# EDGAR Filing Document

**Accession Number:** 0001221359
**File Stem:** 0001221359-26-000025
**Filing Date:** 2026-5
**Character Count:** 21684
**Document Hash:** 3e24b2ddd188a0e4d0c098360ebe7efc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001221359-26-000025.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001221359-26-000025

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** American Assets Trust, Inc.
- **CENTRAL INDEX KEY:** 0001500217
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-85885
- **FILM NUMBER:** 261027080

**BUSINESS ADDRESS:**
- **STREET 1:** 3420 CARMEL MOUNTAIN ROAD
- **STREET 2:** SUITE 100
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
- **BUSINESS PHONE:** (858) 350-2600

**MAIL ADDRESS:**
- **STREET 1:** 3420 CARMEL MOUNTAIN ROAD
- **STREET 2:** SUITE 100
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RADY ERNEST S
- **CENTRAL INDEX KEY:** 0001221359

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**MAIL ADDRESS:**
- **STREET 1:** 3420 CARMEL MOUNTAIN ROAD, SUITE 100
- **STREET 2:** C/O AMERICAN ASSETS TRUST, INC.
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92121

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 10)**

**American Assets Trust, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Ernest Rady**<br>3420 Carmel Mountain Road<br>Suite 100<br>San Diego CA 92121<br>858-350-2600

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**05/11/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**American Assets, Inc.** | Name of reporting person<br>**American Assets, Inc.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CALIFORNIA** | Citizenship or place of organization<br>**CALIFORNIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**7376603.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**7376603.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7376603.00** | Aggregate amount beneficially owned by each reporting person<br>**7376603.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**11.1%** | Percent of class represented by amount in Row (11)<br>**11.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ernest Rady Trust U/D/T March 10, 1983** | Name of reporting person<br>**Ernest Rady Trust U/D/T March 10, 1983** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CALIFORNIA** | Citizenship or place of organization<br>**CALIFORNIA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**26739289.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**26924536.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**26924536.00** | Aggregate amount beneficially owned by each reporting person<br>**26924536.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**35.3%** | Percent of class represented by amount in Row (11)<br>**35.3%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Ernest S. Rady** | Name of reporting person<br>**Ernest S. Rady** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**28117846.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**28303096.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**28303096.00** | Aggregate amount beneficially owned by each reporting person<br>**28303096.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**37.1%** | Percent of class represented by amount in Row (11)<br>**37.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01

**(b) Name of Issuer:**
American Assets Trust, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
3420 Carmel Mountain Road, Suite 100, San Diego, CA, 92121

This Amendment No. 10 to Schedule 13D (this "Tenth Amendment") amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission (the "SEC") on January 20, 2011 (as amended to date, the "Schedule 13D"), relating to the shares of common stock, par value $0.01 per share (the "Shares"), of American Assets Trust, Inc., a Maryland corporation (the "Company"), beneficially owned by the Reporting Persons. Capitalized terms used herein without definition shall have the meaning set forth in the Schedule 13D.

**Item 4. Purpose of Transaction**

The information in Item 4 is hereby amended and supplemented as follows:

Ownership Limit Increase and Voting Agreement

On May 11, 2026, the Company's board of directors (the "Board") increased the exemption previously granted to the Reporting Persons to allow the Reporting Persons to beneficially or constructively own, in the aggregate, up to 21.9% (in value or in number, whichever is more restrictive) of the outstanding Shares. In connection therewith, the Reporting Persons and the Company entered into a Voting Support Agreement, dated as of May 11, 2026 (the "Voting Agreement"), pursuant to which the Reporting Persons agreed to certain voting restrictions with respect to Shares owned by the Reporting Persons that cause the aggregate actual or beneficial ownership of Shares by the Reporting Persons to exceed 19.9% (in value or in number, whichever is more restrictive) of the outstanding Shares (the "Subject Shares"), including:

1. In any meeting that is not a Contested Meeting (as defined below), the Reporting Persons are required to either (i) abstain from voting the Subject Shares on each matter or (ii) vote all Subject Shares in the same respective proportions as directed by all stockholders other than the Reporting Persons in proxies received by the Company at the time of the commencement of the meeting, as reasonably determined by the Company.

2. In any meeting at which any person or persons other than the Board have solicited proxies (a "Contested Meeting"), the Reporting Persons are required to vote all Subject Shares in accordance with the recommendation of the Board and to abstain from voting on any matter upon which the Board has made no recommendation.

Under the Voting Agreement, the Reporting Persons have also irrevocably appointed the Company and any designee of the Company as the proxy for the Reporting Persons, with full power of substitution and resubstitution, to attend all meetings of the Company's stockholders and to cast on behalf of the Reporting Persons all votes that the Reporting Persons are entitled to cast with respect to the Subject Shares in accordance with the voting restrictions described above. The proxy is irrevocable and coupled with an interest.

