The earnings call highlighted steady performance in a challenging environment, with strong leasing activity in office and retail sectors and positive rent growth in multifamily. However, challenges in the multifamily and mixed-use portfolios, particularly in Portland and Oahu, along with flat overall same-store cash NOI, balance out the positive aspects.

Company Guidance -

Q3 2025

During American Assets Trust's second quarter 2025 earnings call, several key metrics and guidance updates were provided. The company reported a Funds from Operations (FFO) per diluted share of $0.52, with same-store cash Net Operating Income (NOI) approximately flat for the quarter and up 1.4% year-to-date compared to the previous year. The office portfolio ended the quarter 82% leased, with same-store office cash NOI up over 2% year-to-date. In the retail sector, the portfolio was 98% leased, with same-store cash NOI growth of 4.5%. The multifamily portfolio demonstrated strong stability with a 94% lease rate, achieving a blended rent increase of 6%. The mixed-use Waikiki Beach Walk saw a 5% NOI decline due to softer hotel performance. The company increased its full-year 2025 guidance range to $1.89 to $2.01 per FFO share, reflecting steady momentum across its core sectors. Additionally, the company maintained a strong liquidity position with approximately $544 million available.

Office 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 17,000 square feet of executed leases and an additional 111,000 square feet in active lease documentation.

Retail Portfolio 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.

Multifamily Rent Growth

Achieved rent increases of 7% on renewals and 4% on new leases for a blended rent increase of 6%.

Dividend Declaration

Board approved a quarterly dividend of $0.34 per share for Q3, reflecting confidence in the long-term stability and cash flows of the portfolio.

Liquidity and Financial Position

Total liquidity of approximately $544 million, consisting of roughly $144 million in cash and cash equivalents and $400 million of availability under revolving line of credit.

2025 Guidance Increase

Increased full year 2025 guidance range to $1.89 to $2.01 per FFO share with a midpoint of $1.95 per FFO share.

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 (AAT) report earnings?

American Assets (AAT) is schdueled to report earning on Oct 28, 2025, After Close (Confirmed).

What is American Assets (AAT) earnings time?

American Assets (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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