American Assets Trust ( (AAT) ) has released its Q1 earnings. Here is a breakdown of the information American Assets Trust presented to its investors.
American Assets Trust, Inc. is a real estate investment trust (REIT) based in San Diego, California, specializing in acquiring, developing, and managing premier office, retail, and residential properties across the United States.
In its first quarter of 2025, American Assets Trust reported a net income of $42.5 million, translating to $0.70 per diluted share. However, its Funds from Operations (FFO) per diluted share saw a 10% decline year-over-year, excluding lease termination fees and litigation income, settling at $0.52 per share.
The company experienced a 3.1% increase in same-store cash Net Operating Income (NOI) year-over-year. Notably, American Assets Trust completed the sale of Del Monte Center for $123.5 million and acquired Genesee Park, a 192-unit apartment community, for $67.9 million. Leasing activities were robust, with significant rent increases in both office and retail spaces.
Looking ahead, American Assets Trust maintains its guidance for full-year 2025 FFO per diluted share between $1.87 and $2.01, reflecting management’s confidence in navigating current market conditions and executing strategic initiatives effectively.