For the avoidance of doubt, the Voting Agreement does not restrict or limit the right of the Reporting Persons to vote in their sole and absolute discretion on any matter submitted to a vote of the Company's stockholders with respect to Shares beneficially owned by them that do not exceed 19.9% of the outstanding Shares.

The foregoing description of the Voting Agreement does not purport to be complete and is qualified in its entirety by the full text of such agreement, which is attached as an exhibit to this Schedule 13D and is incorporated herein by reference.

Transactions

Item 5(c) provides disclosure with regard to the Transactions (as defined below) and is incorporated herein by reference.

General

The Reporting Persons acquired the securities described in this Schedule 13D for investment purposes and they intend to review their investments in the Company on a continuing basis. Any actions the Reporting Persons might undertake will be dependent upon the Reporting Persons' review of numerous factors, including, but not limited to: an ongoing evaluation of the Company's business, financial condition, operations and prospects; price levels of the Company's securities; general market, industry and economic conditions; the relative attractiveness of alternative business and investment opportunities; and other future developments.

Subject to the ownership limitations in the Company's charter and exemptions provided by the Board, the Reporting Persons may acquire additional securities of the Company in the open market, in privately negotiated transactions or otherwise. In addition, the Reporting Persons, including Mr. Rady in his position as Executive Chairman of the Board of the Company, may engage in discussions with management, the Board, other securityholders of the Company and other relevant parties, or encourage, cause or seek to cause the Company or such persons to consider or explore extraordinary corporate transactions, such as: a merger, reorganization or take-private transaction that could result in the de-listing or de-registration of the Shares; security offerings and/or stock repurchases by the Company; sales or acquisitions of assets or businesses; changes to the capitalization or dividend policy of the Company; or other material changes to the Company's business or corporate structure, including changes in management or the composition of the Board.

To facilitate their consideration of such matters, the Reporting Persons may retain consultants and advisors and may enter into discussions with potential sources of capital and other third parties. The Reporting Persons may exchange information with any such persons pursuant to appropriate confidentiality or similar agreements. The Reporting Persons will likely take some or all of the foregoing steps at preliminary stages in their consideration of various possible courses of action before forming any intention to pursue any particular plan or direction.

Other than as described above, the Reporting Persons do not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a)-(j) of Schedule 13D, although, depending on the factors discussed herein, the Reporting Persons may change their purpose or formulate different plans or proposals with respect thereto at any time.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5(a) of the Schedule 13D is hereby amended and restated in its entirety by inserting the following information:

The information contained on the cover pages is incorporated by reference into this Item 5(a).

The percentage on the cover page for Ernest S. Rady is based upon 76,220,926 Shares outstanding (the sum of 61,390,936 Shares outstanding as of May 1, 2026, as reported by the Company in its Quarterly Report on Form 10-Q for the period ended March 31, 2026 ("Form 10-Q") as filed with the SEC on May 1, 2026, and 14,829,990 common units of the Company's operating partnership ("OP Units") owned by Mr. Rady and his affiliates, and assuming that (1) OP Units beneficially owned by Mr. Rady are exchanged for Shares, regardless of whether such OP Units are currently exchangeable and (2) no other party's OP Units are converted).

The percentage on the cover page for ERT is based upon 76,220,926 Shares outstanding (the sum of 61,390,936 Shares outstanding as of May 1, 2026, as reported by the Company in its Form 10-Q as filed with the SEC on May 1, 2026, and 14,829,990 OP Units owned by ERT and its affiliates, and assuming that (1) OP Units beneficially owned by ERT are exchanged for Shares, regardless of whether such OP Units are currently exchangeable and (2) no other party's OP Units are converted).

The percentage on the cover page for American Assets, Inc. is based upon 66,500,517 Shares outstanding (the sum of 61,390,936 Shares outstanding as of May 1, 2026, as reported by the Company in its Form 10-Q as filed with the SEC on May 1, 2026, and 5,109,581 OP Units owned by American Assets, Inc. and its affiliates, and assuming that (1) OP Units beneficially owned by American Assets, Inc. are exchanged for Shares, regardless of whether such OP Units are currently exchangeable and (2) no other party's OP Units are converted).

The percentage of class reported herein does not reflect the ownership limitation of 21.9% in value or in number of shares, whichever is more restrictive, of the Company's outstanding Shares, based on the Board's grant of an exemption to the ownership limitations in the Company's charter described in Item 4.

