AAT
American Assets Trust, Inc.
Price as of Jul 20, 2026
AAT earnings
American Assets Trust, Inc. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| 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% |
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
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-07-28.