)
Visual
test
American Assets Trust
American Assets Trust (AAT) investor relations material
American Assets Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Achieved full-year 2025 FFO per share of $2.00, exceeding initial expectations by 3%, but down from $2.58 in 2024 due to lower lease termination fees, absence of litigation income, and property sales.
Portfolio focused on high-barrier, supply-constrained markets across six U.S. regions, totaling 6.7 million square feet diversified among office, retail, multifamily, and mixed-use assets as of December 31, 2025.
Overall portfolio leased rate was 88.4%, with office at 83.1%, retail at 97.7%, multifamily at 93.7%, and mixed-use at 96.2%.
Office leasing momentum improved, especially in Class A assets, and retail remained a stable NOI contributor, while multifamily faced new supply pressures and hotel results reflected softer tourism in Waikiki.
Portfolio-wide same-store NOI ended slightly positive, with office and retail offsetting mixed multifamily and hotel performance.
Financial highlights
Q4 and full-year 2025 FFO per share were $0.47 and $2.00, respectively, compared to $0.55 and $2.58 in 2024.
Net income attributable to common shareholders was $0.05 per share for Q4 and $0.92 for the year, down from $0.15 and $0.94 in 2024.
Total revenue for Q4 2025 was $110.1 million, with annual revenue at $436.2 million, both down from 2024.
Same-store cash NOI increased 0.5% year-over-year; office up 2.3%, retail up 1.2%, multifamily down 3.2%, mixed-use down 6.7%.
Liquidity at year-end was $529 million, including $129 million cash and $400 million revolver availability.
Outlook and guidance
2026 FFO per share guidance range is $1.96–$2.10, midpoint $2.03, up 1–1.5% from 2025, based on current market and leasing assumptions.
Portfolio-wide same-store NOI growth (excluding reserves) expected to exceed 2% in 2026.
Office same-store NOI expected to rise 3.3%, retail 1.7%, multifamily 2.2%, mixed-use to decline 3.3%.
Embassy Suites Waikiki expects 2.5% revenue growth, 4% expense growth, and 2% RevPAR increase in 2026.
Guidance excludes impacts from future acquisitions, dispositions, equity/debt transactions.
Detail path to 5.5x net debt to EBITDA target
Assess spec suite strategy's impact on office leasing
What criteria for asset sales to address valuation?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Latest summaries
- TimeTickerHeadlineOpen
- 7 FebSBIN
Q3 FY26 net profit hit ₹21,028.15 crore, driven by robust growth and strategic divestments. - 7 FebGICRE
Net profit for the nine months surged to ₹6,62,217 lakhs, with a robust solvency ratio of 3.87. - 7 Feb517271
Strong revenue and profit growth, interim dividend, and major investments approved. - 7 Feb514167
Quarterly and nine-month results reflect solid revenue, profit, and compliance with new labour codes. - 7 FebMGL
Strong revenue growth offset by lower margins and profit; interim dividend declared. - 7 FebPGIL
Strong revenue and margin growth, with India set for further expansion and upgraded ratings. - 7 Feb504614
Strong revenue and profit growth in Q3 FY26, led by power and steel segments. - 7 FebCHEMPLASTS
Net losses widened and revenue fell year-over-year amid regulatory and market headwinds. - 6 FebHTOO
Resale registration for 71,429 shares via warrant, with proceeds only on exercise; financial risks persist. - 6 FebVSAT
Q3 revenue up 3% to $1.16B, net income $25M, strong cash flow, Ligado boost, satellite focus.
Next American Assets Trust earnings date
Q1 202629 Apr, 2026
American Assets Trust
Next American Assets Trust earnings date
Q1 202629 Apr, 2026
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
)
)
Frequently asked questions
American Assets Trust Inc is a real estate investment trust (REIT) that acquires, develops, and manages retail, office, and residential properties. Its portfolio includes properties located primarily in coastal and urban markets in the western United States and Hawaii. The company emphasizes long-term ownership and leasing stability across its mixed-use assets. It is headquartered in San Diego, California, and its shares are listed on the NYSE.
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage