The earnings call reflects a mix of steady performance and challenges. While the retail and multifamily sectors show strong leasing activity and stability, the office and mixed-use segments face difficulties. The increase in full-year guidance indicates overall confidence, but significant challenges remain in specific areas such as the Hawaii hotel market.

Company Guidance

During the American Assets Trust Inc.'s Second Quarter 2025 Earnings Call, the company provided updated guidance for the fiscal year. The full year 2025 guidance range was increased to $1.89 to $2.01 per FFO share, with a midpoint of $1.95, reflecting a $0.01 increase over the initial midpoint of $1.94. The company reported a second quarter FFO per diluted share of $0.52 and a net income attributable to common stockholders per share of $0.09. The same-store cash NOI was approximately flat year-over-year in Q2 2025 compared to Q2 2024. The office portfolio ended the quarter 82% leased, and the retail portfolio showed strong performance with a 4.5% increase in same-store cash NOI. The multifamily segment saw a 3.9% NOI decline, impacted by lower rental income and higher operating expenses. The mixed-use Waikiki Beach Walk in Oahu reported a 5% NOI decline, largely due to decreased hotel performance. The company maintains a robust liquidity position with approximately $544 million, including $144 million in cash and $400 million from the revolving credit line. Their net debt-to-EBITDA ratio was 6.3x on a trailing 12-month basis, and the interest coverage ratio stood at 3.1x.

Steady Performance Amid Mixed Environment

FFO per diluted share was $0.52, and same-store cash NOI was approximately flat for Q2 and up 1.4% year-to-date compared to the prior year, reflecting steady performance in a mixed operating environment.

Strong Retail Performance

Retail portfolio ended the quarter 98% leased with same-store cash NOI growth of 4.5%. Executed over 220,000 square feet of new and renewal leases in Q2, with spreads increasing over 7% on a cash basis and 22% on a straight-line basis.

Positive Leasing Activity

Completed approximately 102,000 square feet of leasing during the quarter, with comparable rent spreads decreasing 2% on a cash basis and increasing 10% on a straight-line basis. Entered Q3 with approximately 17,000 square feet of executed leases and an additional 111,000 square feet in active lease documentation.

Multifamily Portfolio Stability

Multifamily portfolio ended the quarter approximately 94% leased with a blended rent increase of 6%.

Increased 2025 Guidance

Increased full year 2025 guidance range to $1.89 to $2.01 per FFO share with a midpoint of $1.95 per FFO share, reflecting steady momentum across core sectors.

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
Oct 28, 2025	2025 (Q3)	0.09 / -	0.28	―	―	―
Jul 29, 2025	2025 (Q2)	0.10 / 0.09	0.2	-55.00% (-0.11)	―
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)	―

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
Jul 29, 2025	$20.35	$19.01	-6.58%
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%

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 Oct 28, 2025, After Close (Confirmed).

What is American Assets Trust (AAT) earnings time?

American Assets Trust (AAT) earnings time is at Oct 28, 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 (Q3) is 0.09.

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