American Assets Trust (AAT) Q1 2025 earnings summary

Executive summary

• Q1 2025 net income attributable to stockholders rose 121% year-over-year to $42.5 million, or $0.70 per diluted share, driven by a $44.5 million gain on the sale of Del Monte Center and stable property operations.

• FFO per diluted share was $0.52, down 10% year-over-year, with strong same-store cash NOI growth in Hawaii and most segments.

• Portfolio comprised 31 office, retail, multifamily, and mixed-use properties, with a new acquisition (Genesee Park) and one disposition (Del Monte Center) during the quarter.

• Board approved a quarterly dividend of $0.34 per share for Q1 and Q2 2025, reflecting confidence in outlook.

• Same-store cash NOI increased 3.1% year-over-year, with all sectors except mixed-use reporting positive growth.

Financial highlights

• Total revenue for Q1 2025 was $108.6 million, down from $110.7 million in Q1 2024, mainly due to lower occupancy and the sale of Del Monte Center.

• FFO attributable to common stock and units was $39.9 million, or $0.52 per diluted share.

• Net income was $54.1 million, up from $24.6 million in Q1 2024, primarily due to the property sale gain.

• Liquidity at quarter-end was $543.9 million, including $143.9 million in cash and $400 million in credit availability.

• Property net operating income (NOI) declined 3% to $67.3 million year-over-year.

Outlook and guidance

• Full-year 2025 FFO per diluted share guidance reaffirmed at $1.87–$2.01, midpoint $1.94, excluding future acquisitions, dispositions, equity issuances, or debt changes.

• Guidance assumes healthy operating environment, sustained tenant demand, and disciplined risk management.

• Management targets growth through same-store performance, development/redevelopment, and selective acquisitions in high-barrier markets.

• Development pipeline includes future phases at Lloyd Portfolio and multifamily opportunities, with timing dependent on market conditions.

• No material changes to risk factors or dividend policy; company maintains adequate working capital for the next 12 months.