Ernest S. Rady Increases Stake in American Assets Trust to 37.1% and Enters Voting Agreement

Ernest S. Rady and affiliated entities, including the Ernest Rady Trust and American Assets, Inc., filed Amendment No. 10 to their Schedule 13D for American Assets Trust, Inc. (AAT) on May 27, 2026. The reporting persons have increased their position, reporting beneficial ownership of 28,303,096 shares, representing approximately 37.1% of the class. This figure includes both common stock and OP Units exchangeable for shares. Key developments include a series of open-market purchases totaling 690,023 shares since April 2025 for approximately $14.19 million. Notably, on May 11, 2026, the Company's board increased the reporting persons' ownership exemption to 21.9%. In exchange, the parties entered into a Voting Support Agreement. This agreement mandates that for any shares owned above 19.9%, the reporting persons must either vote proportionally with other stockholders or follow the Board's recommendation in contested meetings. Mr. Rady continues to serve as the Executive Chairman of the Board.