American Assets Trust (AAT) investor relations material

Executive summary

• Q3 revenue was $114.284M; FFO was $42.832M, or $0.56 per diluted share/unit versus $0.49 a year earlier. Same-store cash NOI rose 8.3% YoY, or 5.1% excluding one-time items.

• FY 2026 FFO guidance midpoint increased $0.04 to $2.07 per diluted share/unit, on a range of $2.04–$2.10.

Financial highlights

• Q3 net income was $10.018M versus $5.921M; net income attributable to common stockholders was $7.726M, or $0.13 per diluted share.

• Q3 FFO was $0.56 per diluted share/unit, or $0.53 excluding property tax refunds and collection of a previously reserved office receivable; FFO increased $0.05 per share QoQ.

• Q3 FFO growth included ~$0.02/share from an office receivable collection, ~$0.01 from tax refunds, ~$0.01 from hotel outperformance and ~$0.01 from lower G&A.

• Nine-month FFO was $121.0M, or $1.57 per diluted share/unit, versus $117.4M and $1.53; FAD was $78.776M versus $82.618M.

• Nine-month net income fell to $23.5M from $67.1M, mainly reflecting the prior-year $44.5M Del Monte Center sale gain; Q3 property operating income rose 7% to $71.1M.

Outlook and guidance

• FY 2026 FFO guidance is $2.04–$2.10 per diluted share/unit, midpoint $2.07, versus the prior $1.96–$2.10 range and $2.03 midpoint.

• Guidance assumes stable operations and tenant demand; potential upside depends on reserved retail tenants paying rent, multifamily outperformance or stronger Embassy Suites results.

• Office portfolio is expected to end 2026 84%–86% leased, assuming contemplated leases and other leasing activity are completed; La Jolla Commons and One Beach transactions remain unsigned.

• Of $12M annualized base rent from signed, not-yet-commenced office leases, 35% is expected to commence in Q4 2026 and ~60% in H1 2027, mostly Q1.

• 2027 outlook will reflect higher borrowing costs from refinancing the March 2027 maturity and the January expiration of the term-loan swap.