American Assets (AAT)
NYSE:AAT
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Earnings Data
Report Date
Jul 28, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.12Last Year’s EPS
0.09Same Quarter Last Year
Moderate Sell
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presents a cautiously optimistic outlook: management demonstrated clear balance sheet progress (upsized revolver, ~$518M liquidity), solid leasing traction in office (notably spec suites), strong retail and multifamily occupancy and record retail rents, and maintained the dividend while reaffirming full-year FFO guidance. Offsetting these positives are elevated leverage and a high Q1 payout ratio, flat office NOI, a notable Q4 Genentech vacancy that lowers year-end occupancy expectations, and softness at the Waikiki hotel driven by rate pressure and tourism headwinds. Overall, the positives (liquidity, leasing momentum, retail/multifamily stability, guidance reaffirmation) modestly outweigh the near-term challenges and execution risks.Company Guidance
FFO and Net Income Performance
Reported Q1 2026 FFO per diluted share of $0.51 (up $0.04 vs. Q1 2025) and net income attributable to common stockholders of $0.08 per share.
Stronger Liquidity and Revolver Upsize
Closed recast and upsized unsecured credit facility on April 1: revolver increased from $400M to $500M, $100M term loan extended, providing $600M total unsecured borrowing capacity; ended the quarter with ~$518M liquidity (≈$118M cash + $400M available revolver).
Office Leasing Momentum
Executed ≈237,000 sq ft of office leases in Q1; portfolio ended quarter 84.5% leased (same-store office 86% leased). Comparable cash leasing spreads 4.8% and straight-line leasing spreads 10.6%. Signed-but-not-commenced backlog and pipeline include ~144,000 sq ft already signed, ~122,000 sq ft in documentation, and >200,000 sq ft in proposals.
Spec Suite Program Driving New Tenants
Of 14 non-comparable office leases in Q1, 12 were new tenants and 9 were sourced from the spec suite program, showing success converting prospect activity into executed leases.
Retail Operating Strength
Retail portfolio 98% leased; executed ~39,000 sq ft of retail leasing; achieved a new portfolio record average base rent of $30 per sq ft. Retail centers benefit from affluent, supply-constrained trade areas and have <3% of square footage expiring this year.
Multifamily Stability and Occupancy Gains
Same-store multifamily cash NOI increased 3% YoY. Portfolio (ex-RV park) ended Q1 96% leased; San Diego communities 98% leased with net effective rents in SD up just over 1% YoY (ex-new acquisition); Hassalo on Eighth in Portland 93% leased, up 4% YoY.
Waikiki Retail Outperformance and Hotel Recovery Progress
Waikiki retail component performed year-over-year; Embassy Suites occupancy improved to 92% (from 85%), RevPAR increased 2% to $305, maintaining leading performance vs. comp set despite softer ADR (down 6% to $332).
Dividend Maintained and Guidance Reaffirmed
Board approved quarterly dividend of $0.34 per share; reaffirmed 2026 FFO guidance of $1.96–$2.10 per share (midpoint $2.03), with upside potential if key assumptions (retail collections, office commencements, multifamily performance, tourism) align.
Cost and G&A Improvements Supporting FFO
FFO improvement driven in part by lower G&A and lower operating expenses at La Jolla Commons; incremental rental contributions from recent acquisitions and assets (Plymouth, Pacific Ridge Apartments, 14 Acres).
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 |
|---|---|---|---|
Apr 28, 2026 | $21.57 | $20.45 | -5.19% |
Feb 03, 2026 | $17.77 | $18.46 | +3.87% |
Oct 28, 2025 | $19.42 | $18.30 | -5.77% |
Jul 29, 2025 | $19.33 | $18.06 | -6.58% |
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 Jul 28, 2026, After Close (Confirmed).
What is American Assets (AAT) earnings time?
American Assets (AAT) earnings time is at Jul 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 (Q2) is 0.12.