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American Assets (AAT)
NYSE:AAT
Earnings Data
Report Date
Apr 28, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.11Last Year’s EPS
0.7Same Quarter Last Year
Moderate Sell
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Neutral
Balanced/Neutral: The company reported several operational positives — office leasing momentum (material increases in leasing volume and spreads), exceptionally stable retail, healthy liquidity, and modest 2026 FFO upside potential — while simultaneously facing notable headwinds in multifamily and mixed-use performance, conservative credit reserves, elevated leverage (net debt/EBITDA ≈6.9x), and a near-term dividend coverage impact from elevated CapEx. Management’s outlook is cautious but constructive, targeting stabilization and gradual improvement; therefore the call presents a mix of promising operational momentum and measurable near-term financial/market challenges.Company Guidance
FFO Results and 2026 Guidance
Full-year 2025 FFO per share of $2.00 (approximately 3% above initial expectations); Q4 2025 FFO per share $0.47. 2026 FFO guidance range $1.96 to $2.10 with a midpoint of $2.03 (≈+1.5% vs 2025 midpoint). Management views guidance as conservative with upside potential if leasing and collections outperform.
Office Leasing Momentum
Office portfolio ended the quarter 83% leased and same-store office 86% leased (up ~150 bps vs Q3). Q4 executed 23 leases totaling >193,000 sq ft; full-year office leasing volume increased ~55% vs 2024. Q4 positive cash leasing spreads +6.6% and GAAP spreads +11.5%; full-year cash leasing spreads +6.4% and GAAP +14%. Achieved highest-ever average base rents in the office portfolio; spec-suite/off-market activity (La Jolla Commons III, One Beach Street, 14Acres/Eastgate) driving pipeline.
Retail Stability and Strong Performance
Retail represents 26% of portfolio NOI and ended the year 98% leased. Full-year retail leasing spreads: cash +7%, GAAP +22%. Same-store retail NOI increased ~1.2% for the year with strong early-year growth (Q1 +5.4%, Q2 +4.5%). Limited near-term retail expirations (≈4% of retail sq ft expiring in 2026).
Multifamily Occupancy and Acquisition Execution
Multifamily portfolio maintained ~95.5% leased (ex RV park). Net effective rent growth ~+1% YoY vs Q4 2024. Genesee Park acquisition performing in line with underwriting and ended the year ~97% occupied, providing non-same-store contribution and longer-term mark-to-market opportunity.
Liquidity, Dividend and Cost Discipline
Quarter-end liquidity approximately $529 million (cash ~$129M + revolver availability ~$400M) with plans to recast revolver in Q2 (maturity shifted to early July). Board declared quarterly dividend $0.34/share; 2026 outlook implies dividend payout ratio ≈89% (down from ~100% in 2025) and targeted long-term payout trending toward 85%. Budgeted G&A declines expected to add ≈$0.04/share to 2026 FFO.
Non-Same-Store Contributions and Leasing Pipeline
La Jolla Commons III and Genesee Park expected to contribute ≈$0.03 per share to 2026 FFO. One Beach Street progressed from 15% to 36% leased (additional ~46% in negotiation); early 2026 momentum includes ~68,000 sq ft executed and ~214,000 sq ft in documentation, supporting near-term lift in commenced rent as leases start to cash-basis.
AAT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
AAT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 03, 2026 | $18.08 | $18.78 | +3.87% |
Oct 28, 2025 | $19.76 | $18.62 | -5.77% |
Jul 29, 2025 | $19.67 | $18.37 | -6.61% |
Apr 29, 2025 | $17.60 | $17.80 | +1.14% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does American Assets (AAT) report earnings?
American Assets (AAT) is schdueled to report earning on Apr 28, 2026, After Close (Confirmed).
What is American Assets (AAT) earnings time?
American Assets (AAT) earnings time is at Apr 28, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is AAT EPS forecast?
AAT EPS forecast for the fiscal quarter 2026 (Q1) is 0.11.