The earnings call reflected a balanced outlook for American Assets Trust. Highlights included strong leasing activity in both office and retail segments, strategic acquisitions, and solid liquidity management. However, challenges were noted in the mixed-use portfolio with a decline in NOI and a decrease in FFO due to recent dispositions. The sentiment is balanced with significant achievements offset by notable challenges.

Company Guidance -

Q1 2025

During the first quarter of 2025, American Assets Trust Inc. reported a Funds From Operations (FFO) per diluted share of $0.52, aligning with their initial guidance, and a 3% increase in same-store cash Net Operating Income (NOI) compared to the same period last year. The office portfolio saw a leasing activity of about 140,000 square feet, with an 8% increase in cash basis rent spreads and a 15% increase on a straight-line basis. The retail segment demonstrated resilience, ending the quarter 97% leased with a 13% increase in cash basis rent spreads. Meanwhile, the multifamily portfolio in San Diego ended approximately 95% leased, showing a 3.5% year-over-year increase in same-store cash NOI. The mixed-use portfolio faced challenges, with Waikiki Beach Walk recording an 11% decrease in NOI due to reduced domestic tourism, though it performed well within its comp set. The company reaffirmed its full-year 2025 guidance range of $1.87 to $2.01 per FFO share, underscoring confidence in its diversified portfolio's strength and stability.

Strong Office Leasing Activity

Office leasing activity totaled approximately 140,000 square feet in Q1, with spreads on comparable spaces increasing 8% on a cash basis and 15% on a straight-line basis. The office portfolio ended Q1 at 85.5% leased, or 87.6% excluding One Beach, with all-time high average base rents.

Retail Portfolio Performance

The retail portfolio ended the quarter 97% leased, with executed leases totaling over 158,000 square feet. Comparable space spreads increased by 13% on a cash basis and 21% on a straight-line basis.

Multifamily Portfolio Strength

The San Diego multifamily communities ended Q1 approximately 95% leased with a blended rent increase of 2%. Same-store cash NOI for San Diego multifamily increased 3.5% year-over-year.

Strategic Property Acquisition

Acquired Genesee Parts Apartments, a nearly 200-unit multifamily community in San Diego, with current 97% lease rate and significant rent increase potential.

Dividend Announcement

The Board approved a quarterly dividend of $0.34 per share for Q2.

Liquidity and Debt Management

Liquidity of approximately $544 million and no debt maturities until 2027 after repaying Term Loan B, Term Loan C, and Series C notes totaling $325 million.

American Assets (AAT) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

AAT Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Jul 29, 2025	2025 (Q2)	0.10 / -	0.2	―	―	―
Apr 29, 2025	2025 (Q1)	0.06 / 0.70	0.32	118.75% (+0.38)	―
Feb 04, 2025	2024 (Q4)	0.07 / 0.15	0.17	-11.76% (-0.02)	―
Oct 29, 2024	2024 (Q3)	0.14 / 0.28	0.2	40.00% (+0.08)	―
Jul 30, 2024	2024 (Q2)	0.14 / 0.20	0.2	0.00% (0.00)	―
Apr 30, 2024	2024 (Q1)	0.26 / 0.32	0.27	18.52% (+0.05)	―
Feb 06, 2024	2023 (Q4)	0.16 / 0.17	0.16	6.25% (+0.01)	―
Oct 24, 2023	2023 (Q3)	0.16 / 0.20	0.21	-4.76% (>-0.01)	―
Jul 25, 2023	2023 (Q2)	0.15 / 0.20	0.18	11.11% (+0.02)	―
Apr 25, 2023	2023 (Q1)	0.14 / 0.27	0.18	50.00% (+0.09)	―

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
Apr 29, 2025	$18.21	$18.42	+1.15%
Feb 04, 2025	$23.25	$21.70	-6.67%
Oct 29, 2024	$26.16	$26.58	+1.61%
Jul 30, 2024	$24.39	$25.05	+2.71%

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 Trust (AAT) report earnings?

American Assets Trust (AAT) is schdueled to report earning on Jul 29, 2025, After Close (Confirmed).

What is American Assets Trust (AAT) earnings time?

American Assets Trust (AAT) earnings time is at Jul 29, 2025, 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 2025 (Q2) is 0.1.

Become an Expert with TipRanks Premium

What am I Missing?

Make informed decisions based on Top Analysts' activity

Know what industry insiders are buying

Get actionable alerts from top Wall Street Analysts

Find out before anyone else which stock is going to shoot up

Get powerful stock screeners & detailed portfolio analysis

Subscribe Now See Plans & Pricing