American Assets Trust Reports Q4 and Full-Year 2025 Results

American Assets ( (AAT) ) just unveiled an announcement.

On February 3, 2026, American Assets Trust reported its financial results for the fourth quarter and full year ended December 31, 2025, showing net income available to common stockholders of $3.1 million for the quarter and $55.6 million for the year, or $0.05 and $0.92 per diluted share, respectively. Funds from operations fell to $0.47 per diluted share in the quarter and $2.00 for the year, down from $0.55 and $2.58, respectively, in 2024, largely reflecting the absence of sizable lease termination fees and litigation income recognized in the prior year and the impact of the Del Monte Center sale, while same-store cash NOI was essentially flat in the quarter and up 0.5% for the year. Operationally, the REIT maintained solid leasing activity in the fourth quarter of 2025, signing 37 office and retail leases totaling about 236,800 square feet and 466 multifamily leases, with high renewal rates and positive rent spreads—office comparable leases achieved average cash and straight-line rent increases of 6.6% and 11.5%, respectively, and retail comparable leases posted 0.3% cash and 24.3% straight-line rent growth. Portfolio metrics at year-end 2025 showed office occupancy under pressure at 83.1% while retail and multifamily remained strong at 97.7% and 93.7%, respectively, and the company set 2026 FFO guidance at a midpoint of $2.03 per diluted share, framing a more normalized earnings profile after the one-time items that benefited 2024 results.

The most recent analyst rating on (AAT) stock is a Sell with a $17.00 price target. To see the full list of analyst forecasts on American Assets stock, see the AAT Stock Forecast page.

Spark’s Take on AAT Stock

According to Spark, TipRanks’ AI Analyst, AAT is a Neutral.

The overall stock score reflects a mix of solid financial performance and attractive valuation, offset by bearish technical indicators and challenges highlighted in the earnings call. The company’s high leverage and declining revenue are significant risks, but strong leasing performance and increased guidance provide some optimism.

To see Spark’s full report on AAT stock, click here.

More about American Assets

American Assets Trust, Inc. is a publicly traded real estate investment trust based in San Diego that owns, operates and develops a diversified portfolio of office, retail, multifamily, mixed‑use and hotel properties. The company focuses on leasing and managing these assets across its portfolio, with performance tracked through metrics such as occupancy, base rent per square foot and same-store net operating income.

Average Trading Volume: 446,585

Technical Sentiment Signal: Sell

Current Market Cap: $1.1B

For detailed information about AAT stock, go to TipRanks’ Stock Analysis page.