commenced revenue, sustaining the cash flow from our retail and multifamily platforms, operating our hotel prudently through a choppy tourism environment, and remaining disciplined with our capital. The first half brought its share of macro volatility and geopolitical uncertainty, but our results reflect the durability of irreplaceable coastal real estate operated through a vertically integrated platform and managed with a long-term perspective. With that, I will turn the call over to Bob, who will walk through the financial results and our outlook in more detail. Bob?