Document:

Amendment to OP Contribution Agreement

 Exhibit 10.52 
 AMENDMENT TO 
 OP CONTRIBUTION AGREEMENT 

This AMENDMENT TO OP CONTRIBUTION AGREEMENT (this “Amendment”) is entered into as of December 16, 2010, by and among
American Assets Trust, L.P., a Maryland limited partnership (the “Operating Partnership”), American Assets Trust, Inc., a Maryland corporation (the “REIT”), and the contributors whose names appear on Schedule
I hereto (each a “Contributor” and, collectively the “Contributors”). The REIT, the Operating Partnership and the Contributors are referred to herein from time to time individually as a “Party”
and collectively as the “Parties.” Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Contribution Agreement (as defined below). 

RECITALS 

WHEREAS, the REIT desires to consolidate the ownership of a portfolio of properties currently owned, directly or indirectly,
by the American Assets Entities, pursuant to the Formation Transactions, which relate to the proposed initial public offering (the “IPO”) of the REIT Shares; 

WHEREAS, on September 13, 2010, in connection with the Formation Transactions and the IPO, the Parties entered into the
Contribution Agreement, pursuant to which the Contributors agreed to contribute to the Operating Partnership, and the Operating Partnership agreed to acquire, all of the Contributors’ interests in the Contributed Entities (the
“Contribution Agreement”); 
 WHEREAS, pursuant to the Contribution Agreement, “Excluded
Assets” of the Contributed Entities will be distributed or paid out to the Contributors prior to, or as soon as possible after, the Closing; 
 WHEREAS, the Parties wish to amend the Contribution Agreement to clarify the method of calculating “Excluded Assets” set forth in Schedule 5.05 of the Contribution Agreement; 

WHEREAS, the Parties wish to clarify the definition of “Actual Balance” included in Schedule III to the Contribution
Agreement to clarify that consideration payable to the Contributors pursuant to the Contribution Agreement shall not be reduced twice to the extent that certain assumption fees and related expenses and certain prepayment penalties and related
expenses relating to Existing Loans are paid by the Contributors, the Contributed Entities or any Subsidiary thereof; 

WHEREAS, the Parties wish amend the Contribution Agreement to correct certain clerical errors; 

WHEREAS, Section 6.17 of the Contribution Agreement provides that the Contribution Agreement may be amended by
appropriate instrument, without the consent of any Contributor, at any time prior to the Closing Date; provided, that no such amendment, modification or supplement may be made that alters the amount or changes the form of the

 
consideration to be delivered to the Contributors, without the prior written consent of the Contributor adversely affected by such proposed amendment, modification or supplement; 

WHEREAS, this Amendment does not adversely affect the amount of or change the form of the consideration to be delivered to
any of the Contributors; and 
 WHEREAS, the Contributors have granted a power of attorney to the REIT authorizing the
REIT to enter into this Amendment on their behalf. 
 NOW, THEREFORE, in consideration of the respective covenants and
promises contained herein and for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree as follows: 
 1. Excluded Assets. The second sentence of Schedule 5.05 of the Contribution Agreement is hereby deleted and replaced with the following sentence: 

““Net Working Capital” means the greater of (a) current assets minus current liabilities of the relevant entity
as of a date, chosen by the REIT, within forty five (45) days prior to the date of the preliminary prospectus used in the IPO roadshow or (b) current assets minus current liabilities of the relevant entity as of the Closing Date.”

 2. Actual Balance. The following sentence is hereby inserted at the end of the current
definition of “Actual Balance” in Schedule III of the Contribution Agreement: 
 “For the sake of clarity,
“Actual Balance” shall not be deemed to include, with respect to any Existing Loan to be assumed, prepaid, repaid or refinanced in connection with the Formation Transactions, assumption fees and related expenses or prepayment penalties and
related expenses applicable to such Existing Loan, to the extent such fees and expenses are paid at or prior to the Closing by the Contributors, any Contributed Entity or any Subsidiary thereof (other than payments made by American Assets, Inc. on
behalf of American Assets Entities in which American Assets, Inc. does not have a direct or indirect Contributed Interest and for which American Assets, Inc. will be reimbursed by the REIT) and the ultimate effect of inclusion thereof in the
definition of “Actual Balance” would be to double-count the amount of such fees and expenses in the calculation of Equity Value and Net Working Capital.” 

3. Clerical Errors. 
 (a) The reference to Schedule 5.03 found in Section 5.05 of the Contribution Agreement is hereby deleted and replaced with a reference to Schedule 5.05. 

