American Assets Trust (AAT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $114.284M; FFO attributable to common shares and units was $42.832M, or $0.56 per diluted share/unit, versus $37.754M and $0.49 a year earlier.

• Same-store cash NOI rose 8.3% YoY to $69.759M in Q3 and 2.3% to $202.334M for 9M; FY26 FFO guidance midpoint increased $0.04 to $2.07/share.

Financial highlights

• Q3 net income was $10.018M versus $5.921M; net income attributable to stockholders was $7.726M versus $4.509M.

• 9M revenue was $334.4M versus $326.1M; FFO attributable to common shares and units was $121.0M versus $117.4M.

• 9M net income was $23.5M versus $67.1M, largely reflecting the prior-year $44.476M Del Monte Center sale gain; operating income was $81.577M versus $122.717M.

• 9M FFO per diluted share/unit was $1.57 versus $1.53; FAD was $78.776M versus $82.618M.

• Dividends declared and paid were $0.34 per share/unit in Q3 and $1.02 for 9M, unchanged YoY.

Outlook and guidance

• FY26 FFO guidance increased to $2.04–$2.10 per diluted share/unit from $1.96–$2.10; FFO attributable to common shares and units is projected at $156.926M–$161.541M.

• Assumptions include leasing, rents, occupancy, interest rates, credit spreads, and acquisition and development timing; actual results may differ materially.

• Guidance excludes future acquisitions, dispositions, equity issuances or repurchases, and debt financing or repayments, except as discussed on the earnings call.