American Assets Trust (AAT) Q2 2025 earnings summary

Executive summary

• Q2 2025 results exceeded internal expectations, with FFO per diluted share at $0.52 and same-store cash NOI flat for the quarter, up 1.4% year-to-date versus prior year.

• Portfolio comprised 31 properties as of June 30, 2025, including office, retail, multifamily, and mixed-use assets in high-barrier markets across CA, WA, OR, TX, and HI.

• Net income available to common stockholders was $5.5 million for Q2 2025 and $48.0 million for the six months ended June 30, 2025, or $0.09 and $0.79 per diluted share, respectively.

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

• A $44.5 million gain on sale of Del Monte Center contributed significantly to net income for the six months.

Financial highlights

• Q2 2025 FFO per share was $0.52; net income attributable to common stockholders per share was $0.09.

• Total revenue for Q2 2025 was $107.9 million, down 3% from $110.9 million in Q2 2024.

• FFO attributable to common stock and units was $39.7 million for Q2 2025 and $79.7 million for the six months.

• Dividends declared per common share were $0.34 for Q2 2025, up from $0.335 in Q2 2024.

• Six-month 2025 net income was $61.2 million, up from $39.9 million in 2024, driven by the gain on sale of Del Monte Center.

Outlook and guidance

• Full-year 2025 FFO per share guidance raised to $1.89–$2.01, midpoint $1.95, up $0.01 from initial guidance.

• Guidance assumes stable environment and sustained tenant demand; upside potential tied to office/retail rent collections, multifamily outperformance, and tourism recovery.

• Guidance excludes impacts from future acquisitions, dispositions, equity issuances, or debt financing.

• No changes to same-store NOI growth outlook by segment; some segments may outperform or underperform guidance.

• Focus remains on same-store growth, development, and selective acquisitions in core markets.