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American Assets Trust (AAT) investor relations material
American Assets Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Q3 2025 FFO was $0.49 per diluted share, slightly ahead of projections, with net income attributable to common stockholders at $0.07 per diluted share and total revenue of $109.6 million.
Portfolio comprised 31 office, retail, multifamily, and mixed-use properties totaling 6.8 million rentable square feet, 2,302 residential units, and a 369-room hotel as of September 30, 2025.
Acquired Genesee Park for $67.9 million and sold Del Monte Center for $123.5 million, recording a $44.5 million gain.
La Jolla Commons III build-out completed and placed in operation in April 2025.
Board approved a quarterly dividend of $0.34 per share for Q4, payable December 18.
Financial highlights
Q3 2025 revenue was $109.6 million, down 11% year-over-year, with rental income at $102.2 million; net income for Q3 was $4.5 million, down from $16.7 million in Q3 2024.
FFO for Q3 2025 was $37.8 million ($0.49 per diluted share/unit); for the nine months, FFO was $117.4 million ($1.53 per diluted share/unit).
Same-store cash NOI decreased 0.8% year-over-year in Q3 2025 but increased 0.6% for the nine months.
Office same-store NOI increased 3.6% year-over-year in Q3, retail declined 2.6%, multifamily declined 8.3%, and mixed-use declined 10%.
Dividends declared per common share/unit were $0.34 for Q3 2025 and $1.02 for the nine months.
Outlook and guidance
Full-year 2025 FFO guidance raised to $1.93–$2.01 per share, midpoint $1.97, up $0.02 from prior guidance; guidance excludes impacts from future acquisitions, dispositions, equity issuances, or debt changes.
Focus on growth through same-store performance, development/redevelopment, and acquisitions in high-barrier markets.
Development pipeline includes future phases of Lloyd Portfolio and multifamily opportunities; timing depends on market conditions.
Office leasing momentum expected to continue, with stabilization at La Jolla Commons III and One Beach Street anticipated sooner than previously expected.
Multifamily segment expected to stabilize as supply is absorbed and expenses normalize.
Strategy to reduce Net Debt-to-EBITDA?
Effectiveness of spec suite strategy?
Waikiki hotel recovery drivers?
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Next American Assets Trust earnings date
Q4 20254 Feb, 2026
Next American Assets Trust earnings date
Q4 20254 Feb, 2026
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Frequently asked questions
American Assets Trust Inc is a real estate investment trust (REIT) that acquires, develops, and manages retail, office, and residential properties. Its portfolio includes properties located primarily in coastal and urban markets in the western United States and Hawaii. The company emphasizes long-term ownership and leasing stability across its mixed-use assets. It is headquartered in San Diego, California, and its shares are listed on the NYSE.
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