American Assets Trust (AAT) Q2 2026 earnings summary

Executive summary

• Q2 2026 FFO was $0.51 per diluted share, with record average base rents and strong leasing momentum across office, retail, and multifamily segments.

• Portfolio comprised 6.7 million sq. ft. in high-barrier-to-entry markets, with 12 office, 11 retail, 7 multifamily, and 1 mixed-use property as of June 30, 2026.

• Portfolio occupancy at quarter-end: office 84.4%, retail 97.9%, multifamily 88.4%-94%, mixed-use 92.2%, and hotel 91.2%.

• Maintained robust liquidity of $610 million and no debt maturities until March 2027.

• Board declared a quarterly dividend of $0.34 per share, payable September 17th.

Financial highlights

• Q2 2026 total revenue was $109.5 million, up from $107.9 million year-over-year; net income attributable to common stockholders was $5.2 million ($0.09 per diluted share).

• FFO for Q2 2026 was $39.5 million ($0.51 per diluted share/unit), slightly down from $39.9 million ($0.52) in Q2 2025.

• Funds Available for Distribution (FAD) for Q2 2026 was $29.5 million, up from $27.4 million year-over-year.

• Same-store cash NOI increased 0.3% year-over-year, or 1.3% excluding a one-time reserve for an office tenant receivable.

• Hotel occupancy rose to 90.5% from 86% last year; RevPAR up 0.9% to $308.

Outlook and guidance

• Full-year 2026 FFO guidance reaffirmed at $1.96-$2.10 per diluted share, midpoint $2.03.

• Guidance assumes continued leasing momentum, contractual rent growth, and disciplined expense management.

• Excludes impact of future acquisitions, dispositions, or capital markets activity not yet announced.

• Development pipeline includes a 120,000 sq. ft. retail building in Honolulu and high-density mixed-use projects in Portland.

• Growth strategy focuses on same-store performance, development/redevelopment, and selective acquisitions in core markets.