American Assets Trust, Inc. — Director's Dealing 2017

May 16, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: American Assets Trust, Inc. (AAT)
CIK: 0001500217
Period of Report: 2017-05-12

Reporting Person: RADY ERNEST S (Director, Chairman, CEO & President, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-12	Common Stock, par value $0.01	P	23998	$39.42	Acquired	352257	Indirect
2017-05-15	Common Stock, par value $0.01	P	15058	$39.36	Acquired	367315	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, par value $0.01	4865718	Indirect
Common Stock, par value $0.01	624572	Indirect
Common Stock, par value $0.01	597341	Indirect
Common Stock, par value $0.01	200000	Indirect
Common Stock, par value $0.01	27000	Indirect
Common Stock, par value $0.01	133675	Direct

Footnotes

F1: Represents shares held by American Assets, Inc. ("AAI"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F2: Represents shares held by Ernest Rady Trust U/D/T March 10, 1983 ("ERT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F3: Represents shares held by Insurance Company of the West ("ICW"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F4: Represents shares held by Rady Family Foundation dated August 2, 2002 ("RFF"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F5: Represents shares held by Explorer Insurance Company ("EIC"), which is directly controlled by the Reporting Person. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F6: Represents shares held by Evelyn Shirley Rady Trust U/D/T March 10, 1983 ("ESRT"), for which the Reporting Person is the trustee. The Reporting Person disclaims beneficial ownership of such shares, except to the extent of his pecuniary interest therein.

F7: Amount includes (a) 52,500 shares held by Ernest Rady IRA and (b) 81,175 shares of restricted common stock issued pursuant to the American Assets Trust, Inc. and American Assets Trust, L.P. 2011 Equity Incentive Award Plan.