(b) The reference to Schedule 5.03 found in the definition of “Target Net Working Capital” in Schedule III to the Contribution
Agreement is hereby deleted and replaced with a reference to Schedule 5.05. 

  
 2 

 (c) The reference to Schedule 5.03 found in the definition of “Excluded Assets” in
Schedule III of the Contribution Agreement is hereby deleted and replaced with a reference to Schedule 5.05. 

4. Full Force and Effect. Except as explicitly modified or amended pursuant to this Amendment, the
Contribution Agreement shall remain unmodified and in full force and effect. 
 5. Governing Law.
This Amendment shall be governed by, and construed in accordance with, the laws of the State of California, regardless of any laws that might otherwise govern under applicable principles of conflicts of laws thereof. 

6. Counterparts. This Amendment may be executed in one or more counterparts, each of which is an original,
but all of which together constitute one and the same instrument. 

  
 3 

 IN WITNESS WHEREOF, the Parties have executed this Amendment to the Contribution
Agreement as of the date first above written. 
  

			
	AMERICAN ASSETS TRUST, L.P.,
	a Maryland limited partnership
		
	By:	 	 AMERICAN ASSETS TRUST, INC.,
 a
Maryland corporation

	Its:	 	General Partner
		
	By:	 	/s/ John W. Chamberlain
	Name:	 	John W. Chamberlain
	Title:	 	President
	
	AMERICAN ASSETS TRUST, INC.,
	a Maryland corporation
		
	By:	 	/s/ John W. Chamberlain
	Name:	 	John W. Chamberlain
	Title:	 	President
	
	EACH CONTRIBUTOR LISTED ON SCHEDULE I HERETO
		
	By:	 	 AMERICAN ASSETS TRUST, INC.,
 a
Maryland corporation

	Its:	 	Attorney-in-Fact
		
	By:	 	/s/ John W. Chamberlain
	Name:	 	John W. Chamberlain
	Title:	 	President

 [Signature Page to
Amendment to OP Contribution Agreement] 

 Schedule I 

CONTRIBUTORS 
  

					
	 Contributor
	  	 Address
	  	 Contributed Interest

	American Assets, Inc.	  	See Company’s Files	  	 American Assets Trust Management, LLC
 Pacific Santa Fe Holdings, L.P.

			
	Bee-Dee Investments, Ltd.	  	See Company’s Files	  	ICW Valencia, L.P.
			
	Carol McArton	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Daniel Blankstein	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Debra Olenick Hirsch	  	See Company’s Files	  	Winrad Kearny Mesa Business Center
			
	Donald Rady Trust	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Ernest Rady	  	See Company’s Files	  	Winrad Kearny Mesa Business Center
			
	Ernest Rady Trust U/D/T March 10, 1983, as amended	  	See Company’s Files	  	 Pacific American Assets Holdings, LP
 Carmel Country Plaza, L.P.
 Pacific Carmel Mountain Holdings, L.P.

Pacific National City Holdings, L.P.
 Pacific
Solana Beach Holdings, L.P.
 Pacific Sorrento Valley Holdings I, L.P.
 Pacific Sorrento Valley Holdings II, L.P.
 Mariner’s Point, LLC

			
	ESW LLC	  	See Company’s Files	  	EBW Hotel LLC
			
	Gaidebro Holdings, Inc.	  	See Company’s Files	  	 Pacific National City Holdings, L.P.
 Pacific Solana Beach Holdings, L.P.
 Pacific San Jose Holdings, L.P.

Pacific Sorrento Mesa Holdings, L.P.
 Beach Walk
Holdings, LP
 ICW Valencia, L.P.

			
	Gail Wagner	  	See Company’s Files	  	Winrad Kearny Mesa Business Center

  

					
	 Contributor
	  	 Address
	  	 Contributed Interest

	Harry Rady Trust	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Leonard Blankstein	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Linda Blankstein	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Marblank Investments, Inc.	  	See Company’s Files	  	 Pacific National City Holdings, L.P.
 Pacific Solana Beach Holdings, L.P.
 Pacific San Jose Holdings, L.P.

Pacific Sorrento Mesa Holdings, L.P.

			
	Margo Rady Trust	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Marjorie Blankstein	  	See Company’s Files	  	Winrad Kearny Mesa Business Center
			
	Max Blankstein	  	See Company’s Files	  	Pacific American Assets Holdings, LP
			
	Nora Kaufman	  	See Company’s Files	  	 Carmel Country Plaza, L.P.

Winrad Kearny Mesa Business Center
 ICW Plaza,
L.P., a California limited partnership
 San Diego Loma Palisades, L.P.

