American Assets Trust, Inc. (AAT) Earnings
American Assets Trust, Inc. is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $0.12. AAT has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +74.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.51 | $0.51 | +0.0% | $111M | +0.7% |
| Feb 3, 2026 | $0.48 | $0.47 | -2.1% | $110M | +1.3% |
| Jul 29, 2025 | $0.49 | $0.52 | +6.1% | $108M | -1.4% |
| Feb 4, 2025 | $0.14 | $0.55 | +292.9% | $113M | -1.0% |
| Feb 6, 2024 | $0.56 | $0.57 | +1.8% | $112M | +5.8% |
| Jul 25, 2023 | $0.54 | $0.59 | +9.3% | $110M | +3.7% |
| Feb 7, 2023 | $0.55 | $0.56 | +1.8% | $106M | -0.7% |
| Jul 26, 2022 | $0.54 | $0.58 | +7.4% | $104M | +8.2% |
| Feb 8, 2022 | $0.47 | $0.54 | +14.9% | $102M | +11.3% |
| Jul 27, 2021 | $0.43 | $0.51 | +18.6% | $92M | +0.2% |
| Feb 9, 2021 | $0.45 | $0.41 | -8.9% | $81M | -3.6% |
| Jul 28, 2020 | $0.37 | $0.48 | +29.7% | $82M | +18.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 29, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Started 2026 in line with expectations, generating 51 cents of FFO per diluted share. - Completed recast and upsize of unsecured credit facility, increasing revolving line of credit to $500 million and extending term loan maturity to 2030, providing $600 million of total unsecured borrowing capacity. - AI impact on office demand constructive, office portfolio competing on location, amenities, etc. - Retail portfolio 98% leased, strong tenant health. - Multifamily in Hawaii saw 3% y-o-y same-store cash increase. - Board approved quarterly dividend of $0.34 per share payable on June 18th.
Guidance
- Reaffirming full-year FFO guidance range of $1.96 to $2.10 per share, midpoint $2.03. - Factors that could push toward upper end of range: retail tenants paying rents, office lease commencements ahead of expectations, multifamily outperforming on occupancy/rent growth, tourism demand improving. - Guidance excludes impact of future acquisitions, dispositions, etc.
Segment performance
Office: Ended the quarter 84.5% leased, same-store office portfolio 86% leased, same-store office cash NOI essentially flat year over year. Executed ~237,000 sq ft of office leases with comparable cash leasing spreads of 4.8% and straight-line leasing spreads of 10.6%. Targeting lower end of 85%-88% leased range by year-end. Retail: Ended the quarter 98% leased, executed ~39,000 sq ft of leasing with average base rents at new portfolio record of $30 per sq ft. Same-store cash NOI modestly below prior year due to temporary vacancies. Multifamily: Same-store cash in Hawaii increased 3% year-over-year. Excluding RV park, multifamily portfolio 96% leased. San Diego apartments 98% leased, net effective rents up ~1% y-o-y. Portland Haslo on 8th 93% leased, net effective rents essentially flat. Waikiki Beachwalk: Retail component performed well, overall mixed-use cash NOI modestly down y-o-y.
Analyst Q&A
Q: Sean Glass from KeyBank asked about tenant decisions in office portfolio and year-end lease rate for office portfolio.
A: Genentech vacating in Q4, 20,000 sq ft of move-outs in lease documentation at City Center Bellevue, targeting mid-80% full portfolio occupancy by year-end.
Q: Robbie Baby from Mizuho asked about signed and not occupied pipeline in office and retail.
A: About 244,000 sq ft of office leases signed, not commenced, ~$0.07 per share reflected in 2026 guidance, ~100,000 sq ft won't hit meaningfully until next year; no significant retail numbers.
Q: Robbie Baby asked about hotel in Hawaii demand.
A: Occupancy up but offset by rate, still outperform competitive set, impacted by rainstorms and Japanese yen issues, recovery slower than anticipated with affordability pressures