American Assets Trust (AAT) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income attributable to common stockholders rose 121% year-over-year to $42.5 million, or $0.70 per diluted share, driven by a $44.5 million gain on the sale of Del Monte Center and stable property operations.

• Delivered Q1 2025 results in line with initial guidance, emphasizing operational discipline and long-term capital allocation in high-growth, supply-constrained coastal markets.

• Portfolio comprised 31 office, retail, multifamily, and mixed-use properties, with a new acquisition (Genesee Park) and one disposition (Del Monte Center) during the quarter.

• Same-store cash NOI increased 3.1% year-over-year, with retail up 5%, office up 5.4%, multifamily up 0.5%, and mixed-use down 11.6%.

• Navigated ongoing macroeconomic and geopolitical uncertainty, focusing on resilience and growth through asset enhancement and risk management.

Financial highlights

• Q1 2025 FFO per diluted share was $0.52; net income attributable to common stockholders per share was $0.70.

• Total revenue for Q1 2025 was $108.6 million, down from $110.7 million in Q1 2024, mainly due to lower occupancy and the sale of Del Monte Center.

• Property net operating income (NOI) declined 3% to $67.3 million year-over-year.

• Liquidity at quarter-end was $543.9 million, including $143.9 million in cash and $400 million in revolver availability.

• Dividends declared at $0.340 per share for Q1 and Q2 2025.

Outlook and guidance

• Reaffirmed full-year 2025 FFO guidance of $1.87–$2.01 per share, midpoint $1.94, excluding future acquisitions, dispositions, equity issuances, or debt changes.

• Guidance assumes healthy operating environment, sustained tenant demand, and disciplined risk management.

• Development pipeline includes future phases at Lloyd Portfolio and multifamily opportunities at several properties, with timing dependent on market conditions.