Subject to the Voting Agreement, the Reporting Persons retain sole voting discretion over Shares beneficially owned up to 19.9% of the Company's outstanding Shares (ownership limitations as defined in the Company's charter); voting of any Shares above 19.9% is subject to the Voting Agreement's voting restrictions.

**(b)**
Item 5(b) of the Schedule 13D is hereby amended and restated in its entirety by inserting the following information:

The information contained on the cover pages is incorporated by reference into this Item 5(b).

The amount of securities reported herein for Ernest S. Rady includes (i) 8,352,188 Shares and 9,720,409 OP Units held by ERT, for which Mr. Rady is the trustee; (ii) 2,267,022 Shares and 5,107,577 OP Units held by American Assets, Inc., which is directly controlled by Mr. Rady; (iii) 2,004 OP Units held by ICW Group Holdings, Inc., which is directly controlled by Mr. Rady; (iv) 1,275,336 Shares held by Insurance Company of the West, which is directly controlled by Mr. Rady; (v) 200,000 Shares held by Explorer Insurance Company, which is directly controlled by Mr. Rady; (vi) 102,859 Shares held by Evelyn Shirley Rady Trust U/D/T March 10, 1983, for which Mr. Rady is the trustee; (vii) 1,209,021 Shares held by Rady Foundation dated August 2, 2002, for which Mr. Rady is the trustee; and (viii) 66,680 shares held in the Ernest Rady IRA.

The amount of securities reported herein for ERT includes (i) 8,352,188 Shares and 9,720,409 OP Units held by ERT, (ii) 2,267,022 Shares and 5,107,577 OP Units held by American Assets, Inc., which is controlled by ERT, (iii) 2,004 OP Units held by ICW Group Holdings, Inc., which is indirectly controlled by ERT, (iv) 1,275,336 Shares held by Insurance Company of the West, which is controlled by ERT, and (v) 200,000 Shares held by Explorer Insurance Company, which is controlled by ERT.

The amount of securities reported herein for American Assets, Inc. includes (i) 2,267,022 Shares and 5,107,577 OP Units held by American Assets, Inc. and (ii) 2,004 OP Units held by ICW Group Holdings, Inc., which is controlled by American Assets, Inc.

**(c)**
Item 5(c) of the Schedule 13D is hereby amended and restated in its entirety by inserting the following information:

During the sixty days prior to May 27, 2026, the Reporting Persons acquired 440,023 Shares in a series of open-market transactions (the "Transactions"). Details by date and listing the number of Shares acquired, the weighted average price per share and the person executing the transaction are provided below. The Reporting Persons undertake to provide, upon request by the staff of the SEC or the Company, full information regarding the number of shares sold at each separate price for each transaction:

May 12, 2026
-Shares Acquired: 14,640
-Weighted Average Price Per Share: $21.01
-By Rady Foundation

May 13, 2026
-Shares Acquired: 78,000
-Weighted Average Price Per Share: $20.99
-By Rady Foundation

May 14, 2026
-Shares Acquired: 78,000
-Weighted Average Price Per Share: $21.09
-By Rady Foundation

May 15, 2026
-Shares Acquired: 29,360
-Weighted Average Price Per Share: $20.79
-By Rady Foundation

May 18, 2026
-Shares Acquired: 68,768
-Weighted Average Price Per Share: $21.00
-By ERT

May 18, 2026
-Shares Acquired: 2,400
-Weighted Average Price Per Share: $21.00
-By ESRT

May 19, 2026
-Shares Acquired: 17,319
-Weighted Average Price Per Share: $21.15
-By ERT

May 20, 2026
-Shares Acquired: 4,880
-Weighted Average Price Per Share: $21.32
-By ERT

May 21, 2026
-Shares Acquired: 56,656
-Weighted Average Price Per Share: $21.70
-By ERT

May 22, 2026
-Shares Acquired: 10,000
-Weighted Average Price Per Share: $22.67
-By ERT

May 27, 2026
-Shares Acquired: 80,000
-Weighted Average Price Per Share: $22.56
-By ERT

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented as follows:

Item 4 above summarizes certain provisions of the Voting Agreement and is incorporated herein by reference. A copy of such agreement is attached as an exhibit to this Schedule 13D, and is incorporated herein by reference.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** American Assets, Inc.

**Signature:** Ernest S. Rady

**Name/Title:** Ernest S. Rady/ President

**Date:** 05/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ernest Rady Trust U/D/T March 10, 1983

**Signature:** Ernest S. Rady

**Name/Title:** Ernest S. Rady/ Trustee

**Date:** 05/27/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Ernest S. Rady

**Signature:** Ernest S. Rady

**Name/Title:** Ernest S. Rady/ President

**Date:** 05/27/2026