American Assets Trust (AAT) Q3 2025 earnings summary

Executive summary

• Q3 2025 FFO was $0.49 per diluted share, slightly ahead of projections, with net income attributable to common stockholders at $0.07 per diluted share and total revenue of $109.6 million.

• Portfolio comprised 31 office, retail, multifamily, and mixed-use properties totaling 6.8 million rentable square feet, 2,302 residential units, and a 369-room hotel as of September 30, 2025.

• Acquired Genesee Park for $67.9 million and sold Del Monte Center for $123.5 million, recording a $44.5 million gain.

• La Jolla Commons III build-out completed and placed in operation in April 2025.

• Board approved a quarterly dividend of $0.34 per share for Q4, payable December 18.

Financial highlights

• Q3 2025 revenue was $109.6 million, down 11% year-over-year, with rental income at $102.2 million; net income for Q3 was $4.5 million, down from $16.7 million in Q3 2024.

• FFO for Q3 2025 was $37.8 million ($0.49 per diluted share/unit); for the nine months, FFO was $117.4 million ($1.53 per diluted share/unit).

• Same-store cash NOI decreased 0.8% year-over-year in Q3 2025 but increased 0.6% for the nine months.

• Office same-store NOI increased 3.6% year-over-year in Q3, retail declined 2.6%, multifamily declined 8.3%, and mixed-use declined 10%.

• Dividends declared per common share/unit were $0.34 for Q3 2025 and $1.02 for the nine months.

Outlook and guidance

• Full-year 2025 FFO guidance raised to $1.93–$2.01 per share, midpoint $1.97, up $0.02 from prior guidance; guidance excludes impacts from future acquisitions, dispositions, equity issuances, or debt changes.

• Focus on growth through same-store performance, development/redevelopment, and acquisitions in high-barrier markets.

• Development pipeline includes future phases of Lloyd Portfolio and multifamily opportunities; timing depends on market conditions.

• Office leasing momentum expected to continue, with stabilization at La Jolla Commons III and One Beach Street anticipated sooner than previously expected.

• Multifamily segment expected to stabilize as supply is absorbed and expenses normalize.