LEASES (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Minimum Future Rentals from Noncancelable Operating Leases

As of June 30, 2025, minimum future rentals from noncancelable operating leases, before any reserve for uncollectible amounts and assuming no early lease terminations, at our office and retail properties and the retail portion of our mixed-use property are as follows for the years ended December 31 (in thousands):


2025 (six months ending December 31, 2025)	$	121,147
2026	246,636
2027	227,693
2028	183,885
2029	124,626
Thereafter	251,797
Total	$	1,155,784

Summary of Current Annual Payment Under Operating Leases

As of June 30, 2025, current annual payments under the operating leases are as follows for the years ended December 31 (in thousands):


2025 (six months ending December 31, 2025)	$	1,792
2026	3,584
2027	3,584
2028	3,584
2029	3,584
Thereafter	5,375
Total lease payments	21,503
Imputed interest	(2,236)
Present value of lease liability	$	19,267

Summary of Lease Costs Under Operating Leases and Supplemental Cash Flow Information of Leases

Lease costs under the operating leases are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025			2024
Operating lease cost	$	910	$	815	$	1,819		$	1,786
Sublease income	(858)		(819)		(1,718)			(1,678)
Total lease cost (income)	$	52	$	(4)	$	101		$	108

Weighted-average remaining lease term - operating leases (in years)					6.0
Weighted-average discount rate - operating leases					3.19		%

Supplemental cash flow information and non-cash activity related to our operating leases are as follow (in thousands):


	Six Months Ended June 30,
	2025		2024
Operating cash flow information:
Cash paid for amounts included in the measurement of lease liabilities	$	1,740	$	1,689

American Assets Trust, Inc. 10-Q