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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?
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Next American Assets Trust earnings date
Q1 202629 Apr, 2026
American Assets Trust
Next American Assets Trust earnings date
Q1 202629 Apr, 2026
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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.
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