			
	Roberta Olenick	  	See Company’s Files	  	Winrad Kearny Mesa Business CenterForm Amendment to OP Sub Contribution Agreement

 Exhibit 10.53 
 AMENDMENT TO 
 OP SUB CONTRIBUTION AGREEMENT 

This AMENDMENT TO OP SUB CONTRIBUTION AGREEMENT (this “Amendment”) is entered into as of December 16, 2010, by and among
American Assets Trust, L.P., a Maryland limited partnership (the “Operating Partnership”), American Assets Trust, Inc., a Maryland corporation (the “REIT”), [•], a Delaware limited liability company to be
formed prior to the Closing Date and to be wholly owned by the Operating Partnership (the “OP Subsidiary”), and the contributors whose names appear on Schedule I hereto (each a “Contributor” and, collectively
the “Contributors”). The REIT, the Operating Partnership, the OP Subsidiary and the Contributors are referred to herein from time to time individually as a “Party” and collectively as the “Parties.”
Capitalized terms used herein without definition shall have the meanings assigned to such terms in the Contribution Agreement (as defined below). 
 RECITALS 
 WHEREAS, the REIT desires to consolidate the ownership of
a portfolio of properties currently owned, directly or indirectly, by the American Assets Entities, pursuant to the Formation Transactions, which relate to the proposed initial public offering (the “IPO”) of the REIT Shares;

 WHEREAS, on September 13, 2010, in connection with the Formation Transactions and the IPO, the Parties entered
into the Contribution Agreement, pursuant to which the Contributors agreed to contribute to the OP Subsidiary, and the OP Subsidiary agreed to acquire, all of the Contributors’ interests in the Contributed Entities (the “Contribution
Agreement”); 
 WHEREAS, pursuant to the Contribution Agreement, “Excluded Assets” of the
Contributed Entities will be distributed or paid out to the Contributors prior to, or as soon as possible after, the Closing; 

WHEREAS, the Parties wish to amend the Contribution Agreement to clarify the method of calculating “Excluded Assets” set
forth in Schedule 5.05 of the Contribution Agreement; 
 WHEREAS, the Parties wish to clarify the definition of
“Actual Balance” included in Schedule II to the Contribution Agreement to clarify that consideration payable to the Contributors pursuant to the Contribution Agreement shall not be reduced twice to the extent that certain assumption fees
and related expenses and certain prepayment penalties and related expenses relating to Existing Loans are paid by the Contributors, the Contributed Entities or any Subsidiary thereof; 

WHEREAS, the Parties wish amend the Contribution Agreement to correct certain clerical errors; 

WHEREAS, Section 6.17 of the Contribution Agreement provides that the Contribution Agreement may be amended by
appropriate instrument, without the consent of any Contributor, at any time prior to the Closing Date; provided, that no such amendment, 

 
modification or supplement may be made that alters the amount or changes the form of the consideration to be delivered to the Contributors, without the prior written consent of the Contributor
adversely affected by such proposed amendment, modification or supplement; and 
 WHEREAS, this Amendment does not
adversely affect the amount of or change the form of the consideration to be delivered to any of the Contributors; and 

WHEREAS, the Contributors have granted a power of attorney to the REIT authorizing the REIT to enter into this Amendment on their
behalf. 
 NOW, THEREFORE, in consideration of the respective covenants and promises contained herein and for good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, the Parties agree as follows: 

1. Excluded Assets. The second sentence of Schedule 5.05 of the Contribution Agreement is hereby deleted and
replaced with the following sentence: 
 ““Net Working Capital” means the greater of (a) current
assets minus current liabilities of the relevant entity as of a date, chosen by the REIT, within forty five (45) days prior to the date of the preliminary prospectus used in the IPO roadshow or (b) current assets minus current liabilities
of the relevant entity as of the Closing Date.” 
 2. Actual Balance. The following sentence
is hereby inserted at the end of the current definition of “Actual Balance” in Schedule II of the Contribution Agreement: 
 “For the sake of clarity, “Actual Balance” shall not be deemed to include, with respect to any Existing Loan to be assumed, prepaid, repaid or refinanced in connection with the Formation
Transactions, assumption fees and related expenses or prepayment penalties and related expenses applicable to such Existing Loan, to the extent such fees and expenses are paid at or prior to the Closing by the Contributors, any Contributed Entity or
any Subsidiary thereof (other than payments made by American Assets, Inc. on behalf of American Assets Entities in which American Assets, Inc. does not have a direct or indirect Contributed Interest and for which American Assets, Inc. will be
reimbursed by the REIT) and the ultimate effect of inclusion thereof in the definition of “Actual Balance” would be to double-count the amount of such fees and expenses in the calculation of Equity Value and Net Working Capital.”

 3. Clerical Errors. 
 (a) The reference to Schedule 5.03 found in the definition of “Target Net Working Capital” in Schedule II to the Contribution Agreement is hereby deleted and replaced with a reference to
Schedule 5.05. 

  
 2 

 (b) The reference to Schedule 5.03 found in the definition of “Excluded Assets” in
Schedule II of the Contribution Agreement is hereby deleted and replaced with a reference to Schedule 5.05. 
 4.
Obligations of OP Subsidiary. Subject to the terms of the Contribution Agreement, the Operating Partnership shall take all reasonable action necessary to cause the OP Subsidiary to become a party to this Amendment by executing a
counterpart of this Amendment where indicated on the signature page hereof. 
 5. Full Force and
Effect. Except as explicitly modified or amended pursuant to this Amendment, the Contribution Agreement shall remain unmodified and in full force and effect. 

6. Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the
State of California, regardless of any laws that might otherwise govern under applicable principles of conflicts of laws thereof. 
 7. Counterparts. This Amendment may be executed in one or more counterparts, each of which is an original, but all of which together constitute one and the same instrument. 

  
 3 

 IN WITNESS WHEREOF, the Parties have executed this Amendment to the Contribution
Agreement as of the date first above written. 
  

			
	 AMERICAN ASSETS TRUST, L.P.,
 a Maryland limited partnership

		
	By:	 	AMERICAN ASSETS TRUST, INC.,
		 	a Maryland corporation
	Its:	 	General Partner
		
	By:	 	 
	Name:	 	John W. Chamberlain
	Title:	 	President

  

			
	AMERICAN ASSETS TRUST, INC.,
	a Maryland corporation
		
	By:	 	 
	Name:	 	John W. Chamberlain
	Title:	 	President

  

			
	EACH CONTRIBUTOR LISTED ON
	SCHEDULE I HERETO
		
	By:	 	AMERICAN ASSETS TRUST, INC.,
		 	a Maryland corporation
	Its:	 	Attorney-in-Fact
		
	By:	 	 
	Name:	 	John W. Chamberlain
	Title:	 	President

  
 [Signature
Page to Amendment to OP Sub Contribution Agreement] 

  

			
	[•]
	a Delaware limited liability company
		
	By:	 	AMERICAN ASSETS TRUST, L.P.,
		 	a Maryland limited partnership
	Its:	 	Managing Member
		
	By:	 	AMERICAN ASSETS TRUST, INC.,
		 	a Maryland corporation
	Its:	 	General Partner
		
	By:	 	 
	Name:	 	John W. Chamberlain
	Title:	 	President

  
 [Signature
Page to Amendment to OP Sub Contribution Agreement] 

 Schedule I 

CONTRIBUTORS 
 IMPERIAL STRAND LLC 
  

					
	 Contributor
	  	 Address
	  	 Contributed Interest

	American Assets, Inc.	  	See Company’s Files	  	Imperial Strand, a California limited partnership
			
	Debra Olenick Hirsch	  	See Company’s Files	  	Winrad Imperial Strand
			
	 Ernest Rady Trust U/D/T

March 10, 1983, as amended
	  	See Company’s Files	  	Winrad Imperial Strand
			
	Gail Wagner	  	See Company’s Files	  	Winrad Imperial Strand
			
	Morley Blankstein	  	See Company’s Files	  	Winrad Imperial Strand
			
	Roberta Olenick	  	See Company’s Files	  	Winrad Imperial Strand

 VISTA HACIENDA LLC

  

					
	 Contributor
	  	 Address
	  	 Contributed Interest

	American Assets, Inc.	  	See Company’s Files	  	Vista Hacienda, L.P.
			
	Debra Olenick Hirsch	  	See Company’s Files	  	Winrad Vista Hacienda
			
	Ernest Rady	  	See Company’s Files	  	Winrad Vista Hacienda
			
	 Ernest Rady Trust U/D/T

March 10, 1983, as amended
	  	See Company’s Files	  	Winrad Vista Hacienda
			
	Gail Wagner	  	See Company’s Files	  	Winrad Vista Hacienda
			
	Marjorie Blankstein	  	See Company’s Files	  	Winrad Vista Hacienda
			
	Roberta Olenick	  	See Company’s Files	  	Winrad Vista Hacienda

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